Golub Capital acted as administrative agent, sole lead arranger and sole bookrunner on a £55 million ($71.2 million) GOLD facility to support PNC Riverarch Capital’s recapitalization of Pirtek Europe.
Founded in 1988 and based in London, Pirtek is Europe’s largest provider of hydraulic hose replacements and related services, operating predominantly as a franchisor through a network of 185 franchised and company-owned centers. The company has a fleet of more than 750 mobile service units across the UK and Ireland, Germany, Austria, Benelux and Sweden.
PNC Riverarch Capital is a middle-market private equity firm which invests in privately held companies headquartered in North America. The firm seeks well-positioned companies where it can invest $10 million to $50 million of capital in support of recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings.
“At Golub Capital, we pride ourselves on not only providing flexible and timely solutions for our private equity sponsors, but also delivering a growing array of product capabilities over time,” said Brian Crabb, managing director at Golub Capital. “In supporting PNC Riverarch’s UK acquisition, we showcased our expanding foreign currency capabilities. By working directly in GBP, we were able to provide one of our core U.S. relationships with a value-added solution that allowed them to focus on getting their transaction closed rather than working through the nuances of a new lending relationship.”
“We’ve been impressed with Golub Capital’s expanded capabilities. The deal team’s ability to act quickly and provide an attractive foreign currency solution that met our needs was unmatched by other lenders,” said Andrew Wiechkoske, principal at PNC Riverarch. “We look forward to continuing our partnership with Golub in the future.”
GOLD financings are Golub Capital One-Loan Debt facilities.