Private Equity-Backed Acquisitions in Tennessee

Zavation Medical Products, a Gemspring Capital portfolio company, has acquired ChoiceSpine Holdings, a Knoxville-based designer and manufacturer of spinal implant systems; terms were not disclosed. The deal expands Zavation's spinal implant portfolio and commercial reach across inpatient and outpatient settings, and Derek Kuyper was named CEO of the combined organization.

Summit Wealth Group has merged with Premier Private Wealth, a Franklin/Nashville-area wealth management firm with $470 million in AUM, expanding Summit’s presence in Tennessee and lifting combined AUM to about $3 billion. The deal also launches Summit Wealth Group Family Office Services, with Premier CEO Michael Comstock joining Summit as Head of Family Office Services and leading the new Franklin office.

Averon Group, a national HVAC distribution platform backed by Trinity Hunt Partners, announced an investment in Fenco Supply, adding the family-owned HVAC distributor to its platform. The move expands Averon Group’s footprint into the Southeast and strengthens its network of independent HVAC distributors serving contractors and facility managers.

The Amlon Group, a Heartwood Partners–backed environmental services platform, has acquired Mastermelt America LLC and is operating the Sweetwater, Tennessee facility as Amlon Sweetwater. The May 2025 deal adds thermal processing and chemical dissolution capabilities for complex industrial waste (spent catalysts, electronic components, aerospace materials), expanding Amlon's technical capabilities and Southeast footprint.

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.

Behavioral Framework, a family-owned ABA therapy provider backed by Renovus Capital Partners, announced that Autism ETC (AETC) is joining its platform. Autism ETC operates five clinics across Tennessee and Arizona; the deal is an add-on to expand Behavioral Framework’s center-based services, geographic footprint, and clinical capacity while preserving Autism ETC’s leadership and clinical model.

SLR International Corporation (SLR) has acquired WAP Sustainability, LLC, a Nashville-based sustainability consulting and ESG data solutions firm. The deal brings nearly 100 WAP employees and enhances SLR's sustainability consulting, product‑sustainability and ESG data capabilities to serve building products, packaging, textiles, electronics and consumer goods clients.

Rotation Digital, a full-stack digital technology services company backed by The Brydon Group, has acquired Syssero, a consultancy specializing in workforce technology and enterprise applications. The add-on strengthens Rotation Digital's workforce technology and enterprise application capabilities and expands its delivery resources across clients.

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.

DirectMed Imaging, a portfolio company of Frazier Healthcare Partners, has acquired Tri-Imaging Solutions and will combine the two businesses under the Tri-Imaging name. The transaction creates a scaled imaging solutions platform that expands parts inventory, service capabilities, and technical training for healthcare networks, independent service organizations, and equipment manufacturers.

Gauge Capital has partnered with Reliable Medical's management to provide growth capital and complete a recapitalization, acquiring the Nashville-based provider of Complex Rehabilitation Technology (CRT) from prior sponsor Seven Hills Capital. The investment will support Reliable Medical's expansion of clinical capabilities, geographic footprint, and continued focus on high-touch post-delivery services for patients with severe mobility impairments.

Broadwing Capital, a Dallas-based private equity firm, has acquired CloudScale365 as the inaugural investment in its new IT managed service provider (MSP) platform. CloudScale365 is a Nashville-based provider of managed IT, cloud, hosting, and security solutions for small and medium-sized businesses; the founder will transition to a consulting role and Bret Kidd was named CEO as the company pursues expansion in AI, cybersecurity, and infrastructure.

Revelstoke Capital Partners’ portfolio company, The Care Team, has acquired select hospice and palliative care operations of Traditions Health in Illinois, Indiana, Ohio and Virginia. The add-on expands The Care Team’s geographic footprint across the Midwest and Mid-Atlantic and brings Traditions Health staff and capabilities into The Care Team’s multi-state hospice platform.

Investcorp has acquired Guardian Fire Services, a Nashville-based provider of fire protection and life safety services, from Northern Lakes Capital. Guardian operates 17 branches across the U.S., serving commercial, industrial, healthcare and educational customers; management will remain meaningful shareholders as Investcorp supports the company's continued growth.

Winter Park-based BryteBridge Group has acquired Foundation Group, a Nashville-based provider of nonprofit formation, compliance, accounting and tax services. Backed by RFE Investment Partners and Knox Capital, the deal expands BryteBridge's nonprofit services platform, integrates Foundation Group's Assurance membership with BryteBridge's Connect platform, and broadens the combined group's reach to serve more small- and medium-sized nonprofit organizations nationwide.

Transom Capital Group, a Los Angeles–based private equity firm, completed the acquisition of Binswanger Glass, a leading full-service flat glass company headquartered in Memphis, Tennessee. The deal will provide Binswanger with new capital and Transom's operational resources to accelerate the company's transformation, expand service capabilities, and drive growth across its 42 locations in 11 states.

U.S. Dock & Door (a portfolio company of Soundcore Capital Partners) has completed an investment in The Total Garage Store, adding the Tennessee-based garage door platform to its operating portfolio. The transaction, completed November 6, 2025, expands US Dock & Door’s footprint in the Southeast/Northeast and was advised by XLCS Partners on behalf of TGS.

FleetPride and TruckPro have completed a merger to form the largest independent distributor and service provider in the heavy‑duty aftermarket, with the combined company operating under the FleetPride name and jointly owned by American Securities and Platinum Equity. The combined business will operate more than 450 locations (110+ service centers) and six distribution hubs across the U.S. and Canada, aiming to expand parts availability, service capacity and digital/ecommerce capabilities.

PureTech Scientific LLC, a PE-backed specialty glycolic acid manufacturer, has acquired the Dayton, Tennessee operations of Cymer Chemical. The acquisition—backed by PureTech's sponsor Iron Path Capital—adds tolling, blending, organic synthesis and pilot-scale capabilities to PureTech and strengthens its position in life sciences, personal care and specialty industrial end markets.

Endeavour and CoPilot Global Logistics completed a majority investment in Mallory Alexander, with members of the Mallory family retaining an ownership stake. Mallory Alexander will serve as the foundational operating company for a planned scaled global logistics platform, with initial priorities including investments in visibility systems, workforce training, safety programs, and targeted acquisitions to expand capabilities and geographic reach.

Avesi Partners has made its first institutional investment in Mosaic Consulting Group, a Nashville-based UKG-focused HCM and workforce management consulting and managed services provider. The minority strategic growth investment will partner with Mosaic's leadership to accelerate organic growth, expand managed services offerings, and support M&A-driven expansion.

Sunstone Partners, a growth-oriented private equity firm, has acquired majority ownership of Clearwater from Altaris, LLC and other existing shareholders. The investment will support Clearwater’s expansion of managed security, consulting, and software capabilities across the healthcare ecosystem and the defense industrial base (via its Redspin division).

Air Conditioning Specialist, Inc. (ACS), a portfolio company of Hidden Harbor Capital Partners, has acquired Clark Heating & Cooling, Inc., a residential and light commercial HVAC provider headquartered in Dickson, Tennessee. The deal expands ACS’s footprint in Middle Tennessee and strengthens its HVAC and plumbing service platform; financing for the transaction was provided by funds managed by First Eagle Alternative Credit and Capital Southwest.

Houston-based private equity firm Double Barrel Capital completed a majority recapitalization of Memphis-based third-party logistics provider Envoy Source, LLC, with the transaction closing on August 15, 2025. The recapitalization positions Envoy to scale its high-value packaging, fulfillment, and serialized inventory management capabilities and pursue growth under DBC’s support.

Birmingham-based Tacala acquired nine 7 Brew drive-thru cafes from Brew Team TN in Tennessee, increasing its 7 Brew portfolio to 31 locations. Tacala, a portfolio company of Altamont Capital Partners and the largest Taco Bell franchisee in the U.S., continues to expand its quick-service footprint while focusing on managing its Taco Bell and 7 Brew businesses.

Opifex-Synergy, backed by Avance Investment Management and funds managed by BlackRock, has acquired Equipment Finders, Inc., a Nashville-based independent equipment rental provider. The add-on expands Opifex-Synergy’s national footprint into the Nashville market (making it the 7th largest general rental business in the U.S.) and EFI founder Scott Hatcher will join Opifex-Synergy as Vice President of Corporate Development.

Tower Arch Capital has recapitalized Documotion Research, Inc. (DRI), the Columbia, Tennessee-based manufacturer of StickyPOS linerless labels, partnering with the Van Boom family while Joel Van Boom remains CEO. The investment will support expanded production, product development and entry into new end markets (including healthcare and logistics); terms were not disclosed.

Zeus Fire and Security, a platform company backed by Access Holdings, announced a partnership to bring Gallaher & Associates into the Zeus platform, expanding Zeus' footprint into Tennessee and the Southeastern U.S. Gallaher, a life-safety and low-voltage systems provider founded in 1973 and headquartered in the Knoxville area, will join Zeus to leverage expanded resources, technology and a national support network.

Ardurra Group, Inc. has acquired J.R. Wauford & Company, a Nashville-based water and wastewater engineering firm, adding approximately 35 professionals to Ardurra's team. The deal expands Ardurra's high-end water capabilities and strengthens its Tennessee presence; Ardurra is a Littlejohn & Co. portfolio company.

Chicago-based private equity firm Shore Capital Partners has completed a growth partnership with Dillard Companies, a Memphis-based provider of commercial doors, gates, security, and access control solutions. Shore will support Dillard with capital, board and operating resources and management changes to accelerate technology adoption, service capabilities, geographic expansion and targeted add-on activity.

iQor CXBPO acquired JumpCrew, a Nashville-based Growth as a Service provider, to expand its end-to-end customer experience (CX) and B2B sales and marketing capabilities. The acquisition integrates JumpCrew's AdPost platform and dedicated sales teams with iQor's global CXBPO delivery and analytics, with Chris Crowley leading the combined organization and Robert Henderson remaining as JumpCrew's CEO reporting to Crowley.

USA Hometown Experts, a platform backed by MSouth Equity Partners, has acquired Metro Plumbing, Heating & Air of Chattanooga, Tennessee. Metro's CEO Drew Hardin will remain in place as the transaction brings the residential HVAC, plumbing, septic and drain services provider into USA's Southeast home services roll-up.

Identiti Resources, a national brand implementation and facility services platform headquartered in Hoffman Estates, Illinois, has acquired Cummings Resources, a Nashville-based full-service signage and branding firm with a 115,000-square-foot manufacturing facility in Dothan, Alabama. The deal expands Identiti's manufacturing capacity, project management expertise and national footprint to better serve multi-site brands across retail, hospitality and other end markets.

Evergreen Services Group has acquired ImageQuest, a Franklin, Tennessee-based managed IT, cybersecurity and compliance provider. ImageQuest will continue to operate under Evergreen’s Lyra Technology Group platform with its leadership and team remaining in place as Evergreen scales its security- and compliance-specialized MSP capabilities, particularly in regulated verticals such as financial services.

Osaic, Inc. acquired a majority interest in Innovative Wealth Team, a Nashville-based advisor succession and wealth management practice that manages approximately $700 million in assets. The deal expands Osaic's supported independence offering by adding turnkey succession and continuity solutions for advisors nearing retirement.

Gladstone Investment Corporation has acquired Global GRAB Technologies in a $67.6 million transaction comprised of equity and senior secured debt. Global GRAB, based in Franklin, Tennessee, specializes in perimeter security and hostile vehicle mitigation systems for government and commercial clients; Gladstone said the investment will support the company's growth, product portfolio expansion, and ability to protect critical infrastructure.

Nautic Partners has completed the acquisition of Ideal Tridon Group, a Smyrna, Tennessee-based manufacturer of engineered clamps, brackets, fittings, and hose/flow-control products, from TruArc Partners. Nautic will partner with management to support organic growth and pursue add-on acquisitions as part of its Industrials investments.

Pritzker Private Capital completed the acquisition of Buckman, a family-owned provider of specialty chemicals and integrated services for water treatment and industrial processes. Pritzker will partner with Buckman’s family and management to provide financial resources and operational support to drive global expansion, product innovation and growth initiatives while Junai Maharaj remains CEO.

RAFTR Roofing + Exteriors (RAFTRx), a Saw Mill Capital–backed roofing and exteriors platform, has acquired Gold Medal Roofing. The add-on expands RAFTRx's footprint into additional states (including Pennsylvania, Indiana and Arkansas) and strengthens its insurance-claim residential and commercial roofing capabilities; Gold Medal is headquartered in Knoxville, Tennessee and has supported over $65 million in insurance restoration claims.

Ardurra Group Inc., a Littlejohn-backed engineering platform, has acquired Cannon & Cannon, Inc. (CCI), a Knoxville-based civil engineering firm specializing in utility infrastructure. The add-on expands Ardurra’s presence in Tennessee and brings more than 100 CCI professionals into Ardurra’s nationwide team.

Hardenbergh Group, Sentact, and Preverity are merging and will operate under the Sentact brand to create an integrated patient safety, clinical risk, and healthcare compliance platform. The combined organization is supported by strategic growth investment from private equity firm BV Investment Partners to accelerate product integration, analytics, and service expansion across U.S. health systems.

Thoma Bravo has announced a strategic growth investment of more than $100 million in HubSync, a Franklin, Tennessee–based tax and accounting SaaS platform. The capital will be used to accelerate HubSync’s product roadmap, customer service, and overall growth as it scales within the CPA and accounting-firm market.

An Ares Private Equity fund has acquired a majority stake in Epika Fleet Services, a Nashville-based provider of mobile-focused preventative maintenance and repair services for commercial trucking fleets. The investment will provide capital to expand Epika’s mobile and in-shop service capabilities, grow its geographic footprint across underserved U.S. regions, and accelerate the platform’s go-to-market strategy.

General Atlantic has made a growth investment in U.S. Urology Partners, a Nolensville, Tennessee-based urology practice management platform; NMS Capital has exited its partnership. The capital will support U.S. Urology Partners’ expansion across existing markets and into new geographies and deepen clinical and practice-management capabilities; terms were not disclosed.

Turf Care Supply, a portfolio company of Platte River Equity, has acquired Beaty Fertilizer, a family-owned manufacturer and blender of custom granular and liquid fertilizers for the turf & ornamental market. The add-on expands Turf Care's footprint in the Southeast United States, broadens its product portfolio and adds manufacturing capacity.

Mercer Global Advisors, a national RIA, has acquired Vishria Bird Financial Group, a Memphis-based financial planning and advisory firm managing $583 million in assets. The acquisition expands Mercer’s footprint in Tennessee and gives Vishria Bird access to Mercer’s family office, back‑office and specialized investment resources; Houlihan Lokey acted as exclusive advisor to Vishria Bird.

White Mountains Partners (WMP), a White Mountains operating company, has acquired a majority interest in Enterprise Electric, LLC d/b/a Enterprise Solutions, a Nashville-based specialty electrical contracting firm. WMP says Enterprise Solutions will serve as its inaugural platform to accelerate geographic expansion, expand into adjacent markets, and pursue bolt-on acquisitions.

Cleanova, a PX3 Partners-backed filtration platform, is acquiring Micronics Engineered Filtration Group from Vance Street Capital. The combination creates an expanded global filtration business that pairs Micronics' strong North American presence and air-filtration capabilities with Cleanova's EMEA footprint and liquid-filtration expertise; the deal is expected to close in Q2 2025.

J.F. Lehman & Company (through an investment affiliate) has acquired Atomic Transport, a Chattanooga-based specialized waste transport and transfer station management company. Comvest Partners (Comvest Credit Opportunities) sold its stake in Atomic; Atomic founders and management rolled equity and will continue to lead the business as JFLCO supports growth initiatives across the company's 30 terminals in 19 states.

Mercer Global Advisors (Mercer Advisors) has acquired Financial Partners Group (FPG), an investment advisory and financial planning firm based in Gallatin, Tennessee that manages $660 million in client assets. The deal expands Mercer’s presence in the Nashville metro area and brings FPG’s family-office and retirement-planning capabilities into Mercer’s national RIA platform.