Mission Critical Group (backed by Emerald Lake Capital) Acquires Johnson Thermal Systems

Mission Critical Group Acquires Leman Engineering and Consulting

November 4, 2025

Manufacturing

Mission Critical Group (MCG) has acquired Leman Engineering and Consulting (LEC), a Brookston, Indiana–based manufacturer of switchgear, control systems, and power distribution equipment. The acquisition strengthens MCG’s Midwest manufacturing footprint, expands its engineering capabilities, and establishes LEC as MCG’s R&D hub for power generation engineering and switchgear innovation.

Mission Critical Group Acquires DVM Manufacturing (DVM Power + Control)

April 24, 2025

Manufacturing

Mission Critical Group (MCG) has acquired DVM Manufacturing, LLC (DVM Power + Control), a manufacturer of low- and medium-voltage electrical distribution equipment. The deal expands MCG’s manufacturing footprint (adding ~350,000 sq ft across PA, GA and CT), strengthens field and aftermarket service capabilities, and adds technical expertise to support data center and industrial power solutions.

Thermal Technology Distribution Solutions (Gryphon Investors) Acquires Applied Thermal Systems

December 11, 2024

Industrial Services

Thermal Technology Distribution Solutions (TTDS), a Gryphon Investors–backed distribution platform, has acquired Applied Thermal Systems, a Minneapolis-area value-added distributor of electric heaters, controls, thermocouples and related engineering services. The add-on expands TTDS's footprint in the Upper Midwest and strengthens its product and technical capabilities; terms were not disclosed.

Johnson, Mirmiran & Thompson (JMT) Combines with Clark Nexsen

May 21, 2025

Engineering Services

Johnson, Mirmiran & Thompson (JMT) and Clark Nexsen are merging, with Clark Nexsen joining JMT's 100%-employee-owned structure to create a combined AEC firm of more than 2,750 employees. The transaction expands JMT's architecture and engineering capabilities and geographic footprint across the Mid-Atlantic and Southeast, strengthening positions in education, federal, and transportation markets.

Thermex-Thermatron Systems Acquires JTE Machines

January 19, 2021

Manufacturing

Thermex-Thermatron Systems has acquired Jacksonville, Florida-based JTE Machines to strengthen its position in radio frequency (RF) and microwave (MW) industrial equipment. The acquisition brings JTE's engineering, automation and sealing-machine capabilities and several members of the JTE team (including founders Jens and Traci Evling) into Thermex to expand product and service offerings across fabric, belting and medical-product markets.

MCS Management Buyout Backed by J.P. Morgan Asset Management

January 5, 2026

HVAC & Mechanical

MCS, the national property services provider based in Lewisville, Texas, has been sold in a management buyout to current CEO Craig Torrance and President Andrew Nolan with financial backing from J.P. Morgan Asset Management. The relaunched MCS will retain its brand and narrow focus to commercial, residential and government property services across the United States.