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The new year kicked off with Lindsay Goldberg closing an oversubscribed $4.9 billion fund—40% larger than its predecessor—while exits continued flowing with H.I.G. Growth flipping ProsperOps after growing ARR six-fold in under three years. Infrastructure and industrial services dominated deal flow, from water tank inspections to telecom fiber buildouts, proving once again that boring businesses with recurring revenue are where the real money gets made.
Healthcare tech also saw fresh capital with a $50 million Series B for a blood pressure monitoring company trying to make those awful cuff devices obsolete, while space-based radar satellites pulled in $20 million to map the Earth in 3D. Meanwhile, asset-based lenders are crushing it despite a tough market, with Wingspire Capital hitting $3 billion in commitments after doubling fundings year-over-year.
Let's break it down.
Today's Report
Major Investments & Infrastructure Deals
Blackstone Energy Transition Partners
Alliance Technical Group Acquisition
Blackstone's Energy Transition Partners announced the acquisition of Alliance Technical Group, continuing their aggressive push into energy infrastructure services. No deal size disclosed, but given Blackstone's track record in this space and the scale of their energy transition fund, this is clearly a platform play. The energy transition thesis isn't slowing down—if anything, the infrastructure build-out supporting grid modernization and renewable energy is accelerating.
Greenbriar Equity Group
Undisclosed eShipping Acquisition
Greenbriar Equity completed the acquisition of eShipping, a tech-enabled managed transportation platform that's been around since 2004. This one's interesting because eShipping isn't just moving boxes—they've built proprietary cloud-based software that delivers real-time analytics, end-to-end visibility, and workflow automation across less-than-truckload, full truckload, fulfillment, international freight forwarding, customs brokerage, and small parcel. It's the classic "software eating logistics" play that combines deep operational expertise with technology to help customers optimize their supply chains.
Kirkland & Ellis served as legal counsel to Greenbriar, while Stifel acted as lead financial advisor to eShipping, with Harris Williams also advising. Alston & Bird handled legal on the sell-side.
Align Capital Partners
Armko Industries Platform
Align Capital Partners announced Armko Industries as their newest architecture, engineering, and construction platform. Armko provides specialized building envelope, roofing, and waterproofing consulting services—basically they tell you if your building is going to leak before it actually does. Headquartered in Dallas-Fort Worth, the company serves K-12 school districts, higher education institutions, municipalities, healthcare systems, and commercial clients across the Southwest.
Not glamorous, but these consulting businesses throw off cash and have sticky, long-term client relationships that make them ideal PE platforms.
Rockbridge Growth Equity
FormativGroup-Eon Collective Deal
FormativGroup, backed by Rockbridge Growth Equity, acquired Eon Collective, a recognized specialist in data integration, modernization, and governance services. This is a smart tuck-in ahead of the AI wave—everyone needs clean, accessible data before they can do anything useful with AI, and Eon helps mid-market organizations design, capture, and leverage their data at all levels.
FormativGroup is positioning itself as the go-to consultancy for mid-market data transformation, combining application solutions, dynamic workflows, and data architecture to help clients unlock the full power of their information.
Fundraising Announcements
Lindsay Goldberg
$4.9B Fund VI Close
Lindsay Goldberg announced the $4.9 billion closing of its sixth fund, surpassing its $4.0 billion target and closing more than 40% larger than Fund V. The oversubscribed fund reflects strong investor conviction in the firm's disciplined investment strategy. The vast majority of Fund V investors returned for Fund VI, alongside leading new global investors spanning North America, Europe, Asia, the Middle East, South America, and Australia.
The close follows a period of significant momentum for Lindsay Goldberg. In 2025, the firm generated over $1.5 billion in realizations, bringing cumulative realizations to over $26 billion since its founding in 2001. The firm has now raised $24 billion and invested $17 billion across 66 platforms and more than 350 add-ons.
What's interesting here is their strategy hasn't changed: they're still focused on partnering with families, founders, and management teams in industrials, services, and healthcare. Fund VI has already invested in two leading family-owned businesses ahead of its final close: Golden State Foods, a scaled supplier to the quick-service restaurant industry that generated a material partial realization within the first ten months, and EMCO, a leading chemical distributor serving diverse industries across North America. That's the Lindsay Goldberg playbook—find family-owned businesses with real cash flow, help them professionalize and scale, then generate returns through operational improvement rather than financial engineering.
Wingspire Capital
$3B in Capital Commitments
Wingspire Capital, a leading diversified asset-focused lender and portfolio company of Blue Owl Capital Corporation, announced $3 billion in capital commitments and approximately $1.6 billion in assets under management. The firm delivered record-setting performance in 2025, originating and funding the most senior secured loans and equipment financings in the firm's history.
Wingspire operates through two business units—Wingspire Corporate Finance and Wingspire Equipment Finance—both of which achieved record results in 2025. The company doubled its total fundings compared to the prior year, closing the year with just under $3 billion in capital commitments. Despite a challenging year for asset-based lending and equipment finance, Wingspire continued to demonstrate resilience as a trusted provider of creative capital solutions. The firm offers one-stop solutions of up to $200 million for middle-market companies, including revolving lines of credit, asset-backed term loans, first-out revolvers and term loans, equipment loans and leases, sale-leasebacks, and lender finance.
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M&A Transactions & Deals
H.I.G. Growth Partners sells ProsperOps to Flexera (Thoma Bravo) – H.I.G. completed the sale of ProsperOps, a provider of autonomous cloud cost optimization software, to Flexera, a portfolio company of Thoma Bravo.
This looks like a home run exit. H.I.G. Growth invested in ProsperOps in December 2022 and during their ownership, the company grew annual recurring revenue more than six-fold and increased EBITDA by more than nine-fold. Over the last three years, ProsperOps evolved rapidly, expanding from a single-product, single-cloud solution into a multi-product platform supporting all three major cloud service providers (AWS, Google Cloud Platform, and Microsoft Azure), while significantly broadening its addressable market and customer value proposition.
The company now manages approximately $6 billion in annual cloud spend for its customers. That's the kind of growth trajectory that gets strategic buyers excited.Incline Equity Partners exits Certified Collision Group – Incline Equity Partners announced the sale of Certified Collision Group, a subscription-based membership network for independent collision repair shops.
Incline partnered with CCG in 2022, and during their hold period, the company more than doubled revenue through organic initiatives and two strategic acquisitions. CCG expanded its affiliate network to all 50 states and Canada, providing access to insurance programs, OEM certification support, performance management tools, and a broad range of vendor rebate programs.
Classic roll-up strategy executed well—find a fragmented industry, provide the benefits of scale to independent operators, and build a national platform.Frontenac's CROM acquires Mountain West Tank Resources – CROM, LLC, a national water infrastructure solutions provider backed by Frontenac, announced that Mountain West Tank Resources has officially joined the CROM family of companies.
This strategic partnership establishes a permanent alignment between two trusted providers in the water infrastructure industry, strengthening CROM's ability to deliver nationwide lifecycle-focused water storage solutions. Mountain West will operate as a subsidiary of CROM, continuing its long-standing commitment to high-quality inspection, assessment, and asset management services for water utilities across the Western United States.
Founded on the principles of integrity, safety, and practical problem-solving, Mountain West offers comprehensive water storage tank inspection and evaluation services, including diver-based and remotely operated vehicle (ROV) inspections, AWWA-aligned condition assessments, coatings evaluations, cathodic protection support, and detailed asset documentation.
All existing Mountain West personnel, leadership, and reporting structures will remain in place.Broadtree Partners' Triage Partners completes double add-on – Triage Partners, backed by Broadtree Partners, completed two acquisitions: Benton Technical Services and J. Carlson Services. Both companies are turnkey telecommunications services providers specializing in fiber, coax, aerial, underground, and fiber-to-the-home (FTTH) installations. Founded in 2003, Triage has a long-standing reputation across the industry for unmatched service, highly qualified technicians, and exceptional customer support. With both acquisitions, Triage is able to offer an enhanced value proposition with additional capabilities across the fiber buildout and installation value chain, truly providing full turnkey solutions to its customers in urban and rural markets across the country. JP Morgan Chase and Northwest Bank acted as the lead arranger and admin agent for the senior secured credit facilities. Holland & Knight served as legal counsel to Broadtree Partners and Triage Partners for both transactions.
Shoreline Equity's Core Roofing Systems partners with Norman Roofing – Core Roofing Systems, backed by Shoreline Equity Partners, announced a partnership with Norman Roofing, expanding its commercial roofing platform.
MGG extends investment in cash-to-debit card kiosk provider – MGG Investment Group extended its affiliates' investment in a provider of free-standing kiosks that convert cash into pre-paid debit cards. It's a niche fintech infrastructure play, but there's still a massive unbanked population that needs these services, and the recurring revenue model is attractive.
TPG acquires Trustwell – TPG completed the acquisition of Trustwell, though specific transaction details were not disclosed.
Investment Banking & Advisory
Array Labs
$20M Series A
Space-based radar company Array Labs raised a $20 million Series A led by Catapult Ventures, with participation from Washington Harbour Partners, Kompas VC, and others, including Y Combinator. The startup builds powerful, more affordable radar satellites designed to 3D-map the Earth. "We're building radars that are much higher power and much lower cost than traditional systems," co-founder and CEO Andrew Peterson said. "They have the ability to operate as a mesh or as a swarm to image locations and capture them in 3D, which is a really neat trick."
The company will use the new capital to build out its team and gear up for a four-satellite commercial launch planned for later this year. They plan to get another 16 into orbit in 2027. Defense and commercial applications are both massive markets here—think everything from infrastructure monitoring to disaster response to national security applications.
Biobeat Technologies
$50M Series B
Biobeat Technologies, developer of the first FDA-cleared, 24-hour ambulatory blood pressure monitoring (ABPM) system that is a patch-worn, cuff-less solution for diagnosis and treatment of hypertension, announced the closing of a $50 million Series B equity financing. The financing was led by new investors Ally Bridge Group, OrbiMed Advisors, and Elevage Medical and included participation from a strategic investor. Proceeds from the financing will be used to expand commercialization in the United States.
Cuff-based ABPM devices have historically been underutilized due to their frequent and disruptive inflation cycles resulting in low patient compliance and logistical device and data collection issues for clinical staff. By contrast, the Biobeat sensor allows the patient to go about their daily activities and sleep undisturbed. At the completion of the ambulatory test, the device is disposed of by the patient and a high-quality report is generated automatically and available in seconds in the institution's electronic medical records.
Regulatory & Industry Developments
PNC completes FirstBank acquisition – PNC completed its acquisition of FirstBank on January 5th, continuing the steady consolidation in regional banking. These deals keep happening because scale matters more than ever in banking—you need the tech investment, regulatory infrastructure, and balance sheet to compete in an increasingly digital environment.
H.I.G. Capital announces proposed sale of Interpath to Bridgepoint – H.I.G. Capital announced the proposed sale of Interpath to Bridgepoint in a cross-border private equity transaction. Details are still coming together, but it's another sign that European buyers are actively looking at quality assets, particularly in business services where there's strong recurring revenue and defensible market positions.
People Moves
Biobeat adds three board members:
Steven Plachtyna (Ally Bridge), Dina Chaya (OrbiMed), Evan Melrose (Elevage) join following Series B.
Upcoming Events
That's the wrap. More deals coming your way tomorrow.
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