PE Weekly: Jiffy Lube Carve-out Puts Spotlight on Automotive Sector

Platform Investments

Monomoy Capital to Acquire Jiffy Lube from Shell. Monomoy Capital Partners, a middle-market private equity firm, has reached an agreement to acquire Jiffy Lube from Shell subsidiary Pennzoil Quaker State Company. The transaction will be made through Monomoy’s Fund V at approximately $1.3 billion.

Tico Capital Acquires AME Automotive. Tico Capital Partners has acquired AME Automotive, a provider of turnkey facility design, equipment solutions, and professional installation services to automotive dealerships.

Oak Hill to Acquire Guild Garage. Reports in Reuters said Oak Hill Capital has reached an agreement to acquire Guild Garage Group for more than $800 million. Guild Garage operates garage door repair and replacement businesses.

Chimney Rock Acquires Gas Clip. Private equity firm Chimney Rock Equity Partners announced its acquisition of Gas Clip Technologies in a press release provided to ACG. The company supplies portable gas detectors to the industrial, marine, utility, and other end markets.

Blackstone, Blue Owl Acquire Minority Stake in Atlas Holdings. Blackstone and Blue Owl announced this week that they have partnered to acquire a minority stake in Atlas Holdings. Atlas owns and operates 30 industrial, manufacturing, and distribution businesses. The minority acquisition was made via Blackstone GP Stakes and Blue Owl GP Strategic Capital.

Add-ons

Subsidiary of TSCP-Backed ATIS Acquires Soberman Engineering. Thompson Street Capital Partners announced this week the acquisition of Soberman Engineering by KJA, an elevator and escalator safety inspections and consulting services provider. KJA is a subsidiary of TSCP portfolio company ATIS.

Praesidian’s Round 2 Acquires Lionel. Round 2 Holdings, a portfolio company of lower middle-market private equity firm Praesidian Capital, has acquired Lionel, a model railroad hobby brand. The combined business will operate under the Lionel Brands Group name.

Mill Point’s AeriTek Global Carves out Federal Industries. AeriTek Global, a commercial refrigeration and foodservice equipment manufacturer backed by Mill Point Capital, has acquired Federal Industries. The company carved out the business from Standex International Corporation, taking the manufacturer private.

ATL’s Trident Solutions Acquires Ibeos. Trident Solutions, a provider of space and defense hardware and software backed by ATL Partners, has acquired Ibeos. The business develops space-qualified power systems, flight computers, processing and data storage units, and high-density batteries.

Exits

ORIX Capital Exits Peak Utility to Greenbelt Capital. Greenbelt Capital Management announced this week it reached an agreement to acquire essential utility infrastructure services provider Peak Utility Services Group. Greenbelt will acquire the business from ORIX Capital Partners, the private equity arm of ORIX Corporation USA.

Fundraising

Trulink Capital Raises $2 Billion. Trulink Capital, a private equity firm based in Los Angeles, has closed its Fund II with $2 billion in total commitments. The fund surpassed its initial $1.5 billion fundraising target. Trulink said the fund will focus on industrials and business services investments.

Investcorp Raises $1.25B to Acquire Private Capital Firms. Investcorp, an alternative asset manager based in Bahrain, has closed a $1.25 billion fund to invest in private capital firms, recent reports said. Investcorp Strategic Capital Partners II will focus on minority acquisitions in private capital lenders.

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.