Hastings Equity Fund, L.P., has Recapitalized Powerhouse, Inc.17-Sep-2007
Palmer, MA - September 17, 2007 — We are pleased to announce that Hastings Equity Fund, L.P. and the management team of Powerhouse, Inc., based in Broussard, LA, has successfully completed a recapitalization of the Company. Powerhouse repairs, maintains, and sells new or rebuilt gas compressors, electricity generators, fluid pumps, and cranes to the offshore oil and gas production platforms in the Gulf of Mexico. The Company was founded by three industry operators, who having worked at larger compression services companies over the past twenty years, took advantage of their market knowledge and product experience and built a fast growing niche business. All three Founders will remain with the Company.
Morse, Barnes-Brown & Pendleton, P.C. advised Hastings. MFC Capital Funding, Inc, based in Chicago, IL, provided acquisition financing.
Hastings is actively seeking new platform acquisitions, add-on acquisitions for Powerhouse, and add-on acquisitions for all of Hastings' portfolio companies.