WELCOME TO PINEWELL CAPITAL

Private Equity for Small and Medium-Sized Businesses
 

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INVESTING IN COMPANIES THAT ARE “BUILT TO LAST”

… and the management team that built it without a pre-set investment time horizon
 

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About Pinewell Capital

Pinewell Capital is a Scottsdale, Arizona-based investment firm focused on investments in smaller, lower middle-market companies.

We are not limited by sizes, industries, or geography - rather, our  investments are driven by whether we can identify significant value-add potential. Our flexible investment structure allows us to build a creative platform for deal making based on the merits of each company, its investment thesis and broad market dynamics.
We are hands-on investors, and we work very closely with our companies’ management teams to capitalize on strategic & growth opportunities as well as operational & financial improvements. We value People/Culture driven businesses, and welcome equity participation by founder(s) and management.
We are backed by long-term investors who share our Core Values. Anchored on one of our Core Values - Integrity - we never promise what we can't deliver in our deal making. All of our signed LOIs were fully supported with resources aligned to ensure smooth execution, and have resulted in successful closings.

Investment Criteria

We pride ourselves on our flexibility.  Below are our rough guidelines for investments, but our decisions are multifaceted and thus are nonstatic.

VALUE-ADD POTENTIAL

VALUE-ADD POTENTIAL

We focus on opportunities that our Principals can add significant value, through hands-on operational improvements, growth strategy development, financial support, or by facilitating strategic partnerships within their professional network. We also take our Core Values seriously, and only work with companies that can share our values.

TARGET DEAL SIZE

TARGET DEAL SIZE

We deal with a broad range of company sizes, with typical enterprise values between $3M-$30M or EBITDA of $500K-$5M.

TRANSACTION TYPES

TRANSACTION TYPES

  • Buyout of retiring owner(s) or shareholder(s)
  • Corporate divestitures
  • Recapitalization of existing ownership/management
  • Distressed investments and other special situations
  • Minority investments on selective deals
TERRITORIES

TERRITORIES

We mostly focus on the North American market, with some specific acquisition goals for the US Southwest and West Coast.  We are geography agnostic for our bolt-ons or for proprietary deals.

BUSINESS CHARACTERISTICS

BUSINESS CHARACTERISTICS

We look for small market niche leaders with defensible market positions and a minimum operating history of three years. Our main targets are “brick-and-mortar” type companies – e.g. niche manufacturers, unique/differentiated B2B products or services, value-adding assemblers.

MANAGEMENT & OPERATING PARTNERS

MANAGEMENT & OPERATING PARTNERS

We like, but not set as a criteria, management continuity and can engage with our Operating Partners to facilitate smooth business transitions when and if needed. Pinewell attracts operators that appreciate and resonate with Pinewell’s operating model & business philosophy. Advisors and/or Operating Partners are engaged according to each investment’s needs and what we believe would deliver strong returns.

Our Team

Throughout their careers, Pinewell’s Principals have invested and managed numerous control and non-control investments of all sizes, ranging from <$1M to $1Bn+.

Yuta Matsui

Yuta Matsui

Managing Partner

Yuta oversees and drives the investment process for Pinewell; valuation and negotiations at the deal-making stage, and also provides ongoing support for portfolio companies in the form of strategic partnership/advisory on financial & operational management. Yuta has hands-on operational and investment experience working with principal investments at Sumitomo Corporation, a major international investment conglomerate. Yuta managed the entire lifecycle of numerous industrial investments made by Sumitomo; from sourcing, negotiating and deal closing to operating and selling. Prior to founding Pinewell, Yuta led Sumitomo’s investment in Sunstate Equipment, a major equipment rental company where he served as member of Senior Management Team as well as on its Board.  Yuta’s deal and subsequent involvement on the management team resulted in significant returns to all stakeholders. Yuta holds an MBA from Kellogg School of Management at Northwestern University focusing on finance, marketing, and management & strategy, has passed CPA examination and is a CFA Charterholder.

“I grew up living in different countries all over the world, and as a result I got to appreciate different views and value systems. Applying that to our investment business, what I love most about my work is that I get to work alongside different types of founders/operators and observe how each drives their respective company culture, which I believe to be the source of value for companies.  Personally, I enjoy a wide range of activities from high-intensity workouts like Crossfit to golfing, while raising two kids and a dog.”

Ziv Bendor

Ziv Bendor

Managing Partner

Ziv oversees deal-sourcing, strategy formulation and ongoing operating support for Pinewell’s portfolio companies. Ziv has over 17 years of both operational and management consulting experience in start-ups, small and large companies across various industries including B2B & B2C products and services, manufacturing, distribution/logistics and energy. Prior to Pinewell, Ziv had operational experience as Founder & CEO of Platform Dental and as a strategy exec at a small CPG manufacturing company alongside extensive management consulting experience in the capacity of Associate Partner/Principal at Strategy& (formerly Booz & Company). Ziv holds an MBA with distinction from Kellogg School of Management at Northwestern University and a BSBA with distinction from the University of Arizona.

“Professionally I am driven by creating substantive impact for the companies and colleagues that I interact with through driving complex problems to successful and effective resolution.  I enjoy working alongside founders and management teams and getting to know all employees in the office and manufacturing floor. Personally, my family and friends are my core. I spend a lot of time with them and try to create shared memories that will be cherished by my kids, similar to the ones I cherish to this day. I love trying things from exotic foods to fun activities like scuba diving and snowboarding. My bucket list is in a perpetual growth mode regardless of how hard I try to cross things off from it.”

Richard Heath, Ph.D.

Richard Heath, Ph.D.

Advisor & Operating Partner

Rich has serial operating experience in leading businesses to unleash their organic and inorganic growth potential through M&A, portfolio mgmt., 6σ/lean, and people development. During his role as an executive at a privately owned packaging company, Rich developed an investment thesis to take one of their non-core businesses, roll-up the industry and create a clear global industry leader.  After resigning from his role, Rich sought PE shops to partner with around this roll-up strategy and chose to partner with Pinewell. As a team, Rich and Pinewell worked for 10-months to develop and execute the roll-up strategy, culminating with Project Float and highly successful post-acquisition results. Rich holds a Ph.D from Yale and BS (Summa Cum Laude) in Chemistry from University of Massachusetts.

Core Values

The following Core Values guide our decision-making. It challenges us to put the needs and well-being of the people we work with first.

PEOPLE
People should always come first in our companies. If companies take care of their people, the employees will take care of the rest of the business.
INTEGRITY
Be accountable. Be honest. Seek truth. Follow through with what you promised.
CONTINUAL IMPROVEMENT
Always look for ways to improve. Keep the Kaizen spirit. Keep your eyes and ears open to new ideas.
TEAMWORK
Everyone (management and employees) at our portfolio companies and our strategic partners are part of the Pinewell team.
ENTHUSIASM
We get rewarded for economic value that we add for our stakeholders. However, we all work hard and we should all have fun while doing so.

Portfolio

  • All
  • Controlled Investments
  • Non-Controlled/Minority Investments
Subsalve USA, LLC

Subsalve USA, LLC

Manufactures highly engineered inflatable bags for lift & buoyancy uses to governments, militaries and industrial customers around the world
Detail
Fogco

Fogco

Designs and manufactures environmental control systems using high-pressure water atomization technology for industrial customers worldwide that require cooling, humidification, odor control, or dust suppression solutions
Detail
VeriTread LLC

VeriTread LLC

Offers an online heavy-haul marketplace for shipping and transportation customers
Detail
Double L Group LLC

Double L Group LLC

Designs and manufactures ventilation and flooring products for poultry and swine barns to improve the overall environmental & health conditions of animals
Detail

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