Deloitte Corporate Finance LLC ("DCF") acted as financial advisor to Precision Hydraulic Cylinders Inc. ("PHC" or the "Company"), a Beulaville, North Carolina-based portfolio company of BB&T Capital Partners, Inc. ("BBTCP"), in its sale to Austin, Texas-based Owner Resource Group, LLC ("ORG"). PHC manufactures highly engineered, custom hydraulic cylinders for original equipment manufacturers ("OEMs") serving the material handling, transportation, and construction sectors. PHC and BBTCP engaged DCF to facilitate generating liquidity for the Company's shareholders. The deal closed on May 30, 2014.
"Our team has worked diligently to establish PHC as a leading global platform for serving the unique needs of multinational OEMs. We are excited to partner with ORG for our next phase of growth," said Chris Barclay, president, chairman, and chief executive officer of PHC.
"It has been a pleasure working with Chris Barclay and his management team on this transaction with Owner Resource Group. We were able to leverage our deep experience in the hydraulics industry to obtain an outcome with which our client is very pleased," said Eric Andreozzi, managing director, Deloitte Corporate Finance LLC, and head of DCF's Energy and Resources Group.
Founded in 1997 and headquartered in Beulaville, North Carolina, PHC is a leading manufacturer of custom hydraulic cylinders for mobile equipment applications. PHC offers cylinders and related components manufactured in the Company's facilities located in the United States, the United Kingdom, and India.
BB&T Capital Partners focuses on the middle market, managing committed capital to support companies and financial sponsors. BBTCP makes direct equity investments as the lead investor, or co-investor with other private equity groups, in control transactions of privately-held companies and provides subordinated debt with equity co-investments in support of transactions led by financial sponsors and others.
Owner Resource Group is an Austin, Texas-based private investment firm founded in 2008 to bring superior outcomes to privately held businesses. ORG makes investments that enable business owners and management teams to pursue their objectives and accelerate the growth of their company in a disciplined manner.
Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Deloitte Corporate Finance LLC provides deal execution and lead financial advisory services to large corporate, middle market, and private equity firms.