Liberty Advises the Management of Pirtek Europe on their buyout with PNC Riverarch Capital
Hydraulic hose replacement business Pirtek Europe has been acquired by PNC Riverarch Capital, a US-based private equity firm, from The Halifax Group. Financial terms were not disclosed. Pirtek Europe has grown to become the leading franchised provider of on-site hydraulic hose replacement and associated services in Europe. The Company has operations in the UK, Ireland, Germany, Austria, Belgium, the Netherlands and Sweden. With over 185 service centers and mobile units, Pirtek Europe offers a rapid response hose service, 24 hours a day, 365 days a year. The Halifax Group, a leading Washington-based middle-market private equity firm who partner with managers and entrepreneurs to recapitalise and grow mid-market businesses, acquired a majority stake in Pirtek Europe in February 2015. 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. The Halifax Group, a leading Washington-based middle-market private equity firm, acquired a majority stake in Pirtek Europe in February 2015.
Alex McNutt commented “The Liberty team were invaluable throughout the transaction process and helped us to optimise the management equity terms, in what was a very competitive and busy process. Their analysis and advice were incredibly important in evaluating the numerous offers on the table and the Liberty team worked effectively with our legal and sale advisers to ensure the transaction completed within timetable. “