PA&E, Hi-Rel Group, Litron Merge to Form Hermetic Solutions Group
Hi-Rel Group LLC announces that it has been acquired by ShoreView Industries and merged with PA&E and Litron to form Hermetic Solutions Group LLC. The company will be the market leader in hermetic solutions. Rick Ferraid, current Chairman and CEO of the Hi-Rel Group LLC, will continue as Chairman of the newly formed company, and Bromley Beadle, current CEO of PA&E, will continue as President and CEO.
“I am very excited for Hi-Rel to partner with PA&E and Litron to form the Hermetic Solutions Group LLC (HSG),” said Rick Ferraid. “The alignment of these three highly respected and customer-centric businesses will bring unparalleled levels of service and product offerings to the hermetic products market. HSG will offer a hermetic solution for every requirement, including space-level interconnect products, hermetic connectors, hermetic packaging and components (see component offerings below), unique board level packaging, laser welding services, systems, and other laser manufacturing offerings, and our highly differentiated getter solutions optimize the performance of our customers’ products long after they’ve been put into service. This level of support is what our customers have been asking for. Hermetic Solutions Group LLC is the right fit at the right time to meet evolving technology requirements. Our technology is literally embedded in our customers’ products. We see nothing but upside for our customers and cannot wait to get started 1/1/17.”
Terms of the deal were not disclosed.
About Hi-Rel Group LLC: Founded in 1976, 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 Niagara Falls, Ontario, Canada. The company provides a necessary enabling technology 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, optical networking, medical and energy industries.
About PA&E: PA&E is an integrated manufacturer of hermetic electronic packages and interconnect solutions for leading defense, medical, energy and space companies. The company specializes in using unique materials and manufacturing processes to bring technically demanding custom product designs to market by optimizing for size, weight, thermal conductivity and electronic performance.
About Litron: Founded in 1997, Litron, Inc. is a worldwide provider of custom laser systems and a leading supplier to the aerospace, defense and medical industries for contract manufacturing services in laser welding, hermetic sealing and hermetic package fabrication.
About ShoreView Industries: ShoreView Industries, based in Minneapolis, manages $900 million in private equity funds. ShoreView invests in established middle-market companies with operations in North America across a wide range of industries. ShoreView structures a variety of acquisition, recapitalization and build-up transaction, typically in businesses ranging between $20 million and $300 million.