Private equity firm Blackford Capital reported June 5 that it bought system integrator PACIV, which provides process automation and systems integration services mostly for manufacturers in the pharmaceutical and life sciences manufacturers. The company was founded in 1997, and has offices in San Juan, Puerto Rico, Indianapolis, Ind., and Cork, Ireland. Terms of the transaction were not disclosed.
PACIV’s management team, led by President Rick Straw and CFO Mácar Garrote, will stay with the company following the acquisition. PACIV founder and majority owner Jorge Rodriguez will remain as a shareholder and serve on the board of directors.
“We’re very proud of what we’ve built over 25 years, including stable growth in our markets,” says Straw. “I’m confident our partnership with Blackford will give us the opportunity to bring in added talent, enhance our client experience, expand our services, provide new and exciting opportunities for our existing associates, and ultimately further accelerate our growth.”
Martin Stein, founder and managing director at Blackford, add that, “We’re thrilled to be working with Rick, Mácar and the rest of the PACIV team to launch this new platform in the fast-growing manufacturing automation sector. With the increasing demand for industrial automation expertise, we believe PACIV will provide a solid foundation for our new industrial automation platform, and that we’ll have many opportunities to expand in biotechnology, pharmaceutical, medical device, and other industries demanding process automation services.”
