Grand Rapids, MI, June 5, 2023 – Blackford Capital (“Blackford”), a leading lower middle market private equity firm, announced today 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 founded in 1997, and operates offices in San Juan, Puerto Rico, Indianapolis, Indiana, and in Cork, Ireland. Terms of the transaction were not disclosed.
The PACIV management team, led by President Rick Straw and Chief Financial Officer Mácar Garrote, will remain with the company following the acquisition.
“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,” said Straw. 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.
“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,” said Martin Stein, Founder and Managing Director of Blackford Capital. “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.”
Jeff Johnson, Blackford Capital Managing Director and PACIV Chairman, said, “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.”
MFS Capital Advisors served as exclusive financial advisor and Adsuar Muñiz Goyco Seda & Pérez-Ochoa, P.S.C. served as legal advisor to PACIV. Varnum LLP 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.
About Blackford Capital
Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. Blackford was named the Private Equity Firm of the Year by M&A Advisor in 2022, 2021 and 2018 and recognized as Dealmaker of the Year in 2023 by ACG Detroit. Several of its portfolio companies have been included on the Inc. 5000. For more information, visit blackfordcapital.com.
Founded in 1997 in San Juan, Puerto Rico, PACIV is the largest systems integrator in Puerto Rico and one of the largest in the Midwest, with 120 employees across its three offices. The Company aims to provide unparalleled control systems, instrumentation, and regulatory compliance services to the biotechnology, pharmaceutical, medical device, water / wastewater, food and beverage, energy, and other process industries in a cost-effective manner. For more information, visit paciv.com.