PE Weekly: FTC, DOJ Looking into Roll-Up Strategies
Plus, manufacturing and engineering investments drive M&A
Corporate and private equity acquirers may be in U.S. watchdogs’ crosshairs as the Federal Trade Commission and Department of Justice launch a joint inquiry into roll-up acquisition strategies. Plus, this week’s M&A activity highlights the popularity of engineering, industrials and manufacturing. Read more on the latest in dealmaking below.
Platform Investments and Acquisitions
One Equity to Acquire Engineering Consultancy Amey. One Equity Partners, a middle-market private equity firm, announced this week it has entered into an agreement to acquire U.K.-based engineering consultancy Amey plc. A press release said Amey services the public sector with engineering design, construction, maintenance and project management services. The investment supports One Equity’s Horizon 24 plan, which targets investments in sustainable infrastructure, the announcement noted.
Hudson Glade Acquires Home Improvement Business. Private investment firm Hudson Glade announced its acquisition of Quality First Home Improvement this week. In a press release, Hudson Glade, which focuses on the consumer, industrial and services sectors in the lower-middle market, said it is working with the CEO of the home improvement company to expand its services and grow the company by investing in sales, marketing and infrastructure.
Add-Ons
CORE Industrial’s PrecisionX Acquires National Manufacturing. PrecisionX Group, a manufacturing platform backed by CORE Industrial Partners, announced the add-on acquisition of National Manufacturing Co. this week. National Manufacturing provides specialty deep- and shallow-drwn stamping and other manufacturing capabilities. PrecisionX was formed following CORE’s acquisitions of GEM Manufacturing and Coining, both in 2023.
FalconPoint’s JENNMAR Takes Majority Stake in Australian Steel & Wire. JENNMAR, a provider of infrastructure products backed by private equity firm FalconPoint, announced its acquisition of a majority stake in Australian Steel & Wire (ASW). The investment will expand JENNMAR’s presence in the mesh wire market throughout the APAC, Europe and North America regions, a press release said. FalconPoint invested in JENNMAR earlier this year.
Fundraising
Ardian Raises $570 Million for Growth Platform. Private investment firm Ardian announced it raised more than $570 million for its third Growth platform, Ardian Growth Fund III. The fund will target European companies in the technology, B2B services, and health and wellness sectors, particularly those embracing digital transformation, according to a press release.
Insights
FTC, DOJ Launch Public Inquiry Into Roll-Up Acquisition Strategies. The U.S. Federal Trade Commission and Department of Justice have launched a joint public inquiry to gather information in roll-up acquisition strategies, according to an FTC annoncement. The Request for Information is seeking insight into potential serial acquisision and roll-up acquisition strategies by both corporate and private equity acquirers that may have harmed competition in the U.S.
Borgman Capital Launches Online Platform for Retail Investors. Private investment firm Borgman Capital announced its new capital raising strategy to broaden access to investment opportunities for accredited investors, according to a press release provided to Middle Market Growth. Dubbed Pass the Hat, the strategy provides retail investors with an online platform to access alternative investment opportunities sponsored by Borgman. The firm focuses on the food, pet treats, manufacturing, chemical distribution and infrastructure sectors, as well as industrial mixed-use real estate.
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.
