Pine Environmental Services, a provider of environmental test and measurement equipment and a portfolio company of RAF Industries, has been acquired by Saw Mill Capital.
Pine Environmental Services sells, rents and services environmental test and measurement equipment. The company has more than 2500 customers in the environmental consulting, construction and engineering sectors. The company was founded in 1995 and is headquartered in Windsor, NJ (www.pine-environmental.com).
Saw Mill Capital invests in manufacturing and service companies with enterprise values of $25 million to $200 million. Platform investments typically have at least $5 million of EBITDA and revenues of $40 million to $150 million. The firm is located in Briarcliff Manor, NY (www.sawmillcapital.com).
RAF Industries targets middle market companies with transaction values of $20 million to $200 million. Sectors of interest include branded consumer products and services, niche leasing and proprietary industrial products. The firm was founded in 1979 by Robert Fox and is based in Jenkintown, PA (www.rafind.com).
Harris Williams & Co. acted as the exclusive advisor to Pine Environmental Services. The transaction closed on August 22, 2012 and was led by Patrick Hanraty, David Allebach and Alex Chadwick from the firm’s Philadelphia office.
“Pine has built a remarkable platform in the environmental test and measurement market through an ongoing commitment to customer service, a deep and highly specialized rental fleet and product offering and an aggressive growth strategy. This transaction is a great outcome for all parties and we look forward to Pine’s continued growth in this attractive niche,” said Mr. Hanraty, a managing director at Harris Williams & Co.
© 2012 PEPD • Private Equity’s Leading News Magazine • 8-24-12
