Arcline Investment Management has closed its second fund, Arcline Capital Partners II LP, with total capital commitments of $2.75 billion. Arcline closed its first fund with $1.5 billion of committed capital in March 2019.
Arcline makes control investments in companies that have from $10 million to $100 million of EBITDA and enterprise values of up to $1 billion. Sectors of interest include defense and aerospace; infrastructure services; industrial and medical technology; life sciences and specialty materials.
“We would like to thank our new and returning investors for their enthusiasm in backing the Arcline team,” said Rajeev Amara, CEO of Arcline. “Fund II will continue to focus on opportunities where Arcline can create value by accelerating the growth of high-quality companies in partnership with talented business owners, industry executives and management teams.”
Arcline was founded in 2019 and since inception has invested in 8 platform companies and completed 29 add-on acquisitions. The firm’s platforms include:
American Elevator Group, a provider of maintenance, repair and modernization services to an installed base of commercial and residential elevators. American Elevator was formed by Arcline in 2020 to house its investments in American Elevator & Machine, D&D Elevator Maintenance, Jersey Elevator, Pride & Service Elevator, Kencor Elevator Systems, and Unitec Elevator.
- Quantic, a manufacturer of electronics for next-generation defense and aerospace applications. Quantic was formed in January 2021 to house Arcline’s investments in TRM Microwave (January 2021), Ohmega Technologies (January 2021), and Evans Capacitor (November 2020).
Akron Biotechnology, a supplier of specialty materials used in cell and gene therapy. Akron was acquired from private owners in September 2019.- Integrated Polymer Solutions (IPS), a manufacturer of elastomeric components for defense, aerospace and medical applications. IPS was acquired from Industrial Growth Partners in July 2019.
- Fairbanks Morse, an OEM and aftermarket provider of power systems for the U.S. Navy. Fairbanks Morse was carved-out from EnPro Industries in December 2019.
- Glebar, an OEM and aftermarket provider of production equipment used in the manufacturing of interventional surgical devices. Glebar was acquired from private owners in June 2020.
Cooper Machinery Services, a provider of aftermarket parts and emissions reduction services used in natural gas transmission infrastructure. Cooper was acquired through the carve-out of the reciprocating compression division of GE-owned Baker Hughes in July 2019.- Pride Engineering, an OEM and aftermarket provider of production equipment used in the manufacturing of aluminum beverage cans. Pride was acquired from May River Capital in August 2019.
Arcline has more than 35 professionals and has offices in New York City and San Francisco.
© 2021 Private Equity Professional | February 5, 2021
High Road Capital Partners has sold GTI Holding Company, the parent company of General Tools and Instruments (GTI), to publicly traded Worthington Industries for $115 million.
GTI’s products are sold through big-box, specialty retailers, online marketers, hardware retailers, and wholesale hardware and industrial distributors. Customers include Home Depot, Lowe’s, Sears, Ace Hardware, True Value Hardware stores and industrial distributors such as Grainger, MSC Industrial Supply and McMaster-Carr. GTI, led by CEO Ralph Mallozzi, was founded in 1922 by Abe and Lillian Rosenberg and is headquartered in Secaucus, New Jersey.
During High Road’s ownership of GTI, the company’s revenue nearly doubled, and EBITDA nearly tripled through a combination of organic growth and add-on acquisitions. In May 2020, GTI acquired 
Claw, and WeedPopper tools. Earlier, in November 2017, GTI acquired 
“Our successful investment in General Tools is a perfect example of High Road’s strategy to build lower-middle-market niche leaders into bigger and better companies in partnership with management,” said Jeff Goodrich, a partner at High Road. “General Tools’ CEO Ralph Mallozzi built and led a topflight management team, strengthened General Tools’ position in all channels, particularly online, inspired a culture of continuous product development, and seamlessly integrated acquisitions.”
Charlesbank Capital Partners has held a final closing of its newest flagship fund, Charlesbank Equity Fund X LP, at its hard cap with $3.75 billion of capital. Fundraising for the new fund was launch just six months ago. Charlesbank’s previous flagship fund closed in October 2017 with capital commitments of $3 billion.
“While the market landscape is dynamic and ever-changing, we believe the ingredients for generating strong returns remain largely the same: rigorous discipline rooted in fundamentals, a consistent team united by a deeply ingrained culture of collaboration, and an agile and forward-thinking model driven by deep pattern recognition in our target sectors,” said Michael Choe, Charlesbank’s CEO and managing director. “We believe our investment approach is ideally suited to respond to the wide range of market conditions that we are likely to see over the next several years, and we are deeply grateful for the confidence our investors have placed in us to do so.”
“We are privileged to have the longstanding support of an exceptional group of investors,” added Maggie Littlefield Sahlman, the head of investor relations at Charlesbank. “We thank all our limited partners for the flexibility with which they adapted to a remote fundraising process and for their continued partnership through this global pandemic.”
Summit Park has acquired United Air Temp (UAT), a provider of residential heating, ventilation, and air conditioning services, in partnership with Capitala Group, Pareto & Company, and the management team of UAT.
“We plan to invest significantly in the UAT platform, both through organic initiatives and add-on acquisitions, to expand the company’s geographic reach, build its marketing capabilities, and expand their service offering which is today predominantly HVAC service and repair,” said Bob Calton, co-founding partner of Summit Park. “We are excited about our partnership with Gabe and Mike, and the entire UAT leadership team and are eager to build upon the company’s historical success.”
Backing Summit Park on the UAT transaction were Charlotte-based 
