PE Weekly: Dealmaking Diversifies With Strategic Investors and a SPAC
M&A targets vary, too, with acquisitions spanning consumer products, EdTech, property management, and more
Platform Investments
ArcLight Acquires InfraBridge’s 50% Stake in Power Portfolio. ArcLight Capital Partners, an infrastructure investor, has acquired InfraBridge’s 50% stake in Invenergy AMPCI Thermal Power. Invenergy will retain its existing ownership interest in the portfolio.
Edison and Vocap Merge Tatango and Givergy. Edison Partners and Vocap Partners announced that portfolio companies Tatango and Givergy have been combined to create momoGood. The transaction merges Tatango’s mobile-first engagement infrastructure with Givergy’s fundraising and event technology to support an AI-native fundraising platform for enterprises and nonprofits. Edison Partners acquired a majority stake in the combined business.
Blackford Launches HEDS Platform. Blackford Capital, a lower middle-market private equity firm, has launched a new HVAC, electrical, and diversified services (HEDS) platform through its acquisitions and combination of Habco Partnership and Moro Corporation. Blackford first acquired the businesses last December.
Audax Acquires Property Management Company. Audax Private Equity, which focuses on the middle market and lower-middle market, has acquired property management company AKAM. The company services both residential and commercial properties. The transaction includes the sale of Nautic Partners’ existing stake in the business.
Add-ons
Gryphon’s Mechanix Wear Acquires OTEX. Mechanix Wear, a designer and manufacturer of hand protection and protective apparel, has acquired OTEX, which develops and manufactures personal protective equipment. Mechanix is backed by Gryphon Investors.
New Heritage’s Icelandirect Acquires SOMA LABS. Icelandirect, a contract manufacturer for human and pet supplement brands, has acquired SOMA LABS, a supplement manufacturer that specializes in solid dosage form production. Icelandirect is backed by New Heritage Capital.
Vestar- and HCI-Backed Tech24 Acquires Pacific Standard Service. Tech24, a commercial foodservice equipment repair and maintenance provider, has acquired Pacific Standard Service. The company specializes in commercial cooking equipment. Tech24 is a portfolio company of Vestar Capital Partners and HCI Equity Partners.
Southfield’s Franchise FastLane Acquires Franchise Creator. Franchise FastLane, a franchise development company backed by Southfield Capital, has acquired Franchise Creator. The company is a franchise consulting firm that specializes in turning businesses into franchise brands.
Strategics
Fullmind Acquires Elevate K-12. Fullmind, an online education solutions provider for K-12 students, has acquired Elevate K-12. The company provides live, virtual instruction for K-12 school districts. The acquisition creates the largest dedicated virtual education provider in the K-12 sector, a press release said.
Insights
PE Exits to Strategics Declined by a Third in 2025. Private equity exits to corporate acquirers declined by 34% in 2025, according to new data from PitchBook. Its U.S. PE Middle Market Report revealed corporates accounted for the lowest proportion of total PE exit value since 2019.
SPAC AmperCap Files for $125 Million IPO. AmperCap Acquisition, a special purpose acquisition company (SPAC), has filed for a $125 million IPO, according to recent reports. The SPAC will focus on middle-market businesses in the U.S. and Mexico and is led by the cofounders and managing partners of private equity firm AmperCap.
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.
