Seacon Phoenix, Inc. Acquired by Hastings Equity Partners


Leader in Underwater Cables and Connectors Working with Industry Investor Group to Continue Record of Success

Westerly, RI - February 28, 2005 — Seacon Phoenix, Inc. announced today that it has been acquired by an investor group led by Hastings Equity Partners and Quarterdeck Equity Partners. Under the new ownership, Frank Ravenelle will continue as President in addition to becoming a member of the investor group. Effective today as well, Steve Biggs has joined the Company as its Senior Vice President of Finance and Administration. Together, Mr. Ravenelle and Mr. Biggs will lead the current management team and continue the success Seacon Phoenix has been achieving.

"I am excited to be working with such an exceptional ownership group whose industry background and experiences are so well suited to help guide Seacon," said Frank Ravenelle. "Seacon Phoenix has established itself as a leading provider of underwater electrical connectors and cables," added Mr. Ravenelle, "and with the support of our new investor group we will be able to build further the business and provide our customers with the highest quality products and services which they expect." "Moreover, this is a terrific opportunity for all the employees to remain part of a growing company," Mr. Ravenelle concluded.

About Seacon Phoenix
Seacon Phoenix was founded in 1987 by its President, Frank Ravenelle. The Company is a leading designer and manufacturer of cables and connectors used in underwater and harsh environment applications. Its products are used on nuclear submarines and surface ship applications for hull penetration and device connectivity in addition to deep water oil & gas exploration and production. Seacon's headquarters and primary manufacturing operations are located in Westerly, Rhode Island.

About Hastings Equity Partners
Hastings Equity Partners is a private equity firm, located in the Boston Metropolitan area, focusing on acquiring niche manufacturing, distribution, and business services companies. Hastings looks for attractive investment opportunities where it can leverage its partners more than sixty years of operating experience to help companies create sustained value for its customers, employees, and investment partners.

About Quarterdeck Equity Partners
Quarterdeck Equity Partners, Inc. (QEP), headquartered in Los Angeles,is the merchant banking arm of the Quarterdeck family of companies ( QEP focuses exclusively on investments in the global aerospace, defense and federal information technology industries.

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Frank Ravenelle
Seacon Phoenix, Inc

Fast Fact

Hastings strives to help companies create sustained value for its employees, customers, and investment partners.