Stout has advised Hastings Manufacturing Company (“Hastings” or the “Company”), a portfolio company of RFE Investment Partners, on its sale to NPR-Riken Corporation (TSE: 6209). Stout served as exclusive financial advisor to Hastings in connection with the transaction, which closed in April 2026.

Founded in 1915 and headquartered in Hastings, Michigan, Hastings is a global leader in the manufacturing and kitting of piston rings for aftermarket and niche OEM applications. With 100+ years of operating experience and manufacturing facilities in the United States and Central Europe, the Company has a long-standing track record as an innovator in piston ring manufacturing.

Headquartered in Tokyo, Japan, NPR-Riken is a leading manufacturer and distributor of automobile engine components, marine engine parts, and related products, with global operations. The acquisition of Hastings represents a strategically compelling opportunity for NPR-Riken to expand its geographic footprint, broaden its aftermarket exposure, and strengthen its global competitive positioning in the engine components space.

Based in Westport, Connecticut, RFE Investment Partners is a private equity firm focused on making control investments in established small-market companies located in the United States. RFE is a long-standing firm founded in 1980 with over 45 years of experience investing in the lower middle market. RFE’s investment strategy is to transform its portfolio companies from the lower end of the market to fully professionalized and market-leading middle-market companies. RFE is currently investing out of Fund IX.