Graham Partners has completed a single-asset continuation fund transaction for Gatekeeper Systems, a provider of retail loss prevention products. The continuation fund is managed by Graham Partners, with additional investment from HarbourVest Partners.
The Gatekeeper continuation fund transfers ownership of the company from Graham’s fifth buyout fund to the continuation vehicle and Graham’s sixth buyout fund, Graham Partners VI LP, which closed in July 2024 with over $1.8 billion in capital commitments.
The transaction, anchored by lead investor HarbourVest Partners, also included participation from existing Graham limited partners and other syndicate investors.
Gatekeeper provides proprietary IoT-enabled loss-prevention shopping cart products that are used to minimize merchandise loss and reduce asset and labor expenditures. The company’s products use radio frequency and locking wheel technology to reduce asset shrinkage from both cart-based shoplifting and shopping cart loss. Gatekeeper’s flagship and patented Purchek system generates approximately 55% of the company’s revenue through recurring models.
Gatekeeper’s customers include large-format retailers, including 48 of the top 50 cart-based retailers in North America. The company was founded in 1998 by Christopher Bell and today is led by CEO Robert Harling, with a headquarters near Los Angeles in Foothill Ranch, California.
Graham Partners acquired Gatekeeper Systems in October 2019 from Hammond, Kennedy, Whitney & Company. Under Graham’s ownership, the company has expanded globally, streamlined operations, and implemented a multinational supply chain, resulting in over 480% organic EBITDA growth.
In January 2025, Gatekeeper acquired FaceFirst, a Los Angeles-based developer of AI-enabled facial recognition technologies used to enhance retail loss prevention and safety measures. Graham believes Gatekeeper remains early in its global penetration phase, with considerable room for expansion given the company’s current 6% global market penetration.
“With Gatekeeper, we saw an opportunity to partner with a business that we believe is supporting loss prevention efforts at retailers globally,” said Rob Newbold, a managing principal at Graham Partners. “We are proud to have supported the growth of such an innovative company and look forward to working alongside Gatekeeper through this next phase.”
Philadelphia-based Graham Partners acquires companies with EBITDA between $5 million and $50 million and will invest in smaller companies as add-on acquisitions to existing portfolio companies. The firm is sponsored by the Graham Group, an industrial and investment concern with interests in plastics, packaging, machinery, building products, and outsourced manufacturing. Graham Partners was founded in 1988 and is headquartered in Philadelphia.
“We are excited to partner with Graham Partners and the entire Gatekeeper team to support the company’s continued success,” said Nick Bellisario, a managing director at HarbourVest. “This transaction demonstrates our approach to the GP-led secondary market whereby we seek to partner with experienced general partners to invest in high-quality businesses that are poised for continued future growth.”
Boston-headquartered HarbourVest has more than 1,200 employees, including more than 190 investment professionals across Asia, Europe, and the Americas. As of March 2024, the firm had $143 billion in assets under management across a range of strategies including venture capital, buyout, mezzanine debt, credit, and real estate.
Evercore was the lead financial advisor on the transaction, with Harris Williams and Piper Sandler serving as co-advisors.
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MEI Rigging & Crating, a portfolio company of Olympus Partners, has acquired Northeast Riggers, a provider of machinery moving and industrial storage services. Olympus acquired MEI Rigging & Crating in August 2023 from Dorilton Capital.
Northeast Riggers is a provider of a range of specialized services, including equipment rigging and relocation, climate-controlled storage for sensitive machinery, and logistics coordination. Customers of the company include manufacturing companies, industrial facilities, and other businesses requiring relocation or installation of heavy equipment. Northeast Riggers is capable of handling the entire transfer of a specific product line, plant, or manufacturing system.
New State Capital Partners has sold its portfolio company MakoRabco, a national provider of self-storage construction services, to Trachte Building Systems.
KPS Capital Partners has acquired the INEOS Composites business, a manufacturer of composite resins, from INEOS Enterprises, for $1.8 billion. With the close of the transaction, the INEOS Composites business has been renamed Alta Performance Materials.
“We will leverage KPS’ successful, multi-decade experience of investing in process industries, along with our commitment to manufacturing excellence and global network, to drive profitability and create an entrepreneurial culture centered on innovation, continuous improvement and superior customer experience,” said Raquel Vargas Palmer, a managing partner at KPS. “We look forward to partnering with Andrew Miller and the Alta Performance Materials team to accelerate the company’s value creation plan.”
Granite Creek Capital Partners has acquired Ritchie Industries, a maker of automated livestock watering systems. Also investing in this transaction were the Rural American Fund and members of the company’s senior management team.
“Ritchie has a storied history and has built an unmatched reputation for quality and integrity,” said Jim Clark, a partner at Granite Creek. “We are excited to have the opportunity to partner with the company to build on its strong foundation and explore new products and services that will further expand Ritchie’s market-leading position.”
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.
“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.”
CAI Capital Partners has formed 
“I am honored to join the talented team at GreenArrow and lead this group of exceptional companies,” said Mr. Kuehn. “With a strong foundation and a clear vision for growth, the opportunities ahead are immense. With a continued commitment to safety, quality and excellence, I am excited to expand our capabilities and create a fully integrated and unified platform that will position us as a differentiated and leading electrical solutions provider across the United States.”
“Each of these three brands has an outstanding reputation for service and safety within their respective markets,” said Curtis Johansson, a partner at CAI. “It was important to maintain their individual brand identities while also leveraging the benefits of a consolidated national platform. We are thrilled to have Lloyd join our talented team and believe that under his leadership we will become the preeminent electrical solutions provider for critical transportation infrastructure across the United States.”
CIC Partners has agreed to sell CraftMark Bakery, a commercial bakery based in Indianapolis, to One Equity Partners.
“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.”
“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.”
Cerberus Capital Management has acquired Votaw Precision Technologies, a manufacturer of hardware and components for aerospace and defense platforms, from Doerfer Corporation.
“Votaw has an outstanding reputation as a trusted manufacturing and precision machining partner on complex programs critical to our national security,” said Steve Cook, a senior managing director at Cerberus. “We are looking forward to supporting the team in executing on meaningful opportunities to strengthen and expand their partnerships across the U.S. defense industrial base. This transaction is a key step toward building an agile set of unique, in-demand capabilities that better serve the immediate and next-generation needs of aerospace and defense customers.”
Clearlake Capital has agreed to acquire publicly traded Dun & Bradstreet at an enterprise valuation of $7.7 billion and an equity valuation of $4.1 billion. This transaction has been unanimously approved by Dun & Bradstreet’s board of directors.
“We have been on a strategic journey over the last six years, executing a major transformation that has strengthened our business and financial results. We have grown revenue by approximately 40%, EBITDA by 60%, expanded margins by nearly 600 basis points, and leverage has come down from 9 times to 3.6 times, all while extending our lead in data breadth, depth and quality,” said Mr. Jabbour. “We are pleased to be partnering with Clearlake on this new leg of that journey. With their support, our team looks forward to evolving and growing the company with new ways to put our trusted, proprietary and mission-critical data assets to work for our clients.”
Clearlake Capital invests in industrials and energy, software and technology-enabled services, and consumer sectors. The firm was co-founded by José Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, California. In May 2022, Clearlake held a hard cap and oversubscribed final close of its seventh private equity fund, Clearlake Capital Partners VII LP, with $14.1 billion in commitments.
