PE Weekly: Automotive Parts Manufacturing, Insurance and More Find Dealmakers
Investors this week targeted a wide array of sectors with the latest in middle-market M&A
A variety of sectors saw M&A deal activity this week, including automotive parts manufacturing, financial advisory and pipe coating. And with some new fundraising announcements, investors are signaling their optimism for an uptick in transacting looking ahead. See more of the latest deals below.
Platform Investments
Trivest Invests in Financial Advisory Firm Province. Trivest Partners, a middle-market private equity firm, announced its investment in Province, a restructuring and financial advisory firm. The strategic capital backing will support Province’s growth plans through diversifying is offering, according to a press release.
Milestone Capital to Acquire Pipe Coating Business. Milestone Capital, a middle-market private equity firm, in collaboration with D2 Equity Capital, has acquired a majority stake in an entity formed to acquire MCIP Industrial Enterprises Corp. The acquisition will include MCIP’s pipe coating plants.
One Equity Partners Backs Industrial Automation Business Comau. One Equity Partners, a middle-market private equity firm, announced that it signed an agreement to acquire a majority stake in Italy-based industrial automation business Comau. The business spun out of a merger agreement between former FCA and Groupe PSA in January 2021, which formed Stellantis N.V., the press release noted. Stellantis will retain a minority stake in Comau.
Add-ons
Clearlake Capital’s BBB Industries to Acquire All Star Auto Parts. BBB Industries, a manufacturer serving the automotive, industrial, energy and other sectors, will acquire All Star Auto Parts, according to a recent press release. All Star provides alternative automotive replacement parts. BBB is backed by Clearlake Capital group.
One Equity’s Ballymore Safety Acquires DOC Services. One Equity Partners portfolio company Ballymore Safety Products has acquired a majority stake in DOC Services, which provides asset maintenance services for HVAC machinery and other blue-chip customers. DOC currently acts as a service partner for Ballymore, supporting its equipment, a press release noted.
Atar Capital’s Solero Technologies Acquires Kendrion. Solero Technologies, a supplier of transmission solenoids, has announced that it reached an agreement to acquire the automotive business of Kendrion in Europe and the U.S. for about $70 million. The investment expands Solero’s presence in the automotive industry, which it has been active in for more than 50 years. Solero is a portfolio company of private investment firm Atar Capital.
Unity Partners’ Tropolis Makes Three Insurance Acquisitions. Tropolis, an insurance brokerage backed by private equity firm Unity Partners, has acquired three insurance agencies in Southeast Michigan, according to a recent press release. The company acquired 360 Risk Management, Modi Benefits and Fisherman Agency. They mark the first acquisitions since Unity Partners acquired Tropolis.
HCI Equity’s LawnPRO Acquires LawnRX. LawnPRO, a residential lawn care treatment platform backed by HCI Equity Partners, is acquiring LawnRX, marking the company’s fifth add-on acquisition. LawnRX provides lawn care treatment and other residential services. HCI said in the announcement it plans to continue growing the platform through M&A and investing in its people and infrastructure.
Renovus Capital’s Behavioral Framework Acquires BCPS. Behavioral Framework, a provider of ABA therapy backed by Renovus Capital, has acquired BCPS, an autism therapy and diagnostic services provider. The combined business will expand access to ABA therapy in a variety of care settings, including in the clinic, home and school, an announcement read.
Fundraising
Kingswood Capital Raises $1.5 Billion. Middle-market private equity firm Kingswood Capital Management announced $1.5 billion in capital commitments for its oversubscribed third fund. Kingswood Capital Opportunities Fund III is more than double the size of its predecessor, a press release noted.
Agellus Capital Raises $400 Million for Inaugural Fund. Lower middle-market private equity firm Agellus Capital announced the close of its debut fund with $400 million in capital commitments. Agellus Capital Private Equity Fund I surpassed its $350 million. Target and plans to invest in B2B, non-discretionary consumer, and supply chain and infrastructure services.
NewSpring Raises $390 Million for Mezzanine Fund. NewSpring Capital announced the close of NewSpring Mezzanine Capital V out of its private credit strategy, NewSpring Mezzanine. The fund secured $390 million in capital commitments and will focus on supporting lower middle-market businesses across the consumer services, niche manufacturing, distribution and healthcare services.
Kian Capital Raises Continuation Fund for SPATCO Energy. Lower middle-market private investment firm Kian Capital announced the close of a $230 million continuation fund to reinvest in fueling infrastructure services provider SPATCO Energy Solutions, according to a recent press release. Kian first invested in the company in 2015, and in 2020 took a majority stake in the company.
Insights
PE Firm Acorn Growth Companies Rebrands. Middle-market private equity firm Acorn Growth Companies has rebranded as Acorn Capital Management, the firm said in a recent announcement. Acorn said the rebrand reflects its expanding capital deployment strategies. The firm focuses on aerospace, defense, intelligence and space investments.
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.
