Aerospace & Defense, Diversified Industrials
Meridian advises Pacific Consolidated Industries in recapitalization by TJM Capital Partners
Published April 16, 2021
FOR IMMEDIATE RELEASE // SEATTLE, WASHINGTON
Meridian Capital LLC (“Meridian”), a Seattle-based middle market corporate finance and M&A advisory firm is pleased to announce the successful recapitalization of one of its clients, Pacific Consolidated Industries, LLC (“PCI” or the “Company”), a portfolio Company of Main Street Capital Corporation (NYSE: MAIN), by TJM Capital Partners (“TJM”).
Founded in 1984 and based in Riverside, California, PCI is a leading provider of deployable, onsite, liquid and gaseous oxygen and nitrogen generating systems. PCI’s products serve applications where it is inefficient to utilize distributed industrial gases including aerospace and defense, medical, water and wastewater treatment, oil & gas, and general industrial end-markets.
PCI has supplied over 5,000 systems into more than 40 countries, becoming a trusted supplier to a diverse customer base including U.S. and foreign militaries and governments, international hospitals, and other leading industrial customers globally. The Company has experienced increased demand for its oxygen onsite gas generators by hospitals and emergency response organizations around the world to respond to the COVID-19 pandemic.
Bob Eng, CEO of PCI shared “On behalf of PCI Gases, we’re very excited to partner with TJM’s partners and investors to drive further growth on a broader scale by expanding our market reach and value-added offerings and solutions to new and existing customers, particularly in the medical and industrial oxygen markets.”
“Meridian’s relevant A&D and industrial technology experience, extraordinary effort, and unwavering commitment was instrumental in helping the PCI team navigate numerous obstacles over the course of a challenging process that included two highly complex transactions. I am delighted with the outcome and look forward to the partnership with TJM and our proven management team.”John Horton, Chairman of PCI’s board
Brian Murphy, President and Managing Director at Meridian said, “It was an honor working with the shareholders and management team at PCI on multiple transactions that have positioned the business for ongoing success. The Company’s unique combination of proprietary technology, diversified end-market exposure, and an international footprint provide a platform for accelerated growth.”
This transaction represents continued momentum for Meridian’s Aerospace and Defense and Diversified Industrials practices. Other recent transactions include Shields Manufacturing’s acquisition by Precinmac Precision Machining, Manor Hardware’s acquisition by SouthernCarlson, a division of Kyocera, MTM Robotic’s acquisition by Airbus, Berg’s acquisition by HDT Global, and MetalFx’s acquisition by Montage Partners.
About Pacific Consolidated Industries
For over three decades, PCI has provided rugged, mobile liquid and gaseous oxygen and nitrogen generating systems for the military, oil and gas, and commercial oxygen markets. Its products enable customers to generate oxygen and nitrogen in the field both inexpensively and reliably, and target applications for which distributed industrial gases are either too expensive or too difficult to obtain. Today, PCI has established itself as a global leader in air separation technology with thousands of systems installed in over 40 countries. PCI is headquartered in Riverside, CA with facilities in Curitiba, Brazil, Bangalore, India and Nanjing, China.
For more information about this transaction, please contact one of the team members below:
About Meridian Capital
Founded in 1995, Meridian Capital is a Seattle-based M&A advisory firm, advising business owners on complex corporate finance, M&A and strategic challenges for over 26 years. The firm differentiates itself through its deep industry insights, highly customized service approach, and end-to-end commitment to execution. With a unique combination of professionals with financial, transactional, and operational expertise, Meridian offers the depth and breadth of experience required to serve leading middle market companies in multiple sectors including aerospace & defense, business services, consumer, diversified industrials, food & beverage, technology, and telecommunications.