Hydraulic hose replacement business Pirtek Europe has been acquired by a US-based private equity firm.
The Halifax Group has sold its majority stake in the business to PNC Riverarch Capital.
Law firm Addleshaw Goddard’s corporate team advised the management of Pirtek on the acquisition.
Pirtek Europe operates across more than 185 centres and 750 mobile units spanning the UK, Ireland, Germany, Austria, Belgium, Netherlands and Sweden including centres in Yorkshire and the North East.
Leeds corporate partner Richard Hunt led the Addleshaw Goddard team alongside corporate associate Thomas Hopwood, with tax partner Justine Delroy and tax associate Kyle Rainsford advising on tax structuring.
Pirtek Europe’s management team, including CEO Alex McNutt, will remain in their executive roles with the business.
Mr Hunt said: “I have known the Pirtek management team for a number of years, having acted for them on the sale to The Halifax Group in 2015.
“It has been a privilege to work with incoming CEO Alex McNutt over the last three years and watch the business grow under his leadership culminating in this major transaction in what was a very competitive process.
“I look forward to supporting Pirtek and its management team throughout the next phase of its journey under the ownership of PNC Riverarch Capital, which I have no doubt will be a huge success.”
Duff and Phelps served as financial advisors. Liberty Corporate Finance also advised the management team alongside Addleshaw Goddard.
The latest transaction continues a run of deals in 2018 for the Leeds office of Addleshaw Goddard which has completed over 60 transactions with a total value in excess of £2bn over the last year,