CHICAGO Piston rings producer Hastings Manufacturing Co. has been purchased by RFE Investment Partners together with Hastings management.
"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 disclosed.