Private equity firm buys California pump supplierApril 18, 2011
Private equity firm Permira is set to buy pump supplier BakerCorp for $960 million, according to a report in The Wall Street Journal. California-based BakerCorp provides containment, pumping filtration and shoring equipment rentals.
The Premira investment will support BakerCorp’s current management team as it focuses on the company’s growth in the U.S. and abroad. The company currently has more than 100 locations in North America and Europe.
Expect to see growth both in existing BakerCorp branches as well as with new locations, according to Permira. Richard Carey, partner and co-head of Premira’s Global Industrials Group, said that BakerCorp represents the type of business that the equity wants to invest.
BakerCorp is a strong market leader and has lots of growth opportunities, he said. The acquisition will be completed by July 2011.