July 5, 2022: Novacap Exits Transportation Business to Blue Wolf

Read the top headlines from Tuesday, July 5, 2022 below:

Private Equity Accounting Business E78 Partners Announces Acquisition

E78 Partners, a financial technology company targeting private equity firms and CFOs with accounting and other finance solutions, announced its expansion via acquisition of Profit Enhancement Systems (PES), according to a press release. PES aims to optimize the costs of digital transformation for large and middle-market companies, as well as PE firms, with its technology spend management technology.

Following the acquisition, PES will launch a new business unit focused on eliminating technology overspend. “As a part of E78, we have the capital support and operational expertise to propel us to an even higher level of performance and widen our service offering to include E78’s suite of financial management services and expertise,” stated PES CEO and chairman John Cataldo.

Blue Wolf Acquires Transportation Company Hallcon from Novacap

Middle-market private equity firm Blue Wolf Capital Partners announced its acquisition of transportation services and infrastructure business Hallcon Corporation from its previous owner, Canadian private equity firm Novacap. Blue Wolf collaborated with asset management solutions provider GCM Grosvenor on the deal, investing in the business via GCM Grosvenor’s Labor Impact Strategy. Following the investment from Blue Wolf and GCM Grosvenor, Hallcon aims to accelerate its geographic expansion across Washington state, Texas, Georgia, Washington, D.C. and other locations, as well as to enhance its electric vehicle charging infrastructure offering.

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Petra Capital’s Acute Behavioral Health Acquires Hallmark Youthcare

Acute Behavioral Health (ABH), a healthcare platform for behavioral healthcare providers to young people, and a company that was formed following an investment from private equity firm Petra Capital Partners, announced its acquisition of Hallmark Youthcare. Hallmark is Virginia’s largest short-term residential treatment program, a press release noted, and its acquisition will allow ABH to expand in the state. In a statement, ABH chief operating officer Al Smith said, “Together, we will focus on our primary objective to reach more patients and meet the critical demand for behavioral health services for young people in Virginia.”