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New State Capital Partners has sold its portfolio company MakoRabco, a national provider of self-storage construction services, to Trachte Building Systems.

New State acquired California-headquartered Mako Steel in August 2019 and added to the business with the acquisition of Florida-headquartered Rabco Enterprises in March 2021.

Today, MakoRabco is a provider of site planning, installation, and customization options for many different types of steel buildings, including self-storage, agricultural storage, airplane hangars, sports facilities, and commercial and industrial structures.

The company’s products and services include single- and multi-story buildings; custom buildings; auto, boat, and recreational vehicle storage facilities; and mobile and portable containers. Customers of MakoRabco include both large real estate investment firms and independent developers. MakoRabco, led by CEO Jim Reinhart, was founded in 1993 and is headquartered in Carlsbad, California.

“This partnership combines MakoRabco’s renowned customer service and high-end design expertise with Trachte’s deep roots in self-storage design, construction, and manufacturing excellence, creating a strong value proposition for contractors and developers nationwide,” said Mr. Reinhart. “Together, we are a stronger, more competitive organization that will offer our clients even greater value.”

Trachte Building Systems is a designer and manufacturer of steel buildings. Its products include single-story, multi-story, portable, and boat/RV storage systems, along with interior hallway systems and components. Customers of the company include developers, contractors, and architects across the United States.

Trachte, headquartered near Madison in Sun Prairie, Wisconsin, was founded in 1901 and is one of the longest-standing manufacturers in the steel self-storage segment.

“MakoRabco has built an outstanding reputation for delivering complex design solutions with a construction management-driven approach,” said Brad Relford, the president and CEO of Trachte Building Systems. “We have long admired their ability to execute intricate projects while maintaining a high level of service to their clients. Trachte’s manufacturing capabilities and resources will enhance and strengthen our combined ability to serve the self-storage industry.”

“I’m excited to work hand-in-hand with Trachte’s executive team to bring enhanced solutions to our valued clients. This acquisition partnership allows us to take what we do best and push it even further, ensuring we continue to deliver the highest level of service and innovation in the industry,” said Angie Guerin, the executive vice president at MakoRabco.

New State Capital Partners invests up to $100 million in senior debt, junior debt, and equity in companies with EBITDA between $8 million and $40 million. The firm focuses on businesses in the business, financial, professional, and industrial services sectors.

Last month, New State closed its fourth fund, New State Capital Partners Fund IV LP, above target with $700 million in capital. The new fund was oversubscribed and raised in less than six months. David Blechman founded New State in 2013, and the firm is headquartered in New Rochelle, New York, with an additional office in Newport Beach, California.

Brown Gibbons Lang & Company was the financial advisor to MakoRabco on this transaction.

© 2025 Private Equity Professional | April 2, 2025

HCI Equity Partners has closed the sale of MSI Express, a national contract manufacturing and packaging firm for the food and beverage industry, to Nonantum Capital Partners.

MSI Express is a contract manufacturing and packaging partner of shelf-stable sauces, dry mixes, snacks, and beverage powders for national and multinational CPG firms, as well as mid-sized food companies. MSI’s service capabilities include dry blending, liquid filling, pouching, bottling, secondary packaging, and product development.

MSI has more than 2.5 million square feet of combined production space at its 15 facilities across Illinois, Texas, Indiana, Ohio, Arkansas, and Nevada. MSI was founded in 2008 and is headquartered near Dallas in Grand Prairie, Texas.

HCI Equity Partners formed MSI Express in May 2019 by acquiring Manufacturing Solutions International (MSI), an Indiana-based food-focused contract manufacturer and packager, and merging it with its existing portfolio company Express Packaging, an Ohio-based contract packager that it had acquired in August 2018.

Under HCI’s ownership, MSI scaled its production capacity from 450,000 to over 2.5 million square feet through three add-on acquisitions. In October 2020, MSI acquired Power Packaging’s St. Charles, Illinois manufacturing facility, with liquid filling, dry blending, and pouching capabilities, from Post Holdings. In July 2021, MSI acquired a shelf-stable and ready-to-eat co-manufacturing facility located in Hatfield, Pennsylvania, from Clemens Food Group. In March 2023, the company acquired Indiana-based PacMoore Products, an Indiana-based contract food manufacturer with dry blending, spray drying, and extrusion capabilities.

“MSI Express has experienced significant growth and success over the past six years with the support of HCI—not only with respect to M&A, but also from HCI’s in-house operations team,” said Charles Weinberg, the CEO of MSI. “In partnership with HCI, we have created a leading player in our industry that will thrive well into the future.”

“It has been our honor to work with the top-notch MSI team over the past six years,” said Doug McCormick, a managing partner at HCI. “MSI is illustrative of HCI’s mandate to partner with an exceptional management team to deliver transformational growth: topline growth in excess of 10x, consummating three strategic add-on acquisitions, and growing our production capabilities from 450,000 sq. ft. to a national footprint of over 2.5 million sq. ft. We wish MSI well in its next chapter of growth in partnership with Nonantum.”

“At Nonantum, our investment decisions are rooted in strong partnerships with leadership teams and a belief in the strategic competitive advantage of a business. With MSI, both are clearly evident,” said Jon Biotti, a managing partner at Nonantum. “Charles and team have built an outstanding company that is laser-focused on engineering expertise and client service and offers a deep knowledge of the food and beverage sector. MSI has a strong track record and a bright future.”

Nonantum Capital Partners invests from $25 million to $100 million in North American-based family- and founder-led businesses, and corporate carve-outs that have from $10 million to $40 million of EBITDA. Sectors of interest include consumer products, business services, and industrials. Nonantum closed its second fund in January 2022 at its hard cap of $575 million. Boston-based Nonantum was founded in 2018 as a spin-off from Charlesbank Capital Partners.

HCI Equity Partners targets lower middle market distributors, manufacturers, and technician-based service providers in fragmented industries. HCI typically invests in companies with a minimum of $20 million in revenue and at least $5 million in EBITDA.

HCI closed its most recent fund, HCI Equity Partners V LP, at $400 million in May 2022. The Washington, D.C.-headquartered firm was co-founded in 2003 by its managing partners, Dan Dickinson and Doug McCormick.

Houlihan Lokey was the financial advisor to MSI Express and HCI Equity Partners.

© 2025 Private Equity Professional | March 27, 2025

CIC Partners has agreed to sell CraftMark Bakery, a commercial bakery based in Indianapolis, to One Equity Partners.

CraftMark manufactures private label frozen doughs and fully baked products for national quick-service restaurants (QSRs), in-store bakeries, and foodservice distributors.

The company’s products include frozen pre-portioned cookie dough, thaw-and-sell wrapped cookies, pre-deposited muffin batter, toaster flatbreads, and freezer-to-oven sandwich carrier bread dough.

CraftMark was launched in 2013 by CIC in partnership with Operating Partner Bennie Bray and industry veterans Ahmad Hamade and Jim Zakian. In 2015, CraftMark opened its 225,000-square-foot facility, equipped with three automated production lines to serve major clients such as Subway. A fourth line was added in 2016, followed by a 120,000-square-foot expansion and three additional production lines in 2018.

Today, CraftMark, led by CEO Kurt Seagrist, operates from a 345,000-square-foot facility in Indianapolis with more than 400 employees, seven automated production lines, and over 500 million pounds of production capacity.

“Our partnership with the CraftMark founders is representative of our unique partnership model with founder-led businesses and industry leaders,” said Amir Yoffe, a partner at CIC Partners. “We strive to be the partner of choice for executives and entrepreneurs seeking a strategic capital partner to execute on their vision and achieve their goals.”

CIC Partners, based in Dallas, makes equity investments of $5 million to $50 million in companies that have revenues of $10 million to $500 million and EBITDA of $5 million to $50 million. Sectors of interest include food manufacturing and service companies; multi-unit restaurant and retail operating companies; and niche healthcare service providers.

“We’re not constrained by the traditional PE model of short-term hold and exits,” added Mr. Yoffe. “We focus on building companies for the long-term, with a focus on doing the right thing for its customers, employees and shareholders. Together, we were able to achieve our vision for CraftMark in building the businesses into the most advanced commercial bakery in North America.”

“Our investment in CraftMark presents an opportunity to participate in the attractive foodservice and in-store bakery segments each with considerable growth potential,” said Joseph Huffsmith, a partner at One Equity Partners. “CraftMark has established itself as a leader in the baked goods production space.”

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. The fund was oversubscribed and closed above its increased hard cap. 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.

The sale of CraftMark Bakery is expected to close in the second quarter of 2025.

© 2025 Private Equity Professional | March 27, 2025

Karman Space & Defense, a portfolio company of Trive Capital, has completed a $500 million initial public offering on the New York Stock Exchange and now trades under the symbol “KRMN.”

Trive Capital formed Karman Space & Defense in January 2021 in partnership with the senior management teams of Aerospace Engineering Corp. (AEC) and AMRO Fabricating Corporation.

Aerospace Engineering was acquired by Trive in August 2020, while the formation of Karman and the acquisition of AMRO (the name stands for “A Michael Riley Operation”) closed separately. According to Trive, this transaction created the largest independently owned manufacturer and supplier of complex systems to the aerospace and defense sectors. Karman has more than 70 customers across over 100 active aerospace and defense programs.

Karman provides systems across three primary categories: Payload & Protection Systems, Aerodynamic Interstage Systems, and Propulsion & Launch Systems. These systems are used in next-generation missiles, hypersonics, counter-UAS platforms, and space launch vehicles. Karman’s capabilities include design, engineering, precision machining, large part forming, thermal coating, and sub-assembly.

Some of Karman’s products include engine nozzles, nose cones, iso and ortho-grid body panels, titanium attachment hardware, and heat shields. Isogrid panels are partially hollowed-out structures usually formed from a single metal plate with triangular stiffening ribs. Orthogrid panels are similar but instead use rectangular stiffening ribs.

Headquartered in Huntington Beach, California, Karman, led by CEO Tony Koblinski, operates nine facilities across four states, encompassing over 700,000 square feet of engineering and manufacturing space.

“We are just getting started,” said Mr. Koblinski. “We have built a world-class team and have invested heavily in the people, technologies and capabilities to set Karman up for decades of success. This milestone enhances our capacity to meet the evolving needs of our customers, ensuring we can support national security and space missions while fulfilling our mission to ‘expand what is possible’ through innovation and collaboration.”

According to Karman, the IPO proceeds will be used to acquire complementary businesses and technologies, as well as for general corporate purposes including debt repayment and capital expenditures.

“Karman’s successful initial public offering represents the next chapter of Trive’s long-term investment focus in near peer nation state technologies,” said David Stinnett, a partner at Trive and chairman of the board of Karman Space & Defense. “Through concept-to-production capabilities, Karman offers efficiency, agility and technically optimal solutions to both current and emerging primes in a market that has historically lacked a true tier 1 player. We believe Karman’s unique ability to rapidly develop, test and deploy technologies for high priority space and defense programs positions the Company for long-term success. We are thrilled to have contributed to Karman’s evolution and eagerly look forward to its next chapter of success.”

Trive invests from $10 million to $250 million of debt and equity in North America-headquartered companies with revenues of $40 million to $1.5 billion. The firm is industry-agnostic but has specific experience in aerospace and defense, automotive, building products, business services, chemicals, and consumer goods.

In April 2022, Trive held final closings of two new funds, Trive Capital Fund IV LP and Structured Capital Fund I LP, with an aggregate $1.95 billion of capital commitments. Trive was founded in 2012 by Managing Partner Conner Searcy and Partner Chris Zugaro and is headquartered in Dallas.

© 2025 Private Equity Professional | March 25, 2025

Avista Healthcare Partners has sold Solmetex, a provider of dental products and systems, to AGIC Capital. Avista is maintaining a minority equity investment in Solmetex in partnership with AGIC Capital.

Solmetex manufactures amalgam separators and other waste compliance products that remove mercury from dental wastewater created by the removal of amalgam fillings. Amalgam fillings contain a mixture of metals, consisting of liquid mercury and a powdered alloy composed of silver, tin, and copper. Approximately half of a dental amalgam is mercury by weight.

Prior to 2017, dental offices typically disposed of amalgam waste down the drain, with the wastewater then processed by sewage treatment plants, which in many cases were not designed to treat or recycle mercury or other heavy metals. Dental amalgam is the largest source of mercury received by U.S. treatment plants. In 2017, the Environmental Protection Agency (EPA) implemented regulations requiring dental practices to incorporate amalgam separators in their drainage systems.

In addition to its amalgam separators, Solmetex provides its dental customers with Sterisil water purification products for dental unit waterlines, DryShield for hands-free dental isolation, Impladent regenerative biomaterials for oral surgery and implant procedures, as well as recycling, disposal, and compliance certification services.

Avista acquired Solmetex in January 2021, and during its ownership completed three add-on acquisitions: Sterisil in April 2022, DryShield in April 2022, and Impladent in June 2023.

Solmetex, led by CEO Gene Dorff, was founded in 1994 and is headquartered 37 miles west of Boston in Northborough, Massachusetts.

“We have greatly valued our partnership with the Solmetex management team, supporting their significant growth over the past four years,” said Sriram Venkataraman, a partner at Avista. “Solmetex’s impressive trajectory has been further bolstered by three strategic acquisitions during our partnership, including Sterisil, DryShield, and Impladent.”

Avista Healthcare Partners makes control or influential minority investments in growth-oriented healthcare businesses, with specific interests in outsourced pharma and medtech services, consumer healthcare, medical devices, specialty and generic pharmaceuticals, distribution and diagnostics, and healthcare technology. The firm was founded in 2005 and is headquartered in New York City.

AGIC Capital is an investor in mid-sized companies with established revenue streams and EBITDA growth potential, particularly in automation, medical technologies, and advanced manufacturing. The firm was founded in 2015 and is headquartered in Hong Kong, with additional offices in Munich, Germany. AGIC Capital closed its most recent fund, AGIC Fund II, in 2021 with $1.2 billion in committed capital.

© 2025 Private Equity Professional | March 20, 2025

Blue Point Capital Partners has sold its portfolio company Sylvan, a provider of industrial pipe installation and fabrication services, to E3Tech. As part of the transaction, Blue Point made a minority investment in Sylvan. Blue Point acquired Sylvan in March 2018 through its $425 million third fund, which closed in November 2014.

Sylvan provides mechanical and industrial contracting services for large-scale design, fabrication, and installation projects for new construction and renovation, as well as ongoing maintenance and repair services. The company’s capabilities include pipe design, fabrication, and installation; millwright and rigging; turbine maintenance; boiler and chiller repair and erection; and other industrial maintenance services.

Many of Sylvan’s customers operate in the automotive, energy, government, education, data center, consumer products, oil and gas, material handling, and food and beverage sectors. Founded in 1956, Sylvan is headquartered in Cleveland, with additional locations in Phoenix, Dallas, and Mexico.

In 2021, Sylvan acquired Great Lakes Mechanical, a provider of HVAC and commercial building services with sheet metal fabrication capabilities. In 2024, Sylvan acquired Anchor Conveyor Products and formed the Sylvan Conveyance Group to strengthen its service capabilities in material handling and conveyor systems. Over the course of Blue Point’s ownership, these add-on acquisitions contributed to a 500% increase in employee headcount and revenue growth of approximately 500% at Sylvan.

“Sylvan’s partnership with Blue Point has been pivotal in our growth journey,” said Rob Metz, the CEO of Sylvan. “Their support and commitment helped us overcome challenges, seize new opportunities, and build a stronger, more resilient company—all while maintaining the highest level of customer service and flawless project execution.”

“Working alongside the Sylvan team has been a rewarding experience, and we are proud of what we have created together,” said Jonathan Pressnell, a partner at Blue Point. “Collectively, we have implemented operational enhancements, including the addition of key personnel, new services and geographies and the roll out of multiple technology enhancements, including ERP, project and safety management tools and artificial intelligence, to drive efficiency and data-driven decision making.”

E3Tech, the buyer of Sylvan, is a private equity firm co-founded by Rudy Adolf and Rajini Kodialam, in partnership with venture capital firm Andreessen Horowitz. E3Tech seeks to invest in companies with entrepreneurial management teams to drive growth, innovation, and value creation by leveraging industry-changing technologies and add-on acquisitions.

According to E3Tech, several emerging technologies—such as Building Information Modeling (BIM), Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), drones, and wearable devices—are transforming all aspects of the mechanical, electrical, and plumbing services sectors.

“We are delighted to invest in a management team that has demonstrated excellent growth supporting highly sophisticated customers on mission-critical projects,” said Mr. Adolf. “Sylvan is well positioned to benefit from strategic reshoring and supply chain resiliency initiatives and support the strong demand for AI data centers and energy infrastructure projects. Sylvan will be an ideal partner for many smaller and medium-sized companies in the mechanical, electrical, and plumbing (MEP) space.”

Blue Point invests in companies active in the industrial, business services, consumer, and value-added distribution sectors, with revenues between $30 million and $300 million and EBITDA greater than $7 million. The firm is currently investing through its 2022 vintage $700 million fifth fund. Founded in 2000, Blue Point has offices in Cleveland, Charlotte, Seattle, and Shanghai.

© 2025 Private Equity Professional | March 20, 2025

Levine Leichtman Capital Partners (LLCP) has sold Encore Fire Protection, a provider of fire protection services, to Permira at a $1.8 billion enterprise value.

Encore Fire Protection‘s services include testing and inspection, maintenance and repair, and installation of fire safety systems. The company’s services cover fire alarms, suppression systems, extinguishers, and sprinkler systems. Encore’s customers operate in industries such as healthcare, education, property management, and industrial facilities across the Northeast and Mid-Atlantic regions of the United States. Encore Fire Protection, led by CEO Jeremy O’Connor, was founded in 2009 and is headquartered in Pawtucket, Rhode Island.

LLCP acquired Encore Fire Protection through its third fund in July 2021. During its ownership, Encore invested in technology, management, sales expansion, and operational resources to support growth. The company also pursued an acquisition strategy to strengthen its market presence and, most recently, in January 2025, acquired Fireline Corporation, a Baltimore-based provider of fire and life safety services and equipment serving the Mid-Atlantic states.

Overall, according to a source familiar with Encore, during LLCP‘s ownership term, Encore completed 55 acquisitions, and EBITDA increased by 9x.

“We are very proud of what Encore has accomplished since we invested in the company,” said Micah Levin, a partner at LLCP. “We wish Encore all the best in their next chapter of growth with Permira.”

“Our entire team is grateful for LLCP’s close support and collaboration through this phase of unprecedented growth,” said Jeremy O’Connor, CEO of Encore Fire Protection. “Encore is eager to embark on an exciting new chapter in our history with the support of our new partner, Permira.”

Levine Leichtman Capital Partners 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. 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.

“Route-based services has long been a core LLCP investment vertical, and the significant growth and transformation of Encore during our ownership is a prime example of our sector expertise and value-creation playbook at work,” said Ted Jeon, a managing director at LLCP.

Permira is a European private equity firm with total committed capital of approximately €60 billion. Its sectors of interest include technology, consumer, healthcare, and services. The firm was founded in 1985 and is headquartered in London.

© 2025 Private Equity Professional | March 14, 2025

Trivest Partners has closed the sale of HighGround Restoration Group to Knox Lane.

HighGround Restoration Group is a provider of water damage mitigation and restoration services. The company specializes in emergency water removal, structural drying, and mold remediation, serving residential and commercial customers affected by water-related disasters.

HighGround was initially formed by Trivest Partners in February 2020 with the platform acquisition of Dry Force, a Texas-based water loss mitigation and restoration provider with locations in Dallas, Houston, Austin, and San Antonio.

In 2021, Dry Force expanded through the acquisitions of Cleanup & Total Restoration in Idaho, Power Dry in Missouri, More Floods in Kansas, DRIRITE in Florida, and Northeast PowerDry in New Jersey. In 2022, the company rebranded as HighGround Restoration Group and acquired PureDry Restoration in Washington and Expert Water Removal in Florida. In 2023, it added Rocky Mountain Restoration in Arizona, AllKlean in Washington, ALLPHASE Roofing and Restoration in Ohio, Superior Restoration in California, and Serclean in Georgia.

Today, HighGround is led by CEO Ben Balsley and serves as the umbrella for the entire group, while each individual company retains its brand equity in the market. The company is headquartered in Dallas, Texas, and operates across 13 states with nearly 700 employees.

“Our vision is to build a company where great brands thrive and elevate to next-level performance,” said Ben Balsley, HighGround’s chief executive officer. “We will do this by serving our employees, customers, and partners and creating opportunities to leverage national scale for local execution. I couldn’t be more excited about our brand teams and HighGround platform and the growth opportunities in front of us.”

The sale of HighGround marks the first exit from Trivest Discovery Fund LP (TDF), which closed in February 2020 with $235 million in capital. TDF was launched as a new strategy by Trivest to focus on investments in smaller platform founder- and family-owned companies, specifically those with less than $4 million in EBITDA.

“The growth we’ve experienced over the past five years has been nothing short of amazing and has culminated in this exciting new partnership with Knox Lane,” said Ben Balsley. “From their original investment in Dry Force through the exit process, Trivest showed an incredible commitment to investing in our company and our people to help HighGround maximize its potential.”

“HighGround was an exciting investment for Trivest from day one. Over our five-year investment period, we had the opportunity to bring 14 terrific family-owned businesses into the HighGround/Trivest family,” said Forest Wester, a managing partner at Trivest Partners, who led the HighGround investment. “Each acquired company was a leader in its geographic market, and, by bringing these businesses together, we have built a unique platform in the water damage mitigation and restoration space.”

Harris Williams acted as the exclusive financial advisor for Trivest Partners and HighGround Restoration Group, while Akerman LLP served as legal counsel.

Trivest Partners invests in lower middle-market, North America-based companies that operate in the consumer and retail, healthcare, niche manufacturing, distribution, and business services sectors.

The firm makes both control and minority investments across a family of funds, including Trivest Growth Investment Fund III LP, a $730 million fund targeting non-control investments in founder- and family-owned businesses with a minimum of $20 million in revenue and $4 million in EBITDA; Trivest Discovery Fund II LP, a $600 million fund making control investments in companies with up to $40 million in revenue and $4 million in EBITDA; Trivest Mid-Market Fund VII LP, a $950 million fund targeting companies with more than $20 million in revenue and up to $15 million in EBITDA; and Trivest Recognition Fund LP, a $1.3 billion fund for companies with more than $50 million in revenue and more than $15 million in EBITDA.

Founded in 1981, Trivest Partners is a private equity firm focused on founder- and family-owned businesses in the United States and Canada. The firm manages over $6 billion in capital across four investment funds and specializes in both control and non-control transactions. Headquartered in Miami, Trivest also maintains a presence in Charlotte, Chicago, Los Angeles, New York, and Toronto.

San Francisco-based Knox Lane, founded by John Bailey and Shamik Patel in December 2019, is an investor in consumer and services businesses. Both founders were former partners at TPG Growth.

© 2025 Private Equity Professional | March 14, 2025

J.F. Lehman & Company has completed the sales of Integrated Global Services (IGS) to American Securities, and Global Marine Group (GMG) to Keppel Capital.

IGS provides on-site internal surface protection services for critical equipment in refineries, power plants, and pulp & paper mills. The company’s customized services and products address metal wastage issues caused by corrosion and elevated-temperature erosion in the global refining, natural gas processing, coal-fired power generation, and pulp & paper industries.

The company’s services prevent equipment failure, extend service life, minimize outage downtime, and reduce repetitive maintenance expenses for its customers. J.F. Lehman acquired IGS from Industrial Growth Partners in February 2020 and, over its five-year ownership period, completed four add-on acquisitions.

“J.F. Lehman was a valuable partner to IGS during an exciting and dynamic period. They operated as true partners that shared our vision, and we are grateful for their support as we enhanced our solutions and reinforced our ability to serve customers across 60+ countries,” said Mr. Crawford. “We look forward to continuing our growth trajectory with our new partners at American Securities.”

“We are proud of our partnership with Rich and his team, as well as the significant organic growth achieved,” said Alex Harman, chairman of IGS and a partner at J.F. Lehman. “Over the past five years, we have executed strategic initiatives that unlocked new growth vectors and catalyzed greater market capture of existing technologies. We wish them continued success with their new partner.”

Global Marine Group (GMG) is a provider of subsea cable maintenance and installation services for the telecommunications, offshore wind, and utility markets worldwide. The company, led by CEO Bruce Neilson-Watts, owns and operates a fleet of specialized marine equipment and vessels, including three cable installation and repair vessels, four cable maintenance vessels, and 19 crew transfer vessels.

Headquartered in Chelmsford, United Kingdom, GMG traces its origins back to 1850, when it was known as Cable & Wireless Marine and later British Telecom Marine, playing a key role in laying the first telegraph cables. J.F. Lehman acquired GMG in March 2020 from publicly traded HC2.

“This transaction reflects the strength of our market position, operational expertise, and dedicated team. J.F. Lehman’s support in refining our strategy has enabled us to cement our focus on our core telecoms market, which is currently experiencing unprecedented growth and is well positioned for GMG to support,” said Mr. Neilson-Watts. “We are excited to build on our successes with our new partners at Keppel Capital.”

Keppel Capital is the asset management arm of Keppel Corporation, a Singapore-based multi-business company that specializes in managing investments in infrastructure, real estate, and communications.

According to a commercial due diligence report by Keppel, the rising global demand for connectivity and the limited supply of specialized vessels may allow the market for maintenance and installation services to grow at about 45% CAGR from 2023 to 2029. As a result, GMG is positioned to maintain its fleet utilization at close to 100%.

“We are excited to complete this investment in GMG. It is a rare and unique opportunity to acquire a world-leading provider of subsea cable maintenance and installation services,” said Christina Tan, the chief investment officer of Keppel. “With a substantial proportion of GMG’s business secured by long-term contracts with huge growth potential, especially in Asia, we are poised to deliver attractive risk-adjusted returns to our investors.”

“With demand for secure and resilient undersea networks continuing to grow, GMG is uniquely positioned to ensure the reliability of these vital global connections,” said Will Hanenberg, a managing director at J.F. Lehman. “We believe Keppel Capital is the ideal partner to support the company in its next phase of growth.”

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

In December 2024, J.F. Lehman closed its latest flagship fund, JFL Equity Investors VI LP, securing $2.2 billion in capital. 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, the firm is headquartered in New York City, with an additional office in Washington, DC.

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 $23 billion of capital under management and has offices in New York City and Shanghai.

Houlihan Lokey and Stifel acted as financial advisors to IGS, while Evercore served as the financial advisor to GMG. Harris Williams was the financial advisor to American Securities in its acquisition of IGS.

© 2025 Private Equity Professional | March 11, 2025

The Sterling Group has sold Frontline Road Safety, a provider of pavement marking and related services, to Bain Capital.

Frontline offers line striping for highways and airports, thermoplastic and epoxy pavement markings, and other traffic control services. Its customers include government agencies, transportation departments, private corporations, and infrastructure contractors.

Frontline Road Safety was formed in August 2020 by The Sterling Group as a new road safety platform. At its inception and shortly thereafter, Frontline completed three key acquisitions: Stripe-A-Zone, a Dallas-based, family-owned business and one of the largest pavement marking service providers in Texas; Apply-A-Line, a Washington-based provider of road and airport striping services primarily in the Northwest United States; and Griffin Pavement Striping, an Ohio-based provider of road, highway, and airport line striping. Under Sterling’s ownership, Frontline completed a total of 19 acquisitions, including 17 family- or entrepreneur-owned businesses, expanding its geographic reach and service capabilities.

Today, Frontline, headquartered in Denver, 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 launching the Frontline platform in 2020, Sterling has been proud to support the company’s tremendous growth and expansion,” said Brad Staller, a partner at Sterling. “We would like to thank Mitch, the excellent field leaders, and the entire Frontline team for their leadership and partnership in building Frontline. We believe the company remains well-positioned to continue expanding its services and geographic footprint.”

“We have reached an inflection point in our evolution as a leading platform for road safety solutions,” said Mitch Williams, CEO of Frontline Road Safety. “We believe Bain Capital, with its proven track record of building true market leaders in services and distribution, is the right partner to enable us to accelerate our growth and support the value we deliver to our partners at DOT and large private construction contractors.”

“Frontline is a high-quality business providing mission-critical services, led by a proven management team that has done an impressive job of growing the business through a series of acquisitions and organically, while maintaining a commitment to operational excellence,” said Joe Robbins, a partner at Bain Capital. “We look forward to a collaborative partnership with Mitch and his talented team to help accelerate Frontline’s acquisition strategy and scale the company’s best-in-class platform.”

The Sterling Group invests in manufacturing, industrial services, and distribution companies, primarily corporate carve-outs and family businesses, with enterprise values ranging from $100 million to $750 million. The Houston-based firm employs an operational approach in collaboration with management teams to grow and improve its portfolio companies. In April 2024, The Sterling Group held an oversubscribed, above-target, and hard-cap close of its sixth fund, Sterling Group Partners VI LP, with $3.5 billion in capital.

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.

© 2025 Private Equity Professional | March 11, 2025

Vestar Capital Partners has completed the sale of Simple Mills, a better-for-you snack brand, to publicly traded Flowers Foods for $795 million in cash.

Simple Mills produces co-manufactured products including crackers, cookies, snack bars, and baking mixes, with a particular focus on gluten-free, grain-free, and minimally processed foods. The company’s popular product lines include Almond Flour Crackers, Soft Baked Cookies, and Pancake & Waffle Mixes, which are often favored by individuals following paleo, vegan, or gluten-free diets.

Headquartered in Chicago, with additional operations in Mill Valley, California, Simple Mills was founded in 2012 by Katlin Smith, who was driven by a desire to create healthier, whole-food alternatives. Vestar first invested in Simple Mills in October 2019.

During Vestar’s ownership, Simple Mills experienced consistent double-digit topline growth through expanded distribution channels, new product launches (at least one major release per year), and investments in marketing, research, and development. The company’s net sales grew from $105 million in 2020 to $240 million in 2024.

According to Simple Mills, the company has disrupted center-aisle grocery categories to become the leading cracker, cookie, and baking mix brand in the natural channel, as well as the leading natural cracker brand in MULO (Multi-Outlet), which refers to a retail sales channel that includes supermarkets, drugstores, mass merchandisers (such as Walmart or Target), club stores (like Costco), and dollar stores. The company’s products are now available in over 30,000 stores nationwide.

“This positive outcome validates Vestar’s original investment thesis, including the ongoing shift toward better-for-you foods, as well as our strong conviction in what we believed to be the unique potential of the Simple Mills brand,” said Kevin Mundt, a managing director at Vestar and former chairman of Simple Mills. “Vestar was proud to partner with the skilled Simple Mills management team, who have a pulse on what consumers want, to improve the strategic positioning of the brand and help the company realize consistent double-digit topline growth throughout our investment. We wish Simple Mills well as it embarks on its next chapter.”

Flowers Foods (NYSE: FLO), based in Thomasville, Georgia, is a maker of packaged bakery goods under well-known brands such as Nature’s Own, Dave’s Killer Bread, Wonder Bread, and Canyon Bakehouse. Founded in 1919 by William Howard Flowers, the company reported net sales of $5.1 billion in 2024.

“Simple Mills is another example of Vestar’s long-time approach partnering with founder-owned businesses,” said Dan O’Connell, founder and CEO of Vestar. He noted that the firm’s objective was to position companies for long-term growth while generating attractive returns for management partners and limited partners, adding that Flowers Foods represents a strong platform for Simple Mills’ future growth.

Headquartered in New York City, Vestar Capital Partners specializes in minority and control management buyouts and growth capital investments in the consumer, business and technology services, and healthcare sectors. Since its founding in 1988, the firm has completed more than 94 platform investments and over 200 add-on acquisitions, with a total transaction value exceeding $61 billion.

Piper Sandler and Centerview Partners served as financial advisors to Simple Mills on this transaction.

© 2025 Private Equity Professional | February 25, 2025

CenterOak Partners has finalized the sale of Shamrock Environmental to Republic Services. This transaction marks the eighth and final portfolio company exit from CenterOak Equity Fund I LP, a 2016 vintage buyout fund.

Shamrock Environmental provides industrial waste and wastewater treatment services, specializing in non-hazardous wastewater treatment, waste collection, and industrial cleaning. The company operates six permitted Centralized Wastewater Treatment (CWT) facilities and several solidification sites.

Shamrock also maintains a fleet of company-owned tankers and vacuum trucks for liquid waste collection and transportation. The company serves commercial and industrial clients across more than 20 states, including businesses in manufacturing, energy, and chemical processing. Founded in 1994, Shamrock is headquartered near Greensboro in Browns Summit, North Carolina, and employs more than 300 people.

CenterOak acquired Shamrock Environmental in January 2020. During its ownership period, the company completed five add-on acquisitions, including three notable deals: Virginia-based Virginia American Industries in December 2020, Virginia-based Environmental Options in June 2023, and Pennsylvania-based JG Environmental in February 2024.

“Alongside management, CenterOak built a scaled provider of wastewater and waste processing services covering growing markets located on the East Coast from Florida to Pennsylvania,” said Jason Sutherland, a managing partner at CenterOak. “Over five years working with the company, revenue and EBITDA grew significantly due to investments that more than quadrupled permitted capacity to provide non-discretionary, mission-critical services.”

Republic Services (NYSE: RSG) is a waste management and environmental services company serving residential, commercial, industrial, and municipal customers across the United States. The company also offers landfill operations, transfer stations, and energy recovery services. Republic Services operates in 41 states and Puerto Rico, with more than 350 collection operations, 200 transfer stations, 190 active landfills, and 90 recycling centers. Founded in 1998 by Wayne Huizenga, the company is headquartered in Phoenix, Arizona.

According to Republic Services CEO Jon Vander Ark, the company spent $358 million on acquisitions in 2024 and plans to invest $1 billion in acquisitions in 2025, with the purchase of Shamrock Environmental as its first transaction of the year.

Headquartered in Dallas, CenterOak makes equity investments ranging from $20 million to $150 million in companies with enterprise values between $50 million and $500 million and EBITDA between $5 million and $35 million. The firm focuses on sectors including business services, industrial services, and consumer services.

In August 2024, CenterOak completed the final close of CenterOak Equity Fund III LP at its $1.1 billion hard cap. The firm’s second fund closed at its $690 million hard cap in April 2021, while its first fund closed in 2016 with $420 million of capital.

Houlihan Lokey acted as the lead financial advisor to Shamrock Environmental on this transaction, with Brown Gibbons Lang serving as co-advisor.

© 2025 Private Equity Professional | February 21, 2025

Burlington Capital Partners (BCP) has sold Sokol Custom Food Ingredients to Solina, a France-based global provider of ingredient solutions for the food industry. BCP acquired family-owned Sokol in September 2022.

Sokol manufactures and formulates custom and standard wet-fill, liquid food ingredient products, including sweet and savory sauces, almond paste, and anchovy paste. The company’s customers include food manufacturers, consumer packaged goods (CPG) companies, quick-service restaurants (QSRs), and foodservice providers.

Sokol was founded in 1895 by Czech immigrant John Sokol. Today, the company is led by CEO Shawn Sullivan, has over 100 employees, and operates out of a manufacturing plant and headquarters facility near Chicago, in Countryside, Illinois.

“I am grateful for BCP’s tremendous support and partnership over the last two and a half years,” said Mr. Sullivan. “Together we grew Sokol through a focused go-to-market strategy, strategic divestitures, and a customer-first culture. Sokol is well-positioned to continue serving our customers, employees, and stakeholders, and the team and I look forward to continuing to scale the platform in our next phase of growth.”

“Sokol is an excellent example of BCP’s commitment to being strong partners and stewards of family-owned businesses,” said Tim Novak, a partner at BCP. “In close partnership with Sokol management, we were able to strengthen and further professionalize a business with a long history and great reputation.”

Solina provides taste, texture, and functional ingredients for the foodservice, quick-service restaurant, and nutrition sectors. The company’s products include seasoning blends, marinades, coating systems, and culinary pastes used by food manufacturers, chefs, and foodservice operators to develop ready-to-eat meals, meat products, plant-based alternatives, and snacks.

Solina was acquired in June 2021 by Astorg, a Luxembourg-based private equity firm, from Paris-headquartered Ardian. The company has expanded through acquisitions, including Illinois-based Asenzya (October 2021), Illinois-based Saratoga Food Specialties (January 2022), and New Jersey-based Advanced Food Systems (December 2024).

Today, Solina has more than 4,000 employees, operates 44 production sites across 19 countries, and serves customers in over 75 countries. In the United States, Solina has five production sites in California, Illinois (2), Nevada, and New Jersey. Solina, led by CEO Anthony Francheterre, was founded in 1980 and is headquartered near Rennes, in Bréal-sous-Montfort, France.

“Leveraging Sokol’s sweet sauce capabilities will round out and enhance our offerings,” said Michael Marks, the president of Solina USA. “This acquisition reinforces our commitment to savory sauce solutions while also pursuing the sweet sector, as we focus on being the leading ‘one-stop shop’ for liquid flavor solutions for our customers.”

BCP makes control investments in U.S.-based lower middle-market, founder- or family-owned businesses that have a minimum of $2 million in EBITDA. Sectors of interest include food and beverage, manufacturing, value-added distribution, business and industrial services, tech-enabled services, maintenance and repair, certification and testing, brand management, software, and eCommerce. BCP has offices in Chicago and Cleveland.

“This was a terrific partnership, and we are extremely thankful to Sokol’s management team and employees for helping us deliver a strong outcome for our investors,” concluded Michael Baldwin, a partner at BCP.

Astorg invests in U.S. and European-based companies with enterprise values ranging from €100 million to €500 million. The firm invests across a range of industries but has a specific focus on technology-based industrial companies, healthcare, and business-to-business professional services. Astorg has assets under management of over €23 billion and has offices in London, Paris, New York, Luxembourg, Frankfurt, and Milan.

Cascadia Capital served as the financial advisor to Sokol on this transaction.

© 2025 Private Equity Professional | February 11, 2025

Monomoy Capital Partners has sold Astro Shapes to Wynnchurch Capital. Monomoy acquired Astro Shapes in December 2020 from National Material LP.

Astro Shapes specializes in creating over 14,000 unique extrusion shapes and sizes with finishes including painted, thermal, anodized, and other coatings. The company’s products are used in residential and commercial windows and doors, RV components, and equipment for medical and industrial applications. The company produces approximately 145 million pounds of extrusions annually.

Astro Shapes was founded in 1971 by Bob Cene, Sr. and is currently led by CEO Paul Cene, the son of the founder. The company has more than 700 employees and a 450,000 sq. ft. production and headquarters facility located southeast of Youngstown in Struthers, Ohio.

During Monomoy’s four-year ownership term, Astro Shapes expanded its market share, added new products, and integrated an in-house sales team and a new CRM system. With the sale to Wynnchurch, Astro Shapes has promoted Steve DeVoe to CEO.

“Astro Shapes has an industry-leading value proposition with its unique services and technological capabilities,” said Greg Gleason, a managing partner at Wynnchurch. “We’re excited to partner with Steve and his team to continue their track record of delivering superior products and services to their customers and build upon Astro Shapes’ position as a leading manufacturer of specialty aluminum products.”

“The success Astro Shapes has experienced during our partnership with Monomoy is not only due to tactical improvements but also the holistic value-creation approach we have executed together,” said Mr. Cene, who has transitioned to an advisory role on Astro Shapes’ board of directors. “In Monomoy, we established a team of thought partners who deeply understand family-led companies and helped equip us with the necessary resources to continue my father’s legacy. On behalf of my family, we are proud of the Astro Shapes team and grateful for Monomoy’s leadership, and we wish Steve and the entire company continued growth and success.”

“Monomoy is honored to have partnered alongside Paul and a devoted management team to supercharge the growth of the Astro Shapes business,” said Jaime Forsyth, a partner at Monomoy. “We achieved success through our co-development of key operational initiatives that resulted in significant growth during a market downturn. We would like to congratulate Paul, Steve, and the entire Astro Shapes team, who should be very proud of the legacy they have built, and wish the entire company continued success in this next chapter with Wynnchurch.”

 Monomoy Capital Partners makes control investments of debt and equity in companies with $20 million to $100 million of EBITDA. Sectors of interest include manufacturing, distribution, and services across North America. In July 2024, after just five months of fundraising, Monomoy held an oversubscribed and above-target closing of its fifth fund with $2.25 billion of capital. Monomoy was founded in 2005 and is based in New York City, with over $5 billion in assets under management.

Wynnchurch Capital invests in businesses with revenues between $50 million and $1 billion. Its expertise includes recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. Wynnchurch focuses on sectors such as aerospace, defense, and government; building products and materials; consumer and food; manufacturing, industrial, and transportation; and business services and distribution. Founded in 1999, Wynnchurch is headquartered near Chicago in Rosemont, Illinois. In January 2024, the firm closed its sixth private equity fund, Wynnchurch Capital Partners VI LP, with $3.5 billion in committed capital.

KeyBanc Capital Markets and Houlihan Lokey Capital were the financial advisors to Astro Shapes and Monomoy. Lincoln International acted as board advisor to Astro Shapes, while Goldman Sachs & Co. served as the financial advisor to Wynnchurch.

© 2025 Private Equity Professional | February 4, 2025

Pete & Gerry’s Organics, a portfolio company of Butterly, has acquired Farmers Hen House, a portfolio company of Benford Capital.

Benford formed Pasture Brands Holdings in December 2021 to acquire Iowa-based Farmers Hen House which sources, processes, packages and sells branded and private label eggs with a specific focus on premium varieties including organic, free-range, and pasture-raised eggs.

Farmers Hen House maintains a network of more than 70 local, primarily Amish and Mennonite, farmers to source its eggs and its products are sold to natural, supermarket, mass, and club channel customers. Farmers Hen House was founded in 1997 and operates a solar-powered, SQF-Level III facility located 20 miles southwest of Iowa City in Kalona, Iowa.

During its ownership term of Pasture Brands, Benford closed two add-on acquisitions with the buys of Iowa-based specialty egg supplier Yoder Farms in December 2021; and Pillars Yogurt, a Massachusetts-headquartered clean label drinkable yogurt brand in April 2024.

“Farmers Hen House was created nearly three decades ago with a mission to produce premium eggs as a way to keep local family farms competitive in a modern economy,” said Ryan Miller, the president and co-owner of Farmers Hen House. “We’ve grown and scaled the company while keeping with tradition, and we’re proud today to embrace a new era with Pete & Gerry’s to grow the reach of our collective certified humane eggs.”

Pete & Gerry’s Organics is a producer of organic, free-range, and pasture-raised eggs. The company became the first certified humane egg producer in the United States and the first egg producer globally to achieve Certified B Corporation status. Pete & Gerry’s was founded in 2003 and is headquartered in Salem, New Hampshire.

The acquisition adds Farmers Hen House to Pete & Gerry’s existing brands, including Pete & Gerry’s Organic, Pete & Gerry’s Pasture-Raised, and Nellie’s Free Range eggs. With the integration of Farmers Hen House’s network, Pete & Gerry’s now collaborates with nearly 300 family farms.

Both companies have experienced nearly 50% growth since 2021, driven by the surge in popularity of premium eggs. The merger will integrate over 90 family farms and a state-of-the-art processing facility in Iowa, supporting Pete & Gerry’s growth, particularly in the Midwest and Western United States. The combined entity will now operate four packing facilities, significantly boosting processing capacity and enhancing flexibility within its manufacturing network.

“Pasture Brands is a great example of BCP’s approach to scaling CPG brands,” said Ben Riefe, a managing director at Benford Capital. “Since partnering with Ryan Miller in December 2021, the key tenets of our value creation plan included building the senior management team and growing the Company’s branded sales through new customer wins. We are thrilled with this successful realization and are confident the company is well-positioned for continued success in the years ahead.”

Chicago-based Benford invests in lower middle-market companies that have revenues from $5 million to $150 million and EBITDA from $2 million to $15 million. Sectors of general interest include industrial technology, food and consumer, agriculture products and services, B2B e-commerce, niche manufacturing, value-added distribution, and outsourced business services.

“Humanely sourced eggs, like our Pasture-Raised, Free-Range, and Organic products, are rapidly gaining popularity due to their quality, consistency, and ethical appeal. As the effects of Avian Influenza continue, this trend is expected to drive a larger share of the egg market toward premium options due to enhanced biosecurity afforded by more distributed farm networks,” said Tom Flocco, the CEO of Pete & Gerry’s. “Joining together with another purpose-driven company like Farmers Hen House, which shares in our mission to protect hen welfare and the American family farm, felt like a natural fit. We’re stronger together to advance our mission toward healthy hens, healthy eggs, and a healthy planet.”

Butterfly, a Los Angeles-based private equity firm, acquired a majority stake in Pete & Gerry’s in May 2021 in partnership with British Columbia Investment Management Corporation (BCI).

Prior to this acquisition, Pete & Gerry’s was a family-owned business for three generations, tracing its roots back to a small family farm in the late 1800s. Butterfly is an active investor in the agriculture, aquaculture, food and beverage products, food distribution and foodservice sectors. The firm was founded in 2016 and is headquartered in Beverly Hills, California.

BCI is one of Canada’s largest institutional investors with more than C$250 billion of assets under management. BCI’s private equity program, with C$31 billion of assets under management, makes both direct investments and fund investments. Victoria, British Columbia-headquartered BCI invests across all major asset classes including private equity.

Brown Gibbons Lang was the financial advisor to Farmers Hen House on this transaction

© 2025 Private Equity Professional | February 4, 2025

Salt Creek Capital has exited its investment in King Tester Corporation (KTC) through the sale of the company to its current CEO, James Knight. Salt Creek originally acquired KTC in July 2015 in partnership with Mr. Knight.

KTC is a manufacturer and supplier of metallurgical testing equipment. Its product lineup includes portable Brinell hardness testers, microscopes, digital and analog tension measuring instruments, and WDXRF (wavelength dispersive X-ray fluorescence) measurement products.

The portable Brinell hardness testers, one of the company’s flagship products, are used to assess the indentation hardness of materials—a concept developed by Swedish engineer Johan Brinell in 1900. This method involves measuring the depth or diameter of an impression left by a standardized indenter under controlled conditions. It is widely used in quality control and material science applications.

KTC’s customers operate in the manufacturing, metallurgy, and material testing and analysis sectors. The company was founded in 1936 by Andrew King and is headquartered near Philadelphia in Phoenixville, Pennsylvania.

During Salt Creek’s ownership, KTC completed two add-on acquisitions: Tensitron in June 2017 and Cianflone Scientific in February 2019. Tensitron, based in Longmont, Colorado, designs and manufactures digital and analog tension measurement instruments. Cianflone Scientific, headquartered in Pittsburgh, Pennsylvania, manufactures X-ray fluorescence (XRF) analyzers used for material composition analysis. Cianflone was acquired from Main Line Equity Partners.

“I have had an incredible experience leading King for nearly a decade, and we look forward to serving our customers with industry-leading products and innovations in the years to come,” said Mr. Knight. “Salt Creek Capital has been a great partner for both the company and me. I appreciate Salt Creek’s support in providing strategic input, operational focus, and transaction expertise to achieve this exciting milestone.”

“We appreciate Jim’s leadership during our involvement and the growth initiatives that he accomplished, including the add-on acquisitions of Tensitron and Cianflone Scientific to create a platform serving a broader range of test and measurement markets,” said Daniel Price, a partner at Salt Creek. “We are confident that he will continue building King’s strong reputation, and we wish Jim and his team continued success in King’s next chapter.”

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

Earlier this month, Salt Creek exited its investment in Roman Products through a sale to Matrix Adhesives Group, a portfolio company of Goldner Hawn. Roman Products manufactures wallcovering adhesives, primers and sealers, removers, and related tools used by professionals and do-it-yourselfers. According to the company, it is the largest producer of wallpaper adhesive, primer, and removers in North America.

© 2025 Private Equity Professional | January 29, 2025

Pfingsten has sold Omega Systems, a provider of managed IT services and cybersecurity services, to Revelstoke Capital Partners.

Omega Systems (Omega) specializes in 24/7 IT support, cybersecurity, compliance, multi-cloud connectivity, disaster recovery, and network monitoring services. Many of the company’s customers are small and medium-sized businesses that are active in the financial services, healthcare, manufacturing, and local government sectors.

Omega, led by CEO Mike Fuhrman, was founded in 2002 by Bill Kiritsis and is headquartered 60 miles northwest of Philadelphia in Reading, Pennsylvania.

Pfingsten acquired Omega in February 2021 through its fifth fund in partnership with the company’s founder. During its ownership term, Pfingsten closed four add-on acquisitions with the buys of New Jersey-based ACE IT Solutions (April 2022), New Jersey-based PICS ITech (August 2022), Connecticut-based TNS Group (January 2023), and Connecticut-based Amnet Systems (June 2024).

The combination of these add-on acquisitions, new customers, and new service offerings grew Omega’s revenue at a 40% CAGR over Pfingsten’s nearly four-year hold resulting in a tripling in size of the business.

“Pfingsten’s unwavering support and strategic guidance enabled our team to accelerate growth,” said Mr. Fuhrman. “We are extremely proud of our collective accomplishments and excited for the next chapter.”

“The Omega team did an outstanding job driving organic growth by launching new service offerings, securing new customer wins, and integrating multiple strategic acquisitions,” said Phil Bronsteatter, a managing director at Pfingsten. “We believe Omega has a differentiated service offering to address changing market demands and wish Mike and the Omega team continued success under the stewardship of its new partner.”

The buy of Omega is the eighth investment for Revelstoke Capital Partners Fund III LP which closed in August 2023 with an above target $1.7 billion of capital.

“We have been targeting the IT MSP / MSSP sector for investment and were attracted to Omega’s differentiated capabilities, customer retention, and strong recurring revenue growth,” said Andrew Welch, a partner at Revelstoke. “Our plan is to build upon Omega’s existing infrastructure and capabilities and make additional investments to accelerate growth.” Editor’s Note: IT MSP stands for Managed Service Provider and MSSP stands for Managed Security Service Provider.

Revelstoke invests from $10 million to $250 million in companies that have at least $5 million of EBITDA. Sectors of interest include healthcare services and healthcare technology. Since founding in 2013, the Denver-based firm has completed 193 acquisitions, which include 29 platform companies and 164 add-on acquisitions.

Chicago-based Pfingsten invests in middle-market manufacturing, distribution, and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. In October 2023, the firm held an above target, oversubscribed, and hard cap close of its sixth investment fund, Pfingsten Fund VI LP, with $435 million in capital.

Harris Williams was the financial advisor for Omega and Q Advisors advised Revelstoke.

© 2025 Private Equity Professional | January 21, 2025

Atlas Holdings has agreed to sell Saxco International to Novvia Group, a portfolio company of Kelso & Company.

Saxco International is a distributor of rigid packaging products, including glass, metal, and plastic containers, closures, capsules, and custom packaging. The company serves more than 5,000 customers, including wineries, brewers, distillers, and specialty food manufacturers.

Founded in 1936, Saxco is headquartered in Fairfield, California, approximately 45 miles northeast of San Francisco. It also operates fulfillment and customer support centers across the United States, Canada, and Asia.

Atlas Holdings acquired Saxco in January 2019 from The Sterling Group which had purchased the business in 2010. “It has been an honor to lead Saxco alongside the Atlas team,” said CEO JB Berry. “Together, we built an exceptional business, and we’re looking forward to what lies ahead.”

“We want to congratulate CEO JB Berry and his superb team at Saxco. We are immensely proud of the transformation we drove together in our five-year partnership,” said Sam Astor, a partner at Atlas Holdings. “Saxco is a textbook example of a core Atlas competency – recognizing a business with a clear reason to exist and working in partnership with the leadership team to seize on the opportunity to return it to a position of market leadership.”

Novvia Group is a distributor of rigid packaging products, including glass and plastic containers, caps, closures, and metal cans, used across the food and beverage, pharmaceutical, and personal care sectors. Based in St. Louis, Novvia operates through a family of companies, including Inmark, C.L. Smith, Silver Spur, and Container Supply. The company is led by CEO Sarah Macdonald and has facilities across the United States, Canada, and Asia.

Kelso & Company acquired Novvia in September 2021. The Saxco acquisition is its third add-on, following the acquisitions of New Jersey-based JWJ Packaging in December 2023 and Florida-based Liquid Bottles in September 2024.

Atlas is a holding company with more than 25 platform companies operating in diverse sectors, generating over $16 billion in total revenues. With a workforce of more than 50,000 employees and more than 350 facilities worldwide, Atlas invests in sectors such as aluminum processing, automotive, building materials, food manufacturing and distribution, packaging, paper, power generation, and wood products.

In April 2021, Atlas closed its fourth private equity investment fund, Atlas Capital Resources IV LP, at its hard cap of $3.1 billion. The firm, founded in 2002 by managing partners Andrew Bursky and Tim Fazio, is headquartered in Greenwich, Connecticut.

Kelso, based in New York City, is one of the oldest firms specializing in middle-market private equity investments. Since its inception in 1980, Kelso has invested over $19 billion of equity capital in more than 140 transactions. In October 2023, Kelso closed Kelso Investment Associates XI LP with $3.25 billion in capital commitments, exceeding its target.

The sale of Saxco to Novvia is expected to close before the end of the first quarter of 2025.

© 2025 Private Equity Professional | January 14, 2025