Hastings Equity Partners & Profiles, Inc. Acquire Premco, Inc.30-Jun-2009
Hingham, MA – June 30, 2009 --- Premco, Inc. (“Premco”) announced today that it has been acquired by Profiles, Inc. (“Profiles”), a portfolio company of Hastings Equity Partners.
Jeff Buck, Profiles CEO, will provide the senior leadership of Premco. Under Mr. Buck’s guidance, Profiles has grown to be one of the leading suppliers of cold-metal drawn shaped wire products used in a wide range of industries. Adding Premco’s expert capability of CNC machining of complex geometric components will enable the combined businesses to offer their customers a wider range of contract manufacturing solutions.
“Having built Premco over the last forty years, I am delighted to have Jeff step in and take over the day-to-day leadership,” said Joe Noe, Premco’s founder and CEO “Jeff has an impressive record and really understands precision manufacturing businesses. Premco will thrive under his leadership.” “Moreover, this is a terrific opportunity for all of Premco’s employees to remain part of a growing company,” Mr. Noe added.
The transaction was originated by Focus Acquisition Partners a leading buy-side financial intermediary firm based in Hanover, NH.
About Premco, Inc.
Premco, Inc. (www.Premco.net) was founded in the 1960s and has been a leading supplier of complex geometric components to military and medical OEMs. Over the years, Premco has built a reputation as being one of the highest quality machined components suppliers. Premco’s headquarters and operations are located in Hingham, Massachusetts.
About Profiles, Inc.
Profiles, Inc. (www.Profiles-Inc.com) was founded in the 1960s and has been a leading supplier of cold-drawn metal components to automotive, industrial, and oil & gas OEMs. Using proprietary technology, Profiles is capable of shaping metals into any number of precision, geometric shapes with remarkably tight tolerances in a very cost effective manner. Profiles’ headquarters and operations are located in Palmer, Massachusetts.
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.