PE Weekly: M&A Roundup Oct. 23-29

Platform Investments

Stone-Goff Acquires Quandary Consultants. Private equity firm Stone-Goff Partners acquired Quandary Consultants, a provider of regulatory and compliance-driven environmental services to critical infrastructure operators. Quandary provides air quality and monitoring, environmental, and natural resources services to customers in oil and gas, power generation, renewables, data centers, and other infrastructure markets.

Truelink Carves out Johnson Controls Alarm Business. Truelink Capital agreed to acquire Johnson Controls’ Global Intrusion Products Business, which will become an independent company following the transaction. The business designs and manufactures intrusion detection and alarm communication products, including panels, sensors, and detectors under brands including DSC, Qolsys, PowerG, Visonic, Bentel, and Sur-Gard.

Mesirow Carves out Assets from flexPATH Strategies. Mesirow Fiduciary Solutions completed its acquisition of flexPATH Strategies’ plan-level 3(38) business, a provider of outsourced fiduciary and custom portfolio construction solutions to the retirement plan market. The acquisition expands Mesirow’s custom portfolio construction and outsourced fiduciary capabilities and represents the firm’s second strategic acquisition in 2026.

OceanSound Invests in Iris Technology. OceanSound Partners completed an investment in Iris Technology, a manufacturer of radiation-hardened, space-qualified electronics and rugged power management solutions for national security applications. OceanSound plans to support investments in testing and qualification capabilities, engineering and program management, and potential add-on acquisitions.

Add-ons

The Riverside Company’s Western Botanicals Adds CBS Nutrition. The Riverside Company invested in CSB Nutrition as an add-on to portfolio company Western Botanicals, a contract developer and manufacturer of vitamins, minerals, and supplements. CSB Nutrition manufactures capsule and powder dietary supplements.

OceanSound’s Burns Engineering Acquires PRVN Consultants. Burns Engineering, which is backed by OceanSound Partners, acquired PRVN Consultants, an engineering firm specializing in district energy, power generation, and combined heat and power markets. PRVN Consultants provides mechanical, electrical, controls, and structural engineering for central energy plants, utility distribution systems, industrial process facilities, and related infrastructure.

Falfurrias Management’s Oddball Carves out Salesforce Services Business. Oddball, a federal digital services provider backed by Falfurrias Management Partners, acquired the Salesforce Technology and Services Business of Synaptic Era. The carve-out acquisition adds a Salesforce and Agentforce practice specializing in public-sector solutions and AI-enabled platform delivery to Oddball’s existing custom software, cloud, data, and AI capabilities.

Avance’s Alchemy Acquires Freeit Data Solutions. Alchemy Technology Group, a cybersecurity advisory, consulting, and reseller firm backed by Avance Investment Management, acquired Freeit Data Solutions. Freeit Data Solutions provides data management, infrastructure, and cybersecurity solutions, particularly to state, local, and education customers.

Strategics

Apollo Acquires Minority Stake in Mubadala Capital. Apollo agreed to acquire a minority equity stake in Mubadala Capital, an alternative asset manager whose core alternatives business manages more than $60 billion across five strategies. Additional strategic investors will also become minority shareholders, and together with Apollo, are expected to commit an aggregate $5 billion to Mubadala Capital’s investment strategies at initial close; Mubadala Investment Company will remain the majority shareholder.

Exits

LLCP Exits Global Loan Agency Services. Levine Leichtman Capital Partners (LLCP) completed the sale of Global Loan Agency Services (GLAS) to Oakley Capital. GLAS provides independent loan agency and trustee services across syndicated loans, direct lending, and capital markets transactions, and grew assets under administration from about $120 billion to more than $920 billion during LLCP’s ownership.

Swander Pace Exits Fine Choice Foods. Swander Pace Capital sold Fine Choice Foods to Power Sustainable Lios, the food-focused private equity platform of Power Sustainable. Fine Choice Foods develops, manufactures, and distributes fresh and frozen Asian-inspired appetizers and meal solutions under the SUMM! Brand.

Insights

Ares Capital Acquires MidCap Financial. Ares Capital Corporation agreed to acquire MidCap Financial Investment Corporation in a stock-and-cash transaction valued at approximately $2.6 billion. Both are publicly traded business development companies focused on lending and investing in middle-market businesses.