ZS Fund L.P. Recapitalizes Smith-Cooper International (including Flo-Rite)

First Capital Partners and Willis & Smith Capital Recapitalize TPE Midstream

April 20, 2021

Industrial Services

First Capital Partners provided mezzanine debt and equity to support a majority recapitalization of TPE Midstream, LLC in partnership with Willis & Smith Capital and TPE founders Doug Sahm and Brad Sando. TPE, based in Tulsa, Oklahoma, manufactures, sells and rents the ZEVAC zero-emission vacuum and compressor equipment used by large utilities and pipeline operators to mitigate methane emissions.

RLJ Equity Partners and LP First Capital Recapitalize Three Businesses to Form Flow Service Partners

July 7, 2021

HVAC & Mechanical

RLJ Equity Partners and LP First Capital recapitalized three HVACR and plumbing businesses to create Flow Service Partners, a commercial HVACR and plumbing platform headquartered in Nashville, Tennessee. Brookside Capital Partners provided unitranche debt and an equity co-investment to facilitate the transaction; RLJ will hold controlling equity and pursue add-on acquisitions to scale the platform.

FloWorks Acquires Slater Controls

October 20, 2025

Industrial Services

FloWorks International LLC, a Houston-based specialty distributor and portfolio company of Wynnchurch Capital, has acquired Slater Controls LLC, a distributor of valve automation, instrumentation, and relief valves with four locations across Texas, New Mexico, and Arizona. The deal is an add-on acquisition intended to expand FloWorks' product portfolio, geographic footprint, and cross-selling opportunities under Wynnchurch's ownership.

Milton Street Capital Majority Recapitalizes PurgeRite, LLC

October 4, 2023

HVAC & Mechanical

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.

Flow Control Holdings (Edgewater) Acquires Ace Sanitary, Inc.

February 5, 2021

Manufacturing

Edgewater Growth Capital’s portfolio company Flow Control Holdings, LLC has acquired Ace Sanitary, Inc., a Cincinnati-based manufacturer of sanitary and high-purity flexible hose products marketed under the Flex-Rite and Seal-Rite brands. The add-on expands Flow Control Holdings' engineered flow-control product offering and strengthens its presence in the food & beverage, dairy/cosmetic and pharmaceutical end markets.

7 Seas Capital and Tico Capital Partners Recapitalize Precision Piping Products

June 18, 2025

Manufacturing

7 Seas Capital and Tico Capital Partners acquired a recapitalization stake in Precision Piping Products (P3), a Houston-based manufacturer of patented flange protection products, in a transaction that closed May 22, 2025. Parkway Capital and Pine Street Capital Partners provided subordinated debt and equity support alongside the new investors, with founders Keith and Debbie Nichols remaining in leadership.