Private Equity-Backed Acquisitions in Kentucky

Reliable Energy Partners, a propane distribution platform backed by Soundcore Capital Partners, has acquired Irvington Gas, a bulk-propane distributor headquartered in Irvington, Kentucky. The deal expands Reliable's operating footprint to six states as part of its buy-and-build strategy for residential and commercial propane distribution; terms were not disclosed.

MEI Industrial Solutions, a portfolio company of Olympus Partners, has acquired CCI Industrial Services, an industrial services provider headquartered in Somerset, Kentucky. The acquisition adds roughly 120 employees, expands MEI's footprint in the Southeast (establishing a presence in Kentucky) and brings equipment-level electrical, millwrighting, rigging and fabrication capabilities to MEI's end-to-end service offering.

Lexington-based MCF Advisors LLC has acquired Louisville fee-only Registered Investment Adviser Accredited Wealth Management LLC, adding $178 million of AUM and expanding MCF's presence in the Louisville market. The founders of AWM, Steve Giacobbe and Shawn Clark, joined MCF as Senior Financial Advisors and Partners; the deal is MCF's first transaction since taking an equity investment from Wealth Partners Capital Group and the Aspire Holdings platform of HGGC, and increases MCF's AUM to about $3.9 billion.

Burnout Brands, a performance automotive platform and portfolio company of Hidden Harbor Capital Partners, has acquired Brian Tooley Racing, a Kentucky-based manufacturer of high-performance camshafts, valvetrain components and intake manifold engineering. The acquisition brings BTR into Burnout Brands' portfolio (which includes Monster Transmission, BD Diesel and D&J Precision Machine) to expand product development, manufacturing capabilities and aftermarket market reach.

Guidant Power, a Chicago-based electrical safety and reliability services platform backed by Shore Capital, has acquired Mitchell & Lindsey, an electrical safety consulting and training firm. The acquisition expands Guidant Power's arc flash assessment, testing, and healthcare-focused safety capabilities and broadens its national service footprint.

Confluent Health announced a partnership with Commonwealth Hand & Physical Therapy, a Kentucky-based practice operating six clinics, which will join Confluent's national musculoskeletal care network while retaining its local brand. The deal expands Confluent Health's footprint and gives Commonwealth access to Confluent's management services, clinician education, and practice enablement resources.

OCo Capital Management has acquired CMS Utility Services, Inc., a Shepherdsville, Kentucky-based provider of the CMS Portable Pole Rack System and pole rack installation services. The deal, arranged by Small Business Deal Advisors, enables founder Glenn Wilson to transition to retirement while OCo plans post-close value creation and continued growth of the business.

CORE Industrial Partners has completed a platform investment in Edwards Moving & Rigging, a Shelbyville, Kentucky-based provider of heavy hauling, rigging and turnkey project management services for power generation, manufacturing and infrastructure end markets. CORE said it will partner with Edwards' management to support growth, expand the company's value proposition and pursue complementary acquisitions.

Gauge Capital has acquired Aphix, LLC, a commercial landscape services provider in the southeastern United States, from Caltius Equity Partners. The transaction represents an exit for Caltius and positions Gauge to continue scaling Aphix's regional footprint and recurring service platform.

Fenix Parent LLC (operating as Fenix Parts), a Stellex Capital-backed auto recycler and OEM parts reseller, has acquired Grade A Auto Parts, a Louisville, Kentucky-based automotive recycling and parts reseller with locations across the Midwest and Central U.S. The deal expands Fenix's geographic footprint and distribution capabilities in Kentucky, Missouri, Ohio, Tennessee and Indiana and adds Grade A CEO Sean Garber to the Fenix board.

Knipper Health, a therapy initiation and fulfillment provider backed by Frazier Healthcare Partners, has acquired eBlu Solutions, a provider-integrated platform for real-time benefit investigation and electronic prior authorization. The deal integrates eBlu's automation capabilities with Knipper's national fulfillment network to accelerate patient enrollment and streamline order-to-therapy initiation.

Armada Materials, a Kelso-backed infrastructure materials platform, has acquired Drake's Creek Stone, a quarry in Franklin, Kentucky formerly part of Charles DeWeese Construction. The acquisition expands Armada's aggregates footprint to serve northern Tennessee and southern Kentucky and adds crushed stone production capacity to its platform.

The Hilb Group, a Richmond, Virginia-based property & casualty and employee benefits brokerage, has acquired a Kentucky-based multi-line insurance agency effective July 1, 2025. The deal adds Kentucky to Hilb Group's footprint as part of its ongoing roll-up strategy as a Carlyle-backed platform.

Smart Care, a portfolio company of Wind Point Partners, acquired Mr. C Refrigeration, a Louisville-based commercial refrigeration and HVAC services firm; the transaction closed on June 18, 2025. The add-on expands Smart Care's commercial refrigeration capabilities in Kentucky and strengthens its ability to serve life sciences, food distribution, and other commercial customers as part of a broader national expansion strategy.

Charlotte-based Wastequip has acquired Foster Hydraulics, a family-owned hydraulic cylinder manufacturer in Louisville, Kentucky. The deal brings cylinder production in-house for Wastequip’s truck and aftermarket brands (including Galbreath and Amrep), increasing eastern U.S. production capacity, reducing lead times and strengthening OEM and aftermarket offerings.

InvestBev, via its private credit arm InvestBev Credit, closed an eight-figure financing agreement with Registered Distillery One (RD1), a Kentucky-based bourbon distillery. The financing will support RD1's ongoing expansion and growth initiatives, with InvestBev Credit highlighting its recent deployment of nearly $30 million in 2025 to beverage operators and barrel owners.

Heartwood Partners has formed VITALSpace, a multi-brand commercial modular building products platform that houses SteelCell, CareAffirm and the newly acquired Portable Solutions Group (PSG). The move follows Heartwood's growth equity investment to scale production, expand product capabilities (including modular access control and restrooms) and add a new manufacturing location to support demand across construction, industrial and other end markets.

EP Wealth Advisors has acquired AlphaMark Advisors, a Fort Wright, Kentucky-based registered investment adviser, in a transaction that closed April 11, 2025. The deal adds roughly $385 million in AUM (reported by multiple sources) and expands EP Wealth’s Midwest footprint into northern Kentucky and the Greater Cincinnati area; Houlihan Lokey acted as exclusive financial advisor to AlphaMark.

TXO, a PE-backed global technology lifecycle services platform, has acquired the AirWay Group to expand its North American presence and broaden lifecycle management, staging, logistics, and network engineering capabilities. AirWay — which operates an R2/ISO-certified facility in Hebron, Kentucky and serves more than 250 telecom and broadband customers worldwide — will operate under the AirWay name while integrating with TXO's global platform.

Valicor Environmental Services, a Pritzker Private Capital‑backed provider of centralized wastewater treatment, has acquired the Louisville-area wastewater and sludge-hauling operations known as Affordable Waste Management from Grasslands Environmental Services. The acquisition expands Valicor's Midwest footprint and enhances its leachate processing and reclamation capabilities.

Mercer Global Advisors, a Denver-based national RIA, has acquired D. Scott Neal, Inc., a Kentucky-based financial planning and investment management firm bringing over $300 million in AUM. The 10-person firm’s offices in the Lexington and Louisville areas become Mercer’s first partner presence in Kentucky; Houlihan Lokey advised D. Scott Neal on the transaction.

Ascend Learning, a healthcare learning and certification company, has acquired Clover Learning, a provider of online diagnostic imaging education and certification exam preparation. The acquisition expands Ascend's allied health portfolio and strengthens its diagnostic imaging training and continuing education offerings.

Neace Ventures announced the acquisition of J&J Transportation Consultants and Thoroughbred Transportation, adding cross-docking, warehousing, and multi-stop shipment capabilities to its Talon Logistics platform. The deals expand capacity (by ~40%), increase contracted carriers (by ~30%), and strengthen Talon Logistics' presence in the Southeast and Indianapolis markets.

Nautic Partners, in partnership with the company's management team, has completed the acquisition of the Specialty Tapes business from Berry Global and rebranded the carved-out unit as Vybond. Headquartered in Franklin, Kentucky with additional operations in Riverhead, NY and Bristol, RI, Vybond manufactures pressure-sensitive tapes and adhesives and will be supported by Nautic to invest in technology, operations, and growth.

Charlotte-based Already Autism Health has acquired Commonwealth ABA and received a majority investment led by Triton Pacific Healthcare Partners, with Star Mountain Capital and Ace & Company participating. The deal expands Already Autism Health's clinic footprint into Georgia, Kentucky, Indiana and Virginia and brings Commonwealth founder Brett Blevins into the combined company's leadership as Chief Development Officer.

Stukent, a portfolio company of Tritium Partners headquartered in Idaho Falls, has acquired BusinessU, a Lexington, Kentucky-based provider of interactive, standards-based curriculum for high school business classrooms. The deal expands Stukent’s courseware and subject offerings (including agriculture and full-year business courses) and integrates BusinessU’s customizable platform with Stukent’s Simternship simulations to broaden reach and educator support.

Architect Equity, a lower middle-market private equity firm, acquired 100% of Gibbs Die Casting Corporation from Koch Enterprises, Inc.; terms were not disclosed and the deal closed in January 2025. Gibbs, headquartered in Henderson, Kentucky, is a manufacturer of precision aluminum die-cast, machined and assembled driveline, powertrain and transmission components (employing over 800 people) and will continue operating under Gibbs' existing leadership team.

Aurora Material Solutions, backed by private equity sponsor Nautic Partners, has acquired Lastique International Corporation and will integrate the business into its Sustainable Product Solutions platform. Lastique, a leading recycler and supplier of rigid PVC and other thermoplastic resins, will operate as a standalone segment under Aurora with existing management retained and will expand Aurora's recycled-content and closed-loop capabilities.

Michelli Weighing & Measurement, a portfolio company of Summit Park, has acquired and recapitalized American Scale, LLC, a Louisville, Kentucky-based provider of industrial weighing services, calibration and scale equipment sales/rentals. The deal expands Michelli's geographic footprint into Kentucky and Indiana and strengthens its nationwide service and calibration capabilities.

Battery Ventures has made a majority growth investment in QSR Automations, a Louisville-based provider of restaurant technology solutions including its ConnectSmart platform. The investment will support product development, scale the business, and expand market reach while Battery partners join QSR Automations' board and a Battery executive will become CEO.

Flagger Force, a Hummelstown, Pennsylvania–based short-term traffic control operator, has acquired Louisville, Kentucky–based NTC Traffic Control to expand its operations into Kentucky and the Midwest. Flagger Force is a portfolio company of private equity firm Blue Sea Capital; the transaction brings NTC's traffic management, emergency response and equipment rental capabilities into Flagger Force's platform.

Redeux Energy sold a utility-scale hybrid solar and battery storage development project (200 MWdc solar, 40 MW/160 MWh storage) located in Ohio County, Kentucky to Scout Clean Energy. Scout, a Boulder-based renewable developer and portfolio company managed by Brookfield Asset Management, will advance the project through later-stage development, financing and construction; Redeux was advised by Marathon Capital.

AWI Holdings, LLC (Auto-Wares), a portfolio company of Kinderhook Industries, has acquired Moog Louisville Warehouse, a leading distributor of automotive parts with 20 Bumper to Bumper locations in the greater Louisville, Kentucky and southern Indiana markets. The add-on expands Auto-Wares’ geographic footprint and market density in the Midwest; financial terms were not disclosed.

Buske Logistics, a portfolio company of Miami-based private equity firm Fourshore Partners, has acquired Hydra Warehouse and Transportation. The acquisition adds Hydra's five warehouses (approximately 1.5 million square feet) in the Louisville/southern Indiana area, expanding Buske's 3PL warehousing and transportation capabilities in the bourbon and food processing end markets.

Kian Capital-backed Team Air Distributing has acquired Best Choice Supply, a family-owned HVAC wholesale distributor with locations in Lexington and Somerset, Kentucky. The add-on expands Team Air’s parts and supplies offering, adds custom metal fabrication capabilities and deepens the platform’s presence in Kentucky and nearby regions; the combined platform will have roughly 200 employees and 12 branch locations.

Kian Capital-backed PARC Auto has grown its Meineke Car Care Center platform from 15 to 35 locations since July 2023 through new store openings and four strategic acquisitions, making it the largest Meineke franchisee. The company, headquartered in Louisville, Kentucky, added a new COO and plans continued buy-and-build expansion across Florida, Indiana, Texas and the Portland, Oregon metro.

MEM Capital LLC of Greenwich, Connecticut has acquired Mountain Life Insurance Company and Kentucky Home Life Insurance Company; both carriers will continue to maintain their home offices and management team in Lexington, Kentucky. Mountain Life plans to begin offering annuity products, Jeff Breeze will remain President, and Benjamin Keslowitz will join as Board Chairman.

Knack Global, a tech-enabled provider of revenue cycle management (RCM) solutions, has acquired Merrick Management, Inc., a Lexington, Kentucky-based anesthesia-focused RCM and practice management firm. The deal expands Knack's specialty RCM capabilities into the anesthesia market and will fold Merrick's leadership into a new Anesthesia Services division while Knack continues to grow alongside investment partner LKCM Headwater.

Quad Capital Partners, a private investment firm focused on middle-market manufacturing companies, has acquired Worldwide Technologies (WWT), a precision CNC machining and fabrication business with facilities in Franklin and Glasgow, Kentucky. The transaction provides QCP a flagship manufacturing platform with advanced automation and engineering capabilities; WWT employs more than 150 people and operates over 100 CNC machines.

AnewHealth has acquired HomeFree Pharmacy Services and will merge it with ExactCare to expand its suite of at-home pharmacy and medication management solutions. In connection with the transaction, The Vistria Group has made a minority investment in AnewHealth; Nautic Partners remains the controlling owner of AnewHealth.

Falfurrias Capital Partners has acquired a majority ownership stake in EDGE Industrial Technologies, a manufacturer of industrial machine knives, blades, and punches, from Blue Wolf Capital Partners. Falfurrias will appoint new board members and Josh Slagle as CEO while Blue Wolf retains a minority investment; the deal is intended to deepen EDGE's capabilities and accelerate growth in food processing, packaging, and related end markets.

RoadSafe Traffic Systems, Inc. acquired Site-Safe Products, LLC and its wholly owned subsidiary Innovative Access Solutions, LLC to expand its work zone safety product and service offerings across the Southern and Midwestern United States. The deals broaden RoadSafe’s traffic control footprint in those regions and mark the company’s 14th and 15th acquisitions since partnering with private equity firms Investcorp and Trilantic North America in 2021.

Flow Service Partners, a PE-backed commercial HVACR and plumbing platform, has acquired Dynamic Air Solutions, a Louisville-based commercial and industrial HVAC specialist. The add-on expands Flow's service capabilities and operational density in Kentucky and southern Indiana; financial terms were not disclosed.

Black Mountain Software, a Peterson Partners–backed provider of accounting and billing software for local governments, has acquired Fiscalsoft, a Kentucky-based maker of accounting and payroll software for local government entities. The undisclosed deal expands Black Mountain's local government ERP portfolio and marks its entry into the Kentucky market.

Capitol Pain Institute (CPI), a PE-backed interventional pain management platform, has acquired Pain Care Surgery of Louisville, an ambulatory surgical center (ASC) in Louisville, Kentucky. The deal — supported by CPI sponsor Iron Path Capital — expands CPI's ability to offer advanced, minimally invasive procedures in Kentucky and strengthens its regional ASC footprint.

Unrivaled Sports has acquired YTH Sports, the operator of the Soccer Youth brand and the All‑American Series, bringing soccer programming into Unrivaled’s portfolio of youth sports properties. YTH Sports’ founder Scott Hacker and his team will join Unrivaled Sports as the company integrates the brand and its nationwide event series into Unrivaled’s platform.

Affiliates of New Mountain Capital have made a strategic growth investment in The Rawlings Group, a La Grange, Kentucky–based coverage analytics and payment integrity provider for health insurers. The capital will support investments in AI, product development, talent, and expansion into new markets and capabilities while New Mountain partners with Rawlings' management team.

Indianapolis-based private equity firm CID Capital announced the merger of its portfolio companies Wiseway Supply (Florence, KY) and Park Supply (Huntsville, AL) to form a combined super-regional distributor of plumbing, electrical and lighting products. The consolidation creates a larger multi-location platform under CEO Mark Christie to capture distribution synergies, expand geographic reach, and support continued organic and acquisition growth.

Software Mind, part of the Ailleron Group, has acquired 100% of Prosoft LLC — owner of the number8 brand — for approximately $40.6 million, financed with company cash and a BNP Paribas loan. The acquisition adds ~330 IT specialists and strengthens Software Mind's presence and revenue exposure in the United States and the Americas, broadening its nearshore/onshore delivery capabilities.

Access Information Management has acquired Triyam, a Lexington, Kentucky-based software business that provides EHR data conversion, migration and archival solutions, to accelerate Access's entry into electronic health records and archival digital records management. Triyam will operate largely independently within Access' Digital Solutions business; financial terms were not disclosed.