HCI Equity Partners has closed the sale of MSI Express, a national contract manufacturing and packaging firm for the food and beverage industry, to Nonantum Capital Partners.
MSI Express is a contract manufacturing and packaging partner of shelf-stable sauces, dry mixes, snacks, and beverage powders for national and multinational CPG firms, as well as mid-sized food companies. MSI’s service capabilities include dry blending, liquid filling, pouching, bottling, secondary packaging, and product development.
MSI has more than 2.5 million square feet of combined production space at its 15 facilities across Illinois, Texas, Indiana, Ohio, Arkansas, and Nevada. MSI was founded in 2008 and is headquartered near Dallas in Grand Prairie, Texas.
HCI Equity Partners formed MSI Express in May 2019 by acquiring Manufacturing Solutions International (MSI), an Indiana-based food-focused contract manufacturer and packager, and merging it with its existing portfolio company Express Packaging, an Ohio-based contract packager that it had acquired in August 2018.
Under HCI’s ownership, MSI scaled its production capacity from 450,000 to over 2.5 million square feet through three add-on acquisitions. In October 2020, MSI acquired Power Packaging’s St. Charles, Illinois manufacturing facility, with liquid filling, dry blending, and pouching capabilities, from Post Holdings. In July 2021, MSI acquired a shelf-stable and ready-to-eat co-manufacturing facility located in Hatfield, Pennsylvania, from Clemens Food Group. In March 2023, the company acquired Indiana-based PacMoore Products, an Indiana-based contract food manufacturer with dry blending, spray drying, and extrusion capabilities.
“MSI Express has experienced significant growth and success over the past six years with the support of HCI—not only with respect to M&A, but also from HCI’s in-house operations team,” said Charles Weinberg, the CEO of MSI. “In partnership with HCI, we have created a leading player in our industry that will thrive well into the future.”
“It has been our honor to work with the top-notch MSI team over the past six years,” said Doug McCormick, a managing partner at HCI. “MSI is illustrative of HCI’s mandate to partner with an exceptional management team to deliver transformational growth: topline growth in excess of 10x, consummating three strategic add-on acquisitions, and growing our production capabilities from 450,000 sq. ft. to a national footprint of over 2.5 million sq. ft. We wish MSI well in its next chapter of growth in partnership with Nonantum.”
“At Nonantum, our investment decisions are rooted in strong partnerships with leadership teams and a belief in the strategic competitive advantage of a business. With MSI, both are clearly evident,” said Jon Biotti, a managing partner at Nonantum. “Charles and team have built an outstanding company that is laser-focused on engineering expertise and client service and offers a deep knowledge of the food and beverage sector. MSI has a strong track record and a bright future.”
Nonantum Capital Partners invests from $25 million to $100 million in North American-based family- and founder-led businesses, and corporate carve-outs that have from $10 million to $40 million of EBITDA. Sectors of interest include consumer products, business services, and industrials. Nonantum closed its second fund in January 2022 at its hard cap of $575 million. Boston-based Nonantum was founded in 2018 as a spin-off from Charlesbank Capital Partners.
HCI Equity Partners targets lower middle market distributors, manufacturers, and technician-based service providers in fragmented industries. HCI typically invests in companies with a minimum of $20 million in revenue and at least $5 million in EBITDA.
HCI closed its most recent fund, HCI Equity Partners V LP, at $400 million in May 2022. The Washington, D.C.-headquartered firm was co-founded in 2003 by its managing partners, Dan Dickinson and Doug McCormick.
Houlihan Lokey was the financial advisor to MSI Express and HCI Equity Partners.
© 2025 Private Equity Professional | March 27, 2025
CAI Capital Partners has formed 
“I am honored to join the talented team at GreenArrow and lead this group of exceptional companies,” said Mr. Kuehn. “With a strong foundation and a clear vision for growth, the opportunities ahead are immense. With a continued commitment to safety, quality and excellence, I am excited to expand our capabilities and create a fully integrated and unified platform that will position us as a differentiated and leading electrical solutions provider across the United States.”
“Each of these three brands has an outstanding reputation for service and safety within their respective markets,” said Curtis Johansson, a partner at CAI. “It was important to maintain their individual brand identities while also leveraging the benefits of a consolidated national platform. We are thrilled to have Lloyd join our talented team and believe that under his leadership we will become the preeminent electrical solutions provider for critical transportation infrastructure across the United States.”
CIC Partners has agreed to sell CraftMark Bakery, a commercial bakery based in Indianapolis, to One Equity Partners.
“Our partnership with the CraftMark founders is representative of our unique partnership model with founder-led businesses and industry leaders,” said Amir Yoffe, a partner at CIC Partners. “We strive to be the partner of choice for executives and entrepreneurs seeking a strategic capital partner to execute on their vision and achieve their goals.”
“Our investment in CraftMark presents an opportunity to participate in the attractive foodservice and in-store bakery segments each with considerable growth potential,” said Joseph Huffsmith, a partner at One Equity Partners. “CraftMark has established itself as a leader in the baked goods production space.”
Cerberus Capital Management has acquired Votaw Precision Technologies, a manufacturer of hardware and components for aerospace and defense platforms, from Doerfer Corporation.
“Votaw has an outstanding reputation as a trusted manufacturing and precision machining partner on complex programs critical to our national security,” said Steve Cook, a senior managing director at Cerberus. “We are looking forward to supporting the team in executing on meaningful opportunities to strengthen and expand their partnerships across the U.S. defense industrial base. This transaction is a key step toward building an agile set of unique, in-demand capabilities that better serve the immediate and next-generation needs of aerospace and defense customers.”
Clearlake Capital has agreed to acquire publicly traded Dun & Bradstreet at an enterprise valuation of $7.7 billion and an equity valuation of $4.1 billion. This transaction has been unanimously approved by Dun & Bradstreet’s board of directors.
“We have been on a strategic journey over the last six years, executing a major transformation that has strengthened our business and financial results. We have grown revenue by approximately 40%, EBITDA by 60%, expanded margins by nearly 600 basis points, and leverage has come down from 9 times to 3.6 times, all while extending our lead in data breadth, depth and quality,” said Mr. Jabbour. “We are pleased to be partnering with Clearlake on this new leg of that journey. With their support, our team looks forward to evolving and growing the company with new ways to put our trusted, proprietary and mission-critical data assets to work for our clients.”
Clearlake Capital invests in industrials and energy, software and technology-enabled services, and consumer sectors. The firm was co-founded by José Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, California. In May 2022, Clearlake held a hard cap and oversubscribed final close of its seventh private equity fund, Clearlake Capital Partners VII LP, with $14.1 billion in commitments.
Karman Space & Defense, a portfolio company of Trive Capital, has completed a $500 million initial public offering on the New York Stock Exchange and now trades under the symbol “KRMN.”
“Karman’s successful initial public offering represents the next chapter of Trive’s long-term investment focus in near peer nation state technologies,” said David Stinnett, a partner at Trive and chairman of the board of Karman Space & Defense. “Through concept-to-production capabilities, Karman offers efficiency, agility and technically optimal solutions to both current and emerging primes in a market that has historically lacked a true tier 1 player. We believe Karman’s unique ability to rapidly develop, test and deploy technologies for high priority space and defense programs positions the Company for long-term success. We are thrilled to have contributed to Karman’s evolution and eagerly look forward to its next chapter of success.”
Pike Street Capital has held a final close of Pike Street Capital Reserve LP (PSCR), a single-asset continuation fund for the firm’s Fund I portfolio company, Impel Company. NorthSands Capital and Painswick Capital served as lead investors for PSCR, with NorthSands contributing $100 million to the transaction.
“We are thrilled to complete the fundraise of ‘Pike Street Capital Reserve’ in this single-asset continuation vehicle with Impel and our new limited partners, NorthSands and Painswick,” said Dave Dandel, a partner at Pike Street. “The transaction offered our Fund I investors the opportunity to generate liquidity at an attractive return or participate in the next phase of growth and acquisitions with Impel. In just a few years, Impel has established itself as a comprehensive provider of technical products and services for municipal and industrial fluid management needs, and we see tremendous opportunity for continued growth. The additional capital and longer investment period will enable the outstanding management team to fully execute its growth strategy.”
Main Post Partners has made a minority investment in Rebel Athletic, a designer and manufacturer of custom couture cheerleading, dance, and athletic apparel.
“Today marks the beginning of a new era for Rebel Athletic,” said Ms. Noseff Aldridge. “Our partnership with Main Post Partners is the ideal fit. Their deep understanding of our brand, the industry, and best-in-class consumer products made them the clear choice as our strategic partner. This new chapter will unlock unprecedented opportunities for Rebel – enhanced resources, real-time data intelligence, and deep industry expertise – allowing us to scale faster and smarter than ever before. Most importantly, this partnership strengthens our ability to serve our customers in ways never seen before: superior design, exceptional value, faster service, and AI-powered technology platforms that will revolutionize the industry.”
“We are thrilled to partner with Karen and the Rebel Athletic team,” said Josh McDowell, a partner at Main Post. “Rebel has distinguished itself through its relentless innovation, premium quality, and dedication to the cheer and dance communities. We look forward to supporting the company as it continues to lead the industry and deliver unparalleled experiences to athletes and consumers worldwide.”
Gridiron Capital has added Mike Huttner as a vice president on its business development team.
Earlier in his career, Mr. Huttner was active launching and overseeing international markets for Allbirds, a seller of sustainable footwear and apparel, and Our Place, a seller of cookware and other kitchen products.
New State Capital Partners has closed its fourth fund, New State Capital Partners Fund IV LP, above target with $700 million in capital. The new fund was oversubscribed and raised in less than six months.
“This milestone underscores the trust investors have in our strategy and our platform,” said Mr. Blechman. “We are focused on investing in, and scaling, high-quality, founder-led businesses. We are excited to deploy Fund IV while continuing our disciplined approach to value creation.”
