NEW YORK, July 10 (UPI) -- A Florida maker of military and civilian safety products has been acquired by J.F. Lehman & Co., a middle-market private equity firm.
The financial arrangements for the acquisition of ACR Electronics Inc. – a subsidiary of Chelton Avionics, which is owned by Cobham plc of Britain – were not disclosed.
J.F. Lehman & Co., however, said debt financing for the transaction was arranged by BNP Paribas.
"We are very pleased to have the opportunity to invest in ACR Electronics," said Stephen Brooks, partner at J.F. Lehman. "ACR Electronics is a market leader in many of J.F. Lehman's core end-markets and has a strong reputation for quality and engineering expertise across a diverse product suite with both military and civilian customers."
Added ACR Chief Executive officer Michael Wilkerson: "We are very excited about the partnership with J.F. Lehman and we look forward to continuing to offer our customers advanced, lifesaving products and critical safety solutions through the ACR and Artex brands.
"Under J.F. Lehman's ownership we remain committed to investing in technology and opening new markets to ensure that ACR Electronics continues its position as the leading development center for emergency beacons that are designed with one purpose: to save lives."
ACR Electronics' main products include rescue beacons, safety lights and other safety equipment.