Private Equity-Backed Manufacturing Acquisitions

ONCAP, the mid-market private equity platform of Onex Corporation, has acquired a majority stake in Komar Industries, a Groveport, Ohio-based designer and manufacturer of industrial waste and recycling processing systems. The Koenig family remains partnered with ONCAP as Komar looks to expand its product and service offerings and continue its growth.

Kanbrick has made a minority growth investment in Depatie Fluid Power Group to provide long-term strategic support and accelerate the company's next phase of growth. The partnership will work with Depatie and its American Motion Group affiliates to expand capabilities and services across motion control and automation end markets.

L Squared Capital Partners has acquired Functional Devices, Inc., a Sharpsville, Indiana–headquartered maker of RIB relays, current sensors, power supplies and other field devices for building automation and emergency lighting. Management (led by President & CEO Mark Fernandes) invested alongside L Squared, which plans to invest in product development, commercial expansion and pursue add-on acquisitions to build out a platform in peripheral components for building automation.

FCH has completed the acquisition of Axiflow Technologies, a specialist in sanitary twin-screw pumps serving the food, beverage, pharmaceutical and data-cooling markets. The add-on strengthens FCH's hygienic process capabilities and expands its proprietary pump technology offerings while Axiflow retains commercial autonomy and collaborates with FCH's engineering and manufacturing teams.

CQL Capital led a strategic growth investment in Erie Strayer, a fourth-generation, family-owned manufacturer of concrete batch plants headquartered in Erie, Pennsylvania. The transaction includes co-investors Star Mountain Capital, UMB Private Investments, Tecum Capital, Brookside Capital Partners, and Everside Capital Partners and is intended to support product innovation, employee development, and expanded aftermarket service capabilities while preserving family leadership.

Highland Rim Capital, a Nashville-based private equity firm, has acquired Xybix Systems, a manufacturer of ergonomic, height-adjustable workstations and control-room furniture for mission-critical environments. SDR Ventures served as Xybix's exclusive sell-side advisor and Fennemore LLP was Xybix's legal advisor; Highland Rim said the investment will support product development and broader market expansion.

An affiliate of Lone Star Funds has completed the previously announced all-cash acquisition of Hillenbrand, Inc. for an enterprise value of approximately $3.8 billion. The transaction takes Hillenbrand private (its common stock will be delisted) and Lone Star will partner with Hillenbrand's management to execute strategic growth and operational plans.

Manufacturing Corporation of America (MCA) has acquired TRUKD, a U.S.-based truck bed rack manufacturer. TRUKD will operate within MCA's Metal One Fabrication facility to enable vertically integrated manufacturing, accelerate product development, improve supply-chain resilience, and scale production in support of Made-in-America growth.

Valore Holdings, a private investment firm, has completed the acquisition of Mirai Casting Group from Proterial, Ltd., positioning the century-old automotive casting supplier as a standalone platform. The transaction preserves Mirai's existing leadership and operations and is supported by a $126.0 million senior secured financing package administered by Second Avenue Capital Partners; financial terms were not disclosed.

Threadlock Precision, an operating network backed by The D. E. Shaw Group, has acquired R&S Machining, a St. Louis-based CNC precision machining company founded in 1992. The add-on expands Threadlock's large-format machining, assembly and engineering capabilities—increasing capacity and capability for its aerospace and defense precision manufacturing network.

Novaria Group, a portfolio company of Arcline Investment Management, has acquired Plasma Ruggedized Solutions (PRS), a provider of high-reliability conformal coatings, parylene coating, potting, and encapsulation for defense, medical and advanced industrial electronics. The deal expands Novaria's advanced surface protection capabilities and strengthens its position serving mission-critical aerospace, defense and industrial end markets.

Littlejohn & Co., a Greenwich-based private investment firm, has acquired 80/20, a Columbia City, Indiana-headquartered maker of configurable modular framing solutions, from MPE Partners. The transaction (terms undisclosed) is a platform investment aimed at expanding 80/20's capabilities, geographic reach, and position in automation, robotics, and modular industrial design markets.

An affiliate of H.I.G. Capital has completed the acquisition of CargoTuff, a Virginia-based manufacturer and distributor of load securement products including dunnage airbags, lashing, and strapping. H.I.G. said it will support CargoTuff's growth and expansion of product capabilities and its global manufacturing footprint while CargoTuff's management team will remain in place.

Columbus McKinnon Corporation completed its acquisition of Kito Crosby Limited from funds managed by KKR, creating a larger global leader in lifting and securement solutions. The transaction was financed in part by an $800.0 million Series A preferred share investment from CD&R and is expected to realize $70 million of net annual run-rate cost synergies while expanding product capabilities and geographic scale.

FirmaPak, a Chicago-based blow-molded packaging platform, has acquired Easy Plastic Containers Corporation (Easy Plastics), a Canadian blow molder with two manufacturing facilities near Toronto, Ontario. The acquisition expands FirmaPak's geographic footprint into Canada, broadens capabilities in personal care and pharmaceutical packaging, and keeps Easy Plastics' leadership in place.

Invio Automation, a portfolio company of Arsenal Capital Partners, has acquired Calvary Robotics, a Webster, New York-based provider of robotics, advanced automation and material handling systems. The add-on expands Invio's engineering capabilities and manufacturing footprint to better serve high-growth end markets such as medical devices, advanced manufacturing and transportation; terms were not disclosed.

Foundation Investment Partners (FIP), via its platform Sustainable Packaging, LLC, has acquired Paper Converters, Inc., a Walterboro, South Carolina manufacturer of spiral wound paper tubes, edge board and sheeting. The acquisition is an add-on to FIP's Sustainable Packaging platform and is intended to drive collaboration with sister company Amspak, improve supply chain continuity, and expand capability in sustainable paper packaging for textile and industrial customers in the Southeastern U.S.

HKW’s portfolio company Electric Equipment Engineering (EEE) has completed a strategic merger with Endpoint Industrial Controls, a Loveland, Colorado–based designer and manufacturer of low-voltage electrical products. The combination expands EEE’s product offering and engineered solutions for end markets including data centers, energy and industrial customers, with Endpoint’s leadership team remaining in place.

PRO-SET Formulated Resin Systems, LLC (a holding of Iron Path Capital) has acquired Universal Chemicals and Coatings, Inc. (UNICHEM), a family-owned manufacturer of industrial coatings, laminating adhesives and container linings. The deal expands PRO-SET’s formulated coatings and laminating adhesive capabilities as an add-on to its growing resin systems platform; financial terms were not disclosed.

JLL Partners has acquired PowerParts Group, a precision manufacturer and field-services provider of aftermarket components for gas- and steam-turbine power plants, from Mangrove Equity Partners. JLL intends to use PowerParts Group as the foundation of a new engineering-focused power-generation components platform and plans to expand capacity and capabilities through organic investment and strategic acquisitions.

American Industrial Partners (AIP) has completed the $1.5 billion acquisition of International Paper's Global Cellulose Fibers (GCF) business, with part of the consideration issued as preferred stock carrying a $190 million initial liquidation preference. GCF, headquartered in Memphis, Tennessee, will operate as an independent company and reported approximately $2.3 billion in 2024 revenue with about 3,300 employees and nine manufacturing facilities across the U.S., Canada, and Poland.

Tide Rock, an unlevered buyout firm, acquired Analog Technologies, a Burnsville, Minnesota-based electronic manufacturing services (EMS) provider. The deal is an add-on to Tide Rock's EMS platform (working alongside portfolio company Pro-Active Engineering) and expands the platform's PCBA, high-performance interconnect and A&D-certified capabilities.

Novopor Advanced Science, a Bain Capital–backed performance chemicals and materials CDMO, has acquired FAR Chemical from CPS Performance Materials Group to expand its U.S. footprint and add capabilities in complex specialty chemistries. The deal integrates FAR Chemical's expertise in custom and hazardous specialty chemical manufacturing—serving electronics, aerospace & defense, and coatings/adhesives end markets—into the Novopor platform.

Polycorp, a portfolio company of Arsenal Capital Partners, has acquired Iron Horse Engineering Company, a pioneer in rail boot and embedded track technologies. The deal expands Polycorp’s rail product portfolio and engineering capabilities to deliver more integrated solutions across light- and heavy-rail applications worldwide.

Butterfly Equity has completed its acquisition of ePac Holdings, the San Diego–headquartered digitally printed flexible packaging provider, from an investor consortium that included Amcor and Indevco North America; financial terms were not disclosed. The deal establishes ePac as Butterfly’s first platform investment in packaging and keeps incumbent management (including CEO and co‑founder Virag Patel) in place with a significant retained ownership stake as Butterfly backs ePac’s growth across its 14 North American facilities and its proprietary ePacONE technology.

McDanel Advanced Materials and Richland Glass, both portfolio companies of Artemis, have completed a strategic merger that combines advanced ceramics, optical technologies (Rayotek) and precision specialty glass into a single materials-science platform. The combined organization will offer expanded engineered-materials and component solutions for mission-critical applications across aerospace, defense, life sciences, semiconductor and diversified industrial markets; financial terms were not disclosed.

Plasticade, a portfolio company of Radial Equity Partners, has acquired Mr. Chain, a longtime manufacturer of crowd-control, safety and barrier solutions. The add-on expands Plasticade's product portfolio in the traffic safety and signage market, enabling broader offerings for construction, municipal and event safety customers.

J.F. Lehman & Company, via an affiliate of JFL Equity Investor VI, L.P., acquired a majority interest in Wellman Dynamics, a Creston, Iowa-based manufacturer of large-scale magnesium and aluminum sand castings. TRM Equity sold the majority stake and will retain a meaningful minority position; the deal is positioned as a platform investment to expand Wellman's manufacturing capacity and pursue new aerospace and defense programs.

AIM Investment Group has acquired Micro Forms, Inc., a Garland, Texas-based precision metal stamping and engineering manufacturer founded in 1967. Micro Forms will continue to operate under its existing name and structure while gaining AIM IG's long-term investment support as AIM expands its portfolio of industrial businesses.

The Riverside Company has invested in Key Polymer, a specialty manufacturer of adhesives, sealants and coatings, as the first add-on to its Seatex platform. The acquisition expands Seatex's formulation, custom blending and manufacturing capabilities and extends the combined organization's end-market and geographic reach across industrial, automotive and aerospace segments.

Threadlock Precision, a U.S. precision manufacturing platform backed by the D. E. Shaw group, has acquired Kremin Inc., a Frankenmuth, Michigan-based CNC machining firm serving aerospace, defense and medical customers for more than 40 years. The deal adds Kremin's Swiss machining and tight-tolerance capabilities to Threadlock’s precision manufacturing network to support a wider range of aerospace and defense customer programs and to modernize and scale Kremin's operations.

Control Devices, a portfolio company of HBM Holdings, has acquired Sherwood Valve to expand its compressed gas flow control portfolio and enhance engineering and manufacturing capabilities. The deal adds Sherwood's product lineup and brand (operations in Cleveland, Ohio and the Pittsburgh area) and brings about 75 employees to Control Devices; financial terms were not disclosed.

Daboosh Investments, an independent sponsor based in Cleveland, has completed the acquisition of GS Industries of Bassett (GSIB), a custom injection molding manufacturer headquartered in Bassett, Virginia. Halifax West served as exclusive financial advisor, led the debt financing, and made a minority co-investment to support the transaction and future growth plans for GSIB.

CompoSecure completed its business combination with Husky Technologies on January 12, 2026, rebranding the corporate entity to GPGI, Inc. The combined business is valued at $7.4 billion and was funded by a ~$2.0 billion PIPE, a ~$1.0 billion equity rollover from Platinum Equity, and ~$2.0 billion of debt; Husky will operate as a standalone reporting segment alongside CompoSecure under the new permanent-capital platform.

Netform, a Torque Capital Group portfolio company, completed a merger with Lavalier Corporation (dba Tapemaster), adding precision CNC milling, turning, grinding and inspection capabilities to its advanced manufacturing platform. The transaction brings Tapemaster's AS9100D-certified aerospace and defense machining capabilities into Netform, expanding aerospace/defense and transportation program support and strengthening vertically integrated manufacturing.

ProMach has acquired American Holt, DMA Solution, and Pride Engineering (collectively “AmHolt”) from Arcline Investment Management. The AmHolt businesses—providers of engineered aftermarket parts and precision components for food, beverage and CPG packaging lines with facilities in Massachusetts, Quebec and Minnesota—will join ProMach's Primary Packaging business unit to broaden its product solutions and lifecycle service capabilities.

Currier Plastics, a Sheridan Capital Partners portfolio company, has completed the acquisitions of Springboard Manufacturing and MOS Plastics. The add-on deals expand Currier's West Coast footprint, add significant Class 7/8 cleanroom capacity, and deepen capabilities serving pharmaceutical, medical device and diagnostics customers.

Radial Equity Partners has acquired Cortina, a Franklin Park, Illinois-based manufacturer of traffic and work zone safety products, and will merge it with Radial’s 2024 portfolio company Plasticade. The Giannelli family will retain an ownership stake and Matt Soule has been named interim CEO of the combined business to accelerate growth and expand product and manufacturing capabilities.

DwyerOmega, a portfolio company of Arcline Investment Management, has acquired Burns Engineering to expand its precision temperature measurement product offering. Burns Engineering, founded in 1965 and based in Eden Prairie, Minnesota, provides metrology-grade temperature measurement devices for end markets including biopharma, food processing, and calibration laboratories; financial terms were not disclosed.

Det-Tronics, part of Spectrum Safety Solutions, has acquired Optronics, a Norway-based developer of high-end optical gas detection products and solutions. The deal expands Det-Tronics' gas-detection technology portfolio and aims to accelerate innovation and global market reach for safety solutions in energy, marine and industrial end markets.

Cleanova, a PX3-backed industrial filtration platform based in Chattanooga, Tennessee, has acquired U.S.-based Airflotek and TES-Clean Air Systems and will consolidate them into a single business within Cleanova. The acquisitions add custom fan filter units (FFUs), HEPA/ULPA filtration and cleanroom expertise, expanding Cleanova's capabilities into ultra-clean controlled environments serving semiconductors, pharmaceuticals, biotech and high-performance data center markets.

Cleanova, a Chattanooga-based industrial filtration platform owned by PE firm PX3 Partners, has acquired U.S.-based Airflotek and TES-Clean Air Systems and will consolidate them into its Cleanova business. The add-ons expand Cleanova’s capabilities in ultraclean controlled environments (custom FFUs, HEPA/ULPA filtration) and broaden access to semiconductor, pharmaceutical/biotech and data center end markets.

Cleanova, the PX3 Partners-backed industrial filtration platform, has acquired U.S.-based Airflotek and TES-Clean Air Systems and will consolidate them into Cleanova to enter ultra-clean controlled-environment markets. The bolt-ons add custom fan filter unit (FFU), HEPA/ULPA filtration, and cleanroom distribution capabilities to support semiconductor, biotechnology/pharmaceutical, and data-center customers.

Cleanova, a PX3-backed industrial filtration platform based in Chattanooga, Tennessee, has acquired U.S.-based Airflotek and TES-Clean Air Systems and will merge them into Cleanova to expand its capabilities in ultra-clean controlled environments. The acquisitions bring custom FFU (fan filter unit) design, HEPA/ULPA filtration expertise and global distribution into Cleanova’s portfolio, targeting semiconductor, pharmaceutical/biotech and data-center markets.

Cleanova, the PX3 Partners‑owned industrial filtration platform, has acquired U.S. cleanroom specialists Airflotek and TES‑Clean Air Systems and will consolidate them into a single business within Cleanova. The add‑on acquisitions expand Cleanova’s capabilities into ultra‑clean, controlled‑environment filtration for semiconductor manufacturing, biotechnology, pharmaceuticals, data centers and high‑performance computing.

Novae, a leading North American trailer manufacturer, has acquired Aluma Trailers to expand its aluminum trailer product offering and strengthen its dealer-distributed platform. Aluma will remain headquartered in Bancroft, Iowa and led by CEO Mike Lloyd and the existing management team; financial terms were not disclosed.

Sigma Companies International Corp. (SIGMA), a Wind Point Partners portfolio company, has acquired Masonry Supply, Inc. (MSI), a Selma, North Carolina-based manufacturer of municipal waterworks castings and polymer enclosures. The deal expands SIGMA’s waterworks product portfolio and Southeast U.S. fulfillment capabilities, with MSI leadership (Jacob Nash) remaining in commercial leadership.

ADDMAN Engineering LLC, a portfolio company of American Industrial Partners, has acquired Forecast 3D, a Carlsbad, California-based polymer additive manufacturing firm formerly operated by GKN Powder Metallurgy. The deal expands ADDMAN's West Coast polymer capacity and digital quoting capabilities, increasing its industrial additive fleet to over 160 systems and advancing its strategy to build a comprehensive North American additive manufacturing platform.

Windjammer Capital has acquired MFG Chemical, a specialty chemical developer and manufacturer headquartered in Chattanooga, Tennessee, from Platte River Equity. Windjammer plans to support MFG's growth through investments in operational excellence, product development, and strategic acquisitions, positioning MFG as a platform within specialty chemicals.

The Enact Fund, managed by private equity firm Endless, has completed two acquisitions: GEO Specialty Chemicals UK Ltd from CPS Performance Materials Group and Par-Pak Europe Ltd / Holfeld Plastics Ltd (trading as Waddington Europe) from Novolex. The transactions are corporate carveouts that give Enact capital and strategic support to invest in operations and accelerate growth across specialty chemicals and sustainable packaging businesses.