PE Weekly: M&A Roundup Oct. 16-22

Platform Investments

Forward Consumer Partners Carves Out Welly Health from Unilever. Forward Consumer Partners agreed to acquire Welly, a consumer healthcare and first-aid brand. Forward is carving the business out from its parent company Unilever.

Arlington Capital Takes Gooch & Housego Private. Arlington Capital Partners acquired Gooch & Housego, a provider of photonics and optical technologies serving aerospace, defense, industrial, and life sciences markets. The transaction takes the company private and supports Arlington’s strategy of investing in advanced technology and national security-related businesses.

Diversis Capital Acquires Tideworks from Carrix. Diversis Capital acquired Tideworks, a provider of terminal operating system software for ports and marine cargo facilities. The firm acquired the majority stake in the company from Carrix, which is majority-owned by Blackstone Infrastructure Partners.

Aurora Capital Acquires Softdocs. Aurora Capital Partners acquired Softdocs, a provider of workflow automation and document management software for higher education, K-12, and government customers. The business supports document management and administrative workflow modernization.

Morgan Stanley Capital Partners Acquires The Rapid Group. Morgan Stanley Investment Management’s middle-market private equity buyout team, Morgan Stanley Capital Partners, has acquired The Rapid Group. The company provides inspection, repair, and maintenance services for rotating equipment, serving municipal, commercial, and industrial customers.

Renovus Capital Acquires Aspire Home Health Care. Renovus Capital Partners acquired Aspire Home Health Care, a provider of orthopedic and traditional home health services. Aspire provides skilled nursing and therapy services to patients recovering at home from orthopedic procedures, surgeries, and complex medical conditions.

Add-ons

PE-Backed Life Science Connect Acquires BrevisRefero. Life Science Connect acquired BrevisRefero, adding the company’s RFPNavigator platform to its suite of biopharma outsourcing tools. Life Science Connect is backed by Lattiicework Capital Management and Edgehill Management, while Corbel Capital Partners has also invested in the company.

Chimney Rock’s Aeromax Acquires Loutech. Aeromax Group, a commercial and military aerospace aftermarket company backed by Chimney Rock Equity Partners, acquired Loutech, its second acquisition under Chimney Rock ownership. Loutech manufactures tight-tolerance electrical interconnects, fluid connectors, and other precision-machined components for commercial and military aerospace customers.

Strategics

William Blair Expands IB with Armentum Partners. Investment banking firm William Blair acquired Armentum Partners, a financial advisory firm, expanding its investment banking capabilities. Armentum adds specialized advisory expertise and strengthens William Blair’s coverage of growth-oriented sectors and private capital clients.

Solen Software Group Acquires Cooperative Technologies. Solen Software Group, an insurance software company, acquired Cooperative Technologies, according to a press release. Cooperative provides annuity and life insurance replacement data software for insurance carriers and broker-dealers.

Lindenmeyr Munroe Acquires Omaha Paper Company. Central National Gottesman announced its Lindenmeyr Munroe division reached a deal to acquire Omaha Paper Company. Omaha Paper recently rebranded as OPC Direct and specializes in paper, packaging materials, and packaging equipment distribution.

Exits

Revelstoke Sells Minority Stake in Family Care Center. Family Care Center, a mental health services provider backed by Revelstoke Capital Partners, completed a minority equity sale to investors led by Apogem Capital, according to a press release. In a statement, Revelstoke noted the transaction allows the firm to return capital to LPs while retaining its relationship with Family Care.

Enlightenment Capital Exits Agile Defense. Publicly listed Maximus, an AI and tech-enabled government services provider, has agreed to acquire Agile Defense, a provider of digital transformation, cybersecurity, and IT services to U.S. government and defense customers. Maximus will acquire the business from its sponsor Enlightenment Capital.

Fundraising

FFL Raises $1.35 Billion. FFL Partners closed its oversubscribed Fund VI with more than $1.35 billion in commitments, exceeding its $1 billion target and coming in 50% larger than Fund V. The fund will invest in control or significant minority positions in healthcare and tech-enabled services companies, continuing FFL’s Sector Exploration and Expertise Development (SEED) strategy.

Insights

Aldaron Launches as AI Transformation Firm. Transformation equity firm Aldaron announced its official launch an AI-focused investment strategy, according to a press release. The firm combines consulting, technology, and change management capabilities aimed at accelerating enterprise AI adoption.