The private equity arm of Pittsburgh financial services group PNC has acquired a controlling stake in Environmental Express, a manufacturer and distributor of environmental laboratory testing equipment, from Florida Capital Partners.
The investment was made through the PNC Equity Partners II fund, alongside a direct equity investment by a separate affiliate on PNC.
Environmental Express provides a range of laboratory products used in applications such as water, wastewater, soil analysis, oil and grease analysis, and metals and hazardous waste analysis.
Founded in 1988 and headquartered in Mount Pleasant, South Carolina, Environmental Express sells its products to over 2,500 customers within commercial, municipal, industrial, government and academic laboratory markets.
PNC Equity Partners makes private equity investments of $10m to $30m in leveraged buy-outs, recapitalisations, and majority financing s of mid-market companies with enterprise values of between $25m and $150m.
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