Recapitalizations in 2024

KLH Capital has completed a recapitalization of Concrete Protection & Restoration (CPR), partnering with the company’s management team to provide liquidity and capital for accelerated growth. Headquartered in Baltimore, MD, CPR is a concrete restoration and structural repair services provider with over 100 skilled field technicians offering services such as post-tension tendon repairs, structural strengthening, protective coatings and waterproofing.

Halifax Group completed an investment in Q-mation, a Horsham, Pennsylvania-based industrial automation software and hardware distributor and services provider. Q-mation’s CEO and founders are investing alongside Halifax and existing management will continue to lead the business; financial terms were not disclosed.

Gryphon Investors completed a majority growth recapitalization of phData to support the company's continued expansion of its data engineering and AI solutions. phData's management, including CEO Ryan Bosshart, retains a significant equity stake; financial terms were not disclosed.

Blackstone Credit & Insurance provided over $1 billion in new financings to support the recapitalization of Jet Support Services, Inc. (JSSI), joining equity alongside existing sponsors GTCR and Genstar Capital. The financing (part of >$1.8 billion in debt and equity provided by Blackstone-managed funds) is intended to strengthen JSSI's capital structure, enhance operational capabilities, and support continued growth in the business aviation aftermarket.

Comvest Private Equity has completed a recapitalization of Bland Landscaping, a regional commercial landscaping services provider headquartered in Apex, North Carolina. Prospect Partners has exited its investment; Bland will continue to be led by CEO Kurt Bland and CFO/COO Matt Bland as Comvest supports further organic and acquisitive growth.

Thunder Bridge Capital Partners IV, Inc. completed a business combination with Coincheck Group N.V., resulting in Coincheck becoming a Nasdaq-listed company under the ticker CNCK (and CNCKW for warrants). The SPAC transaction generated approximately $31.6 million of gross proceeds to the combined company and positions Coincheck to expand its crypto and Web3 offerings internationally while maintaining its leading exchange position in Japan.

Graham Partners has acquired Becklar LLC, a tech‑enabled provider of connected safety, monitoring and emergency response solutions headquartered in Ogden, Utah. Becklar management and existing sponsor BV Investment Partners rolled substantial stakes into the transaction while Graham becomes the new lead investor; financial terms were not disclosed and the deal closed in early December 2024.

Argosy Healthcare Partners completed a recapitalization and strategic partnership with Nicklas Medical Staffing, a Jacksonville-based provider of specialized staffing solutions to pathology and histology labs. The investment will reinvest in the business and support expansion of NMS's lab-focused staffing offerings nationwide; SDR Ventures served as sell-side advisor to Nicklas Medical Staffing.

Informa PLC has combined its Informa Tech digital businesses with TechTarget to create Informa TechTarget. Informa contributed $350 million in cash and its digital businesses for an approximate 57% equity stake while existing TechTarget shareholders received cash and retain about 43% of the new company; the combined company began trading on Nasdaq under the ticker TTGT.

ICG has invested in Lomond in a transaction in which LDC exits its original investment but will reinvest alongside ICG, founding Chairman Stuart Pender and Lomond management. The recapitalization provides capital to support Lomond's continued roll-up strategy and geographic expansion after the business grew from 600 to 1,900 employees and completed 65 acquisitions under LDC's ownership.

High Street Capital completed a majority recapitalization of AHI Supply (AHI Supply Holdings, LLC), with participation from Wells Fargo Strategic Capital and AHI's current owners and management. AHI, a Texas-based manufacturer and distributor of masonry and construction products headquartered in Alvin, Texas, will retain its management team and receive growth capital and strategic support following the founder transition.

Apheon has restructured its ownership of Haudecoeur by transferring its stake into an Apheon-controlled vehicle and extending its majority position, while LFPI joins as a minority investor. The Haudecoeur family and management are materially reinvesting; the recapitalization will provide additional capital and an extended time horizon to support organic growth and a targeted add-on acquisition programme across Europe.

ID.me closed a $67 million secondary tender offer led by new investor Ribbit Capital with participation from existing investors Viking Global Investors and CapitalG. The transaction provides liquidity to existing shareholders while bringing in institutional investors to support the company’s continued growth; ID.me is headquartered in McLean, Virginia and has enrolled over 135 million users into its digital identity wallet.

Great Hill Partners has acquired a majority interest in Intuitive Health from Altamont Capital Partners in a growth-oriented recapitalization. Intuitive Health, a pioneer of the hybrid freestanding emergency room and urgent care model operating 33 facilities and serving over 500,000 patients, will work with Great Hill to expand its footprint and accelerate growth.

Court Square Capital Partners closed a single-asset continuation fund for PlayCore Group with Sage Equity Investors acting as the sole lead investor and capitalized primarily by funds managed by Leonard Green & Partners. The transaction provided liquidity options for existing investors while allowing PlayCore management to remain significant equity holders and Court Square to continue as the control investor; the new capital will support PlayCore's organic growth and future M&A.

Chicago-based private equity firm Granite Creek Capital Partners has invested in Global Animal Products (GAP) to support a management buyout and recapitalize the Amarillo, Texas-based feed-additives manufacturer. Founder Ken Ridenour will step back and retain a minority stake, while CEO Ben Tarr and the management team will continue to run the business with strategic support from Granite Creek and Operating Partner Mike Ray to scale product development, expand facilities, and pursue international growth.

3 Boomerang Capital completed a majority growth recapitalization of Enjoin, LLC, a Clinical Documentation Integrity (CDI) and mid-revenue cycle solutions provider for hospitals and health systems. The investment will supply strategic resources and capital to expand Enjoin's tech-enabled CDI capabilities and support continued growth across healthcare provider markets.

Shore Capital Partners completed a recapitalization of Point C, a Chicago-based third-party administrator of medical benefits, through its Healthcare Advantage Fund in November 2024. The investment will support Point C’s continued growth, enable further investment in the business, and help pursue a pipeline of add-on acquisition opportunities.

Chicago-based private equity firm Periscope Equity has completed a majority recapitalization of The RepTrak Company, a Boston-based leader in reputation intelligence. The investment — advised by BrightTower with credit financing support from Tree Line Capital Partners — will fund product and platform innovation (including AI and data visualization), expand advisory capabilities, and support organic and inorganic growth while existing investors led by Catalyst Investors partially exited.

United Bancorporation of Alabama, Inc. repurchased all 197,717 shares of its common stock held by its 401(k) Employee Stock Ownership Plan (KSOP) at $54.25 per share, for an aggregate purchase price of approximately $10.7 million. The transaction was negotiated between United and the KSOP Trustee, included fiduciary/financial guidance and an independent appraisal, and closed on November 15, 2024.

NMS Capital has partnered with CSL Consulting's management in a recapitalization to support the company's next phase of growth. The investment will provide capital for organic expansion and acquisitions to scale CSL's Owner's Representative, project management and construction mitigation services.

MB2 Dental has completed a recapitalization led by Warburg Pincus that includes a $525 million investment and provides liquidity to the company's doctor partners at a total enterprise value in excess of $3.5 billion. Existing investor Charlesbank Capital Partners will remain a partner alongside KKR, and proceeds will be used to provide partner liquidity and accelerate investments in MB2's value-added services and platform growth.

Hale Capital Partners, a New York-based growth private equity firm, led a cooperative recapitalization to acquire a majority stake in Athenium, a Dover, New Hampshire provider of risk and quality management software. The investment brings in Jim Greenwell as CEO and will support product development, AI/analytics capabilities and expansion into new verticals including insurance, financial services and government.

Gridiron Capital led a majority recapitalization of Health Monitor Network, with existing investor WestView Capital Partners receiving liquidity while remaining a material shareholder. Health Monitor CEO David Paragamian and the management team are reinvesting and will continue to lead the company as Gridiron supports accelerated growth across channels and new products; financial terms were not disclosed.

Sea Pine Equity Partners recapitalized Hi-Tek Data Holdings LLC, a Syosset, New York–based managed IT services provider. The transaction was completed in partnership with Hi-Tek Data CEO Adam Hartley and was supported by investments from Harbert Credit Solutions, Route 2 Capital Partners and SharpVue Capital; Hi-Tek Data will continue operating under its brand and pursue accelerated organic growth and acquisitions.

Apheon has reaffirmed its commitment to TMC by reinvesting through a new Apheon-controlled vehicle, and MML Capital Partners is joining as a new investor alongside significant reinvestment from TMC's founder and management. The recapitalization will provide capital and sector expertise to support TMC's geographic expansion, capability development and continued M&A activity; TMC is headquartered in Eindhoven and employs about 2,750 people across 16 countries.

Gemspring Capital closed a single-asset continuation vehicle that acquired interests in Shrieve Chemical Company, in a transaction led by StepStone Group and supported by new and existing investors including an affiliate of Gemspring and the Shrieve management team. The deal, which included a concurrent refinancing of Shrieve’s debt facilities, provides follow-on capital to support organic growth initiatives and strategic add-on acquisitions.

NewSpring has launched NewSpring Elevate, an oversubscribed continuation vehicle that invested in portfolio companies Energage and PX to provide liquidity for existing shareholders and NewSpring Growth Capital IV (NSG IV) investors. Blackstone Strategic Partners acted as lead investor on the transaction; the new capital will support organic and inorganic growth initiatives at both companies.

Austin-based private equity firm Blue Sage Capital has completed an investment in MHW, Ltd., a U.S.-based provider of licensed importation, distribution, compliance and logistics fulfillment services for the beverage alcohol industry. The partnership (with financing support from TPG Twin Brook Capital Partners) will fund MHW’s growth and expansion of its tech-enabled service offering.

A&W Revenue Royalties Income Fund and A&W Food Services of Canada completed a strategic combination to create A&W Food Services NewCo, a publicly traded, growth-focused quick-service restaurant franchisor. The transaction resulted in the Fund units being delisted from the TSX and the common shares of A&W Food Services NewCo beginning trading on the TSX under ticker "AW" on October 18, 2024, providing a more conventional capital structure to finance growth initiatives.

Blue Point Capital Partners has recapitalized Pinnacle MEP Holdings, a Midwest-focused HVAC and plumbing (MEP) services platform headquartered in Michigan. The transaction is an exit for Firmament (with support from Aquila Equity Partners) and positions Pinnacle to accelerate growth and pursue additional add-on acquisitions across the region.

Main Street Capital Corporation provided $41.4 million in a debt and equity investment to support a minority recapitalization of Connect Telecommunications Solutions Inc., a Kitchener, Ontario-based value-added distributor of fiber management solutions. Main Street and an unnamed co-investor partnered with the company’s founders to complete the transaction, enabling liquidity and capital to support the business.

Main Street Capital Corporation invested $74.4 million to support a majority recapitalization of Victory Energy Operations, partnering with an unnamed co-investor and Victory's founder and management team. The transaction included first-lien senior secured term debt and a direct equity investment and facilitated the buyout of an institutional investor.

Addison Capital Partners announced that its portfolio company Communication Power Companies (CPC) has partnered with Innovative Power Products, Inc. (IPP) management in a recapitalization and business combination. The deal joins CPC's RF power amplifier and antenna capabilities with IPP's RF and microwave passive components to expand product offerings, support integrated system solutions and provide long‑term capital for growth.

New Harbor Capital completed a single-asset continuation recapitalization of LGM Pharma in partnership with Origami Capital Partners to provide growth capital and facilitate liquidity for existing investors. LGM Pharma is a CDMO and API sourcing/distribution platform with manufacturing and analytical capabilities serving pharmaceutical, biotechnology and compounding pharmacy customers across multiple U.S. facilities.

TJC LP closed a $2.1 billion continuation fund that purchased five portfolio companies, including assets from The Resolute Fund III and one asset jointly owned with Resolute IV. The transaction was led by AlpInvest (a Carlyle subsidiary) and gives TJC and its portfolio companies additional capital and time to pursue growth while offering liquidity options to Resolute III and Resolute IV limited partners.

SI Group completed a private debt exchange (Sept. 18) with a concurrent public offer, receiving participation from ~100% of first‑lien lenders and 89% of unsecured noteholders. The transaction extends maturities to 2028, secures a new $218M revolving credit facility, reduces interest expense and includes a $150M new‑money investment from SK Capital Partners and affiliates to bolster liquidity and repay debt.

Denver-based independent E&P company Zavanna received an equity investment from investment funds managed by Carnelian Energy Capital to recapitalize the business and fund development of its Williston Basin asset base. Management and founder Bill Coleman retain a significant ownership stake alongside Carnelian; the new capital will also support accretive bolt-on acquisitions and trades.

Sound Growth Partners, with capital from Everside Capital Partners, completed a majority recapitalization of Sunny Communications, LLC, a Lakewood, Colorado-based provider of refurbished land mobile radio equipment, repair services, and rentals. The transaction provides liquidity to founders Dave and Tracy Sungelo while supporting Sunny's continued growth as a key supplier to first responders and municipalities.

New Heritage Capital has made a majority investment in Brilliant, a San Francisco–based provider of corporate gifting and branded merchandise, using its Private IPO structure to provide liquidity and growth capital while leaving operating control with Brilliant's management. Terms were not disclosed; the capital will be used to accelerate Brilliant's growth and scale its technology-enabled gifting and global fulfillment capabilities.

Agellus Capital has completed a recapitalization investment in BlackPoint IT Services, a Seattle-based provider of managed IT, cloud hosting/VoIP, and cybersecurity services. The transaction will support BlackPoint's organic growth and enable further add-on acquisitions while James and Lesleigh Watson remain significant owners.

Brookfield Asset Management has completed a strategic partnership with Castlelake L.P., acquiring a 51% interest in Castlelake's fee-related earnings while Brookfield Wealth Solutions committed to invest in Castlelake's funds and strategies, bringing total committed capital to $1.5 billion. Castlelake will continue to operate independently, retaining its leadership and majority ownership of performance-related earnings. The transaction strengthens Brookfield's asset-based private credit capabilities and provides capital to scale Castlelake's platform.

An affiliate of KT Capital (Atlanta, Georgia) has acquired a majority stake in Recycling Equipment Incorporated (REI) in a recapitalization alongside existing management and shareholders. The transaction positions REI — a designer, manufacturer and service provider of recycling equipment operating from Newton, North Carolina and Fort Worth, Texas — to accelerate growth and expand its market footprint in the eastern and southern United States.

Summit Park has recapitalized Thrust Flight in partnership with Founder and CEO Patrick Arnzen, management, and aviation-focused investor AltitudeX Aviation. The recapitalization (Summit Park's fifth platform investment in Fund IV) provides capital to support Thrust's growth and geographic expansion of its Zero Time to Airline program across Texas; Fidus Capital provided debt financing.

Rotunda Capital Partners has invested in Mama Lycha Foods in a recapitalization alongside the Padilla family, positioning Mama Lycha as a platform for accelerated growth. Mama Lycha is a Houston-based manufacturer and distributor of Latin American food products with 600+ SKUs, serving 750+ retail grocery customers and 150+ regional distributors across 37 U.S. states and 4 Canadian provinces; longtime executive Luis Marconi will become Executive Chairman.

Eir Partners completed a majority recapitalization of PharmaForceIQ (PFIQ), an AI-driven omnichannel orchestration and measurement platform for pharmaceutical and life science companies. The investment will fund product development, key hires and continued accumulation of data assets to scale PFIQ's HCP and DTC omnichannel offerings.

Progress Equity Partners has completed a recapitalization of Salisbury Moore, a Raleigh, North Carolina-based hotel renovation and remodeling company. Farragut Capital Partners, NewSpring Mezzanine, and Salem Investment Partners invested subordinated debt and equity to support the recapitalization and enable Salisbury Moore’s continued growth; existing management will remain in place.

Dubin Clark & Company formed a new holding company and recapitalized Minneapolis-based managed IT providers Atomic Data, LLC and Foundation Technologies, LLC. The recapitalization (deal value undisclosed) provides growth capital to support national expansion and enhance managed IT, cybersecurity, infrastructure engineering and Apple-focused service offerings across North America; Hennepin Partners served as exclusive financial advisor.

Rotunda Capital Partners has invested in Lehman Pipe and Supply, a Miami-based distributor of industrial pipe, valves and fittings (PVF), partnering with existing management to support growth and succession. The partnership will provide capital and operational support to expand Lehman's footprint across the South and Southeast U.S., pursue selective acquisitions and accelerate organic growth.

RCap Equity Partners led a majority recapitalization of Northeast Contracting Corp. (NECC) in partnership with Monroe Capital LLC and existing shareholders. NECC, a Lorton, Virginia–based full-service commercial roofing company serving education, government, multi-family and industrial end markets across the Mid-Atlantic, will use the partnership capital to invest in its team, expand service offerings and pursue strategic acquisitions.