"We appreciate the continued support of our current investors and are honored to have several new blue chip institutional investors who comprise nearly 50% of our third fund," said
Through Fund III, Hastings intends to continue to follow its partnership approach with business owners. In the seven transactions Hastings has either completed or has under Letter of Intent in the last twelve months, the owners have retained on average 33% of the equity. "There are a lot of service companies in the oilfield right now that are looking for help in managing and financing their growth," said
Hastings' approach towards these partnerships is to leverage the extensive operational experience of the Firm's managers and investors, many of whom are active or former CEOs of Fortune 1,000 companies. In addition, due to Hastings' expanding portfolio of oilfield services companies, the Firm is able to share best practices, technology trends, and contacts across its platform to ensure that all of the Hastings' investments benefit.
"When I made the decision to partner with Hastings, I knew I would get financial support. What I underestimated was how helpful Hastings would be at working with my team to tackle key operational problems. I really enjoy working with these guys," said
Hastings has already completed five investments in Fund III since its initial closing in
Hastings' fund raise was supported by
Keywords for this news article include: Energy, Oilfield, Oil & Gas,
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