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Private Equity
FINANCIAL | Investment Banking
pncriverarch.com

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Investments

8

Portfolio Exits

9

Service Providers

2

About PNC RiverArch Capital

PNC RiverArch Capital is a middle-market private equity firm that invests $10 million to $50 million to support recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Its target sectors include outsourced services, specialized manufacturing, and value-added distribution. PNC RiverArch Capital is a spin out of PNC Equity.

PNC RiverArch Capital Headquarter Location

Two PNC Plaza 620 Liberty Ave 22nd Floor

Pittsburgh, Pennsylvania, 15222,

United States

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Latest PNC RiverArch Capital News

HKW Exits Fresh Direct Produce

Aug 18, 2021

HKW acquired Fresh Direct in December 2018 and completed two add-on acquisitions in 2019 and one in 2020 Fresh Direct distributes more than 5,000 SKUs of fruit and vegetables sourced worldwide including from China, Korea, Spain, Israel, Brazil, Chile and New Zealand By John McNulty HKW has sold Fresh Direct Produce, a distributor of ethnic, tropical, organic, and specialty produce, to PNC Riverarch Capital. Fresh Direct distributes more than 5,000 SKUs of conventional and organic fruit and vegetable items to the Western Canadian market. The company also provides ancillary services including ripening, grading, machine packaging, and bagging. Fresh Direct is led by CEO Davis Yung and is headquartered in Vancouver, British Columbia. “When we partnered with HKW, after an exhaustive search, we were hopeful we had made the right decision. Now, nearly three years later, it has been quite a journey,” said Mr. Yung. “The collaboration with HKW has surpassed our needs, and we are so thankful for their partnership. With HKW’s resources and support, Fresh Direct was able to reach the next level.” HKW acquired Fresh Direct in December 2018 and completed three add-on acquisitions over the course of its ownership term including the buys of Mike and Mike’s, a Toronto-based non-grower distributor of organic fruits and vegetables sourced from the United States, Canada, and other countries (July 2020); Islands West Manufacturing, a British Columbia-based wholesaler of produce, processed fruits, dried spices, and fresh-cut vegetables (September 2019); and Emperor Specialty Foods, a British Columbia-based distributor of mushrooms, pears, and other specialty fruits and vegetables (July 2019). “HKW is thankful for having had the chance to partner with the Fresh Direct team,” said Kent Robinson, a partner at HKW. “During the last three years, Fresh Direct completed and integrated three add-on acquisitions, improved the foundations of the business, and managed through unprecedented challenges through the pandemic. This only happens with an outstanding management team, and it was a pleasure to work with them.” HKW (formerly Hammond, Kennedy, Whitney & Company) invests in companies in the business services and health & wellness sectors that have EBITDA between $5 million and $30 million. In October 2019, the firm announced a final above-target close of HKW Capital Partners V LP with total commitments of $365 million. Since 1982, HKW has acquired 64 North America-based lower middle-market platform companies and closed 71 add-on acquisitions. The firm was founded in 1903 and is headquartered in Indianapolis with an additional office in New York City. Pittsburgh-based PNC Riverarch , the buyer of Fresh Direct, invests from $10 million to $50 million in privately-held companies headquartered throughout North America. Sectors of interest include outsourced services, specialized manufacturing, and value-added distribution. PNC Riverarch is a division of PNC Capital Finance, which in turn is a subsidiary of PNC Financial Services Group (NYSE: PNC). “Fresh Direct has an incredibly strong customer value proposition based on its product breadth and quality, extensive sourcing network, and highly reliable, service-oriented approach,” said Rob Dolan, a managing director with PNC Riverarch. “We have been impressed by Davis and the rest of the management team’s success in consistently growing the company and expanding its offering and geographic reach, and we are excited to partner with them to support the next phase of growth.” The buy of Fresh Direct by PNC Riverarch was led by Mr. Dolan; Mike Rost, managing director; Brian Blake, director; and Charlie Trouba, senior associate. According to a source familiar with this transaction, MidCap Financial was the administrative agent, joint lead arranger, and joint bookrunner for a $107 million senior secured credit facility to back the acquisition of Fresh Direct. The MidCap transaction team was led by Vice President Tyler Wilson. MidCap, in alliance with its investment manager Apollo Capital Management, is a middle-market focused finance firm that provides debt instruments of $10 million to $750 million to companies across all industries. BMO Sponsor Finance and HSBC Bank Canada also participated in the debt facilities. Truist Securities was the financial advisor to Fresh Direct on this transaction. © 2021 Private Equity Professional | August 18, 2021 Share on twitter

PNC RiverArch Capital Investments

8 Investments

PNC RiverArch Capital has made 8 investments. Their latest investment was in Safco Dental Supply as part of their Recap on July 7, 2019.

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PNC RiverArch Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/18/2019

Recap

Safco Dental Supply

Yes

1

10/22/2018

Private Equity

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$99M

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10

5/3/2017

Private Equity

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$99M

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10

11/3/2016

Private Equity

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$99M

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10

4/25/2016

Recap

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$99M

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10

Date

7/18/2019

10/22/2018

5/3/2017

11/3/2016

4/25/2016

Round

Recap

Private Equity

Private Equity

Private Equity

Recap

Company

Safco Dental Supply

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Amount

$99M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

1

10

10

10

10

PNC RiverArch Capital Portfolio Exits

9 Portfolio Exits

PNC RiverArch Capital has 9 portfolio exits. Their latest portfolio exit was Painters Supply & Equipment on August 17, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

8/17/2021

Acq - Fin - II

4

00/00/0000

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$991

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10

00/00/0000

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10

00/00/0000

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10

00/00/0000

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10

Date

8/17/2021

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Exit

Acq - Fin - II

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Companies

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Valuation

$991

Acquirer

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Sources

4

10

10

10

10

PNC RiverArch Capital Acquisitions

15 Acquisitions

PNC RiverArch Capital acquired 15 companies. Their latest acquisition was Fresh Direct Produce on August 12, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

8/12/2021

Acq - Fin

Acq - Fin - II

2

2/7/2020

Acq - Fin

Acq - Fin - II

2

11/27/2018

Acq - Fin

Acq - Fin - II

3

11/14/2018

Acq - Fin

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$99M

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10

4/2/2018

Debt - II

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$99M

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10

Date

8/12/2021

2/7/2020

11/27/2018

11/14/2018

4/2/2018

Investment Stage

Acq - Fin

Acq - Fin

Acq - Fin

Acq - Fin

Debt - II

Companies

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Valuation

Total Funding

$99M

$99M

Note

Acq - Fin - II

Acq - Fin - II

Acq - Fin - II

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Sources

2

2

3

10

10

PNC RiverArch Capital Service Providers

2 Service Providers

PNC RiverArch Capital has 2 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Acq - Fin - III, Acq - Fin, Private Equity, and Acq - Fin - II

Investment Bank

Sole Bookrunner, Sole Lead Arranger, Joint Bookrunner, Joint Lead Arranger

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Service Provider

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Associated Rounds

Acq - Fin - III, Acq - Fin, Private Equity, and Acq - Fin - II

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Provider Type

Investment Bank

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Service Type

Sole Bookrunner, Sole Lead Arranger, Joint Bookrunner, Joint Lead Arranger

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Partnership data by VentureSource

PNC RiverArch Capital Team

4 Team Members

PNC RiverArch Capital has 4 team members, including current Managing Director, Michael Hand.

Name

Work History

Title

Status

Michael Hand

Managing Director

Current

David M Hillman

PNC Equity

Managing Director

Current

Michael D. Rost

PNC Equity, and Schneider Downs & Co.

Managing Director

Current

Andrew Wiechkoske

PNC Equity, and J.P. Morgan & Co.

Managing Director

Current

Name

Michael Hand

David M Hillman

Michael D. Rost

Andrew Wiechkoske

Work History

PNC Equity

PNC Equity, and Schneider Downs & Co.

PNC Equity, and J.P. Morgan & Co.

Title

Managing Director

Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Current

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