Tecum Equity Expands Portfolio With Leading Crane Dealership in the Carolinas

Pittsburgh, PA: Pinnacle Cranes, a leading Link-Belt and Manitex dealer in North Carolina and South Carolina, has been purchased by Western Allegheny Capital, LLC, and Tecum Equity, a Pittsburgh, PA-based family office investment partnership.

Pinnacle Cranes was established in 2001 as a division of CTE (formerly known as Carolina Tractor and Equipment Company), a leading provider of equipment, service, technology, and rental services to the construction, power generation, material handling, and warehouse solutions industries throughout North Carolina, South Carolina, and other Southeast markets.

Jim Mackinson, CEO of Pinnacle Cranes, comments, “The Pinnacle Team looks forward to partnering with Western Allegheny and Tecum to continue the great growth journey we have experienced in our markets. We will continue to operate as Pinnacle Cranes out of our current service facilities in Charlotte and Raleigh to provide customers with the same exceptional quality and service they have come to expect from Pinnacle.”

Tyson Smith, a partner at Tecum Equity, added, “We are excited to partner with the employees of Pinnacle to continue building on its success and key partnerships with Link-Belt and Manitex. We are confident the culture of great customer service will continue, and we look forward to supporting Pinnacle’s growth over the long-term.”

A comprehensive transition plan put in place by Pinnacle, CTE, and Tecum will guarantee Pinnacle continues the highest level of customer and product support. A search is currently underway to locate a new headquarters to meet future market demands.

About Tecum Equity: Western Allegheny Capital, LLC d/b/a Tecum Equity Partners (“Tecum Equity”) is a private family office investment vehicle, advised by Tecum Capital Management. Tecum Equity is focused on making control equity investments in middle-market companies with EBITDA ranging from $2 to $20 million. Tecum Equity seeks companies with an identifiable niche, a strong culture of customer service, and a history of long-term profitability. Tecum Equity is differentiated from traditional private equity by its intention to hold investments across multiple generations and long time horizons.

About Tecum Capital Management: Tecum Capital Management is a Pittsburgh, PA-based private investment firm with over $750 million of committed capital and focused on providing mezzanine debt and private equity to middle-market companies. Since 2006, Tecum has invested in over 80 platform and add-on acquisitions across its managed funds.  The firm is focused on providing financing for recapitalizations, buyouts, generational transitions, mergers and acquisitions, and other growth capital needs.

Bengur Bryan Co-Advises PF Growth Partners on an Equity Recapitalization and Debt Financing

On July 11, 2019, Bengur Bryan completed a $96 million equity recapitalization by Alaris Royalty Corp. and arrangement of $205 million in new senior debt facilities for PF Growth Partners, LLC (“PFGP”) led by Fifth Third Bank.  The transaction provided for new debt and equity growth capital to support the Company’s new club growth across its various development areas, as well as providing liquidity to the Company’s shareholders. Fifth Third Securities was a co-advisor to Bengur Bryan in the transaction.

Founded in 2007, PF Growth Partners, LLC is one of the largest franchisees in the Planet Fitness® (“PF”) system, currently serving over 500,000 members and operating 64 fitness clubs across the United States. The Company’s core geographic footprint includes the Maryland, Washington D.C., Tennessee, Florida, Washington and Northern California markets. Victor and Lynne Brick, co-founders and CEO + President of PFGP, each have over 35 years of experience in the health club industry, having opened their first full-service club in 1985. The Company is further supported by a group of professional business owners and an experienced management team which includes Glenn Norris, CFO, who has been with the Company since 2007. Over the years, PFGP has received multiple accolades from Planet Fitness corporate, including the inaugural Franchisee of the Year in 2013, Developer of the Year in 2014 and 2015, Highest BER (Brand Excellence Review) in 2014 and the Judgement Free Generation award in 2016 for their exceptional work with the local boys’ and girls’ clubs in Tennessee.

Bengur Bryan and its affiliates have had a relationship with Victor and Lynne Brick for over 15 years. In November 2014, Bengur Bryan completed a $93.75 million private placement of senior debt and preferred equity to refinance the Company’s existing debt and allow for new club growth in its development areas. Since 2014, Bengur Bryan and its affiliates have provided ongoing financial advisory services to the Company including a $5 million add-on preferred equity investment from its preferred equity partner in July 2015, a $20 million expansion of the Company’s existing capital expenditure loan from a syndicate of lenders in November 2016, the acquisition and conversion of 7 non-Planet Fitness clubs, under multiple brands, in early 2017 and the arrangement of $150 million of senior debt facilities from a syndicate of lenders in May 2018.

Bengur Bryan Advised Accscient, LLC on the Acquisition of PDS, LLC

Bengur Bryan & Co., Inc. advised Accscient, LLC in the purchase of PDS, LLC (PDS). PDS, established in 1987 and headquartered in Denver, CO, has offices in Phoenix, AZ and Salt Lake City, UT and is one of the leading Information Technology (IT) & Engineering consulting firms in the Western United States. Given their presence in the southwest and strong engineering competencies, the acquisition will create significant benefits to both companies and especially PDS’s customer base.

Based in Atlanta, GA, Accscient was founded in 2005 with a goal of building a leading national provider of IT services. Accscient operates through three divisions (Norwin Technologies, Premier IT Solutions and Appridat) and provides IT consulting and IT staffing services on client projects including ERP planning/implementation, business intelligence, and infrastructure/data center management. Accscient serves Fortune 1000 customers in a wide variety of industries with over 350 consultants while leveraging offshore capabilities when appropriate.

Dunbar Armored, Inc.

Founded in 1923, Dunbar Armored, Inc. (“Dunbar”) has been family owned and remains a leader in providing innovative solutions to its customer base. Dunbar is the largest non-institutionally owned and 4th largest cash and valuable management solutions company in the United States.

The Situation:

Bengur Bryan has developed a long-term relationship with the Dunbar family and the company providing numerous financial advisory services over the years including M&A advisory, debt placement and valuation services.

Our Services:

Bengur Bryan was engaged by Dunbar to provide M&A advisory services with respect to its acquisition by Brinks. Bengur Bryan was successful in negotiating a $520 million all cash offer for Dunbar with an acquirer paid representation and warranty insurance policy to eliminate the standard transaction escrow.

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The Sandbox Group

The Sandbox Group (“Sandbox”) is a full-service marketing and advertising agency with operations across North America. Sandbox was formed by four agencies with decades of proven results, coming together to create a new, single agency with one purpose: to focus squarely on their clients, work, people, and the collaborative ethos that ties it all together. Sandbox offers strategic marketing, planning, and creative development, for all media and digital strategy solutions across various end markets.

The Situation:

SandBox was eager to embark on an acquisition strategy while the BDC was content to maintain the status quo of the business.

Our Services:

Bengur Bryan was engaged to analyze, recommend and implement a new capital structure for this global marketing services company. The unitranche structure was replaced with a senior debt/non-dilutive preferred equity structure. Cost of capital was lowered and a value enhancing acquisition is underway driving value to equity investors.

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PF Growth Partners, LLC

PF Growth Partners, LLC (“PF”) is one of the largest Planet Fitness franchisee’s, with 42 locations across five states.

The Situation:

PF Growth Partners, LLC had outgrown their traditional senior credit facility. PF also aspired to acquire other Planet Fitness franchisee’s, as well as open new greenfield facilities. To do this PF needed a financial partner that understood the maintenance capex requirements of the fitness industry and would be willing to fund managements growth goals.

Our Services:

Bengur Bryan arranged a senior debt facility for PF Growth Partners, LLC which was provided by a syndicate of lenders. In addition, Bengur Bryan raised preferred equity from Alaris Royalty. The proceeds of the transaction were used to fund new club growth.

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Bengur Bryan Advised Dunbar Armored, Inc. in its Sale to The Brink’s Company

Bengur Bryan is pleased to announce that it acted as the exclusive financial advisor to Dunbar Armored, Inc. (“Dunbar” or “the Company”) in its sale to The Brink’s Company for $520 million.

The transaction combines two of the largest U.S. cash and valuable management solutions companies, Brink’s (2nd largest) and Dunbar (4th largest). Dunbar’s focus on small to medium sized retail and financial institutions, with 78 branches and a fleet of more than 1,600 armored cars, will expand and complement Brink’s customer base.
Dunbar focuses on the retail, financial, government, education and healthcare sectors. Since its inception in 1923, the Company has remained a leader in providing innovative solutions to its customer base, including bar code scanning, smart safes and routing software.

Bengur Bryan is proud of its 20+ year relationship with the Dunbar family which began in 1995 by providing a valuation of common stock for estate planning purposes and is capped by this significant transaction combining two prominent brands to become the world’s largest provider of cash and valuable management solutions. Over the years, Bengur Bryan has been a trusted, thoughtful advisor and partner to Dunbar’s management and shareholders by providing consistent capital markets and financial advisory services including:

Arrangement of multiple credit and financing facilities;

Financial advisory and valuation services in completing a corporate reorganization of its related subsidiaries;

Sale of Dunbar Global Logistics to Loomis AB; and

Financial advisory services related to the capitalization of Dunbar Cybersecurity Solutions.

“Bengur Bryan has been a trusted advisor to the Dunbar company and the Dunbar family, starting with their work over 20 years ago. As we’ve grown, our relationship with Bengur Bryan has been there, with Chris, Charles and their colleagues providing financing solutions, divestiture services and sound, dependable advice. Their understanding of our needs as a family business and the value of Dunbar were why we wanted them as advisors on this momentous sale.” Kevin Dunbar, President and CEO of Dunbar Armored, Inc.

Bengur Bryan Advised South/Win, Ltd.

Bengur Bryan advised South/Win, Ltd. (“South/Win”) on its sale to Highline Aftermarket (“Highline”).  Headquartered in Greensboro, NC, South/Win is a leading supplier of windshield washer fluid and antifreeze for the RV & marine markets. South/Win produces a variety of brands including Rain-X, Windex, Blue Coral, and Krystal Kleer for major retailers throughout the United States. South/Win operates manufacturing plants in Greensboro, NC; Leominster, MA; Livonia, MI; Arlington, TX; and Sparks, NV. These facilities join Highline’s existing plants in Wilmington, DE and Milwaukee, WI to form a seamless national supply chain for Highline and South/Win customers.

Will DuBose, President of South/Win, and Blaine DuBose, Vice President of South/Win stated, “Our team is excited to continue South/Win’s growth as part of the Highline family. We are thrilled for the opportunities that this transaction presents for South/Win’s employees, customers, suppliers and other partners.”

Highline is a leading national distributor of consumable products, with strategic manufacturing capabilities, serving multiple channels across the automotive aftermarket. The company was formed in April 2016, by The Sterling Group, a Houston-based middle market private equity firm. Highline has more than doubled in size under Sterling’s ownership and the acquisition of South/Win is the third add-on acquisition completed by Highline. The earlier add-ons were Service Champ, a Chalfont, PA-based distributor of branded and private label automotive aftermarket maintenance parts and accessories, in April 2016; and Levin’s, a Sacramento, CA-based distributor of branded and private label automotive aftermarket maintenance parts and accessories, in January 2018. The addition of South/Win provides Highline with a highly efficient nationwide automotive fluid manufacturing footprint to serve its end markets.

Bengur Bryan Advised Accscient, LLC on the Acquisition of Emergys, LLC

Bengur Bryan & Co., Inc. advised Accscient, LLC on the acquisition of Emergys, LLC.  Headquartered in Raleigh, NC, Emergys is a leader in SAP enterprise solutions, IBM business process management, business intelligence and analytics and digital transformation solutions and services.

Based in Atlanta, Georgia, Accscient was founded in 2005 with a goal of building a leading national provider of IT services.  Accscient operates through three divisions (Norwin Technologies, Premier IT Solutions and Appridat) and provides IT consulting and IT staffing services on client projects including ERP planning/implementation, business intelligence, and infrastructure/data center management.  Accscient serves Fortune 1000 customers in a wide variety of industries with over 350 consultants, while leveraging offshore capabilities when appropriate.

Bengur Bryan Advised Accscient, LLC on the Acquisition of Applications2U, LLC

Bengur Bryan & Co., Inc. advised Accscient, LLC in the purchase of Applications2U, LLC.  This acquisition expands Accscient’s offerings in consulting, digital infrastructure management and systems integration to the healthcare industry.

Based in Atlanta, Georgia, Accscient was founded in 2005 with a goal of building a leading national provider of IT services.  Accscient operates through three divisions (Norwin Technologies, Premier IT Solutions and Appridat) and provides IT consulting and IT staffing services on client projects including ERP planning/implementation, business intelligence, and infrastructure/data center management.  Accscient serves Fortune 1000 customers in a wide variety of industries with over 350 consultants while leveraging offshore capabilities when appropriate.