Addleshaw Goddard's Leeds Corporate team has advised the management of Pirtek Europe, on the exit of The Halifax Group's majority stake in the company, and acquisition by PNC Riverarch Capital, also a US-based private equity firm.
Pirtek Europe is a leading on-site provider of hydraulic hose replacement and associated services across Europe.
Pirtek Europe operates across more than 185 centres and 750 mobile units spanning the UK, Ireland, Germany, Austria, Belgium, Netherlands and Sweden including centres in Yorkshire and the North East.
Leeds corporate partner Richard Hunt led the Addleshaw Goddard team alongside corporate associate Thomas Hopwood, with tax partner Justine Delroy and tax associate Kyle Rainsford advising on tax structuring.
Duff and Phelps served as the exclusive financial advisors. Liberty Corporate Finance also advised the management team alongside the AG team. Pirtek Europe's management team, including CEO Alex McNutt, will remain in their executive roles with the business.
Richard Hunt said: "I have known the Pirtek management team for a number of years, having acted for them on the sale to The Halifax Group in 2015. It has been a privilege to work with incoming CEO Alex McNutt over the last three years and watch the business grow under his leadership culminating in this major transaction in what was a very competitive process. I look forward to supporting Pirtek and its management team throughout the next phase of its journey under the ownership of PNC Riverarch Capital, which I have no doubt will be a huge success."
This latest transaction continues a strong run of deals in 2018 for the Leeds office of Addleshaw Goddard which has completed over 60 transactions with a total value in excess of £2bn over the last year, including Deep Sea Electronics on its acquisition by Caledonia Investments plc, Sainsbury's on its acquisition of Aimia Foods, LDC on MBO of RIBA Enterprises, and William Jackson Foods Group on the sale of Aunt Bessie's to Nomad Foods, and the acquisitions of Wellocks and most recently Belazu.