Brentwood Associates and Tenex Capital Complete Recapitalization of Perennial Services Group

Brentwood Associates Secures $410M Continuation Fund for Watermill Express

July 22, 2025

Retail

Brentwood Associates closed an oversubscribed $410 million single-asset continuation fund to support the growth of Watermill Express. The continuation fund is primarily backed by **Hollyport Capital**, with **Pantheon** and **Portfolio Advisors** co-leading; Brentwood remains invested and is also investing through its Fund VII to support Watermill's next phase of expansion.

Brentwood Associates Recapitalizes MedBridge

January 13, 2021

Healthcare Services

Brentwood Associates has recapitalized MedBridge, a SaaS provider of patient engagement and clinical education solutions, with LLR Partners and senior management retaining significant minority stakes. The investment will fund continued organic growth, support future acquisitions, and enable expansion into additional healthcare specialties and care settings.

Tecum Capital and Expedition Capital Recapitalize BP Business Solutions

July 13, 2021

Environmental Services

Tecum Capital Partners and Expedition Capital Partners led a majority recapitalization of BP Business Solutions, partnering with CEO Lou Pellegrino and management, who retained meaningful ownership. The investors will provide growth capital to accelerate BP's expansion (including potential strategic add-on acquisitions), broaden in-house equipment rental offerings, and support national growth of the company's asset-light managed waste, recycling and facilities services.

NTC Group Consolidates Ownership of Tenax Aerospace via Refinancing and Junior Capital Buyout

January 8, 2026

Aerospace & Defense

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.

Perpetual Capital Partners Acquires Novatech, Inc.

September 4, 2024

IT Services

Perpetual Capital Partners, the direct investing arm of a single-family office, has acquired Novatech, Inc., a Nashville-headquartered provider of Managed Office Solutions offering managed IT, print, cloud, and cybersecurity services. The deal (terms undisclosed) positions Perpetual to support Novatech's growth and capability expansion as the company continues to scale nationwide.

Strength Capital Partners and Neuberger Berman Recapitalize ESP Associates

July 9, 2025

Engineering Services

Strength Capital Partners closed a single-asset continuation vehicle to recapitalize ESP Associates, providing liquidity to Strength Capital’s existing investors and bringing in follow-on capital led by investment funds affiliated with Neuberger Berman. The transaction includes significant rollover by SCP and the ESP management team and is intended to fund organic growth and strategic add-on M&A to expand the platform’s geographic footprint and service offerings.