Recapitalizations in 2026

Alantra Private Equity closed a €155 million single-asset continuation vehicle, led by Hayfin Capital Management, to increase and retain its stake in clinical genomics platform Health in Code. As part of the recapitalization Mérieux Equity Partners joined as a c.20% minority investor while existing investors in Alantra Private Equity Fund III received liquidity; the new capital and a reorganized debt facility are intended to accelerate international expansion and add-on M&A across Europe.

RF Investment Partners partnered with Prairie Capital to provide flexible capital supporting a recapitalization of NSG Life Safety and Norel Service Company (together "NSG-Norel"), a New England provider of fire, life safety, and security solutions. The transaction positions NSG-Norel to invest in people, technology, new service lines and geographic expansion to support its next phase of growth.

An affiliate of Sun Capital Partners completed a single-asset continuation vehicle for Fletchers Solicitors, providing Fund VII limited partners the option of liquidity or continued participation while Sun Capital reinvested and committed incremental capital. Since Sun Capital's 2021 investment, Fletchers has grown LTM EBITDA from £8.0 million to £37.9 million (as of Sept. 30, 2025); the firm operates across multiple UK locations with over 1,600 employees and a proprietary case-generation platform.

Gauge Capital has made a strategic growth investment to recapitalize Affordable American Insurance (AAI), a tech-enabled property & casualty insurance agency network. The investment will provide growth capital to expand AAI's team and resources, accelerate organic expansion across its agency network, and pursue strategic acquisitions to scale the national platform.

Graycliff Partners LP completed a subordinated debt investment and minority equity investment in Palmetto Moon, LLC, a Charleston-based specialty retailer operating 51 stores across the Southeastern United States. Proceeds will fund a distribution to shareholders and general corporate purposes; Palmetto Moon remains a portfolio company of Topspin Consumer Partners.

Boyne Capital closed a single-asset secondary transaction forming a continuation fund to extend its ownership of Pilot Energy and provide new capital for the company's aggressive M&A and organic growth plans. The Fund is managed and controlled by Boyne and was anchored by New 2ND Capital, which along with other new and existing Boyne LPs provided commitments to support Pilot’s platform expansion and technology investments.

Incline Equity Partners has made a majority investment in MCCi in partnership with CEO Donny Barstow and the MCCi management team, while Century Park Capital Partners transitions its ownership position. The transaction is a recapitalization intended to support MCCi’s continued growth in GovTech and its suite of enterprise content management and workflow automation solutions for state and local governments; financial terms were not disclosed.

Main Post Partners has acquired HomeWell Franchising Inc., the franchisor of HomeWell Care Services, in a transaction alongside the company’s existing management team. The partnership will recapitalize the franchisor to accelerate franchise growth, expand geographic reach, and enhance support for franchise owners and caregivers; Boxwood Partners served as exclusive sell-side advisor.

Lovell Minnick Partners closed a single-asset continuation vehicle for SRS Acquiom in a transaction led by Carlyle AlpInvest, providing fresh capital and a refreshed ownership structure while keeping existing and new investors and management as shareholders. The recapitalization is intended to support SRS Acquiom's next phase of growth — including international expansion across the U.K. and Europe, a push on strategic acquisitions, and further investment in tech-enabled solutions.

Kinderhook Industries closed a $1 billion single-asset continuation vehicle transaction, forming Ecowaste Solutions by combining Live Oak Environmental and CARDS Recycling and securing more than $400 million of new equity from participating funds including Goldman Sachs Alternatives and Apollo S3. The new Dallas‑headquartered platform will operate collection and post‑collection waste services across nine Mid‑South states, serving over 400,000 customers and pursuing organic growth and additional acquisitions.

Bansk Group closed a continuation fund to extend its partnership with Arcadia Consumer Healthcare, with the transaction co-led by Coller Capital and Ares Secondaries Funds and supported by investment funds managed by BlackRock, Churchill, Dextra Partners, and Future Standard. The continuation structure provided liquidity to existing investors and supplies capital to accelerate Arcadia's organic and inorganic growth across its portfolio of OTC medicines, vitamins, and personal care brands.

Amberjack Capital Partners completed a majority recapitalization of CIMA Services, L.P., a Houston-area industrial and environmental services provider, in a transaction that closed January 15, 2026. GulfStar Group served as exclusive financial advisor to CIMA; the recapitalization will support CIMA's rapid growth plan while providing liquidity to the founder/owner team.

48forty Solutions completed a financial restructuring that reduces its debt by over 80% and injects $75 million of new capital. Investment funds and accounts managed by the company's lenders — including Antares and KKR — will become majority equity holders; the deal coincides with CEO Mike Hachtman's retirement and the appointment of Dave Russell as Interim CEO.

Audax Private Equity has acquired a majority stake in Keystone, purchasing the global technology and advisory services practice from RLH Equity Partners in a recapitalization that closed January 2, 2026. Concurrently, Keystone spun out its Core AI business as an independent B2B AI SaaS company (Keystone.AI) with RLH retaining a minority stake; Jeff Marowits was named CEO and Greg Richards will remain as a senior strategic advisor.

Portage Ventures (part of Power Corp./Sagard) has taken over management of Point72 Ventures' fintech portfolio — stakes in about 40 private fintech companies — and rolled the assets into a new US$280 million continuation fund. Point72 Ventures retains a 40% stake in the vehicle, which was financed by Goldman Sachs Asset Management, Portage and an unnamed European family; Point72 partner Tripp Shriner joined Portage as a general partner.

Two Roads Partners has acquired Uniserve Facilities Services, a long-established provider of janitorial and facility maintenance services across California. The transaction provides partial liquidity to Uniserve's family owners while leaving founding shareholders involved to support the company's next phase of growth under Two Roads' ownership.

The Next Solutions Group (NSG), a reputation management and strategic communications consultancy, has purchased majority ownership in itself from The Next Practices Group (NPG). The terms were not disclosed; NPG will remain a minority shareholder as NSG consolidates ownership to support strategic growth and deepen client relationships.

Blackstone has acquired Madison Dearborn Partners' remaining equity stake in AIR Control Concepts, making Blackstone the sole institutional investor after an initial investment in July 2024. AIR founder and CEO Brad Hobbs and his family are reinvesting alongside Blackstone as the company pursues continued expansion—including opportunities in data centers and adjacent service areas—across 35 U.S. states and Canada with more than 38 operating companies and roughly 1,900 associates.

NTC Group completed a refinancing and buyout of junior capital that consolidates its ownership of Tenax Aerospace to approximately 80%, ending Bain Capital Credit’s investment. The transaction included new junior capital led by AEA Private Debt and senior debt facilities arranged by Regions Capital Markets to support Tenax’s next phase of growth.

Main Street Capital Corporation completed a $35.0 million portfolio investment to facilitate minority recapitalizations of two commercial concrete contracting companies under a single holding company. The financing, which includes first-lien senior secured term debt and a direct minority equity investment, partners with the companies' existing owners and management to provide liquidity and support ongoing operations serving large commercial projects such as warehouses, distribution centers, data centers and cold storage facilities.

Gryphon Investors has completed a majority growth recapitalization of Fortreum, a Lansdowne, Virginia-based cybersecurity services firm specializing in compliance, audit, and technical testing including FedRAMP, CMMC, ISO, PCI, and SOC. The investment will fund expansion of Fortreum's offerings and accelerate development and adoption of its XRAMP continuous validation platform and AI-enabled capabilities; company founders will retain a significant equity stake. Financial terms were not disclosed.

Coalesce Capital announced a majority recapitalization of Marshall & Stevens, a leading independent valuation, litigation support, and transaction advisory firm. Management will retain a meaningful ownership stake and Coalesce will support growth through investments in talent, technology, and strategic acquisitions; the transaction closed in December 2025.

TPG Real Estate has acquired a majority interest in Quarterra, recapitalizing the multifamily platform while Lennar Corporation retains a minority stake and will continue to provide synergies. The partnership includes a $1 billion strategic commitment from TPG to support Quarterra’s growth and the development of its pipeline of attainable multifamily rental housing across the United States.

Gauge Capital has partnered with Reliable Medical's management to provide growth capital and complete a recapitalization, acquiring the Nashville-based provider of Complex Rehabilitation Technology (CRT) from prior sponsor Seven Hills Capital. The investment will support Reliable Medical's expansion of clinical capabilities, geographic footprint, and continued focus on high-touch post-delivery services for patients with severe mobility impairments.