M&A Deal Summary

Pillsman Partners and Peninsula Capital Partners Acquire Powervac

On August 30, 2019, private equity firm Pillsman Partners and mezzanine finance firm Peninsula Capital Partners acquired business services company Powervac

Acquisition Highlights
  • This is Pillsman Partners’ 1st and Peninsula Capital Partners’ 7th transaction in the Business Services sector.
  • This is Pillsman Partners’ 4th and Peninsula Capital Partners’ 110th transaction in the United States.
  • This is Pillsman Partners’ 1st and Peninsula Capital Partners’ 14th transaction in Michigan.

M&A Deal Summary
Date 2019-08-30
Target Powervac
Sector Business Services
Buyer(s) Pillsman Partners
Peninsula Capital Partners
Deal Type Recapitalization
Advisor(s) Generational Capital Markets (Financial)

Target

Powervac

Novi, Michigan, United States
Powervac is a provider of hydro excavation, pipe inspection, jet/vac, plumbing, electrical, mechanical, and other repair and maintenance services for commercial, retail, and industrial buildings, as well as for utilities, municipalities, and construction companies. Powervac is based in Novi, Michigan.

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Buyer(S) 2

Buyer

Pillsman Partners

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2011
Size Small
Type Sector Agnostic
DESCRIPTION

Pillsman Partners is a private investment firm that specializes in direct investments in established, small to lower-middle market businesses. The Firm focuses on companies with strong organic growth potential and $2 to $15 million of EBITDA. Areas of interest include business services, technology, light manufacturing, chemicals and materials. Pillsman typically acquires a controlling but is flexible in terms of transaction structure. Pillsman Partners was formed in 2011 and is headquartered in Greenwich, Connecticut.

DEAL STATS #
Overall 4 of 5
Sector (Business Services) 1 of 2
Type (Recapitalization) 1 of 2
State (Michigan) 1 of 1
Country (United States) 4 of 5
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-01 Bristol ID Technologies

Lima, New York, United States

Bristol ID Technologies is a niche manufacturer serving most major business sectors, including ID and Security, Gift and Loyalty, and Promotional Products and Print. The Company has a strength in access control utilizing RFID technology for building access, college campus cards, hotel door access, ski lift passes, event management, and parking access. Bristol ID Technologies was founded in 1975 and is based in Lima, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-04 Edge One

Stoughton, Wisconsin, United States

Edge One provides both first-line and second-line maintenance to its vast network, including hardware & software services, transaction processing, compliance management, as well as secure cash replenishment and transport. Edge One was founded in 1995 and is based in Stoughton, Wisconsin.

Buy -
Buyer

Peninsula Capital Partners

Southfield, Michigan, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Peninsula Capital Partners is an investment group focused on providing a range of financing solutions to middle-market companies. The Firm is willing to be a minority or control investor and invests across the capital structure. This includes subordinated debt, preferred or common stock. For mezzanine commitments, Peninsula looks to invest $5 to $40 million. For equity transactions, Peninsula looks to invest $2 to $20 million. Peninsula is a generalist investor. Target sectors include manufacturing, industrial service, distribution, consumer products, professional services, retail, applied technology, transportation, food processing and packaging. Peninsula Capital Partners was formed in 1995 and is based in Detroit, Michigan.

DEAL STATS #
Overall 115 of 128
Sector (Business Services) 7 of 8
Type (Recapitalization) 26 of 31
State (Michigan) 14 of 15
Country (United States) 110 of 121
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-31 ShelfGenie

Atlanta, Georgia, United States

Cabinet Essentials Group LLC is a franchisor and manufacturer of custom, glide-out storage and shelving solutions within a kitchen, pantry or bathroom. Cabinet Essentials Group was formed in 2000 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-14 Particle Dynamics

Saint Louis, Missouri, United States

Particle Dynamics engages in particle processing technologies and finished dose manufacturing, providing a wide range of products and services to the nutraceutical, consumer health, OTC, and pharmaceutical sectors. Particle Dynamics is also a recognized global leader in the supply of highly functional materials and a variety of microencapsulated vitamins, minerals, and OTC active pharmaceutical ingredients. Particle Dynamics was founded in 1990 and is based in Saint Louis, Missouri.

Sell -
Mergr

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