H.I.G. Capital, LLC, a leading global private equity investment firm, today announced that an affiliate completed the previously announced sale on June 12th of its portfolio company Vaupell Holdings, Inc. to Sumitomo Bakelite Co., Ltd. for $265 million. Headquartered in Seattle, WA, Vaupell is a global leader in the development and production of thermoplastic and composite solutions to the aerospace industry as well as niche commercial and medical applications.

“H.I.G. has been a tremendous partner to Vaupell and has been instrumental in helping us establish and execute our growth strategy,” said Joe Jahn, Chief Executive Officer of Vaupell. “Over the past 16 years, we've made two sizeable acquisitions, expanded our product line and capabilities, invested in new technologies, and made sizeable strategic investments to support our customers by opening new facilities in Everett, WA and Shenzhen, China. At the same time we are excited at the prospects of partnering with a global manufacturer of products aligned with our market segments. We believe this acquisition provides substantial opportunity for growth for all our stakeholders.”

Shigeru Hayashi, President of Sumitomo Bakelite Co., Ltd. commented, “The acquisition of Vaupell will allow Sumitomo Bakelite to become an integrated supplier in the aerospace interior business, providing diverse solutions that extend from raw materials to molding processes, painting and assembly. Sumitomo Bakelite also looks to become a highly reliable partner for aircraft manufacturers, with a healthy financial position and broad technological potential. Building on Vaupell's long, deep relationship with Boeing in the United States, Sumitomo Bakelite will employ its network in China, Southeast Asia and Europe so it can become one of the few suppliers that can accommodate the growing global demand for aircraft.”

“In the medical equipment business, the transaction will enable Sumitomo Bakelite to obtain Vaupell's technology, leverage Vaupell's customer network to leading global medical companies, access the advanced medical trends in the United States, cultivate new customers in Japan and the United States, and expand existing medical operations through Vaupell's current sales channels”, Hayashi said.

"We are very proud of what we have accomplished together with the Vaupell management team,” commented Jeff Zanarini, a Managing Director of H.I.G. “The Company achieved significant revenue and EBITDA growth during our ownership, which yielded an outstanding investment outcome for Vaupell management, H.I.G. and its investors. We have every confidence that the Company will continue its pioneering leadership as a member of the Sumitomo Bakelite Aerospace division.”