Hastings Equity Builds Leading Industrial Staffing Platform with Investment in ASG Staffing
BOSTON, MA, August 7, 2023 – Hastings Equity Partners (“Hastings”), a preferred capital partner to founders of lower middle market businesses, is pleased to announce their Fund V portfolio company, TERRA Staffing Group (“TERRA”), has acquired ASG Staffing, Inc. (“ASG”). This is the first add-on investment TERRA has completed since Hastings acquired the company in January 2023.
Founded in 1995 by Chuck Porcelli and headquartered in Bensenville, IL, ASG provides high volume, skilled labor recruitment for customers across the Midwestern U.S., offering both temporary and direct hire solutions for employers and industrial workers. ASG serves light industrial customers operating in manufacturing, food manufacturing, and warehousing industries.
ASG is highly complementary to the scaled industrial staffing platform that Hastings is building. The combined platform will have a strong, well diversified customer base and a larger geographic footprint. Hastings’ investment in ASG adds 10 new staffing offices to the platform in the Midwest, accelerating TERRA’s eastward expansion strategy. The combined TERRA/ASG platform now operates out of 28 offices, serving customers across 9 different states.
"I could not be more excited to begin this partnership with the TERRA and Hastings teams,” stated Chuck Porcelli, Founder of ASG. “My team and I believe in the growth of our organization, and we have found that TERRA and Hastings share the same enthusiasm for the staffing industry. I am confident in our ability to continue exceeding customers’ expectations by continuing to grow into new markets in the coming years.”
Grant Reckhow, Principal at Hastings, said of the investment, “ASG adds a strong, Midwest presence to TERRA and aids us in the goal to become a nationwide staffing provider. We continue to research the global trends in temporary labor and believe that this investment will enhance our ability to capitalize on them by providing labor solutions to companies with roles that are essential to productivity and output across various industries.”
The current senior leadership team will remain with ASG and are committed to the company’s continued growth and success under the TERRA platform.