PE Weekly: Industrials, Tech-Enabled Services Boost M&A Activity

Platform Investments

Apex Capital Takes Majority Stake in Juanita’s Foods. Apex Capital, a Miami-based private equity firm, has acquired a majority stake in Mexican food product manufacture Juanita’s Foods. The company had previously been led by third-generation family owners, who will remain involved in the business, reports said.

Sky Peak Acquires TriStar Plastics. Sky Peak Capital, which focuses on middle-market industrial businesses, has acquired TriStar Plastics Corp. TriStar provides engineered plastic solutions and self-lubricating bearings.

Amberjack Capital Backs Industrial Thermal Services. Industrial heat-treating service provider Industrial Thermal Services has formed a partnership with infrastructure-focused private equity firm Amberjack Capital Partners, according to a press release. The investment will support the company’s geographic expansion and investment in new technologies, the announcement said.

Add-Ons

Unity Partners’ Tropolis Acquires The Somerset Group. Tropolis, an insurance brokerage building an independent agency platform, has acquired The Somerset Group, an insurance agency specializing in medical malpractice. Tropolis is backed by private equity firm Unity Partners.

New State Capital’s PAX Acquires Culbertson. PAX Services Group, which provides roofing and exterior services, announced its acquisition of Culbertson Company of Virginia. Culbertson provides commercial restoration, roofing and masonry services across the Mid-Atlantic. PAX is backed by middle-market private equity firm New State Capital Partners.

Genstar- and Insight Partners-Backed Vector Acquires Frontline. Vector Solutions, a provider of technology solutions for training public safety professionals, has acquired Frontline Public Safety Solutions. Frontline provides cloud-based software for public safety agencies. Vector is backed by Genstar Capital and Insight Partners.

Exits

ElevenX Exits OculusIT to Avathon Capital. Avathon Capital, a lower middle-market private equity firm focused on the education and workforce spaces, has acquired OculusIT. The company provides MSP and outsourced IT services for higher education institutions and was previously owned by ElevenX Captial.

Investcorp Exits Majority Stake in RESA Power to Kohlberg. RESA Power, a provider of power systems, announced this week that middle-market private equity firm Kohlbeg acquired a majority stake in the company. Kohlberg acquired the stake from Investcorp, an alternative investment. firm. RESA’s management team and employee shareholders will retain a minority stake in the company.

Montage Partners Sells Equity Methods to HGGC. Middle-market private equity firm HGGC announced its completed investment in Equity Methods, a provider of executive compensation reporting, valuation and advisory services. The investment followed Montage Partners’ exit of the business.

MoneyLion’s First Institutional Investor, Edison Partners, Exits. Growth equity firm Edison Partners, the first institutional investor of MoneyLion, has exited its investment, according to a press release. The exit follows MoneyLion’s acquisition by Gen Digital, which was finalized earlier this month.

Insights

Morgan Stanley Opens Private Equity to Individual Investors. Morgan Stanley Investment Management announced this week the launch of the North Haven Private Assets Fund. The investment fund, the North Haven Private Assets Fund, opens private equity to individual investors through co-investments and secondaries in the lower-middle market.

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.