Blackford Capital acquires San Juan-based Paciv for undisclosed amount
Lower middle market private equity firm Blackford Capital has announced the acquisition of San Juan-based Paciv, which specializes in industrial automation solutions.
Paciv, which stands for Process Automation, Controls, Instrumentation and Validation, was founded in 1997 by Jorge Rodríguez, and operates offices in San Juan, Puerto Rico; Indianapolis, Indiana; and in Cork, Ireland. The terms of the transaction were not disclosed.
Paciv primarily offers services to manufacturers in the pharmaceutical and life sciences industries.
The PACIV management team, led by President Rick Straw and Chief Financial Officer Mácar Garrote, will remain with the company following the acquisition.
“We’re 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,” Straw said in a press release.
“I’m 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,” Straw added.
Paciv founder and majority owner Rodríguez will remain as a shareholder of the company and serve as a member of its board. In 2019, Rodríguez founded the Puerto Rico Institute for Economic Liberty, a nonpartisan, nonprofit organization.
“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,” he said.
Meanwhile, Jeff Johnson, Blackford Capital managing director and Paciv chair, said the company “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,” he added.
MFS Capital Advisors served as financial adviser and Adsuar Muñiz Goyco Seda & Pérez-Ochoa P.S.C. served as legal adviser to Paciv. Varnum LLP served as legal adviser and Grant Thornton served as the financial and tax adviser to Blackford.
Associated Bank and HCAP Partners provided debt financing, and Rush Street Capital provided financing advisory services in support of the transaction.