Sell Side Advisor

Kroll's Investment Banking Team Advised PNC Riverarch Capital LLC on the Sale of Pirtek Europe to Franchise Brands plc
Kroll's Investment Banking Team Advised PNC Riverarch Capital LLC on the Sale of Pirtek Europe to Franchise Brands plc

In April 2023, PNC Riverarch Capital LLC (“PNC Riverarch Capital”), a U.S.-headquartered middle-market private equity firm, completed the sale of Hydraulic Authority I Limited (“Pirtek Europe”) to Franchise Brands PLC (“Franchise Brands”) a UK-headquartered franchisor with international operations. Pirtek Europe is a UK-Headquartered, leading pan European industrial services company providing emergency, on-site replacement services of hydraulic hoses and associated products. Total consideration for the transaction was £212m.

Kroll's Investment Banking team served as the exclusive sell-side advisor to PNC Riverarch Capital LLC in connection with the transaction.

Michael D. Rost, Managing Director of PNC Riverarch Capital, commented: “It’s been a great journey with the management team of Pirtek Europe. Kroll has been the perfect partner to help us through the exit process and the team’s input and support has been invaluable. We wish the management and Franchise Brands the best over the coming years.”

Alex McNutt, CEO of Pirtek Europe, commented: “It’s been a real pleasure working with Kroll on this transaction. Kroll has continued to demonstrate a deep understanding of our business, ultimately maximizing shareholder value through a well-driven M&A process. Led by Dafydd Evans and supported by his team, we could not have chosen a better partner.”

Dafydd Evans, Managing Director at Kroll, commented “We are delighted to have advised the vendors on the sale of Pirtek Europe to Franchise Brands. This follows the successful acquisition by PNC Riverarch Capital in 2018. Led by Alex McNutt, CEO, Pirtek has outperformed its plan and successfully navigated the challenges of the pandemic. Franchise Brands is the right long-term owner, and we wish them the very best as they support the business on its next phase of development.”

About Pirtek Europe

Founded in 1988, Pirtek Europe has grown to become Europe’s leading provider of on-site hydraulic hose replacement and associated services. Specialising in hydraulic hoses, pipe fittings and couplings, the Company has franchised operations in the UK, Ireland, Germany, Austria, Belgium and the Netherlands together with owned operations in Sweden and France. With over 210 service centers and 830 mobile units, Pirtek Europe offers a 1-hour rapid response hose replacement and associated services to its clients, 24 hours a day, 365 days a year.

About PNC Riverarch Capital LLC

PNC Riverarch Capital LLC is a middle-market private equity firm which invests in privately held companies headquartered in North America and Europe. The firm seeks well-positioned companies where it can invest $10 million to $50 million of capital in support of leveraged and management buyouts, recapitalizations, corporate divestitures and growth financings. Reed Smith served as legal counsel to PNC Riverarch Capital LLC and Addleshaw Goddard served as legal counsel to Pirtek Europe in connection with the transaction.

About Franchise Brands plc

Franchise Brands plc (AIM: FRAN) engages in franchising and related activities in the United Kingdom and internationally, with a network of nearly 600 franchisees across six principal brands. The company focuses on B2B van-based reactive and planned services, and its brands include Metro Rod, Metro Plumb, ChipsAway, OvenClean, Willow Pumps, Filta, Azura Group, and Barking Mad franchises. The company was formerly known as FB Holdings plc. Franchise Brands plc was founded in 2008 and is based in Macclesfield, the United Kingdom. Gateley served as legal counsel to Franchise Brand plc in connection with the transaction.

Mergers and Acquisitions (M&A) Advisory

Kroll’s investment banking practice has extensive experience in M&A deal strategy and structuring, capital raising, transaction advisory services and financial sponsor coverage.

Corporate Finance and Restructuring

M&A advisory, restructuring and insolvency, debt advisory, strategic alternatives, transaction diligence and independent financial opinions.

Industrials Investment Banking

Industrials expertise for middle-market M&A transactions.