H.I.G. Capital Announces Sale of Source Electronics Corporation
MIAMI – June 30, 2008 – H.I.G. Capital, a leading global private equity firm, announced today that it has completed the sale of Source Electronics Corporation to Avnet, a global distributor of electronic components, computer products and technology services and solutions.
Source Electronics, based in Hollis, New Hampshire, is the leading independent provider of outsourced custom programming services for integrated circuits. The company combines deep technical expertise, high quality standards and efficient programming processes to create flexible solutions for a customer base that includes original equipment manufacturers, contract manufacturers and component manufacturers. From facilities in Brazil, China, Mexico, Singapore and the United States, Source supports customers that span a variety of end markets, including consumer electronics, automotive, mobile communications, telecommunications, networking, computing and enterprise storage.
Rick Rosen, Managing Director of H.I.G. remarked, “We are proud of what the Source management team has accomplished. By expanding its world class operation into strategic markets in Asia and South America and maintaining its commitment to the highest level of customer service for its blue chip customer base, the Source management team has built the global leader in programming solutions and successfully worked through a challenging market environment.”
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.