Hydraulic Hose Restore Franchisor Plans to Develop Its Cell and Stationary Items Throughout North America
Princeton Equity Group, (“Princeton”) which invests solely in franchisors and multi-unit corporations, has closed on its possession stake in Pirtek, which repairs and replaces hydraulic hoses. Princeton will pump in sources to assist Pirtek’s present franchisees and their prospects to amplify Pirtek’s success. With the extra assist supplied by Princeton, Pirtek can even have alternatives to develop its franchise footprint throughout North America.
Based in 1998, Pirtek supplies on-demand companies in stationary and cellular tools daily of the yr. Pirtek has 145 places and about 400 cellular models that, inside one hour, might help its 35,000-plus prospects throughout america and Canada. Its buyer base spans an unlimited array of industries, together with development, recycling/rubbish, manufacturing/industrial, transportation, oil and gasoline, marine, automotive, landscaping, mining, protection, agriculture, and meals and beverage. Pirtek additionally provides hoses, fittings and different elements essential to deal with repairs and replacements of apparatus hoses.
Response from Princeton, Pirtek
“We’re very excited to associate with this distinctive firm,” Doug Kennealey, co-founder and managing associate of Princeton, mentioned in a information launch saying his agency’s funding. “Pirtek’s substantial current progress, robust market management and completely satisfied prospects are the results of the arduous work of the administration workforce underneath CEO Kim Gubera and Government Chairman Glenn Duncan. We look ahead to supporting the enterprise because it enters its subsequent part of progress.”
Gubera mentioned that partnering with Princeton will assist Pirtek speed up its progress. “We’re intently targeted on supporting our franchisees, and we’ll proceed investing in our infrastructure to make sure they’ve the instruments they should succeed, whereas increasing our market presence throughout North America,” Gubera mentioned within the information launch. Duncan agreed, saying that “Princeton is aligned with Pirtek’s core values of constructing the model, specializing in progress, and most significantly, the success of the person homeowners,” he mentioned. “I’m wanting ahead to this subsequent chapter.”
Key administration and the Duncan household, which reacquired the corporate in 2014, will retain their possession in Pirtek. Gubera will keep in place as CEO.
Pirtek and Princeton Backgrounds
Pirtek, which operates completely underneath a business-to-business (B2B) mannequin, minimizes tools downtime, thus saving its prospects money and time. As a result of it has a big fleet of cellular models, prospects would not have to depart their job websites when tools wants servicing. Franchisees profit from having restricted competitors inside the area of interest of hydraulic/industrial hose restore and alternative. Pirtek, with U.S. headquarters in Rockledge, Fla., has 475 websites worldwide, in response to the corporate’s web site.
Princeton, based in 2019 and based mostly in Princeton, N.J., manages about $1.2 billion in property. Princeton completely invests in main franchisor and multi-unit corporations and views every of its strategic investments as a long-term, supportive enterprise partnership with companies’ founders and their administration groups.