H.I.G. Capital Portfolio Company Vaupell Acquires Russell Plastics Technology CompanyVaupell Holdings Acquires Leading Supplier of Composite Parts and Assemblies
MIAMI, FL – JUNE 13, 2011 – H.I.G. Capital announced today that its portfolio company Vaupell Holdings, Inc. (“Vaupell”) has acquired Russell Plastics Technology Company, Inc. (“Russell”), a supplier of composite plastics products and assemblies serving primarily the aerospace and military markets.
The purchase of New York-based Russell further expands the scope of products and services Vaupell offers to its customers with the addition of composite manufacturing capabilities, and provides Vaupell expanded access to the rotorcraft and military markets.
“This acquisition is the culmination of a focused initiative to pursue a strategic combination with a technical supplier of composite plastics products,” said Joe Jahn, CEO of Vaupell. “We see growing demand for light-weight, structurally tough composite parts in all of our market segments, especially in aerospace and defense. We believe this acquisition will allow us to better support our customers on a global basis.”
Jahn also added, “Vaupell is delighted to have a company with over 50 years of manufacturing experience aligned with our markets segments, business values, and strategic vision join the team.”
Alexander Bozza will remain President of Russell and join the board of Vaupell. Other key members of Russell management will retain their current roles.
“Joining forces with Vaupell provides Russell significant additional strategic, operational, marketing and financial resources and will greatly benefit our customers and employees,” said Alexander Bozza, President of Russell. “We are excited about the acquisition and potential to grow the combined business going forward.”
“The addition of Russell will provide Vaupell with both new tools and services to offer to current customers as well as access to highly complementary new customers and end markets,” said Fabian de Armas, Principal of H.I.G. “We look forward to the continued growth of the combined Vaupell-Russell.”
About Vaupell Holdings, Inc.
Vaupell is a world leader in the supply of sophisticated plastics products and assemblies to the aerospace, defense, medical and commercial markets. Vaupell’s capabilities include: rapid prototyping, prototype and short run machining and casting, domestic and offshore tool design and build, custom fixtures and gauges, as well as injection molding and contract manufacturing for small to large volume production. Vaupell is headquartered in Seattle, WA with facilities in Hudson, NH; Agawam, MA; Constantine, MI; Sanger, TX and a joint venture in Shenzhen, China. For more information on this company, please visit www.vaupell.com.
About Russell Plastics Technologies Company, Inc.
Russell Plastics is a leading supplier of composite products and assemblies primarily for the aerospace and military markets. The Company offers product design, compression and lay-up tooling, and manufacturing services in the composite plastics market. Russell is headquartered in Lindenhurst, NY. For more information on this company, please visit www.russellplastics.com.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, 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 in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 50 companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.