Tracked deals
28
28 tracked deals across 2026.
Industrial Services Recapitalizations in 2026
Buyer mix
PE-led
46 pe · 2 investor
Top trend
Volume peaked in 2026
28 tracked deals announced in 2026.
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 |
|---|---|---|---|
| Main Street Capital Corporation | 2 | Business development company providing customized debt an... | PE |
| Abenex | 1 | Investment firm that partners with companies and reinvest... | PE |
| AfricInvest Europe | 1 | Minority investor in HTDS’s new phase of development. | PE |
| Amberjack Capital Partners | 1 | Private equity firm investing in founder-led companies to... | PE |
| Apollo S3 | 1 | Investment platform providing GP-led, long-duration capit... | PE |
| Ardian | 1 | Co-leads capital in Latour’s Gutor single-asset continuat... | PE |
| Behrman Capital | 1 | Private equity firm investing in management buyouts, leve... | PE |
| Behrman Capital CV II L.P. | 1 | Single-asset continuation vehicle (managed by Behrman) pr... | PE |
| Behrman Capital VII L.P. | 1 | Behrman Capital’s continuation-related investment vehicle... | PE |
| Blue Point Capital Partners | 1 | Lower middle-market private equity firm focused on recapi... | PE |
Acquisition Volume in Industrial Services Recapitalizations in 2026 by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
October 8, 2026
- Buyer
- United States Consortium (unnamed U.S. anchor investor), Kyma Capital Limited, Trifon Natsis, Glencore Ltd.
- Target
- Sherritt International Corporation
- Industry
- Industrial Services
- Location
- Ontario, Canada
- Type
- Recapitalization
Sherritt International has received a fully-funded, non-binding recapitalization proposal from a Glencore-backed United States consortium that would acquire at least a 55% controlling stake in the company at C$0.12 per share. The consortium’s bid includes immediate equity funding with no third-party debt-financing condition and offers eligible existing shareholders the right to participate pro rata at the same price.
-
- Buyer
- Main Street Capital Corporation
- Target
- Midstream Valve Partners
- Industry
- Industrial Services
- Location
- United States
- Type
- Recapitalization
Main Street Capital announced a $39.3 million investment into the recapitalization of Midstream Valve Partners. The infusion strengthens the company’s balance sheet to fund strategic initiatives serving the North American energy pipeline sector.
-
August 12, 2026
- Buyer
- Blue Point Capital Partners
- Target
- Dumpsters.com
- Industry
- Industrial Services
- Location
- Ohio, United States
- Type
- Recapitalization
Blue Point Capital Partners recapitalized Dumpsters.com, a national, asset-light provider of temporary roll-off dumpsters and related jobsite site services. The investment is intended to help the company deepen business-to-business sales, expand complementary site services, and pursue acquisitions in a fragmented market.
-
August 11, 2026
- Buyer
- Exponent, Apollo S3, Pantheon, SQ Capital, LGT Capital Partners, Hamilton Lane (direct equity funds managed)
- Target
- H&MV Engineering
- Seller
- Exponent Fund IV, certain minority investors
- Industry
- Industrial Services
- Location
- Munster, Ireland
- Type
- Recapitalization
Exponent has closed an approximately €750 million single-asset continuation vehicle to extend its investment in H&MV Engineering, valuing the Ireland-headquartered infrastructure engineering company at €1.4 billion. The continuation vehicle, led by Apollo S3, Pantheon and SQ Capital, will acquire H&MV from Exponent Fund IV and certain minority investors, subject to customary regulatory approvals and closing conditions.
-
August 4, 2026
- Buyer
- Exeter Street Capital Partners, Capitala Group, Five Points Capital
- Target
- Price Circuits LLC, Circuitronics LLC
- Seller
- Varghese family
- Industry
- Industrial Services
- Location
- Illinois, United States
- Type
- Recapitalization
Exeter Street Capital Partners (the private equity affiliate of Patriot Capital Group) announced the recapitalization of Price Circuits LLC and Circuitronics LLC, forming a new buy-and-build strategy for advanced printed circuit boards (PCBs). The transaction is completed in partnership with Capitala Group, Five Points Capital, and the Varghese family, which remains a shareholder, with Pinnacle Bank providing senior working capital financing.
-
- Buyer
- Platinum Equity
- Target
- The Mellott Company (Mellott)
- Seller
- MFG Partners, Mellott family
- Industry
- Industrial Services
- Location
- Pennsylvania, United States
- Type
- Recapitalization
Platinum Equity’s credit team led a debt recapitalization for The Mellott Company. The financing supports Mellott’s existing owners—MFG Partners and the Mellott family—which continue to own the business.
-
- Buyer
- Behrman Capital, Behrman Capital VII L.P., Behrman Capital CV II L.P., Coller Capital, Northleaf Capital Partners, Siguler Guff
- Target
- Shur-Co, LLC (Shurco)
- Seller
- Behrman Capital VI L.P. (Fund VI), Other investors
- Industry
- Industrial Services
- Location
- South Dakota, United States
- Type
- Recapitalization
Behrman Capital closed Behrman Capital CV II L.P., a single-asset continuation vehicle of approximately $250 million connected to the sale of its portfolio company Shur-Co, LLC (Shurco). The continuation vehicle is managed by Behrman and backed by new and returning investors including Coller Capital, with additional investment from Northleaf Capital Partners and Siguler Guff; Behrman Capital VII also made a significant investment alongside the vehicle.
-
June 16, 2026
- Buyer
- Cyprium Partners
- Target
- Rottler Manufacturing
- Seller
- Bochi Investments
- Industry
- Industrial Services
- Location
- Washington, United States
- Type
- Recapitalization
Cyprium Partners, along with two other SBIC funds, invested in the recapitalization of Rottler Manufacturing. The financing included debt and equity arranged to support the transaction backed by Oregon-based Bochi Investments.
-
June 2, 2026
- Buyer
- Saothair Capital Partners, LLC, Capital Southwest Corporation (NASDAQ: CSWC)
- Target
- Air Products & Controls Inc. (APC)
- Industry
- Industrial Services
- Location
- Michigan, United States
- Type
- Recapitalization
Saothair Capital Partners announced the successful recapitalization of its portfolio company, Air Products & Controls Inc. (APC). The new financing was provided by Capital Southwest Corporation, refinancing the company’s existing debt and supporting its continued operations.
-
- Buyer
- Speyside Equity, Elliott Investment Management
- Target
- Opta Group
- Industry
- Industrial Services
- Location
- New York, United States
- Type
- Recapitalization
Speyside Equity completed a continuation vehicle transaction with Opta Group, keeping the core metallurgical solutions business while restructuring parts of the platform. The move enabled Speyside to pursue further transformation and EBITDA growth for Opta.
-
- Buyer
- Littlejohn & Co. (Littlejohn), Carlyle AlpInvest
- Target
- Valcourt Group (Valcourt)
- Industry
- Industrial Services
- Location
- Connecticut, United States
- Type
- Recapitalization
Littlejohn & Co. closed a continuation vehicle anchored by Valcourt Group, providing liquidity to existing fund investors while enabling Littlejohn to keep supporting Valcourt’s next phase of growth. Carlyle AlpInvest led the transaction, with participation from additional blue-chip institutional investors; financial terms were not disclosed.
-
- Buyer
- Paceline Equity Partners, LLC
- Target
- Diverzify
- Industry
- Industrial Services
- Location
- Georgia, United States
- Type
- Recapitalization
Diverzify announced it completed a $240 million recapitalization and strategic investment led by affiliates of Paceline Equity Partners. The new capital is intended to expand Diverzify’s specialized commercial flooring and facility services capabilities, improve operational consistency across its national network, and support growth through organic initiatives and M&A.
-
- Buyer
- Byline Sponsor Finance (division of Byline Bank), Midwest Mezzanine Funds, North Branch Capital
- Target
- Diversified Fall Protection, LLC
- Industry
- Industrial Services
- Location
- Ohio, United States
- Type
- Recapitalization
Byline Sponsor Finance (a division of Byline Bank) provided financing to Diversified Fall Protection, LLC, North Branch Capital’s existing portfolio company, to support a recapitalization/refinance. Midwest Mezzanine Funds also provided subordinated debt for the transaction.
-
- Buyer
- Milton Street Capital, EA Advisors
- Target
- Safe Air Technology
- Seller
- David Ratcliff
- Industry
- Industrial Services
- Location
- Louisiana, United States
- Type
- Recapitalization
Safe Air Technology (SAT) announced a majority recapitalization led by Milton Street Capital, in partnership with EA Advisors and SAT founder and CEO David Ratcliff. The investment is intended to help Safe Air automate production and expand capacity to scale mission-critical HVAC cooling solutions for data centers and industrial facilities.
-
May 5, 2026
- Buyer
- Valesco Industries, Hidden River Strategic Capital, GMB Capital Partners
- Target
- Nipples, Elbows & Couplings, Inc. (NEC)
- Seller
- Company management, NEC founder/management (Founder & CEO Steve Osborne referenced as partnering in recapitalization)
- Industry
- Industrial Services
- Location
- Texas, United States
- Type
- Recapitalization
Valesco Industries completed a control recapitalization of Nipples, Elbows & Couplings, Inc. (“NEC”), a Houston-based manufacturer of PVC-coated electrical conduit and fittings used in corrosive infrastructure end markets. Hidden River Strategic Capital and GMB Capital Partners also partnered in the recapitalization, providing subordinated debt alongside a senior term loan and revolver from another investor-lender.
-
- Buyer
- Abenex, Trocadéro Capital Partners, AfricInvest Europe, Bpifrance, Société Générale Capital Partenaires
- Target
- HTDS
- Seller
- Abenex
- Industry
- Industrial Services
- Location
- Île-de-France, France
- Type
- Recapitalization
Abenex has completed the sale of its minority stake in HTDS and is reinvesting alongside the founding family, management, and a pool of minority investors. The transaction supports HTDS’s next phase of growth built around value-added distribution and recurring maintenance of high-tech detection and analysis solutions, particularly across Africa and other high-growth regions.
-
- Buyer
- Cerberus Capital Management
- Target
- SubCom (Submarine Cable Company LLC)
- Industry
- Industrial Services
- Location
- New Jersey, United States
- Type
- Recapitalization
Cerberus Capital Management has closed a $2.3 billion single-asset continuation vehicle for SubCom, the subsea fiber optic cable manufacturer, extending Cerberus’s ownership of the infrastructure platform. Existing Cerberus limited partners could either cash out or roll equity into the new vehicle alongside new incoming investors.
-
April 13, 2026
- Buyer
- Neuberger Berman, Tailwind Capital
- Target
- Axis Portable Air
- Seller
- Fund X limited partners (Fund X / Neuberger’s original vehicle)
- Industry
- Industrial Services
- Location
- United States
- Type
- Recapitalization
Neuberger Berman and Tailwind Capital established a single-asset continuation vehicle for Axis Portable Air, allowing existing investors to either take liquidity or roll their exposure alongside new capital. The deal extends Neuberger’s control of the portable air, compression, and temporary power equipment provider originally acquired in 2017, supporting management’s continued growth plan.
-
- Buyer
- Del Monte Capital
- Target
- DLG Infrastructure Services
- Seller
- Danny Glover
- Industry
- Industrial Services
- Location
- Texas, United States
- Type
- Recapitalization
Del Monte Capital announced a majority recapitalization of DLG Infrastructure Services, a Houston-based provider of municipal water infrastructure maintenance, repair, and rehabilitation services. Founder Chris Scott-Ford increased his ownership stake and continues to lead day-to-day operations, while Danny Glover retired following the transaction and the company appointed Chad Cross as CFO to support growth.
-
March 11, 2026
- Buyer
- Crest Rock Partners
- Target
- Motus Fibers, NexForm Technologies
- Seller
- Motus Integrated Technologies
- Industry
- Industrial Services
- Location
- Michigan, United States
- Type
- Recapitalization
Crest Rock Partners announced the recapitalization of Motus Fibers, a carve-out from Motus Integrated Technologies’ Fiber Solutions segment. The standalone business will operate as NexForm Technologies, with Crest Rock backing growth through expanded product portfolio, commercial reach, and engineering/operational innovation.
-
Main Street Capital Completes $61.5 Million Minority Recapitalization of Structural Steel FabricatorMarch 10, 2026
- Buyer
- Main Street Capital Corporation
- Target
- Specialized structural steel fabricator (minority recapitalization target)
- Industry
- Industrial Services
- Location
- Texas, United States
- Type
- Recapitalization
Main Street Capital Corporation completed a $61.5 million investment to facilitate the minority recapitalization of a specialized structural steel fabricator located in the greater Houston metropolitan area. The financing includes first lien and senior secured term debt, a direct minority equity investment, and a revolving line of credit to support growth initiatives and working capital needs.
-
- Buyer
- Latour Capital, Hamilton Lane, Ardian, Patria
- Target
- Gutor
- Seller
- Latour's 2019 vintage fund
- Industry
- Industrial Services
- Location
- Switzerland
- Type
- Recapitalization
Funds managed by Hamilton Lane led investment in Latour Capital’s single-asset continuation fund to acquire Gutor from Latour’s 2019 vintage fund. The continuation vehicle backed by Hamilton Lane and Ardian, with Patria as co-underwriter, also includes reinvestment and new capital from Gutor’s management team following Latour’s Schneider Electric carve-out in August 2023.
-
February 18, 2026
- Buyer
- RF Investment Partners, Prairie Capital
- Target
- NSG Life Safety, Inc., Norel Service Company, Inc.
- Industry
- Industrial Services
- Location
- Massachusetts, United States
- Type
- Recapitalization
RF Investment Partners partnered with Prairie Capital to support the recapitalization of NSG Life Safety and Norel Service Company (together, NSG-Norel), a fire, life safety, and security solutions provider across New England. The investment is intended to position NSG-Norel for its next phase of growth through continued investment in people, technology, new service lines, and geographic expansion.
-
February 17, 2026
- Buyer
- Wareing & Company
- Target
- Great Lakes Lifting Solutions
- Industry
- Industrial Services
- Location
- Illinois, United States
- Type
- Recapitalization
Wareing & Company, a Houston-based single family office, completed a recapitalization of Great Lakes Lifting Solutions, a provider of rental, sales and service of specialty lifting equipment. The partnership is intended to support fleet investment, geographic expansion and operational growth, with Steven Brooks continuing to lead the company.
-
- Buyer
- Michelli Weighing & Measurement, Summit Park LLC
- Target
- Greenville Scale Company, Inc.
- Industry
- Industrial Services
- Location
- South Carolina, United States
- Type
- Recapitalization
Michelli Weighing & Measurement, a portfolio company of Summit Park LLC, recapitalized Greenville Scale Company, a provider of industrial weighing services and equipment. The partnership is intended to help Michelli scale existing operations in South Carolina and expand its presence across the Southeast.
-
January 30, 2026
- Buyer
- Concentric Equity Partners
- Target
- Pollan Paving
- Seller
- Benji Pollan
- Industry
- Industrial Services
- Location
- Tennessee, United States
- Type
- Recapitalization
Concentric Equity Partners (CEP), the direct investing arm of Financial Investments Corporation, announced the closing of its partnership with Benji Pollan and the recapitalization of Pollan Paving. Benji Pollan and Vice President Craig Kamyszek will continue to lead day-to-day operations and retain significant ownership stakes.
-
January 15, 2026
- Buyer
- Amberjack Capital Partners
- Target
- CIMA Services, L.P.
- Industry
- Industrial Services
- Location
- Texas, United States
- Type
- Recapitalization
Amberjack Capital Partners completed a majority recapitalization of CIMA Services, L.P. (CIMA). GulfStar Group served as CIMA’s exclusive financial advisor and the transaction closed on January 15, 2026.
-
January 14, 2026
- Buyer
- Two Roads Partners
- Target
- Uniserve Facilities Services
- Seller
- Uniserve family shareholders
- Industry
- Industrial Services
- Location
- California, United States
- Type
- Recapitalization
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.
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