Altos Partners Recapitalizes Allied Underground

Waterloo Capital Acquires Equity Stake in Allied Portfolio Management

April 20, 2026

Wealth Management

Waterloo Capital announced it acquired an equity stake in Allied Portfolio Management, a wealth management firm headquartered in Tucson, Arizona. The combined practice will operate under the Waterloo Capital name, expanding Waterloo’s institutional-grade wealth management presence into the Tucson and Scottsdale markets.

Bernhard Capital-Backed Allied Power Acquires Dominion Engineering

September 14, 2023

Energy

Allied Group Holdings, LLC (Allied Power), a Bernhard Capital Partners-backed platform, has acquired Dominion Engineering, Inc., a provider of field service equipment, technology, and specialized engineering services to the nuclear power industry. The add-on acquisition expands Allied's technical service, equipment and engineering capabilities for nuclear utilities, supporting outage, decommissioning and waste management work; financial terms were not disclosed.

Allied Industrial Partners Recapitalizes Wall Recycling

October 4, 2022

Environmental Services

Allied Industrial Partners LLC completed a recapitalization investment in Wall Recycling, LLC, a Raleigh-based provider of waste hauling, disposal and recycling services. Wall Recycling (which later rebranded to Liberty Waste Solutions) will remain led by founder and CEO Dan Wall and will use the partnership to support growth, operational enhancements and buy-and-build expansion.

Evolution Strategy Partners Recapitalizes Allied Underground, LLC

August 24, 2021

Industrial Services

Evolution Strategy Partners completed a recapitalization of Allied Underground, LLC to support the company’s next phase of growth. Allied Underground, a Bertram, Texas-based underground water, wastewater and storm sewer construction contractor, will retain founder Leonard Meredith as CEO and receive capital for equipment, personnel, and expansion in the greater Austin market.

Alliant Networks Acquires 4G Underground Construction

August 6, 2020

Telecommunications

Alliant Networks, a Temecula-based telecommunications construction and integration firm, has acquired 4G Underground Construction, LLC, an underground boring, excavation and utility services contractor based in Menifee, California. The deal expands Alliant's in-house capabilities for 5G network builds and lets the company offer end-to-end services to major wireless carriers and tower owners.

Bernhard Capital Partners Acquires Ascension Wastewater Treatment

April 9, 2020

Utilities

Bernhard Capital Partners Management, LP led a group of investors in the acquisition of Ascension Wastewater Treatment (AWT), the largest privately owned sewer utility operator in Louisiana. The buyer committed a two-month customer rebate (~$1.5 million total) and plans to invest in sewer infrastructure and expand AWT’s service footprint to additional communities to improve resiliency and service delivery.