Sale of R.L. Drake01-Feb-2012
Hastings Equity Partners has sold its controlling interest in R.L. Drake, LLC to Blonder Tongue Laboratories, Inc. for approximately $8 million.
"As respected leaders in the field of Cable Television Communications, Blonder Tongue and Drake together offer customers more than 125 years of combined engineering and manufacturing excellence with solid histories of delivering reliable, quality products,” said James A. Luksch, Chairman and Chief Executive Officer of Blonder Tongue.
Based in Franklin, Ohio, R.L. Drake develops quality communication products and solutions that are sold throughout the world. Founded in 1943 by Robert L. Drake, R.L. Drake began as a radio parts manufacturer. The company’s electronic focus has shifted over the years with the emergence of newer technologies. Today, R.L. Drake focuses on creating products and solutions for cable television systems and video.
Hastings Equity Fund I acquired controlling interest of R.L. Drake, LLC in December 2006.
“R.L. Drake has been a good investment for Hastings Equity Partners. Blonder Tongue is a great strategic buyer that can gain a lot of value from acquiring Drake. The two companies have a lot of synergies and should continue to grow,” notes Ted Patton, Managing Director of Hastings Equity Partners.
About Hastings Equity
Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market businesses in the energy sector. Hastings’ approach is to leverage the extensive operational experience of the firm's managers and investors, many of whom are active or former CEOs of Fortune 1000 companies. In addition, due to the firm's expanding portfolio of oilfield services companies, it is able to share best practices, technology trends and contacts across its platform to ensure that all of its investments benefit. Hastings strives to help companies create sustained value for their employees, customers, and investment partners.