Paceline Equity Partners will acquire Rhode Island-based Quick Fittings, a maker of fittings devices. No financial terms were disclosed. The deal is expected to close on December 16, 2020.
DALLAS–(BUSINESS WIRE)–An affiliate of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that it was the successful bidder in respect of the purchase of substantially all of the assets of Quick Fitting, Inc. (“Quick Fitting”, or the “Company”) as part of a receivership process involving the Company. Closing of the transaction is anticipated to occur on December 16, 2020, subject to standard closing conditions being met.
Headquartered outside of Providence, Rhode Island, Quick Fitting is a manufacturer and supplier of connection and fitting devices. The Company’s products provide cost‐effective, simple, and safe solutions for cable pulling and connecting copper, stainless steel, PEX, and CPVC piping in plumbing, electrical, HVAC, fire suppression, and other industrial end markets. Quick Fitting’s products are utilized by professionals and contractors such as plumbers and electricians, as well as the do-it-yourself user. Paceline plans to continue to operate the business in Rhode Island.
“Rising costs of skilled labor are causing a pronounced shift towards products and services that allow builders and contractors to achieve time and labor savings wherever possible. Quick Fitting’s easy-to-install push-to-connect product lines provide a direct response to that challenge,” said Sam Loughlin, Chief Executive Officer of Paceline. “We expect existing home sales, which hit their highest levels in 14 years in October, all-time low housing inventory and an aging housing stock to continue to drive new construction as well as robust growth in repair and remodel expenditures, both key demand indicators for the Company’s products.”
“The significant prior history and experience of the Paceline management team investing in the building products industry uniquely positions our firm to capitalize on Quick Fitting’s distinguished product engineering and technology and support the business through this next exciting phase of growth,” added Leigh Sansone, Chief Investment Officer of Paceline.
About Paceline Equity Partners
Paceline is a Dallas-based private equity manager focused on value-oriented, opportunistic, and special situations investments across corporate credit, real assets, and private equity. Paceline’s senior leadership team members average 20 years of professional experience. Prior to the formation of Paceline, the senior leadership team worked together for approximately 10 years at a global private equity manager and its affiliates. To learn more, please visit www.pacelineequity.com.