Lone Star Funds Acquires SPX FLOW (SPX FLOW acquisition)

Lone Star Completes Acquisition of Hillenbrand

February 10, 2026

Industrial Services

An affiliate of Lone Star Funds completed the previously announced all-cash acquisition of Hillenbrand in a deal valued at approximately $3.8 billion (about $32 per share). Hillenbrand’s common stock ceased trading and the company will operate under the Hillenbrand name as a privately held company.

Ingersoll Rand to Acquire SPX FLOW’s Air Treatment Business

October 6, 2022

Industrial Services

Ingersoll Rand entered into an agreement to acquire SPX FLOW’s Air Treatment business for approximately $525 million in an all-cash transaction. The business makes desiccant and refrigerated compressed air dryers, filtration systems, and purifiers, with nearly 50% of revenue coming from recurring aftermarket sources. The deal is expected to close in the fourth quarter after regulatory approvals, integrating the business into Ingersoll Rand’s Industrial Technologies and Services segment.

Journey Financial Group, Inc. to Acquire Lone Star Bank

March 9, 2026

Financial Services

Journey Financial Group, Inc. has signed a definitive agreement to acquire Lone Star Bank. The deal is approved by both boards and is expected to close in late second quarter or early third quarter of 2026, subject to customary closing conditions, including Lone Star shareholder approval and bank regulatory approvals.

Apex Group Acquires Flow (FTS Tech, Inc.)

April 8, 2025

Cloud & SaaS

Apex Group Ltd. has acquired FTS Tech, Inc. (trading as Flow), a private-markets SaaS platform that streamlines fund management, onboarding, and investor engagement. The acquisition (Flow brings ~15 employees and $17bn AUA) integrates Flow's technology into Apex's fund administration and middle-office services to expand digital capabilities and deliver an end-to-end private markets infrastructure.

SPS Companies Acquires ESP Specialty Steel Products from Lone Star Investment Advisors

October 10, 2022

Industrial Services

Lone Star Investment Advisors has sold its portfolio company ESP Specialty Steel Products LLC, a Houston-based master distributor of stainless steel products, to SPS Companies, Inc. of Manhattan, Kansas. The acquisition marks SPS's first entry into stainless steel markets and distribution; Montrose Advisors advised on the transaction and legal counsel was provided to both parties.

J.F. Lehman & Company Acquires Lone Star Disposal

August 14, 2019

Environmental Services

J.F. Lehman & Company’s investment affiliate has acquired Lone Star Disposal, L.P., Delta Waste Services, L.P. and Tanner Road Facility, L.P. (together, "Lone Star"), a vertically integrated provider of C&D and MSW disposal and related environmental services based in Houston, Texas. The acquisition expands JFLCO’s environmental services platform and will be supported by debt financing from Monroe Capital, with legal and financial advisors engaged on both sides.