Investment Summary

3 Rivers Capital and Northcreek Mezzanine Exit Pat Tank

On October 30, 2024, family office Transition Capital Partners and private equity firm Plexus Capital invested in engineering company Pat Tank from 3 Rivers Capital and Northcreek Mezzanine

Investment Highlights
  • This is Transition Capital Partners’ 1st and Plexus Capital’s 2nd transaction in the Engineering sector.
  • This is Transition Capital Partners’ 29th and Plexus Capital’s 147th transaction in the United States.
  • This is Transition Capital Partners’ 17th and Plexus Capital’s 11th transaction in Texas.

Investment Summary

Date 2024-10-30
Target Pat Tank
Sector Engineering
Investor(s) Transition Capital Partners
Plexus Capital
Sellers(s) 3 Rivers Capital
Northcreek Mezzanine
Deal Type Secondary Buyout

Target

Pat Tank

Port Arthur, Texas, United States
Pat Tank specializes in the design, fabrication, erection and repair of above-ground steel-welded storage tanks and related steel structures for the petroleum, natural gas, agriculture, power generation and chemical industries. Pat Tank was founded in 1945 and is based in Port Arthur, Texas.

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Investor(S) 2

Investor

Transition Capital Partners

Southlake, Texas, United States

Investor Investor Investor Investor


Category Family Office
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Transition Capital Partners is a private investment firm focused on leveraged recapitalizations of entrepreneurial service-based businesses. Transition generally looks for high-growth companies with $3 million to $20 million of EBITDA where the firm can help position the company for the next level of growth. Sectors of interest include healthcare services, non-asset based logistics, retail, alternative energy and services, security services, direct marketing, software, branded food/beverage, education, telecom, oil/gas services, and outsourcing. The Firm is affiliated with family office Patterson Thoma Investments. Transition Capital Partners was formed in 1993 and is based in Southlake, Texas.


DEAL STATS #
Overall 29 of 29
Sector: Engineering M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Texas M&A 17 of 17
Country: United States M&A 29 of 29
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-15 Highstreet IT Solutions

Rockville, Maryland, United States

Highstreet IT Solutions is a provider of cloud-oriented managed IT services and enterprise software implementation services. Through a complete service portfolio, Highstreet assists enterprise clients as they transition to Cloud-based IT infrastructure and applications and supports their Cloud-based technologies on an ongoing basis. Highstreet IT Solutions was founded in 1996 and is based in Rockville, Maryland.

Sell -
Investor

Plexus Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 2.2B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Plexus Capital is a private equity firm that invests in buyouts, acquisitions, recapitalizations and growth financings in the form of junior and/or equity capital. Plexus focuses on lower middle-market businesses located in the Mid-Atlantic and Southeast areas of the US. The Firm looks for businesses companies in the business services, consumer services, manufacturing, value-added distribution, and healthcare sectors with up to $2 to $15 million of cash-flow. Plexus Capital was formed in 1995 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 147 of 149
Sector: Engineering M&A 2 of 2
Type: Secondary Buyout M&A Deals 10 of 11
State: Texas M&A 11 of 11
Country: United States M&A 147 of 149
Year: 2024 M&A 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-04 Annie Aesthetic

New York City, New York, United States

Annie Aesthetic is an industry medical aesthetics group that is partnering with best-in-class clinics and provide world-class support to partner clinics and clients achieve their personal and professional goals. Annie Aesthetic is based in New York City, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-13 S&K Building Services

Indianapolis, Indiana, United States

S&K Building Services is a multi-branch provider of exterior facilities maintenance and cleaning services services to commercial and high-end residential buildings. S&K Building Services was founded in 2000 and is based in Indianapolis, Indiana.

Sell -

Seller(S) 2

SELLER

3 Rivers Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

3 Rivers Capital is a private equity firm focused on recapitalizations and buyouts of smaller companies located in the Eastern to Mountain West regions of the US. The Firm generally targets businesses with revenues up to $50 million and EBITDA up to $10 million. Target sectors include niche manufacturing, business services, healthcare, and energy. 3 Rivers prefers businesses with high barriers to entry, strong management, and operating in defensible markets. 3 Rivers was formed in 2005 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 7 of 7
Sector: Engineering M&A 1 of 1
Type: Secondary Buyout M&A Deals 4 of 4
State: Texas M&A 1 of 1
Country: United States M&A 7 of 7
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-08 Magnum Systems

Lenexa, Kansas, United States

Magnum Systems is a designer and manufacturer of pneumatic conveying systems and packaging systems for powder and bulk solids. Magnum Systems was founded in 1960 and is based in Lenexa, Kansas.

Buy -
SELLER

Northcreek Mezzanine


Category Private Equity Firm
Founded 2010
PE ASSETS 250M USD
Size Small
Type Sector Agnostic
DESCRIPTION


DEAL STATS #
Overall 8 of 9
Sector: Engineering M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 3
State: Texas M&A 1 of 1
Country: United States M&A 8 of 9
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-20 Comprehensive Prosthetics and Orthotics

Peoria, Illinois, United States

Comprehensive Prosthetics and Orthotics is a prosthetic and orthotic service provider to the adult and pediatric markets that provides consultation and fitting services, follow-up treatment services, and custom product fulfillment. Comprehensive Prosthetics and Orthotics was founded in 2006 and is based in Peoria, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-06 Mopec

Oak Park, Michigan, United States

Mopec is a manufacture of pathology and mortuary equipment. Its product line includes dissecting instruments, autopsy accessories, fume handling equipment, dissection tables, grossing workstations, and morgue refrigerators. Mopec was founded in 1992 and is based in Oak Park, Michigan.

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