M&A Deal Summary

PNC Riverarch Capital and Twin Brook Capital Partners Acquire Empire Equipment

On January 17, 2020, private equity firm PNC Riverarch Capital and mezzanine finance firm Twin Brook Capital Partners acquired distribution company Empire Equipment

Acquisition Highlights
  • This is PNC Riverarch Capital’s 3rd and Twin Brook Capital Partners’ 2nd transaction in the Distribution sector.
  • This is PNC Riverarch Capital’s 20th and Twin Brook Capital Partners’ 13th transaction in the United States.
  • This is PNC Riverarch Capital’s 1st and Twin Brook Capital Partners’ 1st transaction in North Carolina.

M&A Deal Summary

Date 2020-01-17
Target Empire Equipment
Sector Distribution
Buyer(s) PNC Riverarch Capital
Twin Brook Capital Partners
Deal Type Secondary Buyout
Advisor(s) Metronome Partners (Financial)

Target

Empire Equipment

Raleigh, North Carolina, United States
Empire Equipment is a wholesale distributor of commercial foodservice equipment and genuine OEM parts into diverse markets, including food service equipment dealers, service organizations, buying groups, and national chain accounts. Empire Equipment was founded in 1985 and is based in Raleigh, North Carolina.

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Buyer(S) 2

Buyer

PNC Riverarch Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 250M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. The Group looks to commit $10 to $50 million to help fund recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Target sectors include business and industrial services, specialized manufacturing, and value-added distribution. PNC Riverarch was formed in 2011 and is an affiliate of PNC Financial Services Group.


DEAL STATS #
Overall 23 of 35
Sector (Distribution) 3 of 4
Type (Secondary Buyout) 9 of 12
State (North Carolina) 1 of 1
Country (United States) 20 of 30
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-20 Steelite

Staffordshire, United Kingdom

Steelite is a manufacturer, designer, distributor, and supplier of award-winning tabletop and buffet products for the hospitality and foodservice industries. Steelite was founded in 1983 and is based in Staffordshire, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-06 Sola Salon Studios

Lakewood, Colorado, United States

Sola Salon Studios provides a unique service to entrepreneurs, giving stylists and beauty professionals high-end, fully-equipped salon studios to start their own businesses without the administrative burden and risk associated with opening a retail storefront. Sola Salon Studios was established in 2004 and is based in Lakewood, Colorado.

Sell -
Buyer
DESCRIPTION

Twin Brook Capital Partners is a provider of senior financing to small and mid-sized profitable companies. The Firm looks to offer a variety of credit and equity solutions including revolvers, senior loans, unitranche loans, mezzanine financing, and equity co-investment to US-based companies with $3 to $50 million in EBITDA. Target sectors include industrial, manufacturing, business services, financial services, insurance, aerospace/defense, distribution, healthcare, and software/tech enabled services. Twin Brook Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 13 of 23
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 7 of 10
State (North Carolina) 1 of 2
Country (United States) 13 of 22
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-17 Groundworks

Virginia Beach, Virginia, United States

Groundworks is a vertically integrated foundation services company that serves primarily the single-family residential market, providing a critical suite of services to homeowners that preserve home value, integrity, and safety, including foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting. Groundworks is based in Virginia Beach, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 PaperTech

Bingham Farms, Michigan, United States

PaperTech is a manufacturer of paperboard packaging products for major food brands, contract food packagers, food service operations, as well as for commercial bakeries, quick-serve restaurants, and “take-and-bake” pizza companies. PaperTech was founded in 1999 and is based in Bingham Farms, Michigan.

Buy -