Harris Williams & Co. acted as financial advisor to BECO Holding Company (BHC), a portfolio company of Freeman Spogli, on its recent sale to Behrman Capital. BHC is a distributor of fire protection equipment and owns Brooks Equipment Company, Logistics Supply Company, and Heiser BHC. Behrman had previously owned a majority stake in BHC from 1998 to 2010, when it sold the company to Freeman Spogli.
The sale of BHC, which closed on August 29, 2014, was led by Bob Baltimore, Derek Lewis, Dave Kennedy, and Marshall Croft from the Harris Williams’ Specialty Distribution Group.
BHC is a business-to-business wholesale distributor of first-response fire protection equipment and related parts. With 18 locations across the United States, the company offer customers access to an inventory of over 12,000 fire equipment and maintenance, repair and operations (MRO) products from over 400 manufacturers. The company was founded in 1941 and is headquartered in Charlotte, NC (www.brooksequipment.com).
“This is the second time we have had the pleasure of working with the BHC management team and we are excited they are returning to partner with Behrman Capital. The team was able to accomplish a tremendous amount during its partnership with Freeman Spogli and is well positioned as they move forward with Behrman Capital,” said Bob Baltimore, managing director in Harris Williams & Co.’s Specialty Distribution Group.
The Specialty Distribution Group of Harris Williams has experience across a variety of sectors, including branch-based distributors; specialty catalog and direct marketing; consumer; industrial, MRO and safety; automotive and heavy duty aftermarket; building and construction products; healthcare; technology; electrical and communications; alcohol, tobacco and fire arms; and environmental services. Click HERE to access the webpage of the Specialty Distribution Group.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group (NYSE:PNC), is a middle market investment bank focused on the advisory needs of clients worldwide. Harris Williams provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Behrman Capital invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The firm’s investments are primarily focused in four industries: health care, specialty manufacturing, business to business outsourcing and defense. The firm has raised five funds with a combined capital base in excess of $3 billion. Behrman Capital was founded in 1991 by Grant G. and Daryl G. Behrman and has offices in New York and San Francisco (www.behrmancap.com).
Freeman Spogli & Co. invests in middle market consumer and distribution companies. Since its founding in 1983, Freeman Spogli has invested over $3 billion in 48 portfolio companies with an aggregate transaction value of $18 billion. The firm is currently making investments from its sixth fund, FS Equity Partners VI, L.P., which closed in April 2011 with capital commitments of $735 million. Freeman Spogli has offices in Los Angeles and New York (www.freemanspogli.com).
2014 PEPD • Private Equity’s Leading News Magazine • 9-4-14