Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Pipp Mobile Storage Systems, Inc. (Pipp), a leading provider of backroom management solutions in the U.S. retail industry, to Novacap Industries (Novacap). Pipp was previously a portfolio company of a private equity fund managed by Prospect Partners, LLC. Harris Williams & Co. acted as the exclusive financial advisor to Pipp. The transaction closed on December 7, 2012 and was led by Patrick McNulty, John Neuner, David Kennedy and Chip Duggins from the firm’s Richmond office.
“We are excited to help Pipp find a partner that shares its vision and strategy for future growth opportunities. Pipp’s management team has done an excellent job building a unique niche within the retail services industry. Customization is a growing trend within manufacturing and Pipp’s leading end-to-end services and support continue to capitalize on that trend while positioning Pipp as a market leader going forward,” said Patrick McNulty, a managing director at Harris Williams & Co.
“With consumer confidence at its highest level in more than four and a half years, businesses such as Pipp that serve the retail industry with efficient and economical solutions are poised to benefit. Novacap is an experienced investor within the consumer industry. We expect the partnership to help drive future growth for the company,” said John Neuner, a managing director at Harris Williams & Co.
Headquartered in Walker, MI, Pipp is the leading provider of backroom management solutions to the U.S. retail industry, specializing in the design, manufacture and installation of customized mobile shelving solutions that maximize backroom space efficiency. By increasing storage capacity compared to fixed storage, Pipp’s mobile storage solutions create additional selling space without materially increasing store build-out costs. Pipp serves as a “one-stop-shop” for customers’ needs across the entire backroom, offering an assortment of high quality and customizable products that address diverse customer storage and inventory management requirements.
Prospect Partners is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders. Since 1998, Prospect Partners has invested opportunistically nationwide in more than 90 companies in a broad range of niche manufacturing, distribution and specialty service markets.
Novacap is one of Canada's leading private equity firms. Since 1981, Novacap’s partnership approach to investing has helped companies accelerate their growth and maximize their value. Novacap’s highly experienced and multifunctional team understands the operational and financial challenges faced by today's organizations. Novacap provides active support, deep operational expertise and growth capital to help companies with strategic competitive advantages realize their full potential.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
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