rings producer Hastings Manufacturing Co. has been purchased by
RFE Investment Partners together with Hastings
"We are very excited
to partner with RFE Investment Partners and continue to grow
the business," Hastings president and chief executive officer
Bob Kollar said. "RFE has a strong track record of acquiring
businesses and successfully taking them through their next
phase of growth."
RFE, a private equity
firm based in New Canaan, Conn., manages more than $450 million
in committed capital. "Hastings has great brand recognition,
world-class manufacturing and a strong leadership team," RFE
managing director and partner Jim Parsons said. "We see
tremendous opportunities for Hastings and are excited to
(foster) their future growth."
Hastings got its start
in 1915 with production of a wide range of automotive
components, including oil pumps, bumpers and luggage carriers,
from a plant in Hastings, Mich. Eight years later, the company
introduced its first piston rings, which would grow to become
the centerpiece of its business.
It designs and
manufactures gray and ductile iron and steel compression piston
rings for the worldwide engine manufacturing and
rebuilding/aftermarket industries. It is a qualified piston
ring manufacturer to Chrysler Group LLC, Ford Motor Co.,
General Motors Co., Harley-Davidson and others.
The terms of the acquisition/management buyout were not