Industrial Growth Partners has acquired SENS Holdings, a designer and manufacturer of energy systems.
SENS specializes in battery chargers, integrated power systems, and battery monitoring systems designed to ensure continuous power supply and reduce system downtime.
The company has developed a patented portfolio of proprietary charger and system designs which enable modular configurations, higher durability, and greater redundancy.
“We are thrilled to partner with IGP as we embark on the next phase of SENS’ growth,” said Mr. Kaewert. “Their decades of experience in the industrial sector and infrastructure-related end markets combined with their growth-oriented mindset made them our partner of choice to carry on the legacy of my family’s company and support SENS’ entrepreneurial culture. We look forward to leveraging IGP’s resources to steward SENS through its next chapter as we continue to rapidly grow and scale the business.”
Many of SENS’ customers operate in the data center, hospital, energy, telecommunication, manufacturing, and water treatment sectors. The company was founded in 1971 by members of the Kaewert family and is currently led by Bill Kaewert, who serves as CEO. SENS is headquartered near Boulder in Longmont, Colorado.
The acquisition of SENS is the sixth platform investment for IGP’s sixth fund, which closed in August 2022 with $1.2 billion in capital. The fund’s fifth platform investment was made in July 2024 with the acquisition of Alpha Metalcraft Group, a Connecticut-based manufacturer of formed metal components with tight tolerances and complex shapes. These components are used in commercial aerospace, rotorcraft, military aircraft, munitions, and space applications, as well as in the medical and industrial sectors.
Industrial Growth Partners provides equity capital to lower middle-market niche manufacturing and industrial services companies with revenues of up to $250 million. The firm invests equity in various transaction types involving a change of ownership, such as management buyouts, leveraged buyouts, corporate divestitures, recapitalizations, and management buy-ins. IGP was founded in 1997 and is based in San Francisco.
© 2025 Private Equity Professional | March 18, 2025
Ridgeline Roofing & Restoration, a provider of residential and commercial roofing services, has acquired Signature Exteriors.
Charlotte, North Carolina-based 
“We are excited to partner with Michael and his team to expand Signature’s capabilities in North Carolina,” said Chris Baldus, CEO of Ridgeline. “Our teams share a deep commitment to delivering high-quality service to our customers. This partnership presents significant opportunities for both our customers and employees.”
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.
“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.”
“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.
J.F. Lehman & Company (JFLCO) has acquired a majority stake in W.S.S. Holding A/S (WSS) and its subsidiaries (collectively, Wrist), a marine supply and logistics provider. The acquisition of Wrist was completed in partnership with existing shareholder Altor Equity Partners and members of the company’s senior management team.
“Wrist has built a world-class reputation for simplifying the maritime supply chain through its integrated, end-to-end service offerings and efforts to lead the digitization of this sector,” said Alex Harman, a partner at J.F. Lehman & Company and a new director of Wrist. “We are thrilled to partner with the Wrist team as well as Altor and welcome the company to the J.F. Lehman & Company portfolio.”
“Wrist is an outstanding fit with our investment strategy,” said Will Hanenberg, a managing director at J.F. Lehman & Company and the new chairman of Wrist. “Its strong positioning with blue-chip customers, differentiated logistics capabilities, and innovative digital solutions are transforming the maritime supply chain. We are eager to support the company’s growth ambitions and long-term success.”
Trivest Partners has closed the sale of HighGround Restoration Group to Knox Lane.
“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.”
San Francisco-based 
J.F. Lehman & Company has completed the sales of Integrated Global Services (IGS) to American Securities, and Global Marine Group (GMG) to Keppel Capital.
“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.”
The Sterling Group has sold Frontline Road Safety, a provider of pavement marking and related services, to Bain Capital.
“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.”
“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.”
Pelican Energy Partners has acquired United Services Group (USG), a specialty contractor providing welding, machining, and fabrication services.
“Our investment in USG reflects our continued commitment to investing across the energy services sector,” said Mike Scott, a managing partner and founder of Pelican Energy. “We are excited to partner with USG as they continue to deliver exceptional value for their customers and employees in a critical area within the energy services value chain.”
Houston-headquartered 
Rock Gate Partners has announced the acquisition of H3 Manufacturing Group (H3) in partnership with CEO Steve Hillard, other members of senior management, and Ironwood Capital.
“We are incredibly excited to partner with H3’s exceptional management and employees in continuation of their highly successful journey to become a leading player in precision machining and metal fabrication, while serving a world-class roster of customers in highly desirable and growing end-markets,” said Carl Stickel, a managing director at Rock Gate.
Felbro Food Products, a food and beverage manufacturer, has been recapitalized by Felbro Culinary Specialties, a newly formed portfolio company of Clover Capital Partners and Evanston Partners. Also included in the investment group are members of the company’s management team and the founding Feldmar family.
