News
PNC Equity Partners, L.P. Acquires Bacharach
PNC Equity Partners II, L.P., a private equity fund managed by an affiliate of 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.
Founded in 1909, Bacharach is a leading designer and manufacturer of equipment used in the detection and measurement of gases and liquids, and the recovery of refrigerants. The Company’s products include instruments that detect, measure and record combustion and environmental gases, temperature, relative humidity, air velocity and other air quality and safety parameters. Bacharach sells its products worldwide to a mix of customers, including HVAC distributors and OEMs and utilities.
“Bacharach fits squarely into PNC Equity Partners’ investment philosophy of investing in important companies operating in ‘micro markets’. The company is a clear leader in its competitive segments and its products carry a strong brand name which customers associate with accuracy, reliability and durability.” said Wali Bacdayan, Partner, PNC Equity Partners. “We are excited about the company's prospects for future growth.”
“We look forward to working with PNC Equity Partners as we position the company for its next phase of growth,” said Dan Strafalace, President, Bacharach, Inc. “PNC Equity Partners has an impressive track record of growing middle market companies like ours. The expertise and resources they bring to Bacharach will be assets to our growth plans, both in the U.S. and abroad. Our management team and employees are excited about joining with our new partners as we continue to build on Bacharach’s historical success.”
Based in Pittsburgh, Pennsylvania, PNC Equity Partners (www.pncequity.com) specializes in making private equity investments of $10 million to $25 million in leveraged buyouts, recapitalizations and large minority financings of middle market companies. PNC Equity Partners focuses on equity investments in companies with enterprise values between $25 million and $125 million. Within PNC Equity Partners, the transaction was sourced and led by Wali Bacdayan, Justin Bertram and Michael Rost.
