Growth Capital Investments in 2022

Concentric Investment Partners has closed an investment in Peak Nutritional Products, a Tampa-based contract manufacturer of nutraceutical products serving sports nutrition, fitness, and health & wellness brands. The investment provides growth capital to support Peak’s custom formulation, manufacturing, packaging, and distribution capabilities for tablets, capsules, liquids, and powders.

FPE Capital LLP has led the first institutional (growth) investment into 15gifts, backing founder Tom Cox and the existing management team to accelerate international expansion and product development. 15gifts is a Brighton-headquartered Customer Experience Management SaaS provider serving telecom and mobile network operators, with over 60 employees and strong traction in the UK, US and Europe.

Vespa Capital has invested in Eserv, an Aberdeen-based provider of AS-TEG, a 3D digital twin SaaS for complex industrial assets. The minority growth investment will partner with founder-CEO Dan Millard and the incumbent management team to support international expansion, augment the team, and further develop the AS-TEG platform.

Blue Star Innovation Partners, a growth-focused investment firm, announced a strategic growth investment in Sonar Software, a cloud-based provider of BSS/OSS solutions for Internet Service Providers. The capital will support Sonar's global expansion and the development of new products and services to better serve ISPs and accelerate growth.

Siguler Guff & Company, LP made a R$150 million growth investment in Verzani & Sandrini (V&S), a leading Brazilian facilities management, security, and maintenance services provider. The capital will support V&S's continued organic growth and additional acquisition activity as part of a buy-and-build strategy.

Hastings Equity Partners has made a Fund V platform investment in GridSource, a Baton Rouge-based utility contractor, with founder Dusty Johnson retaining significant ownership and remaining active in management. Hastings said the investment will provide resources to grow GridSource’s telecom and gas infrastructure services to capitalize on accelerating broadband/fiber deployment and upcoming federal funding for broadband.

Mars Equity Partners made a strategic (growth) investment in A2B Development (dba NewGen Energy) on December 21, 2022. Generational Equity advised NewGen Energy; the investment will help scale the Loomis, California-based alternative energy provider that offers solar PV, energy storage and backup power solutions for agricultural, commercial/industrial and residential customers.

Mid-market private equity firm LDC has made a growth investment in Stonbury, the UK water and environmental sustainability specialist headquartered in Bedfordshire. The capital will support Stonbury's management team to expand its water, wastewater and nature-based low‑carbon services — including organic growth, acquisitions and a push into clean energy — while LDC takes board seats to support the company’s expansion plans.

GHC Mechanical, an Elk Grove Village, Illinois commercial HVAC/R contractor, formed a partnership with Eagle Hill Partners and Jensen's Plumbing & Heating on November 22, 2022. Generational Equity advised GHC on the transaction; Eagle Hill will provide capital and strategic support while Jensen's joins as an operating partner to support growth and service expansion.

Sagard Private Equity Canada has made a significant growth investment in Courchesne Larose Group, joined by Fondaction and Roynat Equity Partners, to support the company's expansion beyond Quebec and the Maritimes. The Routhier Monette family and management remain shareholders, and the transaction is supported by several lenders including National Bank of Canada, CIBC, Scotiabank and Royal Bank of Canada.

L Catterton, a global consumer-focused investment firm, has made a growth investment in BloomChic, a digital-first plus-size women's fashion brand. The capital will help BloomChic scale operations, deepen product development, and expand its geographic reach across key markets.

Gauge Capital has made a strategic growth investment in Exact Customer, a New York–based software-enabled digital performance marketing agency that supplies high-intent consumer leads to the home services market (windows, bath, solar). Gauge will partner with founders Steve Jacoby and Eric Bloomfield and the management team, taking board seats to support investments in sales and marketing, strategic M&A, and vertical expansion.

Rise Health, a technology-enabled primary care platform focused on value-based care, closed a growth equity investment led by Lorient Capital and Martis Capital to support continued market expansion and technology investment. The capital will be used to accelerate growth across the Southwest United States and expand Rise Health’s value-based primary care partnerships with providers serving underserved populations.

Los Angeles-based Corbel Capital Partners acquired a minority equity stake in IcyBreeze (Sweetwater, Texas), a maker of portable air-conditioning and cooler products. The investment, which closed December 12, 2022, is intended to professionalize the business and support continued growth in unit sales, revenue, and profitability.

GTCR made a strategic growth investment in Senske Services, a multi-state provider of recurring residential and commercial lawn care, pest control, and tree services. GTCR is partnering with industry operators Casey Taylor and Nathan Hurst, who are joining as Co-CEOs, to fund acquisitions and organic growth as Senske pursues national expansion.

Summa Equity, Verdane and Kinnevik are investing NOK 1.5 billion of new equity in Norwegian online grocery retailer Oda to support its profitable growth and international expansion. Existing shareholders (including Rasmussen Group and Prosus) are contributing an additional NOK 621 million through debt conversion, giving Oda an implied post-transaction equity value of approximately NOK 3.5 billion.

Clearspring Capital Partners and OneLink Capital (with financial participation from BDC Growth Equity Partners) announced a minority growth investment in Groupe Tecnic and École de Conduite Tecnic Rive-Nord. The founding Sévigny and Aubé families remain significant shareholders with management continuity (CEO Mylène Sévigny to remain); the capital will support Tecnic's growth plan and potential expansion beyond Quebec.

Edison Partners has made a $15 million growth equity investment in K1x, Inc., a Chicago-based provider of AI-powered Schedule K-1 aggregation and packet production SaaS for institutional investors and tax-exempt organizations. The funding will support K1x's commercial scaling, customer success, product roadmap and machine-learning capabilities, and Edison Partners' Jennifer Lee will join K1x's board.

Workhorse Group, Inc. made a $10 million strategic lead investment in Tropos Technologies' Series B round to support Tropos' nationwide expansion and production growth. The transaction was arranged with Chicago-based Auctus Capital Partners acting as exclusive advisor, and Workhorse also entered a contract manufacturing relationship to supplement Tropos' production capacity.

PayProp, a cloud payments and reconciliation platform for the property management industry, raised a significant growth investment from a consortium including Accel-KKR, Rational Expectations, BetterHome, and participation from founders and management. The funding will support product innovation, infrastructure build-out and expansion into new and existing markets including the UK, South Africa, Canada and the United States.

LinkIt!, a K-12 assessment, analytics and MTSS software provider, has received a growth investment from Serent Capital to accelerate geographic expansion and further invest in product development and platform integrations. Lane Rankin will join LinkIt!'s board as part of the transaction, and Leonis Partners advised LinkIt! on the deal.

Foresight Group, via the Midlands Engine Investment Fund, has provided a £400,000 growth capital investment into TextureJet as part of a wider £650,000 round also including the University of Nottingham and members of the Minerva Angel Investor Group. The funding will enable the Nottingham-based spin-out to scale production of its patented surface texturing machines, expand its team and pursue overseas market expansion across aerospace, automotive and medical device end markets.

Kite, a Gilead company, will make a $225 million upfront cash payment plus a $100 million equity investment in Arcellx to co-develop and co-commercialise Arcellx's lead CAR-T candidate, CART-ddBCMA, for relapsed or refractory multiple myeloma. The companies will share development and U.S. commercial economics (50/50 U.S. profits for co-commercialised products), with Kite responsible for manufacturing after technical transfer; ex-U.S. commercialization will be led by Kite with royalties to Arcellx.

Los Angeles-based private equity firm Interlock Equity has made a strategic growth investment in Boston-based consulting firm Investor Group Services (IGS). The minority growth capital will support IGS's expansion of its consulting team, new service offerings, geographic footprint, and potential strategic acquisitions while founders and leadership retain significant ownership.

Rosser Capital Partners completed a growth investment in Kitchen Social, a three-unit, small-box, bar-centric full-service restaurant concept based in Ohio. The funding will be used to accelerate Kitchen Social's expansion into new and existing markets; financial terms were not disclosed.

Crestline Investors and existing investor Seaport Capital made a significant ownership investment in bMedia Group, Puerto Rico's leading out-of-home (OOH) media company. The capital injection will support bMedia's continued organic and inorganic growth, including expansion of its digital billboard network.

Housatonic Partners has made a strategic growth investment in Brainfuse, a New York City–based provider of online tutoring, career counseling, and veterans assistance that serves public libraries, higher education institutions, and K‑12 school districts. Financial terms were not disclosed; Housatonic Managing Director Mark Hilderbrand joined Brainfuse's board as the firms partner to enhance the company's proprietary online learning platform and support growth.

Greater Sum Ventures, an entrepreneurial family office and growth equity investor, made a majority investment in Tracker (TrackerRMS), a cloud-based recruitment and staffing management platform. The capital will fund product innovation and accelerate growth while co-founder Andy Jones remains CEO and co-founder David Alonso stays on as an investor/advisor.

Brookside Capital Partners provided subordinated debt and a preferred-equity co-investment to support the growth strategy of Principal LED, Inc., a San Angelo, Texas-based manufacturer of LED modules and lighting components. Principal is an existing portfolio company of Valesco Industries, LLC; the capital package is intended to support the company's expansion and growth initiatives in the electrical sign and architectural illumination markets.

LDC, the private equity arm of Lloyds Banking Group, has made a significant growth investment in London‑headquartered capital markets technology firm Etrading Software to support international expansion and the development of its data and market‑infrastructure capabilities. The deal backs the existing management team led by founder and CEO Sassan Danesh; LDC directors Joseph Fison and Alex White will join the board and Emanuel Mond has been appointed Chairman.

EQT Future, ATHOS and other co-investors have acquired a minority stake in SHL Medical from EQT's Equity fund VIII, with founder Roger Samuelsson remaining the majority shareholder. The consortium will support SHL Medical's next growth phase — expanding production into the United States and Europe, launching new product platforms, and advancing sustainability and circularity initiatives.

Saudi industrial investor Dussur has signed an agreement to acquire a minority stake (expected to be less than 20%) in Italmatch Chemicals from Bain Capital Private Equity and will invest an additional €100 million via a capital increase. The transaction, expected to close in H1 2023 subject to customary approvals, aims to strengthen Italmatch's presence in the Middle East and support regional localization and growth.

Keurig Dr Pepper entered a strategic partnership with Nutrabolt, acquiring a minority equity stake (reported ~30%, ~$863M) and agreeing a long-term sales and distribution arrangement. The transaction coincides with MidOcean Partners' exit of its investment in Nutrabolt, the owner of brands including C4 Energy, Cellucor and XTEND.

Arsenal Capital Partners closed a previously announced $449 million stock purchase in Certara, acquiring shares from funds controlled by EQT Private Equity and becoming a long-term minority investor. As part of the transaction Arsenal appointed Operating Partner David Spaight to Certara's board while Stephen McLean remains a director; Arsenal agreed to a two-year lock-up on the newly purchased shares.

Mid-market private equity firm LDC has made a growth investment in scarlettabbott, the UK employee engagement and internal communications consultancy co‑founded by Jonathan Abbott and Rachel Thornton. The founders move to Non-Executive Director roles while LDC will back CEO Jeremy Petty and the management team to invest in products, services and people and accelerate growth, with a target to double headcount within five years.

Insight Partners has made a minority growth investment in Riviera Partners, a data-driven, tech-enabled executive search firm headquartered in San Francisco. The capital will support Riviera's geographic expansion and scaling of its recruiting technology and services while the firm continues to operate independently.

BV Investment Partners announced a growth investment in Imagenet, LLC to partner with management and accelerate the expansion of Imagenet's health plan–oriented operational and administrative technology and tech-enabled services. The investment will support scaling Imagenet's JetStream workflow platform, claims adjudication, and back-office support capabilities to serve health plans nationwide.

Bridges Sustainable Growth Funds has made a growth investment in HYCUBE, a Mannheim-based provider of decentralised clean energy storage systems for homeowners. The capital will back the existing management team to scale HYCUBE’s residential solar, battery storage, EV charging and smart-home energy management offering and expand its reach in Germany and other markets.

Silversmith Capital Partners led a majority growth investment in Proven Optics, a Columbus, Ohio-based IT financial management SaaS company founded by William Miller and Ben Perkins. The capital will be used to accelerate product development and expand sales and marketing; Silversmith has joined the company's board.

Growth Street Partners has made a minority growth equity investment in goHappy, a Richmond-based provider of frontline employee communication and engagement SaaS. The capital will be used to expand goHappy's platform and accelerate its market leadership across restaurants, hospitality, retail, senior living, manufacturing and logistics customers.

Medical Specialists of the Palm Beaches (MSPB), a South Florida primary-care and multi-specialty physician group, received an equity investment from healthcare-focused private equity firm Ascend Capital Partners and management partners at CareAbout. The funding will be used to expand MSPB's footprint, enhance value-based care services, and invest in additional clinical specialties across Palm Beach and Broward counties.

Funds advised by Gyrus Capital have acquired a 40% stake in Consulcesi Group, with founder Massimo Tortorella and management remaining involved. The investment will support Consulcesi's international expansion and M&A-driven growth to build a pan‑European digital healthcare platform and target doubling revenue to over €120 million by 2025.

Focus Impact Partners, LLC and Meaningful Partners LLC made a strategic growth investment in Skiptown to fund expansion and new location openings. The investment includes a board appointment of Steve King and will support Skiptown’s multi-unit scaling of its pet services and experiential venues; terms were not disclosed.

Palladium Heritage, the lower-middle-market investment unit of Palladium Equity Partners, has made an investment in Southwest Strategies to support the firm's growth. The San Diego-based public outreach and communications firm will partner with Palladium Heritage to broaden offerings and expand into new markets amid expected infrastructure investment activity; terms were not disclosed.

Sheridan Capital Partners has taken an ownership stake in ADVI Health, investing alongside ADVI senior leaders who retained a meaningful ownership interest and will remain active in leadership. The investment is intended to accelerate ADVI's growth by expanding its market-access, commercialization, and policy offerings and scaling its data-informed products and services.

Blackstone (through Blackstone Energy Partners and Blackstone private equity) and Rivean Capital have completed a strategic investment in Esdec Solar Group B.V., the Deventer-headquartered global leader in rooftop solar mounting systems. The transaction sees Rivean partly realise its original investment while re-investing via a continuation fund; the backing is intended to accelerate Esdec's international growth and consolidation in rooftop solar.

SNH Capital Partners has made a strategic growth investment in Five Nines, a Midwest-focused managed IT services provider. The partnership will provide Five Nines with capital and operational resources to scale its managed IT, cybersecurity, and compliance offerings and expand further into regulated end markets such as healthcare.

EnCap Investments (via its EnCap Energy Transition platform) has made a significant equity commitment to Bleutec Industries, a Houston-based builder, owner and operator of Jones Act‑compliant offshore wind turbine installation vessels. Bleutec management is co-investing alongside EnCap to accelerate development of its Binary Marine Installation Solution (BMIS) and build out Jones Act vessels to support U.S. offshore wind projects.

Carlson Private Capital Partners (CPC) made a significant investment in founder-owned Thermo Systems, a control systems integration firm headquartered in East Windsor, New Jersey. Thermo Systems (founded 1998) provides automation and control integration across data center, life sciences and district energy end markets, operates multiple U.S. and European offices, and has completed nearly 1,700 projects for over 200 customers; the investment is intended to support Thermo's growth and expansion.

Vestar Capital Partners has made a strategic growth investment in Nox Health to accelerate development of the company's sleep diagnostic technology and expand adoption of its value-based sleep management solutions among employers and health plans. Financial terms were not disclosed; the investment will support product and service development and broader market expansion.