Tag Archives: Industrie

NDT Global Announces Strategic Addition of Entegra®

Novacap

United, NDT Global and Entegra’s advanced inspection technology platforms to expand capabilities and market reach, solidifying our position as a global tech authority in pipeline in-line inspection

NDT Global, a leading provider of advanced diagnostic inspection and integrity solutions for the energy sector, is proud to announce the acquisition of Entegra, a premium technology company specializing in Ultra-High-Resolution Magnetic Flux Leakage (UHR MFL) in-line inspection services.

This strategic union brings together two market-leading technology providers significantly enhancing NDT Global’s service portfolio, strengthening its growing position in the gas pipeline market, and reinforcing its continued commitment to delivering the best data driven insights and high-performance integrity solutions. Together, NDT Global and Entegra are affirming their stance in redefining the future of pipeline integrity. By harnessing the power of technology, the complimentary services will act as an enabler for safer, more cost-effective pipeline operations, empowering customers with the insights needed to make smarter, faster decisions for their assets.

The combination of NDT ILI, Dynamic Risk, and now Entegra brings together highly complementary technology platforms in ultrasonic testing (UT), Acoustic Resonance (ART), UHR MFL, and data management solutions, creating a unique set of solutions for pipeline operators seeking best-in-class data-driven inspection, diagnostic, and integrity services across a diverse asset base.

“This is a pivotal moment for NDT Global,” said Martin Thériault, CEO and Chairman of NDT Global. “Entegra’s entrepreneurial spirit, technical leadership and excellence, and deep market knowledge make them an ideal fit for our joint vision going forward. The company will work on accelerating the development of next-generation inspection technologies and, in return, deliver an even greater value to customers through enhanced service offerings and global reach.”

Paul Cooper, President of NDT Global, highlights “The addition of Entegra’s market-leading capabilities to our portfolio allows us to offer a broader, more integrated suite of solutions to our clients. It also helps us to better serve the growing needs of the gas pipeline sector, where Entegra has built a strong reputation for innovation and reliability. All in all, the merged entities will accelerate our joint growth journey based on technology and innovation. It’s a bold step forward in our mission to deepen partnerships and lead the industry with innovation that protects what matters most.”

“I can’t thank Amberjack Capital enough for their direction and support the past 10 years, and I’m really excited about what we’re going to achieve in the next phase of our growth story as we bring together the two best brands in in-line-inspection” said Mark Olson, Chairman and CEO, Entegra. “Our purpose, our ‘Why’ if you will, is to make better every pipeline with which we interact, and this deal accelerates that quest by several years.”

The combined entity will benefit from expanded international reach and the ability to deliver joint UT and MFL scopes, axial and now circumferential, to valued clients. This move also supports NDT Global’s and Entegra’s long-term vision of becoming the most trusted partner in pipeline integrity management.

The transaction was made possible through the continued support of Novacap, the majority shareholder of NDT Global, alongside La Caisse (formerly CDPQ), and NDT Global as well as Entegra founders and executives. Before today’s announcement, Entegra was owned by Amberjack Capital Partners as well as a group of co-founders led by Mark Olson, who played a pivotal role in building the company’s reputation for innovation and excellence in the MFL space. As part of the transaction, the NDT Global and Entegra founders and key management will remain shareholders of the combined company.

“We are thrilled to unite two leading innovators in the ILI industry, combining world-class technology platforms and talented teams. This partnership enhances NDT’s ability to serve customers and uphold the integrity of critical infrastructure globally. We are proud to continue our partnership with Martin, Paul and the NDT team, and we warmly welcome Mark and the entire Entegra family as we work together to build a stronger, more impactful business together” added David Lewin, Lead Senior Partner Novacap.

“NDT Global has distinguished itself through its ability to innovate and develop state-of-the-art solutions, becoming a global reference in the integrity and inspection services industry,” adds Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse. “With this investment, La Caisse is strengthening NDT Global’s ambitious growth strategy through both equity and debt financing — building on our recent support to unlock the company’s full potential.”

Jason Turowsky, Managing Partner of Amberjack Capital Partners, said “Amberjack is proud to have supported Entegra’s exceptional growth, driven by its talented team and commitment to innovation. We are confident the combination with NDT Global will propel further advancements in pipeline integrity solutions, benefiting clients globally. We congratulate Mark and the Entegra team and look forward to their continued success.”

McCarthy Tétrault LLP and Willkie Farr & Gallagher LLP acted as legal advisors to NDT Global, while Jefferies LLC acted as exclusive financial advisor to NDT Global.

Sidley Austin LLP acted as legal advisor to Entegra, while Baird acted as its exclusive financial advisor.

ABOUT NDT GLOBAL

NDT Global is the leading provider of in-line diagnostic solutions, integrity management and subsea robotics solutions, offering advanced data insights and services that ensure the safety and longevity of energy-sector infrastructure assets. Recognized as the forerunner in ultrasonic inspection innovations—including Pulse Echo, Pitch-and-Catch, Phased Array, and Acoustic Resonance (ART Scan) technologies — the company continues to push technological advancement and the introduction of revolutionary new inspection technologies, including gas pipelines, to ensure the safety of its customers’ critical assets. NDT Global employs approximately 880 people. Learn more at www.ndt-global.com.

ABOUT ENTEGRA

Recognized as the industry-leading, trusted supplier of in-line inspection services for corrosion, 3rd party damage, pipe grade classification, hard spot assessment, and for assessing the effectiveness of cathodic protection systems for oil and gas pipelines, Entegra provides the most thorough, clear, and nuanced knowledge about the condition of pipelines inspected. The Company offers ultra-high resolution axial MFL, circumferential MFL, Caliper, low-field, GPS mapping, and cathodic protection current mapping services for critical energy infrastructure. Learn more at www.entegrasolutions.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 and lower-middle market companies in four core sectors: Technologies, Digital Infrastructure, Industries and Financial Services. Novacap combines deep sector specific expertise and strategic and operational excellence to partner with 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 accelerates value creation through strategic growth initiatives and a strong focus on execution. For more information, please visit: https://novacapcorp.com.

ABOUT LA CAISSE

At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2024, La Caisse’s net assets totaled CAD 473 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

ABOUT AMBERJACK CAPITAL PARTNERS

Amberjack Capital is a private equity firm that invests in and partners with entrepreneurs and business owners to build market leaders serving the industrial, infrastructure and environmental services end markets. Often the first institutional investor in founder-led companies, Amberjack has a particular focus on supporting high performing companies undertaking strategic or transformative initiatives. Headquartered in Houston, TX, the firm has raised $2.1 billion of committed capital since its inception in 2006 and has invested in over 50 companies.

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Equistone-backed BUKO strengthens presence in the Greater London area with acquisition of Keltic Traffic Management

Equistone

BUKO Group (“BUKO”), a leading European provider of temporary traffic management services, has further strengthened its UK presence with the acquisition of Keltic Traffic Management Limited (“Keltic”). Keltic is a specialist in complex London-based temporary traffic management operations. The company’s high-quality and reliable service offering has driven significant growth in recent years, and this acquisition represents a key milestone for BUKO as it aims to become the market leader in the UK.

Headquartered in Barendrecht, the Netherlands, BUKO employs over 1,000 people across four countries and successfully oversees thousands of projects annually. Founded in 1991, the company specialises in temporary traffic management solutions. With its comprehensive portfolio of services – from design, planning, approval, deployment and collection, as well as onsite management of road signage, safety equipment required for roadworks and an innovative range of digital traffic management solutions – BUKO primarily serves contractors and public authorities, active in utility-related and urban/rural roadworks.

Since funds advised by Equistone acquired a majority stake in BUKO in February 2023, the company has pursued a growth strategy focused on building its presence in its home market and targeted expansion into other European countries supported by strong market dynamics. In March 2024, BUKO established a foothold in the attractive UK market by acquiring Road Traffic Solutions, which was further strengthened in November 2024 with the acquisition of Hooke Highways. BUKO entered the German market in October 2024 with the acquisition of BVT Bremer Verkehrstechnik, and the Swedish market in March 2025 with the acquisition of Sweden-based Road Rental.

With the acquisition of Keltic, BUKO continues this international growth strategy. Founded in 2016 by Damien and Karla Kelly, Keltic provides a high-quality, reliable and flexible service to a diverse customer base, which includes some of the largest civils, utility and telecommunications companies in the UK.

“We are proud of what we, together with the team, have built in recent years,” said Damien Kelly, founder and Managing Director of Keltic. “The partnership with BUKO will provide additional support and capabilities to further enhance the service we provide to our customers, and we look forward to this next phase in Keltic’s development. We believe this step will also provide attractive opportunities to our employees to further develop within a strong, international organisation.”

Robert Emmerich, CEO of BUKO, said: “I have been impressed by the entrepreneurship of Damien and Karla Kelly, and by their customer-centric and results-oriented way of working. Their approach perfectly matches that of BUKO: professional, flexible and with a focus on customers. With this strategic acquisition, we further strengthen our position in the Greater London area.”

Hubert van Wolfswinkel, Partner in Equistone’s Amsterdam office, said: “Keltic has proven to be a highly successful London-based traffic management specialist, and we are excited to partner with this ambitious company and team. This is the latest step in BUKO’s strategy of becoming the leading temporary traffic management provider across the UK and Europe.”

BUKO was advised by PwC (Financial & Tax), Ashfords and Clifford Chance (Legal), Roland Berger (Commercial) and Marsh (Insurance).

Keltic was advised on the transaction by Clearwater (M&A) and Addleshaw Goddard (Legal).

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AURELIUS to acquire Exertis UK and Ireland from DCC plc

Aurelius Capital
  • Definitive agreement reached for the acquisition of DCC plc’s Info Tech business in the UK and Ireland
  • Revenue contribution to DCC plc of about £2bn in the year ending on March 31, 2025
  • Latest transaction for AURELIUS with a FTSE100-listed counterparty

London, July 14, 2025 – AURELIUS Private Equity Mid-Market Buyout has entered into a definitive agreement for the acquisition of DCC Technology’s Info Tech business in the UK and Ireland. The division of the leading international sales, marketing and support services group is a distributor of technology products to the Consumer and Business sectors, and a service provider to a diverse customer base as well as a broad range of blue-chip technology vendors.

This acquisition will mark AURELIUS’s latest transaction with a FTSE100-listed counterparty.

In the UK, Exertis is a multi-specialist distributor with significant scale, in Ireland it is a market-leading distributor of technology products and a provider of multi-jurisdictional specialist services. The company plays a central role in the UK & Ireland technology supply chain, owning a best-in-class distribution network in the UK and Ireland which is sustained by state-of-the-art national distribution centres in Burnley/UK and Dublin/Ireland. It has contributed about £2bn in combined revenues to DCC plc in the year ending on March 31, 2025.

After implementation of targeted growth and core operational improvement measures, AURELIUS sees significant earnings growth potential for the business, with infrastructure and processes already in place to deliver it. AURELIUS expects its growth and profitability improvements to be enhanced by a recovery in market demand, which is forecast based on a shifting technology ecosystem that drives positive longer-term tailwinds.

Andrzej Cebrat, Managing Director AURELIUS IV and V, says: “Exertis in the UK and Ireland ticks all of AURELIUS’ boxes: with £2bn in annual revenues it is an attractive size, and it offers significant operational improvement potential. It will allow AURELIUS to play to its strengths by deploying its WaterRise team of specialists to support a return to operational excellence and growth. We are pleased to have found agreement with DCC plc.”

The transaction is subject to customary closing conditions, including regulatory approvals.

AURELIUS was advised by Rothschild & Co (Corporate Finance), Eversheds (Legal), Interpath (Tax), KPMG (Financial) and Kearney (Commercial).

About AURELIUS

AURELIUS is a globally active private equity investor, distinguished and widely recognised for its operational approach. Its key investment platforms include AURELIUS Opportunities V, AURELIUS European Opportunities IV, AUR Portfolio III and AURELIUS Growth Investments (Wachstumskapital). AURELIUS has been growing significantly in recent years, particularly expanding its global footprint, and today employs more than 400 professionals in 9 offices spanning Europe and North America.

AURELIUS is a renowned specialist for complex investments with operational improvement potential such as carve-outs, platform build-ups or succession solutions as well as bespoke financing solutions. To date, AURELIUS has completed more than 300 transactions, and has built a strong track record of delivering attractive returns to its investors. Its approach is characterised by its uncompromising focus on operational excellence and an unrivalled ability to efficiently execute highly complex transactions. More info: www.aurelius-group.com

AURELIUS media contact:

Harald Kinzler
Head of Communications
harald.kinzler@aurelius-group.com
+44 7785 722 191

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Rehlko Reaches Agreement to Sell Curtis Instruments to Parker Hannifin

Platinum

Transaction supports long-term growth for both organizations

MILWAUKEE, Wis – June 30, 2025: Rehlko, a global leader in energy resilience, announced today that it has reached a definitive agreement to transition ownership of its Curtis Instruments business to Parker Hannifin Corporation, the global leader in motion and control technologies, for approximately $1 billion in cash. The transaction, which is expected to close by the end of calendar year 2025, reflects Rehlko’s strategic focus on strengthening its core enterprise capabilities and commitment to delivering industry leading energy resilience solutions for our customers.

“Rehlko is proud of the legacy and performance of Curtis as a high-performing, innovation-driven business,” said Brian Melka, President and Chief Executive Officer of Rehlko. “Parker is an exceptional company and we are confident Curtis will thrive from Parker’s increased scale, focus, and investment.”

Rehlko’s decision to transition Curtis aligns with its disciplined portfolio management approach. The move positions both Rehlko and Curtis to pursue independent growth strategies, focused on accelerating innovation and expanding customer impact. Rehlko was acquired by Platinum Equity in 2024.

“We have great respect for Curtis, its leadership team and its innovative products, and we are confident that Parker Hannifin is the right home for the business going forward. Divesting Curtis allows Rehlko to more intensely focus on its core mission to deliver energy resiliency solutions for its customers.”

Jacob Kotzubei, Co-President and Matthew Louie, Managing Director, Platinum Equity

“This transaction is aligned with the long-term electrification secular trend and meets our disciplined financial criteria for acquisitions designed to create shareholder value,” said Jenny Parmentier, Chairman and Chief Executive Officer of Parker. “Curtis adds complementary technologies to our existing industrial electrification platform, better positioning us to serve our customers as they continue the adoption of more electric and hybrid solutions. Rehlko and Platinum Equity have been good stewards of the business and great partners throughout this process. We anticipate a smooth closing and look forward to welcoming the Curtis team.”

Platinum Equity praised the deal and said it’s part of an ongoing strategic process to optimize Rehlko’s portfolio that also includes expected investments in buy-side M&A.

“We have great respect for Curtis, its leadership team and its innovative products, and we are confident that Parker Hannifin is the right home for the business going forward,” said Platinum Equity Co-President Jacob Kotzubei and Managing Director Matthew Louie in a joint statement. “Divesting Curtis allows Rehlko to more intensely focus on its core mission to deliver energy resiliency solutions for its customers. We are working with Rehlko’s CEO Brian Melka and the leadership team to pursue both organic and inorganic growth opportunities that will expand Rehlko’s reach, enhance its capabilities, and reinforce its position as a leader in mission-critical power solutions.”

Until the transaction closes, Curtis will continue to operate as part of Rehlko, with both companies focused on delivering the same high-quality products, services, and support that has defined its market-leading position for over six decades.

BofA Securities, Inc. and Goldman Sachs & Co. LLC are serving as financial advisors and Gibson Dunn & Crutcher LLP is serving as legal counsel to Rehlko. Guggenheim Securities, LLC is serving as financial advisor, Jones Day is serving as principal deal counsel, and Eversheds Sutherland is serving as European legal counsel to Parker.

About Rehlko

A global leader in energy resilience, Rehlko delivers innovative energy solutions critical to sustain and improve life across home energy, industrial energy systems, and powertrain technologies, by delivering control, resilience and innovation. Leveraging the strength of its portfolio of businesses – Power Systems, Home Energy, Uninterruptible Power, Clarke Energy, Curtis Instruments, and Engines, and more than a century of industry leadership, Rehlko builds resilience where and when the grid cannot, and goes beyond functional, individual recovery to create better lives and communities, and a more durable and reliable energy future.

About Parker Hannifin

Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 69 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.

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Accent Equity-owned Plockmatic Group acquires Renz to strengthen product portfolio

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Accent Equity

  • Plockmatic Group has signed an agreement to acquire Chr. Renz Gmbh (“Renz”) in Germany, including subsidiaries in Australia, Argentina, UK and Turkey
  • This acquisition is an opportunity to enter into the ring wire binding segment, which is a natural complement to Plockmatic Group’s existing offering
  • Plockmatic Group sees significant synergies with Renz within key areas such as sales, production, sourcing and R&D, with the ambition to broaden Plockmatic Group’s geographic footprint and develop the next generation of automised professional ring wire binding equipment for calendar and book production

Plockmatic Group has signed an agreement to acquire Chr. Renz Gmbh, the world leading producer of ring wire binding machines and supplies, headquartered in Heubach, Germany. The offering includes development and production of ring wire binding machines for the professional and office segments, as well as in-house production of premium quality wire binding consumables.

Following significant hardships during the covid-19 pandemic, Renz was forced into insolvency proceedings in 2024. The insolvency process is expected to be finalised during Q3 2025 and closing of the transaction is expected to take place in connection with this.

“The acquisition of Renz will be a great opportunity for Plockmatic Group, where we see several opportunities and synergies between our organizations, and to further expand our value proposition as solution provider to our customers. With Renz becoming a part of Plockmatic Group, we will also get a strong and local sales organisation in Germany, which we have identified as an important growth market for Plockmatic Group going forward” says Jan Marstorp, CEO of Plockmatic Group.

 

“Becoming part of Plockmatic Group and finding a long-term solution for Renz, following some very challenging years, make us look at the future with confidence again. With the insolvency proceedings behind us and access to Plockmatic Group´s resources we will now be able to invest in new products and continue long-term partnerships with our customers and suppliers” says Michael Schubert, CEO of Renz.

For additional information, please contact:

Oscar Claeson, Partner at Accent Equity, +46 70 108 99 99
oscar.claeson@accentequity.se
Jan Marstorp, CEO Plockmatic Group, +46 70 542 00 14
jan.marstorp@plockmatic.com
Michael Schubert, CEO Chr. Renz GmbH, +49 7173 186 70
schubert@renz.com

About Plockmatic Group:
Plockmatic Group, founded in 1974, provides high-end automation and document finishing solutions for the global printing and packaging industries. The company is headquartered in Stockholm, Sweden, with sales companies in UK, USA, Italy and Norway, as well as modern inhouse production located in Latvia. The company has 300 employees and revenues of EUR 70 million (2024).
www.plockmaticgroup.com

About Renz:
Chr. Renz Gmbh, founded in 1908, is the world leading producer of ring wire binding machines and supplies, headquartered in Heubach, Germany with subsidiaries in UK, Australia, Argentina and Turkey and clients in more than 80 countries. The company has 100 employees and revenues of EUR 14.6 million (2024).
www.renz.com

About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns.
accentequity.se
Follow Accent Equity on LinkedIn

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Stonepeak Completes Acquisition of Forgital

Stonepeak

John Slattery, former GE Aerospace executive, appointed Chairman of the Forgital Board of Directors

NEW YORK & VELO D’ASTICO – June 30, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the completion of its previously announced acquisition of Forgital Group (“Forgital” or the “Company”), a leading manufacturer of advanced forged and machine-finished components for aerospace and industrial end markets.

Conor Sutherland, Managing Director at Stonepeak, said, “We are thrilled to reach this milestone. Forgital has established itself as a trusted partner to leading aerospace manufacturers and industrial customers through its commitment to quality, innovation and reliability. We see tremendous opportunity ahead for the Company, magnified by durable demand in the aerospace end market. We are excited to partner with the Forgital team to support this next phase of growth.”

“With Stonepeak’s support, we are well positioned to accelerate our strategic agenda,” said Meddah Hadjar, CEO of Forgital Group. “They share our vision and bring deep expertise in mission-critical infrastructure and industrial growth platforms, which aligns well with the demands of our aerospace sector. I am confident in our path forward as we continue to innovate and grow with our customers by delivering precision-engineered components for the most demanding applications.”

In conjunction with today’s announcement, John Slattery has been appointed as Chairman of the Forgital Board of Directors. Mr. Slattery brings deep aerospace industry expertise, most recently serving as Chief Commercial Officer of GE Aerospace and previously as President & CEO of GE Aviation, where he played a critical role in the company’s transformation to an independent, public company in 2024. Prior to his time at GE, he served as President & CEO of Commercial Aviation at Embraer.

“I am delighted to be joining Forgital’s Board at the start of this next chapter, and I look forward to working with the Company’s management team and Stonepeak. I see significant opportunity for the Company, and believe that Forgital’s proud heritage dating to its inception in 1873 provides a strong foundation for continued success,” said John Slattery, Chairman of the Forgital Board of Directors.

Mr. Sutherland added, “We welcome John to the Board. His insight and leadership will be a tremendous asset to Forgital.”

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include transport and logistics, digital infrastructure, energy and energy transition, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Forgital

Forgital is a leading, vertically integrated Group focused on the manufacturing of seamless rolled rings in rectangular or profiled sections, as well as assembled fan modules, covering the largest range of sizes. Forgital specializes in forging rolled rings, with technologically advanced capabilities across a broad range of materials, including titanium, nickel and cobalt alloys, carbon steel, alloy steel, stainless steel and aluminium. Forgital’s Compact Supply Chain simplifies the production process of its customers through an integrated system of technologies and services which encompasses all the steps of the project: from the pre-processing to the post-processing phase (including finishing, welding and macroetching).

Contacts

For Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

For Forgital
Mara Rezzadore
Mara.Rezzadore@forgital.com
+39 0445 731322

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Audax Private Equity’s Origins Strategy Completes Thermogenics Exit

Audax Group

The first investment out of Audax’ debut lower middle market strategy now represents its first realization.

The sale comes less than three years after Audax Private Equity closed its inaugural Origins fund.

BOSTON & SAN FRANCISCO, June 18, 2025 — Audax Private Equity (“Audax”), a capital partner for middle and lower-middle market companies, announced today that it has completed the sale of Thermogenics, a provider of industrial and commercial boiler service and maintenance across North America. Morgan Stanley Capital Partners (“MSCP”) acquired Thermogenics as part of a new investment in the company that closed on June 10, 2025. Terms of the deal are not disclosed.

“Thermogenics represented our very first investment through our Origins strategy,” noted Greg Smith, a Managing Director at Audax Private Equity. “As the strategy’s first exit – almost three years to the day since we closed the acquisition – we think the investment demonstrates the impact of our Buy & Build approach to help lower middle market companies create a foundation for accelerated growth and provide management teams with the tools and resources to execute on their vision through M&A and organic value creation initiatives.”

“When we initially partnered with Audax, the scale and depth of resources stood out,” noted Ross Garland, Chief Executive Officer of Thermogenics. “Now, in hindsight, the collaboration of their Strategic Resources Group, the breadth of Audax’ business development and sourcing function, and the deep experience of the investment team, each played a critical role in positioning Thermogenics to capitalize on the opportunity set in front of the business. We’re looking forward to building on this momentum and embarking on our next phase of growth with MSCP.”

Based in Aurora, Ontario, and with over 250 employees, Thermogenics is a provider of boiler lifecycle solutions to a diverse set of commercial and industrial customers. Under Audax’ ownership, Thermogenics expanded its executive team and added key roles to facilitate growth; upgraded and enhanced its IT infrastructure, including the implementation of a new ERP system; and completed and integrated six acquisitions that expanded the company’s geographic footprint in the U.S., while enhancing its service offering. During the hold, Thermogenics’ top- and bottom-line performance more than doubled.

The investment in Thermogenics was made through Audax’ debut Origins Fund, announced in 2023, which closed above target with $965 million, inclusive of GP co-investment vehicles, to deploy across the North American lower middle market.

“Throughout our hold, we leveraged our deep experience in Industrial Services & Technologies, a sector where we have completed over 60 platform investments through our Flagship and Origins strategies and have deployed over $3 billion,” noted Don Bramley, a Partner at Audax Private Equity.

“We want to thank Ross and the entire management team at Thermogenics,” added Jay Mitchell, a Partner at Audax Private Equity. “When we launched our Origins strategy in 2022, our objective was to leverage our deep investment in our organization and extend our Buy & Build approach to lower middle market companies. Our conviction in the strategy, the investment thesis, and the management team translated into what we consider to be a tremendous outcome for Thermogenics, Audax and our investors. It’s an investment we’re proud of and believe helps to set the tone for our strategy going forward.”

Solomon Partners served as sell-side lead advisor, while KeyBanc Capital Markets served as co-advisor. Kirkland & Ellis LLP provided legal counsel to the sellers, while Debevoise & Plimpton LLP served in the same capacity to MSCP.

About

ABOUT THERMOGENICS:
Thermogenics is a provider of boiler lifecycle solutions in North America, offering boiler service & maintenance, equipment sales, and rental solutions for its customers’ mission critical boilers in industrial, commercial, and institutional sectors. With 24/7 factory-trained technician support and its boiler rentals solution set, Thermogenics and its affiliated brands function as a one-stop shop for its customers’ most complex steam and heating needs.
Headquartered in Aurora, ON, Thermogenics operates across North America with locations in Ottawa, ON, Cincinnati, OH, Jacksonville, FL, Orlando, FL, Sioux City, IA, West Hartford, CT, Greensboro, NC, Apache Junction, AZ and Las Vegas, NV.

ABOUT AUDAX PRIVATE EQUITY:
Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, 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 March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 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.

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Bridgepoint partners with NMi Group to accelerate strategic growth

Bridgepoint

Bridgepoint, one of the world’s leading quoted private asset growth investors, has announced it is partnering with NMi Group (“NMi”), a pan-European provider of independent Advisory, Testing, Inspection, Certification, and Calibration (“ATICC”) services.

The transaction sees Bridgepoint Development Capital V – a lower middle-market fund focused on supporting fast-growing businesses across Europe – become the majority shareholder in NMi, with the exit of existing partner Levine Leichtman Capital Partners (“LLCP”). NMi’s management team will reinvest alongside Bridgepoint, ushering in the next chapter of growth for the business.

Founded in 1873, NMi ensures the systems, devices, and services that shape our daily lives – such as electric vehicle (EV) charging infrastructure, smart meters, medical devices, mobile and payment technologies, industrial control systems and safety-critical instrumentation – are accurate, fully compliant and future-ready.

The company has built a leading platform designed to meet the mission-critical demands of clients bringing new and enhanced technologies to market, often in highly regulated environments – supporting clients across the UK, Europe, Asia and the Americas with market access services such as metrology, hazardous environment safety and cyber security certification. The business also provides a range of regulatory-driven in-life services to ensure products remain compliant and accurate throughout their use, including complex calibrations, verification services, and compliance assurance.

With c.300 employees across nine sites, NMi serves over 7,000 clients in high-stakes sectors such as energy and utilities, technology, manufacturing, defence, transport and life sciences. Growth in recent years has been strong, driven by a combination of organic momentum and a disciplined buy-and-build strategy – underpinned by a series of strategic acquisitions since 2020.

NMi operates in a large and expanding global market for market access and in-life services. Growth is fuelled by increasing product complexity, evolving regulations, and rising demand for high-trust, impartial assurance –particularly in cybersecurity, industrial battery energy storage systems (BESS), and connected infrastructure. Anticipated regulatory changes, such as the EU Cyber Resilience Act and ongoing investment in energy transition and smart technologies, are expected to further accelerate demand for NMi’s services.

Bridgepoint will support NMi in scaling its international platform through continued investment in high-growth certifications and adjacent capabilities. The focus will include geographic expansion into regions such as the DACH and Nordic countries, and the development of enhanced commercial infrastructure. With its proven track record of scaling technical services and certification businesses, Bridgepoint will support NMi’s ambition to become a global leader and trusted technical partner in sectors like Energy Transition, Smart Mobility, and Digital Infrastructure.

Bridgepoint has deep ATICC sector experience through investments in companies such as Element Materials Technology, LGC, and Fera Science. Its partnership with NMi builds on this legacy and reinforces Bridgepoint’s strategy of investing in knowledge-led, high-growth businesses, including prior investments in Achilles, Sinari, and Surikat.

Matt Legg, Partner at Bridgepoint, said:

“NMi is a rare and high-quality international ATICC platform with an outstanding reputation for quality and trust, underpinned by a unique heritage and highly technical team. The business offers a compelling combination of sector-leading organic growth with significant further potential for M&A as the acquirer of choice in its space. With rising regulation and complexity across end markets, NMi is well-positioned to become a global leader in market access and in-life compliance services—an ambition we look forward to supporting alongside its management team.”

Yvo Jansen, CEO of NMi Group, added:

“This partnership aligns our long-term strategy with stakeholder needs. Bridgepoint brings deep sector experience and international reach—key as we support clients navigating increasingly complex regulatory landscapes. I’d also like to thank LLCP, who helped us scale with focus and discipline. With that strong foundation, we’re ready for the next stage—with our clients and new partners.”

Joanne Spick, CFO, NMi Group, commented:

“As regulatory demands grow, our clients need more than compliance—they need confidence. That means reliable services, smarter systems, and partners who are thinking long-term. With Bridgepoint’s support, we’ll keep investing in capabilities that matter, helping clients stay ahead and scale with assurance.”

Bridgepoint was advised on the transaction by DC Advisory (M&A and debt), Houthoff and Ropes & Gray (Legal), BCG (Commercial), BDO (Financial) and EY (tax). LLCP and NMi were advised by Houlihan Lokey (lead M&A), Rothschild (M&A), Nauta Dutilh (Legal), OC&C (Commercial), PwC (Financial and Tax) and Jamieson (Management).

The transaction is expected to complete in Q3 2025, subject to customary regulatory approvals and works council advice. Financial terms of the transaction were not disclosed.

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CDTI Innovation’s SICC Innvierte Invests in Next Technology Ventures II to Drive Innovative Solutions for Critical Energy Transition Challenges

Axon

With this investment, CDTI Innovation reaffirms its commitment to promoting projects that empower national companies to lead international markets, create high-quality employment, and enhance their competitiveness through advanced technology.

CDTI Innovation, through its Innvierte initiative, has invested 15 million euros in Next Technology Ventures II (NTV II), managed by Axon Partners Group. This investment aims to promote the development of high technology (‘Deeptech’) in SMEs within the climate sector (generation and smart grids, smart buildings and distributed energy, transport and mobility, industry, and circular economy), primarily targeting early-stage companies.

Next Technology Ventures II:

Driving Technological Innovation in Early-Stage Climate Solutions With a total size exceeding 60 million euros, NTV II began building its portfolio in 2023. Targeting between twenty and thirty investee companies, the fund has already made its first twelve investments in companies developing solutions to global challenges such as industrial decarbonisation (Build to Zero), green hydrogen production and carbon capture (Parallel Carbon), renewable energies and grid flexibility (Hepta, Phelas, or Novatron), and the circular economy (Nextmol).

Additionally, these companies are advancing enabling technologies based on IoT (Energiot or Wsense), new materials (Jolt), and even Quantum Computing applied to energy (Quilimanjaro).

The fund is managed by Axon Partners Group, which, since 2019, has maintained a dedicated investment strategy focused exclusively on the climate technology and energy transition ecosystem. While global in scope, Axon’s strategy prioritises Spain and Southern Europe.

Innvierte:

Promoting Business Innovation Through Venture Capital, Innvierte is a programme that fosters business innovation by supporting venture capital investments in technology-driven or innovative companies. Implemented through the closed-end collective investment entity Innvierte Economía Sostenible SICC S.M.E., S.A., this initiative operates under the supervision of the Spanish National Securities Market Commission (CNMV), with CDTI Innovation as its sole shareholder.

To date, CDTI Innovation has committed 2,183 million euros in 57 investment vehicles that have invested in over 602 companies. It has directly committed 632 million euros to 188 companies through its co-investment line.

Innvierte is part of the Spanish Science, Technology, and Innovation Strategy 2021-2027, approved by the Council of Ministers in September 2020. This strategy outlines the objectives, reforms, and measures to be implemented across the R&D&I sector to drive its growth and impact, forming a key pillar in the government’s R&D&I policy for the coming years.

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Renta Acquires Tunnelling Infrastructure Assets In Norway

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) strengthens its position in the Norwegian infrastructure rental sector by acquiring W. Giertsen Services AS’s (“WGS”) and AGTunnel AS’s (“AGT”) tunnelling infrastructure assets in two business transfer deals comprising in total nine specialised machines for tunnelling infrastructure projects.

The acquisitions are aligned with Renta’s strategy to expand its specialised infrastructure machinery rental business. In connection to the transaction, Renta signed long-term cooperation agreements with both WGS and AGT on the rental of specialist tunnelling machinery and general rental equipment to WGS and AGT. The cooperation agreements are expected to further drive cross-selling synergies between Renta’s tunnelling specialty and general rental operations. The transferring fleet is compatible with Renta’s existing tunnelling fleet and consists of equipment from high-quality OEMs.

The acquisitions have been completed.

Leif-Martin Drange, Managing Director at Renta Norway, said: “The transactions mark another step forward in our pursuit to grow in the attractive tunnelling infrastructure rental market. In addition to growing our fleet, we are particularly excited about strengthening and formalising the cooperation with two reputable companies in the Norwegian market. We expect the cooperation with W. Giertsen Services and AGTunnel to be mutually beneficial and to help us drive sales synergies between our specialist tunnelling rental operations and our general rental business.”

Enquiries: ir@renta.com

About Renta Group

Renta Group is a Northern European full-service equipment rental company founded in 2015. The Company has operations in Finland, Sweden, Norway, Denmark, Poland, and the Baltics, with 193 depots and more than 2,300 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a supplier of scaffolding and weather-protection services. For more information, visit www.renta.com

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