January 31, 2011
Main Street Capital Holdings Acquires Conelec of Florida
A Leading Southeast U.S. Provider of Electronic Manufacturing Services
PITTSBURGH, PA – January 31, 2011 – Main Street Capital Holdings, L.L.C. a private investment firm specializing in acquisitions of growth-oriented companies, announced that it has acquired substantially all the assets of Conelec of Florida, Inc., a leading regional provider of electronic manufacturing services (“EMS”). Main Street has considerable experience with EMS companies and Conelec is the firm’s third acquisition within that industry. Terms of the deal were not disclosed.
Based in Sanford, Florida, Conelec is a leading provider of electronic manufacturing services to original equipment manufacturers (“OEM”) in the medical, military communications and industrial markets. Conelec has been serving its clients throughout North America since 1983 and has earned the confidence of its customers and suppliers with its focus on quality, competitive pricing, and unrelenting dedication to exceeding customer expectations.
“We are pleased to partner with Main Street and we believe we are in a terrific position to take advantage of their experience in the industry” said David Vickery, Chief Operating Officer of Conelec. “In the coming months, our focus will be on strengthening the company’s operations to ensure that our customers continue to be provided with attractively priced, premium quality services.”
Dennis Prado, a Principal at Main Street Capital Holdings commented, “Conelec is a good fit with our portfolio of companies because it is an established, steady performer located in the Southeast region of the U.S. We are excited to be partnering with Conelec’s management team and we intend to provide them with the resources needed to continue to grow and maximize operating efficiencies.”
Ty Eggemeyer, who has worked with Main Street on all of their prior EMS acquisitions, will serve as Chairman of the Board at Conelec. “The management team at Conelec has done a very nice job of creating a solid base of business upon which we can build” said Eggemeyer. “They have a diversified customer base and are highly responsive to their customer’s needs. I’m looking forward to working with the existing management team to develop a world class operation.”