PE Weekly: Carve-outs, Take-Privates Drive M&A Into 2026

Platform Investments

Brookfield to Carve out Fosber. Brookfield Asset Management announced this week it entered into an agreement to acquire Fosber via its private equity strategy. The carve-out transaction sees Brookfield acquire the business—which services the corrugated packaging sector with advanced machinery, parts, and services—from its parent company Guangdong Dongfang Precision. The transaction is valued at about $900 million.

Franchise Equity Carves out IMO Car Wash from Driven Brands. Franchise Equity Partners, a franchise-focused private investment firm, announced this week it has carved out IMO Car Wash from Driven Brands and taken it private. The acquisition includes IMO’s portfolio of 720 car wash locations across the U.K., Europe, and Australia.

Unity Partners Forms Landscaping Platform. Unity Partners has formed a new landscaping platform servicing the Midwest following its completed investments in Yardmaster, Big Lakes Lawncare, and Kunco Landscape. The combined business will be led by Yardmaster CEO Mike Montenaro under the Yardmaster brand.

Arcline Invests in American Casting Company. American Casting Company has received an investment from Arcline Investment Management, according to a recent press release from the private equity firm. American Casting Company provides highly engineered investment castings for the aerospace and defense, medical, energy, and specialty industrial industries.

InTandem Invests in The Phia Group. InTandem Capital Partners, a private equity firm focused on the healthcare services sector, has completed its investment in The Phia Group. The company provides cost containment and compliance solutions for health plan sponsors and their employees.

OceanSound Invests in Burns Engineering. Burns Engineering, an engineering solutions provider for the transportation, critical infrastructure, and the built environment, announced it received an investment from OceanSound Partners. OceanSound focuses on technology-enabled services businesses in the government and highly regulated end markets.

GI Partners to Carve out Digita Group. GI Partners has reached an agreement to acquire Digita Group from its parent company, publicly listed DigitalBridge Group. The company is a telecommunications business operating towers in the Nordics.

Braemont Capital Invests in Royal Cup Coffee & Tea. Family-owned beverage business Royal Cup Coffee & Tea announced it received an investment from Braemont Capital. Support from the investment firm will be used to expand roasting and distribution capabilities as well as to strengthen partnerships across hospitality, foodservice, healthcare, and convenience customers.

Add-Ons

The Riverside Company Adds Shine to Evive Brands Platform. The Riverside Company announced this week that it has acquired Shine, a franchisor of residential and commercial window cleaning, holiday lighting, and related services. The investment is an add-on to its Evive Brands platform of home services franchise concepts.

Main Capital’s RiskConcile Acquires B4Finance. RiskConcile, a Belgium-based provider of cloud and regulatory reporting, risk calculation, and fund data solutions for the fund industry across Europe, has acquired B4Finance. The company is a France-based provider of digital investor onboarding and fund subscription software. RiskConcile is backed by Main Capital Partners.

Great River’s MPT Acquires Stellar Manufacturing. Micro-Precision Technologies (MPT), a manufacturer of complex micro-electronics, has acquired Stellar Manufacturing. Stellar provides printed circuit board assemblies. The investment follows MPT’s partnership with Great River Capital Partners in mid-2024.

Exits

Borgman Exits Durex Products. Borgman Capital announced this week it has sold Durex Products, a manufacturer of urethane wear parts and screen media. The company services the mining, recycling, concrete, and other heavy industrial sectors. Graycliff Partners portfolio company Gerard Daniel Worldwide acquired the business.

Thoma Bravo Exits Raptor Technologies. Thoma Bravo announced the sale of portfolio company Raptor Technologies this week. The company provides school safety software. Warburg Pincus has acquired the company, while existing investor JMI Equity has reinvested in the business.

Fundraising

WindRose Health Raises $2.6 Billion. Healthcare-focused private equity firm WindRose Health Investors has closed its seventh fund with $2.6 billion in capital commitments. WindRose Health Investors VII will focus on tech-enabled businesses in the healthcare space, a press release said, adding that the fund expects to close its first two acquisitions by the end of the year.

Insights

FlowStone Partners Acquired by WTW. Global advisory firm WTW announced this week that it acquired alternative investment firm FlowStone Partners, which specializes in private equity secondaries investments for individual wealth and institutional clients. The investment will expand access to PE for individual wealth investors, WTW noted. WTW is a public company listed on the NASDAQ.

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