PDI Gets New Ownership, Eyes Expansion
TEMPLE, Texas — The management team of PDI joined forces with Luminate Capital Partners to purchase the company from McLane Co. Inc. Terms of the deal were not disclosed.
PDI, a supplier of enterprise-class retail automation software systems, provides software, hosted solutions and professional services to multi-unit convenience retailers and wholesale petroleum marketers.
The current PDI management team will continue to lead Temple-based PDI and will own a significant equity in the newly independent company. Looking ahead, PDI will seek opportunities to grow both organically and via acquisitions.
“Our team is thrilled to partner with Luminate Capital to take our growth strategy to the next level, while preserving the customer success principles that have been paramount to our business for the past 30 years,” said PDI President Greg Gilkerson.“We needed a financial partner to do this. We had very high standards, and Luminate Capital exceeded them all.
"I also want to thank McLane. McLane has been a fantastic owner for more than 20 years. Under their watch, PDI has developed into a significant force in the convenience retail and foodservice industries," Gilkerson continued.
McLane Executive Vice President Jim Kent added that PDI "has been a valuable part of the McLane family for the past 24 years. We see this acquisition as a great opportunity for PDI to expand its offering and customer base."
As part of the transaction, Luminate executives Hollie Moore Haynes and Scott Kingsfield will join the PDI board of directors.
“Hollie Moore Haynes and Scott Kingsfield bring deep technology, software and retail experience that will be invaluable to PDI as we move in the next direction, and Luminate Capital sees PDI as a great platform to build additional products and services for our industry," said Gilkerson.
San Francisco-based Luminate Capital Partners is a private equity firm focused on making investments in middle-market software and software-enabled services companies.
McLane provides grocery, foodservice and alcoholic beverage solutions to convenience stores. It is a wholly owned unit of Berkshire Hathaway Inc.