CORE Industrial Partners has expanded its packaging platform, Momentium, with the acquisition of Superior Lithographics.
Superior Lithographics specializes in high-graphic paperboard packaging. The company’s products include folding cartons, corrugated litho top sheets, and lithographic labels used in food, beverage, and consumer goods packaging. The company’s service capabilities include design, offset printing, die-cutting, and finishing.
Superior’s customer base comprises consumer packaged goods (CPG) companies, food manufacturers, and private-label retailers. Superior was founded in 1986 by Doug Rawson and is headquartered in Los Angeles, California. The company operates 126,000 square feet across three adjacent facilities.
“For nearly 40 years we have prided ourselves on delivering high-quality products to our valued customers,” said Doug Rawson, the owner of Superior. “We view Momentium as the ideal partner to carry forward the relationships built with both customers and our tremendous employee base, and we’re excited to enter a new chapter of growth as part of the platform.”
Momentium was founded by CORE as a consolidation platform in November 2023 with the acquisitions of two folding carton companies; Massachusetts-based Century Box and Illinois-based General Converting.
Today, Momentium is a producer of folding carton packaging with in-house capabilities that include design, sheeting, offset printing, die-cutting, windowing, folding, and gluing. The company’s packaging is used by companies in the food and beverage, healthcare, confectionery, and consumer sectors.
Momentium has more than 370 employees and is led by CEO Dano Lister. The company operates four facilities in Illinois (1), Massachusetts (2), and California (1), with a combined 450,000 square feet.
“Momentium is excited to welcome Superior to our platform as we continue to invest in the infrastructure, technology, and human capital needed to become the manufacturer of choice in the paper packaging industry,” said Mr. Lister. “We believe Superior is a seamless fit with the company’s value proposition of offering holistic paper packaging solutions with a relentless focus on customer service. On behalf of the Momentium brand, we are excited to partner with Superior in realizing the next phase of the company’s growth.”
“The acquisition of Superior aligns with our strategy to build a nationwide packaging solutions provider serving attractive end markets with a customer-centric approach,” said Ronnie Rascia, a partner at CORE. “We believe Superior is an especially strong strategic fit with Momentium, extending our geographic reach with a presence on the West Coast and expanding our product portfolio by adding lithographic label and top sheet printing capabilities while maintaining a focus on our core folding carton offering. We are pleased to add Superior to our platform and look forward to partnering with the Company to accelerate the next phase of growth.”
CORE Industrial Partners makes control equity investments of up to $100 million in North America-based companies with revenues of up to $200 million and EBITDA of up to $20 million. Sectors of interest include a range of specialty verticals within the manufacturing and industrial technology sectors.
In February 2024, CORE announced the above-target closings of two new funds with a combined $887 million of capital. The two funds are CORE Industrial Partners Fund III LP with $685 million of capital, and CORE Industrial Services Fund I LP with $202 million of capital. CORE is headquartered in Chicago.
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MBC Companies, a portfolio company of Entrepreneurial Equity Partners (E2P), has acquired Alpha Foods, a family-owned frozen pizza manufacturer.
“The due diligence process was almost like looking in a mirror,” said Jeff Ahlers, the CEO of MBC Companies. “Alpha and MBC share so much in common, from our strong family-focused culture to our commitment to quality, safety, and customer service. Together, we will be well-positioned to deliver even greater value to our customers and create new opportunities for our employees.”
“We want to thank the Sarandos family for building such a strong values-based business and trusting us as their partner,” said Keith Lindsey, an executive partner at E2P and the chairman of MBC. “We are excited to continue that legacy, help Alpha thrive as part of the MBC family, and continue to deliver great products to our customers.”
Chicago-based 
Riverspan Partners has acquired United Titanium, a manufacturer of fasteners and components used in aerospace, defense, and medical applications.
“We have tremendous respect for the outstanding business that the talented United Titanium team has built, and we are excited to build on that rich legacy,” said Dave Thomas, a partner at Riverspan. “With a leading market position, long-term customer relationships, a strong team and secular tailwinds across its end-markets, the company is exceptionally positioned for its next chapter. We are committed to ensuring that United Titanium continues to deliver mission-critical solutions, innovation and service to its customers.”
4M Building Solutions, a commercial cleaning and janitorial platform backed by O2 Investment Partners, has acquired Calvary Building Services.
4M Building Solutions
Sverica Capital Management has made a majority growth investment in Raken, a provider of mobile and web-based construction field management software.
“Raken has built an impressive platform that solves real problems for construction professionals,” said Jordan Richards, a managing partner at Sverica. “We are excited to partner with Ty and the talented Raken management team as we reinvest back into the company, launch new product features and ultimately aspire to lead the category.”
“Raken is helping contractors automate key workflows and digitize what have historically been processes managed with pen and paper,” said Michael Dougherty, a principal at Sverica. “The market opportunity and the team’s vision for the product are compelling.”
MiddleGround Capital has completed the sale of Arrow Tru-Line, a manufacturer of overhead garage door hardware, to Chamberlain Group, a portfolio company of Blackstone. MiddleGround acquired Arrow Tru-Line in December 2021.
“Our partnership with Tom and the management team has yielded operational improvements, enhanced free cash‑flow conversion and profitability, and preserved core manufacturing jobs,” said John Stewart, the founding and managing partner of MiddleGround. “Providing our investors with much‑needed liquidity given current economic conditions is a testament to our team and our investment strategy.”
“We are very proud to have helped Arrow Tru-Line improve its manufacturing capabilities through the hard work of our operations team and the management team,” said Lindsay Quintero, a vice president at MiddleGround. “MiddleGround provided the company with critical capital investment that allowed for the vertical integration of key components while expanding the company’s capabilities, setting the company up for future revenue growth.”
AEA Investors and British Columbia Investment Management Corporation (BCI) have acquired a majority equity interest in Pave America, a provider of commercial paving maintenance services, from Trivest Partners and Shoreline Equity Partners, which will be maintaining minority equity interests in Pave America.
“In a highly fragmented market with significant runway, Pave America has consistently demonstrated its ability to deliver an unparalleled quality of work while continuing to strengthen and scale its differentiated platform,” said Alex Mehfar, a partner at AEA.
“Pave America has created an unrivaled platform in commercial paving, combining national scale, purpose-built technology, and comprehensive self-perform capabilities to deliver superior service quality,” said Aaron Papps, a senior managing director at BCI. “Our investment alongside AEA reflects our shared conviction in the company’s growth trajectory and operational leadership, which distinguish Pave America in the marketplace. We look forward to supporting the company’s management team as they continue executing and accelerating their proven expansion strategy.”0
Gridiron Capital has merged two of its portfolio companies, Leaf Home and Erie Home, both direct-to-consumer providers of residential home services.
“We’re proud of the growth and strategic expansion that both the Leaf and Erie teams have executed on throughout our partnership and are very excited about what this combination means for the future,” said Tom Burger, a co-founder and managing partner of Gridiron.
“Bringing together these two leading companies enables us to become the most trusted and comprehensive solutions provider for homeowners throughout North America,” said Ms. Common. “Our shared vision, values, and commitment to best in class customer service will allow us to provide customers with a wider variety of quality products that will protect the condition and enhance the appearance and value of their homes. This combination isn’t just about scale and efficiency; it’s about creating a company that people turn to with confidence, knowing we’ll deliver not just quality products, but peace of mind.”
“We are excited to support Leaf and its acquisition of Erie to drive continued growth as a combined company,” said Matt Underwood, a partner at Ares Opportunistic Credit. “We look forward to lending our financial and operational experience and insight to Gridiron, Leaf’s Board and leadership team as they execute against their long term goals for value creation.”
Trive Capital has launched Canopy Aerospace & Defense, a new advanced materials platform serving the aerospace, defense, maritime, and space industries. Canopy was formed by Trive through the strategic combination of two manufacturers, Hera Technologies and MSM Industries, and Canopy Aerospace.
“Hera and MSM are two incredible manufacturers of signature-reducing advanced materials that insulate some of the world’s most iconic platforms,” said Tanner Cope, a partner at Trive. “The consumable nature of these materials created the opportunity for both companies to deeply integrate with their customers via refurbishment services throughout the lives of these reusable rockets, space vehicles, submarines, and more. The addition of Canopy Technologies’ extensive engineering team is responsive to customers’ requests for more front-end design and engineering services, and we are eager to meet that need to create a faster path from concept to fielded capability.”
Tide Rock has completed the sale of Interconnect Solutions Company (ISC), a manufacturer of interconnect and electromechanical assemblies used in aerospace, defense, and industrial applications, to Cogenuity Partners.
“We are thrilled to welcome ISC to the Cogenuity portfolio,” said Dan Delaney, the founding partner at Cogenuity. “ISC’s strength in high-performance connectivity and its presence in both defense and data center markets make it an ideal addition to our portfolio. We look forward to collaborating with their team to accelerate innovation and capture new and emerging opportunities in these high-growth sectors.”
“We acquired high-quality businesses with strong foundations and a solid regional presence,” said Ryan Peddycord, the CEO of Tide Rock. “We integrated them, invested strategically in people, capacity and capabilities, and focused on building sustainable customer relationships in high-growth end markets. Today, ISC is a trusted partner to industry-leading aerospace and defense companies and is positioned to continue its rapid growth under Cogenuity’s ownership.”
