March 15, 2016
Hi-Rel Completes First Add-on Acquisition
Hi-Rel Group Acquires a Leading Manufacturer of Highly Specialized Metal Components
PITTSBURGH, PA – March 15, 2016 – Main Street Capital Holdings, LLC has completed the first add-on acquisition for its portfolio company, the Hi-Rel Group. On January 14, 2016, Hi-Rel acquired Sofield Manufacturing Co., Inc., a leading manufacturer of precision metal components for the microelectronic packaging industry. Sofield’s specialized components are used in high reliability applications for customers in the medical, industrial, semiconductor, aerospace and defense industries. Terms of the deal were not disclosed.
“Completing our first acquisition was a significant development for Hi-Rel” said Rick Ferraid, Hi-Rel’s President and CEO. “Sofield’s products are highly complementary to ours and their engineering and quality capabilities are second to none. The assistance provided by Main Street throughout the acquisition process shows that they are a partner committed to growth and we look forward to working with them on future add-ons.”
W. Ryan Davis, a Managing Partner of Main Street commented, “The strong management team and infrastructure that we have in place at Hi-Rel provides us with the ability to seamlessly integrate a series of add-on acquisitions. We’re very pleased to get our first add-on done with Rick and his team. The industry is still fairly fragmented and there are a lot of companies similar to Sofield that would fit well with Hi-Rel. We’re actively looking for additional add-on opportunities.”
Hi-Rel seeks to acquire companies with complementary products or manufacturing capabilities serving the medical, industrial, telecommunications, energy, transportation, semiconductor, aerospace and defense industries. Of particular interest are companies with engineering and manufacturing capabilities that involve precision metal work with tight tolerances, microelectronics, plating and/or surface finishing.