In November 2018, The Halifax Group ("Halifax") sold Pirtek Europe (the "Company"), Europe’s leading mobile provider of on-site hydraulic hose replacement services, to PNC Riverarch Capital, a U.S.-based private equity firm.
Duff & Phelps served as the exclusive financial advisor to Halifax and the other shareholders with respect to the transaction, providing M&A and Debt Advisory services.
Alex McNutt, CEO of Pirtek Europe, commented: “When we selected Duff & Phelps, we knew we had the perfect partner. From the first presentation they demonstrated a deep understanding of our business, and their professionalism and dedication shone through. They made our life as a management team easier as they gave us a timetable detailing each stage of the process and assisted us at every step. In addition to maximizing shareholder value, we completed this transaction earlier than originally envisaged. Led by Dafydd Evans and supported by Rahid Rashid and team, we could not have chosen a better partner. I personally would be keen to work with this team again on our next process.”
Scott Plumridge, Partner at The Halifax Group, added: "We orient our investment approach towards a close collaboration with management. Through this collaboration effort, we believe that we are able to create unique opportunities for our companies. Dafydd Evans and the Duff & Phelps team fit right into this mold; they are high performers, who understand how to join a tight-knit team and consistently add their own value to the equation. The execution that they provided was tight; the patient and insightful advice was of a rare caliber and their teamwork was stellar. We will look to collaborate with them again on future opportunities."
Dafydd Evans, Managing Director at Duff & Phelps, commented: "We thoroughly enjoyed working with Alex McNutt and Pirtek Europe's senior management alongside Scott Plumridge and the Halifax Investment team to find the right partner to support the business in its next phase of development. The significant progress made to date and compelling forward potential of the business is testament to the quality of the team and the skill set of all involved. Under its new ownership, we fully expect Pirtek Europe to continue its impressive growth journey. We wish them the best of luck and look forward to their continued success."
About Pirtek Europe
Founded in 1988, Pirtek Europe has grown to become the leading franchised provider of on-site hydraulic hose replacement and associated services in Europe. Specializing in hydraulic hoses, pipe fittings and couplings, the Company has operations in the UK, Ireland, Germany, Austria, Belgium, the Netherlands and Sweden. With over 185 service centers and 750 mobile units, Pirtek Europe offers a rapid response hose service, 24 hours a day, 365 days a year.
About The Halifax Group
The Halifax Group is a private equity firm that partners with managers and entrepreneurs to recapitalize and grow lower middle-market businesses with total enterprise values generally between $50 million and $250 million. Halifax invests across a variety of industries, including health and wellness, education, outsourced business services, franchising and infrastructure. The firm maintains offices in Washington, D.C.; Dallas, TX; and Raleigh, NC. For more information, please visit www.thehalifaxgroup.com.
About PNC Riverach Capital
PNC Riverarch Capital is a middle-market private equity firm which invests in privately held companies headquartered in North America. 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.