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Friday brought capital deployment across the board.
Vance Street locked in a $2.2 billion exit to TransDigm for its aerospace aftermarket platforms, KKR closed $2.5 billion for Asia-Pacific private credit, and Kinderhook combined two waste platforms into a $1 billion entity backed by Goldman Sachs Alternatives and Apollo S3. Deal flow stayed consistent with Platinum Equity betting on data center infrastructure manufacturing, One Rock acquiring furniture rentals, and Gryphon Holdings expanding its insurance platform.
Let's break it down.
Today's Report
Major Investments & Infrastructure Deals
Platinum Equity
Tongrun International Investment
Platinum Equity invested in Tongrun International, a precision contract manufacturer delivering sheet metal solutions for data centers, power generation, telecommunications, and medical applications. Founded in 2012 and headquartered in Bonham, Texas, Tongrun provides end-to-end contract manufacturing from design and prototyping through large-scale production.
The company sits at the center of unprecedented data center and AI infrastructure investment, with customers including some of the world's largest technology firms that have announced over $1 trillion in data center buildouts. Tongrun founder and President Brandt Strieby retained significant equity and will continue leading the company.
Capstreet
Colt Group Adds Watertap
The Colt Group, backed by Capstreet, acquired Watertap, Inc., a provider of critical line intervention services serving utilities and contractors throughout the Great Lakes region.
Founded nearly 30 years ago in Wixom, Michigan, Watertap is known for technical expertise, reliability, and rapid response in helping municipalities, utilities, and contractors minimize system disruptions. The acquisition establishes Watertap as a key regional anchor within Colt's line intervention platform, enabling expanded service coverage across current territories while strengthening operational depth.
Flexpoint Ford
Apollo Care Growth Investment
Flexpoint Ford made a minority growth equity investment in Apollo Care, a rapidly growing provider of patient access and commercial solutions to the healthcare industry.
The funding will accelerate Apollo Care's investment in technology and innovation across its patient copay, hub solutions, data warehousing, and commercial analytics platforms. Flexpoint Ford's Jonathan Oka and Elliot Lauzen joined Apollo Care's Board of Directors as part of the transaction.
Fundraising Announcements
KKR
$2.5B Asia-Pacific Private Credit
KKR completed $2.5 billion in fundraising for strategies focused on privately originated, performing credit investments in Asia Pacific. The committed capital includes $1.8 billion for Asia Credit Opportunities Fund II and $700 million raised from separately managed accounts.
ACOF II is billed as the largest pan-regional performing private credit fund in APAC and the follow-up to the series' inaugural vehicle, which closed on $1.1 billion in 2022. So far the second fund has contributed to 10 investments representing $1.9 billion in KKR commitments.
RLH Equity Partners
Keystone Recapitalized by Audax
RLH Equity Partners announced that the global technology and advisory services practice of portfolio company Keystone has been acquired by Audax Private Equity.
Keystone's technology and advisory practice specializes in economics, strategy, and complex digital ecosystems, providing unique consulting solutions to assist global technology enterprises, law firms, and regulators with market-shaping competition, litigation, and regulatory matters. Concurrently with the sale, Keystone is spinning out its Core AI business into a newly formed independent entity, Keystone.AI, which will continue to operate with minority ownership by RLH Equity Partners.
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M&A Transactions & Deals
Vance Street exits to TransDigm for $2.2B – Vance Street Capital signed a binding Stock Purchase Agreement to sell two of its portfolio companies, Jet Parts Engineering and Victor Sierra Aviation Holdings, to TransDigm Group for $2.2 billion.
Jet Parts, headquartered in Seattle, is a leading independent designer and manufacturer of aerospace aftermarket solutions, including proprietary OEM-alternative parts and repairs. Victor Sierra, headquartered in Baldwin City, Kansas, is a leading designer, manufacturer, and distributor of proprietary PMA and other aftermarket parts serving the commercial aerospace end market.
During Vance Street's ownership, both companies significantly expanded their footprint, breadth of products, brands and engineering capacity.Kinderhook closes $1B waste services combination – Kinderhook Industries closed a single-asset continuation vehicle transaction for Ecowaste Solutions, a newly formed waste services provider created through the combination of Live Oak Environmental and CARDS Recycling.
The transaction provides an optional liquidity event for Kinderhook's limited partners while securing over $400 million in new equity capital to support continued organic growth and strategic acquisitions.
The continuation vehicle is anchored by Kinderhook Fund 8 and funds managed by Goldman Sachs Alternatives and Apollo S3. The combination creates a leading, vertically integrated waste management platform with collection and post-collection operations across the Mid-South.One Rock acquires American Furniture Rentals – One Rock Capital Partners acquired a majority stake in American Furniture Rentals, Inc., a leading, service-driven furniture rental provider to the special events, trade show, residential and commercial markets.
Established in 1975, AFR services the entire US from 28 distribution centers and is headquartered in Pennsauken, New Jersey. Neil Scholnick, AFR's Executive Chairman and longtime controlling shareholder, will retain a stake in AFR and continue to serve on its board of directors.Gryphon Holdings acquires PrimeOne Insurance – Gryphon Holdings, backed by Phoenix Merchant Partners, entered into a definitive agreement to acquire PrimeOne Insurance Company, a privately held specialty commercial lines carrier.
PrimeOne is a specialty property and casualty insurer supporting program administrators and managing general agents in select niche markets. The transaction represents a significant step in furthering Gryphon's mission to build a comprehensive platform serving investors and clients across the insurance and reinsurance ecosystem.Southfield Capital partners with The Perfect Franchise – Southfield Capital entered into a strategic partnership with The Perfect Franchise, a leading franchise advisory and consulting organization known for its high-touch approach, strong base of consulting partners, and deep commitment to helping franchise candidates make informed decisions.
There will be no changes to leadership or how TPF serves candidates or franchisors. Mark Schnurman will continue to lead TPF in its next chapter.
Regulatory & Industry Developments
Buyout firms circle VW's €6B Everllence unit – A majority stake in Volkswagen's heavy diesel engine unit Everllence SE is attracting interest from a number of private equity firms. EQT has been considering making a bid together with Singapore sovereign wealth fund GIC. CVC Capital Partners, Advent, Bain Capital, KPS Capital Partners and Clayton Dubilier & Rice are also among potential bidders.
People Moves
Stone-Goff Partners – Stone-Goff Partners announced the promotions of two senior members of the firm: Matt Gibbons to Managing Director from Principal, and Dave DeFelice to Principal, Portfolio Operations from Vice President. Gibbons has been with Stone-Goff since 2021 and has played a key role across several portfolio companies including Walker Sands, Spotlight, MojoTech, and BigScoots. DeFelice works closely with portfolio company leadership teams to drive operational excellence, scalable growth, and value creation.
Insight Partners – Amir Malayery joined Insight Partners as Managing Director, where he will drive Insight's secondaries strategy. He comes from Industry Ventures, where he helped lead the firm's technology-focused secondary investing efforts. Prior to Industry, Malayery focused on technology and internet investments at Summit Partners.
Adams Street Partners – Ana Maria Harrison, Partner, Investor Relations at Adams Street Partners, has been elected to the PEWIN - Private Equity Women Investor Network Board of Directors.
Upcoming Events
That's the wrap. More deals coming your way tomorrow.
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