PE Weekly: Platform Investments Continue Business Services Focus

From water engineering services to aerospace and defense parts repair, business services remain a favorite among middle-market dealmakers. Read more of the latest deals, fundraising news and M&A insights below.

Platform Investments

Brightstar Capital Acquires WW Williams. Brightstar Capital Partners, a middle-market private equity firm, has acquired mechanical repair service provider WW Williams, according to a press release. WW Williams services commercial trucks, dry and refrigerated trailers, diesel engines and power generation systems, and also offers equipment and aftermarket parts.

Greenhall Capital Acquires Johnson Communications. Greenhall Capital Partners, a middle-market private equity firm, announced its acquisition of Johnson Communications this week. The company provides digital infrastructure wireless services with a specialization in rural fiber-optic telecom deployment, the announcement noted.

Warburg Pincus, Berkshire Partners Take Triumph Group Private. Private equity firms Warburg Pincus and Berkshire Partners have announced they entered into an agreement to acquire Triumph Group, an aerospace and defense spare parts designer, manufacturer and repairer. The transaction will delist Triumph from the New York Stock Exchange and is valued at about $3 billion.

Leste Group Acquires Minority Stake in Billor. Alternative investment manager Leste Group has acquired a minority stake in freight and fintech platform Billor, which services U.S. truck drivers, according to a press release. The transaction includes the establishment of a $335 million credit facility to support growth for the company.

ArcLight Capital Takes Stake in Pipeline. Arclight Capital Partners has announced its acquisition of a 25% equity interest in Gulf Coast Express Pipeline in an $865 million transaction. ArcLight acquired the stake from publicly-listed Phillips 66. The pipeline will be jointly owned by Kinder Morgan and ArcLight, and will continue to be operated by a Kinder Morgan subsidiary.

Godspeed Capital Backs InSite Engineering. InSite Engineering, a water and wastewater engineering services firm, has secured a strategic investment from lower middle-market private equity firm Godspeed Capital. A press release said the investment establishes Godspeed’s water and wastewater infrastructure engineering platform that services the Southeastern U.S.

Trinity Hunt Launches Customer Experiences Platform. Private equity firm Trinity Hunt Partners has established its digital customer experience services platform with the acquisitions of two businesses in the sector, Craft and Verndale. Craft provides research and strategy for digital products for both B2B and B2C customers; Verndale is a digital experience and technology services agency.

Digital Capital Partners Acquires Govplace. Govplace, which provides secure IT solutions to federal agencies, has been acquired by private equity firm Digital Capital Partners (DigiCap). The investment marks the firm’s first in the federal sector, according to a press release.

Add-Ons

FalconPoint Partners’ Jennmar Acquires SSAB Facility. Infrastructure service provider Jennmar, which services the civil, solar, mining and construction sectors, has acquired the expandable rock bolt production facility of SSAB, according to a recent announcement. The facility is based in Sweden. Jennmar is backed by FalconPoint Partners.

Benford Capital’s Legacy Bakehouse Acquires Classic Cookie. Legacy Bakehouse, a contract and private label manufacturer of baked snacks, has acquired Classic Cookie, a baker of premium cookie products. The investment expands Legacy’s presence in the baking market and broadens its geographic footprint. Legacy is backed by Benford Capital.

Exits

Centerbridge Partners Exits P.F. Chang’s. Casual-dining Asian restaurant P.F. Chang’s owner China Bistro will be acquired by TriArtisan Capital Advisors and Paulson & Co., according to recent reports, after current sponsor Centerbridge Partners agreed to a sale. Centerbridge first acquired the company, along with its former sister restaurant Pei Wei Asian Kitchen, for $1 billion in 2012.

Fundraising

Cogenuity Raises $425 Million. Cogenuity Partners, a lower middle-market private equity firm focused on the advanced industrial economy, has announced the close of its inaugural fund with $425 million in capital commitments. Cogenuity Fund I LP will focus on businesses that provide products, services and equipment across manufacturing, infrastructure solutions, critical industrial services a d industrial technology, according to an announcement.

Insights

SRS Acquiom Releases Working Capital Purchase Price Adjustment Study. SRS Acquiom has released its 2025 M&A Working Capital Purchase Price Adjustment Study, which analyzed more than 1,250 acquisitions valued at more than $298 billion. Analysts found more than 90% of deals analyzed included purchase price adjustments. Further, the report signaled a more conservative approach to dealmaking from sellers amid an increase in working capital surpluses.

ACG Detroit Names Inspire & Ignite Award Winners. ACG Detroit announced the winners of its 2025 Igniting Inspiration and Inspiring Impact Awards ahead of its Inspire & Ignite Luncheon, to be held next month. The ACG chapter named Alison Todak of Plymouth Growth as the Igniting Inspiration award winner, and Carrie Schochet of Purple Squirrel Advisors as the Inspiring Impact award winner. For more information or to purchase tickets for the Inspire & Ignite Luncheon, presented by the Women’s Forum, visit https://www.acg.org/detroit/events/acg-detroit-inspire-ignite-2025-womens-forum-luncheon.

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.