PE Weekly: Dealmakers Head Into the Holidays With Services Mindset
Consumer, business and government services land PE backing
As we head into the holidays, middle-market dealmakers turn their focus towards the services sector across the consumer, business and even government segments. Review some of the latest transactions below.
Platform Investments
River Associates Backs ID Label. River Associates, a middle-market private equity firm, has closed its third platform investment for 2024 with its acquisition of ID Label. The company manufactures barcode labels and warehouse signage for third-party logistics providers and manufacturers. River Associates will pursue add-on acquisitions for the business.
Sagewind Takes Majority Stake in Aechelon Technology. Private equity firm Sagewind Capital, focused on government technology, has acquired a majority stake in Aechelon Technology, The company provides image generation software and complex databases to support virtual training, mission rehearsal and other solutions for aircraft simulators. Its solutions enable Department of Defense pilot training.
Eagle Merchant Backs AYA Medical Spa. Private equity firm Eagle Merchant Partners, which focuses on the consumer and commercial services sectors, announced its investment in AYA Medical Spa. AYA offers an array of services, including filler injections and clinical skin treatments. Backing from Eagle Merchant will help the business expand geographically and pursue strategic acquisitions.
Add-Ons
Renovus Capital’s SolomonEdwards Acquires Dominion Advisory Group. Professional services firm SolomonEdwards, which offers financial and tech consulting, acquired Dominion Advisory Group, the firm announced recently. Dominion offers anti-money laundering (AML) advisory and financial crime consulting services. Renovus Capital Partners, a private equity firm, invested in SolomonEdwards in 2022.
Exits
Honeywell Exits PPE Business to Odyssey’s PIP. Protective Industrial Products (PIP), a portfolio company of Odyssey Investment Partners that provides a range of personal protective equipment, is acquiring the personal protective equipment business of Honeywell. The carve-out takes the business private along with its umbrella of brands that includes Fendall, Fibre-Metal, Howard Leight and several others.
Fundraising
Neos Partners Raises $1.37 Billion for Energy Sector. Neos Partners, a middle-market investment firm focused on energy transition and critical infrastructure, has closed its second fund with $1.37 billion in capital commitments. Neos Partners II closed at its hard cap and will focus on companies in North America that provide renewable energy, power grid and energy infrastructure businesses, as well as businesses in energy-intensive industrial sectors.
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