Private equity firm Tower Three Partners has made an investment in The Paslin Company, a privately held automotive business headquartered in Warren, Michigan.
The Paslin Company, founded by the Pasque family in 1936, designs, assembles and integrates robotic assembly lines for Tier One and OEM, or original equipment manufacturer, automotive companies.
Chuck Pasque, CEO of Paslin, says: "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," says 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.”
Terms of the transaction, which was completed in November 2013, have not been disclosed.
