Richmond, Virginia, August 21, 2018 – Harris Williams, a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it is advising Restaurant Technologies (RT) on its pending sale to West Street Infrastructure Partners III (WSIP III), a family of infrastructure investment funds managed by the Merchant Banking Division of The Goldman Sachs Group, Inc. (Goldman Sachs). RT, a portfolio company of Aurora Capital Partners (Aurora), is one of the largest national providers of closed-loop automated cooking oil solutions to the U.S. restaurant and hospitality markets. The transaction is being led by Bob Baltimore, Brian Lucas, Anthony Basmajian, Taylor Morris and Rob Devlin of Harris Williams’ Business Services Group.
“The RT management team, in partnership with Aurora, have built a company that is a clear market leader and thrives on a culture of innovation and unwavering service to its customers,” said Brian Lucas, managing director at Harris Williams. “We are excited to have found a great partner in Goldman Sachs that shares in management’s strategic vision for the business.”
“RT is the latest addition to Harris Williams’ deep resume in the outsourced services industry,” added Bob Baltimore, managing director at Harris Williams. “Buyers continue to be attracted to route-based business models that deliver recurring services with a strong value proposition to their customers and market segments.”
A trusted partner for more than 20 years, RT is one of the leading providers of cooking-oil management and back-of-house hood and exhaust cleaning solutions to over 45,000+ national quick-service and full-service restaurant chains, independent restaurants, grocery delis, hotels, casinos, convenience stores, universities and hospitals. RT helps foodservice operators make their kitchens safer, smarter, more efficient and more sustainable through its automated oil storage, handling, filtration monitoring and disposal management systems and AutoMist™ automated exhaust cleaning solutions. RT operates 41 depots and has more than 1,000 employees serving customers across the United States.
Aurora Capital Partners is a leading private equity firm managing funds with total capital commitments of over $3 billion. Aurora focuses principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing.
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division is the primary center for the firm’s long-term principal investing activity. With nine offices across seven countries, Goldman Sachs Merchant Banking Division is one of the leading private capital investors in the world with equity and credit investments across infrastructure, corporate and real estate strategies. Since 1986, the group has invested approximately $180 billion of levered capital across a number of geographies, industries and transaction types.
Goldman Sachs Merchant Banking Division is one of the largest infrastructure fund managers globally, having raised more than $13 billion of capital since 2006. Through its infrastructure investment funds, Goldman Sachs Merchant Banking Division pursues investments in transportation, energy and utilities, communications, and other infrastructure assets around the world.
Harris Williams (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams’ Business Services Group has experience advising companies that provide a range of commercial, industrial and professional services. For more information on the firm’s Business Services Group and other recent transactions, visit the Business Services Group’s section of the Harris Williams website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
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