Costa Mesa, Calif. – January 23, 2007 – Hastings Equity Partners, in conjunction with Pacesetter Capital Group, has acquired R.L. Drake Company. Transaction terms were not disclosed.
RSM EquiCo Capital Markets LLC acted as the exclusive M&A advisor to R.L. Drake on the transaction.
“R.L. Drake has recently partnered with Beyond Broadband Technology to provide a next generation cable migration solution to convert from analog to digital transmission that is faster, cheaper and more secure than previously available products. We believe this partnership has great potential, and our decision to invest in the company and provide new capital investment to R.L. Drake was simple,” said Ted Patton, managing director at Hastings Equity Partners, LLC. “We are very cognizant of the experience and success of R.L. Drake’s management team, and we are very happy they will be staying on board to continue moving the company forward.”
About RSM EquiCo Capital Markets
RSM EquiCo Capital Markets LLC (www.rsmequico.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
As specialists in facilitating mergers and acquisitions, providing access to capital markets and offering fairness opinions, RSM EquiCo Capital Markets plays an unusual role in the underserved “middle-market” field by providing advisory services on both the buy-side and sell-side. These services include facilitating the acquisition of North American companies and raising capital for a wide variety of purposes, ranging from acquisitions and leveraged buyouts to balance sheet restructuring.
RSM EquiCo Capital Markets is licensed by the SEC and all state securities authorities, and is a member of the NASD and SIPC.
The firm’s international headquarters are located in Costa Mesa, Calif. It also has offices in Chicago, Boston, New York, and London.
About R.L. Drake Company
Founded in 1943, R.L. Drake Company designs and manufactures products and solutions for cable television (CATV) reception systems, assistive listening devices, video signal distribution, short-wave radio and digital television reception. Over the past 20 years, R.L. Drake has built an outstanding reputation as a high-quality provider of analog and digital cable television equipment and other products. In this capacity, RLD manufactures cable television products for receiving, processing and distributing analog and digital signals. The company manufactures approximately 70 products and provides services under six business lines: analog CATV products, digital CATV products, short-wave and other radio products, customer service and contract engineering, original equipment manufacturing and private label and assistive listening products.
About Hastings Equity Partners, LLC
Hastings Equity Partners is a private investment firm focused on small to mid-sized enterprises. Founded in 2002, the firm’s three partners bring over 60 years of experience in operating, growing and acquiring small companies or divisions and have managed organizations through the various stages of growth.
About Pacesetter Capital Group
Pacesetter Capital Group is a Dallas-based private equity firm that manages a family of funds dedicated to achieving above market returns by providing long-term expansion and/or acquisition capital to well-managed, growing businesses that are led primarily by ethnically diverse entrepreneurs or companies that service diverse markets. PCG currently manages assets of over $210 million and is comprised of one diversified private equity fund, Pacesetter Growth Fund, L.P. and three Small Business Investment Companies. One of the SBIC Funds, MESBIC Ventures, Inc., holds the distinction of being the oldest (est. 1970) Specialized SBIC in the nation.
CONTACT:
RSM EquiCo Inc.
Todd Cooley, Director of Communications
714.327.8865
tcooley@rsmequico.com