Add-on

Ridgeline Roofing & Restoration, a provider of residential and commercial roofing services, has acquired Signature Exteriors.

Ridgeline’s re-roofing and restoration services include roof repairs, full replacements, and storm damage restoration. The company also provides other exterior services, including siding and gutter installation.

Ridgeline’s customers range from individual homeowners to property management companies and commercial building owners across multiple Southeastern states, including Alabama, Georgia, Tennessee, North Carolina, South Carolina, Mississippi, and Florida. The company was founded in 2020 and is headquartered near Birmingham in Odenville, Alabama.

Charlotte, North Carolina-based Signature Exteriors provides residential and commercial roofing services, including roof repairs, full replacements, and inspections, as well as siding and gutter installations. The company was founded in 2012 by Michael Garrie in response to damage incurred by homeowners and businesses from Hurricane Irene in August 2011 and a tornado outbreak across the state in April 2011. That outbreak included 32 confirmed tornadoes, marking the largest single-day tornado event in North Carolina history.

“We believe this is the right time and the right partner to lead Signature into its next phase of growth,” said Mr. Garrie. “Ridgeline shares our vision and values, and we’re excited to leverage the marketing, sales, and operational resources they bring to our business.”

“We are excited to partner with Michael and his team to expand Signature’s capabilities in North Carolina,” said Chris Baldus, CEO of Ridgeline. “Our teams share a deep commitment to delivering high-quality service to our customers. This partnership presents significant opportunities for both our customers and employees.”

Bertram Capital acquired Ridgeline in January 2024, and the acquisition of Signature Exteriors marks its second add-on acquisition, following its acquisition of Pro Shield, a Madison, Mississippi-based residential and commercial roofing services company.

Bertram invests in middle-market companies across the business services, consumer, industrial, and manufacturing sectors. The firm’s flagship fund makes control investments in lower middle-market companies with at least $7.5 million in EBITDA, while Bertram’s Ignite Fund makes both control and non-control investments in under-optimized companies with a minimum of $3.5 million in EBITDA. Bertram closed its fifth flagship fund above its target in January 2024, securing $1.5 billion in commitments. The firm was founded in 2006 and is headquartered near San Francisco in Foster City, California.

© 2025 Private Equity Professional | March 18, 2025

Celebrity Coaches, a portfolio company of Allied Industrial Partners, has expanded with the acquisition of BandWagon RV Rentals.

Celebrity Coaches specializes in designing, fabricating, and leasing custom luxury motorcoaches used across America by artists in the entertainment industry, as well as by sports teams and politicians. The company, led by CEO Mike Comegna, was founded in 2005 and is headquartered near Nashville in Hendersonville, Tennessee.

BandWagon provides transportation services to touring artists, bands, and crews as a cost-effective alternative to traditional luxury entertainer coaches. These vehicles are particularly suited for emerging artists and smaller tours that require flexible, mid-tier transportation options, offering the comfort and amenities of a tour bus with the affordability and convenience of an RV. BandWagon, led by President Jeremy Clarke, was founded in 2009 by Marvin Clarke and is headquartered in Bowling Green, Indiana.

“By bringing together the two respective leaders in their subsectors, we are setting a new standard for excellence in transportation for the entertainment world,” said Mike Comegna. “From emerging artists to established acts, Celebrity offers tailored touring solutions for every stage of our clients’ careers.”

The addition of BandWagon expands Celebrity Coaches’ fleet to over 120 vehicles, transforming it into a one-stop shop for touring managers to bundle transportation options for artists, crew, and support staff.

In addition to its fleet of luxury motorcoaches and high-end recreational vehicles, Celebrity Coaches operates an 18,000-square-foot facility with temperature-controlled equipment storage, laundry facilities, washing bays, and secure 24/7 parking. Celebrity Coaches’ services also include providing drivers, ensuring regulatory compliance, performing preventative maintenance, and maintaining record-keeping.

Allied Industrial acquired Celebrity Coaches in March 2024, and the acquisition of BandWagon follows its April 2024 acquisition of Moonstruck Leasing, a Nashville-headquartered motorcoach leasing company.

“We are proud to continue to support strategic add-on investments as we build a diversified and scaled entertainment infrastructure platform to take advantage of strong demand for live entertainment nationwide,” said Bradford Rossi and Philip Wright, co-founders and managing partners of Allied Industrial, in a released statement.

Allied Industrial invests in lower and middle-market companies with EBITDA from $5 million to $30 million. Sectors of interest include industrial rentals, manufacturing, distribution, environmental services, and infrastructure. The firm was founded in 2019 and is headquartered in Houston.

© 2025 Private Equity Professional | March 7, 2025

Lubrication Engineers, a portfolio company of Aurora Capital, has agreed to acquire the industrial brands and products of Royal Purple (RPI) from publicly traded Calumet for $110 million.

RPI’s industrial brands and products include synthetic lubricants, greases, and fluids. The company’s product line includes Royal Purple industrial gear lubricants, stationary natural gas engine oils, hydraulic lubricants, and compressor oils, as well as BioMax bio-environmental lubricants. For the full year ending December 31, 2024, Royal Purple’s industrial business had revenues of $29 million.

Privately held Royal Purple was founded in 1986 and was acquired by Calumet in July 2012 for $335 million. Post-closing, Lubrication Engineers will be the exclusive manufacturer and seller of Royal Purple-branded industrial products, while Calumet will retain ownership of its Porter, Texas manufacturing facility and the consumer portion of Royal Purple, including the brands High Performance Motor Oil, HPS, HMX, Max EZ, Max Gear, Max-Clean, XPR, and Duralec Super.

Lubrication Engineers is a manufacturer and distributor of industrial lubricants and greases that enhance and maintain equipment performance and longevity. The company’s product portfolio includes Almasol industrial lubricants, Monolec synthetic gear oils, and Pyroshield open gear lubricants, which are used in applications across manufacturing, power generation, petrochemicals, and heavy equipment industries.

Through its network of distributors and technical service representatives, the company’s products are sold to customers in more than 60 countries. Lubrication Engineers, led by CEO Eric Borland, was founded in 1951 and operates a 150,000 sq. ft. manufacturing facility in Wichita, Kansas.

Calumet (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet, led by CEO Todd Borgmann, is headquartered in Indianapolis and operates twelve North America-based facilities.

“This transaction is a strategic fit across the board,” said Mr. Borgmann. “After executing upon a number of strategic catalysts over the past year, Calumet’s top priority is deleveraging our balance sheet, which this deal accelerates. The Royal Purple industrial team is joining a great company, and I want to thank all of those employees who have worked to make Royal Purple’s industrial business the success it is today.”

Aurora Capital acquired Lubrication Engineers in September 2023, and the acquisition of RPI is its first add-on acquisition under Aurora Capital ownership. “RPI is a terrific fit with LE’s core strategy of developing, manufacturing, and marketing ultra-premium, MRO-oriented, industrial lubricants and related asset reliability solutions,” said Randy Moser, a partner at Aurora Capital. “We appreciate Calumet’s impressive stewardship of the Royal Purple brand over the past decade, and we are excited to invest further behind LE and RPI’s joint product development, customer service, and manufacturing capabilities.”

Aurora Capital makes control investments of $50 million to $300 million in industrial, manufacturing, and service-oriented businesses valued between $100 million and $500 million. The firm focuses on sectors including industrial services and distribution, engineered products, and technology-enabled services. Aurora Capital was founded in 1991 and is headquartered in Los Angeles.

Moelis & Company was the financial advisor to Calumet on this transaction.

The transaction is expected to close in the first half of 2025.

© 2025 Private Equity Professional | March 4, 2025

Universal Pure, a portfolio company of Aurora Capital Partners, has acquired the high-pressure processing (HPP) assets of Dora’s Naturals.

Aurora acquired Universal Pure, an outsourced provider of high-pressure processing, food safety, and supply chain services for the food industry, in November 2022.

High-pressure processing (HPP) utilizes water and pressure to inactivate food-borne pathogens without chemicals or other additives, ensuring the safety and shelf life of food and beverage products while preserving their nutritional value, taste, and texture.

With this acquisition, Universal Pure now operates 22 HPP machines across seven locations—spanning a combined 1.1 million square feet—in California, Connecticut, Georgia, Nebraska, Ohio, Pennsylvania, and Texas. The company’s facilities are strategically positioned within a truck-day of all major food production hubs in the United States.

The acquisition of Dora’s HPP assets is the second acquisition closed by Universal Pure under Aurora ownership. The first buy was the purchase of the HPP assets of Katy, Texas-based Texas Food Solutions in April 2023.

“We are very excited to welcome and continue the tradition of high-quality service to Dora’s HPP customers. We are also eager to enhance our HPP capacity within the Northeast region of the United States,” said Frank Jimenez, the CEO of Universal Pure.

According to Lincoln, Nebraska-based Universal Pure, it is the largest independent provider of HPP services in North America. In addition to HPP services, Universal Pure offers refrigerated and frozen storage, beverage bottling, kitting and assembly, tempering, and other critical cold chain services.

Privately held Dora’s Naturals, founded in 1999 and headquartered near New York City in South Hackensack, New Jersey, specializes in natural, organic, and specialty food and beverage distribution, third-party logistics, and HPP services. Dora’s serves more than 4,000 traditional supermarkets, natural food stores, drug stores, independent specialty retailers, and on-premise/food-service locations across the Northeastern United States, from Virginia to New Hampshire.

With the sale of its HPP business to Universal Pure, Dora’s will now focus on its core distribution operations while entrusting its former HPP customers to Universal Pure.

“While exiting the HPP business is bittersweet, this transaction allows us to further focus our energies and resources on our core distribution business,” said Cyrus Schwartz, CEO of Dora’s. “We are confident that Universal Pure will continue to provide excellent service to all our customers.”

Aurora Capital makes control investments of $50 million to $300 million in industrial, manufacturing, and service-oriented businesses valued between $100 million and $500 million. The firm focuses on sectors including industrial services and distribution, engineered products, and technology-enabled services. Aurora Capital was founded in 1991 and is headquartered in Los Angeles.

© 2025 Private Equity Professional | February 28, 2025

Crystal Clean, a portfolio company of J.F. Lehman & Company, has completed two add-on acquisitions with the purchases of Premium Environmental Services and sister companies Worldwide Recovery Systems and YES Management (together, WRS).

Crystal Clean provides environmental and industrial services to manufacturers, industrial businesses, utilities, governmental entities, and providers of vehicle maintenance services. Its offerings include parts cleaning, waste management, used oil collection and re-refining, wastewater vacuum services, emergency spill response, and antifreeze recycling. These services help customers manage used chemicals and waste while minimizing regulatory burdens.

Headquartered near Chicago in Hoffman Estates, Illinois, Crystal Clean operates more than 100 branches and industrial service locations, serving approximately 104,000 customer sites.

Premium Environmental Services (PES) specializes in spill response and waste disposal, offering nationwide emergency response coverage through its contractor network. The company is headquartered near Evansville in Newburgh, Indiana.

Headquartered near Los Angeles in Pomona, California, Worldwide Recovery Systems provides waste collection, transportation, and disposal services across California and Arizona. Its additional services include lab packing—safely handling, transporting, and disposing of hazardous chemicals and materials typically in small quantities—and oil filter processing. Its sister company, YES Management, operates a non-hazardous waste transfer station in Yuma, Arizona.

“The acquisitions of PES and WRS each have tremendous potential to advance our strategic priorities with increased access to the eastern and western U.S. markets,” said Brian Recatto, the president and CEO of Crystal Clean. “Targeted investments in vertical integration are a core component of our strategy, and we are thrilled to welcome the PES and WRS teams into Crystal Clean.”

J.F. Lehman acquired publicly traded Crystal Clean (formerly Heritage-Crystal Clean) for $1.2 billion in cash in October 2023 [J.F. Lehman is Crystal Clear on Crystal Clean’s Future]. At the time of the acquisition, the valuation reflected 7.7x the company’s trailing twelve months adjusted EBITDA of $156 million.

“Each of the acquired businesses represents an excellent fit within our M&A strategy,” said Glenn Shor, the chairman of Crystal Clean and a partner at J.F. Lehman. “We anticipate continuing to be acquisitive as we execute our value creation plan.”

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.

In December 2024, J.F. Lehman closed its latest flagship fund, JFL Equity Investors VI LP, securing $2.2 billion in capital. The fund is the largest in the firm’s history and significantly exceeded its original target of $1.6 billion. Founded in 1992 by Dr. John Lehman, who served six years as Secretary of the United States Navy, the firm is headquartered in New York City, with an additional office in Washington, DC.

© 2025 Private Equity Professional | February 21, 2025

Trulite Glass & Aluminum Solutions has closed the add-on acquisition of Insulite Glass. Trulite Glass has been a portfolio company of Truelink Capital since October 2022, when it was acquired from Sun Capital Partners.

Trulite is a fabricator of architectural glass and aluminum products for commercial and residential construction. The company’s offerings include insulating glass units for energy-efficient windows, tempered and laminated safety glass for impact resistance, and aluminum storefront and entrance systems for commercial buildings. Trulite serves glazing contractors, general contractors, and building owners in the construction and renovation industries. Trulite, led by President and CEO Kevin Yates, was founded in 1978 and operates 26 facilities across North America. Its headquarters is in Peachtree City, Georgia, 30 miles southwest of Atlanta.

Insulite Glass is a glass fabricator serving the commercial glazing industry with insulated glass units, tempered glass, and laminated glass products. The company’s products are used in storefronts, curtain walls, and commercial windows by glazing contractors, architects, and construction firms.

Insulite Glass was founded in 1990 by Beau Guyette and is headquartered near Kansas City, in Olathe, Kansas, with an additional facility in Pacific, Missouri.

“Joining forces with Trulite presents tremendous opportunities for Insulite and our valued team members,” said Mr. Guyette. “We believe this acquisition will allow us to leverage our combined expertise and resources to better serve our customers and drive continued success in the market. I am confident the team in place at Insulite will continue to exceed expectations while serving an expanded territory through Trulite.”

“This acquisition marks another exciting step for Trulite. I want to personally congratulate Beau Guyette and the entire team at Insulite for building a phenomenal business,” said Mr. Yates. “We are excited to leverage the strengths of both Trulite and Insulite to enhance our offerings and provide even greater value to our customers. The acquisition of Insulite moves us one step closer to realizing our strategic vision and reinforces our commitment to excellence in the architectural glass and aluminum industry.”

“We are excited to support Trulite with an active M&A strategy focused on acquiring high-quality businesses that expand our geographic reach and enhance our product offering,” said Todd Golditch, a co-founder and managing partner at Truelink. “We welcome Insulite to the Trulite family.”

Los Angeles-headquartered Truelink invests in tech-enabled services and industrial companies with EBITDA ranging from $20 million to $75 million. Its targeted service sectors include business-to-business, education technology, financial technology, information technology, and software. Within industrials, Truelink focuses on building products, chemicals, transportation and logistics, and packaging.

In July 2024, Truelink Capital held a final closing of its inaugural fund, Truelink Capital I LP, with $950 million of capital commitments.

© 2025 Private Equity Professional | February 11, 2025

Legacy Bakehouse, a portfolio company of Benford Capital, has expanded with the acquisition of Mannon Specialty Foods (DBA Classic Cookie). Benford Capital acquired Legacy Bakehouse in partnership with the company’s president, Peter Sardina, in April 2023.

Legacy Bakehouse is a developer and manufacturer of baked snack ingredients, including bagel chips, rye chips, pita chips, and other ingredients. The company’s branded, custom, and private label products are sold to numerous consumer packaged goods companies and retail customers.

Legacy’s company-owned brands include its Pinahs brand of rye chips and snack mixes, featuring bread sticks and crumbs, bagel chips, pita chips, croutons, and flour tortillas. Founded in 1917, the company operates from a 59,000-square-foot facility located west of Milwaukee in Waukesha, Wisconsin, and a 42,000-square-foot facility south of Milwaukee in Cudahy, Wisconsin. Legacy’s Cudahy-based facility was acquired in July 2024 through the purchase of the assets of Angelic Bakehouse for $5.5 million from Lancaster Colony Corp.

Classic Cookie specializes in the production of premium cookie products, including a variety of classic soft-baked cookies and brownies. The company’s products are sold to retail consumers, fundraising groups, vending services, and private-label partners, and are distributed through major national retailers like Walmart, regional retail chains, and fundraising organizations across the United States.

Founded in 1984, Classic Cookie operates a 50,000-square-foot SQF-certified commercial bakery in Sevierville, Tennessee.

“Classic Cookie is a major step, expanding our baked snacks capabilities, capacity, markets, and customers,” said Alain Vallet-Sandre, the CCO of Legacy Bakehouse. “Adding our contract manufacturing and private label capabilities to Classic Cookie’s strong sales channels, as well as expanding our salty/savory snacking platform to include sweet, rounds out our offerings, increasing Legacy’s attractiveness as a partner to a broader cross-section of customers.”

“Classic Cookie is a strategic acquisition in our evolving baking platform,” said Brian Behm, a principal at Benford Capital Partners. “Classic Cookie’s primary channels, including national retail, vending, contract manufacturing, private label, and fundraising, are complementary to Legacy’s.”

Chicago-based Benford Capital invests in lower middle-market companies with revenues from $5 million to $150 million and EBITDA from $2 million to $15 million. The firm’s sectors of interest include industrial technology, food and consumer products, agricultural products and services, B2B e-commerce, niche manufacturing, value-added distribution, and outsourced business services.

© 2025 Private Equity Professional | February 6, 2025

Roman Products, a portfolio company of Salt Creek Capital, has been acquired by Matrix Adhesives Group, a portfolio company of Goldner Hawn.

Roman Products is a manufacturer of wallcovering adhesives, primers and sealers, removers, and related tools used by professionals and do-it-yourselfers. According to the company, it is largest producer of wallpaper adhesive, primer, and removers in North America.

Roman, led by President Gino Torres, was founded in 1947 and is headquartered near Chicago in Calumet City, Illinois. Salt Creek acquired Roman Products in November 2013.

“First word that comes to mind is grateful, as our partnership with Salt Creek exceeded our expectations on all fronts,” said Mr. Torres. “Their team and our board of directors were incredibly supportive throughout, including during challenging periods such as the COVID pandemic. We look forward to our next stage of growth with Goldner Hawn and Matrix Adhesives Group.”

In November 2021, Goldner Hawn partnered with industry veteran Dan Horner to form Matrix and acquire Guy Chemical, a Pennsylvania-based maker of silicone sealants, greases, and epoxy adhesives, and Nuco, an Ontario-based maker of sealants, foams, firestops, and adhesives. Later add-on acquisitions include Lohnpack (March 2022), Adaseal International (April 2022), and NewStar Adhesives (September 2023).

Today, Matrix is a provider of adhesive and sealant products used in both industrial and consumer markets. Their products include thread lockers, epoxy adhesives, dielectric lubricants, high-temperature silicones, and hybrid adhesives used in construction, automotive, and electrical applications. Matrix also offers custom blending, formulating, and private label manufacturing services, allowing customers to sell products under their own brands. Matrix is headquartered in Columbus, Ohio, and is led by CEO Dennis Johnson.

“This acquisition marks a milestone for the next chapter of Matrix Adhesives Group,” said Mr. Johnson. “Roman Products brings years of expertise and high-quality solutions in wallcovering adhesives. The combined offerings of Matrix and Roman Products deliver the same great products customers have come to expect, with the added benefit of Matrix’s extensive product and packaging offerings.”

“During our ownership, Roman Products has achieved remarkable success, solidifying its position as the market leader in wallcovering adhesives,” said Dan Mytels, a managing partner at Salt Creek. “The company’s dedication to innovation, customer service, and operational excellence has been instrumental in driving its growth and profitability. We are incredibly proud of the accomplishments achieved by the Roman Products team and are confident the company is well-positioned for continued success with Matrix.”

Salt Creek invests in North American-headquartered companies that have revenues of $5 million to $150 million. Sectors of interest include manufacturing, logistics, value-added distribution, B2B and B2C services, food and beverage, healthcare, retail, and hospitality. The firm is headquartered near Menlo Park in Woodside, California.

“The Roman Products team has built a truly exceptional business,” said Tyler Romrell, a director at Salt Creek. “We are thankful for the opportunity to have partnered with Gino and his team on this journey. We are confident that the company will continue to thrive with Matrix.”

Goldner Hawn invests from $10 million to $30 million in companies that have EBITDA of $5 million to $20 million. Sectors of interest include specialty manufacturing, value added distribution, consumer products and services, and outsourced business services. Since its founding in 1989, the firm has made over 100 platform and add-on investments with total transaction values exceeding $4 billion. Minneapolis-headquartered Goldner Hawn is led by partners Jason Brass, Chad Cornell, Joe Heinen, Pete Settle, and Andrew Tomashek.

In April 2024, Goldner Hawn held an above target close of its eighth investment fund with $364 million in capital commitments. To date, Fund VIII has completed three platform investments and eight add-on acquisitions.

© 2025 Private Equity Professional | January 9, 2025

OWS Foods, a Shore Capital Partners portfolio company since November 2020, has acquired Lillie’s Q Sauces & Rubs.

Lillie’s is an Oklahoma-based maker of barbecue sauces, rubs, and seasonings. The brand was founded in 2010 by Chef Charlie McKenna and President Brian Golinvaux, with commercial distribution beginning in 2014.

Brown Gibbons Lang’s Food & Beverage investment banking group, led by BGL Managing Director Daniel Gomez, acted as the financial advisor to Lillie’s Q for this transaction.

“With BGL’s guidance and advice, we were able to identify and negotiate with the right partner to accelerate the Lillie’s Q brand,” said Chef Charlie McKenna. “When I launched Lillie’s over 14 years ago, the goal was to get the product into every household. We believe we have the best-tasting product in the market, and with the resources offered through a bigger platform, we are excited about the opportunities ahead.”

OWS Foods is a branded and private label maker and distributor of dry and wet food products, specializing in BBQ sauces, rubs, blended seasonings, dressings, glazes, and baking mixes. Its owned and distributed brands include Championship BBQ, Head Country, BBQ Spot, Twist’d Q, and American Royal.

OWS is headquartered near Kansas City in Overland Park, Kansas, and operates manufacturing facilities in Concordia, Missouri (78,000 sq. ft.) and Ponca City, Oklahoma (30,000 sq. ft.). The company, originally founded as Old World Spices & Seasonings in 1988 by John Jungk, rebranded as OWS Foods to reflect its expanded product lines and market reach.

The acquisition of Lillie’s Q builds on OWS Foods’ earlier purchase of Head Country Bar-B-Q from the founding Head family in July 2021.

Shore Capital Partners invests in lower middle-market companies in the healthcare, food and beverage, business services, industrial, and real estate sectors. Target companies have revenues of $5 million to $100 million and EBITDA between $1 million and $10 million. Shore Capital is headquartered in Chicago, with an additional office in Nashville.

In October 2024, Shore Capital closed its inaugural Healthcare Advantage Fund, second Business Services Partners Fund, and first Shore Search Partners Fund. These three funds exceeded their targets and collectively represent over $1.9 billion in combined capital commitments.

© 2024 Private Equity Professional | December 5, 2024