Cleveland-based Tranzonic is changing hands from Silver Oak Services Partners to PNC Riverarch Capital. Silver Oak, a lower-middle-market PE firm based in Evanston, Ill., sold its equity interest in Tranzonic, a supplier of consumable maintenance, cleaning, safety and hygiene products, to Pittsburgh-based PNC Riverarch, an affiliate of PNC Financial Services Group.
“We are extremely proud of our partnership with the Tranzonic management team,” Silver Oak managing partner Greg Barr said in a statement. “They have driven steady top and bottom line growth over the last five years and established the company as a proven acquisition growth platform.”
Since its initial investment in Tranzonic in July 2013, Silver Oak has helped the company strengthen and improve its business by promoting Tom Friedl to CEO, expanding the sales team to drive organic growth, investing in additional equipment to accommodate growth and improve margins, developing and successfully launching multiple new products, and completing two add-on acquisitions in core product categories targeting growing end-markets.
“With Silver Oak’s active support and guidance, we generated significant growth while continuing to enhance the value we bring to our customers,” Friedl said in a statement. “We look forward to building upon this success with our new partners at PNC Riverarch.”
BB&T Capital Markets acted as financial adviser and Locke Lord LLP acted as legal counsel to the sellers.