Recapitalizations in 2026
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- Buyer
- Latour Capital, Hamilton Lane, Ardian, Patria
- Target
- Gutor
- Seller
- Latour's 2019 vintage fund
- Industry
- Industrial Services
- Location
- Switzerland
- Type
- Recapitalization
Funds managed by Hamilton Lane led investment in Latour Capital’s single-asset continuation fund to acquire Gutor from Latour’s 2019 vintage fund. The continuation vehicle backed by Hamilton Lane and Ardian, with Patria as co-underwriter, also includes reinvestment and new capital from Gutor’s management team following Latour’s Schneider Electric carve-out in August 2023.
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- Buyer
- Ares Management, Leonard Green & Partners, Vintage Strategies (Goldman Sachs Alternatives), Harvest Partners
- Target
- Convergint Technologies
- Industry
- IT Services
- Location
- Illinois, United States
- Type
- Recapitalization
Ares Management has closed an $850 million single-asset continuation vehicle for Convergint Technologies, extending its long-running investment in the global, technology-enabled security and safety solutions systems integrator. Leonard Green & Partners led and fully underwrote the Sage Fund continuation vehicle, while Ares also made a substantial new investment, maintaining shared control alongside existing co-sponsors.
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- Buyer
- Turning Rock Partners
- Target
- AmeriQual Group Holdings, LLC
- Seller
- Turning Rock Partners
- Industry
- Food & Beverage
- Location
- Indiana, United States
- Type
- Recapitalization
Turning Rock Partners (TRP) announced the majority exit of AmeriQual Group Holdings, LLC through a growth recapitalization. AmeriQual, headquartered in Evansville, Indiana, is a privately held food company that develops, packages, and distributes shelf-stable, refrigerated, and frozen foods, sauces, and condiments.
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- Buyer
- Alantra Private Equity, Hayfin Capital Management, Mérieux Equity Partners, BNP Paribas Asset Management, AltamarCAM Partners
- Target
- Health in Code
- Seller
- Existing investors in Alantra Private Equity Fund III
- Industry
- Healthcare Services
- Location
- Spain
- Type
- Recapitalization
Alantra Private Equity closed a €155 million single-asset continuation vehicle, led by Hayfin Capital Management, to increase and retain its stake in clinical genomics platform Health in Code. As part of the recapitalization Mérieux Equity Partners joined as a c.20% minority investor while existing investors in Alantra Private Equity Fund III received liquidity; the new capital and a reorganized debt facility are intended to accelerate international expansion and add-on M&A across Europe.
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February 18, 2026
- Buyer
- RF Investment Partners, Prairie Capital
- Target
- NSG Life Safety, Inc., Norel Service Company, Inc.
- Industry
- Industrial Services
- Location
- Massachusetts, United States
- Type
- Recapitalization
RF Investment Partners partnered with Prairie Capital to support the recapitalization of NSG Life Safety and Norel Service Company, which together operate as NSG-Norel. The investment provides flexible capital to position the New England fire, life safety, and security platform for its next phase of growth, including investment in people, technology, new service lines, and geographic expansion.
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February 17, 2026
- Buyer
- Wareing & Company
- Target
- Great Lakes Lifting Solutions
- Industry
- Industrial Services
- Location
- Illinois, United States
- Type
- Recapitalization
Wareing & Company, a Houston-based single family office, completed a recapitalization of Great Lakes Lifting Solutions, a provider of rental, sales and service of specialty lifting equipment. The partnership is intended to support fleet investment, geographic expansion and operational growth, with Steven Brooks continuing to lead the company.
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February 11, 2026
- Buyer
- Sun Capital Partners, Inc.
- Target
- Fletchers Solicitors
- Seller
- Sun Capital Fund VII Limited Partners
- Industry
- Legal Services
- Location
- England, United Kingdom
- Type
- Recapitalization
An affiliate of Sun Capital Partners completed a single-asset continuation vehicle for Fletchers Solicitors, providing Fund VII limited partners the option of liquidity or continued participation while Sun Capital reinvested and committed incremental capital. Since Sun Capital's 2021 investment, Fletchers has grown LTM EBITDA from £8.0 million to £37.9 million (as of Sept. 30, 2025); the firm operates across multiple UK locations with over 1,600 employees and a proprietary case-generation platform.
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- Buyer
- Michelli Weighing & Measurement, Summit Park LLC
- Target
- Greenville Scale Company, Inc.
- Industry
- Industrial Services
- Location
- South Carolina, United States
- Type
- Recapitalization
Michelli Weighing & Measurement, a portfolio company of Summit Park LLC, recapitalized Greenville Scale Company, a provider of industrial weighing services and equipment. The partnership is intended to help Michelli scale existing operations in South Carolina and expand its presence across the Southeast.
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February 9, 2026
- Buyer
- Gauge Capital
- Target
- Affordable American Insurance (AAI)
- Industry
- Insurance
- Location
- Colorado, United States
- Type
- Recapitalization
Gauge Capital has made a strategic growth investment to recapitalize Affordable American Insurance (AAI), a tech-enabled property & casualty insurance agency network. The investment will provide growth capital to expand AAI's team and resources, accelerate organic expansion across its agency network, and pursue strategic acquisitions to scale the national platform.
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- Buyer
- Graycliff Partners LP
- Target
- Palmetto Moon, LLC
- Industry
- Retail
- Location
- South Carolina, United States
- Type
- Recapitalization
Graycliff Partners LP completed a subordinated debt investment and minority equity investment in Palmetto Moon, LLC, a Charleston-based specialty retailer operating 51 stores across the Southeastern United States. Proceeds will fund a distribution to shareholders and general corporate purposes; Palmetto Moon remains a portfolio company of Topspin Consumer Partners.
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January 30, 2026
- Buyer
- Concentric Equity Partners
- Target
- Pollan Paving
- Seller
- Benji Pollan
- Industry
- Industrial Services
- Location
- Tennessee, United States
- Type
- Recapitalization
Concentric Equity Partners (CEP), the direct investing arm of Financial Investments Corporation, announced the closing of its partnership with Benji Pollan and the recapitalization of Pollan Paving. Benji Pollan and Vice President Craig Kamyszek will continue to lead day-to-day operations and retain significant ownership stakes.
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January 27, 2026
- Buyer
- Incline Equity Partners, Donny Barstow & MCCi management team
- Target
- MCCi, LLC
- Seller
- Century Park Capital Partners
- Industry
- Government & Public Sector
- Location
- Florida, United States
- Type
- Recapitalization
Incline Equity Partners has made a majority investment in MCCi in partnership with CEO Donny Barstow and the MCCi management team, while Century Park Capital Partners transitions its ownership position. The transaction is a recapitalization intended to support MCCi’s continued growth in GovTech and its suite of enterprise content management and workflow automation solutions for state and local governments; financial terms were not disclosed.
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January 26, 2026
- Buyer
- Main Post Partners, HomeWell existing management team
- Target
- HomeWell Franchising Inc.
- Industry
- Healthcare Services
- Location
- Texas, United States
- Type
- Recapitalization
Main Post Partners has acquired HomeWell Franchising Inc., the franchisor of HomeWell Care Services, in a transaction alongside the company’s existing management team. The partnership will recapitalize the franchisor to accelerate franchise growth, expand geographic reach, and enhance support for franchise owners and caregivers; Boxwood Partners served as exclusive sell-side advisor.
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January 23, 2026
- Buyer
- Lovell Minnick Partners, Carlyle AlpInvest
- Target
- SRS Acquiom
- Industry
- Financial Services
- Location
- Colorado, United States
- Type
- Recapitalization
Lovell Minnick Partners closed a single-asset continuation vehicle for SRS Acquiom in a transaction led by Carlyle AlpInvest, providing fresh capital and a refreshed ownership structure while keeping existing and new investors and management as shareholders. The recapitalization is intended to support SRS Acquiom's next phase of growth — including international expansion across the U.K. and Europe, a push on strategic acquisitions, and further investment in tech-enabled solutions.
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January 22, 2026
- Buyer
- Kinderhook Industries, Goldman Sachs Alternatives, Apollo S3
- Target
- Live Oak Environmental, CARDS Recycling
- Seller
- Certain Kinderhook limited partners
- Industry
- Environmental Services
- Location
- Texas, United States
- Type
- Recapitalization
Kinderhook Industries closed a $1 billion single-asset continuation vehicle transaction, forming Ecowaste Solutions by combining Live Oak Environmental and CARDS Recycling and securing more than $400 million of new equity from participating funds including Goldman Sachs Alternatives and Apollo S3. The new Dallas‑headquartered platform will operate collection and post‑collection waste services across nine Mid‑South states, serving over 400,000 customers and pursuing organic growth and additional acquisitions.
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January 20, 2026
- Buyer
- Bansk Group, Coller Capital, Ares Secondaries Funds (Ares Management), Investment funds managed by BlackRock, Churchill, Dextra Partners, Future Standard
- Target
- Arcadia Consumer Healthcare
- Seller
- Existing Arcadia investors
- Industry
- Consumer Products
- Location
- New Jersey, United States
- Type
- Recapitalization
Bansk Group closed a continuation fund to extend its partnership with Arcadia Consumer Healthcare, with the transaction co-led by Coller Capital and Ares Secondaries Funds and supported by investment funds managed by BlackRock, Churchill, Dextra Partners, and Future Standard. The continuation structure provided liquidity to existing investors and supplies capital to accelerate Arcadia's organic and inorganic growth across its portfolio of OTC medicines, vitamins, and personal care brands.
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January 15, 2026
- Buyer
- Audax Private Equity
- Target
- Keystone
- Seller
- RLH Equity Partners
- Industry
- Consulting
- Location
- New York, United States
- Type
- Recapitalization
Audax Private Equity has acquired a majority stake in Keystone, purchasing the global technology and advisory services practice from RLH Equity Partners in a recapitalization that closed January 2, 2026. Concurrently, Keystone spun out its Core AI business as an independent B2B AI SaaS company (Keystone.AI) with RLH retaining a minority stake; Jeff Marowits was named CEO and Greg Richards will remain as a senior strategic advisor.
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January 15, 2026
- Buyer
- Amberjack Capital Partners
- Target
- CIMA Services, L.P.
- Seller
- John Bailey (owner and vice president of CIMA Services)
- Industry
- Industrial Services
- Location
- Texas, United States
- Type
- Recapitalization
Amberjack Capital Partners completed a majority recapitalization of CIMA Services, L.P., a Houston-area industrial and environmental services provider, in a transaction that closed January 15, 2026. GulfStar Group served as exclusive financial advisor to CIMA; the recapitalization will support CIMA's rapid growth plan while providing liquidity to the founder/owner team.
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January 15, 2026
- Buyer
- Antares Capital, KKR, Investment funds/accounts managed by the company's lenders
- Target
- 48forty Solutions
- Industry
- Logistics & Distribution
- Location
- Texas, United States
- Type
- Recapitalization
48forty Solutions completed a financial restructuring that reduces its debt by over 80% and injects $75 million of new capital. Investment funds and accounts managed by the company's lenders — including Antares and KKR — will become majority equity holders; the deal coincides with CEO Mike Hachtman's retirement and the appointment of Dave Russell as Interim CEO.
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January 14, 2026
- Buyer
- Portage Ventures (Sagard / Power Corporation of Canada), Goldman Sachs Asset Management, Unnamed European family (investor)
- Target
- Point72 Ventures fintech portfolio (stakes in ~40 private fintech companies), DriveWealth LLC, Flybits
- Seller
- Point72 Ventures
- Industry
- Financial Services
- Location
- United States
- Type
- Recapitalization
Portage Ventures (part of Power Corp./Sagard) has taken over management of Point72 Ventures' fintech portfolio — stakes in about 40 private fintech companies — and rolled the assets into a new US$280 million continuation fund. Point72 Ventures retains a 40% stake in the vehicle, which was financed by Goldman Sachs Asset Management, Portage and an unnamed European family; Point72 partner Tripp Shriner joined Portage as a general partner.
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January 14, 2026
- Buyer
- Two Roads Partners
- Target
- Uniserve Facilities Services
- Seller
- Uniserve family shareholders
- Industry
- Industrial Services
- Location
- California, United States
- Type
- Recapitalization
Two Roads Partners has acquired Uniserve Facilities Services, a long-established provider of janitorial and facility maintenance services across California. The transaction provides partial liquidity to Uniserve's family owners while leaving founding shareholders involved to support the company's next phase of growth under Two Roads' ownership.
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- Buyer
- The Next Solutions Group (NSG)
- Target
- The Next Solutions Group (NSG)
- Seller
- The Next Practices Group (NPG)
- Industry
- Marketing & Advertising
- Location
- New York, United States
- Type
- Recapitalization
The Next Solutions Group (NSG), a reputation management and strategic communications consultancy, has purchased majority ownership in itself from The Next Practices Group (NPG). The terms were not disclosed; NPG will remain a minority shareholder as NSG consolidates ownership to support strategic growth and deepen client relationships.
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- Buyer
- Blackstone, Brad Hobbs and family
- Target
- AIR Control Concepts
- Seller
- Madison Dearborn Partners
- Industry
- HVAC & Mechanical
- Location
- Virginia, United States
- Type
- Recapitalization
Blackstone has acquired Madison Dearborn Partners' remaining equity stake in AIR Control Concepts, making Blackstone the sole institutional investor after an initial investment in July 2024. AIR founder and CEO Brad Hobbs and his family are reinvesting alongside Blackstone as the company pursues continued expansion—including opportunities in data centers and adjacent service areas—across 35 U.S. states and Canada with more than 38 operating companies and roughly 1,900 associates.
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January 8, 2026
- Buyer
- NTC Group, Inc., AEA Private Debt, Regions Capital Markets (Regions Bank)
- Target
- Tenax Aerospace
- Seller
- Bain Capital Credit (Bain Capital)
- Industry
- Aerospace & Defense
- Location
- Mississippi, United States
- Type
- Recapitalization
NTC Group completed a refinancing and buyout of junior capital that consolidates its ownership of Tenax Aerospace to approximately 80%, ending Bain Capital Credit’s investment. The transaction included new junior capital led by AEA Private Debt and senior debt facilities arranged by Regions Capital Markets to support Tenax’s next phase of growth.
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- Buyer
- Main Street Capital Corporation
- Target
- Two Northeastern U.S. commercial concrete subcontractors (unnamed)
- Seller
- Existing owners and management
- Industry
- Construction
- Location
- United States
- Type
- Recapitalization
Main Street Capital Corporation completed a $35.0 million portfolio investment to facilitate minority recapitalizations of two commercial concrete contracting companies under a single holding company. The financing, which includes first-lien senior secured term debt and a direct minority equity investment, partners with the companies' existing owners and management to provide liquidity and support ongoing operations serving large commercial projects such as warehouses, distribution centers, data centers and cold storage facilities.
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- Buyer
- Gryphon Investors
- Target
- Fortreum
- Industry
- Cybersecurity
- Location
- Virginia, United States
- Type
- Recapitalization
Gryphon Investors has completed a majority growth recapitalization of Fortreum, a Lansdowne, Virginia-based cybersecurity services firm specializing in compliance, audit, and technical testing including FedRAMP, CMMC, ISO, PCI, and SOC. The investment will fund expansion of Fortreum's offerings and accelerate development and adoption of its XRAMP continuous validation platform and AI-enabled capabilities; company founders will retain a significant equity stake. Financial terms were not disclosed.
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January 6, 2026
- Buyer
- TPG Real Estate (TPG)
- Target
- Quarterra
- Seller
- Lennar Corporation
- Industry
- Real Estate
- Location
- North Carolina, United States
- Type
- Recapitalization
TPG Real Estate has acquired a majority interest in Quarterra, recapitalizing the multifamily platform while Lennar Corporation retains a minority stake and will continue to provide synergies. The partnership includes a $1 billion strategic commitment from TPG to support Quarterra’s growth and the development of its pipeline of attainable multifamily rental housing across the United States.
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January 6, 2026
- Buyer
- Coalesce Capital
- Target
- Marshall & Stevens
- Industry
- Professional Services
- Location
- California, United States
- Type
- Recapitalization
Coalesce Capital announced a majority recapitalization of Marshall & Stevens, a leading independent valuation, litigation support, and transaction advisory firm. Management will retain a meaningful ownership stake and Coalesce will support growth through investments in talent, technology, and strategic acquisitions; the transaction closed in December 2025.
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January 5, 2026
- Buyer
- Gauge Capital
- Target
- Reliable Medical
- Seller
- Seven Hills Capital
- Industry
- Healthcare Services
- Location
- Tennessee, United States
- Type
- Recapitalization
Gauge Capital has partnered with Reliable Medical's management to provide growth capital and complete a recapitalization, acquiring the Nashville-based provider of Complex Rehabilitation Technology (CRT) from prior sponsor Seven Hills Capital. The investment will support Reliable Medical's expansion of clinical capabilities, geographic footprint, and continued focus on high-touch post-delivery services for patients with severe mobility impairments.
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