Evergreen Pacific Partners has purchased a majority stake in PAC Stainless, a supplier of stainless steel and specialty alloy instrumentation tubing and fittings. Evergreen will be partnering with Gary Ohrt, one of the three co-founders of PAC Stainless, who will retain a significant stake in the company and continue to lead as Chief Executive Officer.
“Our investment in PAC Stainless is exactly in line with our overall investment focus of partnering with leading companies in traditional industries that we can position for future growth,” said T.J. McGill, co-founder and managing partner at Evergreen Pacific Partners. “We’re looking forward to working with Gary to help him build on the great foundation that he has built.”
PAC Stainless is a supplier of stainless steel and specialty alloy instrumentation tubing and fittings. The company has warehouse and distribution facilities in Seattle, Houston, Baton Rouge and Atlanta. The company was founded in 1976 and is based in Seattle (www.pacstainless.com).
“Thirty-six years ago PAC started with less than $2,000 in inventory, and today we supply millions of feet,” said Gary Ohrt, co-founder and CEO of PAC Stainless. “With Evergreen’s support, we will continue to grow our network of facilities and inventory across the country and internationally, extending our leadership position in the industry and increasing support to our customers.”
Evergreen Pacific Partners invests in traditional buyouts, management led buyouts, and growth equity investments in middle-market companies located in the western US and Canada. Sectors of interest include manufacturing; distribution; specialty packaging; consumer products; and cable television and radio. The firm has two private equity funds under management with capital totaling $700 million. Evergreen Pacific Partners is headquartered in Seattle, WA (www.eppcapital.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-13-12