PE Weekly: M&A Announcements Reflect Deal Diversity

A diverse set of deals announced this week spanned healthcare, energy and technology services, among other industries. Read more about the latest transactions below:

Platform Investments

Consello Capital Acquires EHE Health. Consello Capital, the private equity arm of Consello, announced it would acquire EHE Health, a network provider of preventive healthcare. In a press release, Chris Bird, EHE Health’s CEO, noted that the deal should unlock business development opportunities for the organization.

Fort Point Capital Acquires NewBold Corporation. Fort Point Capital, a Boston-based private equity firm, has acquired NewBold Corporation, a managed technology services provider. Fort Point Capital was advised by Akerman LLP and Forvis Mazars.

Lindsay Goldberg Acquires Controlling Interest in Golden State Foods. Lindsay Goldberg, a private equity firm focused on family- and founder-owned businesses, has agreed to acquire a controlling interest in Golden State Foods, a supplier to the food service and retail industries. The current management team is to remain in place.

Pelican Energy Partners Acquires Electrical Builders Industries. Pelican Energy Partners, a private equity firm focused on the energy sector, has acquired Electrical Builders Industries (EBI), a service provider specializing in electric bus duct installation and repair. Jessica Netter, the CEO of EBI, noted that the deal will allow the firm to continue to invest in top-tier talent.

GSE Solutions to Be Acquired by Pelican Energy Partners. Pelican Energy Partners also announced that it has entered an agreement to acquire GSE Solutions, a clean energy solutions company. Pelican will acquire GSE’s outstanding shares for an estimated value of $4.10 a share.

TPG Real Estate and South Street Partners Acquire the King and Prince Beach & Golf Resort. South Street Partners, a private equity real estate firm, and TPG Real Estate, the real estate platform of global alternative asset management firm TPG, formed a joint venture to acquire the coastal Georgia resort. The joint venture has plans for comprehensive renovations. 

Add-ons

Cook & Boardman Acquires BryComm. Cook & Boardman, an entry and security solutions services provider, announced the acquisition of Brymer Communication Services (BryComm). Platinum Equity has held a majority interest in Cook & Boardman since 2023.

JENNMAR Acquires Concrete Blending Facility. FalconPoint Partners-backed JENNMAR announced its acquisition of the cement blending facility of Wright-Mix Material Solutions. Per the press release, this deal is intended to enable additional growth and customer service for JENNCHEM, a JENNMAR subsidiary.

Makai Capital’s Paladin Holdings Acquires Ultra-Pak, Inc. Paladin Holdings, a manufacturer and distributor of cleaning products and a portfolio company of Makai Capital Partners, acquired Ultra-Pak, a regional manufacturer, packager and distributor of personal care and cleaning products.

Sterling Investment Partners-Backed Markon Solutions Acquires ASEC. Markon, a national consulting firm with a federal government focus, has acquired the ASEC Family of Companies, which provides U.S. government customers with systems engineering, technical and programming support services. Stout served as exclusive financial advisor to ASEC for the transaction, according to its press release.

New Charter Technologies Adds Dynamic Edge. New Charter Technologies, a portfolio company of Oval Partners, announced the addition of Dynamic Edge, an Ann Arbor-based managed services provider. The partnership is intended to boost access to centralized services, group buying power and improved recruitment, per the press release.

Quick Roofing and Excel Construction Group Merge. Quick Roofing, a portfolio company of Centre Partners, and Excel Construction Group announced the combination of the two companies, creating the largest roofing business in the Dallas-Fort Worth metroplex. The deal is expected to provide customers with a broader range of services.

Renovus’ ToxStrategies Acquires Suttons Creek. ToxStrategies, a scientific consulting firm and a portfolio company of Renovus Capital Partners, has announced its acquisition of Suttons Creek, a product and device team for the pharmaceutical industry. Renovus first partnered with ToxStrategies in November 2022. This acquisition brings regulatory expertise and growth opportunities, according to the press release.

Vance Street Capital Platform Acquires Aviation Products Systems. Los Angeles-based private equity firm Vance Street Capital announced the rebranding of its collective group of general aviation and business aviation brands to Victor Sierra Aviation Holdings, as well as its latest acquisition of Aviation Products Systems, a founder-owned supplier of proprietary replacement wheel and brake components and custom hose kits for general aviation aircraft.

Whitsons Culinary Group Acquires Arbor Management, Inc. Whitsons Culinary Group, a portfolio company of New York-based private equity firm GenNx360 Capital Partners, announced its acquisition of Arbor Management, a food service management company. Whitsons, a national customized dining services provider, first partnered with GenNx360 in 2021. 

Strategics

Knack Global Acquires Merrick Management, Inc. Knack Global, a provider of tech-enabled revenue cycle management solutions, acquired Merrick Management, Inc., a firm that provides professional services to anesthesia providers. Greenberg Advisors, LLC served as the financial advisor to Knack Global.

SRM Acquires Kenneth J. Sole & Associates. SRM, a vendor for contracts, strategy payments and technology advisory services, acquired technology consulting firm Kenneth J. Sole & Associates (KJS). A press release from The DAK Group, which served as exclusive financial advisor to KJS, noted the deal expands SRM’s services to include core systems optimization and conversion support.

Exits

BelHealth Investment Partners Exits VFP Pharmacy Group. BelHealth, a healthcare-focused private equity firm, completed the sale of VFP Pharmacy Group, a fertility pharmacy. The terms of the transaction were not disclosed.

Cinven to Exit JAGGAER. Cinven, an international private equity firm, announced it has reached an agreement to sell JAGGAER to Vista Equity Partners. JAGGAER is a direct and indirect enterprise procurement and supplier collaboration platform with more than 1,400 customers.

Harvest Partners Completes Sale of Service Express to Warburg Pincus. PE firm Harvest Partners announced the closing of the sale of data center services provider Service Express to Warburg Pincus. The company’s management team, led by CEO Ron Alvesteffer, will continue to lead Service Express in its next stage of growth, according to a press release.

Lightview Capital Announces Sale of Array. Lightview Capital, a lower middle-market private equity firm, has announced the sale of Array to WCG, a clinical research solutions provider. Array, a content engagement partner for life sciences events, joined Lightview’s portfolio in 2019.

Fundraising

Valor Equity Partners Closes Oversubscribed Fund. Valor Equity Partners, a private equity firm, announced the closing of its flagship fund, Fund VI. The fund closed at $2.35 billion, well over its $2 billion target.

Insights

Japan’s Private Equity Market Leaps Forward: PwC Report. A recent report from PwC found that 2023 tailwinds acted as a tonic for Japan’s private equity industry. Rising interest rates in most markets and the depreciation of the yen contributed to global interest in the Japanese market. Two of the major trends attracting attention are secondary transactions and rollups.

Climate Fundraising in H1 2024 Tops All of 2023. Research from the Venture Capital Journal shows climate funds are on the rebound. Climate fundraising in the first half of 2024 totaled nearly $6.9 billion, up from $5.2 billion in all of 2023. Bill Gates’ venture capital firm, Breakthrough Energy Ventures, was behind a large portion of the numbers.

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