August 31, 2014 (Pittsburgh, PA) –
3 Rivers Capital, a Pittsburgh-based private equity firm, announced that it has acquired PAT Tank, Inc., a provider of above-ground storage tank construction and repair services headquartered in Port Arthur, Texas. The Company offers installation and fabrication services, project management, inspections, painting, coating and lining, and engineering services. www.pattank.com
Since 1945, the employees of PAT Tank have provided its customers with customized safe solutions for the above ground storage tank market, primarily serving the petroleum and petrochemical industries in the Gulf Coast region. The Company has built its solid reputation on quality workmanship and outstanding service to its customers.
“I am very proud to say this business started in 1945, and our employees have worked extremely hard for almost 70 years to carry on the tradition of providing our customers with outstanding execution and customized solutions,” commented Hans Jorgensen, President of PAT Tank. “We are excited to continue this tradition through our new partnership with 3 Rivers Capital. With their track record, relationships, and support, we look forward to our next phase of growth.”
“This acquisition complements our strategy to grow our footprint in the energy services and infrastructure sectors and represents an exciting opportunity for us. We are committed to maintaining PAT Tank’s solid reputation in the industry and supporting their long-term growth through strategic initiatives”, stated Bob McGuire, Managing Director at 3 Rivers Capital.
3 Rivers Capital provided the equity for the transaction, and the debt financing was provided by First Commonwealth Bank. Focus Strategies Merchant Banking, LLC served as financial advisor to PAT Tank. In addition, Metz Lewis Brodman Must O’Keefe, LLC and Eckert Seamans Cherin and Mellott, LLC acted as legal counsel to 3 Rivers Capital.
About 3 Rivers Capital Founded in 2005, 3 Rivers Capital is a Pittsburgh-based private equity firm which focuses primarily on equity recapitalizations and buyouts of companies with revenues of up to $50M and EBITDA of up to $7M. The primary focus is acquiring niche manufacturing and specialty service businesses that present a clear and compelling opportunity to create value. 3 Rivers Capital adds value through active ownership and supportive partnerships for highly motivated management teams. For more information, please visit www.3riverscap.com.
About First Commonwealth Bank Headquartered in Indiana, PA, FCB is a community bank with 110 branch offices located throughout 15 counties in central and western Pennsylvania. With over $6.2 billion in assets, FCB is significantly sized to deliver all of the services of a large bank, yet small enough to allow for one-on-one, individualized relationships with our clients, including consumer, small business and commercial banking services as well as insurance, investments, trust and estate planning. For more information, please visit www.fcbanking.com.
About Focus Strategies Investment Banking Focus Strategies is an investment bank founded in 1999 located in Austin, Texas that works with middle market companies. The firm provides merger and acquisition advisory, private placements of equity and debt, and corporate finance and valuation advisory. Focus Strategies builds long term relationships with its clients earned through outstanding service, integrity, and trust. For more information, please visit www.focus-strategies.com.
About Metz Lewis Brodman Must O’Keefe, LLC Metz Lewis is a law firm with a national client base of primarily middle market companies and banks. The firm’s practice is concentrated on financial transactions, including divestitures and acquisitions, senior and mezzanine financing, equity transactions, and other areas of practice needed by middle market clients. Those areas include taxation, intellectual property law, real estate, employment law and business litigation. For more information, please visit www.metzlewis.com.
About Eckert Seamans Cherin & Mellott, LLC Eckert Seamans Cherin & Mellott, LLC is a national law firm with over 375 attorneys located in offices throughout the eastern United States. The firm’s clients represent nearly every facet of the economy, including multinational corporations, small businesses, nonprofit institutions, municipalities, government agencies and individuals. The needs of our national and international clients involve us in virtually every area of the law and most industries. For more information, please visit www.eckertseamans.com.
3 Rivers Capital is managed by its three partners: Dale Buckwalter, Rob Carskadden, and Bob McGuire.
Contact Information: Lisa Valente – 412-765-2491.