API Technologies Corp, a U.S. manufacturer of one of the world's largest selections of radio frequency equipment for defense sector applications, has revived efforts to sell itself, according to people familiar with the matter.
API, which has a market capitalization of $118 million, is working with investment bank Jefferies LLC on a new sale process, the people said this week, cautioning that a deal was not certain. API first worked with Jefferies to explore strategic alternatives in 2012.
The sources asked not to be identified because the matter is not public. API and Jefferies did not immediately respond to requests for comment.
Orlando, Florida-based API makes radio frequency and microwave systems and components for the global defense and aerospace industry. Its customers include the governments of the United States, Canada and Britain, as well as defense companies such as Raytheon Co, Northrop Grumman Corp and Boeing Co.
With a 40-percent stake in API, Vintage Capital Management LLC, an Orlando, Florida-based investment firm, is by far the company's largest shareholder.
Anaren Inc, an API competitor, was acquired by private equity firm Veritas Capital in 2014 for $383 million. It outbid Vintage Capital that also vied for Anaren.
In 2013, API sold its sensors products business to Measurement Specialties Inc in a $51.4 million all-cash transaction. The cash proceeds from the transaction were earmarked to pay down API's debt, the company said at the time.