Saw Mill Bags Pine Environmental

Saw Mill Capital, the New York private equity firm, acquired Pine Environmental Services, a maker of environmental testing solutions. Harris Williams advised the seller on the deal, which closed August 22. RAF, a Pennsylvania investment firm, was the seller.


Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Pine Environmental Services, Inc. (Pine), the leading provider of environmental test and measurement equipment solutions in North America, to Saw Mill Capital LLC (Saw Mill). Pine was a portfolio company of RAF Industries, Inc. (RAF). Harris Williams & Co. acted as the exclusive advisor to Pine. The transaction closed on August 22, 2012 and was led by Patrick Hanraty, David Allebach and Alex Chadwick from the firm’s Philadelphia office.

“Pine has built a remarkable platform in the environmental test and measurement market through an ongoing commitment to customer service, a deep and highly specialized rental fleet and product offering and an aggressive growth strategy. This transaction is a great outcome for all parties and we look forward to Pine’s continued growth in this attractive niche,” said Patrick Hanraty, a managing director at Harris Williams & Co.

“Establishing Pine as a leader in the environmental test and measurement market over the past 17 years has been a very rewarding experience,” said Roger Pinheiro, president and co-founder of Pine. Angelo Pinheiro, COO and co-founder of Pine, added, “Roger and I are extremely excited to partner with Saw Mill as we transition to our next stage of growth.”

Pine, headquartered in Windsor, NJ, is the largest independent provider of environmental test and measurement (T&M) equipment solutions in North America. With 17 years of operating history, the company functions as a critical link in the supply chain connecting environmental consulting firms, construction companies and engineering firms with the industry’s leading equipment manufacturers. Pine provides a unique “one-stop” rental, sales and services solution for customers’ complete project and equipment needs, and serves more than 2,500 customers throughout North America.

RAF is a private equity investment firm based in Jenkintown, PA, that was founded in 1979 by Robert Fox. RAF takes a long-term perspective on acquiring and investing in solidly performing companies nationwide that are led by owners with unique vision and strong ethics. RAF targets middle market companies with transaction values of $20-200 million, and focuses on the branded consumer products and services, niche leasing and proprietary industrial products sectors.

Based in Briarcliff Manor, NY, Saw Mill is an operations-oriented private equity firm focused on acquiring business platforms with $40-150 million in revenue that can be meaningfully grown organically and through acquisitions. Saw Mill partners with senior leadership teams to make control investments in businesses headquartered in North America.

Harris Williams & Co. (, a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.