In its second retail-focused deal this month, Canadian mid-market buyout firm Novacap announced it has acquired a stake in Pipp Mobile Storage Systems Inc., a provider of management solutions for customer-specific storage needs. Walker, Michigan-based Pipp Mobile was sold to Novacap by Chicago private equity investor Prospect Partners, which acquired the company in 2005. Last week, Novacap entered into an agreement to acquire Saint-Laurent, Québec-based luggage retailer Bentley Leathers Inc.
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NOVACAP Announces Partnership with Pipp Mobile Storage Systems – Agreement to support Pipp’s growth plans and expansion
MONTREAL, Dec. 10, 2012 /CNW Telbec/ – NOVACAP, a leading private equity firm in Montreal, Canada, has partnered with Pipp Mobile Storage Systems, Inc. (Pipp), an important national supplier of mobile storage solutions for American retailers. This agreement will ensure Pipp continues its evolution in becoming the retail industry’s premier backroom solution supplier.
”Pipp has finally concluded its extensive search to find the right partner, and is pleased to announce its partnership with NOVACAP – a firm which will supply the capital and acquisition expertise to expand its reach throughout North America. NOVACAP’s mission is to invest in middle-market companies that have the potential to become world leaders by helping to develop their markets, technology, and operations. This approach will provide additional resources to better support our customers and achieve our ambitious growth plans,” said Mr. Craig Umans, President and CEO of Pipp Mobile Storage Systems.
The Pipp management team will continue to possess a sizable equity stake and lead the company. “We are pleased to have completed the acquisition of Pipp Mobile Storage Systems, a company that is known for operational excellence and technological leadership. This is a very successful business with market leading products, a robust customer base, a skilled and dedicated workforce, and a history of innovation,” said François Chaurette, General Partner of NOVACAP. “Our plan is to invest in this business and its people. We intend to grow Pipp through the development of new products and applications, through geographic expansion, and by capitalizing on their outstanding customer service,” added Mr. Chaurette.
With the recent strategic acquisition of IRSG, a versatile inventory processing and transport systems solution provider, Pipp Mobile Storage Systems offers the most comprehensive line of backroom storage solutions. Pipp’s mission is to design space-saving systems that are responsive to customer-specific storage needs with the highest quality standards; and to provide a level of sales and service support that is unsurpassed in the storage products industry.
“NOVACAP will provide the required resources needed to support our customers and fuel our ambitious growth plan. We are thrilled by the future prospects of Pipp, and we are very proud to join forces with them,” concluded Mr. Umans.
With $790 million in assets under management, NOVACAP is one of Canada’s leading private equity firms. Since 1981, its distinct partnership approach based on operational expertise has helped companies accelerate their growth and maximize their value. NOVACAP ranks among the top private equity firms in North America. For more information, please consult: www.novacap.ca.
ABOUT PIPP MOBILE STORAGE SYSTEMS, INC.
Since 1981, Pipp Mobile Storage Systems’ mission has been to design space-saving systems that are responsive to customer-specific storage needs. Pipp solves storage problems for retail stores, offices, companies, and institutions worldwide. Pipp manufactures to the highest quality and provides an unsurpassed level of customer service. In addition to its mobile carriage systems and shelving systems, Pipp’s extensive product line also includes Perimeter Wall Storage and Hanger Storage Systems as well as a broad line of Accessories. Pipp is able to customize smart solutions for any storage situation. Pipp can manufacture to high-volume requirements and ships to nearly 5,000 domestic and international locations annually. For more information visit www.pippmobile.com, www.denstor.com or www.irsg.com.
For further information:
Jacques Foisy, CPA CA
President & Managing Partner
450.651.5000 extension 229
François Chaurette, CPA
450.651.5000 extension 225
Cohn & Wolfe Montréal
514.293.3423 or 514.845.7035