Halifax Group Announces Sale of Pirtek Europe
Middle-market private equity firm The Halifax Group announced today it has sold Pirtek Europe to PNC Riverarch Capital, a US-based private equity firm.
November 27, 2018 — WASHINGTON, D.C. – Leading middle-market private equity firm The Halifax Group (“Halifax”) announced today it has sold Pirtek Europe (the “Company”) to PNC Riverarch Capital (“PNC”), a US-based private equity firm. Pirtek Europe is a leading on-site provider of hydraulic hose replacement and associated services across Europe. Transaction terms were not disclosed.
Pirtek Europe’s management team, including CEO Alex McNutt, will remain in their executive roles with the Company and are committed to maintaining the Company’s best-in-class service and operations. Halifax acquired a majority stake in Pirtek Europe in February 2015.
Mr. McNutt said, “Over the last few years, we have expanded our mobile unit and service center footprint, strengthened our relationship with franchisees, made significant technology investments, and completed a strategic acquisition in Sweden. Halifax has been an exceptional partner in supporting and guiding us in these accomplishments and providing Pirtek Europe with insightful strategic and operational guidance. Going forward, we are excited to partner with PNC to further enhance our market position and offer industry-leading service levels.”
Scott Plumridge, Partner at Halifax, added, “It has been an honor to serve as the stewards of the Pirtek Europe brand for close to four years. Alex and his team have done a tremendous job to improve the opportunity set for our dedicated and highly-skilled group of franchisees. The Pirtek Europe system is offering its best-in-class service to more customers than ever and continues to expand its pan-European coverage. We’re grateful for the effective collaboration with both management and the franchise system to drive these results, and we wish the team great continued success.”
Duff & Phelps served as the exclusive financial advisor and Mayer Brown served as a legal advisor to Pirtek Europe and The Halifax Group.
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 $300 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.
