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AUA Private Equity Partners has completed the sale of Western Smokehouse Partners, a manufacturer of better-for-you protein snacks, to Monogram Capital Partners.

Western Smokehouse Partners is a contract and branded manufacturer of all-natural meat sticks, jerky, and high-protein snacks with a portfolio of co-manufactured, private label, and branded products. The company’s beef, turkey, chicken, and pork products are available in sticks, bites, and strips and include organic, non-GMO, plant-based, and free-range options.

Western’s customers include national retailers, health-conscious food brands, and convenience store distributors. The company, led by CEO Matt Bormann, was founded in 1978 when Sam Western founded Western’s Smokehouse in Greentop, Missouri, and Jim Hankes founded Thrushwood Farms Quality Meats in Galesburg, Illinois. Today, Western operates five facilities: four in Missouri and Illinois, and one in Idaho.

Monogram Capital Partners and Charis Consumer Partners formed Western Smokehouse in 2018 to acquire Western’s Smokehouse. In 2019, the company added on with the buy of Thrushwood Farms, and in 2020 added on again with the acquisition of Prairie Sky Snacks, a Springfield, Illinois-based contract manufacturer of meat snacks, from the founding Turasky family. AUA acquired a majority interest in Western from Monogram and Charis in March 2023, with Monogram maintaining a minority equity interest.

Since acquiring its majority stake in Western in 2023, AUA backed several strategic initiatives, including opening a new facility, completing three major expansions, and acquiring Golden Valley Natural, a producer of natural meat snacks, in June 2024. Today, Western has more than 1,300 employees and more than 1,000,000 square feet of production capacity.

The meat snacks industry is growing rapidly, valued at $10.7 to $12.4 billion in 2024 and projected to reach up to $31 billion by 2034 (Precedence Research). Meat stick sales in the U.S. alone hit $3 billion in 2024, fueled by snackification trends and demand for high-protein, clean-label snacks—over 60% of consumers now seek protein-rich options (FoodNavigator-USA). Within the sector, companies are innovating with organic, non-GMO, and plant-based offerings, with nearly 40% of consumers showing interest in the latter (Innova Market Insights).

“Western’s trajectory over the last few years has been extraordinary and we are proud of what we have accomplished during our partnership,” said David Benyaminy, a partner at AUA. “This success is a testament to the integrity and discipline of Western’s outstanding management team, who executed on every growth initiative to achieve our joint goals ahead of expectations and best-position Western for the next phase of its evolution.”

AUA Private Equity Partners makes equity investments from $40 million to $100 million in companies with at least $10 million of EBITDA. Sectors of interest include consumer products and services focusing on family-owned and Hispanic-oriented businesses. AUA is known for using low leverage to acquire companies and focusing on operational improvements rather than financial engineering to create stakeholder value. AUA was founded in 2011 and is headquartered in West Palm Beach, Florida.

The transaction team at AUA was led by Mr. Benyaminy, with support from vice presidents Brian Krouskos and Nicolas Pflaum, and senior associate Trip Ewig.

“We have greatly enjoyed working with the AUA team over the last two years to scale the Western platform and are excited to further invest behind and support rapid growth in the business moving forward,” said Jared Stein, a partner at Monogram.

Monogram invests up to $75 million of equity in companies with revenues of $5 million to $250 million. Sectors of interest include food and beverage, beauty and personal care, pet products, manufacturing, and multi-location businesses. Monogram was founded in 2014 and is headquartered in Beverly Hills, California.

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

© 2025 Private Equity Professional | July 11, 2025

TruArc Partners has sold Ideal Tridon, a manufacturer of fastening, sealing, and support systems, to Nautic Partners.

Ideal Tridon’s products include hose clamps, pipe supports, couplings, fittings, and strapping that are used in supporting, securing, and connecting the movement of air, fluid, and electricity in industrial, commercial, and infrastructure applications. Company-owned brands include Ideal Clamp Products, Tridon Clamp Products, ZSI-Foster, and Clamp Srl.

Ideal Tridon’s customers include OEMs, distributors, and maintenance operations in the HVAC, plumbing, agriculture, automotive, and general industrial manufacturing sectors.

Ideal Tridon was founded in 1913 as Tridon Clamp Products and today is led by CEO Rick Stepien with a headquarters in Smyrna, Tennessee. The company operates manufacturing and distribution facilities across the United States in Tennessee, Michigan, Ohio, and California, as well as in Canada, Mexico, Germany, the United Kingdom, and China.

TruArc acquired Ideal Tridon from Industrial Growth Partners in August 2017. During its ownership term, Ideal Tridon completed ten add-on acquisitions including Advanced Couplings (2023), StrutTech fiberglass strut product line from Axium Composites (2024), Hydra-Zorb Company (2020), ZSi-Foster (2019), Clamp Srl (2018), and Campbell Fittings (2018).

“TruArc has been an outstanding partner in scaling our business. We believe the deep operational support and shared vision have positioned Ideal Tridon for continued success,” said Mr. Stepien.

“Ideal Tridon has delivered consistent growth through product innovation, operational excellence, and strategic acquisitions. We are proud of the strong foundation we’ve built alongside management and are excited to see the company continue its momentum with Nautic,” said John Pless, a co-managing partner at TruArc.

Ideal Tridon operates within the industrial fasteners industry, which has shown steady growth driven by infrastructure investment and demand for customized, engineered parts. According to a report by Grand View Research, the global industrial fasteners market alone was valued at $99 billion in 2024 and is projected to grow at a CAGR of 4.8% from 2025 to 2030, driven by investments in the construction sector and rising demand for industrial fasteners in the automotive and aerospace sectors.

“We are thrilled to partner with Ideal Tridon, a business with a strong leadership team, an outstanding reputation, and attractive growth potential. We look forward to supporting the next chapter of their success,” said Chris Pierce, a managing director at Nautic. “We are also excited to add another investment to our engineered products portfolio within Nautic’s Industrials group. We view Ideal Tridon as a great fit for our thematic focus in several engineered component subsectors including electrical products, flow control, and facility automation, with exposure to many of the high growth markets we proactively target.”

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

Nautic Partners is a middle-market private equity firm that invests in companies within the healthcare, industrial, and outsourced services sectors. Nautic targets majority equity investments ranging from $50 million to $400 million in companies with enterprise values between $100 million and over $1 billion. In October 2024, the Providence, Rhode Island-headquartered firm closed its latest fund, Nautic Partners XI LP, with $4.5 billion in limited partner commitments, surpassing its initial target of $3.75 billion.

Lincoln International and Harris Williams were the financial advisors to Ideal Tridon on this transaction.

© 2025 Private Equity Professional | July 11, 2025

MiddleGround Capital has agreed to sell Arrow Tru‑Line, a manufacturer of overhead garage door hardware, to Chamberlain Group, a portfolio company of Blackstone.

Arrow Tru-Line is a manufacturer and distributor of metal components for overhead garage doors, including hinges, brackets, torsion and extension springs, track sets, and tubular shafts. These components are used by OEMs, distributors, and professional garage door installers in both residential and commercial sectors across North America.

The company’s manufacturing capabilities include roll forming, EDM machining, stamping, CNC milling, powder coating, plastic injection molding, and aluminum, zinc, and iron die casting.

Arrow Tru-Line is led by CEO Thomas Brockley and operates five manufacturing and distribution facilities in Ohio, Texas, Minnesota, Nevada, and Ontario. The company, founded in 1970, is headquartered west of Toledo in Archbold, Ohio.

Arrow Tru‑Line has a long history of private equity ownership. In 2005, the company was acquired by Long Point Capital from privately held Collier Spring Manufacturing. Long Point later sold the business to Sun Capital Partners in 2017. In December 2021, Arrow Tru‑Line was acquired by MiddleGround Capital through its inaugural fund, MiddleGround Capital I LP. The announced sale to Chamberlain Group marks MiddleGround’s third full exit from that fund, which closed in August 2019 with $460 million in commitments.

“MiddleGround has been an exceptional partner for Arrow Tru-Line,” said Mr. Brockley. “Their operational expertise and deep, hands‑on experience has positioned us with several competitive advantages. We’re looking forward to continuing the strategic momentum MiddleGround has imparted under the Chamberlain Group.”

Chamberlain Group is a provider of access control and smart home technology products, including garage door openers, gate operators, and commercial access systems used by residential consumers, commercial property managers, and automotive OEMs. The company’s key brand names include LiftMaster, Chamberlain, and myQ.

Through its myQ platform, Chamberlain enables remote access and monitoring via mobile devices. The myQ Connected Garage system is integrated into vehicles from manufacturers such as Tesla, Honda, and Mercedes, allowing seamless in-vehicle control of garage access.

Chamberlain Group was acquired by Blackstone in November 2021 from The Duchossois Group and today is led by CEO Jeff Meredith, with a headquarters near Chicago in Oak Brook, Illinois.

“Our partnership with Tom and the management team has yielded operational improvements, enhanced free cash‑flow conversion and profitability, and preserved core manufacturing jobs,” said John Stewart, the founding and managing partner of MiddleGround. “Providing our investors with much‑needed liquidity given current economic conditions is a testament to our team and our investment strategy.”

“We are very proud to have helped Arrow Tru-Line improve its manufacturing capabilities through the hard work of our operations team and the management team,” said Lindsay Quintero, a vice president at MiddleGround. “MiddleGround provided the company with critical capital investment that allowed for the vertical integration of key components while expanding the company’s capabilities, setting the company up for future revenue growth.”

MiddleGround makes control equity investments from $25 million to $65 million in North American-based business-to-business companies in the industrial and specialty distribution sectors that have enterprise values of up to $200 million. The firm, based in Lexington, Kentucky, has over $4.1 billion of assets under management and was formed in May 2018 by former Monomoy Capital professionals John Stewart, Lauren Mulholland, and Scot Duncan.

New York City-based Blackstone (NYSE: BX), with more than $1.2 trillion in assets under management, invests in private equity, real estate, public debt and equity, non-investment grade credit, real assets, and secondary funds. The firm also provides financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory, and fund placement services.

Raymond James was the financial advisor to MiddleGround, and Wells Fargo was the financial advisor to the Chamberlain Group.

© 2025 Private Equity Professional | July 9, 2025

Rehlko, a portfolio company of Platinum Equity, has agreed to sell its Curtis Instruments unit to Parker Hannifin for approximately $1 billion in cash.

Curtis Instruments designs and manufactures control system components for electric and hybrid vehicles, with a product line that includes motor speed controllers, battery management systems, and instrumentation panels.

Curtis’s products are sold to OEMs and system integrators operating in the materials handling, medical mobility, and on-road/off-road electric vehicle markets. Curtis was founded in 1960 by Edward Marwell and is currently led by CEO Stuart Marwell.

Mount Kisco, New York-headquartered Curtis operates from more than 450,000 square feet of production space across facilities in New York and California, Switzerland, the United Kingdom, China, Germany, and India. For the full year 2025, Curtis is projected to have $320 million in revenue.

Curtis is a portfolio company of Rehlko (formerly Kohler Energy), which was acquired by Platinum Equity in May 2024 from Kohler at an enterprise valuation of approximately $3 billion, with Kohler maintaining a minority interest in the business. Post-closing, the business was rebranded as Rehlko (a modified order of K-o-h-l-e-r) in September 2024. Kohler Energy was formed by Kohler in April 2023 to consolidate its power businesses under one umbrella.

With the sale of Curtis, Rehlko now operates through three business segments: Industrial Energy Systems (generators, transfer switches, switchgear and controllers), Powertrain Technologies (diesel, gasoline, alternative fuel, and marine engines), and Home Energy (residential power generators).

Rehlko’s customers include utilities, telecom providers, industrial operators, and residential energy consumers. The company is led by CEO Brian Melka and is headquartered in Milwaukee, Wisconsin.

Parker Hannifin (NYSE: PH) manufactures motion and control technologies for the aerospace, automotive, and healthcare sectors. The company, founded in 1917 and headquartered in Cleveland, is led by CEO Jennifer Parmentier. Over the past several years, Parker Hannifin has been actively reshaping its portfolio with acquisitions and divestitures, including its 2022 acquisition of UK-based Meggitt. Divestitures have included France Electromechanical Solutions, MicroStrain, and Filter Resources, as well as product line sales of Industrial Profile Systems and Indego exoskeletons.

“We have great respect for Curtis, its leadership team and its innovative products, and we are confident that Parker Hannifin is the right home for the business going forward,” said Platinum Equity Co President Jacob Kotzubei and Managing Director Matthew Louie in a released statement.

Platinum Equity invests in a range of industries including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, and telecommunications. Beverly Hills-headquartered Platinum was formed in 1995 by Tom Gores and over the past 28 years has completed more than 450 acquisitions.

BofA Securities and Goldman Sachs were the financial advisors to Rehlko, and Guggenheim Securities advised Parker Hannifin.

The sale of Curtis Instruments to Parker Hannifin is expected to close by year-end 2025.

© 2025 Private Equity Professional | July 1, 2025

HCI Equity Partners has sold TSM Corporation, a manufacturer of precision-machined components, to Walor North America, a subsidiary of FerrAl United, which is a portfolio company of Mutares SE & Co.

TSM Corporation manufactures close-tolerance steel and aluminum components and assemblies for the automotive industry, including chassis and suspension components, tow hooks, and engine and powertrain parts used by automotive OEMs and Tier 1 suppliers.

TSM Corporation was founded in 1978 and operates from a 98,000-square-foot facility near Detroit in Auburn Hills, Michigan, and a 67,000-square-foot plant near Monterey in Ramos Arizpe, Mexico. In 2024, the company had approximately $120 million in revenue, adjusted EBITDA of approximately $12 million, and 240 employees.

HCI first invested in TCM in August 2017. “We have had the privilege of working with the TSM management team for the past eight years,” said Dan Dickinson, a co-founder and executive chairman at HCI. “Together we invested in talent, technology and capacity, positioning TSM as a trusted supplier to the world’s leading automotive customers.”

FerrAl United, the buyer of TSM, is a global automotive supplier specializing in iron- and aluminum-based castings, forgings, and machined components for OEMs and Tier 1 suppliers. Mutares formed the business in 2023 through the consolidation of three of its portfolio companies: CIMOS, a Slovenia-based supplier of turbocharger and powertrain components, acquired in October 2023; Walor International, a France-based forger and machiner of steel parts used in automotive and industrial vehicles, acquired in December 2022 (Walor International formed Walor USA to acquire Hirschvogel Incorporated, a Columbus, Ohio-based forging and machining company); and SELZER Group, a Germany-based provider of metal forming and machining services, acquired in July 2023. Together, these three operating units have more than €1 billion in combined revenue and 30 worldwide operating facilities.

HCI Equity invests in lower middle market distributors, manufacturers, and technician-based service providers in fragmented industries. The firm typically invests up to $75 million in equity in companies with revenues from $20 million to $200 million and EBITDA from $3 million to $25 million. The Washington, D.C.-headquartered firm was co-founded in 2003 by its managing partners, Dan Dickinson and Doug McCormick.

Mutares (FSE: MUX) is a Munich-headquartered private equity firm that invests in corporate carve-outs and special situations. Typical target companies have operational improvement potential and revenues from €100 million to €750 million and operate in the automotive and mobility, engineering and technology, goods and services, and retail and food sectors.

“Further to the opening of our office in Chicago, we are proud to announce the acquisition of TSM. We are reinforcing our presence in North America and expanding our capabilities in precision manufacturing and automotive systems make it a compelling addition to the Mutares portfolio,” said Johannes Laumann, the CIO of Mutares.

Mutares was founded in 2008 and has additional offices in Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Vienna, and Warsaw.

Donnelly Penman & Partners was the financial advisor to both TSM and HCI.

© 2025 Private Equity Professional | June 20, 2025

CenterGate Capital has closed the sale of Mid-State Industrial Maintenance to ONCAP, the lower middle market private equity arm of Onex Corporation.

Mid-State provides on-site and off-site industrial maintenance, repair, and overhaul (MRO) services – such as mechanical repair, welding and fabrication, and precision machining – with a focus on high-risk, high-cost-of-failure operational environments. Customers of the company include operators in the utilities and power generation, phosphate mining, chemical processing, food and beverage, aggregates, and building products sectors.

Mid-State, led by CEO Shawn Toney, was founded in 1973 and is headquartered in Lakeland, Florida, with a 100,000-square-foot main facility and additional operations across the Southeast and Midwest U.S., including in Alabama and Tennessee.

“Working with Shawn Toney and the Mid-State team has been a pleasure. Over the course of our partnership, the company grew to be a differentiated industrial services platform,” said Tim Liu, a managing director at CenterGate. “The value creation and growth at Mid-State is a great example of CenterGate’s dedication to supporting management teams. We are confident that Mid-State will continue to build upon its track record and look forward to following the company’s future success.”

CenterGate acquired Mid-State in February 2019 and closed three add-on acquisitions during its ownership term with the buys of Ohio-based Elmco Industrial Services (December 2021); Ohio-based Mine Equipment & Design (January 2021); and Florida-based AZZ SMS (October 2020).

“I’m tremendously proud of the Mid-State team,” said Mr. Toney. “In partnership with CenterGate, we’ve dramatically grown revenue, added new service lines, expanded our geographic presence, and entered new end-markets, all while continuing to provide industry-leading safety and quality service to our customers. We are proud to have been partners with CenterGate in the growth and development of Mid-State.”

CenterGate, based in Austin, Texas, invests between $10 million and $75 million in equity in lower middle-market companies across North America, with EBITDA ranging from $5 million to $30 million. Its areas of focus include business services, manufacturing, and consumer sectors. In August 2024, CenterGate announced the final closing of CenterGate Capital Partners II LP with just over $375 million in capital, exceeding its target.

ONCAP is the mid-market private equity platform of Onex Corporation (TSX: ONEX) which makes private equity investments through the Onex Partners and the ONCAP families of funds. The firm makes both control and minority investments of $20 million to $250 million in North American-headquartered companies valued from $50 million to $500 million and with EBITDA of more than $5 million. Sectors of interest include consumer, industrials and services. ONCAP is based in Toronto with additional offices in New York, New Jersey, and London.

The ONCAP transaction team was led by Managing Director Stephen Marshall and Principal Jason Levy.

J.P. Morgan Securities was the financial advisor to Mid-State on this transaction.

© 2025 Private Equity Professional | June 3, 2025

Rockbridge Growth Equity has sold its majority ownership in GSTV, a national video network operating across fuel and convenience retailers, to MidOcean Partners. As part of the transaction, Rockbridge will retain a minority stake in the business.

GSTV (Gas Station TV) is a national digital video network that uses its screen-based media platform to play targeted short-form entertainment and advertising content at gas pumps to consumers during fueling. GSTV operates at more than 29,000 fuel retailer locations across the United States, including partnerships with fuel station operators such as Chevron, Sunoco, and 7-Eleven.

Customers of GSTV include Fortune 500 advertisers in the automotive, consumer packaged goods, and quick-service restaurant (QSR) sectors that are seeking to influence in-the-moment purchase decisions.

GSTV’s video and service offerings include Moment of Truth campaigns (ad formats tied to fueling behavior), Audience Access (data-driven audience targeting), and Insights Studio (analytics for advertiser performance).

GSTV was founded in 2006 by Donald Sanborn and is currently led by CEO Sean McCaffrey. The company is headquartered in Detroit, Michigan, with additional operations and regional sales offices in New York, Chicago, and Los Angeles.

“Rockbridge has been a strong partner to GSTV over the years, and we are proud of the accomplishments we achieved together,” said Mr. McCaffrey. “We are excited for the future and working together with MidOcean and Rockbridge on new initiatives.”

“Through our partnership with the GSTV team, we successfully transformed the business to realize new opportunities in an evolving media landscape,” said Brian Hermelin, a managing partner and co-founder of Rockbridge. “Rockbridge understood that advertisers need new channels to reach today’s consumers, and GSTV has delivered a captive audience that we believe has more potential to grow. We look forward to supporting the GSTV and MidOcean teams as the company embarks on its next chapter.”

Rockbridge Growth Equity invests in e-commerce and marketing services, financial services and fintech, tech-enabled products and services, and digital media. The Detroit-based firm was founded in 2007 by Brian Hermelin and Kevin Prokop, with the support of Dan Gilbert, the founder of Quicken Loans.

MidOcean Partners, headquartered in New York City, invests from $75 million to $300 million in North America-based companies that have enterprise valuations from $150 million to $750 million. The firm’s industries of interest include a range of subsectors within consumer and business services. The firm closed its sixth fund, MidOcean Partners VI LP, above target with more than $1.5 billion of capital in April 2023, making it the largest fund MidOcean has ever raised.

Monroe Capital (NASDAQ: MRCC) backed the acquisition of GSTV as the administrative agent and joint lead arranger on a senior credit facility and the firm also made an equity co-investment in GSTV in partnership with MidOcean. Monroe provides senior and junior debt financing to middle-market businesses, special situation borrowers, and private equity sponsors. Investment types include unitranche financings; cash flow, asset-based, and enterprise value-based loans; and equity co-investments.

GSTV was advised on this transaction by Moelis & Company and Solomon Partners.

© 2025 Private Equity Professional | April 23, 2025

ACON Investments has sold Kept Companies, a provider of commercial and industrial cleaning services, to DFW Capital Partners.

Kept Companies is a national provider of mobile power washing, specialty cleaning, and facility maintenance services across over 130 company-owned and franchised locations in the United States.

The company’s services include truck and fleet washing, HVAC and refrigeration coil cleaning, solar panel washing, and retail and distribution center maintenance. Customers of Kept are active in the commercial, industrial, transportation, and government sectors. Kept was founded in 1973 by Jerry DiGiovanni and is now led by CEO Anthony DiGiovanni. The company is headquartered near New York City in Fairfield, New Jersey.

“We are grateful to ACON for their partnership and belief in Kept’s potential from day one,” said Anthony DiGiovanni. “ACON proved to be a great partner and we look forward to continuing our success with DFW.”

ACON acquired Kept Companies (then Fleetwash Holdings) in October 2018 from DFW in partnership with Fleetwash’s founders — Vito DiGiovanni and James DiCarlo — and members of the senior management team. At the time of ACON’s acquisition, Fleetwash operated 56 facilities across the United States and served approximately 6,000 customers ranging from small businesses to Fortune 100 companies.

DFW’s fourth fund had acquired Fleetwash in May 2014 from Transportation Resource Partners (TRP). In a prior fund, from 1999 to 2005, DFW held a minority investment in Fleetwash, prior to the sale of the company to TRP.

Under ACON’s ownership, Kept underwent a corporate rebranding in May 2023 and expanded through more than 30 add-on acquisitions, coupled with implementation of new technology systems that improve operational efficiency and service delivery.

“Our investment in Kept exemplifies ACON’s strategy of backing great businesses at pivotal inflection points and assisting them in reaching their next stage of development,” said Ken Brotman, a founding partner at ACON. “We are proud to have helped institutionalize and grow the company while preserving its entrepreneurial culture and customer-first mindset. It has been a pleasure working alongside Anthony and Jerry DiGiovanni and the entire Kept team to build a business positioned to lead its industry for years to come.”

Some of the company’s major acquisitions under ACON ownership include Tennessee-based CarePro National Painting (July 2024); Georgia-based Giant Enterprises (January 2024); Georgia-based EcoSweep (December 2023); Florida-based Reflections Window & Pressure Washing (May 2021); and Florida-based Spray-Wash (May 2021). In total, Kept has acquired 137 businesses since its founding in 1973.

“We are extremely proud of Kept’s growth and business transformation over the course of our ownership,” said Mo Bawa, a managing partner at ACON. “Working closely with Kept’s management team, we meaningfully diversified and expanded the company’s service offering, ultimately leading to a corporate rebranding and accelerated growth – both organic and through over 30 add-on acquisitions. We also implemented industry-leading operational and technology systems across the platform. We believe Kept is exceptionally well-positioned for its next phase of growth.”

ACON Investments invests in middle-market companies in the United States and Latin America. The firm was founded in 1996 and has offices in Washington, D.C. (headquarters) and Los Angeles, with international offices in Brazil, Colombia, Mexico, and Spain.

New York City-headquartered DFW Capital Partners invests in service companies, with an emphasis on outsourced business and industrial support services, and healthcare companies that have revenues of up to $200 million and EBITDA up to $20 million. In January 2023, DFW held a final, oversubscribed, and hard cap close of DFW Capital Partners VII LP with $800 million of capital. Fund VII follows the firm’s sixth fund which held its first and final closing in April 2019 with $500 million of capital.

© 2025 Private Equity Professional | April 18, 2025

Soundcore Capital Partners has closed the sale of InfraStripe, a regional roadway safety contractor, to Frontline Road Safety, the largest provider of pavement marking services in the United States and a portfolio company of Bain Capital, which acquired the business just last month from The Sterling Group.

InfraStripe’s services include paint- and thermoplastic-striping for highways and runways, traffic control, signage installation, guardrail installation, and work zone services. Customers of the company include numerous state departments of transportation, airports, municipalities, and counties. InfraStripe operates through 13 service centers and has completed work in 30 southeastern and central states and metropolitan areas. The company was founded in 2018 and is headquartered in Charlotte, North Carolina.

Soundcore acquired InfraStripe in October 2018 and closed eight add-on acquisitions during its ownership term. It also recruited several new members to its management team, including a new CEO, CFO, and COO. The eight add-on acquisitions are California-based BC Traffic Specialist, Nevada-based Nevada Barricade & Sign Co., Florida-based AKCA, Virginia-based American Road Markings, Nevada-based Silver State Barricade & Sign, Oregon-based Hicks Striping and Curbing, Utah-based Interstate Companies, and Missouri-based Traffic Control Company.

“We’re proud of the progress we’ve made since inception and are grateful to Soundcore for being a great partner in helping us scale into a leader in the sector. I’m thankful for the opportunity that Soundcore provided and excited for the future,” said Billy Miller, the CEO of InfraStripe.

Frontline Road Safety offers line striping for highways and airports, thermoplastic and epoxy pavement markings, and other traffic control services and products. The company’s customers include government agencies, transportation departments, private corporations, and infrastructure contractors.

Frontline was formed in August 2020 by The Sterling Group as a road safety platform and under its ownership completed a total of 19 add-on acquisitions which expanded its geographic reach and service capabilities.

Today, Denver-headquartered Frontline operates more than 50 locations across the United States and employs over 1,750 people. According to the company, it is the largest provider of pavement marking and ancillary services in the country.

“Since the creation of InfraStripe in 2018, Soundcore worked in partnership with management to build a market leading company providing critically important roadway safety solutions,” said Jarrett Turner, the founder and managing partner at Soundcore. “This marks the sixth portfolio company exit for Soundcore in the last 21 months.”

New York City-headquartered Soundcore specializes in North America-based buy-and-build investments in the lower middle market. Target companies typically have EBITDA from $2 million to $14 million and are active in business and outsourced services, industrial services, specialty manufacturing, and value-added distribution sectors. Soundcore was founded in 2015 and has completed 96 acquisitions across 11 platforms.

“InfraStripe is a highly complementary addition to Frontline, expanding our capabilities in traffic control and safety signage while strengthening our ability to serve customers in critical regional markets,” said Mitch Williams, the CEO of Frontline. “This partnership supports our strategy to build the nation’s leading road safety platform—with the scale, expertise, and resources to meet growing infrastructure needs. We’re excited to welcome the InfraStripe team to Frontline and to continue delivering best-in-class solutions that make roadways safer across the country. We are thrilled to partner with InfraStripe’s local leaders and teams.”

Bain Capital was founded in 1984 and invests in companies across the healthcare, consumer/retail, financial and business services, industrials, and technology, media, and telecommunications sectors. The firm operates across multiple asset classes, including credit, public equity, venture capital, and real estate, and manages total assets of $185 billion. Bain Capital has approximately 320 investment professionals and maintains offices globally.

Stephens was the financial advisor to InfraStripe on this transaction.

© 2025 Private Equity Professional | April 16, 2025

SK Capital has closed the sale of Florachem, a maker of plant-based specialty ingredients, to Tradebe Life Sciences.

Florachem formulates and manufactures naturally derived specialty ingredients including citrus terpenes, rosin esters, and pine oil fractions, which are used in applications across the flavor and fragrance, personal care, industrial cleaning, and adhesives and coatings markets. Florachem’s branded product lines include Florasolv, Florachem Terpenes, and Rosin-X.

Customers of Florachem range from global fragrance houses to manufacturers of cosmetics and adhesives. Florachem employs 40 people and closed its last fiscal year with revenue of $42 million, with projections to reach $66 million by the end of 2025. Florachem, led by CEO Jon Leonard, was founded in 1988 by Jon Leonard and is headquartered in Jacksonville, Florida.

“This is an exciting new chapter for Florachem,” said Mr. Leonard. “We are confident that this partnership will accelerate our ability to innovate and better serve our customers with enhanced technological capabilities and an expanded manufacturing footprint. We look forward to working together with the Tradebe Life Sciences team to build on our momentum and take Florachem to new heights.”

SK Capital acquired Florachem in April 2022 from Carmelina Capital. During its ownership term, SK expanded the company’s senior management team and completed the development of a food-grade manufacturing facility in Lakeland, Florida.

“It was a pleasure working with Jon Leonard and the Florachem team through this period of transformational growth,” said Jon Borell, a managing director of SK Capital. “SK Capital would like to congratulate the Florachem and Tradebe teams, as this transaction represents a positive outcome for all stakeholders and an opportunity for continued growth under Tradebe’s stewardship.”

Tradebe Life Sciences is a division of Tradebe, a Barcelona-based company founded in 1984. The Life Sciences arm specializes in purification, recycling, and manufacturing of high-purity ingredients used across pharmaceutical, nutraceutical, and specialty chemical sectors by pharmaceutical manufacturers, specialty chemical companies, and biotech firms. The division is led by CEO Oscar Creixell and operates facilities across Europe and the United States.

Tradebe’s buy of Florachem expands the company’s North American footprint and builds its ingredient purification capabilities. “We are thrilled to welcome Florachem into the Tradebe family,” said Mr. Creixell. “This acquisition reinforces our commitment to the sector and meaningfully increases our international presence. We’re eager to start collaborating with Jon Leonard and the whole Florachem team to unlock new opportunities that will benefit customers and stakeholders alike.”

Founded in 1984 and based in Barcelona, Spain, Tradebe operates globally across four sectors: Environmental Services, Life Sciences, Health & Nutrition, and Port Services. The acquisition of Florachem aligns with Tradebe Life Sciences’ commitment to fostering a circular economy through ingredient purification and manufacturing.

SK Capital’s portfolio collectively generates over $14 billion in annual revenue, employs more than 25,000 people, and operates more than 200 facilities worldwide. The firm typically invests $100 million to $200 million in equity per portfolio company. Its most recent fund, SK Capital Partners VI LP, closed in April 2024 with $2.95 billion in capital commitments.

© 2025 Private Equity Professional | April 11, 2025