PE Weekly: Platform Deals Driven by Tech-Enabled Business Services

Platform Investments

Citation Capital Acquires Majority Stake in Gallo Mechanical. Citation Capital announced its majority acquisition of Gallo Mechanical this week. Gallo is a specialty mechanical contractor providing HVAC and plumbing installation services. The company’s management team will retain a stake in the company.

Milwaukee Capital Acquires MPP Group. Private equity investor Milwaukee Capital Partners has acquired MPP Group, a service provider focused on drug discovery and development solutions. Backing from Milwaukee Capital will support MPP’s expansion in the market.

Unity Partners Backs Ampleo. Unity Partners announced its investment in Ampleo this week, a finance, marketing and HR managed professional services provider. With Unity’s support, Ampleo plans to introduce an Employee Purpose Plan, hire new partners and make strategic acquisitions.

Latticework Capital Backs First Medical Associates. Healthcare-focused Latticework Capital Management has announced a strategic investment in First Medical Associates, a primary care provider operating across Maryland, according to a press release.

Main Capital Takes Majority Stake in PRIM’X. Main Capital Partners announced a majority acquisition of PRIM’X, a software developer providing encryption and data confidentiality solutions. The company focuses on the European defense, government and security sectors.

Edited Capital Acquires Annex Cloud. B2B tech-focused private equity firm Edited Capital announced this week its acquisition of Annex Cloud, an enterprise customer loyalty and engagement platform. The acquisition marks the first for Edited Capital’s Fund III.

Pacific Avenue to Carve Out FLSmidth Cement. Pacific Avenue Capital Partners, a private equity firm focused on corporate carveouts, announced it reached an agreement to acquire FLSmidth Cement. The firm will carve the company out from FLSmidth & Co.

Add-Ons

Argosy Private Equity’s Diverse Logistics Acquires Massiano Logistics. Diverse Logistics, a third party logistics provider headquartered in Tampa, Fla., acquired Massiano Logistics, a firm specializing in white-glove delivery, storage and distribution of heavy goods. This is Diverse Logistics’ second add-on since Argosy’s initial investment in May 2023.

Vision Innovation Partners Acquires Eye Care of Delaware. Vision Innovation Partners, an eye care platform serving the Mid-Atlantic and a portfolio company of Gryphon Investors, has acquired Eye Care of Delaware, a provider of eye surgery and other treatments. This deal is VIP’s 26th add-on since its founding in 2017.

Gryphon Investors’ Mechanix Wear Acquires Kinco. Mechanix Wear, a designer and manufacturer of work gloves, acquired Kinco, a family-owned maker glove maker. The acquisition includes Welch, a work and safety suspender business owned by Kinco.

Strategics

Gravyty Acquires Athlete Network. AI-powered engagement solution provider Gravyty, which targets the higher education sector, has acquired Athlete Network. The company facilitates engagement between student athletes and athletic alumni and will become part of Gravyty’s suite of solutions for athletic departments.

Exits

Summit Partners Exits Dr. Squatch to Unilever. Personal care brand Unilever announced this week its acquisition of Dr. Squatch, a direct-to-consumer personal care product maker. Unilever acquired the company from its previous sponsor, investment firm Summit Partners.

One Equity to Exit Brush’s Power Distribution Business. One Equity partners, a middle-market private equity firm, reached an agreement to sell the power distribution business of BRUSH Group. One Equity first carved out BRUSH from Melrose Industries in 2021. A year later, the firm sold its power generation business to Baker Hughes. Greenbelt Capital Partners will acquire the power distribution business, a separate announcement said.

Fundraising

Marlin Equity Closes Third European Fund. Marlin Equity Partners announced the close of its third European fund, Marlin Heritage Europe III, at its €1 billion hard cap. The fund surpassed its fundraising target and has already invested in Treasury Intelligence Solutions, Radar Healthcare, Napier AI and Didomi.

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.