First Reserve Closes Buy of WGI
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First Reserve has acquired WGI, an engineering and infrastructure services provider. WGI’s management team reinvested and retained meaningful ownership in the business in partnership with First Reserve.
Founded in 1976 by CEO David Wantman, WGI provides engineering, design, and professional services used by public- and private-sector clients across transportation, water resources, environmental, geospatial, and land development projects. The company also owns Streamline Technologies which provides flood forecasting and stormwater management software. WGI is headquartered in West Palm Beach and operates from 23 offices nationwide.
Managing Partner Jeff Quake led the transaction for Stamford, CT-headquartered First Reserve.
AEC Advisors served as financial advisor to WGI, with Lawson & Weitzen as legal counsel. Simpson Thacher & Bartlett advised First Reserve.
MPE Sells 80/20 to Littlejohn
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MPE Partners completed the sale of 80/20, a modular framing systems manufacturer, to Littlejohn & Co.
Founded in 1989, 80/20 designs and manufactures configurable aluminum framing, accessories, and fastening systems used by customers to build machine frames, safety enclosures, workstations, and automation equipment. The company has more than 8,500 configurable SKUs. Customers of the company include automation integrators, manufacturers, and maintenance distributors. 80/20 is led by CEO Doug Waldal and is headquartered near Fort Wayne in Columbia City, Indiana.
MPE Partners, based in Cleveland and Boston, invests in North America-based lower middle-market companies with EBITDA from $8 million to $40 million. Sectors of interest include high-value manufacturing and commercial and industrial services. The firm’s most recent fund, MPE Partners IV LP, closed in June 2023 at its hard cap of $633 million. Leading the transaction for MPE were Karen Tuleta and Joe Machado.
Greenwich, Connecticut-based Littlejohn invests from $75 million to $500 million of equity in middle-market companies that have EBITDA from $15 million to $125 million. The firm invests across a range of industries including manufacturers, distributors, and service providers.
Baird served as lead financial advisor with Houlihan Lokey as co-advisor. Forvis Mazars providing financial due diligence.
AEA Investors Takes Majority Stake in Magna5 to Back National Managed IT Expansion
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AEA Investors has acquired Magna5, a managed IT services provider, alongside a significant reinvestment from the company’s management team.
Founded in 2016 by CEO Bob Farina, Magna5 provides managed IT support, cybersecurity monitoring, cloud hosting, and compliance services used by small and mid-sized and mid-market customers. Clients include healthcare providers, financial institutions, manufacturers, and professional services firms. The company is headquartered near Pittsburgh in Canonsburg, Pennsylvania. Magna5 serves more than 1,700 customers nationwide.
Dan Schorr and Chris Claudio led the transaction for New York City-headquartered AEA.
Winston & Strawn Adds Leveraged Finance Partner
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Winston & Strawn has added David Love as a partner in its Finance Practice, expanding its leveraged finance capabilities. Mr. Love joins the firm’s Transactions Department and is based in the Chicago office.
Mr. Love represents private equity sponsors in leveraged finance transactions, with a focus on large-cap and middle-market acquisition financings and liability management matters. He joins Winston from Kirkland & Ellis, where he was a partner in the Debt Finance Practice Group.
At Winston & Strawn, Mr. Love joins a finance team that has recently added Aaron Benjamin, Andrew Jacobs, Yulia Makarova, Aparna Sehgal, and Richard Semple. The firm has also expanded its transactional bench across London, New York, Los Angeles, Miami, and Charlotte.
William Blair Adds Managing Directors
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William Blair has added three managing directors to expand sector coverage across chemicals, energy transition, and equity capital markets. The hires deepen the firm’s Industrial Growth Products franchise and strengthen technology-focused capital markets capabilities amid continued global expansion.
Jayant Dey will expand coverage in energy transition, power, and electrification, drawing on prior roles at BNP Paribas, UBS, and Credit Suisse. Alain Harfouche broadens chemicals and specialty materials coverage following senior roles at Guggenheim Securities and KeyBanc Capital Markets. Matthew Wolfe will lead technology equity capital markets after serving at Piper Sandler and Evercore.
These additions follow recent senior banker additions across Europe and the U.S., supporting William Blair’s growth across advisory and capital formation services.
Granite Creek’s Seedbox Solutions Buys Trace
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Seedbox Solution, a seed logistics and monitoring company based in Chicago, has merged with Trace Engineering, a Colorado-based provider of IoT hardware and software engineering services. Seedbox is a portfolio company of Granite Creek Capital Partners, and the merger integrates Trace’s engineering operations into Seedbox’s platform.
Founded in 2012 by Matt Dannenfeldt, Seedbox provides reusable seed packaging, fleet management, sensor-enabled monitoring, and real-time inventory tracking used by seed producers – corn, soy, cotton, and wheat – to manage quality and asset utilization. Matt Dannenfeldt serves as chief executive officer. Trace designs IoT devices, embedded software, cloud-connected systems, and data capture tools used by industrial and agricultural customers. The combined business monitors thousands of containers across seed production and distribution networks.
Peter Lehman led the Granite Creek transaction team.
THL Builds Red Nucleus
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Red Nucleus, a life sciences services company, has acquired Bridge Medical Consulting, a health economics and outcomes research consultancy. Red Nucleus has been majority owned by THL since 2024 and is expanding its value and evidence platform through add-on acquisitions.
Founded in 2011 by Paul Gandhi, Bridge Medical Consulting provides evidence synthesis, integrated evidence planning, health economic modeling, statistics, and real-world evidence used by pharmaceutical and biotechnology customers to support regulatory, reimbursement, and market access decisions. Paul Gandhi serves as chief executive officer. The company is headquartered in London. Bridge Medical Consulting serves customers across Europe and the United States.
Philadelphia-are-based Red Nucleus provides learning and development services, including training programs designed for pharmaceutical sales teams, clinical staff, and healthcare professionals.
THL was founded in 1974 and is one of the oldest private equity investment firms in the United States. Industries of interest include financial services, healthcare, and technology & business solutions. Since its founding, Boston-based THL has raised over $35 billion of equity capital, acquired over 170 portfolio companies, and completed over 600 add-on acquisitions. THL’s investment in Red Nucleus was through its ninth fund which closed in October 2021 with $5.6 billion in committed capital.
DC Capital Buys Applied AI Platform Knexus
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DC Capital has made a majority investment in Knexus, an applied artificial intelligence platform serving U.S. government programs.
Founded in 2006, Knexus designs and operates enterprise AI systems used by defense and civilian agencies to deploy secure, production-grade artificial intelligence. Customers use the platform to modernize operations, enable data-driven decision-making, and deploy Google-enabled AI tools across mission-critical environments. The company was founded by Adam Lurie, who serves as chief executive officer, and is headquartered in Vienna, Virginia.
“The U.S. Government’s focus on artificial intelligence continues to accelerate as agencies seek to modernize operations, improve readiness, and enable faster, more informed decision-making,” said Thomas Campbell, the founder and managing partner of DC Capital. “Knexus has built a differentiated capability at the intersection of AI and mission execution. We are excited to partner with the Knexus team to support the next phase of growth through investment in business development, technology, and operations, consistent with DC Capital’s systematic approach to building durable, mission-focused government technology platforms.”
In addition to Mr. Campbell, Jerry Chernock worked the transaction for Virginia-based DC Capital.
RoundTable Invests in Colorescience
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RoundTable Healthcare Partners has invested in Colorescience, a skincare and sun protection brand, acquiring the company from a shareholder group led by 1315 Capital. Colorescience represents the third platform investment from RoundTable’s current equity fund and adds to its consumer healthcare portfolio.
Founded in 2013, Colorescience develops mineral-based skincare and sun protection products used daily by consumers and recommended by dermatologists, plastic surgeons, aestheticians, and medical spas. The company sells through professional providers, direct-to-consumer channels, and major e-commerce platforms. Mary Fisher serves as chief executive officer, and the company is headquartered in Carlsbad, California.
Leading the transaction for RoundTable were Tim Connors and Jawwad Akhtar. “We could not be more excited to partner with Mary and the entire Colorescience management team,” said Mr. Connors. “Colorescience has built a compelling platform defined by strong consumer advocacy and a differentiated product portfolio anchored by a commitment to science and innovation. We look forward to supporting the team as they continue to advance the Colorescience brand and capitalize on the company’s momentum.”
Colorescience is RoundTable’s third platform for its $800 million Equity Fund VI. Senior debt financing was provided by Capital One, CIBC Bank USA and Lord Abbett Private Credit. Raymond James was the financial advisor to Colorscience.
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.
Monument Group Promotes Chris Webber to Partner
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Monument Group has promoted Chris Webber to partner. Mr. Webber is based in Boston and oversees U.S. investor coverage across primary fundraisings, secondary transactions, and advisory mandates.
Mr. Webber joined Monument Group in 2017 and has worked closely with institutional investors across a range of private markets strategies, supporting clients on capital formation and portfolio advisory assignments. He works with pension funds, endowments, foundations, and family offices seeking access to alternative investment opportunities.
“Chris has been a trusted partner to our clients and a valued leader within the firm,” said Ryan Mueller, managing partner at Monument. “His deep understanding of the investor landscape, strong client relationships and consistent commitment to excellence exemplify the qualities we look for in our partners. We are pleased to recognize his contributions with this well-deserved promotion.”
Monument Group also announced other promotions as follows: Lars Fonkert, Cate Pfirrman, and Pete Reuter were promoted to Senior Vice President; Patrick Coffey was promoted to Vice President; and Zach Haim and Max Polich were promoted to Senior Analyst.
WILsquare Expands OuterBox With Acquisition of GRO Marketing
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OuterBox, a portfolio company of WILsquare Capital, has acquired GRO Marketing.
Founded in 2018, Tuscaloosa, Alabama-based GRO provides digital performance marketing services, including paid media, SEO, website development, and analytics, used by multifamily, student housing, and senior living property owners to drive leasing demand. The company was founded by Matt Pavlick, who joins OuterBox as an investor and senior advisor.
Columbus, Ohio-based OuterBox is led by CEO Jeff Allen and was acquired by WILsquare Capital in 2022. The company has closed three prior add-on acquisitions: Trinity Insight (2023), TopSpot (2024), and Accelerated Digital Media (2025).
“The acquisition of GRO extends OuterBox’s strategy of aligning with best-in-class agencies to enhance industry coverage and performance capabilities,” said Andrew Scharf, a managing director at WILsquare. “We are pleased to support OuterBox’s expansion into the residential community vertical, a highly attractive market segment with stable and growing demand drivers for marketing services.”
Paul Hastings Expands Fund Finance Practice, Opens Charlotte Office
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Paul Hastings has expanded its fund finance practice with the addition of two senior partner teams and the opening of a new office in Charlotte. The move brings together lawyers from Haynes Boone and Cadwalader alongside Paul Hastings’ existing fund finance group.
The additions include Holly Loftis, Danyeale Chung, Aleksandra Kopec, and Mark Nesdill, who advise banks and direct lenders on subscription facilities, NAV financings, hybrid structures, and related fund-level lending products.
In 2025, the Paul Hastings global finance team closed more than 500 debt financing and preferred equity transactions, totaling over $260 billion in aggregate financing, advising lenders and underwriters in financing transactions ranging from $10 million to over $20 billion.
The Los Angeles-headquartered firm ranked No. 1 for US Syndicated Loans in 2025. The firm’s global finance team closed more than 500 financing transactions totaling over $260 billion in 2025.
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WR Valuation Launches Independent Platform Targeting Middle-Market Deal Activity
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WR Valuation has launched as an independent valuation and advisory platform focused on serving middle-market companies, sponsors, and advisors amid accelerating deal activity.
Founded in 2026, WR Valuation provides financial reporting valuation, transaction-related valuation, litigation support, diligence, and buy-side advisory services used by public companies, middle-market businesses, and financial sponsors. WR Valuation collaborates with multiple advisory partners and expects increased transaction activity heading into 2026. The firm is led by co-founder and senior managing partner Robert Stutz, the co-founder of predecessor firm, Western Reserve Valuation, alongside managing partner David Orth, and is headquartered in Columbus, Ohio.
“Our clients don’t work with a logo, they work with people,” said Mr. Stutz. “They’ve followed us throughout our careers because they know how we operate. We understand complexity, we understand pressure, and we show up until the work is completed.”
The firm was formed from long-standing client relationships and senior-level experience across major accounting, advisory, and financial institutions. Messrs. Stutz and Orth draw on prior experience at EY, Deloitte, BDO, Citizens Financial Group, and Western Reserve.
AEA Elevate Acquires Stake in 829 Studios From CIVC Partners
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AEA Elevate has acquired a majority interest in 829 Studios, a technology-enabled digital marketing firm, from CIVC Partners. The transaction included reinvestment from the company’s founder, management team, and employees.
Founded in 2007, 829 provides performance marketing, brand and digital experience, earned and owned media, and strategic communications used by enterprise and midmarket customers. 829 serves more than 400 clients, including Fortune 500 companies and global brands. The company was founded by CEO Peter Ross and is headquartered in Boston.
“829 has built a differentiated, technology-enabled platform that aligns marketing execution with measurable business outcomes,” said James Stith of AEA Elevate.
Scott Schwartz led the transaction for CIVC. Canaccord Genuity served as financial advisor, and Ropes & Gray served as legal counsel.
Incline Backs MCCi in Middle Market Software Deal
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Incline Equity has made an investment in MCCi. Tallahassee-headquartered MCCi provides software that helps state and local government agencies manage documents, automate workflows and address regulatory-driven processes across records requests, licensing and permitting. The company’s products are designed to replace manual, paper-based workflows with integrated digital systems. CEO Donny Barstow leads the company.
“MCCi has earned a strong reputation for delivering high-quality service and support that has led to long-term client relationships,” said David Chen, managing director at Incline. “We plan to pursue opportunities to enhance the Company’s core automation platform and add complementary software solutions.”
Pittsburgh-based Incline invests across the middle market, with a focus on services, value-added distribution and specialized light manufacturing businesses.
Mangrove Sells PowerParts Group After Multi-Acquisition Build
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Mangrove Equity Partners has sold PowerParts Group, a provider of aftermarket components and services for gas and steam turbines, to JLL Partners. Mangrove acquired STAR Turbine in 2020 and later added Thor Precision in 2023. The company was later rebranded as PowerParts Group.
PowerParts supplies turbine components, precision manufacturing services, and repair solutions that customers use to maintain and extend the life of power generation equipment. Serving OEMs, independent MROs, utilities, and industrial operators, the company is led by president Jorge Cadena and is headquartered in Tampa.
“Mangrove was an outstanding partner to our team,” said Mr. Cadena. “Their support allowed us to invest meaningfully in people, facilities, and capabilities, while maintaining our customer-first culture. Together, we built a stronger, more diversified business that is well prepared for its next chapter.”
Managing Partner Kevin Hammond leads the transaction for JLL.
CIBC U.S. Middle Market Investment Banking was the financial advisor to Mangrove.
Managing Partner Kevin Hammond leads the transaction for JLL.
Renovus Sells Pillr Health to Water Street Healthcare Partners
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Renovus has sold Pillr Health, a healthcare technology and pharmacy optimization platform, to Water Street Healthcare Partners. The transaction represents a full exit following Renovus’ original investment in 2019.
Founded in 2019, Pillr Health provides pharmacy optimization software, regulatory compliance tools, specialty pharmacy services, and advisory support that customers use to manage 340B programs, streamline pharmacy operations, and improve financial performance. Serving hospitals and health systems, the company is led by CEO Skip Devanny and is headquartered near Philadelphia in Wayne, Pennslyvania.
Brad Whitman led the transaction for Renovus. Piper Sandler was the financial advisor to Pillr Health on the transaction.