PE Weekly: M&A Roundup Oct. 30-Nov. 5

Platform Investments

One Rock Carves Out Kraft Heinz’s Coffee Business. One Rock Capital Partners, an operationally focused private equity firm, agreed to acquire Kraft Heinz’s North America coffee business at a $650 million enterprise value. The carve-out includes brands such as Maxwell House, Gevalia, Nabob, and Tassimo. Kraft Heinz will retain a 30% noncontrolling stake and use approximately $500 million in expected after-tax proceeds to reduce debt.

Paradigm Equity Acquires STI Fabrics. Private equity firm Paradigm Equity Partners acquired STI Fabrics, a manufacturer of upholstery and performance fabrics. Paradigm plans to improve manufacturing and commercial operations, expand the company’s outdoor and designer channels, and pursue complementary acquisitions.

LLCP Invests in Concentric Energy Advisors. Levine Leichtman Capital Partners made a growth investment in Concentric Energy Advisors, a consulting firm serving utilities and energy infrastructure investors. The investment is the 11th platform investment from LLCP Lower Middle Market Fund III.

I Squared Capital Acquires Orizon Aerostructures. I Squared Capital, a global infrastructure investor, agreed to acquire Orizon Aerostructures, a manufacturer of complex structural components and subassemblies for commercial aviation, defense, and space applications. I Squared plans to invest in Orizon’s manufacturing capacity and help address aerospace supply-chain constraints.

Speyside Acquires the TAPCO Tube Company. Speyside Equity Advisers, a private equity firm focused on middle-market manufacturing and distribution businesses, acquired the TAPCO Tube Company, a manufacturer of steel tubing and building products. TAPCO serves construction, infrastructure, agricultural, and industrial markets through its Tapco Tube and Akron Building Products brands.

Platinum Equity Carves out Warren Valve from Allied Group. Platinum Equity acquired Warren Valve, a provider of engineered and distributed flow-control valves for energy, industrial, technology, and infrastructure markets, from Allied Group. The corporate carve-out establishes Warren Valve as a standalone business, with Allied founder Marc Herzstein and members of Warren Valve’s management team retaining minority stakes.

Velocity Capital Management Acquires Stake in LV8 and Mirage. Velocity Capital Management, a private equity firm focused on sports, media, and entertainment, acquired a stake in LV8 and Mirage, and will merge the two. LV8 is a brand service agency, while Mirage is a digital video publisher. Together, the business will operate as a digital media, marketing, and creator platform.

Northampton Capital, ABR, BIP Partner for Transportation Platform. Alternative asset manager Northampton Capital Partners, middle-market investment manager ABR Capital Partners, and private equity firm Biynah Industrial Partners formed a $200 million joint venture called Transportation Related Infrastructure Platform (TRIP). The platform will acquire and operate truck terminals, fleet terminals, freight-handling facilities, and other contracted logistics assets across the United States.

Exits

Incline Equity Exits Edko to L Squared. L Squared Capital Partners announced that it acquired Edko, a provider of vegetation-management services for utilities, pipelines, refineries, renewable-energy assets, and other critical infrastructure. The acquisition is the first platform investment from L Squared’s $2 billion Fund V. The firm acquired the business from its previous sponsor Incline Equity Partners.

Charter House Exits Vermeg to Advent International. Advent International agreed to acquire Vermeg, a provider of capital-markets and life-insurance technology, from Charterhouse Capital Partners. A subsidiary of the Abu Dhabi Investment Authority will participate as a minority co-investor. Vermeg provides capital markets and life insurance technology.

Fengate Exits Natural Gas Portfolio to Entergy Capital Partners. Energy investment platform Energy Capital Partners acquired a portfolio of three natural gas-fired cogeneration facilities in Texas and Illinois from Fengate Asset Management, an alternative investment manager. The assets supply steam and electricity to two petrochemical complexes under long-term contracts and will form the foundation of a scaled industrial cogeneration platform in Energy Capital’s portfolio, a press release said.

Carlyle, PAI Exit Theramex to Cinven. Private equity firm Cinven agreed to acquire Theramex, a specialty pharmaceutical company focused on women’s health, from Carlyle and PAI Partners, according to an announcement. Theramex provides treatments across menopause, osteoporosis, contraception, and fertility in more than 80 countries. Cinven plans to support its geographic and product expansion.

Strategics

KeyBanc Capital Markets Acquires Atlantic-Pacific Capital. KeyBanc Capital Markets, the investment banking unit of KeyCorp, agreed to acquire Atlantic-Pacific Capital, a private-capital adviser providing fund placement, direct private placement, and secondary advisory services. The strategic acquisition will expand KeyBanc’s capital-raising and advisory capabilities for financial sponsors across private equity, private credit, real estate, and real assets.

Lazard Acquires Campbell Lutyens, Launches Private Capital Advisory. Financial advisory and asset management firm Lazard completed its acquisition of private-markets adviser Campbell Lutyens. The firm combined the business with its existing private-capital advisory operations to launch Lazard CL, a private-capital advisory platform with more than 300 professionals across 19 offices, providing fundraising, secondary, and GP capital advisory services.

Creative Planning Acquires Rockbridge Investment. Creative Planning, an independent wealth management firm, acquired Rockbridge Investment Management, a fee-only fiduciary wealth manager. The strategic acquisition adds approximately $2.2 billion in assets under management and 23 employees to Creative Planning while expanding its presence in Central New York.