Pirtek Europe

Company Overview

Founded in 1988, Pirtek Europe has grown to become the leading franchised provider of fluid transfer solutions and on-site hydraulic hose replacement throughout the UK and Continental Europe. Specializing in hydraulic hoses, pipe fittings and couplings, Pirtek Europe has service centers and on-site teams working in Belgium, Germany, Austria, Ireland, the Netherlands and the UK. With over 170 hose service and supply centers across Europe supported by over 700 mobile workshops, Pirtek offers a rapid response hose service, 24 hours a day, 365 days a year.

Opportunities

• Enable management buyout from its current private equity owner and afford a seamless transition for retiring leadership team
• Apply franchising experience and human capital resources to amplify growth of a market-leading provider of hydraulic hose replacement services and parts

Key ValuFactors Initiatives

• Implemented strategy to bolster company operations, management team and franchisor/franchisee alignment while addressing a larger European market
• Augmented C-suite and key management team members
• Invested in new technologies aimed at customer relationship management and improved service delivery rates
• Revamped franchisee royalty stream in a key geography aligning interests and incentivized significant franchisee capital investments aimed at organic growth
• Validated acquisition growth potential via strategic add-on expanding the company’s geographic footprint

Outcome

Halifax and management grew revenue and EBITDA by 33% and 77%, respectively, and nearly doubled the company’s growth rate by increasing service center locations, geographic footprint, franchisee count and franchisee performance.

In November 2018, Halifax successfully sold the business to management and a financial sponsor. Management continued to operate and grow the business following Halifax’s exit.