Vertiv Acquires PurgeRite to Expand Liquid Cooling and Fluid Management Services

Milton Street Capital Majority Recapitalizes PurgeRite, LLC

October 4, 2023

HVAC & Mechanical

Milton Street Capital completed a majority recapitalization investment in PurgeRite, LLC, a provider of mechanical flushing and filtration services for water-based HVAC and geothermal systems. GulfStar Group served as exclusive financial advisor; the investment will fund geographic expansion, increased capacity, and investments in people, equipment, and technology to support growth across mission-critical end markets such as data centers, semiconductor fabrication, education, and healthcare.

Vertiv Acquires ThermoKey S.p.A. to Expand Heat Rejection and Cooling Technologies for AI Data Centers

March 23, 2026

IT Services

Vertiv (NYSE: VRT) entered into an agreement to acquire ThermoKey S.p.A., a provider of heat-rejection and heat-exchange technologies used in data center cooling. The acquisition is expected to expand Vertiv’s thermal management portfolio and manufacturing footprint—particularly in EMEA—and strengthen end-to-end thermal solutions for AI factories and high-density data centers.

CMS Nextech (Audax PE) Acquires Aire Rite

January 25, 2023

HVAC & Mechanical

CMS Nextech, a portfolio company of Audax Private Equity, has acquired Aire Rite, a Southern California commercial HVAC and refrigeration services provider. The add-on expands CMS Nextech's footprint in Southern California and brings the combined business to over 1,100 self-performing technicians nationwide, enhancing service capacity for C-store, food service, retail and healthcare customers.

Rite Way Heating, Cooling & Plumbing Acquires Berg's Heating & Air Conditioning (Residential Division)

April 9, 2025

HVAC & Mechanical

Rite Way Heating, Cooling & Plumbing LLC has acquired the residential HVAC division of Berg Enterprises, Inc., which operates as Berg's Heating & Air Conditioning, to expand Rite Way’s presence in Cochise County, Arizona. The acquisition transfers Berg's residential remodel, service, and maintenance business lines to Rite Way while Berg Enterprises retains its commercial and federal operations to focus on B2B construction work.

Veolia North America Acquires U.S. Industrial Technologies

October 31, 2023

Environmental Services

Veolia North America has completed the acquisition of U.S. Industrial Technologies (USIT), a Michigan-based provider of hazardous, non-hazardous and recyclable industrial waste management services. The deal adds USIT's main operations in Livonia, Michigan and an operation in Knoxville, Tennessee, bringing more than 70 employees into Veolia's Environmental Solutions and Services division and expanding its hazardous waste treatment capacity and U.S. market share.

The Gorman-Rupp Company Acquires Fill-Rite and Sotera (Tuthill Division)

June 1, 2022

Manufacturing

The Gorman-Rupp Company (NYSE: GRC) completed the acquisition of Fill-Rite and Sotera, a division of Tuthill Corporation, for $525 million (approximately $445 million net of expected tax benefits). The purchase adds Fill-Rite's pumps, meters and fluid-handling product lines and manufacturing facilities in Fort Wayne, Indiana and Lenexa, Kansas to Gorman-Rupp's portfolio, funded with cash and new debt facilities.