Blackford Capital Acquires Industrial Automation Leader PACIV

Grand Rapids, Mich.  Blackford Capital, a leading lower middle market private equity firm, announced 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,” Straw said. “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.”

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.”

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.