Lone Star Funds Affiliate Acquires SPX FLOW, Inc.

Apex Group Acquires Flow (FTS Tech, Inc.)

April 8, 2025

Cloud & SaaS

Apex Group Ltd. has acquired FTS Tech, Inc. (trading as Flow), a private-markets SaaS platform that streamlines fund management, onboarding, and investor engagement. The acquisition (Flow brings ~15 employees and $17bn AUA) integrates Flow's technology into Apex's fund administration and middle-office services to expand digital capabilities and deliver an end-to-end private markets infrastructure.

SPS Companies Acquires ESP Specialty Steel Products from Lone Star Investment Advisors

October 10, 2022

Industrial Services

Lone Star Investment Advisors has sold its portfolio company ESP Specialty Steel Products LLC, a Houston-based master distributor of stainless steel products, to SPS Companies, Inc. of Manhattan, Kansas. The acquisition marks SPS's first entry into stainless steel markets and distribution; Montrose Advisors advised on the transaction and legal counsel was provided to both parties.

Rucker Investments Affiliate Takes Flow Water Inc. Private

October 6, 2025

Food & Beverage

An affiliate of Rucker Investments subscribed for new shares of Flow Water Inc. under an Ontario Superior Court-approved reverse vesting order, becoming the company's sole shareholder and taking the business private. Flow, headquartered in Toronto, will continue operations under its Flow brand with a deleveraged balance sheet, access to working capital, and Paul Dowdall appointed as President.

Lone Star Funds Acquires Hillenbrand, Inc.

February 10, 2026

Manufacturing

An affiliate of Lone Star Funds has completed the previously announced all-cash acquisition of Hillenbrand, Inc. for an enterprise value of approximately $3.8 billion. The transaction takes Hillenbrand private (its common stock will be delisted) and Lone Star will partner with Hillenbrand's management to execute strategic growth and operational plans.

Quad‑C Management Acquires Flow Service Partners from RLJ Equity Partners and LP First Capital

November 21, 2024

HVAC & Mechanical

Quad‑C Management has acquired Flow Service Partners from sellers RLJ Equity Partners and LP First Capital; financial terms were not disclosed. Flow is a commercial HVACR and plumbing services platform headquartered in Nashville, Tennessee, operating across several U.S. states with over 400 employees and built through multiple acquisitions since 2021.

SPL, Inc. (IGP Portfolio Company) Acquires AFS (Assured Flow Solutions)

September 27, 2021

Energy

SPL, Inc., a Houston-based testing, inspection and certification (TIC) platform backed by Industrial Growth Partners, has acquired AFS (Assured Flow Solutions). The add-on expands SPL’s laboratory testing, software and tech-enabled consulting capabilities — particularly in flow assurance, asset integrity and ESG — and broadens its footprint in Houston, Denver, Europe and Asia-Pacific.