Brentwood Associates and Tenex Capital Management 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.

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.

Bain Capital Private Equity to Acquire Perpetual Wealth Management

March 16, 2026

Wealth Management

Perpetual has entered into a binding agreement to sell its Wealth Management business (the Perpetual Wealth Management Group) to Bain Capital Private Equity for A$500 million upfront, with additional contingent payments tied to performance and an earnout of up to A$50 million. The deal is expected to complete toward the end of calendar year 2026, subject to regulatory approvals including FIRB and the ACCC, as well as Perpetual’s corporate restructuring and separation of the business.

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.

Acrisure Acquires Brentwood Services, Inc.

July 7, 2022

Insurance

Acrisure has entered into an agreement to bring Brentwood Services, Inc. into the Acrisure Partner network; the deal was finalized on July 1, 2022. Brentwood Services, a Tennessee-based provider of insurance-related claims and third-party administration services, will retain its identity while leveraging Acrisure's technology, resources and entrepreneurial network to accelerate growth.