PE Weekly: More M&A Partners Become M&A Targets
Accounting, advisory and other service providers supporting M&A dealmakers are the focus of investments this week
Increasingly, M&A partners are becoming the investment targets themselves as acquirers find growth potential in their field’s service providers. This week demonstrated that trend with recent deals in accounting, advisory services, family office services and more. Read about the transactions below.
Platform Investments
Baker Tilly Acquires Hayflich CPAs. Baker Tilly, a leading advisory, tax and assurance firm, has announced it reached an agreement to acquire Hayflich CPAs, broadening its presence in the Mid-Atlantic region. Hayflich, which operates in West Virginia, provides audit, tax and advisory services with a focus on the wholesale distribution, construction and manufacturing sector.
HGGC Backs Centralis Group. Middle-market private equity firm HGGC has acquired a majority stake in Centralis Group, a global alternative asset and corporate services provider. Headquartered in Luxembourg, Centralis operates globally, with the U.S. and U.K. being key markets.
Aquiline Carves Out SEI’s Family Office Services Business. Private investment firm Aquiline, which focuses on financial services and technology, has announced it will acquire the Family Office Services business of publicly listed SEI. The unit will operate as Archway following the acquisition as part of Aquiline’s Archway Platform.
Roark Backs Dave’s Hot Chicken for $1 Billion. Private equity firm Roark Capital is reportedly set to acquire Dave’s Hot Chicken for $1 billion, according to Reuters reports. The publication cited unnamed sources. Roark’s restaurant portfolio already includes Arby’s, Subway and other restaurant chains.
Argonaut Private Equity Acquires Pryer Aerospace. Argonaut Private Equity announced its acquisition of Pryer Aerospace, a manufacturer of complex aerospace components. The company services military aviation, commercial aviation and space program customers. The investment aligns with Argonaut’s focus on investments in the aerospace manufacturing and industrials sectors.
Trivest Partners Teams up with Besser Garage Doors. Trivest Partners, a founder-focused private equity firm based in Miami, has announced a partnership with Besser Garage Doors. Besser specializes in service and installation for residential garage doors and related products and is based in Southern California.
Francisco Partners Acquires Quorum Software. Francisco Partners, a global investment firm, has agreed to buy Quorum Software, a provider of energy software, from Thoma Bravo, a software-focused investment firm.
Stone Point Capital Invests in Keller Williams Realty. Keller Williams Realty, the world’s largest real estate franchise, announced a partnership with Stone Point Capital, an investment firm based in Greenwich, Connecticut.
Copley Equity Partners Invests in Herzig Engineering. Copley Equity Partners, a middle-market private investment firm, announced a strategic investment in Herzig Engineering, a national electrical services firm. The investment is intended to enable growth and respond to increasing demand.
Add-Ons
ORS Nasco Acquires R3 Safety. ORS Nasco, a wholesaler of industrial MRO supplies, announced the acquisition of R3 Safety, a PPE and safety products wholesaler. ORS Nasco is a portfolio company of Wynnchurch Capital, a middle-market private equity firm based in Rosemont, Illinois.
GS Foods Group Acquires The Danielsen Company. GS Foods Group, a specialized food distributor owned by Highview Capital and A&M Capital Partners, has acquired The Danielsen Company, a food service provider based in Chico, California. The acquisition is intended to enhance GS Foods’ presence in Northern California and extend its facilities network.
Strategics
Morningstar Acquires Lumonic and DealX. Investment insights provider Morningstar has acquired Lumonic, a private credit portfolio monitoring and management platform, and DealX, a provider of standardized U.S. commercial mortgage-backed security and global collateralized loan obligation data. These deals are intended to strengthen Morningstar’s private credit and structured finance offerings.
Xurrent Acquires Zenduty. B2B operations management platform Xurrent has acquired Zenduty, according to a recent press release. Zenduty provides incident response and alert management solutions for enterprises. The investment expands Xurrent’s presence in the IT solutions space, integrating incident and service management for enterprise customers.
Exits
Olympus Exits Staffing Business for $2.5 Billion. Middle-market private equity firm Olympus Partners has sold healthcare and school staffing company Soliant four years after its initial investment, according to the Financial Times. Private equity firm Vistria Group is reportedly set to acquire the company for $2.5 billion, marking a $2.2 billion profit for Olympus, reports said, citing an unnamed source.
Lone Star Funds Exits AOC to Nippon Paint Holdings. PE firm Lone Star Funds announced the sale of AOC, a specialty chemicals company, to Nippon Paint Holdings, a Japanese paint and coatings company.
Insights
Bain & Co. Releases Its 2025 Global Private Equity Report. The management consultancy’s annual private equity outlook strikes chords of optimism for the PE market, highlighting stable or falling interest rates, high levels of dry powder and creative solutions for delivering LP liquidity, among other bright signs for the year.
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