Ariel Alternatives Acquires Front Line Power Construction

Ariel Alternatives Acquires Groome Industrial Service Group from Argosy Private Equity

September 9, 2025

Industrial Services

Ariel Alternatives, with a minority co-investment from JPMorgan Chase & Co., has acquired Groome Industrial Service Group from Argosy Private Equity. The transaction gives Ariel a platform in energy and utility services — Groome operates more than 20 U.S. locations with ~900 employees and will leverage Ariel's industry relationships to pursue faster market-share growth and accretive acquisitions.

Ariel Alternatives (Project Black) Acquires Majority Stake in My Code

November 30, 2023

Marketing & Advertising

Ariel Alternatives' fund Project Black has acquired a 58.5% stake in My Code at an enterprise valuation of $400 million. The majority investment — from existing shareholders including Falfurrias Capital Partners, My Code management and employees, and other investors — will support My Code's growth as a scaled multicultural marketing and media supplier to Fortune 500 clients.

Gainline Capital Partners Acquires Majority Interest in Flagship Power

April 19, 2023

Utilities

Gainline Capital Partners has purchased a majority interest in Flagship Power, a Texas-based retail electricity provider founded by Utility Rescue Holdings. Utility Rescue remains a significant shareholder and Flagship’s management team will stay in place as Gainline supports growth and the launch of new services such as "Flagship PLUS."

Ariel Alternatives Acquires Majority Stake in Sorenson

April 4, 2022

Telecommunications

Ariel Alternatives, LLC has acquired a 52.5% majority stake in Sorenson at an enterprise valuation of $1.3 billion, with existing shareholders (including Blackstone Credit, a Franklin Mutual Advisers fund, and private credit accounts managed by KKR) retaining minority stakes. The investment will support expansion of Sorenson's accessible communication products and platforms for Deaf and hard-of-hearing communities globally, while bringing new leadership and board expertise to accelerate product, security, and regulatory capabilities.

AQUALIS Acquires Front Range Environmental

February 27, 2021

Environmental Services

AQUALIS, a portfolio company of DFW Capital Partners, has acquired the assets of Front Range Environmental, LLC, a post-construction stormwater management company headquartered in McHenry, Illinois. The acquisition expands AQUALIS’s nationwide stormwater and lift station service footprint—adding Midwest and California presence and enabling self-performance capabilities across new geographies.

Quanta Services Acquires Lee Electrical Construction, LLC

November 16, 2020

Infrastructure

Quanta Services, Inc. acquired Lee Electrical Construction, LLC in August 2020. Lee Electrical Construction, headquartered in Aberdeen, North Carolina, provides power line construction, transmission/substation and storm restoration services to investor-owned utilities, electric cooperatives, municipalities, and industrial customers across the Southeastern and Mid-Atlantic United States; Founders Advisors advised Lee on the sale.