New Platform

Incline Equity Partners has acquired a majority equity interest in West Physics, a provider of medical and health physics testing and consulting services. LNC Partners, which acquired West Physics in May 2018, is retaining a minority position in the company in partnership with Incline.

West Physics tests and certifies medical imaging equipment — MRI, CT, and X-ray systems — against the accreditation standards of the American College of Radiology (ACR), the Intersocietal Accreditation Commission (IAC), and the Joint Commission.

The company’s service portfolio extends into radiation therapy physics, supporting the calibration and quality assurance of equipment used in cancer treatment, and industrial radiation protection consulting for non-medical facilities that handle radioactive materials. The company serves more than 6,000 client sites across all 50 states, federal territories, the Caribbean, Latin America, and the Middle East.

West Physics maintains a nationwide network of board-certified physicists and field-based technical personnel – the company claims more board-certified medical and health physicists than any other consulting firm in the world – that assist hospitals, freestanding imaging centers, mobile imaging providers, and physician offices with regulatory compliance and accreditation status.

West Physics’ network operates without affiliate networks or subcontractors and stands in contrast to its competitors who use third-party providers to fill geographic coverage.

Atlanta-headquartered West Physics was founded in 2002 by CEO Dr. Geoffrey West. “For 24 years we have remained committed to delivering exceptional service and trusted expertise to our customers,” said Dr. West. “Partnering with Incline, we plan to accelerate organic growth by investing in our services support structure, in-house residency program and broader physicist network.”

LNC Partners first invested in West Physics in May 2018. Over the following seven years, the company grew revenue by more than 3.7 times through a combination of organic expansion and six acquisitions: Phoenix Technology Corporation (May 2019); North Carolina-based Radiological Physics Consultants (July 2020); Louisiana-based Enterprise Physics (2023); Illinois-based Radiation Protection Services (December 2023); the Kentucky-based medical physics service division of Tricord (April 2024); and in January 2025, it partnered with the owner of Arkansas-based Mid-South Medical Physics to acquire the business a two year period.

“We are proud of the success achieved by West Physics since our initial investment,” said Kevin Cunningham, a partner at LNC. “West Physics reflects LNC’s ability to support high-quality, founder-led B2B and professional services businesses as they scale.”

“LNC has been a valuable partner to West Physics, providing strategic support and flexible capital that helped us expand our capabilities, grow our team, and continue delivering exceptional service and trusted expertise to our customers,” said Dr. West. “We are grateful for LNC’s support and look forward to continuing our growth with both Incline and LNC as partners.”

LNC Partners invests from $10 million to $50 million of capital in US-headquartered companies that have at least $5 million of revenue and $2 million to $10 million of EBITDA. Sectors of interest include business services; financial and insurance services; software and technology, and healthcare services. In May 2025, the firm held a final hard-cap closing of its third investment fund, LNC Partners III – SBIC LP with total commitments, including leverage, of $325 million. Arlington, Virginia-based LNC was founded in 2011 by its managing partners Mark Raterman, Matt Kelty, and Robert Monk.

Incline Equity Partners invests in North America-based companies with enterprise values of $25 million to $750 million. Sectors of interest include services, value-added distribution, and specialized light manufacturing. In January 2025, the firm announced the above-target final closing of Incline Ascent Fund II LP (Ascent II), with $500 million in committed capital. In October 2023, Incline closed its sixth fund, Incline Equity Partners VI LP, with $1.9 billion of capital. The Pittsburgh-based firm was formed in 2011 and is led by its Managing Partner Jack Glover and Senior Partner Leon Rubinov.

“Under Geoff West’s leadership, West Physics has become a premier scaled service provider in a highly fragmented industry,” said Nic Meiring, a managing director at Incline. “We are excited to pursue opportunities to expand into adjacent service offerings and geographies organically and through strategic M&A.”

The LNC deal team included Managing Partner Mr. Monk, Principal David Schmoeller, and Associate Charlie Grube.

Raymond James was the financial advisor to West Physics on the sale to Incline.

LightBay Capital has made an investment in Centre Technologies, a provider of outsourced IT services.

Centre Technologies services portfolio spans managed IT, cloud computing, cybersecurity, business intelligence, and IT consulting. On the cloud side, Centre manages Microsoft Azure and Amazon Web Services deployments, private cloud hosting, and virtual desktop infrastructure. Its cybersecurity practice includes managed security information and event management, managed detection and response, proactive vulnerability scanning, and employee security awareness training.

Customers of Centre include more than 750 Texas and Oklahoma-based organizations – both with no internal IT function and those looking to augment existing IT staff – that operate in the healthcare, energy, financial services, manufacturing, and construction sectors.

Centre was founded in 2006 by CEO Chris Pace and is headquartered in Houston. “I couldn’t be more excited to team up with LightBay to support Centre in this next phase of growth,” said Mr. Pace. “We’ve spent nearly twenty years building Centre into a partner our clients can count on, and from our very first conversations with LightBay, it was clear that they get it. They put people first, they build leaders, and they know how to help a company like ours grow without losing what makes it special.”

Centre has operated without private equity backing since its founding, growing through a combination of organic expansion and nine acquisitions that Mr. Pace completed and integrated prior to the LightBay transaction. Some of the recent buys of IT services providers by Centre were Hummingbird Technology (2025), Atlas Technology Group (2024), and Applied Resource Technologies (2024).

According to Grand View Research, the global managed services market is projected to grow from $437 billion in 2026 to $847 billion by 2033, a compound annual growth rate of nearly 10%, driven by the increasing complexity of IT environments, accelerating cloud adoption, and rising cybersecurity requirements across regulated industries.

“Centre exemplifies the key investment qualities we look for: a need-to-have service, deep and durable client relationships, a winning culture, a proven M&A track record, and an exceptional team,” said A.B. Rampuria, a managing director at LightBay. “Outsourced IT and cybersecurity have become mission-critical for businesses as IT environments grow more complex and AI reshapes the technology stack. Centre’s client-centric service delivery model, security-embedded service offerings, and disciplined acquisition playbook position it as a clear leader in a large and fragmented market. We are excited to partner with Founder and CEO Chris and the entire Centre team to accelerate growth and establish Centre as a premier platform in the MSP market.”

LightBay Capital invests from $100 million to $300 million of equity in middle-market companies that operate in the business services, healthcare, and consumer sectors. LightBay closed its second fund, LightBay Investment Partners II, in May 2023 with $1.0 billion in capital, exceeding its $800 million target and closing at its hard cap. LightBay was founded in 2017 and is headquartered in Los Angeles.

“Chris and his team have built something special, anchored by a culture of service and an unwavering commitment to their clients,” said David Burcham, a partner at LightBay. “We are proud to back Centre in its next chapter of growth.”

Guggenheim Securities was the financial advisor to Centre and Houlihan Lokey was the financial advisor to LightBay.

CVC Catalyst has agreed to invest in WillowWood Holdings, a prosthetic products manufacturer, from Blue Sea Capital. CVC Catalyst will become the majority investor in WillowWood alongside Blue Sea, the founding Arbogast family, and management, all of whom are reinvesting in the company. CVC’s investment in WillowWood was made through CVC Catalyst III LP, the firm’s latest mid-market private equity strategy fund.

WillowWood traces its roots to 1907 when founder William Arbogast, a bilateral amputee who lost both legs in a railroad accident, began making prosthetic devices based on his own experience as a patient. More than a century later, WillowWood has operated through four generations of the Arbogast family and today is led by co-CEOs Mahesh Mansukhani and Daniel Rubin.

WillowWood is best known for pioneering the gel liner, the interface that sits between a patient’s residual limb and prosthetic socket. The product has become a widely used component in modern prosthetic care by improving comfort, fit, suspension, and skin protection. The company offers approximately 1,000 gel liner SKUs, along with custom liners for patients with more complex clinical needs.

Over time, WillowWood has expanded beyond liners to offer other prosthetic components, including prosthetic feet, knees, and vacuum suspension systems, as well as custom fabrication services. WillowWood is headquartered southwest of Columbus in Mt. Sterling, Ohio, with an additional facility in Mesa, Arizona.

Since partnering with the Arbogast family in 2018, Messrs. Mansukhani and Rubin have led an expansion of the business. The company has strengthened its commercial organization, expanded its research and development efforts through partnerships with academic institutions and completed two add-on acquisitions. In 2022, WillowWood acquired MAKstride Prosthetics, an Arizona-based precision manufacturer with aerospace-grade machining capabilities. In 2023, the company added Xtremity, a Colorado-based developer of adjustable prosthetic sockets made from a proprietary carbon-reinforced polymer.

“Since partnering with the Arbogast family in 2018, Daniel and I have been proud to build WillowWood into a leader in prosthetic products. This next chapter with CVC is about accelerating what we have built — bringing new products to patients faster and expanding internationally. We are grateful to Blue Sea Capital for their support and excited for what lies ahead,” said Mr. Mansukhani.

“WillowWood is a business of rare quality, built over more than a century into the leader in its field. Mahesh, Daniel, and the team have created a differentiated platform with a clear runway ahead, and we are delighted to be partnering with them, the Arbogast family, and Blue Sea Capital to support its next phase,” said Cathrin Petty, a managing partner and global head of healthcare at CVC.

Under CVC Catalyst’s ownership, WillowWood is expected to continue pursuing growth through both acquisition and international expansion. Europe appears to be the most immediate opportunity. While the company already serves customers in several key European markets through existing commercial relationships, it has yet to establish a direct sales and distribution platform on the continent. Building that presence, whether organically or through acquisition, is likely to be a key focus going forward.

“The opportunity ahead in Europe is substantial, and CVC’s geographic footprint and sector expertise are well suited to helping WillowWood build a direct presence and scale internationally,” said Phil Robinson, a partner at CVC. “It is businesses at this type of inflection point that we are looking to support with CVC Catalyst, and we look forward to working with the team as they bring new products to more patients in these markets,”

The market backdrop is favorable. The global prosthetics and orthotics market was valued at approximately $6.8 billion in 2025 and is expected to grow to $9.5 billion by 2033, according to Grand View Research. Demand is being driven by demographic trends, including an aging population and increasing rates of diabetes-related amputations, as well as continued innovation in materials, prosthetic components, and customized patient care.

Blue Sea made its majority investment in WillowWood in December 2021, acquiring the company from DW Healthcare Partners. “We at Blue Sea are both proud and humbled to have supported Mahesh, Daniel, and the Arbogast family in accelerating WillowWood’s growth, and we are even more energized by the opportunity ahead,” said Erin Lansky, a principal at Blue Sea and a member of WillowWood’s board of directors.

Blue Sea invests in companies with $5 million to $30 million of EBITDA and enterprise values of no more than $300 million. Sectors of interest include aerospace and defense, healthcare, and industrial growth. Blue Sea was founded in 2013 and is currently investing from Blue Sea Capital Fund III LP, which closed above target in September 2023 with $618 million of capital. The firm is led by Managing Partner J.R. Davis and is headquartered in West Palm Beach, Florida.

CVC Catalyst is CVC’s mid-market investment strategy and invests from €75 million to €250 million of equity across a range of sectors including technology, healthcare, sports, media and entertainment, financial and business services, consumer, and education. The Catalyst strategy currently has 11 portfolio companies and €3 billion in committed capital. London-headquartered CVC, with more than €200 billion in assets under management, was founded in 1981 and has a network of 29 offices throughout Europe, Asia and the United States.

The transaction is expected to close during the third quarter of 2026.

LongRange Capital has agreed to acquire Pizza Hut, excluding its operations in Mainland China, from Yum! Brands for approximately $1.5 billion, with an additional $75 million in potential earn-out payments through 2030.

The transaction is part of a broader $2.7 billion split of the Pizza Hut business. Yum! is separately selling Pizza Hut’s Mainland China operations to Yum China Holdings for approximately $1.2 billion.

Pizza Hut, founded in 1958, operates more than 15,500 restaurants in 108 countries and generates approximately $10 billion in annual system-wide sales. The chain has defined the pizza category for nearly seven decades, introducing products including the Original Pan and Original Stuffed Crust pizzas. Pizza Hut’s results have weakened in recent years, with comparable sales in the United States declining for ten consecutive quarters as the chain has lost share to delivery-focused rivals and third-party delivery platforms. The brand contributed approximately 12 percent of Yum!’s revenue in 2025.

PepsiCo acquired Pizza Hut in 1977 and added Taco Bell the following year, before acquiring KFC nearly a decade later. PepsiCo spun off its restaurant division in 1997 as Tricon Global Restaurants, which was renamed Yum! Brands in 2002 following its merger with Yorkshire Global Restaurants, then the parent of A&W. The sale to LongRange separates Pizza Hut from KFC and Taco Bell for the first time in nearly four decades under that combined ownership.

Yum! began a strategic review of its Pizza Hut unit in November 2025. “These transactions enable Yum! to be a more focused company that continues to leverage scale, technology and talent to accelerate our raising the B.A.R. priorities and deliver sustained value for our stakeholders,” said Chris Turner, chief executive of Yum! Brands. “Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry.” Yum!’s “Raising the B.A.R.” strategy focuses on winning the future consumer, improving franchisee and restaurant economics, and expanding the company’s proprietary Byte by Yum! technology platform.

LongRange was founded in 2019 by Bob Berlin, the former Baupost Group executive who helped engineer the investment firm’s successful 2011 investment in Arby’s, a restaurant turnaround that ultimately became part of Inspire Brands.

“Pizza Hut is a beloved global brand with a rich heritage and a loyal customer base that few brands can match,” said Bob Berlin, the founder and managing partner of LongRange. “We look forward to partnering with Yum! to ensure a smooth transition for the business and working with Pizza Hut’s talented team and franchise partners to drive its next phase of growth through investments that deliver consistently great food and experiences for customers around the world.”

Yum! will continue providing Byte by Yum! platform to the Pizza Hut business under LongRange ownership and will provide other corporate services under a transition services agreement to support an orderly separation.

The sale of Pizza Hut comes as restaurant operators navigate a period of margin pressure and shifting consumer behavior. According to McKinsey (What US consumers want from restaurants in 2026), US restaurant spending growth is plateauing as inflation and economic uncertainty push diners to trade down, with delivery channels facing particular strain: average delivery basket values fell 6 percent and spending per unit dropped 12 percent over the past year, even as pickup orders grew. McKinsey has pointed to revenue growth management, menu innovation and AI-driven personalization as strategies operators are using to protect margins amid the slowdown.

Connecticut-headquartered LongRange makes majority and minority investments in North America or Europe-headquartered companies with more than $200 million in revenue. The firm currently manages approximately $1.8 billion in assets and raised its first fund in 2020. Its portfolio includes Batesville, a death care products provider; 24 Hour Fitness; Alpin Unlimited, a ski resort investment platform; and US Synthetic, a diamond-based technology provider, along with its recent exit from Bakkavor Group following the company’s acquisition by Greencore.

Barclays and Goldman Sachs are serving as the financial advisers to Yum!. UBS Investment Bank is providing financing for the transaction.

The investment gives the infrastructure software provider capital for product expansion and acquisitions as it serves a growing roster of state and federal transportation agencies.

The Riverside Company has made an investment in AssetIntel, a provider of infrastructure inspection and asset management software.

AssetIntel’s software is used by state departments of transportation, federal agencies, transit authorities and municipalities to inspect, manage and plan for infrastructure assets including bridges, tunnels, dams and railways. Specifically, the company’s platform functions as an inventory listing, workflow and compliance system of record, often maintaining years of historical inspection records, asset condition trends and deterioration data for its customers.

The company’s product suite includes inspectX, a field inspection and reporting tool that supports compliance with federal bridge inspection standards; emergencyX, which supports disaster event monitoring and emergency response coordination; manageX, a capital planning tool for prioritizing maintenance and investment decisions; and SNBIX, designed to help agencies transform legacy National Bridge Inventory (NBI) data to align with the newer Specifications for the National Bridge Inventory (SNBI) data standards.

AssetIntel was founded in 2016 by CEO Hooman Parvardeh and has grown to serve 23 agencies across the United States and Canada, managing more than 170,000 assets and supporting more than 320,000 offline inspections. Customers include the Tennessee, Virginia, Kansas, Georgia and Arkansas departments of transportation, along with the city of Los Angeles.

“AssetIntel operates as a system of record that helps asset owners inspect and maintain critical infrastructure assets amid increasing federal regulatory complexity and growing demand for data-driven asset management,” said Loren Schlachet, a managing partner at Riverside. “The company has a compelling value proposition and a history of exceptional customer retention and strong growth.”

“We are excited to have formed this partnership with AssetIntel, which sits at the intersection of Gov Tech and Construction Tech, two areas where we have been an active investor for over a decade,” said Joe Manning, a senior partner at Riverside, and Chris Shea, a principal at Riverside in a released statement. “We see significant potential to expand the company’s market reach and accelerate growth through both product innovation and M&A.”

Riverside’s investment in AssetIntel comes as transportation agencies face mounting pressure to modernize asset management amid the scale of the country’s aging infrastructure. The United States will need significant ongoing investment in transportation infrastructure that was largely built in the mid-20th century, according to McKinsey’s “The Infrastructure Moment”, which projects that failing to modernize roads, bridges and other core systems could cost the economy $10 trillion in lost gross domestic product by 2039. McKinsey has also pointed to digital and AI-enabled monitoring tools as a growing driver of efficiency in infrastructure operations, with predictive maintenance applications in transportation showing measurable gains in reliability and cost reduction in early deployments.

“Since founding AssetIntel, our mission has been to modernize how transportation agencies inspect, manage and plan for critical infrastructure assets,” said Mr. Parvardeh. “We are excited to partner with Riverside as we continue expanding our platform, supporting additional infrastructure asset classes, and helping infrastructure owners modernize and strengthen their asset management operations.”

The Riverside Company invests in lower middle-market companies with EBITDA of up to $35 million and valuations of up to $400 million. The firm focuses on business services, consumer brands, education and training, franchisors, healthcare, software and IT, and specialty manufacturing.

The specific strategies of Riverside include five control products: Riverside Capital Appreciation typically targets North American platform investments with $10 million to $35 million in EBITDA; Riverside Micro-Cap generally targets North American platform investments with less than $10 million in EBITDA; Riverside Europe invests in European companies with generally less than €30 million in EBITDA; Riverside Australia invests in Australia- and New Zealand-based companies with LTM EBITDA of between A$3 million and A$20 million; and Riverside Value generally invests in businesses facing special situations or unique challenges with $75 million or more in revenue.

Riverside also offers two non-control options including Riverside Strategic Capital which makes minority investments in companies headquartered in the U.S., Canada or Europe with $5 million or more in EBITDA; and Riverside Acceleration Capital which makes growth capital investments in companies operating in the software sector with $3 million to $15 million in recurring revenue based in the U.S., Canada and Europe.

The investment in AssetIntel marks the latest in Riverside’s software and IT sector specialization, where the firm has completed more than 300 platform and add-on investments.

Working with Mr. Schlachet on the AssetIntel transaction were Mr. Manning, Mr. Shea, Assistant Vice President Tom Hillebrecht, Associate Megan Dorogi, Analyst Aneesh Bafna, Operating Partner Jim Murphy and Finance Director Chrissie Yim.

The Riverside Company was founded in 1988 and is headquartered in New York City.

Foundation Investment Partners (FIP) has made two platform investments in recent weeks, taking stakes in American Key Supply, a national distributor of locksmith hardware and supplies, and Tebco of Kentucky, a manufacturer of custom dump bodies and truck equipment.

American Key Supply headquartered in Las Vegas, supplies professional locksmiths with automotive and commercial keys and remotes, programming tools and cables, key-cutting machines, and a range of other locksmith tools and consumables. The company also operates Locksmith University, an educational program offering instructional videos and hands-on training for industry professionals.Founded in 2009 in the San Francisco Bay Area by locksmith Cary Stevens, American Key Supply relocated to Las Vegas two years later to offer faster shipping across the western United States. The company will continue to operate under Mr. Stevens, who remains chief executive following FIP’s investment.

“We chose a partner who shares our values and will help us scale while preserving what makes us special,” said Mr. Stevens. “This investment gives us the resources to serve customers better and accelerate our growth without losing our culture.”

Tebco of Kentucky is headquartered south of Lexington in Richmond, Kentucky, manufactures custom dump bodies and distributes truck equipment throughout the eastern United States to customers operating in the mining, aggregate, construction and industrial sectors.Tebco was founded in 1991 by Mike Faulkner, who began manufacturing the company’s own steel and aluminum dump bodies in 2004 after third-party suppliers could no longer keep pace with its sales growth. Tebco has since added manufacturing facilities in Winchester and Stanton, Kentucky, the latter completed in 2021 following a $2 million expansion.

“This partnership marks an exciting new chapter for our company and our employees,” said Brandon Faulkner, Tebco’s president and Mike Faulkner’s successor. “With FIP’s resources and expertise, we can accelerate our growth while maintaining the customer-first values that have defined our success.”

Foundation Investment Partners invests in niche manufacturers, value-added distributors, and outsourced business service providers with EBITDA from $1 million to $10 million. The firm embeds its team with owners and operators of smaller businesses to provide support, guidance and resources for growth, and has built a portfolio that includes Paper Converters, AAA Industrial Supply and Spartan Tool Supply. The firm was founded in 2009 and is based near Cleveland in Solon, Ohio.

Gemspring Capital has made a minority investment in Comoto Holdings, a Philadelphia-based omnichannel motorcycle aftermarket platform, with existing majority shareholder Prospect Hill Growth Partners retaining its ownership position.

Comoto operates in the U.S. motorcycle aftermarket through three retail brands—Cycle Gear, J&P Cycles, and RevZilla—and the REVER GPS app and community platform, combining a roughly 150‑store retail network with an e‑commerce platform, digital media properties, and community channels. The company sells motorcycle parts, accessories, and riding apparel, carrying both third‑party brands and its own private‑label lines, including BILT, Sedici, Street and Steel, and Reax. Its customer model is built around product knowledge, fitment guidance, and direct engagement with the rider community.The Comoto platform was formed in 2016, when Prospect Hill (then J.W. Childs) consolidated its 2015 investment in Cycle Gear with a newly acquired majority stake in RevZilla. In 2020, the platform was expanded with the acquisitions of J&P Cycles and REVER.

Zach Parham—the son of J&P’s founders, who joined Comoto when it acquired J&P and subsequently served as chief financial officer and chief operating officer—was named president and chief executive officer in December 2023.

“Comoto has built a family of brands that riders trust and a team that lives and breathes this category,” said Mr. Parham. “The continued support of Prospect Hill, together with Gemspring’s investment provides the capital flexibility and strategic resources to continue investing behind our growth while preserving the customer focus, authenticity, and category expertise that have made Comoto what it is today. We are excited to partner with the Gemspring team for this next chapter.”

Cycle Gear was founded in 1974 near San Francisco in Benicia, California, and built its presence across general motorcycle accessories and apparel. RevZilla was founded in 2007 in Philadelphia and developed as a digital‑first retailer known for editorial content and enthusiast community building. J&P Cycles was founded in 1979 in Anamosa, Iowa, by John and Jill Parham and grew into a catalog and specialty retailer focused on American V‑twin motorcycle parts.

Prospect Hill makes equity investments of $25 million to $100 million in companies that have revenues of $50 million to $300 million and EBITDA of $5 million to $25 million. Sectors of interest include consumer products, specialty retail, and healthcare services. Prospect Hill, headquartered in the Boston suburb of Waltham, Massachusetts, changed its name from J.W. Childs Associates in May 2019 following the retirement of the firm’s co-founder and chairman, John Childs.

“Comoto is a category-defining platform with a strong reputation amongst the powersports community,” said Kristin Steen, a managing director at Gemspring. “We are thrilled to support Zach and the entire Comoto team as the company enters its next stage of growth.”

Gemspring invests in companies with revenues of up to $2 billion that operate in the business services, consumer services, financial and insurance services, healthcare, industrial, software, and tech-enabled services sectors. The firm was founded in 2015 and has completed more than 125 acquisitions across its buyout and growth strategies.

In September 2025, Gemspring closed its second non-control investment vehicle, Gemspring Growth Solutions Fund II LP, with $1.1 billion in limited partner commitments. Gemspring was founded in 2015 and is headquartered in Westport, Connecticut, with additional offices in Los Angeles, Charlotte, and Columbus.

Platte River Equity has acquired Tallman Equipment Company, a supplier of tools, equipment, and services to the electric utility and linework industries.

Tallman distributes and rents lineman tools and equipment, and performs repair, refurbishment, testing, and fabrication work for utility field crews. Tallman serves as a one-stop distributor, manufacturer, rental center, and repair facility for the linework market. Customers of Tallman include electric utility companies, transmission and distribution contractors, municipalities, and linework professionals across the United States.

Tallman was founded in 1952 and operates from three locations: Columbus, Indiana (headquarters), Addison, Illinois, and Lake City, Florida. Charlie Vicari serves as chief executive officer and Rick Laramie as president.

“This is a growth partnership built around continuity,” said Mr. Vicari. “Tallman’s customers can expect the same team, commitment to quality and practical, field-focused service they know today. With Platte River’s support, we’ll be better positioned to invest in inventory, service capabilities, operational strength and the customer experience.”

“This partnership gives us more room to grow without losing what makes Tallman different,” said Mr. Laramie. “Our focus remains where it’s always been—making sure customers get the right tools, equipment and support so crews can work safely and efficiently.”

Demand for linework tools and equipment is closely tied to investment in the U.S. electric grid. U.S. peak electricity demand is projected to grow approximately 26% by 2035, driven by data center load growth, industrial electrification, and the need to replace aging infrastructure, according to Deloitte’s 2026 Power and Utilities Industry Outlook. That expansion will require sustained investment in transmission and distribution infrastructure, supporting ongoing demand for the specialized field equipment and services Tallman provides.

“Tallman has earned a trusted position in a highly demanding market. The company’s customer relationships, field expertise and service-oriented culture make it a strong platform for continued growth,” said Mike Reilly, a principal at Platte River.

Denver-headquartered Platte River makes equity investments ranging from $25 million to $100 million in lower middle-market companies with annual revenues of $20 million to $250 million and EBITDA between $7 million and $30 million. The firm’s sectors of interest include aerospace and transportation, energy products and services, industrial products and services, and agriculture and chemicals. Platte River has raised five funds with committed capital in excess of $1.7 billion.

“We’re excited to partner with the Tallman team, invest in the business and support the company’s next chapter,” said Peter Calamari, a managing director at Platte River.

The acquisition of Tallman is Platte River’s 100th acquisition since its founding in 2006 and extends its track record in industrial distribution and electric utility services. The firm’s current distributor portfolio includes Building Controls & Solutions, Tipco Technologies, Evolution Motion Solutions, Belt Power, and MES Life Safety.

In April, Platte River exited its investment in Spartaco Tool Group, a manufacturer of professional-grade tools used in utility, telecommunications, arborist, military and government, and industrial applications, through a sale to CenterGate Capital.

Rox Capital Partners has acquired Interstate Threaded Products, a manufacturer and distributor of specialty threaded fasteners used by industrial customers across North America.

Interstate manufactures and distributes a portfolio of threaded fasteners and custom fastening products used by customers operating in infrastructure, power generation, construction, telecommunications, industrial manufacturing, agriculture, and other mission-critical industries. The Dallas-headquartered company was founded in 1973 and today is led by President Rick Stone who will continue in his role in partnership with Rox Capital.

“Finding the right partner was critical to us,” said Mr. Stone. “Rox understands our business, respects the culture we have built, and shares our long-term vision for the company. Their operational experience and growth-oriented approach make them an excellent partner for our employees, customers, and suppliers. We are excited about the opportunities ahead and confident that together we can continue building on Interstate’s strong foundation.”

“We are excited to partner with Rick Stone and the entire Interstate Threaded Products team,” said Mark Sparrow, a managing partner of Rox Capital. “Interstate has built an outstanding reputation over more than five decades by delivering exceptional products and service to its customers. The company’s strong market position, loyal customer relationships, and commitment to operational excellence make it an ideal fit for Rox. We look forward to supporting the team as they continue to invest in growth, expand capabilities, and strengthen their position as a leader in the specialty fastener industry.”

The acquisition establishes Rox’s industrial fastener platform, which the firm intends to expand through a combination of organic investment and add-on acquisitions. Rox’s founders have prior experience in the fastener industry. The firm’s first portfolio company, Amifast, is an Austin-based fastener and hardware distributor that Mr. Sparrow and Al Cameron acquired in 2017 when launching the firm. Amifast was sold in December 2021 to strategic buyer Afinitas, a portfolio company of BW Forsyth Partners.

The North American industrial fasteners market was valued at $22 billion in 2026 and is projected to reach $27 billion by 2031, a compound annual growth rate (CAGR) of 4%, according to Mordor Intelligence. Externally threaded fasteners—the core product category for specialty manufacturers like Interstate—account for more than 52% of North American fastener revenue by product type. Demand across Interstate’s end markets is structurally supported by infrastructure investment, domestic manufacturing reshoring, and the power generation buildout accompanying U.S. electrification and data center expansion.

Rox Capital Partners is a private equity firm established in 2017 by Al Cameron and Mark Sparrow. The firm focuses on lower middle-market businesses with $1 million to $4 million of EBITDA in the distribution, manufacturing, industrial, and healthcare sectors and specializes in partnering with seasoned management teams and founders. Rox, with offices in Austin and Dallas, operates as an independent sponsor, partnering closely with management to build and scale these businesses.

Kainos Capital has acquired Super-Sod from Heartwood Partners, taking ownership of the vertically integrated turfgrass and landscaping products supplier serving the southern United States. Partners Capital co-invested in the transaction as lead co-investor.

Super-Sod grows and distributes sod, grass seed, organic compost, and other lawn care products to professional landscapers and residential customers across the Southeast. The company operates through an omnichannel model spanning its own ten sod farms, 25 retail store locations, and an e-commerce platform.

Super-Sod’s product line includes numerous sod varieties such as TifTuf Bermuda, Zeon Zoysia, and TifBlair Centipede, along with proprietary Soil3 organic humus compost delivered in a cubic-yard BigYellowBag. The company also sells grass seed, fertilizers, pest control products, and lawn maintenance supplies through its retail stores and online channel.

Patten Seed Company, which does business as Super-Sod, traces its roots to a general store opened by Robert Patten in Georgia in the 1890s. The Super-Sod brand was established in 1980. Today, Super-Sod is led by CEO Ben Copeland and is headquartered in Charleston, South Carolina.

“Heartwood Partners has been a great partner to Super-Sod throughout this journey,” said Mr. Copeland. “They believed in our team and invested their resources and support behind us. Together, we built a much larger, technologically advanced, and geographically diverse organization, and I’m proud of what we accomplished together. We are excited for our next stage of growth with Kainos Capital who has a focus on helping businesses like ours scale aggressively through organic initiatives as well as complementary acquisitions.”

Heartwood invested in Patten Seed in September 2020 through its third fund. During the hold period, Super-Sod completed five add-on acquisitions across Tennessee, Alabama, Georgia, and Texas, including Alabama-based Frog Pond Turf in 2021; Tennessee-based Mid Tenn Turf and Georgia-based All Green Outdoor Center in 2023; and Texas-based Tri-Tex Grass in 2025. In addition to this M&A activity, Heartwood also invested in and advanced the company’s automation, production capacity, enterprise software, digital marketing, and e-commerce systems during its ownership.

“This successful exit reflects the strength of Super-Sod’s brand, the dedication of its employees, and the management team’s focused execution of its long-term strategic plan,” said James Sidwa, managing partner of Heartwood. “We are grateful for the opportunity to support the company during this important chapter of its growth.”

“Ben and his management team have built a differentiated platform in the landscaping solutions industry,” said Jeff Moredock, a partner at Kainos. “Given our experience creating strategic value with similar business models, we believe Kainos, as a result of our industry relationships, operating capabilities and capital base, is well-suited to help management quickly expand Super-Sod’s position through attractive add-on acquisitions, product innovation, geographic expansion, and new retail distribution.”

Dallas-headquartered Kainos Capital invests from $50 million to $200 million of equity in family- and founder-owned food and consumer products and services businesses in North America that have EBITDA ranging from $10 million to $80 million. In February 2023, Kainos closed Kainos Capital Partners III LP with more than $1 billion in capital commitments. Fund III is the largest fund the firm has ever raised. The firm’s second fund closed in November 2016 at its hard cap of $895 million.

“We are thrilled to have partnered with the team at Super-Sod to expand the company’s business model across the Southern U.S. through organic growth and add-on acquisitions,” said Andrea Nelson, a managing director at Heartwood. “We are proud of the company’s market leadership and innovation and look forward to its continued success with Kainos Capital as its next partner.”

Heartwood Partners invests in U.S.-based companies with revenues between $20 million and $250 million and EBITDA between $3 million and $30 million. Sectors of interest include food, agriculture, specialty chemicals, niche manufacturing, packaging, and industrial and consumer services. Heartwood is currently investing through Heartwood Partners Fund IV LP. The Norwalk, Connecticut-based firm was founded as Capital Partners in 1982 and rebranded as Heartwood Partners in September 2020.

Founded in 2001 and headquartered in London, Partners Capital has more than $75 billion in assets under management and more than 400 employees across 10 global offices.

In February 2026, Partners Capital closed Merlin Co-Investment Fund IV (Merlin IV) with more than $1 billion in commitments. Merlin IV makes co-investments of $25 million to more than $100 million per transaction in lower-middle-market and middle-market private equity-sponsored transactions across a range of transaction types. Since Partners Capital launched its Merlin co-investment strategy in 2019, the platform has invested more than $2 billion across more than 60 transactions. The firm’s co-investment team is led by Partner Adam Spence and Managing Director Jennifer Fox Bensimon.

“Super-Sod has built a trusted brand in the landscaping solutions industry by delivering a seamless customer experience for both landscapers and homeowners,” said Peter Schnuck, a vice president at Kainos. “We are excited to partner with Super-Sod’s exceptional management team as they expand the company’s product and service offerings to meet more of its customers’ needs.”

Baird was the financial advisor to Kainos, and Harris Williams advised Super-Sod and Heartwood.

Benford Capital Partners has acquired CGRS, a provider of environmental compliance and infrastructure services, in partnership with founder and chief executive officer Eric Hick, who is retaining an ownership interest in the business.

CGRS provides testing, inspection, certification, and compliance services — collectively referred to as TICC (testing, inspection, certification, and compliance) — alongside environmental remediation and infrastructure construction to western United States-based fuel retailers, oil and gas operators, utilities, municipal agencies, and commercial property owners operating in highly regulated environments.

The company’s services span environmental assessments and investigations, underground and aboveground storage tank compliance and closure, leak detection, remediation, emergency spill response, stormwater management, and water and wastewater construction. CGRS also provides compliance services for refined fuels and oil and gas customers, including fuel quality testing, spill prevention planning, and design-build project management. CGRS is headquartered near Denver in Fort Collins, Colorado.

“Over the last four decades, our team has built CGRS into a services provider for our loyal and growing customer base,” said Mr. Hick. “We were looking for a partner that would not only serve as an excellent steward for the business, but also one with proven experience scaling inspection and testing businesses. BCP was the clear choice and I’m excited to partner with them moving forward.”

The regulatory environment underpinning CGRS’s business is strengthening. According to EY‘s Testing, Inspection and Certification Study 2025, the long-term trend of new regulatory requirements across industries is driving sustained demand for TIC services, with environmental compliance and sustainability requirements identified as durable growth drivers independent of short-term economic cycles. North American TIC market revenues are projected to grow from $70 billion in 2025 to $79 billion by 2030, according to MarketsandMarkets, driven by EPA environmental standards and the increasing outsourcing of compliance services across energy, infrastructure, and industrial markets.

“We are thrilled to partner with Eric and the CGRS team at this exciting inflection point for the company,” said Ben Riefe, a managing director at Benford Capital. “We look forward to preserving the company’s excellent reputation and culture in partnership with its outstanding leadership team and building on this strong foundation in the years ahead.”

Chicago-based Benford Capital Partners invests in lower middle-market companies with revenues ranging from $10 million to $200 million and EBITDA between $3 million and $20 million. The firm focuses on sectors such as industrial technology, food and consumer products, agricultural products and services, and specialty services and distribution. Benford closed Benford Capital Partners III in March 2025 at $365 million, above its $300 million target. The acquisition of CGRS is the third platform investment for Fund III. The Benford deal team was led by Mr. Riefe and included Brian Staff, Andrew King, Connor Bonecutter, and Evan Lakins.

Forvis Mazars Capital Advisors was the financial advisor to CGRS. Twin Brook Capital Partners provided debt financing to support the transaction.

Arcline Investment Management has agreed to acquire the holding company of Continental Aerospace Technologies for approximately $535 million, taking the 121-year-old general aviation piston engine manufacturer private. The selling controlling shareholders are subsidiaries of Aviation Industry Corporation of China (AVIC), a Chinese state-owned aerospace and defense conglomerate.

Continental Aerospace designs, manufactures, and supports piston aircraft engines used in the general aviation market. The company’s product line spans both AvGas (aviation gasoline) and Jet-A fuel engines—a dual-fuel capability that positions it across the full spectrum of piston-powered aircraft in service today. The company sells its engines and aftermarket products to aircraft owners, commercial operators, flight schools, and OEM customers worldwide.Continental’s engine portfolio covers a range of certified configurations used across single- and multi-engine fixed-wing aircraft produced by major airframe manufacturers. The aftermarket business—which includes FAA-approved replacement parts, cylinders, magneto ignition systems, and engine overhaul services—supports a large installed base that generates recurring demand independent of new aircraft production cycles. Continental also operates service centers and sales offices across three global regions.

Continental Aerospace was founded in 1905 as Continental Motors Manufacturing Company in Muskegon, Michigan. The company relocated to Mobile, Alabama, in 1966 following the closure of Brookley Air Force Base, taking over the facility the following day. Today, the business operates from an eleven-building complex at the Brookley Aeroplex and supports customers in 78 countries.

Continental’s trailing twelve-month revenue through December 2025 was HKD 2.0 billion (approximately USD $257 million), with adjusted EBITDA of HKD 272 million (approximately USD $35 million), reflecting an EBITDA margin of approximately 13.6 percent. Based on the USD $535 million purchase price, the transaction equates to a purchase price multiple of approximately 15.3x trailing EBITDA, consistent with prevailing valuation benchmarks for mission-critical aerospace platforms with significant aftermarket revenue streams.

Karen Hong, who joined Continental as chief financial officer and has served as the company’s interim chief executive officer since September 2021, was named chief executive officer and president in March 2022 and leads the company.

Continental has operated under several owners over the past five decades. Teledyne sold the business in 2011 to Technify Motors, an AVIC International subsidiary, for $186 million. The company subsequently became Continental Aerospace Technologies Holding Ltd. and returned to the public markets in 2018, with AVIC-affiliated entities retaining control. Arcline’s acquisition will take the company private with the backing of those shareholders.

“Continental is a highly respected platform with a long history of engineering leadership, trusted customer relationships and mission-critical products that support the global general aviation fleet,” said Arcline in a released statement. “The company’s technical capabilities, large installed base and reputation for reliability fit naturally alongside our aerospace and defense systems and subsystems strategy. We look forward to partnering with Continental’s management team and employees to support continued investment in the business and accelerate its next chapter of growth.”

From an industry perspective, general aviation piston airplane shipments reached 1,782 units in 2025, up from 1,772 in 2024, according to the General Aviation Manufacturers Association. Total preliminary aircraft deliveries across general aviation reached a record $35.7 billion in 2025, a 14.6% increase over 2024, with all segments remaining above pre-pandemic 2019 levels. The aftermarket side of the engine business is further supported by the size and age of the existing piston fleet: flight training programs, recreational flying, and commercial air work operations keep older engines in service for decades, generating sustained demand for parts, overhauls, and technical support.

Arcline makes control investments in companies with recurring revenue models across sectors such as defense and aerospace, industrial and medical technology, life sciences, and specialty materials. The firm targets companies with EBITDA ranging from $10 million to $100 million and enterprise values of up to $1 billion. In March 2023, Arcline closed its third fund with $4.5 billion in capital commitments, following its $2.75 billion second fund closure in January 2021.

J.P. Morgan Securities was the financial advisor to Arcline. The transaction is expected to close in the second half of 2026.

Godspeed Capital Management has acquired  , a provider of space infrastructure construction, fabrication, and engineering services to government and commercial space customers.

JP Donovan builds and rehabilitates the physical infrastructure that supports launch operations, spacecraft processing, and national security missions along the Florida and California Space Coasts. The company’s customers include NASA and the U.S. Department of War, and it has completed projects at the Kennedy Space Center, Cape Canaveral Space Force Station, and Vandenberg Space Force Base.Specifically, the company has supported NASA’s Artemis program and has received prime contractor awards on several technically demanding ground systems programs, including flame trench refurbishment at Launch Complex 39B and mobile launcher modifications for the Space Launch System.

JP Donovan builds what it designs and machines what it fabricates in-house. Its operations carry AISC (American Institute of Steel Construction) certification for structural steel work and AS9100 certification—the aerospace industry’s quality management standard—for its fabrication and precision machining activities. This self-perform capability spans structural steel fabrication, process piping, cryogenic systems, design-build delivery, and ground support equipment installation.

The practical consequence of these capabilities is schedule and execution control that subcontractor-dependent general contractors cannot match. When a launch pad modification requires coordinating steel erection, cryogenic plumbing, and precision-machined components on a tight NASA schedule, a firm that performs all three disciplines internally has one accountability chain. A firm that subcontracts them has three.

Post-closing, John Donovan, the founder of JP Donovan, will continue in his role as vice president and chief construction officer and will retain an equity ownership stake in partnership with Godspeed. William “Bill” Deane—appointed chief executive officer in January 2026, five months before the Godspeed investment was announced—leads the company’s strategy and day-to-day operations.

“The entire team at JP Donovan is excited to partner with Godspeed as we enter our next phase of growth,” said Mr. Donovan. “Over the past 30 years, we have built a reputation for solving complex challenges and delivering critical solutions that support some of the nation’s most important space and defense missions. With Godspeed’s support, we will continue investing in our people, capabilities, and infrastructure while expanding our ability to serve customers across the rapidly evolving space and national security landscape.”

The investment positions JP Donovan as the anchor for a new Godspeed platform in the space and defense infrastructure market. Godspeed plans to combine JP Donovan’s integrated construction and fabrication capabilities with add-on acquisitions targeting launch infrastructure, ground systems, advanced fabrication, and mission support services, following the same buy-and-build approach the firm has applied across its defense and government portfolio.

“We are proud to partner with JP Donovan, a company that has established itself as a trusted partner to the most integral organizations within the space and defense ecosystem,” said Douglas Lake, founder and managing partner of Godspeed. “The company’s unique combination of infrastructure expertise, fabrication capabilities, technical talent, and deep customer relationships creates a highly differentiated platform positioned to benefit from long-term growth across government and commercial space markets.”

“Our investment in JP Donovan reflects our conviction in the critical role infrastructure, fabrication, and mission-enabling capabilities will play in supporting the next generation of space exploration, launch operations, and national security programs,” added Cameron Terry, a partner at Godspeed. “JP Donovan is well-positioned to serve as a foundational and differentiated platform in a market benefiting from powerful secular tailwinds, and we look forward to supporting the company as it continues to scale its presence nationwide.”

The global space economy reached approximately $613 billion in 2024, according to the Space Foundation, and McKinsey projects expansion to $1.8 trillion by 2035, with growth driven disproportionately by infrastructure and backbone applications rather than launch hardware alone. The construction and ground systems segment of that market faces sustained demand pressure from accelerating launches—the Space Foundation reported 259 orbital launches in 2024, or one every 34 hours on average—alongside federal investment in Artemis, Space Force infrastructure, and commercial spaceport development.

Godspeed makes control investments in North American lower middle-market companies with EBITDA ranging from $3 million to $30 million in the defense and government services sectors. The acquisition of JP Donovan is Godspeed’s fourteenth platform investment and its second focused on the U.S. government and commercial space market since its founding in 2021. Godspeed’s most recent fund, Godspeed Capital Fund III LP, closed at its hard cap in October 2024 with $675 million in capital commitments. Godspeed is headquartered in Washington DC, with an additional office in Palm Beach, Florida.

Metatron Private Equity, a new investment platform formed by Reichmann Segal Capital Partners, has acquired Green Circuits, a provider of electronics manufacturing services, from Evolve Capital, which acquired the business in 2018.

Green Circuits is a provider of high-mix, high-complexity printed circuit board (PCB) services, including design, fabrication, assembly, testing, and box-build integration, to companies operating in the aerospace and defense, medical technology, industrial, and advanced technology sectors. The company is recognized across the EMS industry for its quick-turn model, which can deliver same-day turns on printed circuit assemblies.

“We believe Green Circuits is uniquely positioned to capitalize on increasing demand for domestic electronics manufacturing, supply chain resiliency, and high-complexity production capabilities,” said Charles Reichmann, co-CEO of Metatron. “We are excited to support the company’s next phase of growth through strategic investment, operational and geographic expansion, and customer growth and diversification. We are thrilled to partner with Michael and the incredible Green Circuits team.”

Green Circuits, led by CEO Michael Hinshaw Jr., was founded in 2006 and operates from a 60,000-square-foot headquarters and production facility in San Jose, California.

“We are truly fortunate to join Metatron as we move to the next chapter at Green Circuits,” said Mr. Hinshaw. “Charles and Jarrad share our passion for the sectors we serve and our drive to provide unrivaled service. Their support will enable Green to better serve our customers with investments in footprint, talent, and capabilities.”

Metatron Private Equity makes control investments in North American-based companies with $5 million to $50 million in EBITDA. Sectors of interest include industrials and manufacturing, healthcare, business services, financials, consumer staples, utility and infrastructure services, energy and energy services, and technology. The firm was formed by Reichmann Segal as its primary investment vehicle and the acquisition of Green Circuits is Metatron’s first platform and Reichmann Segal’s third overall platform investment and its second in the electronics manufacturing services sector.

“Green Circuits represents exactly the type of platform investment we seek to partner with through Metatron Private Equity,” said Jarrad Segal, co-CEO of Metatron. “The company has an exceptional reputation in the EMS industry, a highly skilled industry-leading management team, and a differentiated customer offering in one of the most important technology ecosystems in the world.”

Evolve Capital acquired Green Circuits in 2018 with capital support from Praesidian Capital. During its eight-year hold, the company’s revenue doubled and EBITDA increased by 2.5x. This resulted in a 3.5x return on Evolve’s invested capital. Evolve invests in businesses with $2 million to $5 million in EBITDA. Sectors of interest include light manufacturing and assembly, healthcare services, and industrial services. The firm was founded in 2005 and is headquartered in Dallas.

“Praesidian was a valued partner throughout our ownership of Green Circuits,” said Ryan Shultz, a partner at Evolve. “Their collaborative approach and support contributed meaningfully to the company’s success.”

Praesidian is a provider of senior and subordinated debt, along with growth capital, to lower middle-market businesses with revenues of $5 million to $100 million and EBITDA of $1 million to $15 million. The firm’s sectors of interest are varied, although it prefers light manufacturing and consumer companies. Praesidian invests in companies based in the United States, United Kingdom, Germany, and selectively in Northern Europe. Since its founding in 2002, Oklahoma City-headquartered Praesidian has invested approximately $1 billion in more than 100 businesses in the U.S. and Europe.“We are pleased to have partnered with Evolve Capital and the Green Circuits management team to support the company’s growth,” said Jason Drattell, founder and managing partner at Praesidian. “We are proud to have supported a strong outcome for all stakeholders and appreciate the collaboration throughout the investment.”

Reichmann Segal was founded in 2024 by Charles Reichmann and Jarrad Segal in partnership with the Reichmann family, a prominent name in Canadian business. Headquartered in Toronto, the firm invests in North American businesses across industrial products, business and industrial services, infrastructure services, essential consumer products, distribution, and healthcare services.

Lincoln International was the financial advisor to Green Circuits and Evolve on this transaction. Debt financing was provided by a lender syndicate led by National Bank of Canada and including Fédération des caisses Desjardins du Québec, Meridian Credit Union, Export Development Canada, Bank of America, Citibank, and MGG Investment Group.

Align Capital Partners (ACP) has acquired Heritage Imaging, a provider of mobile diagnostic imaging services to hospitals and healthcare facilities in underserved and rural markets across 14 states.

Boise, Idaho-headquartered Heritage Imaging delivers mobile diagnostic imaging to hospitals, community clinics, and local healthcare centers that cannot cost-effectively maintain full-time imaging capacity in-house.

Formerly known as MRI Mobile, the company was founded in 1989 and has grown into a multi-modality platform covering PET/CT (positron emission tomography/computed tomography), MRI (magnetic resonance imaging), nuclear medicine, ultrasound, echocardiography, and additional imaging services. Each Heritage mobile unit arrives fully staffed with certified technologists, allowing rural and community facilities to offer advanced diagnostic capabilities without the capital expense of permanent equipment installation.

The company’s focus on underserved markets addresses a structural gap in rural healthcare access. Critical access hospitals — small facilities that receive enhanced Medicare reimbursement to maintain services in rural areas — often lack the patient volume to justify dedicated imaging equipment but face patient populations with significant diagnostic needs. Heritage’s mobile model bridges that gap, reducing patient travel time and enabling earlier diagnosis for communities where the nearest full-service imaging center may be hours away.

Heritage has completed three add-on acquisitions since 2024, building out its geographic coverage and service-line depth. Now, in partnership with ACP, the company plans to continue pursuing acquisitions, with an initial focus on adjacent outsourced imaging models and expansion into new imaging modalities.

“Heritage was established to help hospitals provide the best possible experience and outcomes for patients, no matter where they live,” said Dr. Steve Coppess, the CEO of Heritage. “While we have significantly expanded our reach over the years, we are excited to partner with ACP to further extend our impact. ACP’s operational resources and proven track record of successful M&A make them a great fit to help us reach our goals faster.”

The U.S. diagnostic imaging centers industry is a stable, recurring-revenue sector driven by aging demographics, rising chronic disease prevalence, and growing demand for outpatient and mobile imaging as health systems manage cost and capacity. According to IBISWorld, the U.S. diagnostic imaging centers industry had a market size of $26.3 billion in 2026, having grown at a compound annual growth rate (CAGR) of 1.7% between 2021 and 2026. Within that market, mobile and outsourced imaging represents an increasingly important model as smaller facilities seek to offer advanced modalities without proportional capital investment.

“Heritage has built a strong reputation as a trusted imaging partner to hospitals operating in rural America,” said Rob Langley, a managing partner at ACP. “The company’s history of M&A, long-term customer relationships and operational reliability aligns well with ACP’s experience of partnering with differentiated, route-based service providers. We’re excited to back this dynamic team with additional resources and ultimately improve access to healthcare.”

Align Capital Partners invests between $20 million and $60 million in North American-based companies with EBITDA ranging from $3 million to $15 million and enterprise values of up to $150 million. Its sectors of focus include software and tech-enabled services, professional business services, industrial services, specialty manufacturing, and specialty distribution. In November 2022, ACP closed its third fund, Align Capital Partners Fund III LP, above its target, with $620 million in capital commitments. The firm has offices in Dallas and Cleveland.

Cascadia Capital was the financial advisor to Heritage on this transaction.

Periscope Equity has made an investment in Amusement Connect, a Kansas City-headquartered cashless payment platform used in the amusement and family entertainment industry.

Amusement Connect designs, manufactures, and supports cashless card systems used by operators of arcades, family entertainment centers (FECs), bowling centers, skating rinks, bar-cades, and restaurants.

The company’s core product pairs RFID (radio-frequency identification) game card readers and self-service kiosks with a cloud-native software suite covering point-of-sale, redemption management, analytics, and mobile payment capabilities. The integrated system allows operators to replace coin-operated machines with card-based transactions, centralize venue management, and access real-time performance data across locations.Amusement Connect’s product line addresses a market historically dominated by legacy coin-operated equipment and fragmented management tools. The company’s pricing model and U.S.-based customer support have made it attractive to independent route operators and smaller FECs that previously lacked access to the technology systems available to large national entertainment chains. The company’s newest product, MobileMech, retrofits existing coin-operated machines with digital payment capability, allowing operators to modernize legacy equipment without full hardware replacement.

Frank Licausi, a route operator and family entertainment center owner in Kansas City, co-founded Amusement Connect in 2017 with longtime friend and automotive executive John Tarpley. The two built the company after experiencing what they described as high costs, outdated technology, and poor customer service from legacy card system vendors. Amusement Connect scaled from its founding to more than 800 customers and 3,000-plus locations without institutional capital, funding growth through operating cash flow.Today, Mr. Licausi serves as CEO, and Mr. Tarpley serves as chief customer and brand officer. Tom Jayroe serves as president and has been with the company throughout its growth.

“As a longtime route operator and family entertainment center owner, I saw a clear market opportunity,” said Mr. Licausi. “Route Operators and smaller FECs couldn’t access the technology systems that larger FECs had, resulting in owners leaving revenue on the table and struggling to maximize profitability for their venues. John and I set out to bridge the gap and drive innovation in specialty payment solutions for the entire amusement industry, and we’re excited to say we’ve made an impact. We’re proud of what we’ve created, and we’re thrilled to have Periscope’s support in our next chapter.”

“Looking ahead, this partnership is about accelerating what we build for our customers,” said Mr. Tarpley. “We have spent the last several years engineering an award-winning cashless platform — from our card readers and kiosks to our cloud-based software and our new MobileMech device. Periscope gives us the resources to push product innovation even further and faster. Our customers will see the benefit in better tools, more features and the same dependable US-based support they count on every day.”

The indoor amusement center market is in a sustained expansion driven by growing consumer spending on experiential entertainment, increased demand for weather-independent leisure venues, and the rapid adoption of digital payment and venue management technology. According to Grand View Research, the global indoor amusement center market was valued at $54.7 billion in 2025 and is projected to reach $121.5 billion by 2033, a compound annual growth rate (CAGR) of 10.9%. Arcade games represented the largest product segment, accounting for 26% of revenue in 2025. The shift from cash and coin to cashless card and mobile payment systems is accelerating across the FEC segment as operators seek to improve transaction speed, reduce cash handling, and capture revenue from guests who carry no cash.

“John and Frank have already established Amusement Connect as a trusted provider of payment solutions for the amusement industry nationwide, and we see tremendous global potential,” said Joe McIlhattan, a principal at Periscope. “The business checks every box in Periscope’s mandate: founder-led, tech-enabled, mission-critical to its customers, and offers a wide variety of achievable value creation levers. We’re proud to back a company with such a strong reputation for innovation and customer service, and we are excited for the growth ahead.”

Periscope Equity makes control buyouts of founder- or management-led technology-enabled business services companies that have revenues from $10 million to $100 million and EBITDA from $2 million to $10 million.

“Amusement Connect represents exactly the kind of company we look to partner with: a founder-led business with a differentiated, award-winning product, a loyal and growing customer base of more than 800 venues and 3,000-plus locations, strong unit economics, and a clear path to geographic and product expansion,” said Steve Jarmel, a partner at Periscope.

The buy of Amusement Connect is the first platform investment for Periscope Equity III LP, the firm’s $370 million third fund, which closed in August 2025. The firm’s two earlier funds closed in December 2020 with $225 million of capital and in July 2018 with $104 million of capital. Since raising its first institutional fund in 2018, the Chicago-based firm has raised approximately $700 million in committed capital across three funds, made 11 platform investments, and completed 28 add-on acquisitions.

LongueVue Capital (LVC), in partnership with Swaney Group Capital (SGC), has acquired Apex Dental Laboratory Group.

Apex operates a network of 16 dental laboratories across 12 states, employing approximately 400 people. The company’s services span the full range of restorative, cosmetic, pediatric, and surgical dental products — crowns, bridges, full arches, dentures, veneers, aligners, surgical guides, and implants — all manufactured in the United States. Every restoration is produced domestically, a deliberate point of differentiation in a market where offshore outsourcing has become common.

The company’s brand portfolio sets it apart from most regional lab competitors and includes Kinder Krowns (3D-printed pediatric crowns), Snap-On Smile and Lumineers (cosmetic veneers), and SurgicalGuides.com (surgical implants). Waco, Texas-headquartered Apex is led by co-founder and President Kay Hayden.Apex built its national footprint through 22 acquisitions and three de novo laboratory openings since its 2015 founding. The company positioned itself as an acquisition platform for regional dental labs, offering founding operators the ability to retain their local brand identity and customer relationships under Apex’s national infrastructure.

“We are thrilled to partner with LVC and SGC as Apex enters its next phase of growth,” said Ms. Hayden. “LVC and SGC are the ideal partners to help us achieve our long-term vision given their deep experience in healthcare manufacturing, collaborative, partnership-oriented approach, and strong track record of operational value creation. We look forward to working together to build on Apex’s momentum and further strengthen our customer experience and brand reputation as we execute on our strategic plan.”

“We are excited to add Apex to our expanding healthcare portfolio,” said Ryan Nagim, a managing partner at LVC and head of healthcare. “Dental laboratories play a critical role in enabling high-quality care and improving patient outcomes. Apex’s commitment to innovation, domestic manufacturing, and service excellence aligns well with our strategy of partnering with healthcare businesses that deliver meaningful value to both patients and providers.”

With the close of the transaction, Bill Braun has joined LVC as an operating partner and will take the role of executive chairman of Apex. He previously served as CEO and president of DDS Lab, one of the largest national dental laboratory platforms in the United States.

“Apex has assembled a strong foundation for growth with a talented team,” said Mr. Braun. “I look forward to partnering with management, LVC, and SGC to elevate the value proposition to our customers, accelerate growth, and further strengthen Apex’s position as a leading national dental laboratory platform.”

The U.S. dental laboratory industry is large, fragmented, and under consolidation pressure from both private equity platforms and dental service organizations. According to IBISWorld, the U.S. dental laboratory industry had a market size of $7.6 billion in 2026. IBISWorld notes that the industry is highly fragmented, with 4,375 businesses operating in the U.S., and that the rise of dental service organizations is shifting market power toward large, centralized groups — prompting lab consolidation and driving demand for scaled, technology-enabled platforms with the capital and infrastructure to serve DSO (dental service organization) accounts.

Globally, the market is on a stronger growth trajectory: according to Grand View Research, the global dental laboratories market was valued at $24.3 billion in 2025 and is projected to reach $40.8 billion by 2033, a compound annual growth rate (CAGR) of 6.8%, driven by rising demand for restorative and cosmetic procedures and rapid adoption of CAD/CAM (computer-aided design/computer-aided manufacturing) and 3D-printing technologies.

LongueVue was founded in 2001 and is headquartered in New Orleans, with an additional office in West Palm Beach, Florida. The firm invests in middle-market companies with sales of $15 million and above and EBITDA of $3 million and above, with a focus on healthcare, business services, transportation and logistics, energy services, and niche manufacturing. LVC has raised more than $800 million in committed capital across five funds, including its most recent flagship, LongueVue Capital Partners IV LP, which closed in 2022 at $365 million.

The LongueVue transaction team included Mr. Nagim, Austin Rees, Mr. Braun, Baker Saslow, Hutton Johnston, and Brennan Louviere.

Swaney Group invests in U.S.-based manufacturing and industrial businesses with a focus on healthcare manufacturing. The firm deploys the Swaney Group Operating System, a proprietary operational improvement model, across portfolio companies from day one. Swaney Group was founded in 2022 by Managing Partner Paul Swaney and is headquartered in St. Petersburg, Florida.

“As both investors and operators, our team is designed to work shoulder-to-shoulder with management teams to drive sustainable performance improvement,” said Mr. Swaney. “Apex is a compelling platform with significant opportunity to scale, both organically and through strategic acquisitions, drive efficiency through operational excellence and continued investments in technology and talent and enhance its reputable high-touch service model.”

Abacus Finance was the senior secured credit facilities administrative agent and lead arranger in a senior debt financing to support LongueVue’s buy of Apex. Abacus also made an equity co-investment in the transaction. The Abacus transaction team included Tim Clifford, Eric Petersen, Greg Scanlon, and Jeremy Pak.

“We are always happy to support investments from LongueVue in one of their core industry verticals,” said Tim Clifford, CEO and founding partner of Abacus Finance. “As in past transactions, our success was a function of our speed, structural flexibility, and certainty of close – key aspects of what we call our Total Partnership Approach.”

Abacus specializes in financing sponsor-led transactions in the lower middle market. Since inception, the firm has closed more than $3.5 billion in financings and targets private debt investments of up to $60 million in companies with EBITDA between $2 million and $15 million. In October 2025, Abacus closed its first Small Business Investment Company vehicle, Abacus Finance SBIC Fund I LP (Fund I), with $262.5 million in capital. The firm secured $87.5 million in private commitments and leveraged the U.S. Small Business Administration’s SBIC program to reach its hard-cap target.

Brown Gibbons Lang was the financial advisor to Apex on this transaction.

GI Partners has closed a majority investment in HES Facilities Management (HES), a Tennessee-based provider of janitorial, facilities management, and groundskeeping services to K-12 school districts and other higher education institutions across the United States, and a portfolio company of Nautic Partners.

The HES management team, including chairman Buddy Helton and chief executive Charlie Spencer, reinvested alongside GI and retained an equity position in the company.

HES provides outsourced custodial, grounds, and maintenance services to educational institutions, operating in more than 30 states. Its customer base spans K-12 school districts and college and university campuses, markets that share common operational needs — large physical plants, high foot traffic, health and safety standards, and budget constraints that favor outsourced service contracts over in-house staffing.

The company’s services include daily custodial cleaning, specialized deep-cleaning programs, groundskeeping and landscaping, preventive maintenance, and facilities management oversight. HES was built as an education-only platform from its founding, distinguishing it from generalist commercial facilities contractors that serve multiple end markets.

HES — the initials stand for Helton Education Services — was founded in May 2020 by Mr. Helton and Mr. Spencer in partnership with Nautic Partners. The duo had previously worked together for more than a decade building the education facility services segment of GCA Services, a former Nautic Partners portfolio company, before joining the firm as co-founders of the new platform. HES made its first acquisition in May 2020, adding SMS, a Tennessee-based regional operator founded in 2007 that served K-12 and higher education customers in Tennessee, Georgia, and South Carolina. In December 2020, HES added WFF Facility Services and Clean-Tech, a higher education-focused operator. Over the six years since its founding, HES has now expanded to operate in more than 30 states.

“Partnering with GI Partners represents an exciting opportunity for HES,” said Mr. Spencer. “Their experience in scaling service-driven organizations aligns well with our long-term vision and strengthens our ability to invest in our people, enhance operational excellence, and expand across K-12 and higher education, and selectively into adjacent end markets. We look forward to the growth and value we will create together.”

“HES has established a high-quality platform in a resilient end market, supported by strong customer relationships and a service-first culture,” said Jeff Sheu, a managing director and head of services investments at GI Partners. “We’re pleased to partner with the HES leadership team to support the next phase of growth through continued investment in people, processes, and scalable infrastructure.”

Outsourced facility management is a growing segment of the broader facilities services market, driven by institutional customers’ preference for specialized expertise, cost efficiency, and regulatory compliance support over internal staffing. According to Grand View Research, the global facility management services market was valued at $1.7 trillion in 2024 and is projected to reach $2.3 trillion by 2033, growing at a compound annual growth rate (CAGR) of 3.3%. Outsourced services accounted for 61.5% of global market revenue in 2024, the dominant delivery model, as organizations across healthcare, government, and education increasingly contract out non-core building operations to specialized providers.

“HES is proud to announce our new partnership with GI Partners as we enter an exciting new chapter of growth,” said Mr. Helton. “This partnership positions us to accelerate our strategic initiatives and continue building value at scale across our markets. With GI Partners’ support and expertise, we are confident in our ability to expand our reach while maintaining the service excellence that defines HES.”

GI Partners makes control equity investments in companies with enterprise values up to $2 billion that are active in the healthcare, IT infrastructure, services, and software sectors. In June 2021, the firm held a final closing of GI Partners Fund VI LP at an oversubscribed $3.9 billion. GI Partners was founded in 2001 and is based in San Francisco, with five additional offices across the US and in London.

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.

Baird was the financial advisor to HES and Nautic Partners on this transaction, and Rothschild & Co was the financial advisor to GI.