Stephan Memmen Joins Flexstar as President and Chief Executive Officer

BOSTON--(BUSINESS WIRE)--

Flexstar Technology, Inc. (“Flexstar”), a portfolio company of Audax Group and Rigel Associates, today announced the appointment of Stephen Memmen as President and Chief Executive Officer, effective January 1, 2013.

Headquartered in San Jose, California, Flexstar is a leading provider of test and measurement solutions for the data storage industry. With over 30 years of providing test solutions to the world's leading storage companies, Flexstar's products are used to conduct standardized, repeatable testing for, hard disk drives (HDDs), solid state drives (SSDs), and peripheral component interconnect express drives (PCIe). Flexstar offers turnkey environmental chambers, burn-in racks, bench-top, and self-test solutions to conduct development, reliability, qualification, and factory production tests. Flexstar's proprietary software suite and its large repository of testing scripts ensure that each customer can run a customized series of tests to guarantee optimum performance and marketability of their drives.

Mr. Memmen brings over 20 years of technology and senior management experience. He was recently a Corporate Officer and Vice President of Amphenol Corporation APH (“Amphenol”), where he led a division with over $350 million in revenues and operations in the United States, China, Korea, Malaysia, Singapore, Taiwan and Finland. Prior to Amphenol, Mr. Memmen ran T&M Antennas, and led the sale of T&M Antennas to Amphenol in 2000.

Young Lee, Managing Director of Audax Group, said “Stephan's technology experience and management track record make him an excellent addition to Flexstar. We are excited to have Stephan join Flexstar as we continue to grow the business.”

Stephan Memmen, said “I am excited to join Flexstar Technology. I look forward to working with the team to build on Flexstar's success as a provider of comprehensive testing solutions for the data storage market.”

ABOUT AUDAX GROUP

Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has over $5 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt funds. For more information visit the Audax Group website www.audaxgroup.com.

ABOUT RIGEL ASSOCIATES

Rigel Associates is a private equity group that invests in companies with revenues exceeding $20 million, consistent histories of cash flow, demonstrated market differentiation, and well defined opportunities for growth. For more information visit the Rigel Associates website http://www.rigelassociates.com.