Brentwood Associates Secures $410M Continuation Fund for Watermill Express

Brentwood Associates Acquires Majority Stake in Watermill Express

May 3, 2021

Retail

Los Angeles-based private equity firm Brentwood Associates acquired majority control of Watermill Express, the national operator and franchisor of drive-up water and ice refill stations. Founders Lani and Don Dolifka retain a significant minority stake; Brentwood intends to support expansion of the company's footprint and mission, and a multimillion-dollar charitable fund will be established to support underserved communities.

Heartwood Partners Closes $245M Continuation Vehicle for The Amlon Group

May 15, 2025

Environmental Services

Heartwood Partners closed a $245 million continuation vehicle on May 15, 2025 to extend its investment in The Amlon Group and provide liquidity to existing investors. Commitments came from Heartwood's GP alongside institutional investors including Apogem Capital, New 2ND Capital, Reinsurance Group of America, Mercer Investments, Round2 Investment Partners, Flexstone Partners and other syndicate investors to support Amlon's M&A pipeline, greenfield expansions and organic growth.

Watermill Group Acquires Weston Forest

January 4, 2021

Building Products

The Watermill Group, with co-investor Walter Capital Partners, has acquired Weston Forest, a North American distributor and remanufacturer of softwood and hardwood lumber and specialty panel products. The investment provides Weston Forest with strategic expertise and capital to accelerate growth while the existing executive team remains heavily invested.

Brentwood Associates and Tenex Capital Complete Recapitalization of Perennial Services Group

December 23, 2025

Environmental Services

Brentwood Associates partnered with Tenex Capital Management to complete an equity recapitalization of Perennial Services Group, a multi-brand home services platform headquartered in Pittsburgh, Pennsylvania. The recapitalization will keep Perennial's management as significant shareholders and is intended to support continued organic growth and execution of the company's add-on M&A strategy across lawncare, pest control, landscaping and arbor services.

MPE Partners Recapitalizes Waterfront Brands

July 27, 2021

Manufacturing

MPE Partners (Morgenthaler Private Equity) announced the recapitalization of Waterfront Brands, the designer and manufacturer of premium watercraft lifts, docks, and related accessories, partnering with management led by CEO Don Hurley. Financing for the transaction was provided by Tree Line Capital Partners, Manulife Investment Management, Northwestern Mutual Capital, and LBC Credit Partners; Livingstone served as Waterfront's exclusive financial advisor. The recapitalization is intended to support accelerated organic growth and execution of complementary add-on acquisitions.

Blackstone Energy Transition Partners Makes Majority Investment in Westwood Professional Services

August 7, 2024

Engineering Services

Private equity funds affiliated with Blackstone (Blackstone Energy Transition Partners) have agreed to make a majority investment in Westwood Professional Services, Inc., acquiring the stake held by Endurance Partners and Palm Beach Capital while Westwood management and employee shareholders retain a minority interest. Westwood, a Plano, Texas–based engineering and design firm with more than 1,600 employees, serves renewables, power, real estate and public infrastructure end markets and will leverage Blackstone's resources to expand capabilities across those markets.