Buying a Pirtek franchise: SBA acquisition loan data
Since FY2018, SBA lenders have approved 10 7(a) loans to buy an existing Pirtek (classified mostly as Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance), totaling $13.6M. The median loan was $949,500, 47% higher than the $645,250 median for all SBA-financed acquisitions. 5 of these loans were approved in the last two fiscal years.
Seller note standby terms and third-party consents are reviewed before closing.
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What this tells a buyer
- Price range to expect. Loan size tracks purchase price. Half of Pirtek resale loans landed between $514,500 and $1,635,000.
- Lender experience exists. Zions Bancorporation, National Association alone has financed 2 Pirtek resales.
- Guaranty. The SBA guaranteed 76% of the dollars lent here.
- What the file leaves out. The SBA file does not record franchisor transfer terms or fees.
Financing a Pirtek resale
The median SBA 7(a) loan for a Pirtek resale was $949,500 across 10 loans (FY2018 to FY2026). Zions Bancorporation, National Association, Live Oak Banking Company and Georgia Banking Company have financed the most Pirtek resales. Too few of these loans are old enough to measure a charge-off rate; the average for all SBA acquisition loans is 3.5%.
Pirtek acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 1 | $223K | $222,700 | |
| FY2021 | 4 | $9M | $1,725,000 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 3 | $1.5M | $500,000 | |
| FY2026 | 2 | $2.8M | $1,420,000 |
How often do these acquisition loans fail?
Fewer than 20 Pirtek acquisition loans are old enough to measure losses reliably, so no charge-off rate is shown. The benchmark across all SBA acquisition loans in the FY2018 to FY2021 cohort is 3.5% by count. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
Seller note standby terms and third-party consents are reviewed before closing.
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Lenders financing Pirtek resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Zions Bancorporation, National Association | 2 | 20.0% | $600K | |
| 2 | Live Oak Banking Company | 1 | 10.0% | $5M | |
| 3 | Georgia Banking Company | 1 | 10.0% | $2.5M | |
| 4 | Milestone Bank | 1 | 10.0% | $1.9M | |
| 5 | The Fidelity Bank | 1 | 10.0% | $990K | |
| 6 | First Bank Richmond | 1 | 10.0% | $978K | |
| 7 | VelocitySBA, LLC | 1 | 10.0% | $921K | |
| 8 | 1st Security Bank of Washington | 1 | 10.0% | $558K | |
| 9 | Amplify CU | 1 | 10.0% | $223K |
States where Pirtek units are bought
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Utah | 3 | 30.0% | $5.6M | |
| 2 | California | 2 | 20.0% | $2.8M | |
| 3 | Georgia | 1 | 10.0% | $2.5M | |
| 4 | Iowa | 1 | 10.0% | $990K | |
| 5 | Indiana | 1 | 10.0% | $978K | |
| 6 | Washington | 1 | 10.0% | $558K | |
| 7 | Texas | 1 | 10.0% | $223K |
The purchase agreement decides what you bought, not the loan approval.
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How lenders classify Pirtek
Lenders code each loan to a NAICS industry. For Pirtek the codes used were:
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 3 | 30.0% | $6.9M | |
| 2 | Industrial Machinery and Equipment Merchant Wholesalers | 3 | 30.0% | $3.1M | |
| 3 | All Other Professional, Scientific, and Technical Services | 1 | 10.0% | $1.9M | |
| 4 | All Other Automotive Repair and Maintenance | 1 | 10.0% | $978K | |
| 5 | Industrial Supplies Merchant Wholesalers | 1 | 10.0% | $558K |
Questions buyers ask
How much do buyers borrow to buy a Pirtek franchise?
The median SBA 7(a) loan for a Pirtek resale was $949,500 across 10 loans (FY2018 to FY2026). The middle half of loans ran from $514,500 to $1,635,000. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Pirtek acquisitions?
Zions Bancorporation, National Association has made the most SBA acquisition loans for Pirtek (2, 20% of the total). Live Oak Banking Company, Georgia Banking Company, Milestone Bank follow.
What interest rate and term do Pirtek acquisition loans carry?
The average initial rate at approval was 7.78% (a blend of fixed and variable loans across several rate environments, so treat it as context, not a quote). The median term was 10 years.
Is a Pirtek resale riskier than other SBA-financed acquisitions?
Too few Pirtek acquisition loans are old enough to measure. The benchmark for all SBA acquisition loans is 3.5% charged off in the FY2018 to FY2021 cohort.
Where are Pirtek units being bought with SBA loans?
Utah (3), California (2), Georgia (1), Iowa (1), Indiana (1). State counts follow where the brand has units and where SBA lending is most active generally; see the state pages for the overall picture.
The purchase agreement decides what you bought, not the loan approval.
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Related
- All Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance acquisitions
- Utah acquisitions
- California acquisitions
- Georgia acquisitions
- Zions Bancorporation, National Association
- Live Oak Banking Company
- Georgia Banking Company
- All franchise brands
Brand name as recorded by lenders in the SBA file: "Pirtek" (franchise code S1310). Figures are aggregates of public SBA data and are not provided or endorsed by the franchisor.