PNC acquires Silver Oak’s stake in Tranzonic

Silver Oak Services Partners has sold its equity stake in Cleveland-based Tranzonic, a supplier of consumable maintenance, cleaning, safety and hygiene products, to PNC Riverarch Capital. No financial terms were disclosed. BB&T Capital Markets and Locke Lord LLP was financial adviser and legal counsel to Silver Oak, respectively.

PRESS RELEASE

EVANSTON, Ill., April 2, 2018 /PRNewswire/ — Silver Oak Services Partners, LLC (“Silver Oak”), a leading lower-middle market private equity firm focused exclusively on business, healthcare and consumer services companies, announced today that it has completed the sale of its equity interest in The Tranzonic Companies (“Tranzonic” or the “Company”) to Pittsburgh-based PNC Riverarch Capital (“PNC”).

Headquartered in Cleveland, OH, Tranzonic is a value-added supplier of consumable maintenance, cleaning, safety and hygiene products to commercial and industrial end markets in North America. Visit www.tranzonic.com.

Silver Oak made its original investment in Tranzonic in July 2013. During Silver Oak’s ownership, Tranzonic undertook numerous initiatives to strengthen and improve the business, including: promoting Tom Friedl to CEO, expanding the sales team to drive organic growth, investing in additional equipment to accommodate growth and improve margins, developing and successfully launching multiple new products, and completing two add-on acquisitions in core product categories targeting growing end-markets.

“We are extremely proud of our partnership with the Tranzonic management team,” said Greg Barr, Managing Partner at Silver Oak. “They have driven steady top and bottom line growth over the last five years and established the Company as a proven acquisition growth platform. Tranzonic is well positioned for the future, and we wish the team well as they continue to execute on the Company’s strategic growth plan.”

Tom Friedl, CEO of Tranzonic, noted, “With Silver Oak’s active support and guidance, we generated significant growth while continuing to enhance the value we bring to our customers. We look forward to building upon this success with our new partners at PNC Riverarch.”

BB&T Capital Markets and Locke Lord LLP acted as financial advisor and legal counsel to the sellers, respectively.

About Silver Oak Services Partners
Founded in 2005, Silver Oak Services Partners is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, consumer and healthcare service companies. Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities. We bring extensive services industry expertise and relationships to our investments and work closely with our management teams to drive long-term value creation. Silver Oak’s principals have a long history of services private equity investing and have demonstrated an ability to navigate through varying economic and market conditions. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue. For more information, visit www.silveroaksp.com.