Tracked deals
21
21 tracked deals across 2023.
Manufacturing Growth Capital Investments in 2023
Buyer mix
PE-led
20 pe · 3 strategic
Top trend
Volume peaked in 2021
36 tracked deals announced in 2021.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Praesidian Capital | 2 | Private investment firm focused on control and growth inv... | PE |
| American Pacific Group | 1 | San Francisco Bay Area-based private equity firm with $1.... | PE |
| BDT & MSD Partners | 1 | Merchant bank and investment platform providing long-term... | PE |
| BDT Capital Partners | 1 | Merchant bank/private investment firm providing long-term... | PE |
| Bain Capital Special Situations | 1 | Global private investment firm (private equity, credit, g... | PE |
| CIC Partners | 1 | Middle-market private equity firm that invests alongside ... | PE |
| Capital For Business, Inc. | 1 | St. Louis-based private investment firm / SBIC providing ... | PE |
| CenterGate Capital | 1 | Austin-based private equity firm focused on partnering wi... | PE |
| Compass Minerals | 1 | Global producer of salt and specialty mineral products (d... | Strategic |
| Congruent Investment Partners | 1 | Dallas-based private equity firm focused on lower-middle-... | PE |
Acquisition Volume in Manufacturing Growth Capital Investments in 2023 by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
- Buyer
- Praesidian Capital
- Target
- Reel Power International
- Industry
- Manufacturing
- Location
- Oklahoma, United States
- Type
- Growth capital
Praesidian Capital, a private equity firm based in Oklahoma City, announced a strategic equity investment in Reel Power International, a manufacturer of capital equipment for material handling and control serving industrial, marine, and energy markets. The investment is intended to support Reel Power's growth initiatives and product development while partnering with management to expand the business.
-
December 7, 2023
- Buyer
- Ecopol S.p.A.
- Target
- JRF Technology LLC
- Industry
- Manufacturing
- Location
- Florida, United States
- Type
- Growth capital
Italian film producer Ecopol S.p.A. completed a strategic investment in Tampa-based JRF Technology LLC to strengthen its R&D capabilities in water‑soluble polymer and edible film technologies. JRF will continue to be led by its founders and serve as Ecopol's U.S. R&D Center of Excellence, supporting commercialization across end markets including personal care, healthcare and home care.
-
December 5, 2023
- Buyer
- Praesidian Capital
- Target
- Action Target Inc.
- Industry
- Manufacturing
- Location
- Utah, United States
- Type
- Growth capital
Praesidian Capital made a strategic equity investment in Action Target Inc., a Provo, Utah–based provider of shooting range solutions and services. The investment (Praesidian previously provided debt financing in 2016) will support Action Target’s aggressive growth strategy and expansion into new markets, while Praesidian brings private equity resources and industry experience.
-
November 21, 2023
- Buyer
- Pelican Energy Partners Base Zero LP (Pelican Energy Partners)
- Target
- Springs ATG (rebranded Advanced Technology Group / ATG)
- Seller
- Machine Build Technologies
- Industry
- Manufacturing
- Location
- Colorado, United States
- Type
- Growth capital
Pelican Energy Partners (Base Zero LP) acquired Springs ATG from Machine Build Technologies and rebranded the business as Advanced Technology Group (ATG). Pelican made a growth equity investment alongside the existing management team to fund a plan to double capacity and support ATG’s expansion into nuclear market opportunities including life-extension projects and SMR/advanced reactors.
-
November 7, 2023
- Buyer
- May River Capital
- Target
- Boston Centerless
- Seller
- Boston Centerless ownership (Tamasi family and management)
- Industry
- Manufacturing
- Location
- Massachusetts, United States
- Type
- Growth capital
May River Capital has partnered with Boston Centerless, a Woburn, Massachusetts-based manufacturer and distributor of precision ground bar materials, in a minority growth investment. Boston Centerless founder/CEO Steve Tamasi and the company leadership will remain in their roles and retain a significant ownership stake; terms were not disclosed.
-
November 2, 2023
- Buyer
- GEF Capital Partners
- Target
- Polargy, Inc.
- Industry
- Manufacturing
- Location
- Nevada, United States
- Type
- Growth capital
GEF Capital Partners has completed a growth capital investment in Polargy, Inc., a designer and manufacturer of data center airflow and energy-efficiency infrastructure solutions. The existing executive team will remain in place and the investment will support capacity expansion, product development and entry into new geographic markets; FMI Capital Advisors served as Polargy's exclusive financial advisor.
-
October 24, 2023
- Buyer
- KKR, KKR Health Care Strategic Growth Fund II
- Target
- Precipart
- Industry
- Manufacturing
- Location
- Switzerland
- Type
- Growth capital
KKR has agreed to invest in Precipart, a Swiss contract manufacturer of precision components for the medical device, aerospace and industrial markets. The Laubscher family will retain a significant minority stake; KKR is investing through its Health Care Strategic Growth Fund II to support Precipart's organic growth and M&A-driven expansion. Financial terms were not disclosed.
-
September 25, 2023
- Buyer
- ShawKwei & Partners
- Target
- Group14 Technologies, Inc.
- Industry
- Manufacturing
- Location
- Washington, United States
- Type
- Growth capital
ShawKwei & Partners, an Asian private equity investor, made a US$34.3 million growth investment in Group14 Technologies, a U.S. manufacturer of advanced silicon-based battery materials. The capital will support Group14's commercial-scale manufacturing expansion (including factories in Washington State and a JV in South Korea) and strengthen its supply chain after the acquisition of Schmid Silicon in Germany.
-
August 7, 2023
- Buyer
- CenterGate Capital
- Target
- Poseidon Barge
- Industry
- Manufacturing
- Location
- Indiana, United States
- Type
- Growth capital
CenterGate Capital's affiliate has made a growth investment in Poseidon Barge, a Berne, Indiana-based manufacturer and rental provider of sectional barges for marine infrastructure. Founder Donnie Fain and President Mary Habegger-Fox will remain with continued ownership and management as Poseidon pursues growth and capability expansion across its North American operations.
-
- Buyer
- BDT & MSD Partners
- Target
- IMA Group
- Seller
- BC Partners, Other investors
- Industry
- Manufacturing
- Location
- Emilia-Romagna, Italy
- Type
- Growth capital
BDT & MSD Partners will make a minority investment in IMA Group, acquiring its position from BC Partners and other investors while the Vacchi family remains majority owner. The capital injection is intended to accelerate IMA's global growth — including expansion in the U.S. — and support capability development in sustainable packaging and automation.
-
- Buyer
- Congruent Investment Partners
- Target
- AAA Fabrication
- Industry
- Manufacturing
- Location
- Texas, United States
- Type
- Growth capital
Dallas-based private equity firm Congruent Investment Partners announced an equity investment in North Texas-based AAA Fabrication. The founder and management team (led by Richard Alldredge) will remain in leadership and retain significant ownership as Congruent provides capital to support growth and operational strengthening.
-
June 22, 2023
- Buyer
- Qatar Investment Authority (via Qatar Holding LLC)
- Target
- Kokusai Electric Corporation
- Seller
- KKR
- Industry
- Manufacturing
- Location
- Tokyo, Japan
- Type
- Growth capital
Qatar Investment Authority (QIA), via its subsidiary Qatar Holding LLC, has taken a minority stake in Japan-based semiconductor equipment manufacturer Kokusai Electric Corporation, acquiring shares from global investment firm KKR. The investment supports Kokusai's role in advanced deposition and treatment equipment amid rising demand from data centers, AI and other high-growth semiconductor end markets.
-
- Buyer
- Bain Capital Special Situations
- Target
- IMS Nanofabrication GmbH
- Seller
- Intel Corporation
- Industry
- Manufacturing
- Location
- Lower Austria, Austria
- Type
- Growth capital
Bain Capital Special Situations agreed to acquire an approximately 20% minority stake in IMS Nanofabrication GmbH from Intel in a deal that values IMS at about $4.3 billion. The investment (expected to close in Q3 2023) will leave IMS operating as a standalone subsidiary led by CEO Dr. Elmar Platzgummer and is intended to accelerate the company's technology innovation and market expansion in multi-beam mask writing for advanced semiconductor nodes.
-
- Buyer
- Compass Minerals
- Target
- Fortress North America
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Growth capital
Compass Minerals made a $45 million equity investment in Fortress North America, increasing its minority stake to approximately 45% (building on a prior $5 million Series A investment). The financing will help Fortress scale its long-term fire retardant (LTR) formulations and expand production of magnesium chloride–based retardants developed using minerals supplied from Compass Minerals' Great Salt Lake operations.
-
- Buyer
- BDT Capital Partners, Leonard Green & Partners
- Target
- ProMach
- Industry
- Manufacturing
- Location
- Ohio, United States
- Type
- Growth capital
Funds managed by BDT Capital Partners have entered into a definitive agreement to acquire a significant stake in ProMach alongside existing majority owner Leonard Green & Partners, which will invest new capital. The transaction (terms undisclosed) is expected to close in the second half of 2023 and supports ProMach's continued growth in processing and packaging machinery and systems integration.
-
- Buyer
- American Pacific Group
- Target
- XLR8 EMS LLC
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Growth capital
American Pacific Group (APG), a San Francisco Bay Area private equity firm, made a significant equity growth investment in XLR8 EMS LLC, a San Clemente-based electronic manufacturing services (EMS) and PCB assembly company. APG said it will partner XLR8 with Concisys (an earlier APG investment) to expand capabilities, pursue organic and inorganic growth, and better serve aerospace, medical, industrial and commercial customers.
-
April 24, 2023
- Buyer
- Eaton
- Target
- Jiangsu Ryan Electrical Co. Ltd.
- Industry
- Manufacturing
- Location
- Jiangsu, China
- Type
- Growth capital
Eaton completed the acquisition of a 49% minority stake in Jiangsu Ryan Electrical Co. Ltd., a Nantong, Jiangsu-based manufacturer of power distribution and sub-transmission transformers. The deal gives Eaton greater access to Ryan’s manufacturing capabilities and China/Asia-Pacific customers as it expands its presence in renewable energy, data center, utility and industrial end markets.
-
March 31, 2023
- Buyer
- Madison Capital Partners
- Target
- Global Filter
- Industry
- Manufacturing
- Location
- Iowa, United States
- Type
- Growth capital
Madison Capital Partners, a Chicago-based investment firm, has made an investment in Global Filter, a Cedar Rapids, Iowa developer and manufacturer of validated filtration solutions. The capital will support Global Filter's continued product and technology development and strengthen its customer responsiveness across end markets including food & beverage, pharmaceutical, and petrochemical.
-
February 1, 2023
- Buyer
- Capital For Business, Inc., Holleway Capital Partners, VSI management team
- Target
- Vehicle Security Innovators, LLC
- Industry
- Manufacturing
- Location
- Wisconsin, United States
- Type
- Growth capital
Capital For Business, Inc. (CFB) completed an investment in Vehicle Security Innovators, LLC (VSI), a Green Bay, Wisconsin-based lockset and vehicle security products manufacturer. Affiliates of CFB, Holleway Capital Partners and the VSI management team provided subordinated debt and equity to complete the transaction; VSI’s management, office and production teams will remain in place as the company pursues its next stage of growth.
-
January 24, 2023
- Buyer
- CIC Partners
- Target
- Packline USA, Packline Solutions Group
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Growth capital
CIC Partners (a Dallas-based private equity firm) has made a strategic/growth investment in Packline USA, partnering with founder and CEO Amir Tamshe. The investment will support Packline’s product development, sales & marketing and continued delivery of packaging equipment, materials and integration services to the food & beverage industry.
-
January 18, 2023
- Buyer
- Vopne Capital
- Target
- Coastal Manufacturing
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Growth capital
Vopne Capital made a growth capital investment in Coastal Manufacturing to support the company's next stage of expansion and innovation. Coastal Manufacturing, headquartered in Watsonville, California and founded by Mark Hoffseth, designs and manufactures food processing equipment for leafy greens, vegetables, frozen fruits and confectionery markets.
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