Tag Archives: Industry

Bain Capital Completes Acquisition of Service Logic

BainCapital

Strategic partnership will support Service Logic’s continued growth as a national leader in mission-critical commercial HVAC services

CHARLOTTE, N.C. & BOSTON – December 16, 2025 – Service Logic (or the “Company”), a leader in comprehensive commercial HVAC and building automation services, today announced the close of its acquisition by Bain Capital, in partnership with Mubadala Investment Company (“Mubadala”), from Leonard Green & Partners. Bain Capital and Mubadala will continue to support the Company in its next phase of growth.

Headquartered in Charlotte, NC, and operating from over 140 locations across North America, Service Logic specializes in mission-critical commercial HVAC services, including preventative maintenance, emergency service, unit replacement, and retrofit projects. With over 5,000 technicians across the organization, Service Logic combines a high-touch, local service model with the benefits of national scale, making the Company a trusted partner to thousands of customers across industries and geographies. The Company has a long track record of successful strategic acquisitions and continued collaboration with local owner-operators.

“We are excited to announce Bain Capital as our new investment partner to support us during this next phase of growth. Bain Capital’s deep expertise in supporting market leaders as they scale makes them an ideal business partner for Service Logic, but it is their shared vision and commitment to our technicians and local operators that makes them a great choice,” said Jason Richardson, Chief Executive Officer of Service Logic. “With Bain Capital’s support, we will continue delivering excellent service to our customers and meaningfully grow our business through a combination of organic growth and strategic acquisitions. We would also like to thank the Leonard Green team for their strategic partnership over the past five years, which supported us through a significant expansion in our footprint and continued optimization of our business.”

“Service Logic is the leading independent operator in a large and growing HVAC services market. Its durable organic growth, operational excellence, and disciplined approach to strategic acquisitions have created a differentiated platform with national scale,” said Joe Robbins, a Partner at Bain Capital. “We are excited to work alongside the management team to further strengthen the Company’s platform, accelerate M&A, and continue enhancing its capabilities in local markets. We believe Service Logic has significant runway to deepen its presence and serve customers across North America.”

“We are grateful for our partnership with the Service Logic team over several years of outstanding growth,” said Chris McCollum, Senior Partner at LGP. “Service Logic has made significant investments in the business, expanded its geographic reach, and broadened its service capabilities. We’re proud of the team’s achievements and are confident they are well positioned for continued success.”

The investment was led by Bain Capital’s North America Private Equity team, which has a long heritage of partnering with and accelerating growth at market-leading services and distributions businesses. Service Logic joins the firm’s portfolio of scale services platforms including Imperial Dade, US LBM, Frontline Road Safety, Dealer Tire, Guidehouse, and Harrington Process Solutions.

Barclays and Jefferies acted as joint lead financial advisors, Ropes & Gray served as legal advisor to Bain Capital. Harris Williams and Goldman Sachs & Co. LLC served as joint lead financial advisors to Service Logic, and J.P. Morgan and Morgan Stanley & Co. LLC also acted as financial advisors, and Latham and Watkins served as legal advisor to Leonard Green.

About Service Logic
Service Logic is the largest privately held commercial HVAC and mechanical services platform in North America, delivering preventative maintenance, emergency service, equipment replacement and retrofit services, and building-automation and energy solutions. The company supports 1B+ square feet of commercial square footage today, via its network of 140+ locations and 5,000+ technicians. For more information, please visit www.servicelogic.com.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $205 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Mubadala
Mubadala is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s $330 billion portfolio spans six continents with interests in multiple sectors and asset classes. Mubadala leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates. Mubadala’s investment philosophy is centered around investing in high quality companies operating in attractive markets with strong tailwinds. It seeks to identify and back strong management teams and provide capital to support their organic and inorganic growth strategies. For more information, please visit www.mubadala.com.

About Leonard Green & Partners
Leonard Green & Partners, L.P. is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 100 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.

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Ardian invests in Fermax, the leading Spanish manufacturer of intercom, home automation and access control technologies

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Ardian

This investment marks Ardian Expansion’s team first transaction in Spain, the 8th European country in which the team invests, and the 11th investment of Ardian Expansion Fund VI.

Ardian, a global private investment firm, today announces an exclusive agreement to acquire a majority stake in Fermax, the leading Spanish manufacturer of intercom systems, home automation solutions and access control technologies. This marks Ardian Expansion’s team first investment in Spain, underscoring its commitment to supporting leading mid-sized companies with strong international growth potential.

Founded in 1949 and headquartered in Valencia, Fermax has established itself as the Spanish leader in digital and connected door entry systems for collective housing, mastering all key intercom technologies and progressively expanding into home automation and access control. With two manufacturing sites in Valencia, the company sells its products in 85+ countries worldwide, benefiting from a solid reputation among distributors and installers.

With Ardian’s support, Fermax will accelerate its international expansion by leveraging Ardian’s global network and local presence in key markets, while strengthening its offering, notably on home automation. The company will pursue both organic initiatives and a targeted external growth strategy to reinforce its presence in identified priority segments and geographies. The company will also continue investing in innovation, building on its fully integrated R&D and manufacturing capabilities, while enhancing its digital channels to better serve distributors, installers and end-users.

Ardian brings the Expansion team’s proven track record to the Spanish market and its ability of partnering with ambitious mid-sized companies across Europe to unlock their full potential. The team combines deep sector expertise, strong operational capabilities and an extensive international network, enabling portfolio companies to accelerate growth both organically and through acquisitions. This first investment in Spain reflects the team’s confidence in the country’s dynamic entrepreneurial landscape and its commitment to building long-term partnerships with leading local champions.
“We would like to express our sincere gratitude to MCH and Eurazeo. Their support and strategic vision have been instrumental in achieving the milestones we celebrate today. Fermax’s evolution in recent years has been exceptional. We have proven that we can combine the financial performance targeted by our shareholders with the service excellence demanded by our clients and the close relationship with them that have always defined us. We are deeply honored to partner with Ardian, one of the world’s leading investment funds, to continue working towards the ambitious development of Fermax.” Jeremy Palacio, President & CEO, Fermax
“This first investment in Spain is a major milestone for the Ardian’s Expansion team. Spain is a dynamic market with a wealth of innovative and high-quality companies, and we see strong potential to build long-term partnerships in the country. Our strategy is to support ambitious businesses like Fermax in accelerating their growth and strengthening their international footprint.” François Jerphagnon, Member of the Executive Committee and Head of Expansion, Ardian
“Fermax is a remarkable example of a Spanish industrial champion with a strong heritage, deep technological expertise and a clear vision for the future. We are delighted to partner with Jeremy Palacio and his team to help them accelerate Fermax’s growth, both in Spain and internationally, by leveraging on our global network and experience in scaling innovative companies.” Alexis Lavaillote, Managing Director Expansion, Ardian

“From our very first discussions, we were impressed by the quality of Fermax’s management team, its strong R&D capabilities and its deep knowledge of the market. The management team’s clear strategic vision, combined with a strong commitment to innovation, gave us full confidence in partnering with Fermax to support and accelerate its development in Spain and internationally.” David Cahuzac, Director Expansion, Ardian

The completion of the transaction remains subject to the usual conditions precedent and the approval of the relevant regulatory authorities.

LIST OF PARTICIPANTS

  • Fermax

    • Jeremy Palacio Chavagnat, Roberto García Morante

  • Ardian, Expansion

    • Alexis Lavaillote, Arnaud Dufer, David Cahuzac, Thomas Grétéré, Roxane Pauquet, Sibylle De Williencourt

  • MCH

    • Francisco Caro, Marta Muñoz

  • Eurazeo

    • Benjamin Hara, Florent Melis, Valentine Truchot

BUYER ADVISORS

  • M&A & Financing Lawyers

    • Uría Menéndez (Manuel Echenique, Felipe Carbonell Garcia, Ignacio Alvarez Couso)

  • Commercial Due Diligence

    • Roland Berger (Bieito Ledo, Mathieu Bernard, Antoine Maitre)

  • Financial & Tax Due Diligence

    • Ey (Anca Butoi, Victor De Fromont, Elena Sanchez Llorente)

  • Legal & Social Due Diligence

    • Uría Menéndez (Manuel Echenique, Daniel Cerrutti, Felipe Carbonell Garcia)

  • Tech Due Diligence

    • Akvize (Mickael Maindron)

  • ESG Due Diligence

    • Ey (Alicia Rubi)

SELLERS, COMPANY AND MANAGEMENT ADVISORS

  • M&A Advisor

    • Invala Capital (Munther Odeh Madrid)

  • M&A Lawyers

    • Garrigues (Alejandro Micó Llorens, Mónica Nieto Baixauli, Javier Calatayud Apellániz)

 

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $196bn for more than 1,890 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

 

ABOUT FERMAX

Fermax is a leading global company specialised in the design, manufacturing, and commercialisation of video door entry systems, access control, and connected home solutions. Founded in 1949 and headquartered in Valencia (Spain), the company leads the digital transformation of buildings by delivering solutions that combine technology, design, and connectivity. With a turnover exceeding €90 million in 2025 and a team of over 550 employees—including 75 engineers dedicated to R&D—its innovations are present in more than 85 countries, where professionals and users trust the brand’s quality and reliability.

fermax.com

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

FERMAX

Nathalie Pouessel CMO

npouessel@fermax.com+34 600 500 368

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CVC announces the acquisition of Smiths Detection for £2bn

CVC Capital Partners

CVC, one of the world’s leading private markets investment firms, today announced that it has entered into an agreement to acquire Smiths Detection, a global leader in threat-detection and security-screening technologies for airports and critical infrastructure, from Smiths Group plc. Leveraging CVC’s extensive experience in executing corporate carve-outs and history of scaling newly independent companies, Smiths Detection is well placed to build on its strong market positions and unlock substantial long-term value.

Headquartered in the UK, Smiths Detection employs 3,400 people, including over 1,100 field service engineers and over 500 R&D professionals and operates from facilities across Europe, the US and Asia. The business has a global #1 position in aviation security – i.e. screening technology for carry-on bags, hold luggage, and air cargo at airports – where it serves 47 of the world’s top 50 airports, with both industry-leading hardware and sector-leading digital capabilities, including automated detection algorithms. Smiths Detection also serves other critical infrastructure end markets such as urban security (screening systems for government and commercial buildings, public venues and spaces ) and ports and borders (cargo and vehicle inspection) and the business has a leading niche chemical threat identification capability for defense end markets.

Dominic Murphy, a Managing Partner and Co-Head of the UK private equity team at CVC and Conor Keogh, Managing Director at CVC, said: “Smiths Detection’s industry-leading threat detection and security screening technologies play a crucial role in helping protect people and critical infrastructure worldwide. We look forward to supporting the business during the next phase of its growth and development through continued investment in technology innovation, high-quality engineering and best-in-class aftermarket service.”

James Mahoney, Partner and Head of CVC’s private equity activities in the Aviation, Defence & Space sectors added: “We are excited to partner with Jérôme de Chassey and his team. Smiths Detection’s strong market positions, anchored by its global leadership in aviation, create a compelling platform for long-term value creation.”

The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2026. Barclays acted as financial advisor and Latham & Watkins acted as legal counsel to CVC.

The investment will be made through CVC Capital Partners IX.

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Asurion to acquire Domestic & General, establishing a global leader in technology and appliance care committed to excellence in customer service

CVC Capital Partners

The combined company will accelerate Asurion’s vision to become CTO of the home, by delivering seamless, intelligent care for every connected device and appliance in the home and making technology simpler, more reliable, and more sustainable for millions of customers 

Asurion, a global leader in technology care, support, and protection, today announced it has reached a definitive agreement to acquire Domestic & General, one of the largest appliance care providers across the UK and Europe.

Asurion has distinguished itself by delivering world-class customer experiences and deep partnerships with major wireless carriers, OEMs, and retailers. As a result of these innovative solutions, Asurion has built a customer base of more than 230 million customers around the world, more than half of which have recurring subscriptions for its services.

The combined company will provide customers worldwide with a single, trusted provider for every device and appliance, ensuring faster service and a more seamless experience.

Together, Asurion and Domestic & General unite omnichannel scale with deep service expertise to meet the rapid convergence of technology and appliances head on. Asurion will extend its leadership in the fast-growing, $154 billion connected home devices market. The combination will broaden Asurion’s customer-end markets, extend its geographic reach and create new channel partnerships. Domestic & General will gain access to Asurion’s deep global market expertise, service infrastructure and digital capabilities, including innovations like predictive diagnostics, intelligent logistics and AI-powered service to accelerate its successful growth.

Domestic & General has a legacy of over 110 years in appliance care, with a growing repair network of more than 25,000 independent engineers. It is trusted by millions of households and partners with leading manufacturers and retailers such as Whirlpool, Sky, Hoover-Candy, and John Lewis. With a growing book of 6.8 million subscription customers, Domestic & General has a proven track record of financial strength, delivering over two decades of uninterrupted organic revenue growth. Upon closing, Domestic & General will continue to operate under its brand as a business unit of Asurion.

“Our vision is to be the CTO of the home, and we are focused on delivering world-class customer experiences by making technology work better for everyone,” said Guru Gowrappan, Chief Executive Officer of Asurion. “Domestic & General’s deep customer relationships and expertise in appliance protection make them a natural, highly complementary partner as we expand our support of every connected device and appliance in the home. We look forward to welcoming the Domestic & General team to Asurion as we work together to elevate the standard for industry-leading customer experience globally.”

Domestic & General is being acquired from certain funds (“CVC Funds”) advised by CVC Capital Partners (“CVC”) and Luxinva S.A., an entity wholly-owned by the Abu Dhabi Investment Authority (“ADIA”).

“Asurion and Domestic & General are united by a shared commitment to customer and partner excellence, sustainability, and innovation in their respective sectors. At Domestic & General we have built over a century of trust in our services, and we are the cornerstone of appliance care in millions of homes,” said Matthew Crummack, Chief Executive Officer of Domestic & General. “Joining Asurion is a natural fit given our complementary business models, bringing fresh and exciting growth opportunities for the people and the business, while creating stronger outcomes for our customers. I’d like to personally thank CVC and ADIA for their consistent support and trust throughout this last investment cycle.”

Quotes

Under CVC’s and ADIA’s ownership, Domestic & General has transformed from a UK-focused warranty provider into a global, subscription-based and digitally-enabled appliance care leader.

Pev HooperManaging Partner at CVC

Pev Hooper, a Managing Partner at CVC said, “Under CVC’s and ADIA’s ownership, Domestic & General has transformed from a UK-focused warranty provider into a global, subscription-based and digitally-enabled appliance care leader. It surpassed £1 billion ($1.32 billion) in annual revenue, expanding into 12 markets whilst establishing a major business in the US. We are proud of how Domestic & General has grown and wish Asurion and Matthew and his team every success in building on this strong platform.”

The transaction is expected to close in mid-2026 subject to regulatory approvals.

The terms of the transaction were not disclosed.

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Anders Invest has acquired a stake in Straatman

Anders Invest

Anders Invest has acquired a 51% stake in Straatman, a manufacturer of balcony railings and balustrades from Varsseveld. The company has an annual turnover of €20 to €25 million and employs nearly 100 people.

Straatman Building Smart Connections, founded in 1991, specializes in balustrades and stairs for apartment complexes. The Varsseveld-based company designs, manufactures, and installs customized solutions in series that combine safety, innovation, and visual appeal.

By digitizing and automating every step in the process as much as possible, from 3D engineering to production, the company succeeds in realizing tightly managed construction processes with short installation times on site. This expertise makes the company particularly strong in apartment complexes where large quantities and varieties must be built within a short timeframe. Since 2017, turnover has tripled and the company has increased its market share, particularly with large Dutch construction companies.

Anders Invest holds a 51% stake alongside the two existing shareholders. Albert ten Wolde (59), involved with Straatman since 1999, is the driving force behind innovation and product development. Bart Peters (39) joined the company in 2006 as a project engineer and subsequently held various key roles within the company. He excels at optimizing processes and strengthening teams and will take on the role of Managing Director. Together, Albert and Bart combine innovative strength with a sharp focus on scalability and productivity. Anders Invest’s participation will enable the company to continue fulfilling its growth ambitions in the long term.

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Festool Group Joins Emerald’s Industrial Innovation Fund to Accelerate Innovation and Sustainability

Zurich, Switzerland  – Emerald Technology Ventures, a globally recognized venture capital firm with over two decades of industrial-sector leadership, has announced that Festool Group, a premium manufacturer of professional power tools and systems, has joined Emerald’s Industrial Innovation Fund as a Limited Partner (LP). The partnership reflects Festool’s strategic commitment to innovation, sustainability, and long-term transformation in a rapidly evolving industrial landscape.

Festool’s decision to invest in Emerald’s fund is driven by its ambition to stay at the forefront of technological change—particularly around robotics, automation, AI, digitalization and sustainability. As the sustainable industrial transformation accelerates globally, the power tools sector is undergoing a shift, with cleaner, smarter, and more efficient systems reshaping the job site and the shopfloor alike.

“Innovation and sustainability are at the heart of Festool Group,” said Roman Stiehl, Manager Open Innovation at Festool Group. “Partnering with Emerald gives us direct access to breakthrough technologies and startups that help us strengthen our core business and shape the future of our industry.”

Festool selected Emerald based on a strong alignment of values—premium quality, innovation, and sustainability—as well as Emerald’s 25+ year track record in industrial venture capital and open innovation. The partnership will enable Festool to access a global network of cutting-edge startups and scale the integration of external innovation into its core processes and products.

“We are delighted to welcome Festool Group to the Industrial Innovation Fund,” said Mehran Zaker, Partner and Head of Automation and Industrial IT at Emerald. “Festool exemplifies the type of forward-thinking industrial partner we aim to support—committed to both technological leadership and a more sustainable future.”

Through the fund, Festool gains curated exposure to emerging technologies, rapid startup engagement opportunities, and insights into critical innovation themes such as digitilization, low-emissions manufacturing, and intelligent battery systems.

More on industrial innovation at Emerald:

Industrial IT & Mobility Sector

Want to know your “Return on Innovation”?

Emerald part of VC trend driving European innovation

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm, founded in 2000, that manages and advises assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm invests in start-ups that tackle big challenges in climate change and sustainability, with four current funds, hundreds of venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups.

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc

CONTACT FOR EMERALD:

info@emerald.vc

About Festool Group

Festool Group is a premium manufacturer of professional power tools and systems, headquartered in Wendlingen near Stuttgart, Germany. Known for its uncompromising commitment to quality, performance, and user-centric design, Festool Group combines tradition and innovation to develop industry leading, sustainable solutions that empower professionals worldwide.

Further information can be found at www.festool.com.

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Engelmann joins forces with new partner Rivean Capital to strengthen its position as an international leader in smart submetering technologies

Rivean

Strategic partnership for sustainable growth

  • Engelmann is an international innovation leader in smart submetering technologies for heat, cooling, and water measurement
  • Continued international expansion and ongoing product innovation are at the core of the future growth strategy
  • Smart submetering – Driving data transparency and security as well as sustainable, circular energy use

Wiesloch-Baiertal/Frankfurt – European private equity firm Rivean Capital, together with Engelmann’s management, has acquired a majority stake in Engelmann from funds advised by DPE Deutsche Private Equity. Engelmann, headquartered in Wiesloch-Baiertal, is a leading developer and manufacturer of smart submetering technologies that play a central role in measuring and billing heat, cooling, and water consumption in multi-tenant buildings. The partnership with Rivean Capital will enable Engelmann to strengthen its market leadership and expand into existing and new international markets.

Engelmann employs 210 people across two sites in Germany and one in China. For more than a decade, Engelmann has grown significantly faster than the market, driven by product innovation, portfolio development, and increasing internationalization.

Strategic focus for future growth

“Rivean Capital has convinced us with its expertise and strategic resources that we can achieve our growth targets even faster. The partnership allows us to further enhance our innovation capabilities and expand into complementary markets,” says Michael Keuthen, CEO of Engelmann.

Engelmann is renowned for its end-to-end ecosystem in smart submetering, including innovative heat and water meters that are essential for efficient consumption measurement and billing in multi-tenant buildings. The partnership with Rivean Capital will help to accelerate the development of new products and strengthen Engelmann’s market presence.

“Together with management, we plan to actively shape Engelmann’s next growth phase,” says Alexander Dokters, Director and member of the Investment Team at Rivean Capital. “We see significant potential to further expand Engelmann’s strong market position – particularly through technological portfolio enhancements, consistent internationalization, and targeted add-on acquisitions.”

International market with strong growth potential

The global submetering market continues to show strong growth dynamics. Rising demand for energy-efficient solutions in multi-tenant buildings and increasing connectivity of submetering systems – including real-time data analysis, consumption optimization, and integration into smart home and district solutions – offer Engelmann long-term growth prospects. In recent years, the company has established itself as one of the leading providers of smart submetering technologies.

“With Rivean Capital’s support, Engelmann will accelerate its international expansion while advancing product development in areas such as intelligent submetering systems and software solutions to improve building energy efficiency,” says Dr. Justus Heuer, Partner and member of the Portfolio Enhancement Team at Rivean Capital. “The focus is not only on entering new markets but also on further developing digitalization within the company.”

Commitment to sustainability with a circular economy strategy

Engelmann’s frontrunner circularity approach reduces the product carbon footprint through recyclability and eco-design, supported by a comprehensive circular economy policy. The company focuses on designing products with modular components, durable materials, and improved energy efficiency during use, while ensuring that end-of-life units can be disassembled and reintegrated into production. Initiatives include closed-loop recycling processes, use of recycled materials in new products, and continuous innovation in eco-design to minimize environmental impact across the product lifecycle.

“Engelmann has established itself as a reliable partner in the smart submetering industry, with a clear focus on quality, innovation, customer satisfaction, and sustainability. These values align perfectly with Rivean Capital’s approach of investing in leading companies in the industrial tech sector,” explains Matthias Wilcken, Senior Partner and member of the Executive Committee at Rivean Capital. “We are confident that Engelmann will continue to grow in the coming years, supported by our financial resources and strategic guidance.”

About Engelmann

Founded in 1976 in Wiesloch-Baiertal, Engelmann offers a fully integrated product and service portfolio of heat, cooling, and water meters, electronic heat cost allocators, gateways, software, and data services. With one of the most comprehensive product portfolios in the market, Engelmann is among the few providers offering its customers a complete end-to-end ecosystem. Engelmann delivers more than one million devices annually to customers worldwide, helping them comply with EU Energy Efficiency Directive requirements and enabling accurate, consumption-based billing.

Further information:

The purchase price of the transaction has not been disclosed. Completion is subject to customary conditions, including merger clearance.

Engelmann is Rivean Capital’s seventh platform investment in Germany, alongside Perbility, Dataciders, Green Mobility Holding, ]init[ AG für digitale Kommunikation, Best4Tires, and TonerPartner.

About Rivean Capital

Rivean Capital is a leading European private equity investor for mid-market transactions, active in the DACH region, the Benelux countries, and Italy. Funds advised by Rivean Capital manage over EUR 5 billion in assets. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful high-tech businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. Headquartered in Amsterdam, Netherlands, Rivean Capital also has offices in Brussels, Frankfurt/Main, Milan, and Zug, enabling a strong local presence across key European markets.

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CompoSecure Announces $7.4B Business Combination with Husky Technologies

Platinum

Worker wearing safety glasses examines a large metal mold suspended by chains in an industrial workshop, with tools and equipment on nearby tables. | Platinum Equity

Bolton, Ontario — CompoSecure, Inc. (NYSE: CMPO), a leader in metal payment cards, security, and authentication solutions, today announced a business combination with Husky Technologies Limited (“Husky”), a market leading manufacturer of engineered equipment and aftermarket services, in a transaction that will value the combined business at approximately $7.4 billion.

Dave Cote, Executive Chairman of CompoSecure, said in the announcement: “We are delighted to announce the business combination with Husky. This is a business Tom [Knott] and I have long admired, and it hits all the key criteria we look for in every investment – it holds a great position in a good industry, significant technology differentiation, organic and inorganic growth possibilities, and margin expansion potential. We are excited to begin working with the Husky team and believe the combined business is uniquely well positioned to deliver for investors.”

 

“We believe this combination will create value and unlock new opportunities for Husky and its stakeholders. We have great respect for David Cote’s leadership, share his conviction in this opportunity and are excited to roll more than $1 billion of equity into the deal. We have partnered with Dave, Tom Knott, and the team at Resolute before and look forward to working with them to create value again.”

Louis Samson, Co-President, Platinum Equity

Louis Samson, Co-President of Platinum Equity, Husky’s current shareholder, added: “We believe this combination will create value and unlock new opportunities for Husky and its stakeholders. We have great respect for David Cote’s leadership, share his conviction in this opportunity and are excited to roll more than $1 billion of equity into the deal. We have partnered with Dave, Tom Knott, and the team at Resolute before and look forward to working with them to create value again.”

The announcement noted that Husky will be run as a standalone business alongside CompoSecure and will continue to operate under its current management team.

Husky Technologies CEO, Bradley Selleck, today said the business combination supports Husky’s long-term strategy and reinforces its commitment to innovation, operational strength and customer partnership, ensuring continuity for employees and customers, while enabling long-term investment.

“Husky Technologies will build on the strong foundation we’ve established over our 72-year history,” explained Selleck. “With CompoSecure’s long-term partnership, we will continue to invest in the technologies, systems and capabilities that matter most to our customers and team members. Our focus remains on delivering high performance, reliability, service excellence and innovation.”

Selleck underscored there will be no immediate changes to operations or customer experience.

“Husky will continue executing its current growth strategy, with sustainability and innovation remaining central to its future pipeline,” Selleck added.

The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including regulatory approval.

Morgan Stanley & Co. LLC acted as financial advisor to CompoSecure on the transaction and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to CompoSecure. Goldman Sachs acted as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to Husky Technologies.

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MontiPower and Bencis join forces

Bencis

BBOF VI Holding C.V. (“Bencis”), together with CEO Frits Doddema and Monti’s management team, has signed an agreement to acquire Monti TopCo BV and its subsidiaries, including Monti-Werkzeuge GmbH (together “Monti” or the “Company”), from Norvestor VII L.P. and Norvestor VII OS L.P. (“Norvestor”).

Monti is a leading surface preparation technology provider with a consumables-driven business model. The company is globally recognized for its patented rotary bristle blasting solutions, which deliver surface cleanliness and roughness equivalent to blasting, while offering customers a portable, safer, and more environmentally friendly alternative.
With its strong technology and differentiated portfolio, Monti has built a global presence serving industries such as energy, marine, infrastructure and defense. The company has expanded its international footprint, strengthened its global organization and enhanced its product offering, while also investing in automating its production facility. Its solutions are valued for extending asset lifetime while reducing operational complexity and environmental impact.

Together with management, Bencis will further accelerate Monti’s international growth and reinforce its position as a global leader in surface preparation and anti-corrosion, focusing on internationalization, product innovation, as well as selective acquisitions.

About Monti
Monti is a globally renowned producer of innovative rotary bristle blasting technology used for efficient surface cleaning and coating removal to help maximize the long-term protection of customers’ assets. The company has a presence in Germany, Netherlands, Slovakia, Poland, the US, Australia, Singapore and Brazil.
Read more at www.montipower.com

About Bencis
Bencis is an independent investment company with offices in the Netherlands, Germany, and Belgium that supports business owners and management teams in achieving their growth ambitions. Managing six funds totalling €2.2 billion, Bencis has invested in over 80 companies and completed more than 330 follow-on acquisitions since 1999.
For more information, visit: www.bencis.com

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AICHELIN Group Completes Acquisition of NITREX divisions

Novacap

The AICHELIN Group, one of the world’s leading providers of heat treatment solutions, has finalized the acquisition of the NTS & UPC business units from NITREX Inc., a portfolio company of Novacap, a leading North American private equity investor. The HTS division of Nitrex is not part of the transaction.

With around 250 new employees in the USA, Poland, Germany, France, and China, the AICHELIN Group is expanding to more than 1,350 employees in total, generating combined revenues of approximately 230 million euros. This represents the largest acquisition in the company’s history and marks another milestone in the implementation of its Strategy 2030.

The acquisition expands AICHELIN Group’s technology portfolio with leading expertise in nitriding furnaces and strengthens its presence in key industrial regions. The integration of the NITREX sites will take place step by step, in close coordination with the respective local leadership teams.

“This acquisition is an important step in the execution of our strategy. We want to grow meaningfully, with a strong foundation, local proximity, and technological excellence. Together with NITREX, we are combining know-how and regional strengths for the benefit of our customers, employees, and all stakeholders,” says Christian Grosspointner, CEO of the AICHELIN Group.

Consistent Implementation of Strategy 2030
With its Strategy 2030, the AICHELIN Group has set a clear roadmap for sustainable growth and technological advancement. The focus is on diversification into new industries and applications, driven both by in-house development initiatives and targeted acquisitions. Under the motto “think global, act local”, the emphasis lies on tailoring products, services, and structures to regional market requirements in order to strengthen customer proximity and responsiveness.
With the integration of NITREX, the Group is consistently executing this strategy: the portfolio is being expanded with leading nitriding technologies, while at the same time strengthening its presence in the USA, Europe, and China with additional sites.

About the AICHELIN Group
The AICHELIN Group, headquartered in Mödling near Vienna and part of the Berndorf AG, is one of the world’s leading providers of heat treatment solutions. Its portfolio includes industrial furnaces, industrial heating systems, nitriding systems, control and automation systems, Industry 4.0 solutions, as well as service offerings. The company’s roots date back to 1868. In addition to the traditional AICHELIN brand, the Group includes AFC-Holcroft, SAFED, BOSIO, NOXMAT, and NITREX, making it one of the world’s top three heat treatment companies with around 1,350 employees. The AICHELIN Group operates subsidiaries in Austria, Germany, Slovenia, France, Poland, Turkey, China, India, and the USA. Its global presence is further strengthened by an international sales network. www.aichelin.com

About Nitrex
NITREX is the lead provider of fully integrated heat-treating solutions and technologies globally. The company was founded in 1984 in Montreal, Canada and operates three business units – Nitrex Turnkey Systems (NTS) a leader of turnkey nitriding, nitrocarburizing, and vacuum heat treat systems; Heat Treating Services (HTS) a worldwide network of commercial heat-treating service centers; and UPC, a leading provider of controls upgrade and automation solutions for heat treating and combustion. NITREX serves its customers globally from 14 locations across the United States, Canada, Mexico, Brazil, Germany, Poland, Italy, France, China, Japan, and through a global network of representatives and licensees. For more information, visit: nitrex.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 US $10 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.

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