PE Weekly: Dealmakers Target Industrials, Tech-Enabled Business Services

Platform Investments

Lindsay Goldberg to Acquire EMCO Chemical. Private equity firm Lindsay Goldberg announced this week it entered into an agreement to acquire EMCO Chemical Distributors. The company is a distributor of industrial chemicals, primarily in the Midwest.

Thoma Bravo Completes Trading Technologies Investment. Trading Technologies International, a capital markets technology platform services provider, announced this week the close of an investment by software investment firm Thoma Bravo. The firm joins existing sponsor 7RIDGE in ownership of Trading Technologies.

Pacific Avenue Carves Cement Business Out of FLSmidth. Pacific Avenue Partners, a middle-market private equity firm focused on corporate carve-outs and other complex situations, announced this week its acquisition of FLSmidth Cement. The firm carved the business out from its parent company, FLSmidth & Co., taking it private and rebranding it to Fuller Technologies.

Coalesce Capital Backs DecisionHR. Private equity firm Coalesce Capital announced it entered into an agreement to acquire a majority stake in DecisionHR, an HR outsourcing provider. The Professional Employer Organization (PEO) offers a variety of HR services including payroll and tax administration, workers’ compensation, employee benefits administration, and risk management.

Goldman’s PE Arm Acquires Excel Sports Management. Goldman Sachs’ private equity arm, Goldman Sachs Asset Management, has acquired Excel Sports Management, a sports agency representing athletes including Caitlin Clark and Tiger Woods. Terms of the deal were not disclosed, but separate reports, citing sources close to the transaction, said the deal was valued at nearly $1 billion.

Soundcore Forms Energy Platform with FLG Acquisition. Soundcore Capital Partners announced the formation of a residential and commercial propane distribution platform following the acquisition of Florida Lift Gas. The platform has been rebranded as Reliable Energy Partners and will aim to expand its footprint beyond Florida.

Percheron Launches Fire Safety Platform with Acquisition. Percheron Capital, a private equity firm focused on the essential services sector, has acquired an unnamed fire and life safety services company. Following the acquisition, Percheron launched its ASPYRE Fire & Life Safety platform.

Turnspire Forms LifeLine Group with Two Acquisitions. Turnspire Capital Partners has acquired LifeLine Foods and ICM Biofuels, combining the businesses into a single platform, The Lifeline Group. ICM has been rebranded as LifeLine Biofuels.

Transom Acquires Binswanger Glass. Transom Capital Group has acquired Binswanger Glass, a provider of commercial and residential glass design, engineering, fabrication, and installation services.

Add-Ons

Coalesce’s Miller Environmental Acquires ACE Environmental. Miller Environmental Group, a waste, industrial, and environmental services provider, has acquired ACE Environmental Services. ACE provides environmental services for commercial, industrial, marine, and residential end-markets. Miller is a portfolio company of Coalesce Capital.

Renovus Capital’s K2 Services Makes Two Acquisitions. K2 Services, a managed services provider, announced two acquisitions this week. The company acquired Epiq Global Business Transformation Solutions and Forrest Solutions, expanding K2’s managed services portfolio to cover front, middle, and back-office operations. K2 is sponsored by Renovus Capital Partners.

Kian Capital’s Diamond Landscaping Acquires Arizona Outdoor Designs. Diamond Landscaping, a residential landscaping service provider backed by Kian Capital, has acquired Arizona Outdoor Designs. The investment marks the sixth add-on acquisition for Diamond since partnering with Kian in 2021.

BayPine’s Harbor Acquires Legal Tech Training Firm Encoretech. Legal technology and consulting firm Harbor announced its acquisition of Encoretech this week. Encoretech is a technology training firm servicing the legal sector, and expands Harbor’s capabilities in AI enablement, change management, and other areas. The investment is Harbor’s first add-on since receiving investment from BayPine.

Strategics

Charles Schwab Takes Forge Global Holdings Private. The Charles Schwab Corporation announced this week it entered into an agreement to acquire Forge Global Holdings, taking the private market platform and trading marketplace private. The transaction is valued at about $660 million.

Maxwell Street’s TIG Acquires North American Warehousing Group. The Integration Group (TIG) has acquired North American Warehousing Group, a provider of specialized warehousing and logistics services with a focus on chemical and hazardous materials. TIG is a portfolio company of Maxwell Street Capital Partners.

Exits

Genstar Exits OEConnection to Francisco Partners. Global investment firm Francisco Partners, which focuses on technology businesses, has announced its acquisition of a majority stake in OEConnection from Genstar Capital. OEConnection provides an automotive aftersales platform.

TJC Exits Potters Industries to Macquarie-Led Consortium. A consortium of investors led by Macquarie Asset Management announced this week it reached an agreement to acquire a majority stake in Potters Industries. The company manufactures glass beads used in road infrastructure and other industrial applications. The consortium is acquiring the stake from TJC, formerly known as The Jordan Company.

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.