Leading middle-market private equity firm The Halifax Group has announced today it has sold Pirtek Europe to PNC Riverarch Capital, 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’s management team, including CEO Alex McNutt, will remain in their executive roles with the Company and are committed to maintaining the Company’s best-in-class service and operations. Halifax acquired a majority stake in Pirtek Europe in February 2015.
Mr. McNutt said, “Over the last few years, we have expanded our mobile unit and service center footprint, strengthened our relationship with franchisees, made significant technology investments, and completed a strategic acquisition in Sweden. Halifax has been an exceptional partner in supporting and guiding us in these accomplishments and providing Pirtek Europe with insightful strategic and operational guidance. Going forward, we are excited to partner with PNC to further enhance our market position and offer industry-leading service levels.”
Image courtesy of Pirtek Europe