Recapitalizations in 2023

Main Street Capital Corporation completed a $43.2 million portfolio investment in Pinnacle Topco, LLC to facilitate the recapitalization of Pinnacle Plastics, Inc. and Integrity Plastics, Inc. The investment includes first‑lien senior secured term debt, a direct equity stake and a revolving credit facility provided alongside an unnamed co‑investor to support growth initiatives and working capital.

Genstar Capital has completed an equity reinvestment in Cetera Financial Group, reaffirming its position as Cetera's majority investor and providing fresh capital to support the company's next phase of growth. The transaction enables Cetera to pursue its Wealth Hub strategy, continue strategic M&A and recruiting, and expand advisor and management ownership programs.

Chicago-based private investment firm Tilia Holdings completed a majority recapitalization of Ever Fresh Fruit Company, a Pacific Northwest-based processor and developer of formulated fruit and flavor ingredient solutions. The McKnight family remains significant shareholders and Ever Fresh CEO Gene Mayer will continue to lead the business as Tilia supports growth, geographic expansion, and broadened ingredient applications.

Macquarie Asset Management (via Macquarie European Infrastructure Fund 7) has acquired a 50% stake in Last Mile Infrastructure Group from Infracapital, with Infracapital retaining the remaining 50%. Last Mile, one of the UK’s largest independent network owners that designs, builds, owns and operates last-mile electricity, gas, water and wastewater networks, will benefit from the partnership to support growth and energy-transition opportunities across the UK. The transaction remains subject to regulatory approvals.

Sentinel Capital Partners completed a recapitalization of Online Labels Group, acquiring the label converter and flexible packaging business from Tenex Capital Management. Online Labels Group — which operates five U.S. manufacturing facilities and is headquartered in Sanford, Florida — provides pressure-sensitive labels, shrink sleeves and flexible packaging to a wide range of SMB and enterprise customers; the transaction supports a sponsor-to-sponsor transition and continued growth initiatives.

RFE Investment Partners and Knox Capital completed a recapitalization of BryteBridge Group, an outsourced compliance, legal and filing services provider for nonprofit organizations. The transaction brings new executive leadership (Mike Bryant as CEO, Larry Marshall as CFO), keeps Brian Davis as President, and positions BryteBridge to expand into a technology-enabled full-service legal and compliance platform and pursue buy-and-build opportunities into the for-profit SMB market.

Exeter Street Capital Partners led a majority recapitalization of Creative Learning Systems, LLC (d/b/a SmartLab) in partnership with IBC Funds, Siguler Guff, and members of SmartLab's leadership team. The investment will support SmartLab's growth plans to expand its national footprint and scale its turnkey, tech-enabled STEM learning environments for K-12 schools.

Dallas-based private equity firm Crossplane Capital completed a recapitalization of Hynes Industries alongside CEO Rick Organ and the company's leadership team. Hynes, a Youngstown, Ohio-headquartered manufacturer of precision roll-formed metal parts with additional facilities in Painesville, Ohio and Kokomo, Indiana, will receive investments to expand capacity and capabilities to support growth across automated material handling, truck trailer, solar and other industrial end markets.

Permira announced in December 2023 that a Permira-backed vehicle agreed to acquire GGW Group, the Hamburg-based insurance brokerage and MGA platform. In April 2024 Hg completed a new investment from its Hg Saturn fund and will own a co-controlling stake alongside Permira; GGW operates more than 60 brokerages and MGAs and employs over 1,700 people as it scales across Germany and Europe.

Hidden Harbor Capital Partners made a strategic investment in Teckrez, LLC, a Jacksonville-based supplier of tackifier resins and acrylic monomer solutions, with the transaction closing on November 30, 2023. Founder Tom Eckhardt will remain an investor and serve on the board; Capital Dynamics provided financing and advisors on both sides supported the deal. Terms were not disclosed.

Tower Arch Capital has formed S&N Infrastructure Services, LLC in partnership with Allen Powell and S&N's leadership to complete a recapitalization of N&S Construction, Inc. d/b/a S&N Communications. The investment will support the company's planned geographic expansion and capability growth across its communications and electric utilities infrastructure services in the Mid-Atlantic and Southeast.

Carisk Partners, a Miami-based specialty risk transfer and care coordination company focused on the workers' compensation market, completed a recapitalization led by Lee Equity Partners and Elements Health Investors. The transaction (previous sponsor MBF Healthcare Partners) will fund Carisk's expansion and investments in products and services to strengthen its care coordination and value-based clinical offerings.

Denver-based private equity firm Molior Growth Partners, led by founder Ben Schnakenberg, has completed a recapitalization of Western Storage & Handling, a Denver-based designer, distributor, and installer of material handling and storage equipment. The transaction marks Molior's inaugural investment and will support Western's geographic expansion and enhancement of automated material handling capabilities while retaining existing leadership and operations in Colorado.

Seacoast Capital has made its first investment from Seacoast Capital Partners V by providing equity and debt to support a majority recapitalization of Focus Technology Solutions alongside the company's management team. The financing enables a management-led recapitalization, promotes Chris Caprio to CEO, and provides working capital to support Focus's growth in managed IT, cloud and cybersecurity services.

Ampersand Capital Partners has completed a majority recapitalization of Julius Clinical Research, a Zeist-based clinical CRO, to support geographic expansion and deepen the company's scientific and therapeutic expertise. The investment will help Julius grow its CRO services in CNS, renal, cardiometabolic and infectious disease areas and expand its footprint in Europe and North America.

Main Street Capital Corporation provided $24.7 million in senior secured debt and a direct equity investment to recapitalize Compass Systems & Sales, LLC. The funding, made alongside an unnamed co-investor and the company's existing owner and management team, will support Compass's operations and long-term growth in material handling systems and services.

Gauge Capital has made a strategic investment in East Coast Institute for Research (ECIR), providing growth capital and recapitalizing the company to support expansion and infrastructure investment. ECIR, a Jacksonville, Florida–based clinical research site organization with eight sites across northern Florida and Georgia, will retain its management team while Gauge partners on the board to help accelerate growth and expand access to clinical research.

Greenbriar Equity Group completed a growth recapitalization of VIVE Collision in partnership with VIVE management and Garnett Station Partners; financial terms were not disclosed. The investment will fund VIVE's organic growth and M&A strategy as the multi-site collision repair operator expands across the Northeastern United States.

NMS Capital has partnered with the management of VONA Case Management in a recapitalization to support the company's growth and M&A initiatives. VONA, headquartered in Daphne, Alabama, provides medical case management services to self-insured employers, workers' compensation carriers, and TPAs across the U.S.; terms were not disclosed.

The Shoreham Group led a recapitalization of Merrill Industries, LLC, partnering with the company’s senior management. Parkway Capital supported the transaction by providing subordinated debt and minority equity to back the recapitalization of the corrugated packaging manufacturer serving Southern New England.

Austin-based private equity firm Blue Sage Capital has completed a majority investment/recapitalization in Geo-Solutions, Inc., a New Kensington, Pennsylvania geotechnical and environmental remediation services provider. Blue Sage will partner with Geo-Solutions' management to expand geographic footprint, extend service lines, pursue strategic acquisitions and reinvest in the business.

Amwins Group completed a $1.0 billion recapitalization in which Dragoneer Investment Group, Genstar Capital, SkyKnight Capital and participating employee shareholders purchased equity from more than 375 employee shareholders and the Public Sector Pension Investment Board (PSP). PSP rolled roughly 80% of its position forward and the Amwins employee shareholder group will remain the largest single owner with approximately 40% ownership, providing liquidity while preserving long-term employee ownership.

Tecum Capital led a minority recapitalization of Hainesport Transportation Group (HTG), co-investing alongside Dickson Suit and Environmental Services Investors (ESI), with Comerica providing senior debt. The investment will provide growth capital and strategic support to expand HTG's vertically integrated waste logistics platform across the Northeast U.S.

Founders East Capital Partners has completed an investment in Alumitech Architectural Glass and Metal, a Halifax-based provider of engineered curtain walls, architectural windows, skylights, storefronts, doors, metal cladding and custom fabricated architectural glass. Founder Norsat Eblaghi will remain an owner and director and will work with Founders East to select and mentor the company’s next president as part of a succession-focused recapitalization to support the company’s next phase of growth.

Toronto-based private equity firm Alphi Capital completed a recapitalization of Da-Lee Group, a Stoney Creek, Ontario infrastructure and environmental services provider, in partnership with founding family members David Rogers and Lee-Ann Lochhead. The transaction was supported by Bulldog Capital Partners Inc. and is intended to provide founder liquidity while funding Da-Lee’s organic growth and buy-and-build expansion across dust control, de-icing, pavement repair and waste management services.

Cathay Capital has made a strategic investment in Sarasota-based dental service organization Parkview Dental Partners, marking Cathay’s inaugural North American investment from its Growth Private Equity Fund (Small Cap IV). The transaction is a recapitalization that includes equity co-investment from Barings, a unitranche facility from Live Oak Banking Company and Barings, material rollover by Parkview management and prior owner Parkstone Growth Partners, and will fund Parkview’s buy-and-build expansion across Florida.

Dallas-based healthcare private equity firm Havencrest Capital Management completed a majority recapitalization of Focus Staff Services, a Dallas-headquartered provider of nurse and allied temporary staffing across all 50 states. Havencrest will support Focus's growth and has added industry veterans to Focus's board of advisors to help scale the company's workforce solutions for hospitals and integrated delivery networks.

Six Pillars Partners led a recapitalization of Royalty Roofing and sister company Majestic Facility Experts to support national growth and pursue add-on acquisitions. Capital for the transaction was provided by Centerfield Capital Partners, Petra Capital Partners, Concentric Investment Partners, and UMB Capital Corporation; founder Andy Royalty remains as President and the Company completed a strategic bolt-on at closing.

Aterian Investment Partners closed Aterian Opportunities II, LP, a ~$460 million single-asset continuation vehicle to purchase Vander-Bend Manufacturing from Aterian Investment Partners II (Fund II). The transaction provides approximately $90 million of incremental growth equity to Vander-Bend and is anchored by investors including J.P. Morgan Global Alternatives, Hollyport Capital and Blackstone Strategic Partners; Aterian management and certain Fund II LPs rolled meaningful equity.

New York-based private equity firm Hemingway Capital led a recapitalization of Chibuzo, LLC, a Fort Smith, Arkansas manufacturer of wood pallets and crates, partnering with Werner and Theresa Hugo. The transaction was financed with subordinated debt and preferred equity provided by Spring Capital Partners, Parkway Capital (a Calvert Street affiliate) and IBC Funds to support the acquisition/recapitalization.

Ridgemont Equity Partners led a recapitalization of National Power, LLC to support the company's growth and M&A strategy. Financing for the transaction was provided by Churchill Asset Management and Oaktree Capital Management's U.S. Private Debt Group; financial terms were not disclosed.

Littlejohn & Co. and funds managed by Ares have completed a recapitalization of Interstate Waste Services (IWS), with Ares acquiring a significant equity stake and IWS completing a debt recapitalization led by a JP Morgan arranger group. Headquartered in Teaneck, New Jersey, IWS operates ~650 collection vehicles and nearly 30 facilities with more than 1,900 employees; the transaction positions the company to accelerate organic and inorganic growth across the greater New York City and New Jersey markets.

Chicago-based private equity firm High Street Capital has acquired a controlling stake in Adams Magnetic Products, a custom manufacturer and distributor of permanent magnets and magnetic assemblies headquartered in Elmhurst, Illinois. The transaction is a recapitalization that brings growth capital and operational support while founder Scott Lewis and family retain a significant minority ownership and Lewis transitions to the company's board.

Platinum Equity has signed a definitive agreement to acquire a co-controlling stake in US LBM from existing investor Bain Capital Private Equity, with Bain and Platinum holding equal ownership and joint board governance. US LBM will remain led by founder and CEO L.T. Gibson and will continue pursuing national expansion and strategic acquisitions to grow its specialty building materials distribution platform; financial terms were not disclosed.

Chicago-based private equity firm Benford Capital Partners completed a recapitalization of Dallas-based RP Foods, partnering with Founder and CEO Guillermo Trevino and VP of Sales Longinos Zuniga, who will remain with the company. The investment will fund sales & marketing, operational capability upgrades, product portfolio expansion and support pursuit of add-on acquisitions.

Vestar Capital Partners has joined Tech24 as a new investor alongside existing shareholder HCI Equity Partners and the company's management team in a sponsor recapitalization. The investment will fund Tech24's continued organic and acquisitive growth across new and existing geographies and end markets; Tech24 is a Greenville, South Carolina-headquartered leader in commercial foodservice equipment repair and preventive maintenance.

Milton Street Capital completed a majority recapitalization investment in PurgeRite, LLC, a provider of mechanical flushing and filtration services for water-based HVAC and geothermal systems. GulfStar Group served as exclusive financial advisor; the investment will fund geographic expansion, increased capacity, and investments in people, equipment, and technology to support growth across mission-critical end markets such as data centers, semiconductor fabrication, education, and healthcare.

Sidereal Capital Group led a recapitalization of Peachey Hardwood Flooring, partnering with the company's senior management while Parkway Capital and Farragut Capital Partners provided subordinated/unitranche debt and equity financing. The transaction provides liquidity to owner Don Coleman and will fund increased production capacity and growth initiatives at the Reedsville, Pennsylvania manufacturer of premium hardwood flooring and millwork.

Emko Capital recapitalized Scotchman Industries and Steelmax Tools and created the new holding company SMX Industrial Solutions to combine the two metal-fabrication equipment brands. Tecum Capital provided supporting debt and equity and Woodforest National Bank participated in financing; the new platform will broaden the companies' product portfolio and support future acquisitions across manufacturing, construction and energy end markets.

Funds affiliated with private equity firm TriSpan LLP have acquired SmartArches Dental Implants from ProSmile in a recapitalization that establishes SmartArches as a standalone specialty dental implant and reconstruction services company. SmartArches operates eight locations across Florida, Maryland, Pennsylvania, New York and New Jersey and will use the investment to support geographic expansion and scale its implant and full-mouth reconstruction services.

Keensight Capital has made an investment in Munich-headquartered aconso AG in a majority recapitalization, with the founders retaining a substantial stake and continuing to run the business. The transaction will support aconso's international expansion—with particular focus on the US—and accelerate growth of its cloud-based HR document management (HR DMS) software.

Silver Oak Services Partners led a recapitalization of Quality Liaison Services (QLS), partnering with QLS senior management and other co-investors. Headquartered in Hendersonville, Tennessee, QLS provides supplier representation, inspection & containment, repair & rework, and quality engineering services to OEMs and suppliers across North America; management will remain in place and retain a significant ownership stake as Silver Oak provides capital to support growth and service expansion.

Prairie Capital VII, LP partnered with the founders (the Arick family) to recapitalize STAR Autism Support, a Beaverton, Oregon-based provider of digital special education curriculum and professional development for K-12 districts. Prairie Capital will support acceleration of STAR's SaaS solutions through investments in talent, sales and marketing, product development and add-on acquisitions.

Digital Transformation Opportunities Corp. (DTOC) completed its business combination with American Oncology Network (AON), and the combined company was renamed American Oncology Network, Inc., with common stock expected to trade on Nasdaq under the ticker AONC. The transaction includes a strategic investment from AEA Growth to provide capital to scale AON’s network, expand ancillary services (specialty pharmacy, lab/pathology, radiation, imaging) and add new providers and service offerings.

Varsity Healthcare Partners formed a new platform, United Aesthetics Alliance (UAA), to consolidate cosmetic surgery and medical spa practices and completed an initial recapitalization and growth capital investment in Edina Plastic Surgery, Edina Surgery Center, and Skin Artisans. The partnership will support expansion across Minnesota through new hires, facility expansion, centralized patient marketing, and selected strategic acquisitions.

Crescendo Capital Partners completed a majority recapitalization of Nevada Drywall, Stucco & Stone Inc. (NDSS) on September 15, 2023, with Stonehenge Capital providing senior debt and equity co-investment. NDSS principals (including co-owner Marc Garrick) retain equity and remain in leadership; GulfStar Group served as exclusive financial advisor to NDSS.

Dallas-based private equity firm CenterOak Partners completed a majority recapitalization of Guardian Access Solutions, a Nashville-headquartered provider of design, installation, maintenance, and repair services for exterior access control systems across the Southeastern U.S. The transaction transfers majority ownership from Brixey & Meyer Capital to CenterOak, with Guardian's management team remaining in place and plans to pursue accelerated organic growth and add-on acquisitions to expand the company's service footprint.

Advantive, a Tampa-based provider of ERP, MES and SPC software for specialty manufacturing and distribution, announced a growth recapitalization led by Insight Partners and OA Private Capital, with existing investor TA Associates reinvesting. The financing will support Advantive's continued scaling, product and market expansion and execution of strategic initiatives; financial terms were not disclosed.

HealthEdge Investment Partners, United Western Group and Advantage Capital Holdings completed a recapitalization of Veridian Healthcare, a Gurnee, Illinois-based distributor and outsourced private-label manufacturer of in‑home diagnostic, pain care management and personal care products. Veridian's founder Steve Bisulca retained a meaningful ownership stake and will remain as president while United Western operating partners Robert Friedberg and John Aldridge join the executive team; Bow River Capital provided private credit to support the transaction.

LEARFIELD closed a comprehensive deleveraging and recapitalization transaction that reduced its outstanding debt by over $600 million and secured $150 million of new equity. The company's majority ownership is now comprised of lead capital providers Clearlake Capital Group, Charlesbank Capital Partners, and funds managed by affiliates of Fortress Investment Group, strengthening LEARFIELD’s balance sheet and funding continued growth across its media and technology businesses serving college athletics.