PE Weekly: PE Investors Back Wipfli, Kobe Beef and Tech-Enabled Services

Platform Investments

New Mountain Invests in Wipfli. New Mountain Capital has acquired a minority stake in Wipfli, an accounting, tax and advisory services provider targeting the middle market. Backing from New Mountain will support Wipfli’s expansion, investment in talent and technology, and focus on innovation, an announcement said.

L Catterton Acquires Kobe Beef Restaurant Chain. L Catterton, a consumer-focused investment firm, has announced its acquisition of Kisshokichi, the largest Kobe beef restaurant chain. A press release said the partnership will focus on continued expansion of the restaurant. The investment adds to the firm’s existing portfolio of restaurants that includes Baja Fresh, P.F. Chang’s and others.

GHK Capital Acquires Rogers Building Solutions. Middle-market private equity firm GHK Capital has acquired Rogers Building Solutions, a provider of mechanical HVAC and plumbing services to commercial and industrial clients. Backing from GHK will support expansion of its geographic footprint and service offering, and Rogers’ pursuit of add-on opportunities.

Brightstar Capital Acquires Analyte Health. Private equity firm Brightstar Capital Partners has acquired Analyte Health, establishing the firm’s direct-to-consumer healthcare platform. Analyte provides diagnostic and treatment services across several consumer wellness categories with services spanning clinical testing, virtual care and prescription fulfillment.

H.I.G. Carves out Kantar Media. H.I.G. Capital, an alternative investment firm, has acquired Kantar Media from Kantar Group. Kantar Media provides media measurement and analytics solutions. The company is based in the U.K.

GreyLion Joins DGP as Slipstream IT Investor. Private equity firm GreyLion Partners has invested in Slipstream IT, a technology solutions provider servicing the pharmaceutical and biopharmaceutical sectors. GreyLion joined Slipstream’s existing investor Denali Growth Partners (DGP) in the equity investment.

Provest Equity Launches, Acquires APS. Private equity firm Provest Equity Partners, which focuses on the infrastructure and industrial sectors, has acquired Advanced Process Solutions (APS), its first platform investment since launching. APS, formerly Advanced Plastic Services, is a precision manufacturing company servicing the semiconductor and energy spaces.

Freeman Spogli Acquires Philz Coffee. Coffee brand Philz Coffee has been acquired by private equity firm Freeman Spogli, according to an announcement this week. Freeman Spogli’s existing portfolio of consumer and food brands has included Boot Barn, Popeyes Chicken and others.

Hellman & Friedman, Genstar Exit Enverus to Blackstone. Blackstone has reached an agreement to acquire data analytics energy intelligence platform Enverus from Hellman & Friedman and Genstar Capital. A press release said Enverus’ former sponsors first backed the business four years ago. Blackstone’s investment in the company marks the latest in a string of energy-related acquisitions for the firm.

Add-Ons

ATL Partners’ Valence Surface Acquires CIL. Valence Surface Technologies, an aerospace surface finishing platform backed by ATL Partners, has acquired C.I.L. Metal Finishing and C.I.L. Electroplating, collectively known as CIL. The company provides surface treatment for highly engineered products in the aerospace and defense sector.

Unity Partners’ Prosperity Acquires Pipaya. Prosperity Partners, a tax and accounting company backed by Unity Partners, has acquired Pipaya. The Virginia-based company is a transaction advisory firm specializing in the aerospace, defense and government services sectors. Pipaya provides QoE, M&A readiness, and accounting and integration support for business operators and their PE sponsors.

Rainier’s SCI Flooring Acquires Flooring Partners. SCI Flooring, a portfolio company of Rainier Partners that provides soft and hard surface floor covering solutions, has acquired Flooring Partners. The company provides and installs flooring for multi-family and commercial clients.

3 Boomerang’s Pinnaql Acquires VEG. Pinnaql, part of 3Boomerang Capital-backed LSOMS Holdings, has acquired Validation and Engineering Group (VEG), according to a recent announcement. VEG provides commissioning, qualification and validation services to the pharmaceutical and life sciences industries.

Strategics

NDT Global Acquires Entegra from Amberjack. Energy diagnostic inspection solutions provider NDT Global has acquired Entegra, an ultra-high-resolution magnetic flux leakage inspection service provider. The investment enhances NDT’s position in pipeline in-line inspection capabilities. NDT is owned by Previan, a private test and measurement technology company. Entegra was formerly sponsored by Amberjack Capital Partners.

Cloud Software Group Acquires Arctera. Enterprise software conglomerate Cloud Software Group has acquired Arctera, an enterprise data management solutions provider. Cloud Software acquired the company from its previous sponsor Carlyle. Arctera will continue to operate as a standalone business unit within Cloud Software’s portfolio.

Exits

Frazier Healthcare Exits Elevate. Frazier Healthcare Partners, a healthcare-focused private equity firm, has announced the sale of Elevate Patient Financial Solutions to Audax Private Equity and Parthenon Capital. Elevate provides revenue cycle management services to hospitals and health systems.

TPG, Thomson Reuters Exit Elite to Francisco Partners. Technology-focused investment firm Francisco Partners announced this week that it has acquired Elite from its previous sponsors, TPG Capital and Thomson Reuters. Elite provides software and integrated payment solutions for the legal sector.

Insights

Middle Market Growth is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.