PE Weekly: Aerospace & Defense, Tech-Enabled Business Services Fuel M&A

Platform Investments

Mitchell Capital Takes Controlling Stake in Optelos. Private equity firm Mitchell Capital has acquired a controlling stake in Optelos, a digital twin platform provider. The company provides twin platform technology and intelligence asset assurance solutions for the telecom, utilities and industrial sectors.

Liberty Hall Acquires Paxia. Aerospace and defense-focused Liberty Hall Capital Partners has acquired Paxia, according to a recent press release. Paxia provides integrated onboard services and catering management software for the commercial aerospace industry. Liberty Hall acquired the company from its previous owner, TELEO Capital, which has retained a minority stake in the business.

Bain Capital, Kohlberg Back PCI Pharma. PCI Pharma Services, a global contract development and manufacturing organization (CDMO), has announced it received a strategic investment from Bain Capital, existing investor Kohlberg and a reinvestment from Mubadala Investment Company. Existing investor Partners Group will also continue to support the company with a minority investment, a press release said.

Summit Partners Invests in Dreampath Diagnostics. Healthcare technology company Dreampath Diagnostics, which digitizes workflows for anatomical pathology laboratories, has received a growth investment from Summit Partners. Summit’s backing will support international expansion and growth of its product portfolio.

TitanFile Receives Growth Investment from SEVA. SEVA Growth LP, a growth equity firm focused on technology companies, has invested in TitanFile, a secure file sharing and client collaboration platform for law firms, government agencies and financial institutions. The backing marks the first outside institutional investment for TitanFile, an announcement said.

GTCR, Stone Point Acquire Ultimus. GTCR and Stone Point Capital have completed their joint acquisition of Ultimus Fund Solutions, according to a press release. Ultimus provides fund administration services to investment advisers.

Trinity Hunt Launches Paving Services Platform. Trinity Hunt Partners has acquired a majority investment in DACS Asphalt & Concrete, launching its commercial paving services platform. DACS provides commercial asphalt paving, concrete and parking lot maintenance services.

Warburg Pincus Backs Keystone Agency Partners. Insurance broker and agency network Keystone Agency Partners announced this week that Warburg Pincus will acquire a majority stake in the business. Existing sponsor Bain Capital will retain a minority ownership through a new investment via Bain Capital Insurance, a press release noted.

NexPhase Acquires Empower Community Care. Private equity firm NexPhase Capital has acquired Empower Community Care, a behavioral health enablement platform, according to an announcement. Empower provides services and software for public systems and and care providers to support at-risk youth, families and communities.

Unity Partners Acquires The Byng Group. Unity Partners has announced its acquisition of The Byng Group, a unit turnover services provider. Byng services institutional owners and managers of multifamily properties and senior living facilities.

Add-Ons

GenNx360’s Precision Aviation Acquires Turner Aviation. Precision Aviation Group (PAG), a provider of maintenance, repair and overhaul (MRO) services to the aerospace and defense sector, has acquired Turner Aviation, also an MRO. PAG is a portfolio company of middle-market industrial and business services private equity firm GenNx360.

AE Industrial’s CASE Acquires Ragnarok Technologies. CASE, a portfolio company of private equity firm AE Industrial, has acquired Ragnarok Technologies. CASE provides software development and cloud engineering services, while Ragnarok provides specialized IT services for federal and commercial customers.

Gateway Investment Advisers Acquires Belmont Capital. Separately managed account (SMA) strategies provider Belmont Capital Group has been acquired by Gateway Investment Advisers, an affiliate of Natixis Investment Managers. The investment enhances Gateway’s focus on SMAs, according to an announcement.

Infinedi Partners-Backed CEA CAPA Carves out CIS Abroad. CEA Capa Education Abroad, a provider of study abroad programs backed by private equity firm Infinedi Partners, has acquired CIS Abroad, CISaustralia and Barcelona SAE. Collectively known as CIS, the company provides education abroad and career readiness programs. CEA CAPA acquired the business from its parent company, Global Educators.

CORE’s PrecisionX Acquires Hudson Technologies. CORE Industrial Partners-backed PrecisionX Group, a precision metal components provider, has acquired Hudson Technologies. Hudson provides stamping, die design and finishing services to the aerospace and defense, medical, industrials and other end markets.

Exits

ONCAP Exits PCI to Sterling. The Sterling Group, a middle-market private equity firm, has announced it reached an agreement to acquire a majority stake in Precision Concepts International (PCI). The investment follows the exit of the company by Onex Corporation’s private equity platform ONCAP, which will retain a minority investment in the company.

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.