Pillsman and Peninsula recap PowerVac

Pillsman Partners and Peninsula Capital Partners LLC have recapitalized Novi, Michigan-based PowerVac, a provider of hydro excavation, pipe inspection, jet/vac, plumbing, electrical, mechanical and other repair and maintenance services. No financial terms were disclosed for the transaction that was also done in partnership with PVM management. Generational Capital Markets served as adviser to PVM.


DALLAS–(BUSINESS WIRE)–Generational Capital Markets, Member FINRA/SIPC and a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the majority recapitalization of its client, PowerVac (PVM) by Pillsman Partners, Peninsula Capital Partners, LLC, and management. The transaction closed August 30, 2019 and details were not disclosed.

PVM, located in Novi, Michigan is a leading provider of hydro excavation, pipe inspection, jet/vac, plumbing, electrical, mechanical, and other repair and maintenance services. The Company’s key markets are commercial, retail, and industrial buildings, as well as utilities and municipalities. PVM has over 3,000 active customers and was founded in 1998.

Pillsman Partners, located in Greenwich, Connecticut, focuses on private investments in businesses which generate $2 to $15 million of EBITDA and operate in markets such as specialty chemicals, advanced materials, engineered components and related business services. Pillsman Partners works to collaboratively support management teams and owners in growing businesses over the long term, investing in transactions throughout North America.

Peninsula Capital Partners, LLC, is a Detroit-based private equity investment firm that has raised six investment partnerships totaling approximately $1.6 billion of committed capital. Peninsula provides customized minority and majority capital solutions to middle-market businesses seeking funding to complete acquisitions, support growth, buyback stock or address other special situations requiring capital.

Generational Capital Markets Managing Director of Mergers & Acquisitions, Phil Pizzurro, successfully closed the deal. Senior Managing Director Roger Dean established the initial relationship with PowerVac.

“It was apparent from the first meeting that Pillsman/Peninsula were the right partners for PVM. They had previously invested in, grew, and successfully exited a very similar jet/vac servicing business, which provided us with the confidence and comfort that we were engaging with an additive and experienced partner,” Phil Pizzurro said. “Their culture and values only reinforced our position. I am grateful to have played a role in the creation of this partnership.”

About Generational Capital, LLC
Generational Capital, LLC, is a Dallas, Texas-based merger and acquisition advisory firm. Generational Capital wholly owns Generational Capital Markets, Inc., Member FINRA/SIPC. More information can be found at www.gencm.com.

Generational Capital and Generational Capital Markets are part of the Generational Group and are affiliated with Generational Equity, LLC, which The M&A Advisor named Investment Banking Firm of the Year in 2016, 2017, and 2018.

GCM’s most recent awards include The M&A Advisor’s 2018 International Deal of the Year Awards in the professional services, corporate/strategic and private equity categories.