PE Weekly: M&A Roundup Sept. 4-10

Platform Investments

L-Catterton Leads HYROX Carve-out. An L Catterton-led consortium announced it has completed its acquisition of a majority stake in fitness brand HYROX. The consortium includes Hyrox founders and investment firm WndrCo. The investors acquired the brand from its previous parent company Infront Sports and Media.

Main Acquires Workforce Management Company Orgvue. Main Capital Partners has acquired Orgvue, a workforce management software company. The acquisition sees Main entering the U.K. market for the first time, a press release noted.

Dunes Point Backs NextGen Security. NextGen Security announced its partnership with industrial and business services investment firm Dunes Point Capital this week. NextGen is a systems integrator that designs, installs, and services electronic security solutions systems for Fortune 1000 companies and institutions.

Thoma Bravo Backs Tanda. Thoma Bravo made a strategic growth investment in Tanda, an Australia-based workforce management, payroll, and HR software provider serving shift-based employers, according to an announcement. The investment will support product innovation, including AI initiatives, and international expansion.

Sverica Capital Backs Atrium. Sverica Capital Management made a strategic growth investment in Atrium, an AI-native consulting and data transformation partner focused on the Salesforce and Snowflake ecosystems. Sverica said in an announcement the investment will support Atrium’s continued growth as enterprises increase spending on AI and data modernization initiatives.

Investor Consortium Acquires the Limited. An investor group led by Harry Adjmi, CEO of One Step Up, acquired women’s fashion brand The Limited, a press release said. The buyer group, which also owns brands including New York & Company and Fashion to Figure, plans to revitalize The Limited through updated product offerings, enhanced quality, and a stronger digital commerce strategy. Financial terms of the transaction were not disclosed.

Add-ons

Center Oak’s NOW CFO Acquires Formation Financial. NOW CFO, an outsourced accounting firm, announced its acquisition of Formation Financial, which provides finance, accounting, and HR support to venture- and private equity-backed startups.

H.I.G.’s Homewerks Acquires GTR. Homewerks Worldwide, a home improvement products platform backed by H.I.G. Capital, has acquired GTR Technologies, a recent press release said. GTR designs and supplies ventilation fans, technology switches, access panels, and related products for the home improvement market.

Antin’s Sapphire Gas Acquires Spectrum LNG. Sapphire Gas Solutions, a provider of distributed energy infrastructure backed by Antin Infrastructure Partners, has acquired liquefied natural gas (LNG) production assets from Spectrum LNG. The acquisition adds LNG production capabilities to Sapphire’s distributed energy infrastructure platform.

Gordon Brothers Adds IMG Licensing to Expand LK Bennett. Investment firm Gordon Brothers announced its partnership with IMG Licensing to expand existing portfolio company LK Bennett, a U.K. fashion brand the firm acquired last year. IMG will serve as the brand’s global licensing agency, helping extend LK Bennett into new consumer product categories.

Altamont’s SPG Acquires DFW Crating & Packaging. Specialized Packaging Group (SPG), an Altamont Capital Partners portfolio company, acquired DFW Crating & Packaging, a provider of custom crating and protective packaging solutions. SPG supplies protective packaging products and services across North America, while DFW Crating specializes in custom crating for industrial and technology equipment.

Windsong’s Belle Brands Acquires Vegamour. Belle Brands, the beauty platform formed by consumer-focused private investment firm Windsong Global, acquired Vegamour, a biotech-powered hair wellness brand. Vegamour develops plant-based and clinically backed products focused on hair growth, scalp health, and hair longevity.

Open Road’s Keeler Carves out BMW Unit from Penske. Keeler Motor Car Company and its sponsor, automotive retail investor Open Road Capital, acquired BMW of Tenafly from Penske Automotive Group. The acquisition marks Keeler’s entry into New Jersey and expands its dealership portfolio to 10 locations.

Rotunda’s AES Acquires BC Wire Rope & Rigging. American Equipment Solutions (AES), a provider of overhead crane, hoist, and material handling solutions backed by Rotunda Capital Partners, acquired BC Wire Rope & Rigging. BC Wire Rope supplies wire rope, slings, chain, hoists, and rigging equipment.

Align Capital’s MKB Acquires Siltworm. MKB Company, the environmental controls platform backed by Align Capital Partners, acquired Siltworm, a manufacturer of erosion and sediment control products. Siltworm develops proprietary rolled filter products used for construction and stormwater management applications.

Bain Capital-Backed Envestnet Acquires Vestmark. Envestnet, which was acquired by Bain Capital in 2024, agreed to acquire Vestmark, a provider of portfolio management technology, institutional trading, and outsourced investment management services. Vestmark supports more than $2 trillion in assets and over five million accounts, while Envestnet’s platform serves more than $8 trillion in assets.

Exits

Platinum Equity Exits De Wave Group. Platinum Equity announced it agreed to sell De Wave Group to Renaissance Partners. Based in Italy, De Wave provides marine interior and technical systems solutions for cruise ships and yachts. Platinum acquired De Wave in 2019.

Fundraising

Jefferies Credit Closes European Direct Lending Fund. Jefferies Credit Partners, the private credit arm of Jefferies Finance, announced approximately $4 billion of lending capacity for its European direct lending strategy, anchored by the first close of its inaugural European direct lending fund. Jefferies said the capital will be used to pursue middle-market and upper middle-market private credit opportunities across Europe and the U.K.

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