SOURCE: Evergreen Pacific Partners
SEATTLE, WA--(Marketwire - Sep 12, 2012) - Evergreen Pacific Partners (Evergreen), Washington State's largest private equity fund, announced today it has purchased a majority stake in PAC Stainless, LTD (PAC Stainless), a leading supplier of stainless steel and specialty alloy instrumentation tubing and fittings. Evergreen will be partnering with Gary Ohrt, one of the three co-founders of PAC Stainless, who will retain a significant stake in the company and continue to lead as Chief Executive Officer.
Evergreen's acquisition will provide PAC Stainless access to capital and strategic resources to enable future growth.
"Thirty-six years ago PAC started with less than $2,000 in inventory, and today we supply millions of feet," said Gary Ohrt, co-founder and CEO of PAC Stainless. "With Evergreen's support, we will continue to grow our network of facilities and inventory across the country and internationally, extending our leadership position in the industry and increasing support to our customers."
PAC Stainless was founded in 1976 and has since grown to include warehouse and distribution facilities across the United States in Seattle, Houston, Baton Rouge and Atlanta. By offering a deep inventory of stainless steel and specialty alloy instrumentation tubing and fittings, PAC Stainless has developed an outstanding reputation in its industry for service, delivery and customer support.
"Our investment in PAC Stainless is exactly in line with our overall investment focus of partnering with leading companies in traditional industries that we can position for future growth," said T.J. McGill, co-founder and managing partner at Evergreen Pacific Partners. "We're looking forward to working with Gary to help him build on the great foundation that he has built."
Evergreen Pacific Partners, which manages two private equity funds totaling $700 million, invests in traditional buyouts, management led buyouts, and growth equity investments involving traditional industry, middle-market companies in the Western U.S. and Canada. Its investors include foundations, endowments, pension funds, and West Coast-based CEOs with experience in Evergreen's target industries.
About Evergreen Pacific Partners: Based in Seattle, Wash., Evergreen Pacific Partners currently manages two private equity funds totaling $700 million, with a focus on investing in traditional, middle-market companies in Western North America. Evergreen Pacific was co-founded by Timothy Bernardez, T. J. McGill, and Michael Nibarger. Evergreen Pacific's acquisitions and investments include Western Broadband (Phoenix, Ariz.), Gene Juarez Salons & Spas (Seattle, Wash.), Good Source Solutions (Carlsbad, Calif.), Haney Truck Line (Yakima, Wash.), Puget Sound Truck Lines, Inc. (Seattle, Wash.), Nickel Plate Express, Inc. (Portland, Ore.), Nuprecon (Snoqualmie, Wash.), CST Environmental (Brea, Calif.), Marcor Environmental (Baltimore, MD), Radiant Imaging, Inc. and Zemax Development Corporation (Redmond, Wash.) Thermal Dynamics (Ontario, Calif.), and PAC Stainless (Seattle, Wash.).