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Apollo Hybrid Funds to Acquire PowerGrid Services from The Sterling Group

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Investment Will Support Leading Provider of Electric Utility Maintenance and Construction Services in its Mission to Address Growing US Power Demand and Needed Grid Improvements

HARTSELLE, Ala. and NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE:APO) today announced that Apollo-managed funds and affiliates associated with its hybrid strategies (the “Apollo Funds”) have agreed to acquire a majority stake in PowerGrid Services (“PGS”), a leading provider of maintenance and construction services to electric utilities across the United States. The Apollo Funds will partner with existing PGS investors, including company management and The Sterling Group, to support PGS’s continued growth.

PowerGrid Services keeps the lights on across America by delivering essential utility services—from routine construction and maintenance to emergency response. With over 1,400 skilled in-house professionals and thousands more through its national vendor network, PGS brings scale and speed to utility customers nationwide. Its hybrid service model supports construction, repair and maintenance of the full power grid, including transmission, distribution, substations and vegetation management. PGS’s safety-first culture and reliability has made it a go-to partner for grid modernization and resilience efforts in over 35 states.

Quentin Gillette, CEO of PGS, and Beth Gillette, PGS Board Member and Strategic Advisor, said, “We are thrilled to announce this transaction with Apollo, which marks an exciting milestone for our company. We founded PGS with a clear vision to be a trusted utility partner dedicated to solving challenges, strengthening our nation’s electric grid and improving quality of life in the communities where we operate. Apollo’s operational and strategic support will help us level up our capabilities and growth while remaining true to our culture and core mission of providing safe and reliable services to our customers. We are also grateful for The Sterling Group’s support over the past several years.”

Craig Horton, Partner at Apollo, said, “We are proud to partner with Quentin, Beth and the entire PGS leadership team to support PGS’s growth as a trusted partner to electric utility customers across the US. Apollo is focused on meeting the capital needs of industries that are driving a Global Industrial Renaissance, and we believe PGS is well positioned to help meet the growing demand for power across the country through its contributions to grid stability and electric infrastructure. The investment by the Apollo Funds enables us to bring the considerable resources of the Apollo platform to bear to help accelerate PGS’s geographic expansion, both organically and through its targeted acquisition strategy.”

Kent Wallace, Partner at The Sterling Group, said, “Since 2021, our team has worked closely with PGS’s leadership group to help the company triple in size and deliver the infrastructure needed to meet critical electric grid services. We look forward to supporting the company’s continued success.”

The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.

J.P. Morgan Securities LLC acted as financial advisor to the Apollo Funds on the transaction, while Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.

Lincoln International acted as financial advisor to PGS and its shareholders, including management and The Sterling Group, while Kirkland & Ellis LLP served as legal counsel.

About PowerGrid Services

PowerGrid Services (“PGS”) is a national provider of mission-critical electric utility services, offering a uniquely integrated platform across planned infrastructure work and rapid emergency response. Leveraging a hybrid service model that combines an in-house team of more than 1,400 skilled professionals with access to thousands of additional resources through our national vendor network, the company is built to respond quickly and safely when it matters most. PGS supports the full electrical infrastructure lifecycle, providing construction, repair, and maintenance from distribution and transmission to substations and vegetation management. The company’s commitment to safety and service excellence has made it a trusted partner for grid modernization, hardening, and event response to investor-owned utilities, municipalities, and co-ops across 35 states.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.

About The Sterling Group

Founded in 1982, The Sterling Group is a private equity investment firm that targets investments in manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 74 platform companies and numerous add-on acquisitions for a total transaction value of over $25 billion. Sterling currently has $9.4 billion of assets under management. For further information, please visit www.sterling-group.com.

Past performance is no guarantee of future results and all investments are subject to loss.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Franny Jones
Partner, Investor Relations
The Sterling Group
713-341-5756
IR@sterling-group.com

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Arclight acquires interest in Natural Gas Pipeline Company of America, one o f the largest Gas Infrastructure assets in North America

Arclight

NGPL PROVIDES CRITICAL TRANSPORTATION, STORAGE & RELIABILITY AND IS STRATEGICALLY POSITIONED TO HELP MEET AI, DIGITAL POWER & LNG RELATED GROWTH

BOSTON, May 13, 2025 /PRNewswire/ — ArcLight Capital Partners, LLC announced its managed fund (collectively, “ArcLight”) has acquired a 25% interest in Natural Gas Pipeline Company of America (“NGPL”), a strategic natural gas infrastructure system. As a result of the transaction, ArcLight will become the largest owner of NGPL with a 62.5% economic ownership interest, alongside its strategic partner Kinder Morgan, Inc. (NYSE: KMI). Kinder Morgan continues to own a 37.5% economic interest and operates NGPL.

NGPL is one of the largest interstate pipeline systems in the country, spanning nine states, supplying critical power and heating markets across its footprint and liquefied natural gas facilities in Texas and Louisiana. With ~9,100 miles of pipeline, compressor stations totaling ~1 million horsepower, and 288 billion cubic feet of storage, NGPL provides critical energy, access, reliability and supply from all major U.S. natural gas basins.

“The U.S. is seeing historic levels of power demand growth, from both electrification and AI, which we believe will continue well into the next decade. Critical infrastructure assets like NGPL will be increasingly necessary to providing both reliability and the ability to help meet the growing infrastructure needs associated with these two investment mega trends,” said Dan Revers, Founder of ArcLight. “This acquisition builds on ArcLight’s deep history, dating back to 2001, of investing in critical gas infrastructure.”

“We believe NGPL represents a strategic natural gas infrastructure asset that cannot be replicated today and that has significant opportunities to help utilities, LNG exporters, data center developers and hyper scalers meet their growing gas infrastructure needs,” said Lucius Taylor, Partner at ArcLight. “This continued investment in NGPL also reflects ArcLight’s ability to be a value-added partner and expands our strategic partnership with Kinder Morgan.”

Since 2001, ArcLight has owned, controlled, or operated over ~65 GW of assets and 47,000 miles of electric and gas transmission infrastructure with $80bn of enterprise value. With its deep industry experience and suite of internal operational and technical resources, ArcLight believes it is well positioned to deliver the electric infrastructure solutions required by AI and data center power demand. Today, ArcLight manages one of the largest private power infrastructure portfolios in North America.

Terms of the transaction were not disclosed. Barclays Capital Inc. acted as financial advisor and Latham & Watkins LLP acted as legal counsel to ArcLight on the transaction.

About ArcLight:
ArcLight is a leading infrastructure investor which has been investing in critical electrification infrastructure since its founding in 2001. ArcLight has owned, controlled or operated over ~65 GW of assets and 47,000 miles of electric and gas transmission and storage infrastructure representing $80bn of enterprise value. ArcLight has a long and proven history of value-added investing across its core investment sectors including power, hydro, solar, wind, battery storage, electric transmission and natural gas transmission and storage infrastructure to support the growing need for power, reliability, security, and sustainability. ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm’s ~1,900-person asset management partner. For more information, please visit www.arclight.com.

About Kinder Morgan:
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 79,000 miles of pipelines, 139 terminals, more than 700 Bcf of working natural gas storage capacity and have renewable natural gas generation capacity of approximately 6.9 Bcf per year. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks. Learn more about our work advancing energy solutions on the lower carbon initiatives page at www.kindermorgan.com.

SOURCE ArcLight Capital Partners

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AE Industrial Partners Closes Aerospace Leasing Fund II with $418 Million in Capital Commitments

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Ae Industrial Partners

Oversubscribed fund highlights strong investor interest in durable, risk-adjusted asset class

BOCA RATON, Fla.–(BUSINESS WIRE)–AE Industrial Partners, LP (“AE Industrial”), a private investment firm specializing in National Security, Aerospace, and Industrial Services, today announced the close of its second aerospace leasing fund, AE Industrial Partners Aerospace Leasing Fund II, LP (“Aerospace Leasing Fund II”), which was oversubscribed with total capital commitments of $418 million, reflecting strong support from both existing and new investors. Commitments came from a diverse mix of institutional investors, including public and private pensions, family offices, and endowments.

Established in 2020, AE Industrial’s aerospace leasing platform leverages its core competencies in sourcing, structuring, and managing late life current technology commercial aircraft and engines, business jets, and special mission aircraft modified for government contracts. To date, Aerospace Leasing Fund II has committed over 35% of its capital to acquire a fleet of 20 assets. With the close of Aerospace Leasing Fund II, AE Industrial broadens its leasing strategy, seeking attractive risk-adjusted returns designed to produce current income and capital appreciation for investors.

“We are grateful for the strong interest we have seen in our latest fund from both existing and new investors,” said David Rowe, Co-CEO & Managing Partner at AE Industrial. “This enthusiastic response underscores our team’s deep experience, track record, and global network. It also demonstrates that investors are looking for longer-term opportunities with strong underlying assets that can insulate them from market volatility while providing more predictable returns.”

“A convergence of industry tailwinds, including production bottlenecks, and airlines becoming more focused on utility and reliability, have continued to drive strong demand for commercial leased aerospace assets. This, coupled with the robust global growth for specialized or modified aircraft, creates unique well-structured investment opportunities,” said Nathan Dickstein, Partner and Head of Aerospace Leasing at AE Industrial. “With our dedicated capital and broader leasing platform, we will continue to provide innovative solutions to our global base of customers.”

About AE Industrial Partners Aerospace Leasing:
AE Industrial Partners Aerospace Leasing, the leasing platform of AE Industrial Partners, invests in asset-backed opportunities across the commercial, business, and special mission aerospace sectors. The dedicated investment team focuses on offering bespoke leasing solutions to its global customer base of airlines, corporates, and government entities. Leveraging the team’s deep technical knowledge and aircraft management expertise, AE Industrial Partners Aerospace Leasing seeks to build diversified, income-producing portfolios by opportunistically investing in assets under operating and finance leases. For more information, please visit www.aeroequity.com/aerospace-leasing/.

About AE Industrial Partners:
AE Industrial Partners is a private investment firm with $6.4 billion of assets under management focused on highly specialized markets including national security, aerospace, and industrial services. AE Industrial Partners has completed more than 130 investments in market-leading companies that benefit from its deep industry knowledge, operating experience, and network of relationships across the sectors where the firm invests. With a commitment to driving value creation in partnership with the management teams of its portfolio companies, AE Industrial Partners invests across private equity, venture capital, and aerospace leasing.

Media Contact:
Stanton Public Relations & Marketing
Matt Conroy
mconroy@stantonprm.com
(646) 502-3563

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Didask Secures €10M Investment to Enhance Corporate Online Learning

AVP
  • By placing skill development at the heart of organizational strategy, Didask transforms every training course into a true lever for sustainable, accessible, and personalized growth and performance.
  • Its eLearning platform is based on a unique approach combining instructional AI and cognitive science to rethink the way knowledge is transmitted and assimilated.
  • The company is now preparing for European expansion and  launching  a Knowledge Assistant dedicated to informal learning.

Paris, April 15th, 2025

Didask, a SaaS eLearning platform focused on significantly improving online training, has announced a successful €10 million fundraising round led by AVP (Atlantic Vantage Point) and Citizen Capital, with support from MAIF Impact, JuneX, and historical investor Takara Capital.

The company distinguishes itself with its scientific approach, while many competitors rely on gamification or ergonomics. The startup prioritizes educational effectiveness, offering structured and accessible training  to upskill employees.

An expert is not necessarily a teacher

The journey began in 2006 at ENS, where Son Ly and Arnaud Riegert observed that eLearning often fails to transmit skills effectively without a solid educational framework. Convinced of the key role that cognitive science plays in learning, they launched Didask in 2017 with Philip Moore. Their core ambition was to enable every expert to transmit their knowledge, regardless of their pedagogical skills.

Driven by this vision, they have continued to innovate. In 2019, they reimagined the LMS (Learning Management System) with a unique, scientifically validated authoring tool to structure training creation. Then, in 2022, they launched Didia, an intelligent teaching assistant that combined  AI and cognitive science to provide engaging,  highly accessible, and immediate applicable training.

Didask’s instructional AI empowers experts to develop engaging,  pedagogically sound online learning and microlearning content regardless of their technical skills. This technology streamlines the creation of high-quality training materials across diverse fields. Leveraging insights from cognitive science research, Didask incorporates evidence-based recommendations throughout the  training creation process. From defining learning goals and sub-goals to selecting effective pedagogical approaches and creating content, it automatically generates the most suitable formats to enhance learner engagement and progress (simulations, feedback, flashcards, micro-challenges, practical cases corrected by AI), tailoring a learning path for each learner’s needs.

Growth focused on international markets and informal learning

Already adopted by over 200 companies and training organizations (ENGIE, DEKRA, KEDGE Business School, MAGORA, BestDrive, Suez, DGAFP, PELLENC, Pierre et Vacances, French National Order of Chartered Accountants, etc.), Didask will continue to innovate thanks to this latest round of fundraising.

The company, which has doubled its revenue every year since 2022, will accelerate the technological development of its platform and instructional AI. The latter will soon include a Knowledge Assistant designed to boost informal learning and facilitate daily learning. Directly accessible from work tools, Didia will thus help employeesupskill  seamlessly and sustainably.

With a team of over 80 experts, Didask also aims for international expansion, particularly in Europe.

“I thank our investors for trusting in our vision: to develop a robust technology based on cognitive science to transform corporate training. This fundraising is a key step in making our educational technology accessible to all, helping employees learn effectively on a daily basis, and expanding our impact internationally.”, says Son Ly, CEO and co-founder of Didask.

“We are thrilled to partner with Didask, a pioneering company in the evolution of online learning. Their platform combining instructional AI and cognitive science. is revolutionizing training and skill development. This investment reflects our commitment to backing AI-powered vertical applications. We applaud the work of Son and his team and look forward to supporting them in their next steps,” says François Robinet, Managing Partner at AVP.

“What convinced us about Didask is a strong conviction carried by a committed founding team: training is not just a channel for transmission, it is above all, a driver of transformation. A powerful lever not only for greater efficiency, but also for greater equity and impact on learners. Their approach, rooted in the principles of equal opportunity and powered by distinctive educational technology, fully aligns with our values at the crossroads of impact, tech, and the future of work.”, explains Mehdi Belkahla, Investment Director at Citizen Capital.

“After three years alongside Didask as a seed investor, this transaction validates our initial conviction, inspired by a remarkable scientific team. Didask is exactly the kind of company that can lead the new AI supercycle by applying this new technology vertically in a unique field of expertise.”, says Thomas Le Forestier, co-founder of Takara Capital.

About Didask

Founded in 2017, Didask is a SaaS e-learning solution that deeply transforms online training by combining cognitive science and artificial intelligence. Its platform enables organizations to create effective training programs adapted to how the brain works, for genuine skill development. Adopted by over 200 companies (ENGIE, DEKRA, KEDGE Business School, MAGORA, BestDrive, Suez, DGAFP, Pellenc, Pierre et Vacances, French National Order of Chartered Accountants, etc.), Didask aims to become a major player in digital learning in Europe. Learn more at www.didask.com.

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Rentsync Raises Significant Growth Investment Led by Silversmith Capital Partners

Rentsync, a leading software and data company serving Canada’s rental housing industry, today announced it has raised a significant growth investment led by Silversmith Capital Partners. The partnership with Silversmith will enable the company to further invest in technology, expand its team, and pursue strategic acquisitions as it builds a comprehensive platform of data, software, and analytics to address the challenges of Canada’s rental housing ecosystem.

With a consistent track record of strong growth and profitability, Rentsync serves thousands of customers across Canada, including REITs, property management companies, and property developers. The company offers a range of innovative products and services designed to empower owners and landlords to streamline workflows, engage tenants, and maximize property potential.

“We are thrilled to partner with the team at Silversmith, who bring not only deep sector and operational expertise but also a successful history of backing Canadian growth companies,” said Max Steinman, CEO of Rentsync. “Silversmith’s commitment to building category-leading businesses aligns perfectly with our long-term vision to simplify and optimize the rental housing experience for owners, managers, marketers, and renters alike.”

Silversmith has a long and successful history of investing in, and partnering with, Canadian software companies and entrepreneurs, having led growth investments or supported acquisitions in every major region of the country—including Calgary, Montreal, Toronto, and Vancouver. Notable investments in which Silversmith served as the first institutional investor include Absorb Software and Apryse (fka PDFTron Systems).

“As a firm, we are focused on partnering with growing, profitable businesses led by domain experts, and Rentsync embodies these attributes,” said Jim Quagliaroli, Managing Partner at Silversmith. “We’re excited to support Max and his talented team as their first institutional investor as they continue to grow both organically and through strategic acquisitions.”

“The combination of software and data via its numerous listing sites, sticky workflow software, and data and analytics offerings make Rentsync’s value proposition clear. The best is yet to come for Rentsync and its valued customers,” remarked Matthew Nash, Vice President at Silversmith.

In connection with the investment, Silversmith Senior Advisors Mike Owens, Co-Founder & former CEO of Absorb Software, and Mike Volpe, former CEO of Lola.com (acquired by Capital One) and former CMO of HubSpot (NYSE: HUBS), have joined Rentsync’s Board of Directors alongside Quagliaroli and Nash. The Board also includes CEO Max Steinman and Dan Jauernig, former CEO of Apartments.com and Cars.com (NYSE: CARS).

Stikeman Elliott and Kirkland & Ellis served as legal counsel to Silversmith Capital Partners. Software Equity Group (SEG) and Borden Ladner Gervais (BLG) served as advisors to Rentsync.

About Rentsync

Based in Toronto, Rentsync is a leading software and data company, specializing in serving the Canadian rental housing industry. Rentsync offers a range of innovative products and services designed to streamline rental property marketing, leasing, and property management. It also owns and operates the Rentals.ca Network, the leading online marketplace for rental housing in Canada. Its commitment to professionalism, innovation, and accessibility has made it a trusted leading partner for rental housing marketers, leasing agents, and renters.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Apryse, DistroKid, impact.com, Iodine Software, LifeStance Health, Onbe, and Webflow. For more information, including a full list of portfolio investments, visit www.silversmith.com or follow the firm on LinkedIn.

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Novacap Portfolio Company Revau Scales Operations Through U.S. Expansion with Brazos and Twenty Mile

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Novacap

Novacap is pleased to announce that its portfolio company, Revau, has successfully partnered with Brazos Specialty Risk Insurance and Twenty Mile Insurance Services, two independent Texas-based managing general agents (MGAs). The transaction significantly expands Revau’s presence and operational capabilities in the United States, firmly positioning the combined company as a pre-eminent player in the specialty-insurance market across North America.

Brazos, a distinguished provider of specialty trucking insurance, and Twenty Mile, a specialist in construction-focused liability solutions, bring extensive market reach and deep industry expertise to Revau’s growing platform. In return, Revau contributes advanced data-analytics capabilities, a robust capital base, and an industry leading digital infrastructure—giving the combined group the capacity to deliver tailored products and services to brokers, carriers, and insureds across the continent.

By pairing Brazos and Twenty Mile’s data-rich underwriting infrastructure with Revau’s advanced analytics platform, the combined group will command an end-to-end data capability—from acquisition and management to predictive modelling—that will:

  • Uncover deeper insights: identify hidden patterns in risk, customer, and market data.
  • Enable faster decisions: arm underwriters and leaders with real-time, data-driven intelligence.
  • Fuel innovation: surface opportunities for new products, services, and business models.
  • Boost efficiency: optimize processes, reduce cost, and improve productivity across the enterprise.

This transformational combination propels Revau from a domestic specialist to a North American platform, expanding its addressable market, adding two high-performing underwriting teams, and unlocking powerful data and distribution synergies. By uniting complementary cultures and capabilities, the group is poised to accelerate product innovation, deliver superior outcomes for carriers and brokers, and create new career opportunities for its growing roster of insurance professionals.

“This is an incredible milestone for Revau, marking our evolution from a small regional MGA with ambitious goals to an industry leader expanding beyond Canada,” stated Jean-François Raymond, President and CEO of Revau. “We have always believed our growth strategy extends globally, and today’s achievement demonstrates our commitment to teaming up with the right partners. We are thrilled to collaborate with such an experienced and talented group, building a strong partnership model that delivers value for all stakeholders and sets the stage for future success.”

Marcel Larochelle, Managing Partner at Novacap, shared: “We are proud of what Revau has accomplished since the start of our partnership in 2020 and thrilled to support Jeff and the Revau team in this transaction. Revau is a shining example of Novacap’s objective of building scalable, tech-enabled platforms in financial services. We look forward to supporting Revau’s new chapter of growth and innovation.”

Revau is pleased to confirm that Tom Spitalny, President of Brazos, and Christopher Polk, President of Twenty Mile and CEO of both entities, together with their teams, will remain integral to the combined company. Working shoulder to shoulder with Revau’s leadership, they have already launched integration workstreams spanning underwriting, claims, technology, and culture ensuring a seamless continuation of the outstanding service and deep market knowledge for which Brazos and Twenty Mile are known. As part of the cash-and-equity structure, the leadership teams of Brazos and Twenty Mile become meaningful shareholders in Revau, fully aligning long-term interests.

“This merger represents a significant step forward in our commitment to helping our businesses harness the full potential of their data,” said Chris Polk and Tom Spitalny. “By joining forces with Revau, we are creating a unique entity with the scale and expertise to tackle even the most complex data challenges and deliver the best possible results for our trading partners.”

The alignment leverages the complementary strengths and distinctive market positions of the three companies, significantly augmenting Revau’s operational depth and expanding its capacity to deliver specialized solutions across diverse insurance sectors. The integration is expected to drive innovation and provide an enhanced value proposition for brokers and policyholders alike.

This marks Revau’s 8th strategic transaction—and its largest and most transformational since partnering with Novacap in 2020. These initiatives reinforce Revau’s commitment to expanding specialized-insurance capabilities and cementing its leadership position in the North American market. Today’s announcement is a defining milestone in the firm’s strategy to build a continental leader in specialty insurance.

Fasken Martineau DuMoulin LLP and Willkie Farr & Gallagher LLP acted as lead external legal counsels to Revau. Howden Capital Markets & Advisory acted as exclusive financial advisor to Brazos and Twenty Mile, and Covington Burling LLP served as legal counsel to Brazos and Twenty Mile.

About Revau
Revau Advanced Underwriting Inc. is a leading Canadian Managing General Agent (MGA) specializing in property and casualty insurance. With a strong presence across Canada, Revau delivers tailored insurance solutions for specialized risks through its national network of brokers. Headquartered in Quebec, with offices and teams located in Quebec, Ontario, the Maritimes, Manitoba, Alberta and British Columbia, Revau combines deep industry expertise with a cutting-edge digital platform to simplify the commercial insurance process and deliver exceptional value to brokers and their clients. For more information, please visit www.revau.com.

About Brazos Specialty Risk Insurance
Brazos Specialty Risk, Inc. is a provider of tailored commercial insurance solutions across the United States. With deep expertise in sectors such as transportation, construction, and energy, Brazos partners with independent agents and brokers to deliver comprehensive coverage through a wide network of respected insurance carriers. Their client base includes insurance professionals seeking access to both admitted and non-admitted markets for complex risks. Brazos is committed to helping clients protect their businesses while supporting growth and retention through responsive, knowledgeable, and relationship-focused service. For more information, please visit www.bsrinsurance.com.

About Twenty Mile Insurance Services, Inc.
Twenty Mile Insurance Services is a trusted program manager specializing in primary commercial general liability insurance across the United States. With a focus on commercial and residential contractors, Twenty Mile partners with a select network of surplus lines brokers to deliver tailored insurance solutions. Their commitment to thorough risk assessment and price adequacy ensures clients receive coverage that aligns with their operational needs. By offering flexible underwriting, access to A-rated carriers, and broad coverage forms, Twenty Mile supports the growth and stability of businesses within the construction industry through attentive and efficient service. For more information, please visit www.twentymileins.com.

About Novacap
Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market companies in four core sectors: Technologies, Industries, Financial Services, and Digital Infrastructure. Novacap combines deep sector-specific expertise with strategic and operational excellence to support entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over C$11 billion in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap continues to drive innovation and growth. For more information, please visit: https://novacap.ca.

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Advent International appoints Stephan Scholl as Operating Partner

Advent

Scholl brings deep experience driving transformation to further strengthen Advent’s sourcing and value creation initiatives

BOSTON, May 12, 2025 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced the appointment of Stephan Scholl as an Operating Partner. Scholl will focus on driving transformational opportunities across sectors. He will work closely with Advent’s team and portfolio companies to identify, source, and execute new deals while supporting value creation initiatives.

“We are thrilled to welcome Stephan to our distinguished team of Operating Partners,” said John DiCola, Managing Director at Advent. “Stephan’s extensive expertise in enterprise software and a strong track record of driving digital transformation and operational excellence make him a valuable addition to the Advent network. He brings a unique ability to serve as a trusted sounding board for CEOs and management teams, combining operational rigor, strategic clarity, and cultural alignment. His experience will be a tremendous asset as we continue to expand our investment activity across sectors, and we look forward to partnering together to identify and execute on compelling opportunities, particularly in complex carve-out situations.”

Scholl most recently served as Chief Executive Officer of Alight Solutions, a cloud-based provider of digital human capital and business solutions, where he led the company through a digital transformation and successful public offering. During his tenure, he spearheaded key initiatives, including cloud migration, platform simplification and leveraging data analytics and AI to drive growth and profitability. Prior to Alight, Scholl served as President at Infor, a cloud-based provider of industry enterprise software, where he played a critical role in its $2 billion acquisition of Lawson Software and helped to drive the transformation of the company to culminate in its $13 billion acquisition by Koch Industries. He has also previously held senior roles at Oracle. Scholl currently serves as a Strategic Advisor at Alight.

“I am energized to become an Operating Parter at Advent at such a pivotal time for the services and technology landscape,” said Stephan Scholl. “Advent’s disciplined investment approach, global reach, and commitment to operational excellence provide a powerful foundation for identifying and unlocking value. What excites me most is the opportunity to sit at the intersection of strategy and execution as well as the ability to partner with management teams to problem solve, promote scale, and help great businesses become exceptional ones. I look forward to working with the team to deliver innovative strategies that drive growth and create lasting impact.”

About Advent International

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $91 billion in assets under management* and have made 430 investments across 44 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 660+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of December 31, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

Media Contact

Leslie Shribman
lshribman@adventinternational.com

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Audax Private Equity and Lovell Minnick Partners Make Strategic Investment in Fortis

Audax Group

LMP, an existing investor in Fortis, is committing new equity into the joint investment to strengthen the company’s market position and technological capabilities.

PLANO, TEXAS; BOSTON, MA; NEW YORK, NY – March 12, 2025 – Audax Private Equity (“Audax”) and Lovell Minnick Partners (“LMP”) today announced a joint investment in Fortis, a payments technology leader for software providers, ERP customers, and scaling businesses. The investment, which closed on March 11, 2025, will enable Fortis to continue seeking to drive innovation and operational excellence, enhance its product and service offerings, accelerate its M&A growth strategy, and scale infrastructure to meet the evolving needs of businesses. Terms of the investment were not disclosed.

Founded in 2010 and based in Plano, Texas, Fortis has distinguished itself in embedded payments, delivering payment-enablement solutions to software partners, developers, and their businesses. Through its proprietary and integrated platform, Fortis bolsters the software capabilities of its clients via secure, end-to-end payment solutions with the aim of facilitating a reliable and seamless omnichannel-payment experience for businesses, processing billions of dollars in payments annually. LMP made its initial investment in Fortis in December 2019, and since then, the company has expanded its reach across the B2B enterprise and software ecosystem, providing tailored payment solutions that can drive efficiency and improved customer and business experiences.

“When we first invested in Fortis in 2019, we were drawn to the founders’ vision and the strength and capabilities of the company’s technology,” said Trevor Rich, Partner at LMP. “We’re pleased to offer both financial and operational support to advance the company’s mission of offering an unparalleled, holistic commerce experience to its customers.”

“The management team, led by CEO Greg Cohen and Co-Founder Jimmy Nafso, have positioned Fortis as a leader in the embedded payments industry,” said Spencer Hurst, Principal at LMP. “We’re looking forward to continuing to support the company as they build on this momentum and partnering with the Audax team to shape the future of embedded commerce.”

“Fortis’ ability to simplify very complex, multi-channel payment environments through a single integration point represents an integral link in the payments value chain,” noted Tim Mack, Partner at Audax Private Equity. “In our opinion, the Fortis API unlocks omnichannel strategies for businesses and unifies all transaction data to create a single ‘source of truth’ – a powerful value proposition that differentiates Fortis’ software partners, merchants who leverage the technology, and the company itself.”

Since LMP’s investment in 2019, Fortis has completed over 10 acquisitions that collectively have enhanced the company’s integration capabilities and its vertical specialization. Greg Cohen, who was appointed as executive chairman parallel to LMP’s initial investment, has served as CEO since July 2021.

“We’re excited to invest alongside LMP and support an exceptional management team that has built a scaled and differentiated player in the integrated-payments processing space,” added William Allen, a Managing Director at Audax. “Given the company’s track record driving organic and inorganic growth, we believe Fortis represents a compelling fit for our Buy & Build approach.”

“The payments market is undergoing a fundamental transformation, with software platforms needing sophisticated payment capabilities that go far beyond basic processing,” said Greg Cohen, CEO of Fortis. “Our philosophy around a sound business model, management team, and capital structure is critical as our organization and the market continues to mature. LMP has been a tremendous partner over the past five years who intimately understands the financial services and payments landscape. The addition of Audax adds financial strength, market expertise, and deep operational resources to accelerate our product roadmap, pursue strategic acquisitions, and expand our global footprint.”

William Blair served as Fortis’ sell-side advisor, while Morgan Lewis served as legal counsel. Raymond James served as the buy-side advisor to Audax Private Equity, while Kirkland & Ellis provided legal counsel to both Audax Private Equity and LMP.

About

ABOUT FORTIS
Fortis is a leader in embedded payments for software providers, processing billions of dollars annually by delivering comprehensive payment solutions and commerce enablement to software partners and developers. The company’s mission is to forge a holistic commerce experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves commerce closer to invisible with a proprietary platform that supports and strengthens the commerce and payments capabilities of software partners. For more information, visit fortispay.com.

ABOUT AUDAX PRIVATE EQUITY
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of June 2024, over 280 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

ABOUT LOVELL MINNICK PARTNERS
Lovell Minnick Partners is a private equity firm with a 25-year track record of partnering with growth-oriented companies. LMP leverages deep sector experience and a broad network of strategic advisors to help founders scale their companies at an accelerated pace. The firm collaborates with management teams seeking to achieve long-term success and value creation through organic growth and strategic acquisitions. Since inception in 1999, LMP has raised over $5 billion of committed capital, invested in more than 50 unique platform companies and completed over 200 add-on acquisitions. LMP targets growth-oriented, middle-market companies with a particular focus on companies in the financial services, business services and financial technology sectors. For more information, please visit www.lmpartners.com.

“Fortis’ ability to simplify very complex, multi-channel payment environments through a single integration point represents an integral link in the payments value chain. In our opinion, the Fortis API unlocks omnichannel strategies for businesses and unifies all transaction data to create a single ‘source of truth’ – a powerful value proposition that differentiates Fortis’ software partners, merchants who leverage the technology, and the company itself.”
Tim Mack
Partner at Audax Private Equity.

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Apiary invests in performance.io

Apiary Capital

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Apiary Capital has completed a significant investment in performance.io (PIO), the specialist provider of digital performance marketing services to the pharmaceutical industry. Apiary’s investment will support PIO’s management team to accelerate expansion in the US and Asia, as well as invest in people and technology as the company scales.

 

PIO is a specialist performance marketing agency focused on optimising the effectiveness of digital marketing for large pharma manufacturers, increasing organic online traffic to websites and content alongside improving patient and healthcare professional engagement. PIO combines deep pharma expertise with best-in-class, tech-enabled SEO services, positioning PIO as one of the few scaled specialists in a sector where digital marketing adoption is growing but remains significantly behind other industries.

 

“We are delighted to have secured the support of Apiary Capital,” said Matt Lowe, founder and CEO of PIO. “It was always critical to us to find an investment partner that had the right cultural fit and appreciated that the values we have as an organisation are key to our success. The Apiary investment will allow us to scale internationally and continue to invest in our people and technology to stay at the forefront of the exciting and rapidly changing market we operate in.”

 

Jess French, Investment Director at Apiary, commented: “We are incredibly excited to partner with Matt and the entire PIO team. This is exactly the kind of business Apiary seeks to invest in: founder-led, clearly differentiated, and focused on delivering real, measurable value to its clients. We look forward to supporting PIO in accelerating its ambitious growth plans.”

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Olio Raises $11M Series B Funding to Expand Product Innovation and Market Reach

Fulcrum

Investment led by Fulcrum Equity Partners to accelerate Olio’s mission of transforming care coordination.

Published on

May 12, 2025

Olio, the leading software platform streamlining care coordination, announced today the closing of an $11 million Series B funding round. The round was led by Fulcrum Equity Partners with participation from Mutual Capital Partners (MCP), a growth equity firm specializing in scaling innovative healthcare and B2B software companies.

Philip Lewis, Partner at Fulcrum Equity Partners, states, “Olio is transforming a manual, error-prone, and unscalable discharge process. With real-time patient status across the care continuum, providers can truly drive performance.” Bill Trainor, Partner at Mutual Capital Partners, adds, “With rising demand for operational efficiencies and data-driven cost savings, we’re excited to continue partnering with Olio to improve patient outcomes and reduce readmissions and costs.”

Olio empowers payers, health systems, and physician groups to efficiently manage patient transitions across care settings: Skilled Nursing, Home Health, Behavioral Health, Long-Term Care, and more. Olio delivers improved outcomes and operational efficiencies, enabling organizations to engage their entire footprint at scale, addressing a critical need in the care continuum.

With new capital, Olio plans to expand its product offerings and accelerate go-to-market initiatives, deepening its impact on healthcare organizations nationwide.

“Olio is solving one of healthcare’s most critical challenges — connecting care across the continuum in a scalable, impactful way,” said Jill Sharp, Sr. VP of Care Delivery, Emcara Health, and Olio board member. “I’m thrilled to support a company that is not just innovating, but truly transforming how providers partner with each other for better patient care.”

“At Olio, our mission is to transform the way healthcare organizations coordinate care,” said Ben Forrest, CEO of Olio. “The continued investment from Fulcrum Equity Partners, combined with the support from Mutual Capital Partners, positions us to scale our impact and drive meaningful change across the industry.”

Olio’s growth reflects a broader shift in healthcare toward operational excellence, where seamless transitions and stakeholder alignment are paramount. With proven success stories and new strategic partnerships, Olio is poised to lead this next chapter of healthcare innovation.

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About Olio
Olio makes complex care more organized, coordinated, and effective, improving patient outcomes by requiring mutual participation in processes that work. When providers work together seamlessly and effectively, people and populations get better.

About Fulcrum Equity Partners
Fulcrum Equity Partners is an Atlanta-based growth equity firm that gives entrepreneurs the capital and hands-on support they need to take their companies further, faster. Fulcrum invests in healthcare services and B2B tech executives searching for $5 million to $35 million of equity in minority and majority growth opportunities. Fulcrum’s partners believe in building businesses the right way, meeting teams where they are, and helping them imagine a bigger and brighter future by building the right systems, processes, teams, and culture. All of that starts with the right experience, the right support, and the right relationship. Learn more at http://www.fulcrumep.com.

About Mutual Capital Partners
‍Mutual Capital Partners is a Cleveland-based venture capital fund that helps innovative healthcare startups reach their full potential. Our investment is more than just financial; we become partners and lend full support to our portfolio companies’ efforts. Learn more at https://www.mutualcapitalpartners.com/.

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