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Sentinel Capital Partners has completed the sale of NSI Industries, a provider of branded electrical and HVAC components, to publicly traded Hubbell Incorporated for $3 billion in cash. The purchase price of $3 billion represents 15.5x NSI’s estimated 2026 adjusted EBITDA.

NSI offers more than 15,000 SKUs, including Polaris insulated connectors, Bridgeport brand conduit fittings, and TORK lighting controls such as timers, photocontrols, and occupancy sensors – products used primarily by electrical contractors across industrial, infrastructure, and commercial applications with particular exposure to digital infrastructure and electrification applications like power utilities and data centers.

NSI sells its products through a network of more than 2,000 third-party distributors and contractors across North America. NSI anticipates 2026 revenue of approximately $570 million. Founded in 1975, NSI is headquartered north of Charlotte in Huntersville, North Carolina, and is led by CEO Mike Pruss.

“I am grateful for Sentinel’s support and partnership throughout their investment,” said Mr. Pruss. “Their expertise and resources aligned perfectly with our vision for growth and innovation, and helped us build a stronger, more focused business that is well-positioned for future success.”

Sentinel acquired NSI from Odyssey Investment Partners in November 2024. Odyssey had acquired the company from Blue Sea Capital in March 2020 and completed nine add-on acquisitions during its ownership. Blue Sea, in turn, purchased NSI from Summit Park in 2016. Summit Park had acquired the business in 2012 and helped establish the foundation for its subsequent growth under private equity ownership. In October 2025, NSI divested its HVAC division — including the Duro Dyne ductwork and sheet metal products business and the Supco HVAC replacement components business — to Lennox International for $550 million, leaving NSI as a focused electrical products platform ahead of the Hubbell transaction.

“It’s been a privilege working with the NSI team,” said John Van Sickle, a partner at Sentinel. “Together, we executed a focused strategy that strengthened NSI and its market position. NSI has a bright future ahead, and we wish the entire team continued success with Hubbell.”

NSI benefits from exposure to electrification and digital infrastructure end markets, including power utilities and data centers. According to Deloitte‘s 2026 Power and Utilities Industry Outlook, U.S. peak electricity demand is projected to grow approximately 26% by 2035, and data center electricity consumption could reach 176 gigawatts by 2035 — a fivefold increase from 2024 levels — as artificial intelligence workloads and industrial electrification accelerate. That demand trajectory points to sustained replacement and upgrade spending on the electrical fittings, connectors, and controls NSI supplies.

Hubbell Incorporated (NYSE: HUBB) is a manufacturer and supplier of electrical and utility products. The company’s electrical segment provides wiring devices, lighting fixtures, and controls for residential, commercial, and industrial markets, while its utility segment supplies products and services to the power transmission and energy distribution industry. Hubbell, with FY 2025 revenues of $5.8 billion, was founded in 1888 and is headquartered near New Haven in Shelton, Connecticut.

New York City-based Sentinel Capital Partners invests in midmarket companies across business services, consumer, healthcare services, and industrial sectors in the United States and Canada. The firm targets equity investments of $10 million to $75 million in businesses with enterprise values between $25 million and $250 million and EBITDA of $7 million to $65 million. Since its founding in 1995, Sentinel has raised more than $11 billion of capital.

Lincoln International and Baird were the financial advisors to NSI and Sentinel on this transaction. Leading the Lincoln transaction team were Managing Directors Bobby Reifman and Sean Bennis.

Arlington Capital Partners (ACP) has completed the sale of Riverpoint Medical to Novanta, a publicly traded technology supplier to medical and industrial OEMs, ending a seven-year partnership between ACP and Riverpoint.

Novanta will acquire all outstanding equity interests of the parent company of Riverpoint through a $1.2 billion cash payment at closing and an additional payment of up to $250 million in the first quarter of 2027 based on Riverpoint achieving certain operating milestones. According to Novanta, the upfront purchase price of $1.2 billion is 19x Riverpoint’s estimated 2026 Adjusted EBITDA (excluding synergies) of $63 million, or approximately 17x estimated 2026 Adjusted EBITDA, including the full value of expected year-five pro forma synergies.

Riverpoint Medical designs and manufactures private-label minimally invasive surgical consumables and instruments for medical OEM customers across sports medicine, trauma, and cardiovascular surgery applications. The company’s products include suture anchors, implantable fibers, absorbable and non-absorbable sutures, and surgical instruments.

Riverpoint has specialized expertise in biomedical textiles — high-strength surgical fibers and implantable materials used in sports medicine reconstruction and cardiovascular repair. The company also owns proprietary coating technologies that help stimulate bone growth and improve integration with absorbable implant materials used in orthopedic and sports medicine applications.

Portland, Oregon-headquartered Riverpoint, led by CEO Doug King, was founded in 2008 and has manufacturing operations in Oregon, California, and Costa Rica.

“We have built a uniquely capable business that serves as the innovation engine behind some of the most important new product development programs of our OEM customers in sports medicine, trauma and cardiovascular surgery, utilizing highly specialized implantable surgical fibers,” said Mr. King. “We are thankful to ACP for their strong partnership in guiding us to this point and are excited about the opportunities and resources Novanta will provide our team going forward, giving them the resources and operational infrastructure to scale faster and expand into adjacencies.”

ACP acquired a majority interest in Riverpoint in 2019 as the first investment from its $1.7 billion fifth fund. During its hold period, Arlington expanded Riverpoint’s product portfolio through both organic investment and add-on acquisitions, including the June 2024 acquisition of C.P. Medical, a maker of surgical and animal health wound-closure devices.

“When we first partnered with Riverpoint, we recognized a company with exceptional engineering talent and differentiated capabilities in surgical fiber and biomedical textiles,” said Matt Altman, a managing partner at ACP. “Together with the management team, we’ve meaningfully expanded its product portfolio, scaled its manufacturing, and broadened its end markets. Novanta is the ideal home for Riverpoint’s next chapter, and we’re confident the combination will accelerate innovation for customers and create lasting opportunities for the team.”

The acquisition of Riverpoint comes amid growing interest in medical technologies that enable less invasive procedures and improved patient outcomes. According to PwC‘s US Medtech Deals 2026 Outlook, buyers continue to focus on businesses serving interventional, minimally invasive, and regenerative medicine markets where demand is growing faster than the broader healthcare sector. The PwC report also states that 2025 medtech M&A activity reached its highest dollar volume in more than a decade as strategic acquirers sought technologies and capabilities that can accelerate growth and strengthen competitive positioning — factors that align closely with Novanta’s acquisition of Riverpoint.

“Riverpoint Medical is an exceptional business, a market leader in high-growth minimally invasive surgical consumables that is perfectly aligned with our strategic direction and our business model,” said Matthijs Glastra, the CEO of Novanta. “Riverpoint Medical is growing revenue and cash flows at twice the rate of Novanta, with an expected long-term annual revenue growth outlook of 12% to 15%. Together with Novanta’s core business, this acquisition is projected to double our recurring medical consumables revenue to approximately $300 million, deepen our medical end-market concentration to 60% of total revenue, and meaningfully accelerate revenue and profit growth.”

“Riverpoint exemplifies the kind of business we set out to build at Arlington — mission-critical products, deep technical capability, and a culture of innovation,” said Gordon Auduong, a managing director at ACP. “We’re proud of what this team has accomplished and excited to see Riverpoint join Novanta, a strategic partner with the scale and resources to take its technologies to the next level.”

Boston-headquartered Novanta (NASDAQ: NOVT) supplies technology components and subsystems to medical device manufacturers and industrial OEMs. The company specializes in precision motion, photonics, vision, and robotics technologies. In FY2025, Novanta had approximately $980 million in annual revenue and $179 million in EBITDA. Following the close of the transaction, Riverpoint will become part of Novanta’s Medical Solutions segment.

Bethesda, Maryland-based Arlington Capital Partners invests in government-regulated industries and adjacent markets, including aerospace and defense; government services; and technology, healthcare, and business services.

Baird and J.P. Morgan were the financial advisors to Novanta, and Jefferies was the financial advisor to Riverpoint and ACP.

This transaction is expected to close in the third quarter of 2026.

Turnspire Capital Partners has sold USG Water Solutions to Warren Equity Partners, exiting a water asset management business it carved out of Veolia North America in early 2023.

USG Water provides maintenance and rehabilitation services for water storage tanks, pipe networks, and concrete structures in water and wastewater treatment plants across all 48 contiguous states. The company’s service model is structured around long-term subscription programs that keep utility infrastructure operational between major capital projects. The company also offers smart metering programs and water quality technologies that give municipal and private water utilities a single source for both physical asset maintenance and operational modernization. 

USG was founded in 1963 as a regional North Carolina-based contractor specializing in the renovation of water storage tanks and expanded over the past six decades into a national platform serving small and medium-sized public water utilities. Today, Atlanta-based USG is led by CEO John Flaugher and has more than 450 employees.

“Turnspire has been a true partner — challenging us and providing invaluable resources, which enabled the USG management team to optimize margins, dramatically increase EBITDA and generate significant cash flow,” said Mr. Flaugher. “At the same time, Turnspire provided support to reinvigorate USG’s commercial function, expand our market footprint geographically and ultimately win record new business. This successful sale validates our collaborative efforts and positions USG for further growth.”

USG Water was acquired by Turnspire from Veolia North America in February 2023 in a corporate carve-out. Under Turnspire’s ownership, the company expanded geographic coverage from 47 to 48 contiguous states, improved margins and cash flow, and added new customers.

“We are extremely proud of the USG management team’s accomplishments during our ownership period under the leadership of CEO John Flaugher,” said Ilya Koffman, a managing partner of Turnspire. “Since carving out USG from Veolia in early 2023, we have worked closely with John to transform USG into a thriving, growing, very profitable business. We are pleased that Warren Equity recognized the value in this unique asset, and we are confident that the sky is the limit for USG going forward.”

The sale of USG is the first full realization for Turnspire from Turnspire Value Fund II LP, which closed in December 2023 with a hard cap of $275 million in capital commitments.

According to McKinsey, the U.S. water utility sector faced an estimated $110 billion funding gap in 2024—nearly 60 percent of utilities’ total spending—driven by aging infrastructure, rising operating expenses, and tightening water quality regulations. McKinsey projects that gap could widen to approximately $194 billion by 2030. The structural shortfall pushes municipal utilities toward private-sector service providers for maintenance, rehabilitation, and metering programs they cannot fund or staff internally, creating durable, recurring demand for businesses with USG’s service model.

Turnspire invests in North American companies with revenues between $75 million and $400 million, regardless of whether they have positive or negative EBITDA. The firm specializes in carve-outs, family ownership transitions, distressed companies, and complex transactions in out-of-favor or misunderstood industries. Turnspire is headquartered in New York City and was founded in 2013.

“USG is a textbook example of the Turnspire investment strategy, which is predicated on finding value obscured by circumstances and realizing that value through transformational operational improvements,” said Abel Osorio, a managing partner of Turnspire. “This sale represents the first full exit in Turnspire Value Fund II, and it delivers exceptional value to our investors and to all of USG’s stakeholders.”

Warren Equity invests in infrastructure services businesses with EBITDA of up to $60 million that operate across the power and utilities, water and wastewater, waste, transportation, digital infrastructure, and buildings and facilities markets. The firm closed its fourth flagship fund, Warren Equity Partners Fund IV LP, at more than $1.4 billion in April 2023 and followed that with the April 2024 closing of Warren Equity Partners ELIDO Fund II LP at its $550 million hard cap. ELIDO II is the firm’s lower-middle-market strategy and targets companies with EBITDA between $5 million and $15 million. Founded in 2015 by Steven Wacaster, Scott Bruckmann, and Henrik Dahlback, Warren Equity is headquartered in Jacksonville Beach, Florida.

Harris Williams and Macquarie Capital were the financial advisors to Turnspire.

Audax Private Equity is selling its majority stake in FDH Aero to Bain Capital Private Equity, with Audax retaining a minority interest in the business. The transaction is expected to close in the second half of 2026.

FDH Aero distributes hardware, electrical products, consumables, and expendables to OEMs and aftermarket customers operating in the aerospace and defense industry. FDH’s customers include commercial airlines, defense contractors, and cargo operators, with product lines covering fasteners, fittings, connectors, wire and cable, adhesives, sealants, and chemical compounds used throughout aircraft production and maintenance cycles. The company operates through three core divisions: FDH Hardware, FDH Electronics, and FDH Defense Aftermarket.

FDH was founded in 1964 and today is headquartered near Los Angeles in Commerce, California, with more than 1,500 employees across 15 countries and 650,000 square feet of inventory space.

Ian Walsh, appointed chief executive officer in February 2025, leads FDH and will continue to do so in partnership with Bain. Mr. Walsh has more than 35 years of experience across commercial aviation, aerospace, defense, and industrial markets and most recently served as chairman, president, and chief executive officer of Kaman Aerospace before joining FDH.

“This partnership marks an important and planned milestone in our growth plans and reflects the strength of our people, our business, and the opportunities ahead to create value for our customers and stakeholders,” said Mr. Walsh. “With Bain Capital’s deep operational and strategic experience, together with the continued support of Audax, we are well positioned to continue investing for future growth. Together, we remain focused on putting customers first and strengthening our position as a trusted global supply chain solutions partner.”

FDH Aero was acquired by Audax—then operating as Fastener Distribution Holdings and focused on aerospace fasteners and C-class components—from Housatonic Partners and Tucker Partners in April 2017. Over the nine years that followed, FDH completed 12 acquisitions, expanded its product offering and geographic reach, and grew revenue by more than fifteen-fold. The add-on program transformed FDH from a fastener distributor into a diversified aerospace supply chain platform. In 2024, Audax brought in Neuberger Berman as a minority investor through a recapitalization while retaining control, positioning the company for a larger exit.

“Since our initial investment nine years ago, FDH Aero has established itself as an integral supply chain partner to the global aerospace sector,” said David Wong, a partner at Audax. “We are proud of FDH’s leadership team and 1,500 employees worldwide for their stewardship and look forward to working with Bain Capital through this next chapter of FDH’s growth.”

The global aviation MRO market exceeded $136 billion in 2025, up 8% from the prior year, according to New York City-based management consulting firm OliverWyman. The firm estimates that spending will approach $193 billion by the end of the decade. The structural driver is an aging commercial fleet: OliverWyman reports the average age of global commercial aircraft reached 13.4 years in 2025, up from 12.1 years in 2024, driven by OEM production shortfalls and a backlog of more than 17,000 unfilled jet orders. Airlines operating older fleets require more frequent parts replacement and maintenance cycles, directly benefiting distributors with deep inventory availability across hardware, electrical, and consumable categories. The defense segment adds a parallel demand driver, with military MRO spending expected to grow at ten times the rate of the preceding decade through 2035.

“We are excited to partner with Ian and the full FDH team,” said Stephen Thomas, a partner at Bain Capital. “FDH has built an exceptional platform in aerospace and defense logistics, distinguished by deep customer relationships, a service-first culture, and a level of execution that gives us tremendous confidence in the business.”

“We are excited to partner with Ian and the full FDH team,” added Ajay Kumar, a partner at Bain Capital. “Together, we plan to continue investing in the company’s capabilities and inventory availability to further strengthen its customer-centric growth strategy.”

Bain Capital is headquartered in Boston and was founded in 1984. The firm invests in the consumer and retail; financial and business services; healthcare; industrials; and technology, media, and telecommunications sectors. Its most recent flagship fund, Bain Capital Fund XIV, closed in October 2025 at $14 billion in total commitments, exceeding its $10 billion target. The firm has 24 offices on four continents and more than 1,850 employees.

Audax is a middle-market private equity firm headquartered in Boston, with offices in San Francisco, New York, London, and Hong Kong. The firm is currently investing through its $5.25 billion seventh fund and seeks North American-based middle-market companies with EBITDA between $20 million and $80 million. Audax was founded in 1999, manages approximately $19.5 billion in assets, has invested in more than 180 platform companies, and has completed more than 1,400 add-on acquisitions.

Jefferies, RBC Capital Markets, and BMO Capital Markets were financial advisors to Bain and provided committed debt financing. William Blair was the financial advisor to FDH and Audax.

Kingswood Capital Management and co-investor Seneca Partners have sold Lind Marine, a provider of marine services, to Tallvine Partners.

Lind Marine provides dredging, shipyard, salvage, marine environmental remediation, tug and barge services, and bareboat charters of vessels and cranes throughout the San Francisco Bay, Mare Island, and the Sacramento and San Joaquin Rivers.

In addition to its service capabilities, Lind Marine also mines and sells sand, gravel aggregates, and oyster shell calcium, and operates Moose Boats, a manufacturer of aluminum catamarans and monohull vessels used by law enforcement, fire departments, military, and commercial customers. The company employs more than 120 people and operates out of its shipyard base on Mare Island, which features a 400-foot drydock supporting vessel repair and new construction.

 The company operates a fleet of more than 40 vessels, including more than 25 barges and six tugboats, and moves in excess of 1 million tons of sand, aggregate, and gypsum annually for construction and infrastructure customers across Northern California.

Lind Marine was founded in 1906 as Agricultural Lime and Compost, an oyster shell operation, and today is headquartered north of San Francisco in Vallejo, California.

Kingswood and Seneca acquired Lind Marine in January 2022 in partnership with Christian Lind and Aaron Lind. The transaction marked the company’s first partnership with institutional capital after more than a century of family ownership. During the four-year holding period, Kingswood focused on operational modernization, management support, and capability expansion. Jon Slangerup, a veteran maritime and logistics executive, was brought in as chief executive officer at the time of the acquisition to complement the Lind family’s operational leadership.

“We are proud of what we achieved through our partnership with Christian and Aaron and the entire Lind Marine team over the last four years,” said Alex Wolf, founder and managing partner of Kingswood Capital. “This is an excellent example of how we partner with founder families as they take on their first institutional capital, working with them and company leadership to evolve their businesses and deliver a good outcome for everyone involved.”

“The Lind family founded and built a multi-generational business with deep customer relationships and a strong reputation across the San Francisco Bay Area,” said Michael Niegsch and Andrew Kovach, partners at Kingswood Capital, in a released statement. “Together, we were able to build on that foundation by making key investments in the business, bringing in additional operational expertise, and most importantly, supporting Christian and Aaron in their vision for the company. We’re confident Lind Marine is well-positioned for continued growth.”

Mr. Lind has served as president of Lind Marine since 2000 and will continue to lead the business as CEO under Tallvine’s ownership. He and his brother, Mr. Lind, represent the third generation of family leadership at the company.

The acquisition of Lind Marine is Tallvine’s second acquisition under its North American marine infrastructure platform and follows its September 2025 acquisition of Donjon Marine, a New Jersey-headquartered provider of dredging services, salvage operations and emergency response, heavy-lift and towing capabilities, and environmental remediation. The company has additional facilities in Pennsylvania, Texas, and New York.

“The acquisition of Lind Marine marks an important step in scaling our North American marine infrastructure platform,” said Thomas Lefebvre, a partner and CEO of Tallvine Partners. “Lind Marine is highly complementary to this platform, expanding its geographic footprint into the West Coast and diversifying the customer base. We are thrilled to partner with Christian Lind and the Lind Marine team and look forward to supporting the company’s expansion plans.”

“Lind Marine will play a key role in broadening our platform’s capabilities. We look forward to partnering with the Lind Marine team to support the company’s continued growth, invest in fleet additions, execute strategic acquisitions in the region, and foster the sharing of capabilities and expertise across the platform,” said Victor Sosa, a partner at Tallvine.

The U.S. dredging services industry is a modest but stable market underpinned by federal waterway maintenance contracts, port-deepening programs, and environmental remediation mandates. According to IBISWorld, the U.S. dredging services industry had a market size of $2.5 billion in 2026. Federal investment through the Army Corps of Engineers and the bipartisan infrastructure law has promoted growth for dredging companies in recent years, with port modernization and coastal resiliency projects generating sustained demand for operators with specialized equipment and environmental expertise.

Kingswood Capital was founded in 2013 and is headquartered in Los Angeles. The firm focuses on middle-market companies undergoing operational, financial, or market-driven transitions, targeting businesses with revenues of at least $100 million across industrials, consumer, aerospace and defense, healthcare, and distribution. Kingswood’s most recent fund, Kingswood Capital Opportunities Fund III LP, closed in July 2024 at $1.5 billion, bringing the firm’s total assets under management to approximately $3.2 billion.

Seneca Partners makes majority or minority investments of $3 million to $40 million in North American-based companies with revenues from $5 million to $100 million and EBITDA of $2 million to $20 million. The firm is industry agnostic but has specific interest in specialty finance, direct-to-consumer, manufacturing, industrial services, healthcare services, and IT services. Seneca is based in the Detroit suburb of Grosse Pointe.

Tallvine Partners was founded in 2023 and is headquartered in Miami. The firm invests in North America-based middle-market infrastructure opportunities across energy and utilities, transportation and logistics, and communications. Tallvine’s four partners — Mr. Lefebvre, Chucri Hjeily, Mark Clark, and Mr. Sosa — each bring two decades of infrastructure investing experience.

Raymond James served as exclusive financial advisor to Kingswood, and Kirkland & Ellis served as legal counsel.

Artemis has sold Sightline Intelligence, a provider of AI-enabled onboard video processing technology for advanced camera systems used in defense and intelligence applications, to Acron Technologies, a portfolio company of TJC.

Sightline Intelligence develops hardware and software used in onboard video processing systems in unmanned aerial, ground, and maritime systems used in aerospace and defense applications. The company’s products process and analyze video data in real time on both autonomous and remotely operated platforms, enabling users to detect, classify, and track objects at the tactical edge without relying on cloud-based computing infrastructure.Sightline’s product portfolio includes low SWaP (size, weight and power) hardware, onboard video processors, and AI-enabled edge computing software. The company’s technology has logged more than one million flight hours across unmanned systems deployed in more than 34 countries.

Acron Technologies develops avionics, connectivity, and mission systems used in aerospace, defense, and rescue applications. Its product portfolio includes flight data systems, avionics hardware, airborne communications equipment, navigation technologies, and intelligence systems designed for commercial aviation, military, and government customers. Acron is headquartered in St. Petersburg, Florida, with additional facilities in the United States, United Kingdom, Thailand, and India.

TJC acquired Acron Technologies (then L3Harris Technologies’ Commercial Aviation Solutions) in March 2025. Under TJC ownership, Acron closed one add-on acquisition with the October 2025 buy of Trakka Systems, an Australia-based provider of airborne imaging, electro-optical, and infrared mission systems used in military, law enforcement, and rescue operations.Artemis acquired Sightline in June 2023. During its ownership term, Sightline expanded its product platform and expanded its AI capabilities through the March 2025 acquisition of Australian defense AI company Athena AI.

Sightline is headquartered in Portland, Oregon, with additional offices in Hood River, Oregon, and Brisbane, Australia. The company was founded in 2007 by Jeff Fieguth and is led by CEO Jon Atwood.

“The Artemis partnership gave us the strategic clarity, operational resources, and go to market roadmap to meaningfully accelerate what we set out to build,” said Mr. Atwood. “Their deep understanding of these markets and genuine commitment to the success of our team made all the difference. We enter this next chapter with Acron Technologies with tremendous momentum and an expanded platform that is well positioned for the future.”

“When we acquired Sightline, we saw an exceptional engineering team with a proven platform and a market poised for rapid growth,” said Euan Milne, chief investment officer at Artemis. “Together, we invested in expanding the product roadmap, integrating AI at the edge, and building the organizational capabilities to serve customers at scale across the globe. We are enormously proud of what the Sightline team has built and are confident that the company’s best days lie ahead as part of Acron Technologies.”

Based in Boston, Artemis invests in companies with revenues between $5 million and $50 million and EBITDA between $1 million and $10 million. Its target companies manufacture differentiated industrial technologies for the aerospace, automotive, defense, energy, industrial automation, scientific and research, and medical sectors.

TJC, formerly The Jordan Company, has worked for more than 40 years with CEOs, founders, and entrepreneurs across a range of industries, including diversified industrials, industrial technology, consumer and healthcare, logistics and supply chain, and technology and infrastructure. TJC has $33 billion of assets under management, with offices in New York, Chicago, Miami, and Stamford.

Harris Williams served as financial advisor to Artemis on the transaction, and William Blair advised Acron Technologies.

Trinity Hunt Partners has sold IMS Legal Strategies, a provider of litigation support services, to Uplift Investors.

IMS Legal’s services include expert witness search and placement, litigation consulting, jury consulting, trial graphics and presentation technologies.

Trinity Hunt acquired a majority interest in IMS ExpertServices (now IMS Legal Strategies) in November 2017 and, in partnership with management, executed a multi-year build-out of a comprehensive litigation services platform through 14 acquisitions.

The firm expanded core capabilities across trial consulting, jury research, visual communications, and expert witness sourcing. Notable additions included The Focal Point and Z-Axis in trial graphics and presentation; Litigation Insights, MMG Jury Consulting, and First Court in jury research and trial strategy; Juris Medicus and Teklicon in expert sourcing; and Analytic Focus and MacKenzie Life Care Planning in economic analysis and damages assessment. Additional transactions, including Tsongas Litigation Consulting, MMR Strategy Group, and the trial division of Precise, further extended the platform’s service breadth.

Dallas-headquartered IMS Legal Strategies, led by CEO James Crane, now operates across the full litigation lifecycle, serving more than 21,500 clients—including Am Law 200 firms and Fortune 500 companies—across the United States and the United Kingdom.

“The strength of IMS is the quality of our people and the trust our clients place in us when the stakes are the highest,” said Mr. Crane. “Trinity Hunt recognized this early and invested in the team, technology, and strategy needed to meet the growing demand for sophisticated expertise-focused litigation support. We are proud of what we’ve built, and we look forward to continuing that momentum.”

“From the moment Trinity Hunt partnered with IMS, it was clear this was a business defined by the quality of its people and the loyalty of its clients,” said Pete Stein, senior partner and co-founder of Trinity Hunt. “Together, we transformed the business into a differentiated, market-leading platform through strategic acquisitions and operational investments. We wish the entire IMS team continued success as they take this platform to its next level.”

In acquiring IMS Legal, Uplift stated that the buy aligns with the firm’s focus on services businesses operating at the intersection of multiple business models, including network-based platforms and professional services. IMS represents the firm’s second investment since its 2025 launch and expands its presence in legal services.

Darien, Connecticut-based Uplift Investors was founded in 2025 by Will Hausberg, Doug Rosenstein, and Brad Skaf—all former professionals of Gridiron Capital. The firm invests in North America-based services businesses with $10 million to $40 million of EBITDA. Services subsectors of interest include knowledge and talent, legal services, financial services, technical trades, and industrial services.

In January 2026, the firm completed its first transaction with the formation of Orion Legal, a management services organization (MSO) created in partnership with Dudley DeBosier Injury Lawyers, a Louisiana-based personal injury law firm. Orion Legal’s services include marketing, finance, technology, and administrative work for partner firms, separating non-legal functions from legal practice. This structure is necessary given regulatory restrictions that limit non-lawyer ownership of law firms in most jurisdictions.

“IMS’s scale, reputation and embedded role in providing expertise for high-stakes legal workflows creates a powerful network effect and a durable competitive advantage at the center of a large, growing and non-cyclical market,” said Will Hausberg, a managing partner at Uplift.

“Drawing on our experience investing in and scaling dual-sided networks, we see a clear opportunity to accelerate growth through targeted investments in technology and data enablement, enhanced go-to-market execution and continued strategic M&A to further strengthen the platform,” said Doug Rosenstein, a managing partner at Uplift. In this context, a dual-sided network refers to a business model that connects two distinct user groups—such as clients and service providers—whose interactions create mutual value.

Trinity Hunt invests from $15 million to $70 million of equity in founder- and family-owned companies that have revenues of at least $10 million and EBITDA of at least $2 million. Sectors of interest include business services, healthcare services, and consumer services. In February 2024, the firm held an oversubscribed closing of Trinity Hunt Partners VII LP at its hard cap, with $700 million of capital commitments.

Deloitte Corporate Finance was the financial advisor to IMS Legal, and Robert W. Baird & Co. and Piper Sandler advised Uplift.

Littlejohn Capital has completed the sale of Maysteel Industries to Steele Solutions, a portfolio company of Revelar Capital since June 2020.

Maysteel specializes in designing, engineering, and manufacturing custom sheet metal enclosures, electrical cabinets, and metal fabricated assemblies. The company’s products are used in the alternative energy, kiosk, gaming, security, medical, utility, data center, and self-serve/vending machine industries.

Littlejohn acquired Maysteel, led by CEO Kevin Matkin, in April 2017 from Revolution Capital Group. In December 2017, the company completed an add-on acquisition with the purchase of DAMAC Products, a California-based manufacturer of data center infrastructure equipment; and in December 2019, it merged with Porter Group, a North Carolina-based provider of metal fabrication services to the security, military, mining, heavy equipment, and trucking industries, and a portfolio company of Resilience Capital Partners. Maysteel’s most recent add-on acquisition was the January 2024 acquisition of Star Precision, a Colorado-based provider of sheet metal fabrication services to companies operating in the utilities, telecommunications, scientific instrument, medical, data storage, and recreational vehicles sectors.

Maysteel, led by CEO Kevin Matkin, was founded in 1936 and operates six facilities across Wisconsin (two), Virginia, Texas, Colorado, and Mexico, totaling 950,000 square feet.

“Maysteel provides mission-critical applications where the cost of failure is high. Our internal engineering, project management, and manufacturing capabilities distinguish Maysteel’s tailored solutions in ‘cannot fail’ applications and has allowed us to serve some of the leading companies in the data center and grid infrastructure markets,” said Mr. Matkin. “Together with Littlejohn, we executed transformative initiatives to make Maysteel an ideal collaborative partner with our customers who rely on the full scope of our capabilities. Our people and technology have made the company a leader in its industries for 90 years, and we are well situated now to support the needs of a strong base of existing customers as we continue to capitalize on a strong pipeline of new activity.”

Steele Solutions manufactures engineered steel structures used inside distribution centers, manufacturing plants, and warehouse facilities, with products designed to support automation equipment and material handling systems.

The company’s product portfolio includes custom steel mezzanines—elevated platforms that increase usable floor space—work platforms for conveyor and robotics integration, equipment support structures that stabilize automated picking systems, and security lockers. The company also provides engineering design, fabrication, and installation services. Steele Solutions was founded in 1996 and is headquartered in Milwaukee.

“This partnership with Maysteel is the result of extensive diligence and thoughtful planning from both teams. We were deliberate about finding a partner whose people, values, capabilities, and approach mirror our own,” said Kevin O’Neill, the CEO of Steele Solutions. “Our top priority is ensuring our customers experience zero disruption. Maysteel has built an exceptional reputation for quality and reliability, and we’re excited to welcome their talented team into the Steele Solutions family.”

“We acquired Maysteel to further develop its high-value products in new end markets and enhance its ability to deliver market-focused, customer-driven solutions,” said Angus Littlejohn III, president of Littlejohn Capital. “During our ownership we delivered on those goals and expanded operations from two facilities into a full-scale manufacturer of precision sheet metal whose substantial footprint spans across North America. Several key acquisitions allowed us to enter new rapidly growing markets, in particular the data center and essential infrastructure markets. We are proud of our partnership with Kevin and the team at Maysteel knowing that the company is firmly positioned with clear growth momentum.”

Savannah, Georgia-based Littlejohn Capital invests from $5 million to $15 million ($30 million including co-investment partners) in North American-based companies that are valued from $20 million to $75 million and have EBITDA ranging from $2 million to $12.5 million. Sectors of interest include manufacturing, fabrication, processing, logistics, materials, and services. The firm is affiliated with Angus C. Littlejohn Jr., co-founder of Littlejohn & Co., where he serves as chairman emeritus.

Revelar Capital, formerly Wellspring Capital Management, invests in companies operating in the healthcare services, business services, and specialty manufacturing sectors. The firm has offices in New York City and Palm Beach.

Lincoln International was the financial advisor to Maysteel on this transaction.

Paine Schwartz Partners has closed the sale of AgBiTech to BASF Agricultural Solutions, a division of publicly traded BASF.

AgBiTech develops and produces biological crop protection products that use naturally occurring viruses to control caterpillar pests in major row crops. Its products are used by commercial farming operations, including row crop producers and specialty crop growers, to protect crops such as soybeans, corn, and other staples, targeting specific insect pests while limiting environmental impact. The company manufactures its biological insecticides in the United States, Australia, and Brazil and distributes them across the Americas and other agricultural markets. AgBiTech, led by CEO Adriano Vilas-Boas, was founded in 2000 and is headquartered in Fort Worth, Texas.

Paine Schwartz acquired AgBiTech in 2015. During its ownership term, the firm worked with management to expand its commercial operations across agricultural markets, build direct-to-grower distribution in Brazil, and develop new products through investments in research and development.

“Paine Schwartz has been an exceptional partner in helping AgBiTech expand our reach and leadership in biological crop protection,” said Mr. Vilas-Boas. “Together, we have scaled our commercial capabilities, invested in innovation, and brought sustainable crop protection solutions to more growers in key countries. We are excited to join BASF Agricultural Solutions and believe their global platform will further accelerate the adoption of biological technologies in agriculture.”

“AgBiTech has built a strong reputation for delivering effective, sustainable biological insecticide solutions to farmers in key agricultural markets,” said Kevin Schwartz, CEO and managing partner of Paine Schwartz. “We are proud of the growth the company achieved during our partnership and believe BASF Agricultural Solutions is the right strategic owner to support the next phase of AgBiTech’s development. This successful outcome reflects our approach of partnering with management teams to build high-quality businesses that are attractive to leading strategic acquirers.”

BASF Agricultural Solutions develops and supplies crop protection chemicals, seeds and traits, and digital farming tools that are used by growers to manage yields and input costs. Its product portfolio includes herbicides, fungicides, insecticides, biological products, and seed technologies that are used across numerous row crops, as well as fruits and vegetables.

The business serves farmers, distributors, and agricultural retailers across North and South America, Europe, and Asia, with a focus on large-scale commercial agriculture. In 2025, the division had total revenues of €9.6 billion ($10.5 billion). BASF Agricultural Solutions’ global headquarters is located in Germany, with its North American headquarters in North Carolina.

“The biologicals market continues to grow rapidly, and acquiring AgBiTech strengthens our position in this attractive segment,” said Livio Tedeschi, the president of BASF Agricultural Solutions. “AgBiTech’s proven biological technologies complement our existing portfolio and will help us expand biological solutions for farmers across important geographic markets.”

Paine Schwartz makes control investments of $100 million to $300 million in companies with EBITDA from $10 million to $100 million. The firm makes investments in the food and agribusiness sectors, with a specific interest in productivity and sustainability. In September 2023, Paine Schwartz held a final close of its sixth fund, Paine Schwartz Food Chain Fund VI LP, with an above-target $1.7 billion of capital commitments. Paine Schwartz was founded in 2006 by Dexter Paine and Kevin Schwartz and has offices in New York City and San Mateo, California.

ORIX Capital Partners and Hastings Equity Partners have completed the sale of Specialty Welding and Turnarounds to Brown & Root Industrial Services, a portfolio company of One Equity Partners (OEP) and KBR.

Specialty Welding and Turnarounds (SWAT) provides specialty welding, heat treatment, and turnaround services for industrial facilities, particularly in refining, petrochemical, and power generation markets.

The company provides specialized services such as high-precision pipe welding using automated systems, heat treatment after welding to strengthen materials, and bolting and machining work performed during scheduled plant maintenance shutdowns.

SWAT is hired by oil and gas refiners; chemical producers; engineering, procurement, and construction (EPC) contractors; and power plant operators during planned turnarounds—scheduled shutdowns for inspection, repair, and upgrades—as well as during emergency outages. The company was founded in 2014 and is headquartered near Baton Rouge in Gonzales, Louisiana.ORIX, in partnership with Hastings Equity Partners, invested in SWAT in February 2020. During that period, SWAT expanded its service capabilities and geographic reach. Today, SWAT performs services in 17 states across the United States with significant presence in the Gulf Coast industrial markets, greater Los Angeles, and Golden Triangle (Texas) markets.

Brown & Root is a provider of specialty industrial services—engineering, construction, and maintenance—to companies operating in the downstream refining, petrochemicals, chemicals, pulp and paper, alternative fuels, clean energy, manufacturing, and government infrastructure sectors.

The Baton Rouge-headquartered company, led by CEO Andy Dupuy, undertakes both large-scale construction projects and ongoing maintenance and regulatory compliance work from more than 20 locations across the United States, Mexico, and Canada.

Brown & Root was founded in 1919 by brothers Herman Brown and George Brown, with financial backing from their brother-in-law Dan Root. Halliburton acquired the company in the early 1960s, and in 1998 Halliburton combined Brown & Root with M.W. Kellogg (acquired through its purchase of Dresser Industries) to form Kellogg Brown & Root (KBR). In July 2015, KBR contributed its Industrial Services Americas business into an equally owned joint venture with Bernhard Capital Partners, creating Brown & Root Industrial Services. In August 2025, OEP acquired Bernhard Capital Partners’ stake in the business, with existing shareholder KBR retaining a significant ownership position alongside OEP.

ORIX invests from $75 million to $250 million of equity per transaction in North America-based middle-market companies that are active in the business services, infrastructure services, and industrials sectors. New York-based ORIX Capital Partners is a business unit of ORIX Corporation USA, a Dallas-based financial services firm. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned financial services company with operations in 38 countries and regions worldwide.

Houston-based Hastings Equity Partners invests in energy services and equipment companies (upstream, midstream, and downstream) with EBITDA from $4 million to $20 million. Hastings’ approach is to leverage the operational experience of the firm’s managers and investors, many of whom are active or former CEOs of Fortune 1000 companies.

One Equity Partners is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. Its typical equity investments range from $30 million to $300 million. In April 2022, OEP closed its latest fund, One Equity Partners VIII LP, with committed capital of $2.75 billion. OEP, which has offices in New York, Chicago, Frankfurt, and Amsterdam, spun out of JP Morgan in 2015 and has completed more than 300 transactions globally since its founding in 2001.

Boyne Capital has sold McKee Utility Contractors to publicly traded MasTec in a transaction valued at $276 million.

McKee Utility Contractors specializes in installing and rehabilitating large-diameter water and wastewater transmission pipelines used by municipalities and regional water authorities. Many of McKee’s projects are designed to move millions of gallons of water daily between reservoirs, treatment facilities, and population centers.

McKee’s services include large-diameter pipeline construction used by cities expanding drinking water networks; wastewater transmission line installation connecting treatment plants with regional sewer systems; and complex utility infrastructure projects that require trenching, heavy excavation, and specialized pipe-laying equipment.

McKee was founded in 1978 by Don McKee and today is led by Chief Executive Officer Shane McKee and President Tyler McKee. The company operates primarily in Texas, Oklahoma, and Arkansas and is headquartered east of Oklahoma City in Prague, Oklahoma.

Boyne acquired McKee in December 2022 through its second fund, BCM Fund II LP, which closed in July 2020 at its hard cap with $246 million of capital. During its ownership term, Boyne supported and grew the company’s workforce by doubling its crew count and expanded its regional presence with divisions in Oklahoma, North Texas, and South Texas. Over that period, the company also invested in project management systems, safety operations, and information technology.

“Partnering with Boyne Capital allowed us to significantly scale McKee while preserving the values that have guided our business for more than 40 years,” said Mr. McKee. “Together, we expanded our crews, equipment fleet, and project capabilities, positioning the business to take on larger and more complex water infrastructure projects across the Southern United States. I am incredibly proud of our team and what we have accomplished, and we are excited for continued growth as part of the MasTec platform.”

“We are very proud to have supported Shane and Tyler McKee in executing their growth plan,” said Roman Krislav, a managing director at Boyne Capital. “Over the last 3 years, McKee has laid over 700,000 feet of large diameter pipe, as revenue has organically more than doubled from 2022 to 2025 while EBITDA has approximately tripled over that period. The McKee and Boyne teams have worked together in true partnership to help transform the company into a formidable water infrastructure business and a leader for its type of work in its regions. We are happy to have played a role in this important chapter of the McKee story and are thrilled that a market leader such as MasTec recognized and valued the platform that has been built. We wish the McKee and MasTec teams all the best in the next chapter of the McKee story.”

“We thank Shane and Tyler McKee for their leadership over the last three years,” said Derek McDowell, managing partner and CEO of Boyne Capital. “The company’s growth is a testament to the execution driven culture established by the McKee family, and the collaborative partnership we formed together. We are proud of what the McKee team accomplished and of Boyne Capital’s ability to partner with founder-led businesses to accelerate growth.”

MasTec (NYSE: MTZ) is a provider of infrastructure construction services to electric utilities, energy producers, and telecommunications providers that require large-scale infrastructure construction across North America. MasTec’s services include building electric power transmission lines that carry electricity across long distances; installing fiber-optic communications networks used by telecommunications providers; and constructing oil, gas, and renewable energy pipelines used by utilities and energy companies.

MasTec has historically expanded through acquisitions, including several transactions involving private equity-backed companies. In 2022, MasTec acquired Infrastructure and Energy Alternatives from Oaktree Capital Management in a deal valued at about $1.1 billion, expanding its renewable energy construction business. Earlier, in 2018, MasTec bought Henkels & McCoy Group from American Securities, a transaction aimed at strengthening its fiber and utility infrastructure construction capabilities.

MasTec, led by CEO José Mas, is headquartered in Coral Gables, Florida, and serves customers across the U.S. and internationally.

“Our focus was on building an operational organization that could support McKee not just for today, but for the long term,” said Adam Herman, the COO of Boyne. “By strengthening leadership, support functions, systems and metrics tracking, the company developed the structure needed to continue to scale. The operational platform in place today reflects a forward-looking organization that is well positioned to continue executing on increasingly complex work and to support the next phase of growth.”

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.

Main Post Partners has agreed to sell DeMert Brands, the parent company of haircare brand Not Your Mother’s, to Henkel.

Not Your Mother’s (NYM) was founded in 2010 by Rocky Pagliarulo and Bethany Pagliarulo to provide salon-style haircare products that provide curl definition, texture, and volume at drugstore price points.

NYM’s product portfolio includes the Curl Talk line, which includes Curl Defining Cream and Sculpting Gel used by consumers seeking structured curl patterns; the Beach Babe range, including Texturizing Sea Salt Spray designed to create a tousled texture; and the Plump For Joy shampoo and conditioner set formulated to increase the appearance of hair volume. NYM sells primarily through mass retailers such as Target, Walmart, and Ulta Beauty.

Tampa-headquartered NYM operates under DeMert Brands, which manages the distribution and development of the NYM product portfolio.

Main Post invested in the company in 2019 as the company’s first institutional investor. “Since partnering in 2019, we are proud of what we’ve accomplished,” said Sean Honey, managing partner at Main Post. “The brand has built strong momentum by staying focused on product performance and innovation and deepening its longstanding retail partnerships.”

“We are very pleased with the growth of NYM and are grateful to all the many people, past and present, who contributed to its success, including the contributions of the team at Main Post,” said Rocky and Bethany Pagliarulo in a released statement. “We also wish Henkel every continued success with the NYM Brand.”

Henkel (FSE: HEN) is a Germany-headquartered multinational company with operations in the adhesives, beauty care, laundry, and home care sectors. Henkel’s portfolio of consumer and industrial brands includes Schwarzkopf hair care, Dial soaps, Right Guard antiperspirants, Persil, Purex and All laundry detergents, Snuggle fabric softeners, and Loctite, Technomelt and Bonderite adhesives.

Over the past decade, Henkel has expanded its beauty portfolio largely through acquisitions in professional haircare. In 2014, Henkel acquired professional hair brands Sexy Hair, Alterna, and Kenra Professional from TSG Consumer Partners, adding to its North American professional hair portfolio. In 2017, Henkel acquired Nattura Laboratorios, owner of Pravana, from its founders. The company later acquired DevaCurl from Ares Management in 2019 and the Shiseido Professional business in Asia-Pacific from Shiseido Company Limited in 2022. Henkel’s buy of NYM continues its strategy of building a portfolio of haircare brands sold through both the salon and mass retail channels.

Henkel is led by CEO Carsten Knobel and operates globally with offices and production facilities across Europe, North America, and Asia.

“We are grateful to Rocky, Bethany and the NYM team for their partnership,” added Matt Short, partner at Main Post. “Together, we have built an exceptional brand and look forward to seeing NYM continue to flourish in its next chapter with Henkel.”

Main Post makes both control and non-control investments in consumer, business services, and industrial companies with revenues of $50 million to $500 million and EBITDA of $5 million to $50 million. The San Francisco-headquartered firm was founded in April 2014 by managing partners Jeffrey Mills and Mr. Honey, both former partners at private equity firm Weston Presidio.

“The NYM team has done an excellent job scaling the business while maintaining the brand’s mission and focus on consumers,” said Josh McDowell, partner at Main Post Partners.

The NYM’s transaction adds to Main Post Partners’ record of investments in the beauty and wellness sector. The firm previously exited Milk Makeup, which was acquired by Waldencast in 2022; HydraFacial, which was acquired by BeautyHealth Company in 2021; Dr. Dennis Gross Skincare, which was acquired by Shiseido in 2019; and Too Faced Cosmetics, which was sold to Estée Lauder in 2016.

Raymond James was the financial advisor to NYM on the transaction.

American Securities has agreed to sell two of its portfolio companies, CPM Holdings and MW Components, to Rosebank Industries in a transaction valued at $3.25 billion, including $3.05 billion in cash and up to $200 million in earnout payments tied to 2026 performance.

The non-earnout valuation for the two companies is allocated as $2.1 billion for CPM and $950 million for MW Components. In 2025, CPM had revenues of $713 million and adjusted EBITDA of $175 million, while MW Components had revenues of $500 million and adjusted EBITDA of $95 million. Based on these purchase price allocations and financial performance, the EBITDA valuation multiples are 12x for CPM and 10x for MW Components. On a blended basis, the EBITDA valuation multiple for both companies is 11.3x.

CPM Holdings manufactures industrial processing equipment and automation systems used by producers of feed, food ingredients, fuels, and other materials. The company’s products, sold under a portfolio of brands include pellet mills that compress animal feed into dense pellets, oilseed processing systems that extract vegetable oils from crops such as soybeans, and automated batching and weighing systems used to control ingredient flow in large processing plants.

Customers of CPM include feed producers, oilseed processors, renewable fuel manufacturers, and food processors that use these machines to convert agricultural commodities into finished products at industrial scale.

CPM traces its roots to 1883 as the California Pellet Mill Company and today, led by CEO Dave Webster, employs roughly 1,700 workers across 35 facilities globally and maintains a commercial presence in more than 100 countries. CPM is headquartered just north of Minneapolis in Blaine, Minnesota.

“American Securities has been an outstanding partner,” said Mr. Webster. “Their deep industrial expertise and active operational engagement enabled us to elevate our customer offering, broaden our capabilities, and further strengthen our organization. We are excited to carry that progress forward as we embark on this new chapter with Rosebank.”

American Securities invested in CPM in November 2018, and during its ownership term CPM completed eight add-on acquisitions. The five largest were Dorssers, an Idaho-based manufacturer of pellet-mill dies and roller shells (October 2022); Jacobs Corporation, an Iowa-based maker of hammermill hammers, pellet-mill dies and roller shells (December 2024); Carlson Industries, an Iowa-based supplier of grinding equipment and process systems used in oilseed and grain processing (March 2023); Idah, a Taiwan-based manufacturer of extrusion equipment used in food and aquafeed production (May 2023); and Graf Equipment, a Switzerland-based producer of pelletizing systems and die-manufacturing equipment used in feed and biomass processing (May 2024).

CPM also completed several tuck-in acquisitions tied to pelletizing, extrusion, and process-equipment components that complemented its feed, oilseed, and renewable energy equipment lines.

“We are incredibly proud of the growth the CPM management team achieved during our partnership,” said Mike Sand, a partner at American Securities. “CPM enhanced its capabilities, developed groundbreaking technology, and expanded into new product categories, geographies, and end markets, all of which position the company for continued growth.”

MW Industries manufactures engineered metal parts used inside industrial machinery, aerospace assemblies, and electronic equipment. The company’s products include springs, specialty fasteners, and precision-machined components, along with related parts such as bellows and wire forms that absorb vibration, control mechanical motion, or secure assemblies in larger machines.

The company’s components are typically manufactured to customer specifications for original equipment manufacturers, distributors, and aftermarket maintenance providers operating in the aerospace, electronics, medical devices, energy equipment, and industrial machinery sectors.

MW Industries, led by CEO Thomas Amato, was founded in 1976 and is headquartered in Charlotte, North Carolina, with 20 manufacturing facilities across the United States.

“American Securities has played an instrumental role in MW Components’ evolution,” said Mr. Amato. “Over the years, American Securities has brought thoughtful guidance and operational rigor to support the company’s key growth and strategic repositioning initiatives. Their partnership has positioned MW Components well for continued success in the years ahead.”

American Securities acquired MW Components in September 2017. During its ownership term, MW completed nine add-on acquisitions that expanded the company’s specialty fastener and precision component capabilities across North America and Europe. The five largest were Elgin Fastener Group, an Ohio-based manufacturer and distributor of specialty fasteners and cold-formed components (November 2019); Ideal Fasteners, an Illinois-based producer of custom cold-headed fasteners used in automotive and industrial applications (March 2020); Hi-Tech Fasteners, an Illinois-based manufacturer of precision fasteners and machined components (July 2021); Champion Aerospace Fasteners, a South Carolina-based supplier of aerospace-grade specialty fasteners (May 2022); and Components International, a Rhode Island-based distributor of specialty fasteners and electronic hardware used in aerospace and defense applications (April 2023).

“It has been a true privilege to partner with these exceptional management teams,” said Michael Fisch, founder and CEO of American Securities. “With Dave Webster’s leadership at CPM and Tom Amato’s leadership at MW Components, both businesses have built durable platforms for sustained success. We are confident that CPM and MW Components are well positioned to build on their momentum and pursue their next phase of growth with Rosebank.”

American Securities invests in businesses with $200 million to $2 billion of revenue and $50 million to $250 million of EBITDA. Sectors of interest include industrial manufacturing, specialty chemicals, aerospace and defense, energy, business services, healthcare, media, restaurants, and consumer products. The firm has more than $26 billion of capital under management and has offices in New York City and Shanghai.

Rosebank Industries (LSE: ROSE) is a London-based investment company founded in 2023 by former executives of turnaround investor Melrose Industries, including Simon Peckham, Christopher Miller and Geoff Martin. The firm targets underperforming industrial and engineering businesses—particularly in aerospace, manufacturing, and industrial technology—with the aim of improving operations and profitability before eventually exiting the investment.

Baird, Evercore, and Goldman Sachs are the financial advisors to CPM, MW Components, and American Securities.

The sales of CPM and MW Components are expected to close by the end of the second quarter of 2026.

Publicly traded LSI Industries has agreed to acquire Royston Group from Industrial Opportunity Partners for $325 million, $320 million in cash at closing and $5 million payable in shares of LSI common stock.

Royston Group designs and manufactures custom store fixtures, branded signage, and temperature-controlled display cases for retail environments. Through its Royston, SignResource, and Southern CaseArts brands, the company produces interior casework and merchandisers, exterior fuel canopy and storefront signage, and refrigerated and heated food displays. Its build-to-order model integrates design, engineering, metal and millwork fabrication, assembly, and installation, supporting convenience store remodels, grocery resets, and quick-service restaurant rollouts.

Customers include national and regional fuel retailers, supermarket operators, and restaurant chains executing new store builds and refresh programs.

Approximately 70% of Royston’s fiscal 2025 revenue was derived from remodel activity tied to recurring retailer capital expenditure programs. Atlanta-headquartered Royston operates five manufacturing facilities across four states and employs nearly 900 people.

IOP, with equity from its 2017 and $450 million third fund, acquired Royston in March 2018 from Stephens Capital Partners.

During its ownership term, Royston closed four add-on acquisitions with the buys of SignResource, a California-based designer, manufacturer, and installer of exterior and interior signage (July 2018); Hamilton Laboratory Systems, a Wisconsin-based manufacturer of laboratory furniture and fume hoods (February 2020); Southern CaseArts, an Alabama-based maker of merchandising and display cases, including refrigerated and heated units (July 2020); and ProImage Wholesale Signs, a Tennessee-based manufacturer of retail signage (August 2020).

For the trailing 12 months through September 2025, Royston had revenues of $272 million and an adjusted EBITDA of $38 million, a 14% EBITDA margin. Based on a purchase price of $325 million, the EBITDA valuation multiple for Royston is 8.6x.

LSI Industries (NASDAQ: LYTS) manufactures commercial lighting, graphics, and display systems used in retail, refueling, grocery, and other non-residential settings. Its product lines include indoor and outdoor LED luminaires for parking lots and store interiors, branded exterior signage and canopy graphics for fuel stations, and refrigerated and custom display cases for prepared foods and beverages.

LSI also provides project management and installation services for multi-site rollouts, coordinating design, engineering, and field deployment for national chains. Customers include convenience store operators, supermarkets, quick-service restaurants, and automotive dealerships undertaking new construction or remodel programs.

In recent years, LSI has completed the following acquisitions to expand its display and graphics platform: JSI Store Fixtures (June 2021); EMI Industries (May 2022); and Canada’s Best Holdings (October 2022). Today, Cincinnati-headquartered LSI has more than 2,000 employees and operates manufacturing facilities across the United States and Canada.

“LSI is building the leading retail branding solutions platform in North America, with a strategic focus and proven track record of long-term value creation that aligns closely with our own,” said Frank Callis, CEO of Royston. “This transaction brings together highly complementary capabilities and customer relationships, expanding the breadth of integrated solutions we can deliver across retail environments. We look forward to joining the LSI team as we contribute to the profitable growth of the combined organization.”

“Royston has established long-term customer relationships with many of the leading regional and national refueling, grocery, and QSR chains in the United States,” said James Clark, CEO of LSI. “Among its top 10 customers by revenue, the average relationship exceeds 20 years, which we believe reflects its position as a go-to partner for store remodels, which accounts for approximately 70% of Royston’s annual revenue.”

“Over the last five years, with the acquisitions of JSI, EMI, Canada’s Best and now Royston, we’ve demonstrated a focused approach toward value creation through accretive, complementary acquisitions, while delivering consistent organic growth, margin discipline, and profitability within our base business,” added Mr. Clark. “After the closing of the Royston transaction, we intend to update our long-term financial targets as we introduce the next phase of our Fast Forward plan, highlighting the value compounding power we anticipate from the combined businesses.”

Industrial Opportunity Partners invests $15 million to $100 million of equity in manufacturing and value-added distribution businesses with revenues from $50 million to $500 million and EBITDA from $5 million to $50 million. IOP was founded in 2005 and is headquartered in the Chicago suburb of Evanston, Illinois.

LSI’s buy of Royston is supported by a fully committed bridge facility, with permanent financing expected to include a mix of equity and debt. The transaction is subject to Hart-Scott-Rodino clearance and is expected to close in the third quarter of LSI’s 2026 fiscal year.

Arlington Capital Partners (ACP) has closed the sale of Forged Solutions Group to J.F. Lehman & Company (JFL).

Forged Solutions Group (FSG) manufactures high-specification forged metal components used in aerospace, defense, and space applications. The company’s capabilities include rolled ring, closed-die, open-die, and extrusion forging processes, producing components from nickel, titanium, steel, and aluminum alloys.Rolled ring forging shapes metal into strong circular parts; closed-die forging presses metal into molds to create precise, high-strength components; open-die forging compresses metal between flat surfaces to form larger or custom pieces; and extrusion forging forces metal through a shaped opening to produce long, uniform parts.

FSG products include rotating aeroengine discs and shafts, structural airframe components, and space-launch hardware, each designed to withstand high temperatures and mechanical stress inside jet engines and other propulsion systems. Customers include global original equipment manufacturers and Tier 1 suppliers that integrate these parts into commercial and military aircraft engines.

ACP formed FSG in December 2019 through the acquisition and combination of three UK-based businesses: the Blaenavon forging business of Doncasters Group; the Firth Rixson Forgings business of Arconic; and the forgings business of Special Metals Wiggin.

After these platform acquisitions, FSG closed five add-on acquisitions with the buys of SIFCO Industries’ European Forged Products business, a UK-based producer of open-die forgings with a specialization in larger, high-strength aerospace and industrial components (March 2020); Alloy Die Forgings, a UK-based producer of closed-die aeroengine rotating components manufactured from nickel-based superalloys, titanium, and steel (July 2021); Steel Industries, a Michigan-based manufacturer of open die forgings and seamless rolled rings (November 2022); Continental Forge, a California-based manufacturer of closed die forgings, and near-net shape forged and machined products (November 2022); and Walker Forge Tennessee, a Tennessee-based producer of open-die and rolled ring forgings in nickel, titanium, and specialty alloys used in aerospace and defense applications (October 2023).

​“Against a backdrop of strong secular tailwinds for aerospace and defense markets, the precision forging industry was constrained by bottlenecks, resulting in long lead times and poor customer service levels,” said Peter Manos, a managing partner at ACP. “With FSG, we set out to address this shortfall by building a scaled, high-performance platform capable of executing on the industry’s most mission-critical programs while delivering the reliability and responsiveness the market demanded. The company’s success underscores its world-class technical expertise, commitment to innovation and exceptional leadership. We are proud of what the team has built and look forward to FSG’s continued success in this next chapter.”

Today, Sheffield, UK-headquartered FSG is led by CEO Olivier Jarrault, with seven manufacturing facilities (1.5 million sq. ft.) across the UK (5) and the United States (2), and more than 850 employees.

“I am incredibly proud of the progress our team has achieved over the past six years and am grateful for ACP’s strategic partnership,” said Mr. Jarrault. “The firm’s deep aerospace and defense industry expertise, guidance and support has allowed us to build FSG into one of the leading forging specialists. We look forward to partnering with JFL to chart our next growth chapter and to continue delivering exceptional forging and innovation services to our customers.”

“FSG exemplifies one of Arlington’s core strategies of building market-leading companies in mission-critical segments of the aerospace and defense supply chain,” said Henry Albers, a managing director at ACP. “We saw an opportunity to address the persistent supply and performance constraints in the industry, and through disciplined execution in partnership with management, built a company of strategic importance to its customers and the broader industrial base.”

Bethesda, Maryland-based Arlington Capital Partners invests in government-regulated industries and adjacent markets including aerospace and defense; government services; and technology, healthcare, and business services. In February 2021, Goldman Sachs Asset Management made a non-voting minority equity investment in the firm. In January 2024, Arlington Capital held a hard cap close of its latest fund, Arlington Capital Partners VI LP, with $3.8 billion of capital.

“FSG is a uniquely diversified and scaled aerospace forgings platform operating in one of the most technically demanding and capacity constrained segments of the supply chain,” said Alex Harman, managing partner at JFL. “We believe the company is advantageously positioned to address growing long-term demand in its core aerospace, defense, and space end markets and look forward to partnering with management in support of FSG’s strategic growth initiatives.” Also working on the transaction alongside Mr. Harman was Managing Director Ben Hatcher.

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 acquisition of FSG was from JFL Equity Investors VI LP, which closed in December 2024 with $2.2 billion in capital, the largest fund in the JFL’s history. JFL is headquartered in New York City, with an additional office in Washington DC.

Financing for the transaction was led by HPS Investment Partners, with Audax Private Debt serving as joint lead arranger. Evercore was the financial advisor to JFL and Goldman Sachs and Perella Weinberg advised FSG.

Shorehill Capital has sold Functional Devices, a maker of electronic components used in building automation systems, to L Squared Capital Partners. Shorehill acquired the company, its third investment in building automation controls, in 2019 in partnership with the company’s senior management team and its owner, Ken Rittmann.

Functional Devices (FDI) is a manufacturer of relays, power supplies, transformers, sensors, enclosures, and wireless devices that are used in the HVAC, building and lighting controls, and energy management industries. Specific products include relays used to control HVAC and lighting loads, current sensors that detect amperage flow to verify equipment operation, and low-voltage power supplies that convert line voltage for control circuits.

FDI-owned brand names include RIB (Relay in a Box), one of the most recognized brands within the building controls industry. Customers of FDI include automation contractors, electrical distributors, and OEMs that integrate controls into commercial offices, schools, hospitals, and industrial facilities. FDI, led by CEO Mark Fernandes, was founded in 1969 and is headquartered north of Indianapolis in Sharpsville, Indiana.

“Partnering with Shorehill has transformed our business, elevated our leadership team, and expanded opportunities for employees throughout the organization,” said Mr. Fernandes. “We are appreciative of the strategy Shorehill helped build. They brought a customized approach to value creation along with the resources and industry network that allowed us to scale our operations while staying true to our core values. Shorehill’s support has enabled us to invest in our people, grow our capabilities, and build a strong foundation for the future”

“FDI has a remarkable 50-year legacy of innovation and growth,” said Dave Hawkins, managing partner at Shorehill and chairman of FDI. “Working with the team at FDI over the past seven years has been incredibly rewarding as they accelerated innovation, improved operational performance, and cultivated an outstanding culture all while delivering a superior customer experience. I am excited to see the company flourish in the years ahead with their new partner.”

Chicago-based Shorehill Capital makes control investments in North American middle-market companies with EBITDA ranging from $3 million to $15 million and enterprise values between $20 million and $150 million. The firm focuses on engineered industrial products, industrial services, and value-added distribution. In November 2023, Shorehill Capital held a final, oversubscribed closing of its second fund, Shorehill Private Equity II LP, with $260 million in capital commitments, exceeding its $250 million target. The firm was founded in 2013 by its managing partners Brian Simmons and Mr. Hawkins, both former senior executives of CHS Capital.

Newport Beach, California-based L Squared Capital Partners invests from $50 million to $125 million of equity in North America-based companies that have revenues of $20 million to $125 million and EBITDA of $5 million to $30 million. Sectors of interest include tech-enabled services and software, education technology, and industrial technology and services.

L Squared is led by Robert Healy, Jeff Farrero, Sean Barrette, Randall Hunt, and Adam Kimura, all of whom worked together at Chicago Growth Partners prior to founding L Squared in July 2014. In November 2023, L Squared held the final closing of its fourth fund with $840 million of capital. The firm’s earlier fund closed in September 2020 with $505 million of capital.

“We are excited to partner with the FDI team, who have established themselves as a market standard within building automation systems,” said Mr. Barrette. “Building automation has been a core area of focus for L Squared, and we see a highly fragmented landscape of mission-critical businesses that can benefit from the scale, resources, and brand strength of the Functional Devices platform.”

Harris Williams was the financial advisor to FDI on this transaction.

 

Carlyle has closed its sale of Arctic Glacier, a provider of ice products and services, to Reddy Ice, a portfolio company of SCI Capital Partners.

Arctic Glacier produces, markets, and distributes more than 2.5 billion pounds of ice annually to supermarkets, mass merchants, convenience stores, dollar stores, gas stations, liquor stores, and other commercial and industrial customers. Secondary products include bottled water, dry ice, packaged wood, and rock salt.

The company, led by CEO Pete Laport, operates over 100 production and distribution facilities and is headquartered in Bala Cynwyd, Pennsylvania, near Philadelphia.

Reddy Ice is a manufacturer and distributor of packaged ice in the United States and Mexico. The company operates more than 115 manufacturing, distribution, and cold storage facilities and serves grocery, mass merchandiser, and club stores; convenience stores; drug and dollar stores; as well as airlines, construction services, industrial manufacturers, emergency services, and catering and event providers. Reddy Ice is headquartered in Dallas.

“We are pleased to welcome Arctic Glacier into the Reddy Ice and SCI family and excited about the value we can unlock as a combined organization—for our customers, our team members, and the broader industry,” said Lonny Warner, the CEO of Reddy Ice. “Both companies bring exceptional people and a strong, winning culture, and I look forward to working closely with our teams to realize the full potential of this combination.”

Los Angeles-headquartered SCI Capital Partners, the private equity arm of Stone Canyon Industries, acquired Reddy Ice in 2019.

“I am extremely proud of Lonny and his team for their continued execution and leadership. This transaction represents Reddy Ice’s 22nd acquisition since SCI acquired the company in 2019 and further strengthens the platform as we enter the next phase of growth,” said Adam Cohn, managing partner at SCI Capital.

“This strategic transaction is highly complementary for both organizations and enhances our operational scale to capitalize on attractive growth opportunities while continuing to deliver innovative solutions for our customers. We are excited about the opportunities ahead and look forward to a seamless integration over the coming year,” said Shawn Malleck, chairman of Reddy Ice and a partner at SCI Capital.

Carlyle, through Carlyle Global Partners, the firm’s long-duration investment strategy, acquired Arctic Glacier from H.I.G. Capital in March 2017.

“We are proud of all that Arctic Glacier has accomplished and grateful to the management team and employees for their dedication. We wish the combined company continued success as it enters this exciting next chapter, bringing together two robu st and geographically complementary platforms to better serve customers across North America,” said Matthew Coles, a managing director at Carlyle.

Carlyle (NASDAQ: CG) 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.

BMO Capital Markets was the financial advisor to Reddy Ice, and Deutsche Bank was the financial advisor to Arctic Glacier.

Sverica Capital Management has agreed to sell its Defy Security, a provider of cybersecurity products and services, to consulting firm Booz Allen Hamilton.

Defy Security operates as a value-added reseller and provider of advisory services to help organizations build and manage their cybersecurity programs. The company works with clients to design security systems so tools such as firewalls, endpoint protection software, and network monitoring platforms function together effectively. The company also provides ongoing monitoring to identify and respond to potential threats, reviews cloud environments to reduce risk, and advises on managing employee access to sensitive systems.

In addition to its advisory services, Defy also provides cybersecurity products from multiple vendors that are used to protect devices, secure networks, and detect malicious activity. Defy’s customers include large enterprises in financial services, healthcare, technology, and government sectors.

Defy was founded in 2017 by CEO Justin Domachowski and is headquartered near Pittsburgh in Canonsburg, Pennsylvania, with an additional office near San Francisco in San Ramon, California.

Sverica acquired Defy in November 2020 through its fifth fund and, over the course of its ownership, tripled the company’s size through only organic growth initiatives.

“It’s been an incredible journey watching our vision come to life,” said Mr. Domachowski. “Over the past five-plus years, our partnership with Sverica has been instrumental in scaling our operations, attracting top talent, and delivering innovative solutions to some of the world’s largest enterprises. I am forever grateful for the amazing team members at Defy and our amazing customers that we get to serve every day. As we join forces with Booz Allen, I’m thrilled about the opportunities ahead to further empower our customers and teams in this ever-evolving threat landscape.”

“As Defy moves on to a new chapter, we reflect with immense pride on the remarkable growth journey over our five-plus year partnership with the Defy team,” said Frank Young, a managing partner at Sverica. “Justin’s vision and dedication have propelled Defy from a promising regional player to a leading national platform. We’re excited to see Defy continue to thrive, bolstered with the resources and scale of Booz Allen.”

Booz Allen is a provider of management consulting, technology, and engineering services to U.S. federal agencies, commercial enterprises, and international customers operating in the defense, intelligence, civil government, and other commercial sectors. The firm was founded in 1914 by Edwin Booz and today is led by CEO Horacio Rozanski. Booz Allen is headquartered near Washington DC in McLean, Virginia, with numerous offices across the United States and internationally.

“This acquisition helps us deliver resilient cybersecurity services and technologies for leading enterprises like never before,” said Andrew Turner, executive vice president and head of Booz Allen’s global commercial business. “Together Booz Allen and Defy Security will unlock new market opportunities, accelerate innovation, and help our customers protect their most critical assets in an increasingly fast-paced threat environment.”

“Defy has been relentlessly focused on being a customer-first organization since inception. It’s been amazing to see the growth in the business over the last 5 years with this mission intact, and we’re excited to watch that growth continue under Booz Allen’s ownership. We are proud to have been part of this success story,” said Michael Dougherty, a principal at Sverica.

Sverica invests in North American companies with less than $20 million in EBITDA and under $250 million in enterprise value, focusing on technology, business services, software, healthcare, and advanced industrials. Sverica’s sixth fund, Sverica Capital Partners VI LP, closed in March 2023 with $750 million of capital.

J.P. Morgan Securities was the financial advisor to Defy and AGC Partners was the financial advisor to Booz Allen.

The sale of Defy is expected to close before the end of the second quarter.