Canadian private equity firm TriWest Capital Partners has invested in PRT Growing Services Ltd, a Victoria, British Columbia-based provider of containerized growing processes for a range of forestry seedling species.
No financial terms were released for the deal, which saw TriWest partner with PRT senior management led by CEO Robert Miller.
Founded in 1988, PRT operates 18 growing and cold storage facilities serving reforestation needs in Canada and the United States. Its nurseries have a combined capacity to produce in more than 215 million seedlings per year.
TriWest Managing Director Ryan Giles said PRT is positioned to execute on “its backlog of organic and acquisitive growth opportunities across North America.”
PRT is the ninth investment of TriWest Capital Partners Fund V, which raised $500 million in 2015.
Update: PRT was formerly backed by Mill Road Capital. Mill Road acquired the business in 2012.
PRT Growing Services Ltd. Partners with TriWest Capital Partners
Calgary, Alberta, August 23, 2018
TriWest Capital Partners (“TriWest”), is pleased to announce that it has invested in PRT Growing Services Ltd. (“PRT” or the “Company”). The investment was made in partnership with the Company’s senior management team. This investment represents TriWest’s ninth portfolio company in TriWest Fund V.
Founded in 1988 and based in Victoria, British Columbia, PRT is an industry leader in commercial-scale containerized growing processes for a wide range of forestry seedling species. PRT currently operates 18 growing and cold storage facilities serving both Canada and the US, primarily supplying North American forestry and timber players, as well as land owners and government agencies. PRT’s nurseries have a combined capacity to produce in excess of 215 million seedlings per year. The Company provides growing and logistics services that enable customers to meet various reforestation initiatives and requirements. PRT boasts significant market share in its core North American forestry seedling markets. PRT’s scale and geographic reach differentiate it from all major competitors and present a strong competitive advantage for the Company. For more information, please visit https://www.prt.com.
Rob Miller, CEO of PRT said, “PRT management is very excited to be partnering with TriWest. We are confident that this new partnership will benefit both our customers and employees throughout North America and play an important role in the continued growth and success of PRT. We look forward to our partnership with TriWest.”
“TriWest is very impressed with the leading market position PRT has built over its 30 year operating history.” said Ryan Giles, Managing Director at TriWest Capital Partners. “PRT is well positioned to execute on its backlog of organic and acquisitive growth opportunities across North America. TriWest is looking forward to our new partnership with the PRT management team and the growth potential of the business.”
About TriWest Capital Partners
Founded in 1998 and based in Calgary, Alberta, TriWest is one of Canada’s leading private equity firms, having raised over $1.25 billion in committed capital through five funds. TriWest makes significant equity investments in profitable companies and works in partnership with management to generate superior financial returns through the pursuit of growth opportunities and a focus on operational excellence. TriWest provides more than just capital. The principals of TriWest have significant operational and financial expertise, making us effective partners in creating shareholder value. For more information about TriWest, please visit www.triwest.ca.