Hastings Equity acquires Taylored Services, Inc.08-May-2008
Hastings Equity Partners acquires New Jersey Based 3PL Taylored Services
5/8/2008 Edison, N.J. -- HASTINGS EQUITY PARTNERS LLC bought warehousing provider Taylored Services in the first deal out of the small buyout firm's second fund, which is slated to close within two months.
Hastings Equity invested $5 million to $10 million of equity out of its Hastings Equity Fund II LP, which is targeting $60 million to $70 million, according to Managing Director Bruce MacRae.
Edison, N.J.-based Taylored Services arranges the storing and shipping of imported consumer goods for New York-based apparel companies and other clients, MaCrae said.
The company rents more than 500,000 square feet of warehousing space in New Jersey and California. Hastings Equity plans to grow its warehousing capabilities organically and through acquisitions.
The company was sold by founder Mark Taylor, who is keeping a stake and staying on as chief executive.
The second fund held a first close of about $50 million in March. The firm is largely sticking with the strategy of the predecessor fund, investing $5 million to $10 million of equity in manufacturing, distribution and business services companies.
This is the firm's first foray into transportation and logistics, a market that has been drawing lots of private equity interest thanks to favorable importing trends and the fragmented nature of the industry.
About Hastings Equity Partners
Hastings Equity Partners is a private equity firm, located in the Boston Metropolitan area, focusing on acquiring niche manufacturing, distribution, and business services companies. Hastings looks for attractive investment opportunities where it can leverage its partners more than sixty years of operating experience to help companies create sustained value for its customers, employees, and investment partners.