PE Weekly: Exit Volume up as Dealmakers Embrace B2B SaaS, Industrials

Platform Investments

Carlyle Acquires Majority Stake in Adastra. Global investment firm Carlyle has acquired Adastra Group, an IT consultancy and services provider specializing in AI and cloud transformation. Carlyle has acquired a majority stake in the company, which is based in the Czech Republic and Canada.

Pacific Avenue Capital Acquires FLSmidth Cement. Pacific Avenue Capital Partners, a middle-market private equity firm focused on corporate carve-outs, has reportedly acquired FLSmidth Cement. The firm carved out the business from its parent company FLSmidth & Co. in a transaction valued at about $170 million, according to the Los Angeles Times.

TA Associates Takes KX Private. Real-time analytics solution provider KX has announced it reached an agreement to be acquired by private equity firm TA Associates. A press release said TA has acquired a majority stake in KX’s parent company FD Technologies, while existing shareholders will retain a minority stake. The transaction takes KX private.

Add-Ons

CapVest’s Datasite Acquires Blueflame AI. Datasite, a SaaS platform to support M&A transactions with its virtual data room technology, has acquired Blueflame AI, an AI-powered platform to automate investment management workflows. Datasite is a portfolio company of CapVest Partners.

HCI’s LawnPRO Acquires Green Machine. HCI Capital Partners-backed lawn care platform LawnPRO has acquired Green Machine Lawn Care, which services residential customers across eastern Pennsylvania.

Zenyth Partners’ ReFocus Eye Health Acquires New View Eye Center. ReFocus Eye Health, a regional network of ophthalmology backed by Zenyth Partners, has acquired New View Eye Center. New View provides laser and specialty eye care services.

Bow River’s Accelo Acquires Forecast. Accelo, the platform company of Bow River Capital’s Software Growth Equity Team, has acquired U.K.-based Forecast, an AI-powered project and resource management company. The investment enhances Accelo’s professional services automation capabilities with predictive planning and intelligent automation, a press release said.

Littlejohn’s Sunbelt Acquires Whitley Manufacturing. Sunbelt Modular, a modular building solutions producer, has acquired Whitley Manufacturing, also a modular building manufacturer. Sunbelt is a portfolio company of Littlejohn & Co.

Blue Point’s NSA Acquires Bashlin Industries. Bashlin Industries, a manufacturer of climbing gear and fall protection equipment, has been acquired by National Safety Apparel (NSA). Bashlin services the power utility and telecommunication lineman professions. NSA, which manufactures flame-resistant clothing and PPE products, is a portfolio company of Blue Point Capital Partners.

Exits

Turning Rock Exits South Reach Networks. Turning Rock Partners announced recently the sale of South Reach Networks, a provider of hybrid fiber and transport services for carrier and enterprise customers. Blue Owl Capital acquired a controlling stake in the company via its Digital Infrastructure strategy, a press release noted.

Northlane Capital Exits Empower Community Care. Northlane Capital Partners has exited Empower Community Care to NexPhase Capital, according to a recent announcement. Empower provides behavioral health treatments and services to at-risk youth, their families and caregivers. Northlane first invested in the business in 2021.

Lindsay Goldberg Exits Liquid Tech Solutions. Private investment firm Lindsay Goldberg has successfully exited Liquid Tech Solutions, an on-site mobile refueling solutions provider. The company was acquired by Velocity Rail Solutions, a portfolio company of Wind Point Partners, according to the announcement.

Audax Exits Liquid Environmental Solutions. Audax Private Equity announced the successful exit of Liquid Environmental Solutions, a service provider managing non-hazardous liquid waste for blue-chip customers. Goldman Sachs Alternatives will acquire the business, according to a press release.

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.