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American Securities and Clayton, Dubilier & Rice have agreed to sell Foundation Building Materials to Lowe’s Companies, in a transaction valued at $8.8 billion.

Foundation Building Materials (FBM) is a North American distributor of interior building materials and commercial construction products. FBM’s products include wallboard, suspended ceiling systems, metal framing, insulation, stucco, fasteners, drywall and power tools, doors, and frames, sold under the FBM brand through a network of over 370 locations across the United States and Canada.

FBM serves approximately 40,000 professional customers, including subcontractors, general contractors, and commercial builders working in both new construction and repair and remodel (R&R) markets. Santa Ana, California-headquartered FBM was founded in 2011 by CEO Ruben Mendoza.

“Working alongside American Securities and CD&R has been incredible. With their support, we’ve been able to accelerate growth, expand our capabilities, and improve our position, all while staying true to our values and culture,” said Mr. Mendoza. “I am immensely grateful for what our team has accomplished and am excited about the opportunities ahead as we join forces with Lowe’s.”

Since 2023, FBM has completed several acquisitions to scale its operations and expand its product lines. Notable acquisitions include Virginia-based Beacon Roofing Supply’s interior products business (January 2024), New York City-based Marjam Supply Company (April 2024), New Jersey-based Unified Door & Hardware Group (August 2024), and Missouri-based REW Materials (May 2025). In addition, FBM also invested in an e-commerce platform and a mobile application to enhance customer ordering and delivery services.

Foundation Building Materials was acquired by Dallas-based Lone Star Funds in September 2015, and the company held an initial public offering in February 2017. In February 2021, American Securities took FBM private in an all-cash transaction valued at approximately $1.4 billion. At that time, FBM had annual revenues of approximately $2.0 billion and adjusted EBITDA of $150 million, which, at an enterprise valuation of $1.4 billion, equates to an EBITDA valuation multiple for FBM of 9.3x. CD&R acquired a minority equity interest in FBM in January 2024 in partnership with American Securities, which retained the majority ownership position.

In 2024, on a pro forma basis, FBM generated approximately $6.5 billion in revenue and $635 million in adjusted EBITDA. It generated approximately 25% and 30% CAGR for revenue and adjusted EBITDA, respectively, from 2019 to 2024. At the $8.8 billion valuation, this equates to a 13.8x valuation multiple.

“Over the last four and a half years, we have been privileged to work with an extraordinary management team, building on a relationship with Ruben Mendoza that goes back years before our investment,” said Kevin Penn, a partner at American Securities. “We’re proud to have supported FBM in achieving remarkable growth, transforming the business through strategic M&A, the opening of new markets, and innovative e-commerce initiatives. This transaction is a testament to the value of true partnership with an outstanding team.”

“Joining Lowe’s is an exciting next step,” said Mr. Mendoza. “Since 2011, we’ve built a leading position in drywall, ceiling systems, and metal framing, with proven success integrating acquisitions. Together with Lowe’s complementary products and incredible brand, we’ll offer a more comprehensive solution for Pro customers and accelerate growth.”

Lowe’s Companies (NYSE: LOW) operates over 1,700 home improvement stores and has more than 300,000 employees. In FY 2024, the company had sales of more than $83 billion. Lowe’s is headquartered north of Charlotte in Mooresville, North Carolina.

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.

“When we began our collaboration with FBM, we were excited by the strength of the team, long-term track record of performance, best-in-class customer feedback and the strategic value of the business,” said Tyler Young, a principal at CD&R. “Over the past 18 months, FBM has established new avenues for growth through strategic acquisitions and a compelling set of well-resourced organic growth initiatives. We are confident FBM is well-positioned for continued success in its next chapter as part of Lowe’s.”

Clayton, Dubilier & Rice, based in New York and London, invests in European and United States-based businesses. Since its founding in 1978, the firm has invested more than $40 billion in over 100 companies across a range of industries including industrials, healthcare, business services, consumer, technology, and financial services.

To support this transaction, Lowe’s has arranged $9 billion in fully committed bridge financing from Bank of America and Goldman Sachs & Co. Centerview Partners and Goldman Sachs & Co. are the financial advisors to Lowe’s. Closing of this transaction is expected before the end of the fourth quarter.

© 2025 Private Equity Professional | August 27, 2025

Cerberus Capital Management has completed the sale of Electrical Components International to Rosebank Industries for approximately $1.9 billion.

Electrical Components International (ECI) designs and manufactures electrical components and systems used in industrial and commercial applications. The company’s core products include electrical wire harnesses, control box assemblies, and integrated electromechanical systems, which are used by more than 500 OEMs across sectors such as specialty transportation, HVAC, industrial automation, home appliances, and energy systems.

Cerberus acquired ECI in June 2018 from KPS Capital Partners in a transaction that allowed KPS to earn a return of more than three times its invested capital. ECI had previously been acquired by KPS in May 2014.

ECI was founded in 1953 by Charles Sullivan and is led today by CEO Mike Balsei, who joined the company in 2020. ECI is headquartered in St. Louis and operates 39 manufacturing facilities across North America, Europe, and Asia.

“ECI’s leadership today reflects the exceptional talent of our team and our great partnership with Cerberus,” said Mr. Balsei. “We’ve expanded into strategic markets, strengthened our operations for efficiency and scale, and deepened our technical and engineering capabilities, further setting ECI apart in the industry. We’re grateful to Cerberus for their unwavering support during our growth and look forward to building on our momentum with Rosebank in the years ahead.”

Cerberus closed nine add-on acquisitions for ECI during its ownership, as follows: Minnesota-based NRI Electronics (June 2019); California-based Omni Connection International (May 2021); Quebec-based Promark Electronics (July 2021); New York-based Rochester Industrial Control (August 2021); Ontario-based BHC Cable Assemblies (January 2022); Pennsylvania-based Britech (December 2022); Massachusetts-based Manufacturing Resource Group (December 2022); Quebec-based Aerosystems International (April 2023); and Georgia-based Flex Tec (June 2024).

“It has been a tremendous journey with ECI and its team over the past seven years,” said Mike Sanford, the global head of private equity at Cerberus. “Together, we transformed the company into a diversified industrial technology platform by entering new markets, both organically and through acquisitions, and broadening its offerings. With its commitment to innovation and excellence, ECI has earned a trusted reputation among a global customer base that we’re extremely proud of. We thank Mike and the entire ECI team as they move forward into their next chapter.”

Rosebank Industries (LON/AIM: ROSE) was founded in 2021 and is a London-headquartered diversified industrial holding company. According to its investment strategy outlined in regulatory filings, the company focuses on acquiring businesses headquartered in the UK, North America, and Europe, particularly those operating in the industrial and manufacturing sectors. Rosebank targets companies with enterprise values of up to approximately $3 billion. Rosebank was formed by former members of the senior management team of Melrose Industries (LON: MRO), which pursued a successful roll-up strategy in the aerospace sector beginning in 2003.

Cerberus has approximately $65 billion of assets under management and invests in credit, private equity, and real estate platforms. The firm, with more than $65 billion in assets under management across its credit, private equity, and real estate strategies, was founded in 1992 and is headquartered in New York City.

Goldman Sachs & Co., Rothschild & Co, and Guggenheim Securities, were the financial advisors to Cerberus and ECI on this transaction.

© 2025 Private Equity Professional | August 27, 2025

Gryphon Investors has agreed to sell Shermco Industries, a provider of critical power system services, to Blackstone in a transaction valued at approximately $1.6 billion. Gryphon acquired Shermco in June 2018 from Oaktree Capital Management.

Shermco Industries provides electrical testing, maintenance, commissioning, engineering, and repair services for a range of commercial, industrial, utility, and energy customers. Shermco services the entire electrical line – from high-voltage substations down to the distribution equipment within facilities.

The company’s core services include electrical system testing, engineering and design, preventative maintenance, emergency repair, and commissioning services. Key customer segments include data centers, utilities, manufacturers, and energy infrastructure operators.

Irving, Texas-headquartered Shermco was founded in 1974 and is currently led by CEO Phil Petrocelli. The company operates out of more than 40 service centers across the United States and Canada and employs over 600 NETA-certified technicians and 200 engineers.

Shermco expanded both organically and through acquisitions during its ownership by Gryphon. The company acquired New Jersey-based Eastern High Voltage (June 2025); Alabama-based R3L Engineering (May 2025); North Carolina-based Power Products and Solutions (March 2025); Pennsylvania-based KTR Associates (October 2024); North Carolina-based Power Test (April 2024); Washington-based Innovative Electric (June 2021); Washington-based Sigma Six Solutions (June 2021); British Columbia-based NextGen Technologies (September 2019); Texas-based Electrical Manufacturing and Distributors (August 2019); and Arizona-based Southwest Energy Systems (August 2019).

“With Gryphon’s support and operational expertise, Shermco has become a highly valued partner for its blue-chip customer base,” said Mr. Petrocelli. “We look forward to pursuing organic initiatives and making additional add-on acquisitions in partnership with Blackstone.”

Shermco operates in the electrical testing and maintenance services industry, which is projected to grow amid rising infrastructure upgrades, industrial safety requirements, and data center construction. According to Research Nester, the global electrical testing services market is expected to expand at a compound annual growth rate of 7% through 2035, supported by increased investment in grid modernization and power reliability initiatives across developed markets.

“We are proud of the exceptional business building and financial performance achieved by Shermco management, including two-fold revenue growth under Gryphon’s ownership,” said Alex Earls, a partner and co-head of the business services group at Gryphon. “We are pleased that Blackstone recognized the strength of Shermco’s platform and believe the firm will be an excellent partner for Shermco management in its next phase of growth.”

Gryphon Investors is based in San Francisco and makes leveraged acquisitions and growth investments in middle-market companies. The firm invests from $50 million to $500 million of capital in companies with enterprise values ranging from $100 million to $600 million and EBITDA of up to $80 million. Sectors of interest include business services, consumer products and services, healthcare, industrial growth, and software.

Blackstone is one of the world’s largest alternative investment firms, with a diversified portfolio across private equity, real estate, credit, and infrastructure. It is headquartered in New York City.

Harris Williams served as the financial advisor to Shermco on this transaction.

© 2025 Private Equity Professional | August 27, 2025

Thompson Street Capital Partners (TSCP) has closed the sale of DDC Solutions, a provider of GPU-focused data center cooling systems and software, to Daikin Applied, a subsidiary of Japan-headquartered Daikin Industries.

DDC Solutions designs and manufactures data center infrastructure products focused on high-density cooling for graphics processing unit (GPU) clusters, which are widely used in artificial intelligence (AI) and machine learning environments.

The company’s products include the DDC Rear-Door Heat Exchanger, which uses water to cool server racks; the DDC Air-Assisted Liquid Cooling platform, which combines air and liquid cooling for better performance; and thermal management software that helps operators control power and airflow without changing their data center setup. Customers of DDC include hyperscale data center operators, AI infrastructure providers, and enterprise IT departments that manage high-performance computing environments.

San Diego-headquartered DDC was founded in 2018 by Chris Orlando and Mark Ortenzi and today is led by CEO Keith Markley. TSCP and Cequel III, a St. Louis-based private investment firm, invested in DDC Solutions in January 2024.

“In partnering with DDC, we saw a compelling opportunity to help shape a leading platform in the fast-growing AI infrastructure market,” said Jim Cooper, the founder and chairman of TSCP. “The company’s impressive growth and technological advancement are a testament to its exceptional leadership team. With Daikin’s global reach and commitment to innovation, DDC is well-positioned to continue delivering mission-critical GPU cooling solutions to customers around the world.”

Minneapolis-based Daikin Applied designs, manufactures, and sells commercial and industrial HVAC systems, including chillers, air handlers, rooftop units, and control systems. The company is a subsidiary of Japan-based Daikin Industries (TSE: 6367.T), which operates in more than 150 countries, with regional operations in Asia, North America, Europe, and the Middle East.

“DDC’s progress over the past 18 months has been remarkable,” said Tom St. Geme, a director at TSCP. “In a short period of time, the company has delivered GPU cooling at scale for top-tier AI customers, launched innovative new products, expanded capacity, and built a high-performing commercial team. Daikin is an outstanding strategic partner to support DDC’s next phase of growth, and we’re excited for what lies ahead.”

Thompson Street Capital Partners is a St. Louis-based firm that makes equity investments of $50 million to $250 million in companies with EBITDA between $5 million and $50 million. Sectors of interest include healthcare and life science services, software and technology services, business and consumer products and services. Founded in 2000, the firm has acquired over 150 companies and has assets under management of over $4.8 billion.

Cequel III is a St. Louis-based investment firm and family office that was founded in 2002 by Jerry Kent, the chairman and CEO of TierPoint, and Howard Wood. The firm invests from $5 million to $50 million in North America-based companies that have EBITDA from $2 million to $10 million. Sectors of interest include business services, information technology, telecommunications, media, software as a service, real estate, and healthcare.

Lincoln International was the financial advisor to TSCP and Cequel III on this transaction.

© 2025 Private Equity Professional | August 22, 2025

Mason Wells has closed its sale of Structural Concepts Corporation, a maker of refrigerated food and beverage display cases, to Hoshizaki USA Holdings, the U.S. holding company of Japan-based Hoshizaki Corporation, at an enterprise value of $430 million.

Structural Concepts is a designer and manufacturer of temperature-controlled food and beverage display cases used in national and regional grocery chains, convenience stores, corporate cafeterias, quick-service restaurants, universities, hospitals, and airports.

Structural Concepts’ product portfolio includes refrigerated and heated merchandisers used primarily in “grab-and-go” formats. Key products include the Oasis line of open-air merchandisers, Reveal enclosed display cases, and Innovate service counters, which are used by supermarkets, convenience stores, and foodservice operators to display and sell ready-to-eat meals, beverages, and perishable foods.

Structural Concepts’ units are self-contained—the cooling/heating systems are integrated into the case—reducing installation costs and enabling flexible placement within stores. The company’s equipment is typically used in front-of-house settings where display aesthetics, footprint, and energy efficiency are important for both branding and operational efficiency.

Structural Concepts, headquartered in Muskegon, Michigan, was founded in 1972 by Jim Doss and today is led by CEO and President Joe Mockus.

Mason Wells acquired Structural Concepts through its fourth fund, Mason Wells Buyout Fund IV LP, in October 2018 in partnership with members of the company’s senior management team and other co-investors. During its hold period, Mason Wells expanded Structural Concepts’ manufacturing capacity and implemented automation systems that improved manufacturing throughput and shortened product lead times.

“As the founder of Structural Concepts, it is a wonderful feeling to see the business flourish under new ownership,” said Mr. Doss. “When we decided to sell the company in 2018, there were numerous interested strategic acquirors, but Mason Wells offered a partnership solution that allowed my family to reinvest and track the remarkable developments implemented over time.”

“We are extremely proud of our efforts to continuously evolve and rapidly scale Structural Concepts,” said Jay Radtke, an executive managing director at Mason Wells. “We would like to thank Structural Concepts’ world-class management team and all the company’s outstanding employees for their contributions along the way.”

The foodservice equipment manufacturing industry is benefiting from the rising consumer preference for convenience-oriented, grab-and-go meals. According to Fortune Business Insights, the global foodservice equipment market is expected to grow at a CAGR of 5.6% through 2032, driven by demand for energy-efficient and space-saving appliances in supermarkets, restaurants, and institutional kitchens.

“Mason Wells injected the growth capital and resources required to take Structural Concepts to the next level,” said Mr. Mockus. “We are very excited to continue to grow and expand with Hoshizaki, a proven player in the foodservice equipment industry that will bring additional insights and valuable channel relationships.”

Publicly traded Hoshizaki Corporation (TSE: 6465.T) is a Japan-based manufacturer of commercial foodservice equipment, including ice machines, refrigerators, freezers, dishwashers, and beverage dispensers, that are used by restaurants, hotels, convenience stores, and institutional kitchens. In FY2024, Hoshizaki reported revenue of approximately $3 billion. The company’s North American operations are managed by Hoshizaki America with facilities in Georgia, Texas, and California, and a headquarters southwest of Atlanta in Peachtree City, Georgia.

“Management executed on a clear strategy to streamline operations and increase capacity for growth, supported by heavy investments in manufacturing capabilities, facility enhancements and automation,” said Dan Shanahan, a director at Mason Wells. “These throughput improvements enabled the sales and marketing team to win significant new business at best-in-class lead times and customer service levels. Structural Concepts is poised for growth, and we are thrilled to find a supportive partner in Hoshizaki.”

Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDA of at least $5 million. Sectors of interest include consumer packaged goods; packaging materials and converting; outsourced business services; and engineered products and services. The firm was founded in 1998 and is based in Milwaukee. In June 2020, Mason Wells held a final closing of Mason Wells Buyout Fund V LP with total commitments of $767 million.

William Blair & Company was the financial advisor to Structural Concepts on this transaction.

© 2025 Private Equity Professional | August 14, 2025

Bernhard Capital Partners (BCP) has agreed to sell its majority stake in Brown & Root Industrial Services to its co-investment partner, publicly traded KBR.

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 company undertakes both large-scale construction projects and ongoing maintenance and regulatory compliance work from 22 locations across the United States, Mexico, and Canada, and has more than 10,000 employees. Brown & Root is headquartered in Baton Rouge, Louisiana.

Brown & Root was founded in 1919 by brothers Herman and George Brown, with financial backing from their brother-in-law Dan Root. The company was acquired by Halliburton in 1962, and in 1998 Halliburton merged the recently acquired M.W. Kellogg (part of its 1998 buy of Dresser Industries) with its existing subsidiary Brown & Root to form Kellogg Brown & Root (KBR) as its Industrial Services Americas division. In July 2015, KBR spun off this division in partnership with BCP, leading to the establishment of Brown & Root Industrial Services.

KBR is a Houston-headquartered provider of science, technology, and engineering services for governments and commercial customers operating in the aerospace, defense, energy, and manufacturing services sectors. The company operates through two segments: Government Solutions, which provides space exploration support, defense systems integration, cybersecurity, and military training; and Sustainable Technology Solutions, which provides services for energy transition projects, advanced process technologies, and industrial services. KBR serves customers in sectors such as aerospace, defense, energy, and advanced manufacturing.

“As one of BCP’s original investments, our partnership with Brown & Root Industrial Services is emblematic of our approach to supporting world-class management teams and executing on a shared vision for growth,” said Mark Spender, a partner at BCP. “We are proud of all that we have accomplished together to position the company as a leading industrial services provider in North America, while creating significant value for our investors. We look forward to all that the Brown & Root Industrial Services team will continue to accomplish in this next chapter.”

Baton Rouge, Louisiana-headquartered Bernhard Capital is an energy services-focused private equity firm established in 2013 by Jim Bernhard and Jeff Jenkins. The firm has deployed capital through five funds and has approximately $5 billion of assets under management.

“Our partnership with Jim Bernhard, Jeff Jenkins, Mark Spender and the entire BCP team has been instrumental in our growth and success over the last decade,” concluded Andy Dupuy, the CEO of Brown & Root. “Their vision, guidance, and conviction have been instrumental in enhancing our reputation as the partner of choice for customers across the industrial services market, while remaining true to the principles that have guided us since 1919. This milestone marks the successful culmination of a rewarding partnership, and we are confident our business and our team are well positioned for continued success.”

Houlihan Lokey was the financial advisor to BCP on this transaction, which is expected to close in the third quarter or early fourth quarter of 2025.

© 2025 Private Equity Professional | August 12, 2025

ATL Partners has closed the sale of its majority ownership in Global Critical Logistics (GCL) to Providence Equity Partners. ATL will retain a minority equity stake in GCL in partnership with Providence. According to PEP sources, this transaction has an enterprise valuation of more than $1 billion.

GCL is a provider of freight forwarding and logistics services to the live entertainment and music touring, fine arts, sports, film and television production, high-end automobiles, corporate events, and other zero-failure tolerance end markets. Other services include warehousing, customs brokerage, risk mitigation, and insurance.

ATL Partners acquired New York City-based GCL , then Rock-It Cargo, in July 2018 and closed eight add-on acquisitions with the buys of North Carolina-based SOS Global (January 2024), New Zealand-based Time Frame Logistics (October 2023), Michigan-based Dell Will Customs Brokers (September 2023), New Zealand-based Xtreme Forwarding (March 2023), UK-based Classic Automotive Relocation Services (January 2023), Spain-based Asesores de Flete (June 2022), UK-based Dynamic International Freight Services (December 2021), and Belgium-based Triple M Entertainment Logistics (September 2019).

Today, GCL is a global specialty logistics platform serving live events and luxury goods markets through brands including Rock-It Cargo (concert tours and live event logistics), DIETL (fine art transportation and storage), and CARS (Classic Automotive Relocation Services), which manages logistics for high-value vehicles.

GCL, led by CEO Daniel Rosenthal, manages over 10,000 projects per year across more than 160 countries, with offices in the US, UK, China, Germany, Japan, Central and South America, the Middle East, and Australia. GCL’s owned offices are supplemented by a network of foreign agents that specialize in live events. The company was founded in 1978 by David Bernstein, and its early days included projects for Led Zeppelin and Uriah Heep.

Recent projects for GCL include Taylor Swift’s ‘Eras’ Tour, and it has also provided logistics services for Beyoncé, the National Football League, and Art Basel. In 2026, GCL will provide logistics services for the FIFA World Cup, which is being hosted by the United States, Mexico, and Canada.

“The sale of GCL represents a significant milestone for ATL and we believe it underscores our ability to partner with management teams to build and scale market leading businesses, while continuing to execute successfully and deliver strong outcomes in today’s dynamic market environment,” said Sanjay Arora, a partner at ATL. “We’re proud of what GCL has achieved over the past seven years and look forward to supporting the company’s next phase of growth potential alongside Providence.”

Private equity interest in the transportation and logistics sector continues to increase, especially in mission-critical, global logistics platforms serving live events, luxury goods, and infrastructure. After a post-pandemic lull, deal flow has rebounded, with strategic buyers and financial sponsors pursuing global logistics assets.

ATL Partners is a sector-focused private equity firm that invests in aerospace, transportation, and logistics companies. The firm has a minimum equity investment requirement of $75 million and a target equity investment range of $150 million to $750 million, supported by co-investment arrangements with its limited partners. ATL was founded in 2014 and is headquartered in New York City.

Providence invests in the media, communications, education, and technology industries and, since its founding in 1989, has invested more than $38 billion across more than 180 private equity portfolio companies. The firm is based in Providence, Rhode Island, with additional offices in New York, London, Boston, and Atlanta.

Jefferies, J.P. Morgan Securities, and Moelis & Company were the financial advisors to GCL on this transaction.

© 2025 Private Equity Professional | August 8, 2025

Peak Rock Capital has sold Shipley Do-Nuts, a franchisor of quick-service donut shops, to Levine Leichtman Capital Partners.

Shipley Do-Nuts is a seller of donuts, kolaches, and coffee with more than 375 franchised and company-owned locations across 14 U.S. states, including Texas, Florida, Georgia, and Tennessee. The company’s products include Shipley’s original glazed donut, sausage and cheese kolaches, and custom-roasted Shipley House Blend Coffee. Houston-headquartered Shipley Do-Nuts was founded in 1936 by Lawrence Shipley Sr. and today is led by CEO Flynn Dekker.

During Peak Rock’s ownership, which began in January 2021, Shipley added a new headquarters and R&D facility in Houston, expanded into new markets like Alabama and Colorado, and achieved 18 consecutive quarters of same-store sales growth.

“We have benefited greatly from our partnership with Peak Rock, and their approach has been key to unlocking Shipley’s impressive growth,” said Mr. Dekker. “We are committed to supporting our franchisees’ businesses and serving our customers the world’s greatest donut as we continue to introduce our iconic brand to more and more communities across the nation.”

“We are proud of the success Shipley has achieved during our ownership and honored to have contributed to the evolution of this iconic brand,” said Robert Strauss, a senior managing director of Peak Rock. “Our investments in people, processes and technology have propelled Shipley to achieve transformational growth. We have deeply appreciated the support of the company’s loyal customers, franchisees, employees, and the Shipley family.”

“It has been an outstanding experience working alongside the Shipley team,” said Michael Graham, a managing director of Peak Rock. “The company has excelled through our investment and built a strong foundation to capitalize on future growth.”

“The Shipley transaction is another great example of Peak Rock’s track record of successfully partnering with family and founder-owned businesses to achieve transformational growth,” said Anthony DiSimone, the chief executive officer of Peak Rock. “Shipley also highlights Peak Rock’s deep expertise supporting franchisors in achieving their growth ambitions. We look forward to continuing to partner with similar businesses in the future that can benefit from our capabilities to achieve transformational outcomes.”

Austin-headquartered Peak Rock Capital makes debt and equity investments of $30 million to $500 million in middle-market companies with enterprise values from $50 million to $1.5 billion. Sectors of interest include business and technology-enabled services; consumer products and services; distribution and logistics; energy; food and beverage; healthcare; and industrial manufacturing and technology.

Levine Leichtman invests in U.S. and Europe-based middle-market companies across industries such as franchising, business services, education and training, engineered products and manufacturing, healthcare, and light manufacturing. Earlier this month, LLCP closed its newest fund, LLCP Fund VII LP, above its target with over $3.6 billion in capital commitments.

Since its founding in 1984 by Arthur Levine and Lauren Leichtman, LLCP has managed $16.3 billion of institutional capital across 15 investment funds and has invested in over 100 portfolio companies. The firm and its affiliates currently manage approximately $12 billion in assets, with offices in Los Angeles, New York, Chicago, Miami, London, Stockholm, The Hague, and Frankfurt.

© 2025 Private Equity Professional | July 31, 2025

J.F. Lehman & Company has completed the sale of Narda-MITEQ to publicly traded electronics manufacturer Amphenol Corporation.

Narda-MITEQ designs and manufactures advanced radio frequency (RF) and microwave components and subsystems used in military, space, and commercial applications.

Specific products include RF amplifiers, frequency converters, mixers, couplers, isolators, and integrated subsystems that are used in electronic warfare (EW), radar, signals intelligence (SIGINT), satellite communications, and aerospace testing systems. Customers of Narda-MITEQ include defense contractors, aerospace OEMs, and communications equipment integrators. Narda-MITEQ is led by CEO Bob Tavares has annual revenues of $120 million and is headquartered on Long Island in Hauppauge, New York.

“Through our partnership with the team at JFLCO, we have achieved tremendous organizational and process transformation resulting in significant operational and commercial improvements for our customers and employees,” said Mr. Tavares. “We are excited to build on our successes with our new partners at Amphenol.”

Amphenol (NYSE: APH) designs, manufactures, and markets electrical, electronic, and fiber optic connectors, interconnect systems, antennas, and specialty cables that are used by OEMs, defense contractors, telecom providers, and automotive suppliers in the military, aerospace, industrial, automotive, and broadband sectors.

Specific products of the company are RF and microwave connectors, power and signal connectors, and high-speed cable assemblies, used in equipment ranging from military radios and satellites to EV powertrains and 5G infrastructure.

Amphenol is headquartered near Hartford in Wallingford, Connecticut, and operates manufacturing facilities in over 40 countries including the U.S., China, Germany, and Mexico, with an aggregate operating footprint of more than 10 million square feet. The company was founded in 1932 by Arthur Schmitt and today is led by CEO R. Adam Norwitt.

J.F. Lehman formed Narda-MITEQ in December 2021 to acquire the assets of the Narda-MITEQ division and the stock of Narda Safety Test Solutions from publicly traded L3Harris Technologies (NYSE: LHX). In January 2022, Narda-MITEQ added on with the acquisition of Intelligent RF Solutions, a Maryland-headquartered maker of RF and microwave systems and subsystems used in military and intelligence.

“This transaction reflects management’s successful execution of our collective strategic plan to expand the company’s product portfolio, grow sales and strengthen Narda-MITEQ’s value proposition with its customers,” said Ben Hatcher, a principal at JFLCO. “We wish them continued success with Amphenol.”

Amphenol’s acquisition of Narda-MITEQ reflects surging demand for RF and microwave technologies, driven by advancements in defense systems and 5G infrastructure. According to Deloitte’s 2025 outlook on aerospace and defense, global defense spending is projected to rise 4.5% annually through 2030, fueled by geopolitical tensions and modernization efforts. The RF component market, as reported by Bloomberg in January 2025, is expected to grow at a 7% compound annual rate, driven by electronic warfare and satellite communications. However, supply chain constraints, particularly in semiconductor availability, pose challenges, with delivery delays reported by Reuters in March 2025 impacting subsystem manufacturers. Emerging competitors in Asia, as noted by the Financial Times last month, are also pressuring established players, pushing firms like Amphenol to acquire specialized providers like Narda-MITEQ to secure technological advantages.

J.F. Lehman is a middle-market private equity firm primarily focused on the maritime, defense, and aerospace sectors. The firm typically invests between $50 million and $350 million in companies with EBITDA ranging from $10 million to $75 million.

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

KippsDeSanto served as financial adviser to JFLCO and Narda-MITEQ on this transaction.

© 2025 Private Equity Professional | July 29, 2025