PE Weekly: Services, Industrials Keep M&A Flowing

Platform Investments

TruArc Acquires Matrix Adhesives. Private equity firm TruArc Partners has acquired Matrix Adhesives Group from Goldner Hawn. The company provides adhesive and sealant solutions for renovation and construction, industrial, commercial, and specialty applications.

Chimney Rock Equity Acquires United Electronics. Private equity firm Chimney Rock Equity Partners has acquired United Electronics Company, an electronics design and manufacturing company. The business services the aerospace and defense, as well as other industrial end markets. Chimney Rock acquired the business from Albion River.

Princeton Equity Backs KidStrong. KidStrong, a franchisors and operator of science-based training programs for children, has received an investment from Princeton Equity Group. Princeton focuses on franchisor and multi-unit investments.

Southfield Capital Takes Majority Stake in Metric. Southfield Capital, a lower middle-market private equity firm, has acquired a majority stake in Metric Search. The search platform provides talent solutions and human capital placement services for niche markets including Medtech, life sciences, engineering, and data centers.

One Equity Partners Acquires Kitwave. One Equity Partners, a middle-market private equity firm, announced its acquisition of Kitwave Group this week. Kitwave is a wholesale distributor of food, drinks, and other consumables to foodservice and retail customers in the U.K.

TA Associates Backs iBase-t. TA Associates, a private equity firm, has invested in iBase-t, according to a recent press release. The company provides manufacturing operations management software for aerospace and defense manufacturers.

Greenbelt Capital Backs American Wire Group. Greenbelt Capital Management announced this week it invested in American Wire Group, a provider of wire and cable solutions, hardware, equipment, and accessories for various energy end markets. The company offers both products and engineering expertise.

Godspeed Capital Backs GALT Aerospace. Godspeed Capital has established a new defense technology platform following the acquisition of GALT Aerospace, a recent press release said. GALT provides warfighter-centric command, control, and communications solutions for airborne systems.

Apex Capital Invests in El Latino. Apex Capital has invested in El Latino, an ethnic specialty food brand providing Latin American and Caribbean products. Backing will help El Latino expand into new regions in the U.S., an announcement noted.

Add-ons

Grove Mountain’s Hills Distribution Acquires Bender Plumbing. Hills Distribution, a wholesale distributor of plumbing, HVAC, and hydronic equipment, has acquired Bender Plumbing Supply. Hills Distribution is a portfolio company of Grove Mountain Partners.

Gryphon’s Vision Innovation Acquires Frederick Eye Institute. Vision Innovation Partners, an eye care platform with 69 locations across the Mid-Atlantic, has acquired Frederick Eye Institute. The investment marks the 28^th add-on for the company since partnering with its sponsor, Gryphon Investors.

Coalesce-Backed Miller Acquires Haz-Mat and Canco. Miller Environmental Group, a waste, industrial, and environmental services provider, has acquired Haz-Mat Environmental Services and Canco. Both provide industrial services, while Haz-Mat also provides waste treatment and disposal services. Miller is a portfolio company of Coalesce Capital.

New State Capital’s Universal Plant Services Acquires MSI. Universal Plant Services (UPS), which provides rotating and reciprocating equipment services, has acquired Mechanical Solutions Inc. (MSI). The company is an engineering firm specializing in fluid machinery and turbomachinery systems. UPS is a portfolio company of New State Capital Partners.

Blue Point’s National Safety Apparel Carves Out Assets from Lakeland. National Safety Apparel, which specializes in flame-resistant clothing and other PPE products, has acquired the high-performance flame resistant and high-visibility product lines from Lakeland Industries. The investment takes the product lines private. National Safety Apparel is backed by Blue Point Capital Partners.

Rockbridge Growth’s FormativGroup Acquires Flok. Flok, a Salesforce consulting firm, has been acquired by FormativGroup, according to a recent announcement. FormativGroup is backed by Rockbridge Growth Equity.

TSCP-Backed ATIS Acquires Vinspec. Thompson Street Capital Partners announced this week that KJA, a subsidiary of its portfolio company ATIS, has acquired Vinspec. ATIS provides elevator and escalator safety inspections and other services. Vinspec offers elevator and escalator consulting and inspection services across Canada.

Exits

CORE Industrial Exits PrecisionX Group. CORE Industrial Partners, a private equity firm focused on manufacturing, industrial technology, and industrial services, has sold PrecisionX Group. Windjammer Capital acquired the business, which provides high-precision metal components for critical use applications in aerospace and defense, medical devices, and satellite and space.

Fundraising

OceanSound Raises $3.4 Billion for Fund III. OceanSound Partners, a private equity firm focused on technology and tech-enabled services for the aerospace, defense, government, and highly regulated enterprise end markets, has raised $3.4 billion. The firm closed its Fund III with $3 billion in capital commitments, which was supplemented by related co-investment vehicles connected to the fund.

Insights

Andalusian Credit Company, Carlyle Pair for Middle-Market Loans. Andalusian Credit Company has announced a joint venture with Carlyle Global Credit Investment Management to invest in middle-market loan assets, according to recent reports. Andalusian Credit Company is a business development company managed by direct lender Andalusian Credit Partners.

HCI Equity Partners Announces Rebrand. Lower middle-market private equity firm HCI Equity Partners has rebranded to Oridian Capital Partners. The name change follows a leadership transition, the firm noted.

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.