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M&A Deal Summary

Plexus Capital Acquires Pat Tank

On October 30, 2024, private equity firm Plexus Capital acquired engineering company Pat Tank from 3 Rivers Capital and Northcreek Mezzanine

Acquisition Highlights
  • This is Plexus Capital’s 2nd transaction in the Engineering sector.
  • This is Plexus Capital’s 147th transaction in the United States.
  • This is Plexus Capital’s 11th transaction in Texas.

M&A Deal Summary
Date 2024-10-30
Target Pat Tank
Sector Engineering
Buyer(s) 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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Buyer(S) 1

Buyer

Plexus Capital

Charlotte, North Carolina, United States

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 147
Sector (Engineering) 2 of 2
Type (Secondary Buyout) 10 of 10
State (Texas) 11 of 11
Country (United States) 147 of 147
Year (2024) 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) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Texas) 1 of 1
Country (United States) 7 of 7
Year (2024) 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) 1 of 1
Type (Secondary Buyout) 2 of 3
State (Texas) 1 of 1
Country (United States) 8 of 9
Year (2024) 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.

Sell -
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