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PMCF Investment Banking (“PMCF”) is pleased to announce it served as the exclusive investment banker to P&B Intermodal (“P&B” or the “Company”) in its sale of a majority interest to AEA Investors’ (“AEA”) Small Business Private Equity (“AEA SBPE”).
Headquartered in Hoboken, New Jersey, P&B provides a full suite of maintenance & repair services to Class I railroads, chassis leasing pools, transportation fleets, and other intermodal equipment providers. The Company uniquely blends three synergistic business segments into a completely outsourced service solution for chassis, containers, & trailers; on-terminal power equipment; and over-the-road vehicles and equipment. Since its founding in 1975, P&B has expanded to 80+ terminal locations across the country in 20 states to provide dependable services and keep transportation assets moving.
AEA Investors was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives, and leaders, many of whom invest with AEA as active individual investors, join its portfolio company boards, or act in other advisory roles. Today, AEA’s over 120 investment professionals operate globally with offices in New York, Stamford, San Francisco, London, Munich, and Shanghai. The firm manages funds that have approximately $19 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies, growth capital, and private debt investments. AEA SBPE is a strategy within AEA that currently manages $3.5 billion of invested and committed capital. The team seeks to help grow and transform companies at the lower end of the middle market by sponsoring growing companies with proven management teams and superior business models.
PMCF served as exclusive investment banker to P&B, managing the entire transaction process. John Picinic, CEO of P&B, remarked, “We are incredibly grateful for the expertise, guidance, and dedication of the PMCF team to find a new partner for us that shares in our vision of the future. PMCF’s knowledge of our industry and markets, in addition to their hands-on approach from the moment we hired them, helped deliver an exceptional result.” Five years prior, P&B management partnered with Invision Capital to aid the Company with operational analytical support and growth capital. Matt Steffen, Managing Director of Invision Capital stated, “We enjoyed a five-year partnership with the P&B team, providing capital to support the Company’s growth strategy. The strong partnership, a combination of Invision Capital’s data analytics resources combined with P&B’s deep operational expertise, resulted in an impressive transformation of the business. We truly enjoyed working with PMCF during the sale process. Joe and his team were relentless in their pursuit of the best possible outcome for the shareholders. We were impressed by their process design and execution to drive a successful deal.”
Joe Wagner, Managing Director of PMCF, added, “We enjoyed advising and helping P&B find the ideal partner for their next phase of growth. The Company’s journey from a small, local business to the industry’s most trusted national authority in maintenance and repair solutions is truly remarkable. We look forward to watching the next growth chapter unfold with AEA as their partner.”
The transaction closed in September 2024. Saul Ewing LLP served as the legal advisor to the Company.
About PMCF
PMCF is a client-centric middle market investment bank providing merger and acquisition advisory services to private, public, and private equity-owned companies worldwide. We combine our expansive industry and transactional expertise with highly engaged senior-level bankers to create tailored solutions for all our clients. PMCF helps clients meet their sale, acquisition, financing, and strategic growth objectives through a broad range of services, including sale advisory, acquisition advisory, capital raising, transaction planning, and strategic advisory. We have dedicated professionals focused on key industry verticals including business & technology services, manufacturing, distribution, transportation & logistics, plastics & packaging, healthcare, and consumer & retail industries.
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