Blackford Capital, a leading lower middle market private equity firm, announced the acquisition of PACIV – which specializes in industrial automation solutions. PACIV is a leading full-service provider of industrial process automation and systems integration primarily for manufacturers in the pharmaceutical and life sciences industries.
The company was launched in 1997, and operates offices in San Juan, Puerto Rico, Indianapolis, Indiana, and in Cork, Ireland. The terms of the transaction were not disclosed.
PACIV’s management team, led by President Rick Straw and Chief Financial Officer Mácar Garrote, will remain with the company following the acquisition.
PACIV founder and majority owner Jorge Rodriguez will remain as a shareholder of the company and serve as a member of the Board of Directors.
MFS Capital Advisors served as exclusive financial advisor and Adsuar Muñiz Goyco Seda & Pérez-Ochoa, P.S.C. served as legal advisor to PACIV. And Varnum served as legal advisor and Grant Thornton served as the financial and tax advisor to Blackford. Associated Bank and HCAP Partners provided debt financing, and Rush Street Capital provided financing advisory services in support of the transaction.
KEY QUOTES:
“We are very proud of what we have built over our 25 years of operations, including a history of stable growth within our high-value end markets. I am confident our partnership with Blackford Capital will give us the opportunity to bring in additional operational talent, enhance our client experience, expand our services, provide new and exciting opportunities for our existing associates, and ultimately further accelerate our growth.”
- Rick Straw
“We’re thrilled to be working with Rick, Mácar and the rest of the PACIV team to launch this new platform in the fast-growing manufacturing automation sector. With the rising demand for industrial automation expertise across a variety of industries, we believe PACIV will provide a solid foundation for our new Industrial Automation platform, and that we will have many opportunities to expand within biotechnology, pharmaceutical, medical device, and other industries demanding process automation services.”
- Martin Stein, Founder and Managing Director of Blackford Capital
“PACIV is well-positioned for strategic add-on acquisitions, targeted geographic expansion, and continued organic growth. We believe PACIV is at an exciting inflection point in the company’s growth and is poised for new opportunities in the automation of the pharmaceutical, biotechnology, and medical products industries.”
- Jeff Johnson, Blackford Capital Managing Director and PACIV Chairman
