Norwest Mezzanine Partners Supports ShoreView Industries’ Acquisition of Hi-Rel Group
February 03, 2017
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP) has announced that it has invested subordinated debt and equity to support ShoreView Industries’ acquisition of Hi-Rel Group, LLC (Hi-Rel), which ShoreView merged with its existing portfolio companies Pacific Aerospace & Electronics, Inc. (PA&E) and Litron, Inc. (Litron). Going forward the combined business will be renamed and marketed as Hermetic Solutions Group, LLC (HSG). HSG is a designer and manufacturer of highly specialized hermetic packaging enclosures and components used for mission-critical applications in the defense, optical networking, industrial and medical industries.
This is the third investment NMP has made with ShoreView. Carter Balfour, an NMP partner, stated “We are very excited to invest with ShoreView in Hermetic Solutions Group. With the combination of the three companies, ShoreView has created a leader in the hermetic packaging space. We look forward to helping the company capitalize on its many growth opportunities.”
About Hi-Rel: Founded in 1973 and headquartered in Manasquan, NJ, Hi-Rel manufactures highly specialized metal components for the microelectronic packaging industry. The company provides 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: Founded in 1976 and headquartered in Wenatchee, WA, 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 and headquartered in Agawam, MA, Litron provides custom laser systems for the aerospace, defense and medical industries for contract manufacturing services in laser welding, hermetic sealing and hermetic package fabrication.
“We are extremely pleased to partner with the NMP team again. They demonstrated flexibility and quickly executed on all aspects of the transaction. NMP has proven to be a valuable and patient investment partner to ShoreView, and we look forward to continuing our strong relationship with them,” stated Brett Habstritt, Partner from ShoreView.
About ShoreView: 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. Please visit shoreview.com for more information on ShoreView Industries.
Please visit hirelgroup.com to learn more about the company.