Blackford Capital nabs industrial consultant PACIV in acquisition
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Michigan-based private equity firm Blackford Capital has acquired industrial automation solutions consultant PACIV, which houses one of its three offices in Indianapolis as its continental U.S. hub.
Transaction terms have not been announced.
“I am confident our partnership with Blackford Capital will give us the opportunity to bring in additional operational talent, enhance our client experience, expand our services, provide new and exciting opportunities for our existing associates, and ultimately further accelerate our growth,” PACIV President Rick Straw said in a news release.
Straw and Chief Financial Officer Mácar Garrote will remained with the Puerto Rico-based company. Jorge Rodriguez, PACIV founder and majority owner, will remain a shareholder and member of the board of directors.
In Indianapolis, 41 people currently work at PACIV and Straw said in a statement that no jobs will be negatively impacted by the deal. He said they plan to add positions and grow the company’s capabilities and presence in the city and around the country.
“We’re thrilled to be working with Rick, Mácar and the rest of the PACIV team to launch this new platform in the fast-growing manufacturing automation sector,” said Martin Stein, Blackford Capital founder and managing director, in the release. “With the rising demand for industrial automation expertise across a variety of industries, we believe PACIV will provide a solid foundation for our new Industrial Automation platform, and that we will have many opportunities to expand within biotechnology, pharmaceutical, medical device, and other industries demanding process automation services.”
In addition to PACIV’s office in Indianapolis, the company has satellite teams in Chicago, Boston and Raleigh.