News
PNC Equity Partners II, L.P. is pleased to announce the promotion of Justin Bertram
Pittsburgh,PA (August 2010)—PNC Equity Partners, II, L.P., is pleased to announce the promotion of Justin Bertram to Managing Director.
Justin joined PNC Equity Partners in 1998 as an Associate. Justin has been involved with many of our most successful transactions over his 12 years at PNC. He currently serves as a director of Oracle Elevator Company, Caldwell & Gregory LLC, Bacharach, Inc., and Portec Group International.
PNC Equity Partners II, L.P. is pleased to announce the addition of David Hamerling
Pittsburgh,PA (July 26, 2010) — PNC Equity Partners, II, L.P. is pleased to announce the addition of David Hamerling, who joins the firm as an Associate.
Previously, David worked as an investment banking analyst with Stifel Nicolaus' Aerospace, Defense & Government Services Group, where he focused on mergers and acquisitions and private placements.
David received a BBA in Finance, cum laude, from the College of William & Mary.
PNC Equity Partners II, L.P. Acquires Revolution, Inc.
Pittsburgh,PA (July 2, 2010) - PNC Equity Partners announced today the recapitalization of Chicago, Ill.-based Revolution, Inc., a leading designer and marketer of specialty dancewear and footwear sold under the Revolution Dancewear brand. MTN Capital, a private equity firm based in New York, was a co-sponsor of this deal.
"Revolution is a niche market leader that offers an innovative distribution model and a compelling value proposition to parents and dance school instructors. We were attracted to Revolution’s strong management team and the tremendous future growth potential of this company, particularly in the recital costume segment,” said Jack Glover, Partner of PNC Equity Partners.
Founded in 1996, Revolution offers a full product line of footwear, bodywear and recital costumes to serve the needs of dancers across several dance style categories including tap, jazz, ballet, and hip hop. A unique distribution strategy of selling Revolution's products through dance schools across the U.S., has resulted in a loyal customer base of dance instructors who serve as a catalyst for the company’s sales growth.
PNC Equity Partners II, L.P. Acquires Wheaton Industries Inc.
Pittsburgh,PA (June 8, 2010) - PNC Equity Partners II, L.P. announced today the acquisition of Millville, NJ-based Wheaton Industries Inc. (“Wheaton”), a leading value-added manufacturer and re-packager of laboratory supply and packaging products.
Founded in 1888, the Company originally operated as a family-owned molded and tubular glass and plastics manufacturer that grew to become one of the world’s largest specialty glass packaging providers. Today, the Wheaton markets laboratory products to customers worldwide in the life sciences, medical diagnostics and pharmaceutical manufacturing sectors.
PNC Equity Partners II, L.P. Acquires Oracle Elevator Company
Pittsburgh,PA (June 7, 2010) - PNC Equity Partners, II, L.P. announced today the acquisition of Dover Plains, NY-based Oracle Elevator Company (“Oracle”), a non-union elevator maintenance, repair, and modernization service provider that operates as one of the largest independent companies in the U.S. market. Oracle, which was founded in 2004, has completed 12 acquisitions and established a strong regional position in the Midwest and the Southeast with operations in Florida, Georgia, South Carolina, Texas, Kentucky, Ohio, Illinois, Indiana and West Virginia.
"Our investment in Oracle, with its strong platform and route-based business model, reflects our strategy to invest in niche market leaders with sustainable competitive advantages,” said Jack Glover, Partner of PNC Equity Partners. “Moreover, we believe there are compelling market characteristics and urbanization trends which should increase demand for elevator maintenance services in the near term.”
PNC Equity Partners Wins M&A Deal of the Month Honors
Pittsburgh,PA (May 2010) - PNC Equity Partners is the winner of the M&A Deal of the Month program sponsored by the Global M&A Network, LLC. The sale of PNC Equity’s portfolio company Tangent Rail Corporation to Stella-Jones Inc. received the highest score among all middle market deal nominees for the month of April.
“We congratulate PNC Equity Partners team for winning the month of April honors. The deal had several winning attributes including — transaction between strategic buyer and private equity firm, deal synergies, structure and financing, cross-border dynamic, and a handsome gross internal return”, noted the Global M&A Network committee.
“We are thrilled to win the April Deal of the Month honors. The Tangent deal was a huge success for PNC Equity Partners and our investors. Moreover, it is a testament to our ability to deliver strong results despite a tough economic environment,” said David Hillman, partner of PNC Equity Partners.
PNC Equity Partners Sells Tangent Rail
Pittsburgh,PA (April 2010) - PNC Equity Partners announced the sale of its portfolio company Tangent Rail Corporation to Stella-Jones Inc. (TSX: SJ) for an aggregate purchase price of approximately $165 million, subject to customary post closing adjustments. The sale of Tangent Rail, along with previous dividend recapitalizations, yielded a 7.6x cash-on-cash return on PNC Equity Partner's initial investment and a gross internal rate of return of 98 percent.
Tangent Rail, headquartered in Pittsburgh, was formed in October 2005 with PNC Equity Partner’s acquisition of several RailWorks Corporation subsidiaries. Over the course of PNC Equity Partner’s ownership, Tangent Rail successfully divested a rail grinding division, expanded Class I railroad customers, hired additional management, and evaluated six acquisition opportunities. During this time, the Tangent Rail management team delivered robust financial results and EBITDA grew from $8 million in 2005 to over $28 million in 2009.
PNC Equity Partners Delivers Strong Gains for Investors with Exit of Fuel Distribution Company
Pittsburgh,PA (January 2010) - PNC Equity Partners is pleased to announce the sale of Griffith Energy, Inc. (“Griffith”), a portfolio investment of PNC Equity Partners, L.P., to Superior Plus Corp. (“Superior”) for an aggregate purchase price of US$125 million. PNC Equity acquired Griffith in October 2003, and the transaction results in a 4.2x cash-on-cash return on the firm's initial investment.
Headquartered in Rochester, NY, Griffith is a leading retail and wholesale distributor of propane, heating oil and motor fuels in upstate New York. Over the course of its ownership, PNC Equity Partners successfully completed seven acquisitions alongside the Griffith management team, and EBITDA grew from $14.7 million to $29.4 million during that period. PNC Equity led a dividend recapitalization of the business in April 2009.
PNC Equity Partners Announces the Promotion of Michael Hand
Pittsburgh,PA (June 2009) - PNC Equity Partners, II, L.P. announced the promotion of Michael Hand to Vice President.
Mike originally joined PNC Equity Partners in 2003 and returned in July 2008 after graduating from business school. He currently serves as a director of APEX Analytix and is a member of the deal team for Tangent Rail.
Previously, Mike worked as an investment banking analyst at Raymond James & Associates, where he primarily focused on mergers & acquisitions and private placements. While at business school, he was a summer associate at J.F. Lehman & Company. Mike received a B.A. with highest honors in Economics from the University of Florida, where he was ranked first in his class. He received his M.B.A. from Columbia Business School in 2008, where he was the David Gill Memorial Fellow and graduated with Beta Gamma Sigma honors.
PNC Equity Partners Announces the Recapitalization of Griffith Energy, Inc.
Pittsburgh, PA (May 21, 2009) - PNC Equity Partners is pleased to announce the recapitalization of Griffith Energy, Inc.
PNC Equity Partners II, L.P. is pleased to announce the addition of Lauren McKibben
Pittsburgh, PA (May 4, 2009) - PNC Equity Partners II, L.P. is pleased to announce the addition of Lauren McKibben, who joins the firm as Director of Business Development.
PNC Equity Partners II, L.P. Acquires APEX Analytix, Inc.
Pittsburgh, PA (April 28, 2009) – PNC Equity Partners II, L.P. announced today their acquisition of Greensboro, NC-based APEX Analytix, Inc. ("APEX"), an innovative recovery audit firm serving more than a third of the Fortune 100. APEX's traditional recovery audit services are enhanced by proprietary software tools that detect and recover payment errors for clients.
PNC Equity Partners II, L.P. Acquires Custom Orthotics Operations of Langer, Inc.
Pittsburgh, PA (October 24, 2008) – PNC Equity Partners II, L.P. announced today their acquisition of Langer, Inc.'s custom orthotics business, located in Deer Park, NY; the first add-on acquisition to its recent investment in The Orthotic Group, Inc. Langer has often been credited with creating the prescription foot orthotic industry and has played an integral role in the applied science of podiatric biomechanics. Headquartered in Markham, Ontario, The Orthotic Group ("TOG") is a leading manufacturer and distributor of custom prescription orthotics, orthotic footwear, and gait analysis equipment to health care professionals. TOG's business model focuses on serving the chiropractic, podiatric, and rehabilitation markets in North America, Europe, and Australia. Senior debt was provided by Bank of Montreal.
PNC Equity Partners II, L.P. Participates in the Recapitalization of Caldwell & Gregory LLC
Pittsburgh, PA (October 24, 2008) – PNC Equity Partners II, L.P. announced today their participation in the recapitalization of Caldwell & Gregory LLC to provide additional capital for growth. Headquartered in Manakin-Sabot, VA, Caldwell & Gregory is the leading provider of laundry equipment and laundry rooms for colleges, apartments, condominiums, coin laundries and on-premise equipment for small and large businesses.
PNC Equity Partners II, L.P. Acquires C-Clear Inc. Division of Shannon Optical
Pittsburgh, PA (October 10, 2008) – PNC Equity Partners, L.P., announced today their acquisition of the C-Clear Inc. division of Shannon Optical Co., Inc., located in Bridgeville, PA, the Fifth add-on acquisition to its investment in Hilsinger Holdings, Inc. C-Clear is a leading manufacturer and distributor of industrial safety eyewear care products. Headquartered in Plainville, MA, Hilsinger Holdings, Inc ("Hilsinger") distributes the industry's broadest line of optical and ophthalmic products with over 20,000 products that are primarily sold under several well-recognized brand names. Hilsinger sells its products through numerous independent opticians, optometrists and ophthalmologists, optical chains, independent distributors, mass merchants and other retailers located in North America and Western Europe.
PNC Equity Partners II, L.P. Acquires The Orthotic Group
Pittsburgh, PA (September 25, 2008) – PNC Equity Partners II, L.P. announced the acquisition of The Orthotic Group. Headquartered in Markham, Ontario, The Orthotic Group ("TOG") is a leading manufacturer and distributor of custom prescription orthotics, orthotic footwear and gait analysis equipment to health care professionals ("HCPs") in the chiropractic, podiatric and rehabilitation markets in North America, Europe and Australia.
PNC Equity Partners II, L.P. Acquires The Country Vintner
Pittsburgh, PA (August 29, 2008) – PNC Equity Partners II, L.P., a private equity fund affiliated with The PNC Financial Services Group, Inc., announced the acquisition of The Country Vintner. Headquartered in Ashland, Virginia, The Country Vintner ("TCV") is the second largest distributor of fine wines in the United States and the market leader in the Mid-Atlantic franchise states. TCV's business model focuses on providing on-premise retailers ("white tablecloth" restaurants), off-premise retailers and chain retailers with a diverse mix of more than 500 wine labels from around the world. Senior debt was provided by Bank of America, and subordinated debt was provided by BB&T Mezzanine Capital Partners.
Michael B. Hand Rejoins PNC Equity Partners II, L.P.
Pittsburgh, PA (August 2008) – Michael B. Hand, Senior Associate, originally joined PNC Equity Partners in 2003 and returned in 2008.
Prior to joining the firm, Mike worked as an investment banking analyst at Raymond James & Associates, where he primarily focused on mergers & acquisitions and private placements. While at business school, he was a summer associate at J.F. Lehman & Company.
PNC Equity Partners II, L.P. Announces the Promotion of Michael Rost
Pittsburgh, PA (August 2008) – PNC Equity Partners II, L.P., announced the promotion of Michael Rost to Senior Associate.
Michael joined PNC Equity Partners in 2006 as an Associate. He currently serves as a director of The Country Vintner and is a member of the deal teams for Bacharach and The Hilsinger Company.
PNC Equity Partners II, L.P. Announces the Sale of Home Made Brand Foods, Inc.
Pittsburgh, PA (April 29, 2008) – PNC Equity Partners ("PNC Equity") announced today the sale of Home Made Brand Foods, Inc. ("HMBF"), a portfolio investment of PNC Equity Partners, L.P., to Greencore Group plc, one of Europe's leading convenience food and malt producers.
PNC Equity Partners II, L.P. Acquires Bacharach, Inc.
Pittsburgh, PA (September 2007) – PNC Equity Partners II, L.P., a private equity fund affiliated with The PNC Financial Services Group, Inc., announced today the acquisitions of Bacharach, Inc. and Bacharach of Canada, Inc. Headquartered in New Kensington, Pennsylvania, Bacharach is a leading manufacturer of gas analysis and detection instruments and refrigerant monitoring and recovery products. PNC Equity invested equity and subordinated debt to finance the transaction and is the Company’s largest shareholder. Senior debt was provided by Madison Capital Funding. Additional subordinated debt and equity was provided by Calvert Street Capital Partners and Management. Terms of the transaction were not disclosed.
PNC Equity Partners II, L.P. Acquires Lone Star Overnight from Brazos Equity Partners
Pittsburgh, PA (May 2007) – PNC Equity Partners II, L.P. (PNC Equity), the private equity affiliate of The PNC Financial Services Group, Inc. announced today the acquisition of Lone Star Overnight in May, 2007. Headquartered in Austin, Texas, Lone Star is the largest regional express package delivery company operating exclusively in the Southwestern United States. Equity financing for the transaction was provided by PNC and management. Debt financing was provided by Merrill Lynch and New Canaan Partners.
PNC Equity Partners, L.P. Acquires The Hilsinger Company
Pittsburgh, PA (December 29, 2006) – PNC Equity Partners, L.P. (PNC Equity), the private equity affiliate of The PNC Financial Services Group, Inc. announced today the acquisition of Hilsinger Holdings, Inc. Headquartered in Plainvile, Mass., Hilsinger is a leading provider of eyewear and eye care accessory products and supplies in the U.S. and Western Europe.
PNC Equity Partners, L.P. Acquires The Faucet Queens, Inc. from Masco Corporation
Pittsburgh, PA (April 25, 2006) – PNC Equity Partners, L.P. (PNC Equity), the private equity affiliate of The PNC Financial Services Group, Inc. announced today the acquisition of The Faucet Queens, Inc. (“Faucet Queen”) from Masco Corporation. Headquartered in Vernon Hills, IL, Faucet Queen is the leading innovator and marketer of convenience-oriented home hardware products to the food and drug retail channel. Faucet Queen’s management and Citizens Ventures, Inc. also invested in the transaction, and the senior debt financing was provided by CapitalSource.
PNC Equity Partners Acquires the Wood Products and Services Divisions from RailWorks Corporation
Pittsburgh, PA [October 22, 2005] - PNC Equity Partners, the private equity affiliate of The PNC Financial Services Group, Inc., and the management team announced today the acquisition of four subsidiaries of RailWorks Corporation forming the new Tangent Rail Corporation. With headquarters in Pittsburgh, Pa., Tangent Rail is a leading provider of maintenance of way products and services to the railroad industry. PNC Equity Partners provided $13.2 million of equity to finance the transaction. Senior debt was provided by Merrill Lynch Capital and subordinated debt was provided by Babson Capital Management LLC.
PNC Equity Partners is pleased to announce the addition of Jonathan B. Lewis
Pittsburgh, PA [August, 2005] - PNC Equity Partners is pleased to announce the addition of a new deal professional, Jonathan B. Lewis, who joins the firm as a Senior Associate.
PNC Equity Partners and Management Recapitalize Home Made Brand Foods
Pittsburgh, PA [May 3, 2005] - On May 3, 2005, PNC Equity Partners and Management led a recapitalization of Home Made Brand Foods, a leading manufacturer of prepared foods, prepared salads, hot food entrees, chilled entrees and desserts. PNC Equity Partners provided $10.4 million of equity and subordinated debt to finance the transaction.
PNC Equity Partners Acquires Portec Group International, Inc.
Pittsburgh, PA [March 24, 2005] - On March 24, 2005, PNC Equity Partners acquired Portec Group International, a leading designer, manufacturer and marketer of components and sub-systems used in the material handling industry. PNC Equity Partners provided $12.8 million of equity and $5.0 million of subordinated debt to finance the transaction. Senior debt was provided by General Electric Capital Corporation.
PNC Equity Partners Leads Acquisition of MG Industries' Gas Technology & Services Group
Pittsburgh, PA [October, 2005] - In late October, PNC Equity Partners led the acquisition of Messer Griesheim (MG) Industries Inc. Gas Technology & Services Group (GT&S). PNC Equity Partners worked with the company's management team to purchase the business from French chemicals company, Air Liquide, just five months after Air Liquide completed its acquisition of MG Industries. Air Liquide's divestiture of GT&S was completed for strategic reasons and in cooperation with a Federal Trade Commission mandate that Air Liquide divest certain assets it acquired from MG Industries.
