Harris Williams Advises Pine Environmental in Saw Mill Capital Sale
Harris Williams & Co. announced the sale of Pine Environmental Services, Inc., a provider of environmental test and measurement equipment solutions in North America, to Saw Mill Capital. 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.”
RAF is a private equity investment firm based in Jenkintown, PA, that was founded in 1979 by Robert Fox.
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.