All-State Industries Acquires substantially all assets of dB Engineering

All-State Industries (Blue Sage-backed) Acquires Allied Plastics

January 11, 2022

Manufacturing

An affiliate of All-State Industries, backed by private equity firm Blue Sage Capital, has acquired Allied Plastics, a Twin Lakes, Wisconsin-based thermoformed plastics manufacturer. The acquisition expands All-State's thermoforming and extrusion capabilities and increases the platform's scale across agriculture, heavy equipment OEM, consumer products, and packaging end markets.

All-State Industries Acquires United Gasket Corp. (and subsidiary Gaskoa, Inc.)

January 14, 2025

Manufacturing

All-State Industries, a portfolio company of Blue Sage Capital, has acquired United Gasket Corp. and its subsidiary Gaskoa, Inc. United Gasket — a Cicero, Illinois–based manufacturer of custom non-metallic components — will remain led by CEO Mark Pahios and the deal expands All-State's die-cutting and non‑metallic component capabilities. The transaction (completed Dec. 31, 2024) is the fourth add-on for the All-State platform since partnering with Blue Sage and was financed with support from TPG Twin Brook Capital Partners.

Active Thermal Solutions (LDR Partners) Acquires D&B Heat Transfer Products

October 14, 2025

Industrial Services

Active Thermal Solutions, a portfolio company of LDR Partners, has acquired D&B Heat Transfer Products, a Grand Rapids, Michigan–based radiator and heat-exchanger service provider. The add-on expands Active’s Midwest footprint, integrates D&B into the Active Radiator network, and broadens capabilities in DPF cleaning and aftermarket parts distribution to strengthen regional service coverage.

JGB Enterprises Acquires All-Serv Industrial

January 7, 2022

Industrial Services

JGB Enterprises, backed by HCI Equity Partners, acquired All-Serv Industrial, LLC (headquartered in Sulphur, Louisiana) on December 31, 2021 as an add-on to JGB's platform. The acquisition expands JGB's Gulf Coast footprint and adds complementary hose, fluid power and service capabilities to serve refinery, petrochemical, oil & gas and industrial OEM customers.

United Building Solutions Acquires DFW Mechanical Group

January 20, 2026

HVAC & Mechanical

United Building Solutions, a PE-backed national commercial HVAC platform, has acquired DFW Mechanical Group, a full-service commercial and industrial mechanical contractor based in Wylie, Texas. The add-on expands UBS's footprint across the Southeast and South-Central United States and broadens its HVAC, plumbing, heating, and piping capabilities; financial terms were not disclosed.

BayView Industries Acquires Certain Assets of Alphi Manufacturing

April 18, 2019

Manufacturing

BayView Industries of Green Bay, Inc. acquired certain assets from Alphi Manufacturing LLC, a Jonesville, Michigan-based supplier of stainless and carbon steel tubing components and assemblies to tier‑1 automotive suppliers. The transaction, advised on by Angle Advisors for Alphi, transfers Alphi’s manufacturing capabilities (tube bending, fabrication, piercing, perforating and welding) and its 100,000-square-foot facility to BayView’s group of industrial subsidiaries.