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PE Weekly: Dealmakers Kick Off 2025 With Focus on Business Services

From B2B payments to influencer marketing, B2B products and services come into focus

PE Weekly: Dealmakers Kick Off 2025 With Focus on Business Services

B2B services and products come into focus as the new year kicks off for middle-market dealmakers. This week, a slew of transactions targeting tech-enable business service providers reaches into the consultancy, compensation management, B2B payments and marketing arenas, including one deal in the online influencer space. Read more of the latest transactions below.

Platform Investments

Coalesce Capital Acquires Pearl Meyer. Pearly Meyer & Partners, an advisor to boards and senior management, has received a majority growth recapitalization from private equity firm Coalesce Capital, according to a press release. Coalesce will support Pearly Meyer’s continued growth by adding complementary service areas to augment its existing offering helping companies build and develop leadership teams.

L Catterton Takes Majority Stake in Kapital. Private equity firm L Catterton has acquired a majority stake in Kapital, a Japan-based denim brand, according to recent reports. The firm reportedly completed the transaction last year but only recently announced the deal on its homepage. Kapital will reportedly expand its business network in Japan and across borders.

H.I.G. Acquires Best Version Media. Global alternative investment firm H.I.G. Capital has acquired Best Version Media, a small and medium-sized business advertising solution provider. Best Version Media services companies in the U.S. and Canada with localized, multi-channel ad solutions. Backing from H.I.G. will support its geographic expansion, a press release said.

Berkshire Partners Backs Electric Power Engineers. Energy engineering and consulting firm Electric Power Engineers (EPE) announced this week it secured a strategic growth investment from private equity firm Berkshire Partners. EPE supports blue-chip power and energy clients with consulting and software solutions, specializing in renewables, energy storage, transmission and other areas. Previous investor Lime Rock New Energy has exited its investment.

Renovus Capital Backs Superior Health Holdings. Renovus Capital Partners has invested in Superior Health Holdings, a provider of home health and hospice services, according to a recent press release. Backing from Renovus will support the expansion of Superior’s services throughout Louisiana, where it currently operates, as well as into neighboring states.

GTCR Acquires Loan Servicing Software Company. Private equity firm GTCR announced its acquisition of Concord Servicing, a provider of software and administration services for specialized loan servicing. The company currently supports the administration of $16 billion in consumer loans, a press release said.

Clarion Capital Acquires Consumer Show Operator. Clarion Capital partners, a lower middle-market private equity firm, has acquired Marketplace Events, an announcement said. Marketplace Events operates consumer shows across a variety of sectors, including home and garden, sport and outdoor, and holiday. The company recently acquired 11 trade shows.

ACON Investments Acquires True Religion. Lifestyle and apparel brand True Religion has been acquired by private equity firm ACON Investments, a press release said this week. The transaction was supported by strategic partner SB360 Capital Partners, which will join ACON in driving geographic expansion and product diversification for True Religion.

CenterOak Launches Foundation Repair Platform. Private equity firm CenterOak Partners has launched a foundation repair services platform dubbed Solid Ground Solutions, according to a recent announcement. Solid Ground manages multiple foundation repair businesses across several brands, the announcement noted.

Add-Ons

Summit’s Later Acquires Mavely for $250 Million. Later, an influencer marketing and social media management software provider, has acquired influencer marketing platform Mavely, according to a recent announcement. Later, backed by Summit Partners, struck the deal for $250 million. Mavely was acquired by Rhyz Inc, a subsidiary of publicly listed Nu Skin Enterprises.

TPG’s Elite Acquires Tranch. Elite, a provider of financial management and business operations solutions for law firms, announced this week its acquisition of B2B payments platform Tranch. The company provides B2B invoice automation and payments, allowing Elite to integrate payments capabilities for law firms and their clients into its platform. Elite is backed by alternative asset management firm TPG, which acquired a majority stake of the company in 2023 from Thomson Reuters.

New State Capital’s TBG Makes Fifth Acquisition. The Blackhawk Group (TBG), a provider of sales and services for the light turbine aircraft market, has acquired the maintenance, repair and overhaul (MRO) business of Glendale Aero Services. The investment marks the company’s fifth add-on acquisition since it was acquired by New State Capital Partners. The business will be rebranded as a Blackhawk Performance Center, a press release said.

Havencrest Capital’s Avid Acquires Sandhill. Private equity firm Havencrest Capital Management, which focuses on the healthcare sector, has announced that its platform Avid Health at Home has completed its fifth acquisition. The platform acquired Sandhills Home Care, a home health. Care provider that operates across North Carolina.

Kainos’ Wellful Acquires Ancient Nutrition. Kainos Capital-backed Wellful, a health and wellness platform, has acquired Ancient Nutrition from VMG Partners, Hillhouse Investment and other backers. Ancient Nutrition will strengthen Wellful’s presence in vitamin, mineral and supplement categories and support its distribution expansion across retail, a press release noted.

E2p’s MBC Acquires Pizza Manufacturer. Frozen breakfast company MBC Companies, backed by Entrepreneurial Equity Partners (e2p), has acquired Nardone Brothers Baking Co., which manufactures frozen pizza products. The investment expands MBC’s product portfolio beyond breakfast and into lunch and dinner.

Great Point’s Ludi Carves Out wRVU Calculator from MDComp. Ludi, a provider in compensation management, has carved out the wRVU calculator and dashboard tool from MDComp, a healthcare provider compensation solution provider. The investment enhances Ludi’s offering to help healthcare providers address growing complexities of physician compensation calculation, the announcement said.

Kohlberg & Co.’s AWP Safety Announces Three Acquisitions. AWP Safety, a provider of safety and traffic management solutions backed by private equity firm Kohlberg & Co., has announced three acquisitions. The company acquired Site Barricades, Integrity Traffic and WS Barricade, three businesses that broaden AWP Safety’s utility, broadband and roadway infrastructure and safety footprint.

Vector Capital’s Watchguard Acquires ActZero. Watchguard Technologies, a cybersecurity company backed by Vector Capital, has acquired ActZero, an announcement said. ActZero provides managed detection and response services, and will enhance Watchguard’s own MDR offering.

Odyssey Investment’s Pexco Acquires Wisconsin Plastic Products. Pexco, backed by Odyssey Investment Partners, has acquired Wisconsin Plastic Products, a recent press release said. Pexco is a plastics solutions provider and will enhance its offering with Wisconsin Plastic’s custom extrusion supplier solutions servicing original equipment manufacturers in a variety of sectors.

Blue Point’s NSA Makes 15th Add-On Acquisition. National Safety Apparel (NSA), backed by Blue Point Capital Partners, has acquired Warren Heim Corporation. The company manufactures insulated bags protecting workers in the electrical utility market. The transaction marks NSA’s 15th add-on acquisition as a Blue Point portfolio company.

Braemont Capital’s Loenbro Acquires Revolution Industrial. Loenbro, a provider of specialized services to the data center, infrastructure and diversified industrial markets, announced this week its acquisition of Revolution Industrial. The company provides diversified industrial services and enhances Loenbro’s industrial service capabilities across the Southwest, an announcement said.

HCI Equity’s LawnPRO Acquires Green Image. LawnPRO, the residential lawn care treatment platform backed by HCI Equity Partners, has announced its latest add-on acquisition. The company backed Green Image Lawn Care, marking the tenth acquisition for the platform.

Bessemer Investors’ Tencarva Acquires Detroit Pump & Mfg. Tencarva Machinery Company, a distributor and service provider of flow control and process equipment solutions to industrial end markets, has acquired Detroit Pump & Mfg. Co. Detroit Pump distributes and provides process pumping and fluid handling equipment to manufacturers. Tencarva is a portfolio company of Bessemer Investors.

Exits

Blackford Capital Exits Mopec Group. Blackford Capital, a lower middle-market private equity firm, announced its successful sale of Mopec Group. The company manufactures and supplies equipment and services to laboratory end-markets to support diagnostic research and disease treatment. Blackford sold the company to private equity firm Waud Capital Partners, an announcement said.

New Mountain Exits Citrin Cooperman Stake to Blackstone. Blackstone will be acquiring a stake in tax, advisory and accounting firm Citrin Cooperman from New Mountain Capital, a recent press release announced. Citrin services middle-market businesses and high net worth individuals.

Trinity Hunt Exits Aperture. National forensic expert witness services platform Aperture has been sold by its sponsor Trinity Hunt Partners, according to a recent press release. The private equity firm exited the company to Genstar Capital. Trinity Hunt first backed Aperture in 2019, and had since facilitated nine add-on acquisitions.

Clearview Exits Nielsen-Kellerman to Gladstone. Private equity firm Clearview Capital has exited Nielsen-Kellerman Acquisition Corp., a designer, manufacturer and distributor of waterproof environmental measurement and sports performance instruments. The company was sold to Gladstone Investment Corporation, accounting to an announcement by D.A. Davidson, which advised Nielsen-Kellerman and Clearview on the transaction.

Atlas Holdings Exits Saxco. Atlas Holdings has announced it reached an agreement to exit Saxco International, a distributor of rigid packaging for the beverage industry. Saxco will be sold to Novvia Group, backed by Kelso & Company, the announcement noted, adding that the firms expect the transaction to close in the first quarter of 2025.

Fundraising

Valspring Capital Closes Fund I. Valspring Capital, a growth equity firm focused on the healthcare sector, has closed its debut fund with $255 million in capital commitments. Fundraising for Fund I surpassed its initial target. The firm was found by a team that spun out of Bain Capital Ventures and will focus on growth-stage healthcare companies, particularly those in information technology, tech-enabled services and services in North America.

Insights

SQ Capital Launched by Mustafa Siddiqui. Mustafa Siddiqui, the former Global Head of GP Stakes at Blackstone, has launched a private equity secondaries firm, SQ Capital. In a press release announcing the launch, SQ Capital said it will focus on secondaries opportunities in the U.S. and European middle market, worth about $150 billion, the announcement noted.

 

 

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