By Calvin Biesecker
The private equity firm J.F. Lehman and Company yesterday said it has acquired Defense Venture Group (DVG) and its affiliates in partnership with DVG management, adding businesses that provide armoring services and force protection products to its portfolio.
Terms of the deal were not disclosed. J.F. Lehman will have majority control of the business, although DVG’s management will retain a “meaningful stake” in the business, C. Alexander Harman, a partner with J.F. Lehman, told Defense Daily.
North Carolina-based DVG is a holding company with two main operating businesses. Indigen Armor is a service-disabled, veteran-owned firm whose main business is the design and manufacture low-profile, purpose-built armored vehicles. Indigen’s customers are with the U.S. government.
The company has 90,000 square feet of secure manufacturing and prototyping facilities. On its Web site, Indigen says it is looking for subcontracting opportunities on the Joint Light Tactical Vehicle, Family of Medium Tactical Vehicle, Future Combat System and Mine Resistant Ambush Protected programs as well as with the Army Tank Automotive Research and Development Center.
The other firm held by DVG is ArmorLine, also a service-disabled, veteran-owned firm, which develops and manufactures force protection products, including armored vehicle extraction devices and transparent ceramic Spinel.
Spinel is a material whose combination of high-hardness, lightweight and broadband optical transmission properties make it a candidate for transparent armor and sensor applications across numerous vehicle, aircraft and vessel platforms.
ArmorLine earlier this year acquired the Spinel technology from Technology Assessment and Transfer, Inc.
The company says that Spinel transparent armor offers a 50 to 60 percent weight savings and reduced thickness over traditional ballistic glass.
“DVG is an excellent fit with our investment strategy given its leading niche market positions, unique product portfolio and numerous opportunities for growth,” Harman said in a statement. “We plan to work with management to expand its current product offering and customer base as well as grow the company’s operations and capabilities to enhance how we meet the needs of DVG’s customers and markets.”
DVG said the deal provides it capital to accelerate growth.
WoodRock & Co. acted as financial adviser to DVG.