RHI Magnesita Acquires Resco Group (Resco Products, Inc.)

Balmoral Funds Affiliate Acquires Resco Products, Inc. from Wellspring Capital

March 8, 2022

Manufacturing

An affiliate of Balmoral Funds LLC has acquired Resco Products, Inc., a North American refractory manufacturer based in the Pittsburgh area, from an affiliate of Wellspring Capital Management LLC. Balmoral (led by industry veteran Kevin Handerhan as Chairman) intends to deleverage Resco's balance sheet and invest in the company's operations to support growth across steel, cement and petrochemical end markets.

Sibelco Acquires Strategic Materials, Inc.

April 23, 2024

Environmental Services

Sibelco, the Belgium-headquartered materials group, has signed a definitive agreement to acquire Strategic Materials, Inc. (SMI), a leading North American glass recycler with 42 plants across the United States, Canada and Mexico. The deal expands Sibelco’s circular business into North America and strengthens its footprint beyond high‑purity quartz, adding significant glass‑recycling processing capacity and product lines.

Hubbell Electric Heater Holdings LLC Acquires RECO USA

December 30, 2021

Manufacturing

Hubbell Electric Heater Holdings LLC (HEH Holdings) acquired RECO USA, a manufacturer of high-volume ASME pressure vessels and commercial water heaters based in Cayce, South Carolina. The asset purchase — which closed December 30, 2021 for undisclosed terms — includes RECO's 125,000 sq. ft. manufacturing facility and will keep production in South Carolina while expanding HEH Holdings' large-capacity water heating and storage capabilities.

BICO Steel Acquires RE Metal Finishing

April 4, 2023

Industrial Services

BICO Steel, a portfolio company of Validor Capital, has acquired RE Metal Finishing (renamed BICO Metal Finishing), a Kent, Ohio-based provider of steel peening and metal finishing services. The acquisition expands BICO’s steel processing and fabrication capabilities across its Ohio and Michigan locations; terms were not disclosed.

Balmoral Funds Affiliate Acquires R.H. Sheppard Co., Inc.

December 20, 2024

Manufacturing

An affiliate of Balmoral Funds LLC has acquired R.H. Sheppard Co., Inc. from Bendix Commercial Vehicle Systems LLC (a North American subsidiary of Knorr-Bremse). The transaction establishes Sheppard as an independent, PE-backed platform focused on steering technologies for Class 5-8 trucks, with management and operational investment planned to drive growth and innovation.

Resource Innovations Acquires Richard Heath & Associates, Inc.

February 25, 2025

Energy

Resource Innovations (RI), a Morgan Stanley Capital Partners–backed energy transformation firm, has acquired Richard Heath & Associates, Inc. (RHA), a Fresno-based provider of energy efficiency, resilience, and public-health related services for underserved communities. The add-on expands RI’s capabilities and team (bringing the combined organization to over 1,100 professionals) to better serve utility, government, and corporate clients with enhanced solutions in energy storage, resiliency, water conservation, community engagement, and workforce development.