Pfingsten has acquired Engineered Specialties (DBA RapidAir) in partnership with the company’s two founders.
RapidAir manufactures and distributes compressed air piping systems under three different brands in addition to providing filter regulators, moisture drains, fittings, hose reels and other air compressor accessories.The company sells its products through various channels, including its own e-commerce website, distributors, farm and ranch retailers, and contractors. RapidAir is headquartered in Auburndale, WI (www.rapidairproducts.com).
“Pfingsten is the perfect partner for our business,” said Andy Remus, who, along with Stacy Remus, founded RapidAir and both retained an equity interest in the company. “Pfingsten’s extensive experience in partnering with niche manufacturing and distribution companies, combined with its growth-oriented approach and conservative financial leverage, will allow RapidAir to make continued investments in new products and people, positioning the company for continued growth.”
“RapidAir’s products provide significant competitive advantages over alternative compressed air piping systems in the market today,” said Phillip Bronsteatter, a managing director at Pfingsten. “Additionally, the company’s strong focus on customer service and product availability has helped the company become a market leader. We are excited to support the growth of RapidAir through further investments in people, infrastructure, product development and marketing, while pursuing strategic add-on acquisitions.”
Pfingsten invests in middle-market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. Since completing its first investment in 1991, Pfingsten has acquired 137 such companies through five funds with total commitments of $1.3 billion. The firm is based in Chicago with representative offices in India and China (www.pfingsten.com).
RapidAir is the ninth platform investment for Pfingsten’s $382 million fifth fund which closed in March 2016.
© 2019 Private Equity Professional | July 24, 2019