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SOURCE Tower Three Partners
GREENWICH, Conn., Feb. 25, 2014 /PRNewswire/ -- Tower Three Partners, a leading operationally-oriented private equity firm that invests in U.S.-based middle market companies, today announced that it has made an investment in The Paslin Company ("Paslin" or the "Company"), a privately held automotive business headquartered in Warren, Michigan.
The Paslin Company, founded by the Pasque family in 1936, designs, assembles and integrates robotic assembly lines for Tier One and OEM, or original equipment manufacturer, automotive companies. The Company is recognized throughout the automotive industry for effectively partnering with customers and suppliers, and its ability to provide both sophisticated systems design and state-of-the-art manufacturing capability.
Chuck Pasque, CEO of Paslin, said, "We are excited to have Tower Three Partners join us as our financial and operating partner. We look forward to working with the Tower Three team, whose investing experience, strategic operating expertise and resources will help us achieve our long-term potential as we continue to develop and grow our business. With the support of a seasoned financial sponsor, Paslin is well-positioned to continue developing new services lines and expanding geographically."
"We have been impressed by Paslin's ability to perform well in any economic environment, as well as the Company's longstanding commitment to growing its business by working closely with customers to meet their needs in an ever-changing automotive market," said Peter Fitzsimmons, Managing Director at Tower Three Partners. "We look forward to rolling up our sleeves with Paslin's strong management team to continue the Company's profitable growth."
"We are committed to supporting Paslin's strategy and remain dedicated to further enhancing the business," said Bill Forrest, Founder and Managing Partner of Tower Three Partners. "Paslin is exactly the kind of mid-size company for which Tower Three Partner's ability to be a catalyst for growth is well-suited. We are excited to work with the Company and its customers to create further value in the marketplace."
Terms of the transaction, which was completed in November 2013, were not disclosed.
About The Paslin Company
The Paslin Company is a full service process, design and build organization. Paslin provides leading edge manufacturing equipment to the global market, while creating cost cutting solutions where feasible. A recognized leader in the construction and integration of manufacturing assembly and automation systems, Paslin currently employs approximately 700 people and has over 750,000 square feet of manufacturing space located at three different facilities throughout Warren, Michigan.
About Tower Three Partners
Tower Three Partners is a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies. With long-term committed capital from major institutional investors and a senior management team that collectively has decades of experience revitalizing businesses, the firm targets equity investments of $50M to $150M that provide a catalyst for growth.
Alongside management, Tower Three Partners prioritizes and implements transformative changes in operations, strategy, growth and/or capital structure to significantly improve business performance. Our professionals are experienced in operational improvement, mergers & acquisitions and financial restructurings.
For more information, visit our website at towerthreepartners.com or call 203-485-5800.
Jonathan Keehner / Gabrielle Miller
Joele Frank, Wilkinson Brimmer Katcher
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