Main Street Partners with Richard Ferraid to Acquire a Leading Manufacturer of Highly Specialized Microelectronic Packaging Components

PITTSBURGH, PA – April 15, 2013 – Main Street Capital Holdings, LLC, a private investment firm specializing in acquisitions of growth-oriented companies, announced that it has acquired the Hi-Rel Group, a leading manufacturer of precision metal components for the microelectronic packaging industry.  The acquisition was completed in partnership with Richard (Rick) L. Ferraid, former President and Chief Executive Officer of HCC Industries, Inc. Terms of the deal were not disclosed.

Founded in 1976 and headquartered in Essex, Connecticut, the Hi-Rel Group, LLC is a leading manufacturer of highly specialized metal components for the microelectronic packaging industry.  The Hi-Rel Group includes the following affiliates: Hi-Rel Products, LLC based in Essex, Connecticut, Hi-Rel Lids, Ltd. based in Harleston, Norfolk, England, and Hi-Rel Alloys, ULC based in Fort Erie, Ontario, Canada.  The company provides enabling technologies for the manufacture of hermetically sealed electronic components, which are used to support high reliability, mission critical devices and systems.  Hi-Rel’s products include hermetic microcircuit packaging lids, ring frames, brazing alloys, thermal management products, getter assemblies, as well as other products and services for the aerospace, defense, telecom and medical industries.

Richard L. Ferraid was named President and Chief Executive Officer of the Hi-Rel Group immediately following the acquisition.  Mr. Ferraid has over thirty years of experience in the hermetic electronic packaging industry.  As the former President and Chief Executive Officer of HCC Industries, Inc., he gained extensive domestic and international executive experience.  At HCC, he helped to deliver a strong track record of top-line growth through organic initiatives and acquisitions.  Mr. Ferraid has broad organizational and leadership development experience, as well as a thorough understanding of how to integrate a variety of businesses.

“I have known Hi-Rel for many years and I’ve always been a raving fan of both the company and the management team” said Mr. Ferraid.  “Hi-Rel’s customer support values are very similar to my own.  Tom (Dolan, Jr. of Hi-Rel Products), Tom (Ganzenmuller of Hi-Rel Alloys), Bob (Stroehlein of Hi-Rel Alloys), and Stu (Norris of Hi-Rel Lids) should be very proud of what they have accomplished.  We look forward to working with them to grow the company and to bring it to the next level in terms of customer support and new product offerings.  Main Street, who has extensive experience in the specialty metals industry through previous investments, is the right financial partner to help facilitate this growth for Hi-Rel.”

Tom Dolan Jr., the President of Hi-Rel Products, said “I am excited to team up with Main Street and Rick Ferraid.  This offers Hi-Rel an opportunity to add additional resources while maintaining our industry leading reputation for putting our customers’ needs above all else.  The management team will remain focused on operational excellence while working closely with our new partners on specific growth initiatives that complement our existing businesses.  Hi-Rel’s customers, employees and suppliers are sure to gain from this relationship which was my objective since the beginning of this process.”

W. Ryan Davis, a Principal at Main Street Capital Holdings commented, “We’re very excited about the acquisition of Hi-Rel.  The company comprises a fundamentally sound group of businesses that are all market leaders in their respective segments.  We are thrilled to be partnering with Rick Ferraid and the existing management team and we intend to build on what the company has already accomplished in the market.  Main Street intends to provide management with the resources needed to integrate the businesses and continue to grow top-line sales.”