PE Weekly: Fundraising for Follow-on Investments
Firm closes its continuation fund; plus, tech-enabled business services drive M&A
Platform Investments
The Riverside Company Invests in Western Botanicals. Western Botanicals, a developer and manufacturer of vitamins, minerals, and supplements, has received an investment from global investment firm The Riverside Company. The investment supports Riverside’s health, longevity, and flavor investment thesis.
Morrison Launches Logistics Platform with SuperFreeze Deal. Global infrastructure investment firm Morrison has acquired cold-chain logistics provider SuperFreeze Singapore and launched its logistics platform as a result, according to a recent announcement. Morrison’s APAC cold chain platform is named Polaris.
BayPine to Acquire Relation Insurance Services. BayPine, a private investment firm focused on digital transformation and essential services businesses, has reached an agreement to acquire Relation Insurance Services. The company is an independent insurance broker. BayPine will acquire the business from Aquiline Capital Partners.
RF, Prairie Capital Recapitalize Life and Fire Safety Platform. RF Investment Partners announced this week it has recapitalized its NSG-Norel fire and life safety platform in partnership with Prairie Capital. The platform is comprised of NSG Life Safety and Norel Service Company.
Add-Ons
Stone-Goff’s Spotlight Acquires Captivate. Stone-Goff Partners, a lower middle-market private equity firm, announced its portfolio company Spotlight has acquired Captivate Collective. The investment marks Spotlight’s first add-on and enhances its services for B2B enterprises, which include analyst relations, customer advocacy, and other buyer journey solutions.
Bessemer’s Tencarva Acquires Hoffman-Kane. Tencarva Machinery Company, a distributor and service provider of flow control and process equipment solutions, has acquired Hoffman-Kane Distributors. Tencarva is a portfolio company of Bessemer Investors.
Exits
Main Capital Exits Paragin to ECI Partners. Main Capital Partners announced this week that it has successfully exited Paragin Group, a provider of exam and assessment software solutions. The company was acquired by ECI Partners.
Odyssey Investment Exits Champions Group to Blackstone. Blackstone announced this week that its private equity strategy BXPE has reached an agreement to acquire Champions Group from Odyssey Investment Partners. Champions Group is a residential services platform servicing the residential repair and replacement market.
Fundraising
JLL Closes Fund IX with $1.4 Billion. JLL Partners, a middle-market private equity firm focused on the healthcare, industrials, and business services sectors, announced the close of its Fund IX. The firm secured $1.4 billion in equity commitments.
HarbourVest Raises $1.1 Billion for Continuation Fund. HarbourVest Partners, a global private markets investment firm, has closed its inaugural Private Equity Continuation Solutions (PECS) Fund with $1.1 billion in capital commitments. The fund will focus exclusively on single asset continuation transactions.
Union Capital Closes Fund IV at $450 Million. Union Capital Associates, a lower middle-market private equity firm, has raised $450 million for its fourth fund. Union Capital Equity Partner IV will focus on the food manufacturing, niche manufacturing, and business services sectors.
Garden City Equity Raises $255 Million. Garden City Equity, a holding company focused on acquiring family- and founder-owned businesses in the lower-middle market, has raised $255 million. The firm targets businesses with up to $25 million of EBITDA.
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.
