PITTSBURGH, Pa. – Tecum Capital (“Tecum”) is proud to announce its investment to support Hastings Equity Partners (“Hastings”) and Terra Staffing Group’s (“Terra”) acquisition of ASG Staffing, Inc. (“ASG”). Terra and ASG are US-based temporary staffing firms with an emphasis on labor and manufacturing roles that are critical to ensuring production capacity and output. As part of the transaction, Tecum partnered with Management, NorthCoast Mezzanine (“NorthCoast”), and NorthCreek Mezzanine (“NorthCreek”).
Terra (Pacific Northwest focus) and ASG (Midwest focus) primarily operate as outsourced HR departments, providing clients with on-site management of staffed labor including onboarding, administration, workforce management, training, safety, and regulation. Both companies take a regional approach to staffing by setting up branch offices around large metropolitan areas and focusing on unskilled and semi-skilled jobs primarily in the warehousing, manufacturing, and food production industries.
“We consider it a privilege to serve the employers and workforce that literally keep our economy moving forward by showing up to produce and ship the products we all rely on. This is a workforce that was deemed “essential” during the pandemic, but we’ve always known how essential they are,” said Terra Chief Strategy Officer, Jen Lambert. “Our goal is to serve these folks in a way that brings humanity to the workplace and celebrates their unique contributions to our economy.”
Terra and ASG intend to use the proceeds from this transaction to further expand end markets as well as further diversify its customer base to facilitate future growth.
Tyson Smith, partner with 14+ years at Tecum, stated, “Terra and ASG presented a compelling opportunity to support a proven platform that benefits from long-term, steady, blue-chip relationships and robust industry tailwinds. We are excited to partner with Hastings, NorthCoast, and NorthCreek to empower the Terra and ASG teams to continue to grow into a nationwide staffing agency.”
The Deal Team from Tecum consisted of Tyson Smith, Paul Oris, and Justin Uhlenbrock.
About Tecum Capital
Tecum Capital is a Pittsburgh, Pennsylvania-based private investment firm deploying capital in lower middle-market companies. Tecum provides mezzanine debt and equity investments in growth-oriented middle-market companies across the broader high-value manufacturing, value-added distribution, and business services sectors. Our team partners with independent sponsors, family offices, committed funds, business owners seeking succession plans, and management teams to create shared success. Tecum manages two Small Business Investment Company (“SBIC”) licensed funds and is currently investing out of Tecum Capital Partners III, L.P, a $305 million fund launched in September 2021. Since 2006, the team has collectively invested more than $1 billion in over 150 platforms and add-on acquisitions. For more information, please visit www.tecum.com.
About Hastings Equity Partners
Hastings is a Boston-based private equity sponsor that focuses on founder-led, lower-middle market businesses that are positioned for rapid growth. Hastings is currently operating out of its fifth committed fund. To learn more, visit www.hastingsequity.com.
About NorthCoast Mezzanine
NorthCoast Mezzanine is a Minneapolis-based investment firm that provides subordinated debt and non-control equity co-investments to lower middle-market companies. NorthCoast is currently investing out of its third, $286MM SBIC fund (2022 vintage). To learn more, visit www.northcoastmezz.com.
About NorthCreek Mezzanine
NorthCreek Mezzanine is a Cincinnati-based SBIC that provides subordinated debt and equity co-investments to lower middle-market companies. NorthCreek is currently investing out of its third, $195MM SBIC fund (2019 vintage). To learn more, visit www.northcreekmezzanine.com.