Hastings Equity Partners

What Hastings Equity Partners does

Hastings Equity Partners is a Boston-based private equity firm founded in 2004 that serves as a lower middle-market capital partner to founder-led and owner-operated businesses across North America. The firm targets companies with $20-200MM in revenue and $5-20MM in EBITDA, typically providing the first institutional capital to entrepreneurs seeking growth capital, operational expertise, and exit planning support. Hastings differentiates through a partnership-first approach, 100% management team co-investment alongside its funds, and a hands-on operational model that emphasizes preserving founder culture while scaling through organic growth and add-on acquisitions.

The firm operates through five sequential investment funds (Fund I through Fund V), having deployed capital into 29 platform companies and 48 add-on acquisitions across 70+ businesses over its 20-year history. Sector concentration is heaviest in business and industrial services, with notable platforms in data center services (MKD Electric, JSET Automated Technologies, PowerCor), utility infrastructure (GridSource, XS Telecom), vegetation management (Community Tree Service), traffic control (High Star Traffic), industrial staffing (TERRA/ASG), and facility services (Global Facility Management & Construction, added in 2026). Revenue mechanics combine recurring fund management fees on committed capital with performance-driven carried interest on exits; the firm reports a 2.3x average revenue increase on exited investments and a standout SPL exit at 8x EBITDA (2.9x Gross MOI, 76% Gross IRR).

Hastings sources deals through a proprietary network of 20,000+ active deal-sourcing relationships supplemented by a dedicated business development function. The investment team of approximately 13 professionals is led by Founder and Managing Director Ted Patton alongside Managing Directors Joe Conlon and Rob Scaramella, with additional Principals, a CFO, and a Vice President. The firm's go-to-market is field-based, with direct founder outreach as the primary acquisition channel for new portfolio companies and institutional limited partner fundraising as the distribution channel for fund capital.

Name

Hastings Equity Partners

Legal name

Hastings Equity Partners

Website

https://hastingsequity.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Hastings Equity Partners is a Boston-based lower middle-market private equity firm founded in 2004 that invests in founder-led North American businesses through five sequential funds, providing first institutional capital, operational support, and add-on acquisition strategy.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

akta.pro secondary industry

Telecom, Networking & Infrastructure Growth Equity (FSANACAJ)

Keywords

• Private equity investing
• Lower middle market
• Growth capital
• Operational partnership
• Founder-led businesses

Headquarters

HQ city

Needham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: Hastings generates revenue through management fees charged on the funds under management. The firm has raised five investment funds (Fund I through Fund V) and charges standard private equity management fees on committed capital.
2. Carried Interest (Performance Fees): The firm earns carried interest on profitable exits from portfolio companies. Historical performance includes 2.3x average revenue increase on exited investments, demonstrating the carried interest potential from successful realizations.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Hastings Equity Partners is a private equity firm that invests in founder-led, lower middle-market businesses across North America. The firm deploys institutional capital through five investment funds (Fund I through Fund V) while providing operational expertise, strategic guidance, and add-on acquisition support to help portfolio companies scale and achieve successful exits.

Product overview

Hastings Equity Partners is a private equity firm that provides investment capital and operational partnership services to founder-led, lower middle-market businesses in North America. The firm does not offer a technology product platform; rather, it offers private equity investment services including capital deployment, operational expertise, and strategic support to help portfolio companies scale. The company's service is delivered through its investment funds (Fund I through Fund V) and focuses on industries including business and industrial services, energy services, and infrastructure-related sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Fund I (Private Equity Fund) Hastings' inaugural lower middle-market private equity fund, focused on industrial and business services investments, deploying institutional capital into 4 platform companies and 4 add-on acquisitions.
• Fund II (Private Equity Fund) Hastings' second lower middle-market private equity fund, investing in 7 platform companies and 5 add-on acquisitions.
• Fund III (Private Equity Fund) Hastings' third lower middle-market private equity fund, focused on energy services, investing in 8 platform companies and 19 add-on acquisitions.
• Fund IV (Private Equity Fund) Hastings' fourth lower middle-market private equity fund, investing in 6 platform companies and 15 add-on acquisitions.
• Fund V (Private Equity Fund) Hastings' currently active fifth lower middle-market private equity fund, deploying capital into multiple platform investments and add-on acquisitions across industrial, utility, staffing, electrical, and data center services.

Quantifiable outcome

• 2.3x average revenue increase on exited investments
• +5 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Garnett Station Partners: Lower middle-market PE firm partnering with founder-led business services and consumer companies, sharing Hastings' emphasis on first-institutional-capital relationships and operational partnership.
• Lee Equity Partners: Lower middle-market PE firm focused on business services and financial services, with comparable fund sizing and a partnership-driven model aligned with Hastings' founder-friendly positioning.
• Audax Group: One of the largest dedicated lower middle-market private equity firms, with a similar focus on founder/owner-led industrial and business services companies and a comparable buy-and-build playbook across multiple funds.
• Wynnchurch Capital: Lower middle-market PE firm focused on industrial, business services and value-added distribution, with comparable mid-sized fund vintages and operational improvement orientation aligned with Hastings' industrial services thesis.
• Riverside Partners: Lower middle-market PE firm focused on industrial and healthcare-related services, with similar fund vintages and a hands-on operating approach that overlaps with Hastings' industrial services portfolio.
• Bertram Capital: Lower middle-market PE firm emphasizing founder- and family-owned industrial and consumer businesses with a hands-on operating partner model that closely mirrors Hastings' partnership-first approach.
• Kian Capital Partners: Lower middle-market PE firm focused on industrial and business services with a buy-and-build strategy, overlapping with Hastings on platform-and-add-on construction in fragmented services niches.
• Quad-C Management: Middle-market private equity firm investing in business services, consumer and specialty industrials, with comparable fund sizing and a similar lower middle-market founder-focused investment lens.
• Aterian Investment Partners: Lower middle-market PE firm investing in founder-led industrial, business services and consumer companies with a buy-and-build orientation directly comparable to Hastings' strategy.

Broad incumbents

• Genstar Capital: Larger middle-market PE firm with significant industrial, business services and financial services exposure; competes for some of the same founder-led assets but at higher end of the size range and with materially larger fund vintages.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hastings-equity-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments16 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hastings Equity Partners