Hastings Equity Partners, a Needham, MA and Houston, TX-based private equity firm focused on investing in lower middle market energy services and equipment companies in the U.S., closed its third fund at $172m in commitments.
Hastings Equity Fund III, L.P. was backed by one of the largest foundations in the U.S., a university endowment, a fund-of-funds, and several family offices.
Established in 2004 and led by Bruce MacRae and Ted Patton, Hastings Equity Partners focuses on investing in lower, middle-market energy services and equipment businesses in the U.S. Through Fund III, the firm intends to continue to follow its partnership approach with business owners. In the seven transactions Hastings has either completed or has under Letter of Intent in the last twelve months, the owners have retained on average 33% of the equity.
Investments include:
(i) Extreme Plastics Plus (a provider of environmental solutions for fluid and waste containment),
(ii) WadeCo Specialties (an oilfield production chemical company),
(iii) Southern Petroleum Laboratories and Deerborne Energy Company (a provider of services necessary for the accurate measurement of volume and composition of hydrocarbon products), and
(iv) Extreme Plastic Plus’s first add-on acquisition, Three Amigos (provides installation services for water containment systems for drilling and fracking activities in the Permian Basin).
FinSMEs
21/08/2014