Transaction overview
On February 4, 2020, LINC Systems, LLC (LINC), a portfolio company of Center Rock Capital Partners based in Chicago, acquired R.V. Evans Company (RVE). Although the deal value was not disclosed, this acquisition aims to expand LINC's geographical reach and diversify its customer base across various end markets. Founded over 80 years ago by the Evans family, RVE is headquartered in Decatur, Illinois, providing fastening and packaging products to industries such as construction, food & beverage, automotive, agriculture, and general industrial.
Deal structure and financing
Details on the equity and debt components of the acquisition remain undisclosed, along with any retained stake by the seller or lock-up terms for management. Given that RVE was family-owned and operated, it is likely that Center Rock Capital Partners provided a significant portion of the equity to finance the transaction through its existing portfolio company LINC Systems. Without specific financing details available, no information regarding leverage metrics or IPO optionality can be confirmed.
Strategic context
LINC's acquisition of RVE aligns with the firm’s strategy to consolidate and expand within the industrial distribution sector. By integrating RVE's operations, LINC enhances its service offerings and geographical coverage across 30 U.S. states. For RVE, divesting control enables access to strategic resources and scale for future growth while maintaining operational leadership under Kelly Evans and TC Evans. This transaction builds on previous investments by Center Rock Capital Partners in industrial distribution platforms aimed at creating a leading nationwide player.
Regulatory path
The acquisition of RVE did not trigger any significant regulatory reviews due to the nature and size of the deal within the U.S. market. Given that both companies are privately held and operate primarily in the United States, no filings were required under Hart-Scott-Rodino Antitrust Improvements Act (HSR) regulations or other major antitrust regimes such as those in Europe or Asia. The transaction was completed internally between the parties involved without public regulatory scrutiny or announced remedies.