Hastings Equity Partners acquire R.L. Drake Company01-Jan-2007
Costa Mesa, Calif. – January 23, 2007 – Hastings Equity Partners, in conjunction with Pacesetter Capital Group, has acquired R.L. Drake Company. Transaction terms were not disclosed.
“R.L. Drake has recently partnered with Beyond Broadband Technology to provide a next generation cable migration solution to convert from analog to digital transmission that is faster, cheaper and more secure than previously available products. We believe this partnership has great potential, and our decision to invest in the company and provide new capital investment to R.L. Drake was simple,” said Ted Patton, managing director at Hastings Equity Partners, LLC. “We are very cognizant of the experience and success of R.L. Drake’s management team, and we are very happy they will be staying on board to continue moving the company forward.”
Founded in 1943, R.L. Drake Company designs and manufactures products and solutions for cable television (CATV) reception systems, assistive listening devices, video signal distribution, short-wave radio and digital television reception. Over the past 20 years, R.L. Drake has built an outstanding reputation as a high-quality provider of analog and digital cable television equipment and other products. In this capacity, RLD manufactures cable television products for receiving, processing and distributing analog and digital signals. The company manufactures approximately 70 products and provides services under six business lines: analog CATV products, digital CATV products, short-wave and other radio products, customer service and contract engineering, original equipment manufacturing and private label and assistive listening products.
About Hastings Equity Partners, LLC
Hastings Equity Partners is a private investment firm focused on small to mid-sized enterprises. Founded in 2002, the firm’s three partners bring over 60 years of experience in operating, growing and acquiring small companies or divisions and have managed organizations through the various stages of growth.
About Pacesetter Capital Group
Pacesetter Capital Group is a Dallas-based private equity firm that manages a family of funds dedicated to achieving above market returns by providing long-term expansion and/or acquisition capital to well-managed, growing businesses that are led primarily by ethnically diverse entrepreneurs or companies that service diverse markets. PCG currently manages assets of over $210 million and is comprised of one diversified private equity fund, Pacesetter Growth Fund, L.P. and three Small Business Investment Companies. One of the SBIC Funds, MESBIC Ventures, Inc., holds the distinction of being the oldest (est. 1970) Specialized SBIC in the nation.