Pirtek Europe Management Buyout Completed by Halifax and Management
WASHINGTON, DC and LONDON – February 11, 2015 – The Halifax Group announced today that it has invested in Pirtek Europe Holdings, Europe’s largest franchisor of emergency hydraulic hose replacement services. Vision Capital, the international private equity investor headquartered in London, has exited its investment in the company. Halifax and management provided the equity for the transaction. Additional terms of the transaction were not disclosed.
Pirtek Europe, based in Acton, West London, provides fluid transfer and on-site hose replacement services for operators of hydraulically-powered equipment. Pirtek’s customers greatly value the company’s one hour response time, 24/7 service and national coverage. Pirtek has a diverse customer base in a broad range of industries throughout the United Kingdom and Continental Europe and operates a franchise business model which has established unique brand recognition over the last 26 years. At the end of December 2014, the company consisted of 125 franchisees managing 171 centers across 6 countries. Pirtek Europe is part of a worldwide Pirtek network operating under the global brand with Pirtek USA and Pirtek Fluid Transfer Solutions.
The current senior executive team at Pirtek Europe will continue their service with the Company. Kelvin Roberts, Pirtek Europe’s outgoing Executive Chairman, commented: “I am proud of the success our company and our franchisees have achieved over the last 26 years by working tirelessly on behalf of our customers. We are thrilled to continue that tradition of success with our new partners at Halifax. They have a great deal of experience in international franchising and we look forward to growing our first class brand and providing unparalleled service to all our customers.”
Scott Plumridge, principal at the Halifax Group, commented: “We are excited to enter into this new partnership with a stellar management team that has built Pirtek Europe into a premier franchisor of critical industrial and technical equipment maintenance services. Halifax has a tradition of partnering with strong management teams and assisting them to execute a growth strategy, not only within their core markets, but also, internationally. Pirtek is uniquely positioned to execute against that plan.”
Dave Lamb, Head of the European Investment Team at Vision Capital, said: “Vision Capital is delighted with its eight year investment in Pirtek Europe. Over that time we, and the incumbent management team, have established a strong, profitable and growing company with a leading position in fluid transfer solutions and the on-site hydraulic hose replacement industry. The Halifax Group is the ideal partner to take Pirtek Europe into the next phase of its growth.”
About Pirtek Europe
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 640 mobile workshops, Pirtek offers a rapid response hose service, 24 hours a day, 365 days a year. Pirtek offers a comprehensive range of fluid transfer solutions, products and services to myriad industries including manufacturing, materials handling, agriculture, transportation and logistics, utilities, rail, construction, marine, environmental services, mining, and defense.
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 across a variety of industries including health and wellness, infrastructure services, business and government services and franchising. The firm maintains offices in Washington, DC; Dallas, TX; and Raleigh, NC. For more information, please visit www.thehalifaxgroup.com.
About Vision Capital
Vision Capital is an international investor with an innovative approach to private equity. It pioneered bespoke multi-asset transactions and targets investments in Europe and the Americas in transaction sizes ranging from €50 million to €1 billion. Since 2011, Vision Capital has invested €660 million in 16 companies. Today it has €1.7 billion assets under management with offices in London and New York.
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