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May River Capital to sell Industrial Flow Solutions, say sources; Lone View Capital details tech opportunities

Good morning dealmakers, it’s Obey Martin Manayiti with the US edition of the Wire from the New York newsroom.

PE Hub has tracked more than 200 companies coming up for sale this year. Our latest this morning is May River Capital, a lower mid-market private equity firm, which is expected to launch a sale process for a pump manufacturer early next year. We have all the details below.

Next, we have an interview with Rishi Chandna, founder and managing partner of Lone View Capital, where he explains the emerging firm’s approach to developing themes in subsectors prior to diving into opportunities. Chandna is also set to be a featured speaker at PEI Group’s NEXUS 2025 conference in March.

Finally, we have a couple of deal news this morning. First, Xceed Foodservice Group, a portfolio company of San Francisco Equity Partners, has made its sixth add-on. We have all the details below.

Secondly, New Mountain Capital-backed Pearce Services has acquired a Terrell, Texas-based provider of repair and maintenance services for uninterruptible power supply systems and backup power generators.

Pump manufacturer on the block

May River Capital, a lower mid-market private equity firm, is expected to launch a sale process for pump manufacturer Industrial Flow Solutions in early 2025, sources told my colleague Michael Schoeck.

Premium subscribers have access to all the details.

Tech opportunities

Rishi Chandna, founder and managing partner of Lone View Capital, spoke with Chris Witkowsky to explain the emerging firm’s approach to developing themes in subsectors prior to diving into opportunities. The Los Angeles-based technology-focused private equity firm closed on its $850 million debut fund earlier this year and is set to explore a market ripe with opportunity as sellers, for various reasons, seek liquidity in 2025.

On the deal side, Lone View announced in November its investment in CargoSprint, an Atlanta-based provider of software for the cargo industry. Chandna, who is set to be a featured speaker at PEI Group’s NEXUS 2025 conference in March.

Upgrade to the premium version to access the whole interview.

Food services

Xceed Foodservice Group, a portfolio company of San Francisco Equity Partners, has made an investment in Acclaim Foodservice, a foodservice brokerage company operating in Southern California. No financial terms were disclosed.

Upgrade to the premium version to learn more, including details of the other add-ons.

Power up

Pearce Services, which is backed by New Mountain Capital, has acquired Unified Power, a Terrell, Texas-based provider of repair and maintenance services for uninterruptible power supply systems and backup power generators. Financial terms were disclosed.

Upgrade to the premium version for more.

That’s it for me today. As always, I’d love to hear from you at obey.m@pei.group.

Craig McGlashan will bring you tomorrow’s Europe Wire, while Rafael Canton will bring you the US edition.

Cheers,

Obey

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Ardian Expansion expects uncertainty around macroeconomic figures to limit dealmaking momentum in 2025, François Jerphagnon, managing director, told PE Hub in the latest of its Outlook pieces.

Private equity pioneer GTCR, which last year closed a 14th flagship fund, is seeking $3 billion for a second mid-market buyout offering. (Buyouts)

Private Equity International, as part of its 'Story of the Year' series, explores how co-investments played a critical role in LP-GP negotiations in 2024.

Turning forward, PEI then explains why co-investment funds will likely remain a private equity niche: Despite rampant LP appetites for co-investments, commingled funds in this space face natural barriers to their growth, including a more limited investor base and the need for extensive GP networks.

PGGM head of infrastructure Dennis van Alphen tells Infrastructure Investor how the Dutch pension provider’s energy transition strategy will invest in the ‘infra-plus and PE-minus’ space.

CPP Investments, the world’s second-largest investor in private equity, has promoted three staff to senior positions across its direct and regional private equity businesses as its global directs head leaves the pension. (Private Equity International)

Deals

They said it

“Our strategy has always been to be inherently operational and our go-to market benefits from that operational approach. We lay out what we are building and the broader vision in the subsectors we are focused on and how we achieve that through operational lift and partnership with the management teams we’re working with and through additional M&A.”

— Rishi Chandna, founder and managing partner of Lone View Capital, on finding opportunities in tech with a debut fund.

Today's letter was prepared by MK Flynn

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