Add-on

Tropical Cheese Industries, a portfolio company of Avance Investment Management and AUA Private Equity, has acquired Cibao Meat Products. Avance Investment Management and AUA Private Equity acquired family-owned Tropical Cheese in December 2024.

Cibao Meat Products produces popular Hispanic-style meats including salami, longaniza, chorizo, and jamoneta. Salami is a cured, tangy sausage; longaniza is a spiced pork sausage, often fried; chorizo is a bold, chili-seasoned sausage used in many dishes; and jamoneta is a sliced, processed ham loaf often served in sandwiches.

Cibao operates a cold-chain logistics network, and its products are sold to retail, wholesale, and foodservice customers. Key company-owned brands include Induveca and Campesino, both of which are widely recognized within Latin American communities. The family-run business was founded in 1969 by Heinz Vieluf Sr. and today is led by President Heinz Vieluf Jr., with a headquarters in Rockaway, New Jersey.

Tropical Cheese Industries is a manufacturer and distributor of Hispanic-style refrigerated food products, including cheeses, meats, and desserts, serving primarily Hispanic consumers through retail grocery channels. The company’s core products include Queso Fresco, Queso Blanco, and Queso de Freír, as well as dairy beverages, supported by a direct-store-delivery network.

Tropical Cheese Industries, led by CEO Vic Mehren with 375 employees, was founded in 1982 by Rafael Mendez, a Cuban immigrant who arrived in the United States at age 17, and is headquartered in Perth Amboy, New Jersey, with two additional facilities in Florida and one in Massachusetts.

With the close of the transaction, Cibao Meat Products has been integrated into Tropical Cheese Industries as its Cibao Meat Products division.

“This acquisition accelerates Tropical Cheese’s growth by uniting two category leaders in Hispanic foods,” said Mr. Mehren. “With Cibao, we will significantly strengthen our Meats Division, expand our Hispanic foods platform, and broaden our reach across the food industry and Hispanic community. This combination provides our customers with more high-quality offerings, stronger support, and additional resources behind service and execution. Cibao’s premium ingredients and authentic recipes help us bring more authentic Hispanic foods to more consumers.”

AUA Private Equity makes equity investments from $40 million to $75 million in companies with at least $10 million of EBITDA. Sectors of interest include consumer products and services focusing on family-owned and Hispanic-oriented businesses. AUA is known for using low leverage to acquire companies and focusing on operational improvements rather than financial engineering to create stakeholder value. The firm was founded in 2011 and is headquartered in West Palm Beach, Florida.

Avance invests in founder-owned, middle-market businesses with $25 million to $250 million in revenue and EBITDA of $10 million to $75 million. Sectors of interest include business and technology services, infrastructure and commercial services, consumer products and services, and financial and insurance services.

In September 2022, Avance held an above-target and final close of its inaugural fund, Avance Investment Partners LP, with total capital commitments of approximately $1.1 billion. The firm was founded in 2020 and is headquartered in New York City, with an additional office in Miami.

PrimeSource Brands, a portfolio company of Clearlake Capital, has acquired Advantage Industries, a manufacturer of gate and pool safety hardware products.

Advantage Industries is a manufacturer of gate and pool safety hardware sold under the Safetech Hardware brand. The company’s product portfolio includes self-closing hinges, pool safety latches, heavy-duty gate hardware, and decorative accessories used in residential, commercial, and institutional settings.

Advantage’s products are often used in situations where pool and perimeter safety are governed by local building codes.  Advantage is headquartered north of Fort Lauderdale in Deerfield Beach, Florida.

PrimeSource Brands is a provider of specialty branded building products with more than 100,000 SKUs across construction fasteners, fencing and railing systems, door and cabinet hardware, and outdoor living components. The company’s owned brands include Grip-Rite, Pro-Twist, Fortress Railing, RailFX, Ultra-Tec, CityPost, and Key-Link.

Customers of PrimeSource include lumberyards, retailers, distributors, and dealers with a combined 56,000 customer locations. The company, led by CEO Tom Koos, is headquartered in Irving, Texas, and operates 64 facilities across 26 U.S. states and Mexico.

“We’re thrilled to welcome Advantage Industries into the PrimeSource Brands family,” said Mr. Koos. “Advantage has built a reputation for quality, innovation and commitment to safety standards in the pool safety and gate hardware market. Their patented portfolio represents a natural extension of our outdoor living strategy. Combined with our existing Fortress Railing, RailFX, Ultra-Tec, CityPost, and Keylink offerings, this acquisition positions us to provide a broader range capabilities across the fencing and gate hardware market.”

Clearlake Capital acquired PrimeSource Brands from Platinum Equity in December 2020. With the acquisition of Advantage, PrimeSource has now completed ten add-on acquisitions to expand its specialty building products platform. The earlier buys included Dimora Brands (2020), Nationwide Industries (2021), Axxis (2022), CityPost (2024), Harney Hardware (2024), Cobra Anchors (2024), Fortress Railing (2025), and Keylink (2025).

“These acquisitions advance PrimeSource’s leadership in outdoor living by adding complementary products and a shared commitment to safety,” said Managing Partner José E. Feliciano and Partner Colin Leonard in a released statement. “It reflects our commitment to strategic, value-creating M&A that enhances PrimeSource’s market position and broadens our addressable market in specialty building products.”

Clearlake Capital invests in industrials and energy, software and technology-enabled services, and consumer sectors. The firm was co-founded by Mr. Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, California. In May 2022, Clearlake Capital 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. The firm has been fundraising for Fund VIII with a target of $20 billion but has not yet had a final close.

PureStar, a provider of commercial laundry services and a portfolio company of Cornell Capital, has acquired Emerald Textiles, a portfolio company of Pacific Avenue Capital Partners.

Emerald Textiles is a provider of healthcare laundry and linen management services. The company provides pickup, processing, and delivery of linens and textile products to hospitals, clinics, and healthcare systems. The company processes traditional linens as well as specialty items such as mops, mats, scrubs, and isolation gowns designed to meet strict hygiene and regulatory standards.

Pacific Avenue acquired Emerald in 2017 and during its ownership term closed four add-on acquisitions and  completed a greenfield expansion in California.

“Emerald exemplifies the Pacific Avenue investment strategy of buying fundamentally good businesses and unlocking value through operational improvement, capital investment, and accelerated growth,” said Chris Sznewajs, the founder and managing partner of Pacific Avenue. “We take pride in Emerald’s extraordinary transformation under our ownership. The company capitalized on Pacific Avenue’s experience and ability to build industry-leading companies. We congratulate and thank Andy Kratky, Emerald’s Chief Executive Officer, and the senior management team for their strategic vision, tremendous execution, and passion.”

Emerald, led by CEO Andy Kratky, is headquartered in San Diego and operates 12 processing facilities and 3 depots across California, Nevada, Arizona, and Utah.

“We are proud of the business we have built at Emerald and the trust we’ve earned from our healthcare customers,” said Mr. Kratky. “Joining PureStar’s nationwide portfolio of brands and facilities provides us with the scale and resources to continue to grow with, and provide top-tier service to, our healthcare customers in both existing and new geographies.”

PureStar is a provider of commercial laundry services specializing in outsourced linen and textile care for the hospitality industry. The company operates a nationwide network of full-service laundry facilities and manages linens, towels, uniforms, and specialty items for hotels, resorts, restaurants, spas, and other hospitality customers. PureStar processes more than 800 million pounds of linen annually through a portfolio of regional brands.

PureStar’s operating model allows hospitality operators to outsource their on-site laundry operations to PureStar’s centralized wash, dry, and delivery services. PureStar operates across major U.S. markets and maintains additional operations in Mexico, and the Bahamas. PureStar, led by CEO Brian Herington, is headquartered in Las Vegas.

“Emerald has built an exceptional platform, and we are excited to bring their capabilities in healthcare laundry services to the PureStar platform,” said Mr. Herington. “This investment bolsters both PureStar and Emerald by adding additional depth of experience and best practices. The combination will also enable continued investment in our people, facilities, and systems across our national network.”

Cornell Capital acquired PureStar in 2018 and has closed numerous add-on acquisitions including Nevada-based Apex Linen (2022), California-based Radiant Services Corporation (2025), Mississippi-based Southern Linen Services (2025), New England-based People’s Linen (2025), and Colorado-based Breck’s Commercial Laundries (2025). The acquisition of Emerald is PureStar’s first large-scale expansion into healthcare laundry services.

“This transaction represents an important milestone in our strategy to build a scaled, diversified essential services platform,” said Emily Pollack, a partner at Cornell Capital. “Emerald is a best-in-class operator with a strong management team and a culture that aligns well with PureStar’s. By bringing together leading hospitality and healthcare laundry platforms, we are creating a differentiated market leader with long-term growth opportunities.”

New York and Hong Kong-headquartered Cornell Capital was founded in 2013 by Henry Cornell, the former vice-chairman of Goldman Sachs’ merchant banking division, to invest in companies in the consumer, energy, financial, and industrial sectors. In March 2022, the firm held an above-target closing of Cornell Capital Partners II LP with $1.7 billion in capital commitments. Cornell’s inaugural fund closed in June 2018 with $1.3 billion in capital commitments.

Pacific Avenue specializes in middle-market corporate divestitures, carve-outs, and other complex transactions. The firm targets North American-focused companies with up to $1 billion in revenue and up to $50 million in EBITDA. As a control investor, Pacific Avenue acquires both performing and underperforming businesses across various industries, making the firm effectively industry agnostic.

In May 2023, Pacific Avenue held a final, oversubscribed close of its first fund, Pacific Avenue Fund I LP, at its hard cap of $500 million in capital commitments. The fund was backed by a range of investors, including insurance companies, consultants, endowments, foundations, funds of funds, family offices, and individuals. Today, Pacific Avenue manages over $1.2 billion in assets.

Jefferies was the financial advisor to PureStar and Cornell Capital.  Piper Sandler & Co. and Lincoln International advised Pacific Avenue and Emerald.

New Directions Aromatics, a portfolio company of TruArc Partners, has acquired Aromatic Fragrances International.

Aromatic Fragrances is a manufacturer and supplier of compounded and custom fragrance oils used in beauty, personal care, home fragrance, candle, and industrial applications with products that include soaps, body oils, cleaners, and other scented goods. The company operates with in-house perfumery and research capabilities and has a fragrance library that is used to support formulation and scent replication for its customers.

Aromatic Fragrances was founded in 2013 by Sean Riordan and Josh Thompson and is headquartered northwest of Atlanta in Cartersville, Georgia. Similar to New Directions, Aromatic Fragrances operates an e-commerce-enabled model that facilitates ordering and customization and manufacturing from its Cartersville facility.

New Directions is a wholesale supplier of natural and organic raw materials used by beauty, personal care, health, and wellness manufacturers. The company’s catalog includes essential oils, carrier oils, butters, botanical extracts, cosmetic bases, and other raw materials that are incorporated into creams, lotions, fragrances, aromatherapy products, and other consumer goods.

Customers of New Directions include cosmetics makers, soap and candle producers, spa-related businesses, and larger formulators that are supported through an e-commerce platform that supports ordering for both formulation and production. New Directions, led by CEO Sergio Pereira, was founded in 1998 by Alex Thomas and is headquartered in Toronto.

The buy of Aromatic Fragrances is New Directions first add-on acquisition since being acquired by TruArc in January 2022. “This combination brings together two highly complementary businesses with strong customer alignment and differentiated capabilities,” said Don Sturdivant, an operating partner at TruArc.

“Aromatic Fragrances’ product development expertise and e-commerce-enabled operating model complements our core focus of providing natural and organic ingredients through a digitally driven customer experience,” said Mr. Pereira. “Combined, we are positioned as a specialty ingredients platform focused on expanding customer access to differentiated inputs, while remaining true to our guiding principles of quality, innovation, and service.”

“We built Aromatic Fragrances in an effort to make fragrance innovation accessible and reliable for growing brands,” said Mr. Riordan. “This partnership brings together complementary capabilities intended to provide customers access to broader ingredient capabilities and enhanced resources.”

“This partnership aligns with our investment strategy by expanding New Directions footprint into the US while remaining focused on consumer end markets, an e-commerce enabled business model and product-defining ingredients,” said Gerald Sheehan, a partner at TruArc Partners. “We look forward to supporting the combined organization as it integrates its capabilities and serves its customers.”

New York City-based TruArc (formerly Snow Phipps Group) makes equity investments of $50 million to $150 million in companies with EBITDA from $10 million to $50 million. Sectors of specific interest include specialty manufacturing and business services.

Houlihan Lokey was the financial advisor to New Directions on this transaction.

US Dock & Door, a platform company of Soundcore Capital Partners, has closed the add-on acquisition of The Total Garage Store, a supplier of garage doors.

US Dock & Door (USDD) was formed by Soundcore in September 2023 as a platform in the overhead door and dock equipment services sector. It has now made six acquisitions for the platform and serves customers located in the Southeast and Northeast United States.

USDD provides installation, maintenance, and repair services for commercial loading dock equipment, entry systems, and residential garage doors. The company’s products include ribbed steel pan garage doors, aluminum full-view doors, rolling steel doors, high-speed doors, loading dock equipment, and security gate products that are used in industrial facilities, distribution centers, universities, and retail stores, as well as by residential homeowners and home builders.

USDD was formed by Soundcore in September 2023 as a platform in the overhead door and dock equipment services sector to acquire Georgia-based sister companies Top Notch Dock & Door and Top Notch Garage Door, and Georgia-based Premier Overhead Doors. In January 2024, USDD added a third business with the acquisition of Georgia-based Select Door Services, and a fourth business in July 2025 with the buy of Rhode Island-based Garage Headquarters.

Total Garage installs, repairs, and services overhead doors for residential and commercial markets. The company operates under six local brands, including Arden Garage Door, Allied Overhead Door, Farmer Garage Door, Jackson Overhead Door, Smith’s Garage Door, and EXL Garage Door, and provides products ranging from standard residential doors to heavy-duty commercial entry systems. The company, led by President Bill Earnest, was founded in 2008 and is headquartered south of Nashville in Nolensville, Tennessee.

According to Fortune Business Insights, the global garage and overhead door market was valued at $6.8 billion in 2021 and is projected to reach $9.9 billion by 2029, growing at a CAGR of 5.2%. Growth is supported by increased spending on residential renovation projects and the construction of commercial warehousing facilities.

Soundcore specializes in North America-based buy-and-build investments in the lower middle market. Target companies typically have EBITDA from $2 million to $14 million and are active in business and outsourced services, industrial services, specialty manufacturing, and value-added distribution sectors. The firm closed its most recent fund, Soundcore Capital Partners Fund II LP, at $350 million in July 2018 and is currently in the process of raising its third fund. Soundcore was founded in 2015 and is headquartered in New York City.

XLCS Partners was the financial advisor to The Total Garage Store. “Choosing XLCS to help sell our business was one of the best decisions we made,” said Mr. Earnest. “Their guidance throughout the process was exceptional. They provided clear advice, offered creative alternatives when needed, and respected our decisions every step of the way.” Nashville-based XLCS provides a range of services including seller advisory, buyer advisory, and capital raising.

Aretum, a portfolio company of Renovus Capital Partners, has acquired Veterans Engineering, a provider of technology services to federal agencies.

Aretum was formed in 2023 by Renovus when it combined two of its portfolio companies, Panum Telecom and Miracle Systems, to create a government contracting platform. Panum had focused on project and acquisition management, business consulting, and IT infrastructure work for federal clients. Miracle Systems added experience in managing program offices, delivering engineering support, and supporting IT and cybersecurity operations. In August 2023, the company added-on again with the buy of Artemis Consulting, a McLean, Virginia–based IT consulting firm specializing in software development and cloud modernization for federal agencies.

Veterans Engineering provides information technology modernization and engineering services to the federal government. The company’s core activities include cloud architecture design, cybersecurity implementation, and healthcare technology integration.

For example, the firm architects secure cloud environments for the Department of Veterans Affairs, allowing the agency to modernize patient record systems while maintaining strict compliance with federal data standards. Other past and present customers of the company include the US Departments of State, Homeland Security, and Energy; US Army Corps of Engineers; and the states of Maryland and Idaho. Veterans Engineering was founded in 2005 and is headquartered in Rockville, Maryland.

“This acquisition represents a strategic leap forward in our ability to support critical federal missions,” said Rohit Gupta, the chief executive officer at Aretum. “Veterans Engineering’s technical strength, track record in complex modernization programs, and commitment to mission outcomes are an ideal complement to Aretum’s capabilities.”

According to Deltek, the federal information technology market is forecast to grow from $131 billion in fiscal year 2024 to $156 billion by fiscal year 2028. This growth is largely driven by government-wide initiatives to upgrade legacy infrastructure and enhance cybersecurity defenses across civilian and defense agencies.

“Veterans Engineering has built a mission-driven organization grounded in service, technical excellence, and delivery quality,” said Manan Shah, a partner at Renovus. “The combined platform strengthens Aretum’s position across federal technology programs and creates a compelling foundation for continued growth — both organically and through future strategic acquisitions.”

Renovus invests in companies active in the education, healthcare services, technology services, and professional services sectors with at least $3 million of EBITDA and enterprise valuations of $10 million to $200 million. In October 2024, Renovus held an oversubscribed and above-target closing of its fourth private equity fund, Renovus Capital Partners IV Core Buyout LP and parallel vehicles, with $875 million of capital. Renovus was founded in 2010 and is based in the Philadelphia suburb of Wayne, Pennsylvania.