PNC acquires Pirtek Europe from Halifax Group

Financial details of the transaction remain undisclosed, though Unquote sister publication Mergermarket recently reported that the vendor was seeking a valuation based on EBITDA of £9m.

Under Halifax's four-year tenure, Pirtek has increased its number of service centres from 125 to 185. Its ultimate parent company's EBITDA has grown from £2.8m in the financial year ending in March 2016, according to publicly available documents. Revenues increased from £27.3m in the same year to £33.3m in the year ending in March 2018.

PNC typically invests in companies with enterprise values of up to $300m.

Previous funding
Pirtek has an extensive history of PE ownership, having originally been acquired by Bridgepoint Capital and Phoenix Private Equity in a 1997 deal worth £11m. Vision Capital then acquired Bridgepoint's stake in the company 10 years later via a direct secondaries deal including five other businesses.

Halifax acquired a majority stake in Pirtek via a management buyout from Vision in 2015.

Company
Founded in 1988, London-headquartered Pirtek provides hydraulic hoses and pumps, in addition to related products and services including installation, maintenance and support. The company has operations in Austria, Belgium, Germany, Ireland, Sweden and the Netherlands.

Advisers
Vendor – Mayer Brown, Perry Yam, James West, James Hill, Katrina Murphy, Zayn Khan, Emily Chen (legal, tax).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Buyouts
• UK / Ireland
• Industrials
• United Kingdom
• Secondary buyout
• Mayer Brown