M&A Deal Summary

FoxRES Acquires Revak Keen Turbomachinery

On July 1, 2023, FoxRES acquired manufacturer Revak Keen Turbomachinery from PNC Mezzanine Capital

Acquisition Highlights
  • This is FoxRES’s 1st transaction in the Manufacturing sector.
  • This is FoxRES’s 1st transaction in the United States.
  • This is FoxRES’s 1st transaction in Texas.

M&A Deal Summary

Date 2023-07-01
Target Revak Keen Turbomachinery
Sector Manufacturing
Buyer(s) FoxRES
Sellers(s) PNC Mezzanine Capital
Deal Type Add-on Acquisition

Target

Revak Keen Turbomachinery

La Porte, Texas, United States
Revak Keen Turbomachinery remanufactures, modify, and upgrade steam turbines, pumps, gears, and complete steam turbine systems for industrial customers. Revak Keen Turbomachinery was founded in 1981 and is based in La Porte, Texas.

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Buyer(S) 1

Buyer

FoxRES

Olean, New York, United States

Category Company
Sector Business Services
DESCRIPTION

FoxRES provide a unique solution set in the compressor and rotating equipment services aftermarket by offering world-class engineering and advanced technology capabilities. FoxRES is based in Olean, New York.


DEAL STATS #
Overall 1 of 1
Sector: Manufacturing M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Texas M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2023 M&A 1 of 1

Seller(S) 1

SELLER

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 46 of 50
Sector: Manufacturing M&A 6 of 7
Type: Add-on Acquisition M&A Deals 12 of 15
State: Texas M&A 5 of 5
Country: United States M&A 44 of 48
Year: 2023 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-07 ISG

Indianapolis, Indiana, United States

ISG provides services and parts to critical-to-process industrial rotating equipment for a diversified blue chip customer base comprised mainly of large industrial, power, paper, and energy companies. ISG was founded in 2018 and is based in Indianapolis, Indiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-31 Excel Physical Therapy

Hackensack, New Jersey, United States

Excel Physical Therapy is a provider of sports and orthopedic physical therapy and rehabilitation services in northern New Jersey. Excel has specialized in comprehensive physical therapy to individuals following joint replacement, arthroscopic and reconstructive surgeries, as well as spine surgeries. In addition to post-surgical therapy, Excel also provides treatment of patients with non-surgical orthopedic, sports, and spinal-related injuries. Excel Physical Therapy was founded in 1990 and is based in Hackensack, New Jersey.

Sell -