A Seattle-headquartered plumbing contractor has received private equity funds to acquire Charlotte-based Precision Plumbing and Service, LLC.
Ironwood Capital made a subordinated debt investment in Peltram Plumbing, which primary works within the residential construction market.
Private Equity Wire reports that Peltram will use Ironwood Capital’s subordinated debt investment proceeds to take over Precision, which has a primary focus in the commercial construction market. Peltram is a portfolio company of Crescendo Capital Partners.
“The combined entity will be a bi-coastal plumbing service provider in growing regional markets with end market diversification and complementary cultures. Post-closing integration includes purchasing synergies, unifying systems and sharing best practices. Our investment thesis recognised the growth opportunity due to Peltram’s strong backlog and pipeline, low leverage and deep experience in the construction industry,” says Iron Capital managing director Alex Levental.