Jan 6 2011
Peacock Engineering Company, LLC, a portfolio company of private equity investment firm Behrman Capital, announced today that it has been acquired by Charlesbank Capital Partners, a leading private equity firm with more than $2 billion of assets under management.
The terms of the transaction, which closed on December 21, 2010, were not disclosed.
“We are very proud of what the company accomplished during our partnership with Behrman Capital,” said Michael Bilder, President & CEO of Peacock Engineering. “Behrman’s leadership enabled us to leverage our strong reputation for quality and food safety to further expand our capabilities, strengthen our existing customer relationships, forge new partnerships with blue-chip customers, and more than double our revenues. We now look forward to working with Charlesbank, whose support will allow us to continue offering top-tier service while growing with our customers.”
“Peacock Engineering is an industry leader with a long history of deep, strategic customer partnerships,” said Jon Biotti, Managing Director of Charlesbank. “We are delighted to have the opportunity to back Mike Bilder and his accomplished management team. We believe that Peacock’s exceptional capabilities and well-deserved record of success will position it well for further growth.”
“This transaction marks the conclusion of our very successful investment in Peacock,” said Grant G. Behrman, Managing Partner of Behrman Capital. “Over the past four years, despite a challenging economic environment, the company’s revenues grew organically at a compounded annual growth rate of over 20%, underscoring the company’s strong customer relationships that are supported by an increasing number of sole-source contracts, as well as its commitment to operational excellence. Through our partnership with Mike Bilder and his team, we have generated an attractive return for our investors of approximately 2.0x invested capital, while ensuring that Peacock continues to prosper in the years ahead.”
Harris Williams & Co. acted as financial advisor and Goodwin Procter LLP acted as legal advisor to Peacock Engineering for the transaction. Covington & Burling, LLP acted as legal advisor to Charlesbank.