Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of BECO Holding Company, Inc. (BHC), a wholesale distributor of fire equipment and related parts and portfolio company of Freeman Spogli & Co., to Behrman Capital.
The transaction, which closed on August 29, 2014, was led by Bob Baltimore, Derek Lewis, Dave Kennedy, and Marshall Croft from the firm’s Specialty Distribution Group.
“This is the second time we have had the pleasure of working with the BHC management team and we are excited they are returning to partner with Behrman Capital. The team was able to accomplish a tremendous amount during its partnership with Freeman Spogli and is well positioned as they move forward with Behrman Capital,” said Bob Baltimore, managing director in Harris Williams & Co.’s Specialty Distribution Group.
“The company has exhibited an impressive track record of growth, and we wish CEO Eric Smith and the team continued success,” added David Kennedy, a director in the firm’s Specialty Distribution Group.
Founded in 1941, BHC is the country’s leading business to business wholesale distributor of fire equipment and related parts. With 18 locations across the United States, BHC’s customers have access to an inventory of more than 6,200 items often on a next day basis.
Freeman Spogli is a private equity firm dedicated exclusively to investing and partnering with management in consumer-related and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested $3.3 billion of equity in 50 portfolio companies with aggregate transaction values of $20 billion.
Freeman Spogli has offices in Los Angeles and New York. Based in New York and San Francisco, Behrman Capital was founded in 1991. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are primarily focused in four industries: healthcare, specialty manufacturing, business to business outsourcing, and defense. The firm has raised five funds with a combined capital base in excess of $3 billion.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s Specialty Distribution Group has experience across a variety of sectors, including branch-based distributors; specialty catalog and direct marketing; consumer; industrial, MRO and safety; automotive and heavy duty aftermarket; building and construction products; healthcare; technology; electrical and communications; alcohol, tobacco and fire arms; and environmental services.
