PNC fund does first deals from Fund II(3)

The private equity division of PNC Financial has made its first investments from its second fund with the purchase of delivery company Lone Star Overnight and gas detection equipment manufacturer Bacharach.

PNC Equity Partners has purchased delivery company Lone Star Overnight from Brazos Private Equity. It has also acquired Bacharach, a maker of gas detection equipment. Financial details for the transactions were not disclosed.

The deals represent the first two investments from PNC’s second fund, which closed on $272 million in August. The fund’s capital was committed by 14 institutional investors and seven individual investors.

“With the middle market still robust in terms of deal activity, we are very excited to be actively pursuing new opportunities on behalf of PNC and our other investors,” said founding partner David Hillman in a statement.

Pennsylvania-based PNC Equity Partners is a division of PNC Financial Services Group. It typically invests in middle market companies with enterprise values between $25 million and $125 million and targets  the niche manufacturing, value-added distribution and outsourced service industries.