Tower Three Partners, an operationally-oriented private equity firm that invests in U.S.-based middle market companies, announced that it has made an investment in The Paslin Company, a privately held automotive business headquartered in Warren, Michigan.
According to a release, The Paslin Company, founded by the Pasque family, designs, assembles and integrates robotic assembly lines for Tier One and OEM, or original equipment manufacturer, automotive companies. The Company is recognized throughout the automotive industry for effectively partnering with customers and suppliers, and its ability to provide both systems design and manufacturing capability.
Chuck Pasque, CEO of Paslin, said, "We are excited to have Tower Three Partners join us as our financial and operating partner. We look forward to working with the Tower Three team, whose investing experience, strategic operating expertise and resources will help us achieve our long-term potential as we continue to develop and grow our business. With the support of a seasoned financial sponsor, Paslin is well-positioned to continue developing new services lines and expanding geographically."
"We have been impressed by Paslin's ability to perform well in any economic environment, as well as the Company's longstanding commitment to growing its business by working closely with customers to meet their needs in an ever-changing automotive market," said Peter Fitzsimmons, Managing Director at Tower Three Partners. "We look forward to rolling up our sleeves with Paslin's strong management team to continue the Company's profitable growth."
"We are committed to supporting Paslin's strategy and remain dedicated to further enhancing the business," said Bill Forrest, Founder and Managing Partner of Tower Three Partners. "Paslin is exactly the kind of mid-size company for which Tower Three Partner's ability to be a catalyst for growth is well-suited. We are excited to work with the Company and its customers to create further value in the marketplace."
Terms of the transaction, which was completed in November 2013, were not disclosed.
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