John McNulty

Viking Lands in Philadelphia

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Viking Mergers & Acquisitions has opened an office in Philadelphia, expanding into its ninth state and extending its advisory footprint across the Mid-Atlantic. The new office is led by Geoff Veale, who joins the firm as managing partner and will oversee client coverage across the region.Founded in 1996, Viking advises small and middle-market business owners on sale processes, growth partnerships, and ownership transitions. Clients use the firm’s services to prepare businesses for market, engage buyers, and negotiate transactions across manufacturing, industrial services, financial services, technology, and life sciences sectors.

Mr. Veale brings more than 25 years of experience spanning investing, advisory work, and operations. Viking has completed more than 950 business sales nationwide.

Waud Names Prithvi Raj Chief AI and Data Officer

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Waud Capital Partners has appointed Prithvi Raj as chief AI and data officer, creating a senior role to guide artificial intelligence and advanced analytics across the firm and its portfolio. Mr. Raj will work with investment and operating teams to embed data-driven tools into decision-making and growth initiatives.

Mr. Raj most recently led enterprise AI and data strategy at Newmark, overseeing data infrastructure, analytics, and machine-learning programs. Earlier roles at Microsoft, Zynga, and SquareFoot focused on applying data science to commercial and product outcomes.

Founded in 1993 by Reeve Waud, Waud Capital Partners is based in Chicago and invests across healthcare and software and technology. The firm has completed more than 500 investments and continues to emphasize technology-enabled value creation.

J.F. Lehman Builds Environmental Services Platform

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J.F. Lehman & Company has acquired majority equity interests in two companies, Reclamation Technologies USA and Tradewater, and has combined them to form a new environmental services platform focused on the lifecycle management of industrial and refrigerant gases and the mitigation of uncontrolled methane emissions.

Reclamation Technologies (RTI) provides refrigerant recovery and reclamation services to industrial and commercial customers that manage heating, ventilation, air-conditioning, and refrigeration systems. Specific services include on-site gas recovery, separation of mixed refrigerants, cylinder exchange programs, and the sale of reclaimed and virgin refrigerants. The company is headquartered in Indianapolis.Tradewater provides collection, aggregation, and permanent destruction of high global-warming-potential refrigerant gases and the mitigation of emissions from orphaned and uncontrolled methane sources. The company sources gases globally and coordinates their safe destruction to prevent atmospheric release, enabling the generation of carbon offset credits sold into both compliance and voluntary markets. Chicago-based Tradewater was co-founded by Tim Brown and Gabriel Plotkin and is led by CEO Kirsten Dueck.

The combination of RTI and Tradewater as a single platform creates a company with capabilities in refrigerant recovery, reclamation, processing, and destruction, providing customers with closed-loop services across the lifecycle of regulated gases.

Glen Shor
Glen Shor

“We are thrilled to launch JFLCO’s newest platform by entering this growing and highly fragmented sector – the investments in RTI and Tradewater establish a market leader with unique capabilities, and represent a strong foundation for continued growth,” said Glenn Shor, managing partner of J.F. Lehman. “We’re excited to partner with Jeff and Katelyn to build upon the strong foundation that RTI and Tradewater have established.”

With the closing of the transaction, Jeff Laborsky has been named chief executive officer of the combined platform and Katelyn Imrie was appointed president. At Tradewater, Ms. Dueck continues as chief executive officer.

“We are excited to partner with J.F. Lehman and our talented teams at RTI and Tradewater to build a leading, differentiated platform in this attractive and growing market,” said Mr. Laborsky. “Together, we share a clear strategic vision and a strong alignment around disciplined growth, operational excellence, long-term value creation, and climate impact.”

Dave Thomas
Dave Thomas

“We are partnering with a proven, highly capable management team with demonstrated ability in establishing and scaling specialized environmental services platforms,” said Dave Thomas, a managing director at J.F. Lehman. “Together, we see a compelling opportunity to accelerate growth through disciplined M&A and organic investment, positioning the Company as the acquiror of choice in a highly fragmented market.”

J.F. Lehman is a middle-market private equity firm primarily focused on the maritime, defense, and aerospace sectors. The firm typically invests between $50 million and $350 million in companies with EBITDA ranging from $10 million to $75 million. Equity for the acquisitions of RTI and Tradewater was from J.F. Lehman’s sixth fund, JFL Equity Investors VI LP, which closed in December 2024 with $2.2 billion in capital, the largest in the firm’s history.

Founded in 1992 by Dr. John Lehman, who served as Secretary of the United States Navy for six years, J.F. Lehman is headquartered in New York City, with an additional office in Washington DC.

Brown Gibbons Lang was the financial advisor to RTI and Cypress Capital was the financial advisor to Tradewater.

Highland Rim Acquires Xybix Systems

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Highland Rim Capital has acquired Xybix Systems, a maker and installer of ergonomic workstations.

Xybix Systems designs, manufactures, and installs height-adjustable sit-to-stand workstations and control room furniture. The company’s products are used in 911 dispatch centers, radiology imaging rooms, hospital command centers, transportation management hubs, utilities operations, and security and surveillance facilities.

Xybix products include customizable desks and consoles that incorporate integrated monitor mounts, cable management, and ergonomic adjustments that are tailored to specific workflows. The company’s workstations are designed to allow users to adjust work surface height and monitor positions to fit individual needs, which can help reduce operator fatigue and repetitive stress during extended use. In addition to its design and manufacturing capabilities, Xybix provides project management and installation services.

Xybix, led by CEO Adam Cookson, was founded in 1991 by Barry Carson and Ken Carson and is headquartered near Denver in Littleton, Colorado.

“Highland Rim is the right partner for Xybix’s next chapter,” said Mr. Cookson. “Their approach to partnering with management teams, preserving company culture, and investing thoughtfully for long-term growth made them a natural fit. We are excited to build on our momentum together and continue delivering best-in-class solutions to our customers.”

Matt Lane
Matt Lane

“Xybix is a mission-critical business with a strong culture, an outstanding reputation, and a proven management team,” said Matt Lane, a partner at Highland Rim. “We are excited to partner with Adam and the entire Xybix team as they continue to invest in product innovation, operational capabilities, and long-term growth. This investment aligns squarely with our strategy of supporting management-led businesses serving stable, essential end markets.”

Highland Rim makes control investments in companies with revenue between $10 million and $100 million and EBITDA ranging from $2.5 million to $10 million. The firm invests on a nationwide basis, with a geographic emphasis on the South and Midwest. Sectors of interest include light manufacturing businesses with differentiated processes or niche end markets; value-add distribution companies that provide specialized products or services beyond basic logistics; and business services companies that deliver recurring services to commercial customers.

Last month, Highland Rim announced the closing of its debut private equity fund with $208 million of capital. The firm was founded in 2022 by Chris Godwin, Matt Lane, and Mark Isaacs and is headquartered in Nashville.

Boyne Extends its Hold on Pilot Energy

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Boyne Capital has closed a single-asset continuation fund to support add-on acquisitions and continued organic growth of Pilot Energy, a provider of electric utility billing, data management services, and energy procurement strategies. Boyne first invested in Pilot in April 2020.

The new fund is managed and controlled by Boyne and is anchored by New 2ND Capital, with additional commitments from new and existing Boyne limited partners.

Pilot Energy services are used by communities, commercial, and industrial customers in the Western US to lower utility costs, reduce commodity price-related risks, and provide procurement flexibility. Pilot’s services include energy sourcing, utility billing consolidation, audit services, and consulting that integrates on-site generation and decarbonization strategies. San Diego-based Pilot is led by CEO Zaheer Dhruv.

During Boyne’s ownership term, Pilot acquired Trebel Energy, an Ohio-headquartered provider of electricity and natural gas procurement services to municipalities and businesses (December 2021), and Worthington Energy Consultants, an Ohio-headquartered provider of energy consulting services to commercial and industrial customers (April 2024).“I am thrilled to continue leading and building this platform alongside Boyne, whose partnership has been instrumental in our success,” said Mr. Dhruv. “Our continued access to institutional capital focused on making further investments in the business excites us as it empowers us to further grow the business and explore new opportunities.”

Derek McDowell
Derek McDowell

“We are excited to continue investing in, partnering with, and supporting the growth of Pilot,” said Derek McDowell, managing partner of Boyne Capital. “The management team has not only excelled but has set a new standard for excellence, and we have strong confidence in their ability to further develop Pilot into a world-class organization that can consistently deliver exceptional value to its customers. We have had the privilege of partnering with focused and driven executive leaders, identified through the dedicated and uncompromising efforts of our in-house executive recruitment team. Our operations team has also played a crucial role in supporting management’s efforts to build out robust financial and analytical tools, enabling Pilot to scale quickly and efficiently.”

Clay Cole
Clay Cole

“We are thrilled to support Pilot’s next phase of growth alongside Boyne,” said Clay Cole, a partner at New 2ND. “The company’s impressive track record of innovation and strategic expansion has positioned it as a differentiated and scaled player in the energy advisory and management sector. We are also excited to find opportunities for further investment in Pilot, providing the capital necessary to fuel its ambitious growth plans. This partnership underscores our confidence in Pilot’s ability to continue delivering exceptional value to its customers and stakeholders, and we look forward to being part of its continued success story.”

New York City-headquartered New 2ND was founded in 2014 by David Miller and Daniel Portnoy to focus exclusively on U.S. middle-market GP-led secondary transactions, providing liquidity and new capital through structured continuation vehicles and related secondary products.

Boyne Capital invests in lower middle-market companies with revenues of less than $100 million and EBITDA of $3 million to $15 million. Sectors of interest include healthcare services, manufacturing, consumer products, and business services. The firm was founded by Mr. McDowell in 2006 and is headquartered in Miami, Florida.

William Blair was the financial advisor to Pilot. McDermott Will & Schulte served as legal advisor to Boyne, and Ropes & Gray served as legal advisor to New 2ND.

Arcline Sells Resolution Medical to Carlyle’s Resonetics

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Arcline Investment Management has agreed to sell Resolution Medical to Resonetics, a portfolio company of The Carlyle Group.

Resolution Medical is a contract development and manufacturing organization (CDMO) that designs, tests, and manufactures complex medical devices with capabilities that include rapid prototyping, device engineering, precision molding, laser welding, bio-simulation (labs that recreate in-vivo conditions to refine designs without relying exclusively on animal models), and manufacturing in ISO Class cleanrooms.

Resolution Medical’s products include advanced catheter delivery systems, active implantable devices, and nitinol components used in stents and guidewires. The company supports therapeutics including structural heart, neuromodulation, cardiology, electrophysiology, and heart failure, providing services that span early concept development through regulated commercial production. Customers range from original equipment manufacturers to emerging device companies.

Resolution Medical, founded in 2012 by Steve Schmidt and Shawn Patterson, has more than 240 employees, including over 100 engineers, and is led by CEO Peter Herman. The company is headquartered north of Minneapolis in Fridley, Minnesota.

“With Arcline’s support, Resolution Medical has become a leader in the development and commercialization of cutting edge medical devices in the fastest-growing therapeutic modalities,” said Mr. Herman. “We look forward to joining the Resonetics team and continuing our mission of supporting the most innovative technologies in interventional medicine to save lives and improve patient outcomes.”

Resonetics is a provider of micro-machining manufacturing services including laser processing, nitinol processing, centerless grinding, thin-wall stainless steel and precious metal tubing, photochemical machining, microfluidics, sensor solutions, and medical power.

The company’s capabilities include precision laser prototyping and manufacturing that can create features as small as one micron – a fraction of a human hair – in a variety of materials. According to Resonetics, it has the world’s largest capacity for laser micro-machining polymers in ultra-violet wavelengths. The company also designs, builds, and services purpose-built laser workstations to meet specific customer needs.

Resonetics was founded in 1987 and initially grew as an independent precision manufacturing business serving medical device and life sciences customers. In 2014, the company received its first institutional backing from Sverica Capital Management, which supported its early expansion and acquisition strategy. Sverica exited in 2018 when GTCR acquired the company and continued to scale the platform through organic growth and add-on acquisitions. In 2021, GTCR sold Resonetics to The Carlyle Group with management retaining a minority interest.

Today, Resonetics is led by CEO Kevin Kelly and is headquartered near Boston in Nashua, New Hampshire, with 17 facilities and more than 2,600 employees in the United States, Canada, Costa Rica, Israel, and Switzerland.

“Resolution Medical is an exceptional organization with deep technical expertise, a strong innovation culture, and a proven track record in designing and developing complex medical devices for the most innovative companies,” said Mr. Kelly. “This acquisition enhances our ability to deliver fully integrated solutions for customers in high-growth markets like neuromodulation and structural heart and supports our vision of becoming the most comprehensive partner in the medical device industry.”

Arcline makes control investments in companies with recurring revenue models across sectors such as defense and aerospace, industrial and medical technology, life sciences, and specialty materials. The firm targets companies with EBITDA ranging from $10 million to $100 million and enterprise values up to $1 billion. In March 2023, Arcline closed its third fund with $4.5 billion in capital commitments, following its $2.75 billion second fund closure in January 2021.

The Carlyle Group invests worldwide in buyouts, growth capital, real estate, and leveraged finance. With $381 billion in assets under management, the firm has more than 2,200 employees across 29 offices on five continents and is based in Washington DC.

Piper Sandler & Co. was the financial advisor to Resolution Medical.

This transaction is scheduled to close by the end of the first quarter.