PE Weekly: Fundraising Signals a Return

Platform Investments

Rainier Partners Acquires Kleen-Tech. Rainier Partners, which focuses on the lower-middle market, has acquired janitorial services provider Kleen-Tech Services. With Rainier backing, the company will pursue organic growth initiatives and strategic acquisitions.

Windjammer Acquires PDU Caples, EPCO. Windjammer Capital, a middle-market private equity firm, has announced two acquisitions in the energy space. The firm acquired PDU Cables, which provides power cable solutions for data centers, and EPCO, a specialty products supplier for electrical distributors.

Eagle Merchant Invests in Guidewell Education. Private equity firm Eagle Merchant Partners has provided a growth investment in Guidewell Education, a college counseling, test preparation, and academic mentorship solutions provider. Following backing from Eagle Merchant, Guidewell also acquired Reach Cambridge, a U.K.-based summer camp.

Bain Capital Merges HealthEdge and UST HealthProof. Bain Capital has carved out UST HealthProof from UST and merged the business with HealthEdge, according to a recent announcement. The combined business will operate as HealthEdge, a Software-as-a-Service business providing a suite of services to the healthcare industry.

Hudson Glade, New State Acquire ComNet Communications. Private investment firm Hudson Glade has partnered with New State Capital Partners to acquire ComNet Communications. The company provides network infrastructure installation services across the U.S. The acquisition marks Hudson Glade’s second platform investment.

GTCR Acquires FMG. Private equity firm GTCR has completed its acquisition of FMG Suite, a provider of marketing automation software to financial advisors and insurance agents. GTCR acquired the business from Aurora Capital Partners.

PAI Partners to Acquire Orion from Xenon. Private equity firm PAI Partners has announced plans to acquire Orion, an environmental monitoring services provider based in Italy. PAI will acquire the company from its previous sponsor, Xenon Private Equity, according to the firm.

OpenVenture Acquires InVerse for $50 Million. OpenVenture Inc., a private equity and venture investor focused on deep tech and AI, has acquired InVerse for $50 million. The company develops AI systems to manage asset pipelines.

Add-Ons

Rithm Capital Acquires Crestline. Global alternative asset manager Rithm Capital has entered into an agreement to acquire Crestline Management. The alternative investment manager has about $17 billion in assets under management. The combined platform, which also includes Sculptor Capital Management and Genesis Capital, will expand Rithm’s direct lending operations.

Kian-Backed SPATCO Energy Acquires Excell Fueling. SPATCO Energy Solutions, an infrastructure services provider to the energy sector, has acquired  Excell Fueling Systems. Excell is a fueling system solutions provider. The investment marks the fourth add-on acquisition for SPATCO since being acquired by Kian Capital.

One Equity Partners’ OMNI, Select Water Solutions Exchange Assets. One Equity Partners-backed OMNI Environmental Solutions announced the completion of an asset exchange with Select Water Solutions. OMNI acquired environmental transportation, logistics, and disposal assets from Select, while Select acquired environmental waste management assets from OMNI.

Strategics

VSP Vision Acquires Marcolin from PAI. VSP Vision, a not-for-profit vision benefits company, has reached an agreement to acquire Italian eyewear business Marcolin. The company will acquire Marcolin from its previous sponsor, PAI Partners, a private equity firm.

Lincoln International to Acquire MarshBerry. Investment bank Lincoln Advisory has acquired MarshBerry, an advisory firm serving the insurance and wealth management sectors. The investment strengthens Lincoln’s financial services offering to private equity firms, strategic acquirers, and independent owners, a press release said.

Exits

Thompson Street Exits Freddy’s to Rhône. Private equity firm Rhône has acquired fast-casual restaurant concept Freddy’s from Thompson Street Capital Partners, according to a recent press release. Freddy’s has more than 550 locations across the U.S. and Canada.

Yellow Wood Exits Majority Stake in BYOMA. Yellow Wood Partners, a consumer-focused private equity firm, announced the sale of its majority stake in BYOMA. The company is a skincare brand, and has been acquired by Bansk Group, a consumer-focused private investment firm.

HCI Exits SDS Rx to DHL Supply Chain. HCI Equity Partners, a lower middle-market private equity firm, announced this week it reached an agreement to sell Strategic Delivery Solutions (SDS Rx). DHL Group business unit DHL Supply Chain will acquire the company.

Fundraising

One Equity Closes $3.25 Billion Fund. One Equity Partners, a middle-market private equity firm, has closed its Fund IX with $3.25 billion in capital commitments. The fundraise increase One Equity’s combined assets under management to about $16 billion, and marks its largest fund to date.

Rockbridge Raises $360 Million for Fund III. Rockbridge Growth Equity has closed its Fund III with $360 million in capital commitments. The fundraise brings the firm’s total assets under management to more than $1.7 billion. The firm will focus investments across e-commerce and marketing, financial services and fintech, tech-enabled products and services, and digital media.

Peninsula Capital Raises $400 Million. Private investment firm Peninsula Capital Partners has closed its eighth fund with $400 million in capital commitments, according to a recent announcement. Fund VIII will focus on the middle market.

Insights

Lincoln Financial, Bain Capital Open Private Credit to Individual Investors. A new partnership between Lincoln Financial and Bain Capital will open private credit investment opportunities to individual investors. The two have launched the Lincoln Bain Capital Total Credit Fund, offering a portfolio of private credit investments, including loans to middle-market companies.

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.