Platform Investments

Clearlake Acquires Qualus. Clearlake Capital has completed its acquisition of Qualus, the electric power solutions platform said recently. Clearlake acquired the business from its previous sponsor, New Mountain Capital.

Hidden River Invests in NEC. Hidden River Strategic Capital has invested in NEC, a manufacturer of PVC-coated electrical conduit and fittings. The company serves the infrastructure sector including wastewater, midstream energy, and datacenter end customers.

Add-ons

IFM Investors’ Mobius Renewables Announces Carve-out. IFM Investors-backed Mobius Renewables, a low-carbon fuels platform, announced that it acquired assets from Air Liquide. The company said it acquired the biogas production operations of Air Liquide in the U.S., France, Norway, and Sweden. IFM formed Mobius in 2025 to accelerate commercialization of renewable natural gas.

Riata’s COEO Solutions Acquires S-NET. COEO Solutions, which provides cloud communications solutions to multi-location middle-market businesses, has acquired S-NET Communications, a platform of managed network and cloud communication services. COEO is backed by Riata Capital Group.

Grovecourt’s TMC Acquires Chindalur Traffic Solutions. Traffic & Mobility Consultants (TMC), a transportation planning and traffic engineering firm, has acquired Chindalur Traffic Solutions. TMC is a portfolio company of Grovecourt Capital Partners.

Allied Industrial’s Liberty Waste Acquires Randolph County Garbage Services. Liberty Waste Solutions, a waste and recycling solutions provider, has acquired Randolph County Garbage Services, a residential subscription waste collection operation. Liberty is backed by Allied Industrial Partners.

Godspeed’s NextPoint Acquires UScontracting. NextPoint Group, a provider of technology and mission enablement solutions for the intelligence and defense markets, has acquired UScontracting. The business provides cybersecurity-focused software development solutions. NextPoint is a portfolio company of Godspeed Capital Management.

Kainos Capital’s Colorado Premium Acquires Old Hickory Smokehouse. Colorado Premium, a protein supplier to the foodservice, retail, direct-to-consumer, and industrial sectors, has acquired Old Hickory Smokehouse. The company provides smoked and cooked protein products. Colorado Premium is a portfolio company of Kainos Capital.

Strategics

William Blair Acquires Inner Circle Sports. William Blair has entered into an agreement to acquire Inner Circle Sports, an investment bank focused on the sports, media, and entertainment ecosystem. Inner Circle Sports advises clients across both buy- and sell-side M&A, limited partner transactions, capital raising, valuations, and debt financing.

Exits

SK Capital Exits Phoenix Flavors & Fragrances. SK Capital Partners, a private investment firm focused on life sciences, materials sciences, and specialty ingredients, has sold Phoenix Flavors & Fragrances. Publicly listed Turpaz Industries has acquired the business, a press release noted.

THL Exits AMI to Lattice Semiconductor. Lattice Semiconductor, which specializes in low-power field programmable gate arrays (FPGAs), has acquired AMI from its previous sponsor, THL Partners. AMI provides platform firmware and infrastructure manageability solutions for cloud and AI.

Fundraising

THL Partners Raises $6.35 Billion. Middle-market private equity firm THL Partners has closed its tenth fund with $6.35 billion in capital commitments. THL Equity Fund X will continue the firm’s investment focus on financial technology and services, healthcare, and technology and business solutions.

5^th Century Partners Closes Fund II. Private investment firm 5^th Century Partners, which focuses on the healthcare and business services spaces, has closed its second fund with $276 million in capital commitments. Fund II surpassed its initial fundraising target, a press release noted.

ACG Insights is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.