PE Weekly: Portcos Exchange PE Hands in Slow Week for M&A
Several sales see businesses change from one PE sponsor to another
As we head into the holiday season, dealmaking announcements have begun to slow down as sponsors and other investors prepare for the new year—and a new presidential administration. The good news: exits show signs of picking back up with several sales this week, including a few portfolio companies and exchanged PE hands. Review the latest transactions below.
Platform Investments
Kingswood Capital Acquires Branding Iron Holdings. Kingswood Capital Management, a middle-market investment firm, has acquired Branding Iron Holdings, a protein manufacturer. Branding Iron provides branded and private label products, including beef and pork, with a focus on frozen and refrigerated ground meets.
MidOcean Acquires Arnott Industries. MidOcean Partners, an alternative asset manager specializing in middle-market private equity, has acquired Arnott Industries. The suspension products platform is a former portfolio company of Calera Capital, which announced the sale of the business to MidOcean in a separate press release. The investment expands MidOcean’s footprint within the auto aftermarket arena.
Charlesbank Capital Invests in IMPLAN. Charlesbank Capital Partners, a middle-market private equity firm, has acquired IMPLAN Group, a provider of economic impact data and analytics software. Backing from Charlesbank will allow IMPLAN to invest in product development, expanding its datasets as well as geographic coverage. Existing IMPLAN investor Boathouse Capital will fully exit the company, the announcement noted.
Arctos Partners in Talks to Acquire Stake in the Bills. Private equity firm Arctos Partners is reportedly in talks to partner with investors and acquire a 10.6% stake in the Buffalo Bills football team. The team’s NFL owner must still approve the sale, reports in Sports Business Journal noted.
Pinnacle Group Acquires Stake in VSS Capital Partners. Private investment firm VSS Capital Partners, which focuses on healthcare, education and business services, announced this week that Pinnacle Investment Management Group Limited has acquired a minority stake in the firm. VSS said it will use the backing to build out its global client base and introduce complementary new products to VSS’s core Structure Capital Funds.
Add-Ons
Access Holdings’ Spotless Brands Acquires More Car Washes. Car wash operator and developer Spotless Brands, backed by middle-market private equity firm Access Holdings, has acquired two additional car wash businesses, a press release said. The company acquired Bluebird Express Car Wash and Epic Shine Car Wash, expanding the business into Idaho and Oregon with 15 additional locations.
Strategics
Aprio Acquires Kirsch Kohn & Bridge. Aprio, a business advisory and consulting firm, has announced its merger with Kirsch Kohn & Bridge (KKB), expanding its operations into Southern California. A recent press release said the merger too effect Nov. 1 and adds five partners and more than 30 professionals to the Aprio team. KBB offers accounting, tax and business advisory services.
Exits
Highlander Exits McIntosh to Bose Corporation. Bose Corporation has acquired McIntosh Group, the parent company of various audio brands, a press release said this week. Bose is acquiring the company from its previous owner Highlander Partners, a private investment firm that first acquired McIntosh in June of 2022.
Odyssey Exits NSI Industries. Odyssey Investment Partners, a middle-market private equity firm, announced this week the sale of NSI Industries, a provider of electrical and HVAC products. Sentinel Capital Partners acquired the business. Odyssey first invested in NSI in 2020 and facilitated 11 add-on acquisitions.
Fundraising
Bain Capital Closes $9 Billion for Special Situations Fund. Bain Capital, a private investment firm, announced the close of its Global Special Situations Fund, with $9 billion in capital commitments raised. The capital base includes Global Special Situations Fund II, which raised $5.7 billion in capital commitments. Its Special Situations Asia and Europe regional funds secured $3.3 billion in capital commitments.
Insights
KeyBank Expands Midmarket Banking Offering in Chicago, SoCal. KeyBank announced this week the expansion of its commercial banking business in Chicago and Southern California. A press release said the financial service provider is broadening its geographic reach to middle-market clients in the regions. The bank’s commercial banking platform offers lending and capital markets capabilities, as well as payment solutions.
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.
