Profiles Incorporated Acquired by Hastings Equity Partners22-Aug-2006
Leading Supplier of Shaped Metal Components Under New Ownership and Management
Palmer, MA - August 22, 2006 — Profiles Incorporated announced today that it has been acquired by an investor group led by Hastings Equity Partners and Jeff Buck. Tom Brock, former owner and President, will retire but remain as a Director of the Company. Jeff Buck, one of the principal investors, will assume the duties of Chief Executive Officer.
"I am pleased to turn the reins over to Jeff and Hastings, an exceptional ownership group whose industry background and experiences are so well suited to help guide Profiles," said Tom Brock. "Profiles has established itself as a leading provider of shaped metal parts and components for OEMs," added Mr. Brock, "and with Jeff taking charge of the day-to-day business supported by Hastings, I believe the Company will continue to provide our customers with the highest quality products and services which they expect." "Moreover, this is a terrific opportunity for all the employees to remain part of a growing company," Mr. Brock concluded.
"We are excited about the opportunity to grow Profiles," said Mr. Buck. "Tom has built a quality organization and the Company has a unique capability that can provide OEMs a lower cost alternative to more expensive machining operations for complex shaped parts that have high tolerance requirements," added Mr. Buck.
About Profiles Incorporated
Profiles was founded in the mid-1960s and has been owned and operated by Mr. Brock since the early 1990s. The Company is a leading manufacturer of high precision parts based on cold metal drawing processes. The cold metal drawing process is an alternative to more expensive CNC machining but can achieve similar tolerance requirements in a much more economical manner. Customers range from industrial and automotive markets. Profiles headquarters and manufacturing 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.
For More Information: