Daily News: December 11, 2012

Harris Williams Advises Pipp Sale to Novacap Industries


Harris Williams & Co. announced the sale of Pipp Mobile Storage Systems to Novacap Industries. Pipp was previously a portfolio company of a private equity fund managed by Prospect Partners. Harris Williams & Co. acted as the exclusive financial advisor to Pipp. The transaction closed on Dec. 7, 2012 and was led by Patrick McNulty, John Neuner, David Kennedy and Chip Duggins from the firm’s Richmond office.

“With consumer confidence at its highest level in more than four and a half years, businesses such as Pipp that serve the retail industry with efficient and economical solutions are poised to benefit,” Neuner, a managing director at Harris Williams & Co., said. “Novacap is an experienced investor within the consumer industry. We expect the partnership to help drive future growth for the company.”

Walker, MI-based Pipp provides backroom management solutions to the U.S. retail industry, specializing in the design, manufacture and installation of customized mobile shelving solutions that maximize backroom space efficiency.

Prospect Partners is a private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds.

Novacap is a Canadian private equity firm.

Harris Williams, a member of The PNC Financial Services Group, is a middle-market investment bank focused on the advisory needs of clients worldwide.