H.I.G. Capital Noticias

Contact:

John P. Bolduc, Managing Director
H.I.G. Capital, L.L.C.
305-379-2322

Chris Weidenhammer
H.I.G. Capital, L.L.C.
305-379-2322

Matthew C. Wilson
H.I.G. Capital, L.L.C.
305-379-2322

H.I.G. Capital Acquires SciTech and Vaupell

May 3, 2004 - H.I.G. Capital, a Miami-based private equity firm, today announced the acquisition of Vaupell Industrial Plastics (“VIP”) and SciTech Plastics Group (“SciTech”). VIP and SciTech are full service manufacturers involved in all aspects of advanced injection molding from the design stage through prototyping, production, tooling and molding of highly engineered, high value-added plastic components. The combined company focuses primarily on the medical products and aerospace markets and currently operates several facilities nationwide, generating revenues of nearly $100 million.

“H.I.G. is very excited about our investment in Vaupell,” said John Bolduc, Managing Director of H.I.G. Capital. “The combination of VIP and SciTech will create substantial cost savings and operating synergies. We have an excellent management team, led by Joe Jahn, which has positioned the combined business to capitalize on a significant number of growth opportunities.”

Joe Jahn, Vaupell’s President and CEO commented, “This acquisition is the culmination of several years of pursuing a strategic integration with a technical supplier to medical markets. We believe the resulting position in medical and aerospace, in addition to the other unique segments we serve, will differentiate us from the vast majority of custom injection molders in the United States.”

H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, 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, and in promising early-stage technology companies. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed in excess of 70 transactions. The firm currently manages a portfolio of more than 40 companies with combined revenues in excess of $5 billion.