Wholesale pipe, valve and fittings distributor Everflow Supplies announced Wednesday that Dallas private equity firm Paceline Equity Partners made a “meaningful” investment in the company.
The company also has a new chief executive: former Fortilin Waterworks President Andrew Pacifico takes over immediately, and founder David Templer will serve as chairman and president of strategic projects.
Templer would also retain a “meaningful” stake in the business, officials said.
Carteret, New Jersey-based Everflow serves the plumbing, industrial, electrical, HVAC and fire protection segments from seven distribution centers across five states. The company also acquired fellow wholesaler SPP last year.
Paceline CEO Sam Loughlin said that the firm would work closely with Everflow’s team to “accelerate the exciting initiatives already underway.”
“Everflow has distinguished itself as a leader in the plumbing and industrial supply markets through an unwavering commitment to integrity, customer service and product excellence, and we are pleased to support its future growth,” Loughlin said in a statement.
“From our roots as a regional supplier to becoming a national player with more than 350 employees, we have always sought to grow with a focus on integrity, service and selling the highest quality products,” added Templer. “In Paceline, we identified a financial investor with a strategic mindset sharing our values and commitment to excellence.”
Terms of the deal were not disclosed.
