May 4, 2015
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Archives for May 4, 2015

Peak Rock Acquires Precision Valve

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precision nf1Peak Rock Capital has acquired Precision Valve Holdings Corporation, a maker of aerosol valves and other custom actuators.

Precision Valve’s products are used in a variety of end markets including personal care, household, food & beverage, industrial and pharmaceutical.  Based in New York, the company operates a multinational network of facilities spanning sixteen countries on six continents and is headquartered in New York (www.precisionglobal.com).

precision nf2“Precision’s Valve’s strong market position, global footprint and blue-chip customer base made this a highly compelling acquisition,” said Robert Strauss, Managing Director of Peak Rock Capital.  “We believe that Precision Valve represents an excellent platform for growth through both organic initiatives and strategic acquisitions.”

Precision Valve was founded in 1949 by Robert Abplanalp and two partners to manufacture a new type of aerosol valve Mr. Abplanalp had invented and patented.  At that time, aerosol technology was not new, but the metal valves on aerosol cans were unreliable, easily corroded and expensive to produce. Mr. Abplanalp used plastic in a model that could be mass produced, lowering the price per valve, to 2 1/2 cents from 15 cents. Mr. Abplanalp is considered by some to be the Henry Ford of the packaging industry.

“Our investment in Precision Valve is a great example of Peak Rock’s continued interest in investing in leading middle market manufacturing businesses, particularly packaging related companies that serve high-growth consumer, personal care and pharmaceutical end markets,” said Anthony DiSimone, Chief Executive Officer of Peak Rock Capital.  “This acquisition also highlights our experience and distinct capabilities in quickly closing complex cross border transactions, leveraging the expertise of our multinational team.”

Peak Rock Capital makes debt and equity investments of $20 million to $150 million in middle market companies with revenues from $50 million to $1 billion and enterprise values from $25 million to $500 million. Sectors of interest include business and commercial services; consumer; distribution and logistics; energy and related services; healthcare; industrials; manufacturing, metals, and media. The firm is based in Austin (www.peakrockcapital.com).

“Precision Valve has been at the forefront of the aerosol valve industry since the company’s inception.  We are eager to work with Peak Rock to execute transformational initiatives and investments, especially in innovation and new product development,” said Doug Hind, Chief Executive Officer of Precision Valve.

2015 PEPD • Private Equity’s Leading News Magazine • 5-4-15

Catterton Invests in Pure Barre

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pure barre nf2Pure Barre, an operator of barre fitness studios, has received a growth capital investment by Catterton Partners.  Barre exercises are a type of physical fitness regime that incorporates postures from ballet, yoga and Pilates in tandem with the use of a barre – a stationary handrail that provides support – while doing exercises that focus on isometric strength training combined with high repetitions of small range-of-motion movements.

pure barre nf3Pure Barre is the one of the largest providers of barre-based fitness with over 300 fitness studios in 42 states and the District of Columbia. The company also has a growing retail presence that includes in-store and online sales of apparel, media content and other fitness accessories. Pure Barre is headquartered in Spartanburg, SC (www.purebarre.com).

Catterton’s investment will be used to support Pure Barre’s continued expansion across the US and internationally. The investment in Pure Barre comes on the heels of Catterton’s February 2015 investment in Sweaty Betty, a women’s activewear brand, based in the UK.

Sloan Evans, Pure Barre’s Chief Executive Officer and other members of the senior management team will continue to lead the company.  “We have a passionate group of franchise partners and customer loyalists who have helped Pure Barre become the leader in the barre category,” said Mr. Evans. “We have found an ideal partner in Catterton and look forward to working together to take Pure Barre to the next level. Catterton’s collaborative, operationally-focused approach and proven track record of partnering with specialty fitness companies to expand strategically will help us reach even more people in meeting their health and lifestyle goals.”

Catterton Partners focuses exclusively on the consumer industry and invests in all major segments including food and beverage, retail and restaurants, consumer products and services, consumer health, and media and marketing services.  Catterton was founded in 1989 and has more than $4 billion in capital under management. The firm is located in Greenwich, CT (www.cpequity.com).

Marc Magliacano nf1“We are thrilled to partner with Pure Barre, the clear leader in the barre fitness category,” said Marc Magliacano, Partner at Catterton. “Pure Barre is well-positioned at the forefront of the specialty fitness industry, which is experiencing rapid growth as consumers are increasingly gravitating towards specialized fitness programs that deliver an outsized experience. Pure Barre is the perfect complement to Catterton’s fitness portfolio.”

WJ Partners, which invested in Pure Barre in 2012, will remain an investor in the company with Catterton.  WJ Partners invests in lower-middle market companies in the consumer and business services sectors. The firm was founded in 2008 and is headquartered in Spartanburg, SC (www.wjpartners.com).

Piper Jaffray & Co. and Stephens Inc. acted as financial advisors to Pure Barre.

2015 PEPD • Private Equity’s Leading News Magazine • 5-4-15

Joshua Adds-on to Precision Machining Platform

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ray nf6Joshua Partners has completed an add-on acquisition for its portfolio company Precision Engineered Technologies with the buy of Ray Industries.

Ray Industries is a maker of precision parts and components for the aerospace, defense, medical, industrial and energy industries.  The company specializes in using a technique called roll-threading.  This technique forms a thread on a metal part using a roller die rather than through the more traditional method of metal cutting or grinding.  Rolled threads have a smoother surface and are stronger than threads made with other methods.  Ray Industries is headquartered west of Milwaukee in Waukesha, WI (www.rayindustries.com).

“Ray Industries is a great strategic fit into our Power Generation group and allows us to bring that market a complete machining solution.  Roll threading is the most cost efficient way to produce a thread and typically yields parts that are 30% stronger than a thread that is cut into material,” said Brian Murray, President of Precision Engineered Technologies.

“Raymond Fish and his team have built Ray Industries into a world class provider of high tech precision machined components utilizing state of the art roll-threading technologies developed by the company over the past 40 years,” said Charles Corpening, Chairman and Founder of Joshua Partners.  “The acquisition of Ray Industries provides Precision additional customer diversification while helping to accelerate our internal growth initiatives in existing markets through greater scale and capability.”

According to Mr. Murray, Precision Engineered Technologies and Joshua Partners are very active pursuing acquisitions of additional precision machining companies.

Joshua Partners makes control investments in businesses with revenues of $10 million to $100 million across an array of industries. Joshua Partners is led by its founder Charles Corpening. The firm was founded in 2007 and is based in Newton, PA (www.joshuapartners.com).

2015 PEPD • Private Equity’s Leading News Magazine • 5-4-15

PNC Business Credit Names New SVPs

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PNC F1PNC Business Credit has hired to new professionals to develop relationships with private equity firms. Joining PNC are Robert Betts and Jonathan Westberg.  Both will assume the title of Senior Vice President of Private Equity Originations.

betts nf1Mr. Betts has ten years of banking experience, including commercial credit and finance.  Prior to joining PNC he was at Cerberus Capital, Z Capital Partners, Citigroup and General Electric Medical Systems.  Mr. Betts is a graduate of Harvard Business School and has a BA in History from Yale University. He is also a former United States Marine Corps officer.

westberg nf1Mr. Westberg has 13 years of banking, investing and capital markets experience. Prior to joining PNC he spent time at The PrivateBank, Lake Capital Management, JPMorgan Securities and Bank One.  He graduated from the Booth School of Business at The University of Chicago and has a BA in Finance from Miami University.

PNC Business Credit is part of the PNC Financial Services Group, a large diversified financial services company headquartered in Pittsburgh (www.pnc.com).

Both Mr. Betts and Mr. Westberg will be based in PNC’s Chicago office.  In February, the Chicago office of PNC Business Credit provided financing to Industrial Opportunity Partners for its acquisition of Monroe Truck Equipment, a designer, manufacturer, distributor of specialized truck equipment for the municipal and commercial markets.

2015 PEPD • Private Equity’s Leading News Magazine • 5-4-15

Monroe Hires Joe Rodgers from KPMG

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monroe nf4Monroe Capital has hired Joe Rodgers as the firm’s newest managing director. Mr. Rodgers will be the firm’s Southeast Region Group Head and will be based in Monroe’s Atlanta office.

Joe Rodgers nf1Before coming over to Monroe, Mr. Rodgers was a Managing Director & Group Head of Capital Advisory and Private Placements at KPMG Corporate Finance.  Prior to KPMG, he was a managing director at Eve Partners, an Atlanta-based investment bank, focusing on the transportation and logistics industry. He also worked at Cerberus Capital Management as a Managing Director and at CIT/Business Capital as a Senior Vice President.  Mr. Rodgers has a BS in Finance and Marketing from Florida State University.

According to Ted Koenig, President & CEO of Monroe Capital, “We are very excited to add Joe to the Monroe Capital team.  Joe has an accomplished career providing debt solutions to middle-market companies and brings with him many great relationships in the market and a wide range of experience across multiple industries. He will help us continue to grow our robust origination platform that we have built throughout the country.”

Monroe Capital provides senior and junior debt and equity co-investments to middle-market companies. The firm was founded in 2004 and maintains offices in Chicago, Atlanta, Boston, Charlotte, Dallas, Los Angeles, New York and San Francisco (www.monroecap.com).

2015 PEPD • Private Equity’s Leading News Magazine • 5-4-15

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