Private Equity Firm Acquires System Integrator

Private equity firm acquires system integrator

June 8, 2023
Blackford Capital expanded its reach into automation with the purchase of Paciv, which focuses on pharmaceutical and life sciences manufacturing

Blackford Capital is expanding its reach into manufacturing with the acquisition of Paciv, a system integrator that specializes in industrial automation for manufacturers in the pharmaceutical and life sciences industries. The addition of industrial automation to its portfolio will help the firm expand within biotechnology, pharmaceutical and medical device manufacturing, said Martin Stein, founder and managing director of Blackford Capital.

“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,” Stein said. Paciv was founded in 1997 and operates in San Juan, Puerto Rico; Indianapolis, Indiana; and Cork, Ireland. The system integrator provides control systems, instrumentation and regulatory compliance services to the biotechnology, pharmaceutical, medical device, water and wastewater, food and beverage, energy and other process industries.

Founded in 2010, Grand Rapids, Michigan-based Blackford Capital acquires, manages and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Other manufacturers in Blackford’s portfolio include: Custom Profile, a manufacturer of thermoplastic profile extrusions and sub-assemblies; Davalor Mold, an injection molding and tooling manufacturer, focused on occupant safety components for the automotive industry; Mopec Group, a manufacturer and distributor of pathology, anatomy, mortuary and necropsy equipment and products; Burgaflex, a tube and assembly manufacturer for the OEM heavy-duty truck market; Artificial Turf Supply, a manufacturer of synthetic and artificial turf products for residential, commercial playground, pet and athletics applications; and Quality Aluminum Products, a building products and siding manufacturer.

“We are very proud of what we have built over our 25 years of operations, including a history of stable growth within our high-value end markets. 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,” said Paciv President Rick Straw.

Paciv founder and majority owner, Jorge Rodriguez, will remain as a shareholder of the company and serve as a member of the board of directors, and Chief Financial Officer Mácar Garrote also will remain with the company following the acquisition.

MFS Capital Advisors served as exclusive financial advisor and Adsuar Muñiz Goyco Seda & Pérez-Ochoa, P.S.C. served as legal advisor to Paciv. Varnum LLP served as legal advisor, and Grant Thornton served as the financial and tax advisor to Blackford. Associated Bank and HCAP Partners provided debt financing, and Rush Street Capital provided financing advisory services in support of the transaction. Terms of the transaction were not disclosed.