Private Equity-Backed Acquisitions in Hawaii

Resource Innovations (RI), a San Francisco–based utility software and consulting platform, has acquired Honolulu-based Shifted Energy to integrate its Grid Maestro DERMS technology into RI’s demand-side management (DSM) and grid-edge offerings. The deal expands RI’s capability to deliver end-to-end virtual power plant and flexible load management solutions at scale, with a focus on equitable access for renters and underserved communities.

Creative Planning has acquired Honolulu-based Mosaic Pacific, a financial advisory firm, in a deal that closed June 30, 2025, adding roughly $430 million in AUM to Creative Planning's platform. The acquisition strengthens Creative Planning's presence in the Pacific region and brings Mosaic Pacific's financial planning and investment management expertise into Creative Planning's national wealth-management offering.

A newly formed partnership between First Reserve and funds managed by affiliates of Fortress Investment Group has acquired a majority stake in Island Energy Services (IES) from One Rock Capital Partners, with One Rock remaining as a minority investor. IES is a Hawaii-based integrated fuel import, storage, pipeline and distribution operator that also runs a 50-location Texaco-branded retail network; the transaction closed in mid-2025 and terms were not disclosed.

fifteenfortyseven Critical Systems Realty (1547) and Harrison Street have acquired DRFortress, Hawaii's largest carrier-neutral data center, from GI Partners. The deal brings DRFortress into 1547's connectivity-focused platform to expand interconnection, cloud access, and digital infrastructure reach across Hawaii and the broader Pacific region while keeping the existing leadership team in place.

Sojourner Consumer Partners announced an investment in Hawaii Coffee Company and the formation of a new holding platform, SoJoe Coffee, in partnership with Anderson Holdings. The deal brings Hawaii Coffee Company into Sojourner's consumer-focused platform to support brand growth, e-commerce and sustainability initiatives; terms were not disclosed.

PRA, a Chicago-based business events management firm majority owned by EagleTree Capital, has acquired Island Style Innovations, a Hawai‘i-based destination management and events specialist. The Island Style Innovations team will join PRA’s Hawai‘i office and rebrand as PRA to expand the company’s local capabilities and strengthen its presence in the Hawaiian meetings, conventions, and incentive market.

The Stephens Group, LLC completed a strategic growth investment in VisionSafe, LLC to accelerate the company's research & development, certification efforts, sales and customer support while positioning VisionSafe as a Stephens Group platform. VisionSafe, headquartered in Kaneohe, Hawaii, is a long-running developer and manufacturer of the Emergency Vision Assurance System (EVAS) and provides maintenance and inspection services for cockpit smoke displacement systems across commercial, cargo, business and government aircraft.

Majesco has acquired the Decision Research Corporation (DRC) insurance software business, adding DRC's enterprise rating engine, reinsurance solution, and P&C core platform to Majesco's product portfolio. The acquisition brings over 20 P&C customers into Majesco's community and expands its capabilities for MGAs, MGUs and smaller insurers to accelerate speed to market and product innovation.

IntelliBridge, a portfolio company of Enlightenment Capital, has acquired RevaComm, Inc. (RVCM), a Hawaii-based digital transformation firm specializing in agile DevSecOps, cloud solutions, and cybersecurity for federal civilian and defense agencies. The deal adds nearly 200 software, cyber, and design professionals and RVCM's SBIR/IDIQ contract vehicles to IntelliBridge's capabilities, strengthening its offerings to DoD and FedCiv customers.

USI Insurance Services has acquired Honolulu-based Cavanah Associates, Inc., an independent brokerage specializing in commercial and personal risk insurance. The undisclosed transaction establishes a Hawaii-based presence for USI and strengthens its commercial and personal risk insurance capabilities by integrating Cavanah's local team into the USI platform.

QE Solar, backed by private equity firm 424 Capital, acquired Tritium3 Renewable Services (Tritium Enterprises, LLC) of Honolulu, Hawaii. The add-on expands QE's operations & maintenance capabilities into utility-scale solar and battery energy storage (BESS), adding ~300 MW of O&M assets in Hawaii and supporting QE's growth to over 4 GW of assets under management.

Imperial Dade, a Jersey City–based distributor of foodservice packaging and janitorial supplies, has acquired Triple F Distributing, the market-leading Hawaii distributor of foodservice packaging, janitorial supplies and sustainable packaging. The transaction — Imperial Dade's 65th acquisition — expands the buyer's geographic footprint into the Hawaiian Islands; financial terms were not disclosed and Triple F's management will remain in place.

PRA, a Chicago-based business events firm and portfolio company of EagleTree Capital, has acquired Hawai‘i-based destination management company Weil & Associates. The deal brings Weil’s local team and destination expertise into PRA’s platform as PRA Hawai‘i, expanding PRA’s capabilities in the incentive and Hawaiian markets.

ProService Hawaii has acquired Makai HR, a Hawaii-based HR administration and PEO provider that serves roughly 200 client employers (about 4,000 worksite employees). Makai's staff and executive team will join ProService Hawaii, expanding ProService's local client base and HR/PEO capabilities and supporting accelerated technology development.

Silver Lake has partnered with the ProService management team and employee owners to invest in ProService, a Hawaii‑headquartered provider of bundled HR and PEO services. The transaction represents FFL Partners' exit after a six‑year partnership during which ProService grew roughly 2.5x; Silver Lake will support expansion of the company's technology and insurance capabilities and broader market growth.

ALKEME, a Top-50 insurance brokerage backed by GCP Capital Partners, has acquired ACW Group, a Honolulu-based property and casualty insurance agency with offices in San Francisco and La Quinta, California. The acquisition brings ACW's team of more than 20 licensed agents into ALKEME's platform, expanding ALKEME's geographic footprint into Hawaii and bolstering its presence in California.

Outdoor Living Supply (OLS), a Trilantic-backed distribution platform focused on hardscapes, has acquired Geobunga, an independent Honolulu-based distributor of garden elements, natural stone, pavers, bulk materials and landscape supplies. The founders Layla and Andrew Dedrick will remain in leadership roles as OLS expands its footprint into the Hawaiian market as an add-on to its platform.

In February 2022 Trinity Investors partnered with RLG Capital to recapitalize Kamaka Air, a Honolulu-based inter-island air cargo and charter operator. Kamaka operates a fleet of Cessna 208Bs and Cessna 408 Sky Couriers, serves major parcel carriers including FedEx and UPS, and holds dominant market share on routes to/from Molokai and Lanai.

Gladstone Capital Corporation completed a senior debt and minority equity investment in WB Xcel Holdings, LLC (Xcel), a Hawaii-headquartered surf and watersports apparel and equipment brand. The capital will provide balance sheet flexibility, fund growth initiatives and support the company’s international expansion plans.

Anaqua, a provider of intellectual property management software, has acquired Quantify IP, a developer of global IP cost-estimating software, to integrate advanced cost budgeting and forecasting tools into its IP management platform. The acquisition expands Anaqua's product capabilities by adding Quantify IP's Global IP Estimator and Portfolio Estimator for law firms and corporate IP teams.

GI Partners, a private investment firm, acquired a majority interest in DR Fortress, LLC, Hawaii's largest carrier‑neutral data center, in partnership with DR Fortress' management team including co‑founders Fred Rodi and Rosa White. The investment is intended to accelerate growth, increase resiliency, and expand relationships with global cloud and content providers while maintaining local engagement in Hawaii and the broader Pacific region.

Chicago-based investment firm Kenex Holdings has acquired Bubbies Homemade Ice Cream & Desserts, the Aiea, Hawaii–based maker of premium mochi ice cream. Founder Keith Robbins will remain a significant investor while Kenex appoints Rick Schaffer as CEO to lead the next phase of growth and a leadership transition.