Tower Three Partners has sold The Paslin Company to Zhejiang Wanfeng Technology Development Co.
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Greenwich, Connecticut-based Tower Three Partners (“Tower Three”) has sold The Paslin Company (“Paslin”) to Zhejiang Wanfeng Technology Development Co., Ltd. (“Wanfeng”), a robotic manufacturer and systems integrator serving the die cast automation market and headquartered in Xinchang, China. The terms of the transaction were not disclosed.
Paslin, founded by the Pasque family in 1937, is a full-service design-and-build company that designs, assembles and integrates robotic assembly lines for Tier 1 and automotive OEM customers. Paslin is recognized throughout the automotive industry for effectively partnering with customers and suppliers, and for its ability to provide both sophisticated systems design and state-of-the-art manufacturing capability. Paslin is headquartered in Warren, Michigan, and has nearly 600,000 square feet of assembly and manufacturing space, including a new 166,000 square foot state-of-the-art facility in Shelby Township, Michigan.
Kirk Goins, Paslin’s Chief Executive Officer, said, “It was a pleasure working with the Lincoln team to complete this exciting transaction. Their insights and in-depth understanding of our business model, as well as the automotive industry, enabled them to tell Paslin’s compelling story and understand our value proposition.” Lincoln acted as the exclusive financial advisor to Tower Three and Paslin, working closely with the management team and shareholders throughout the sale process.
About Tower Three Partners
Tower Three Partners is a leading, operationally oriented private equity firm that invests in a concentrated portfolio of U.S.-based mid-market companies. With long-term committed capital from major institutional investors and a senior management team that collectively has decades of experience, the firm targets equity investments of $50M to $150M that provide a catalyst for growth.
Alongside management, Tower Three Partners prioritizes and implements changes in operations, strategy, growth and/or capital structure to significantly improve business performance. Tower Three Partners professionals are experienced in operational improvement, mergers and acquisitions and financial restructurings. For more information, visit www.towerthreepartners.com or call +1 (203) 485-5800.
About The Paslin Company
The Paslin Company is a full-service process, design and build organization. Paslin provides leading-edge manufacturing equipment to the global market, while creating cost-cutting solutions where feasible. A recognized leader in the construction and integration of manufacturing assembly and automation systems, Paslin currently employs approximately 730 people and has over 750,000 square feet of manufacturing space located at three different facilities throughout Warren, Michigan. Additional information regarding Paslin is available at www.paslin.com.
About Wanfeng Group
Founded in 1994, Wanfeng is an international large-scale private enterprise. The Company has annual sales of USD 3 billion with more than 12,000 employees, of which over 2,000 are outside of China. The Group is involved in automotive parts manufacturing, robotic automation, general aviation, financial services and general industrial business.
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