Firm: PNC Equity Partners
Fund: PNC Equity Partners II LP
Amount Raised: $272 million
With its newest fund,
The lower mid-market firm based in Pittsburgh last month closed on $272 million for PNC Equity Partners II LP, marking a $75 million increase in size from its predecessor, closed in 2001. Unlike with Fund I, for which parent PNC Financial Services Group provided the majority of the equity, PNC Equity Partners took in only $75 million from its parent this time. The rest came from 14 institutional and seven individual investors.
The
The LBO shop has already started putting the money to work. Earlier this month, it completed the acquisition of Bachrach Inc., a New Kensington, Pa.-based a maker of gas-detection equipment. PNC Equity did not disclose deal terms.
Earlier this year, the firm invested $16 million of equity in Lone Star Overnight, a regional shipping company that serves Texas and surrounding states. PNC Equity bought the company from
In general, PNC Equity seeks out companies generating between $25 million and $125 million in revenue. The firm targets three industry sectors: niche manufacturing, value-added distribution and business outsourcing.—J.H.