Golub Capital provided 55 million pounds in financing to support PNC Riverarch Capital‘s recapitalization of London-based Pirtek, an operator of hydraulic hose replacements and related services. Golub was the administrative agent, sole lead arranger and sole bookrunner on the financing.
CHICAGO, Jan. 17, 2019 /PRNewswire/ — Golub Capital recently announced that, as Administrative Agent, Sole Lead Arranger and Sole Bookrunner, it provided a £55 million GOLD facility to support the recapitalization of Pirtek Europe (“Pirtek” or the “Company”) by PNC Riverarch Capital. GOLD financings are Golub Capital One-Loan Debt facilities.
Based in London, Pirtek is Europe’s largest provider of hydraulic hose replacements and related services, operating predominantly as a franchisor through a network of 185 franchised and company-owned centers. Founded in 1988, Pirtek has grown to have a broad geographic reach, with a fleet of more than 750 mobile service units across the UK and Ireland, Germany, Austria, Benelux and Sweden.
“At Golub Capital, we pride ourselves on not only providing flexible and timely solutions for our private equity sponsors, but also delivering a growing array of product capabilities over time,” said Brian Crabb, Managing Director at Golub Capital. “In supporting PNC Riverarch’s UK acquisition, we showcased our expanding foreign currency capabilities. By working directly in GBP, we were able to provide one of our core U.S. relationships with a value-added solution that allowed them to focus on getting their transaction closed rather than working through the nuances of a new lending relationship.”
“We’ve been impressed with Golub Capital’s expanded capabilities. The deal team’s ability to act quickly and provide an attractive foreign currency solution that met our needs was unmatched by other lenders,” said Andrew Wiechkoske, Principal at PNC Riverarch. “We look forward to continuing our partnership with Golub in the future.”
About Golub Capital Middle Market Lending
Golub Capital’s Middle Market Lending group provides financing for middle market, private equity-backed transactions with hold positions of up to $600 million and is an arranger of credit facilities up to $1 billion. Golub Capital’s award-winning team specializes in delivering reliable, creative and compelling financing solutions to U.S. middle market companies backed by private equity sponsors.
Golub Capital is a market-leading, award-winning private debt platform with over $25 billion of capital under management. The Middle Market Lending team has particular domain expertise in select industries, including software, technology services, healthcare, consumer and restaurant and retail. The firm’s credit expertise also forms the foundation of its Late Stage Lending business and its Broadly Syndicated Loan investment program. Across its activities, Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from its private equity sponsor clients and investors. Founded in 1994, Golub Capital today has over 350 employees and lending offices in Chicago, New York and San Francisco. For more information, please visit golubcapital.com.
About Pirtek Europe
Founded in 1988, Pirtek Europe has grown to become the leading franchised provider of on-site hydraulic hose replacement and associated services in Europe. Specializing in hydraulic hoses, pipe fittings and couplings, the Company has operations in the UK, Ireland, Germany, Austria, Belgium, the Netherlands and Sweden. With over 185 service centers and 750 mobile units, Pirtek Europe offers a rapid response hose service, 24 hours a day, 365 days a year.
About PNC Riverarch Capital
PNC Riverarch Capital is a middle-market private equity firm which invests in privately held companies headquartered in North America. The firm seeks well-positioned companies where it can invest $10 million to $50 million of capital in support of recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. PNC Riverarch Capital invests across a variety of industry sectors, including outsourced services, specialized manufacturing, and value-added distribution. PNC Riverarch Capital is a member of The PNC Financial Services Group, Inc., which has invested in private equity since 1982, providing in excess of $1.5 billion of equity capital to more than 100 companies.