Hydraulic Hose Repair Franchisor Plans to Grow Its Mobile and Stationary Units Across North America
Princeton Equity Group, (“Princeton”) which invests solely in franchisors and multi-unit companies, has closed on its ownership stake in Pirtek, which repairs and replaces hydraulic hoses. Princeton will pump in resources to support Pirtek’s current franchisees and their customers to amplify Pirtek’s success. With the additional support provided by Princeton, Pirtek will also have opportunities to grow its franchise footprint across North America.
Founded in 1998, Pirtek provides on-demand services in stationary and mobile equipment every day of the year. Pirtek has 145 locations and about 400 mobile units that, within one hour, can help its 35,000-plus customers across the United States and Canada. Its customer base spans a vast array of industries, including construction, recycling/garbage, manufacturing/industrial, transportation, oil and gas, marine, automotive, landscaping, mining, defense, agriculture, and food and beverage. Pirtek also supplies hoses, fittings and other parts necessary to handle repairs and replacements of equipment hoses.
Reaction from Princeton, Pirtek
“We are very excited to partner with this exceptional company,” Doug Kennealey, co-founder and managing partner of Princeton, said in a news release announcing his firm’s investment. “Pirtek’s substantial recent growth, strong market leadership and happy customers are the result of the hard work of the management team under CEO Kim Gubera and Executive Chairman Glenn Duncan. We look forward to supporting the business as it enters its next phase of growth.”
Gubera said that partnering with Princeton will help Pirtek accelerate its growth. “We are intently focused on supporting our franchisees, and we will continue investing in our infrastructure to ensure they have the tools they need to succeed, while expanding our market presence across North America,” Gubera said in the news release. Duncan agreed, saying that “Princeton is aligned with Pirtek’s core values of building the brand, focusing on growth, and most importantly, the success of the individual owners,” he said. “I’m looking forward to this next chapter.”
Key management and the Duncan family, which reacquired the company in 2014, will retain their ownership in Pirtek. Gubera will stay in place as CEO.
Pirtek and Princeton Backgrounds
Pirtek, which operates exclusively under a business-to-business (B2B) model, minimizes equipment downtime, thus saving its customers time and money. Because it has a large fleet of mobile units, customers do not have to leave their job sites when equipment needs servicing. Franchisees benefit from having limited competition within the niche of hydraulic/industrial hose repair and replacement. Pirtek, with U.S. headquarters in Rockledge, Fla., has 475 sites worldwide, according to the company’s website.
Princeton, founded in 2019 and based in Princeton, N.J., manages about $1.2 billion in assets. Princeton exclusively invests in leading franchisor and multi-unit companies and views each of its strategic investments as a long-term, supportive business partnership with businesses’ founders and their management teams.