New York, NY – Pritchard Industries (“Pritchard”), a leading provider of facilities services, announced that it has sold a majority interest to A&M Capital Partners (“AMCP”), a middle-market private equity firm with a strategic association with Alvarez & Marsal and a strong track record in the facilities services industry. Founder Peter D. Pritchard will remain as an advisor to the Company and has assumed the position of Chairman Emeritus on the company’s Board of Directors.
Founded in 1986, Pritchard is a leading provider of facilities services, delivering a wide-range of janitorial and specialty services. The Company operates in 19 states and services approximately 300 million square feet of commercial office buildings, education and government facilities, sports and entertainment venues, medical complexes and industrial facilities.
“We are excited to partner with the Pritchard family and management team to acquire a majority interest in Pritchard, a market leader with a strong reputation for providing best-in-class facilities services,” said Jack McCarthy Jr., Senior Managing Director and Co-Founder of Alvarez & Marsal Capital. “Pritchard has delivered an impressive 30+ year track record of strong organic growth and we look forward to working with the Pritchard management team to continue that success.”
“A core tenet of our strategy is to invest in established and successful businesses where we can partner with founders and their teams to optimize performance and accelerate growth together,” said David Perskie, a Managing Director of AMCP. “With Pritchard, we recognized the opportunity to provide operational and financial resources to assist management in expanding the Company’s geographic reach and service offering, both organically and through strategic acquisitions. We are especially proud that the Pritchard family and senior team will continue to own a meaningful equity stake in the Company, which reflects the spirit of our partnership and enables them to participate directly in the future value creation of the Company.”
As part of the transition, Jay Leyden will be joining the Pritchard team as Chief Executive Officer. Mr. Leyden is a long-time facilities services executive who most notably spent over 21 years at Aramark, including as President of its facilities services division.
“I am incredibly proud of the strong foundation we have built at Pritchard Industries,” said Peter D. Pritchard, the Company’s Founder. “By way of this investment from A&M Capital Partners, we will further our growth objectives while continuing to deliver the same best-in-class service to our clients. I am excited for the future of our company and will continue to contribute as an active board member of the Company. We look forward to the next chapter of growth under Mr. Leyden’s leadership.”
Moelis & Company’s Business Services Group and Kirkland & Ellis advised Pritchard Industries on the transaction. Winston & Strawn provided legal counsel to A&M Capital Partners.
