Industrial Equipment & Production Systems

Majority sale of an industrial engineering & manufacturing company (~EUR 10m revenue / ~EUR 0.6m EBITDA, 2026e) specializing in proprietary industrial equipment for the mining and construction industries, as well as turnkey production systems for metallurgical and general industrial applications. The Company also provides contract manufacturing and generates ~60% of revenues internationally.

Leading Engineered Hydraulic Press Solutions Provider

Opportunity to acquire a market-leading industrial business with a strong competitive position, attractive profitability and significant international exposure. The transaction offers access to a highly specialized platform operating in a resilient niche market, supported by recurring customer relationships, a diversified supplier base and favourable long-term industry dynamics. The scope of the transaction comprises the acquisition of the operating business, excluding the legal entity and any real estate assets.

Hubbel Electric Heating Co. acquires Reco USA

Business Description: HEH Holdings LLC, headquartered in Stratford, Connecticut, is a third generation privately held company focused on water heating and storage systems for industrial and residential applications. The company owns several water heater brands including Hubbell, Vaughn Thermal, and Ace Heaters and has manufacturing operations in Connecticut, Massachusetts, and California.

Background: Pursuant to HEH’s strategic plan to expand geographically across North America, RECO USA became an ideal candidate for a potential acquisition. The addition of RECO strengthens the companies’ ability to provide larger capacity water heating and storage solutions to a new set of commercial and industrial customers. RECO’s roots date to 1917 when it was known as the Richmond Engineering Company has become known throughout the industry as a leading manufacturer of ASME pressure vessels and water heaters, capable of designing and building storage tanks up to 15,000-gallon capacity. RECO was a spin out of Virginia American Industries, which sold the majority of its operations to Shamrock Environmental in December of 2020. The company produces both standard and engineered products for various customers across a variety of industries, including process industries, pulp and papermills, electric utilities, and municipal and governmental operations.

Solution: Carter Morse & Goodrich was engaged to assist HEH Holdings LLC in its strategic acquisition of RECO USA. The purchase includes all the assets of RECO USA including the 125,000 sq. ft. manufacturing facility on a 15-acre parcel in Cayce, South Carolina. “We believe that RECO has found a great partner in HEH Holdings and are looking forward to its continued success under its new owner,” said former co-owner, Mike Schleinkofer. “We have no doubt that Bill Newbauer and his team at HEH Holdings LLC will remain committed to providing the highest quality products and service to the company’s customers, a commitment that began over a 100 years ago.” Ramsey Goodrich, Managing Partner of CMG, explained “We are thrilled to have advised the HEH Holdings team on this exciting transaction. This is another example of how CMG advises family-held and founder-led businesses on value-added transactions. We look forward to the continued success of RECO USA under the ownership of HEH Holdings.” Bill Newbauer, Chairman and CEO of HEH added “Our advisors at CMG provided invaluable advice and assistance in this transaction. I look forward to working with this talented team as we continue exploring new strategic acquisitions.”

Arista Air Conditioning Corp. has been acquired by Daikin Comfort North America (a Global HVAC Corporation)

Arista Air Conditioning, a multi-generation family-owned business with over 70 years of experience, has grown into one of the largest independent contractors for HVAC service, repair, maintenance, and retrofit installation in the New York metropolitan area.

The Buyer, Daikin Comfort North America, is subsidiary of Daikin Industries, Ltd., a Fortune 1,000 company with more than 100,000 employees worldwide and a leading indoor comfort solutions provider.

This acquisition aligns with Daikin’s strategic initiative to enhance its service capabilities and expand its reach in the Northeast. The integration has enhanced Arista’s ability to deliver energy-efficient, customizable VRV systems that meet the evolving needs of commercial buildings, healthcare facilities, educational institutions, and luxury residential clients.

Optimum Building Solutions has been acquired by Wall Works, a portfolio company of AVALT and VantEdge

Business Description: Optimum Building Systems (“Optimum, or the “Company”), founded by brothers Rene and Sylvain Theroux, is a market leading specialty construction subcontractor providing drywall, acoustical ceiling tile (“ACT”), waterproofing, exterior cladding services, and other specialty construction services across northern New England and New York. The Company is the preferred partner to both national and regional general contractors that service the education, healthcare, multi-family, government and other commercial end markets.

Background: Rene and Sylvain Theroux founded the Company in 1990, quickly scaling the business to become a leading drywall contractor in northern New England. With a number of key additions to the management team in the early 2010s, the Company expanded its service lines to include exterior and ACT services, driving growth and establishing itself as the go-to subcontractor for multi-scope specialty construction services within its region. By 2023, Rene and Sylvain had reached an inflection point both personally and professionally. Having run the business for more than three decades, they wanted to chart a path to reducing their day-to-day workload and secure their families’ future through a liquidity event. At the same time, Optimum’s future had never been brighter. The Company was in the midst of its second consecutive record sales year while inbound demand for new projects continued to increase. Rene and Sylvain realized that they needed an experienced partner to help them prioritize and invest in the abundant growth opportunities in front of them while building out the systems and infrastructure required to help Optimum scale to its full potential.

Solution: CMG was engaged to conduct a targeted sale process. As the Company prepared to go to market, Optimum was presented with an opportunity to acquire Landry & Sons Acoustics (“Landry”). Headquartered in Maine, Landry was a provider of ACT installation services. Optimum and CMG decided to delay the sale process to pursue the acquisition of Landry, which doubled the size of Optimum’s ACT division and established new general contractor relationships across the state of Maine. CMG advised Optimum on the acquisition and, once it was completed, brought the Company to market in mid-2024. The process yielded offers from several prospective partners. Ultimately, Rene and Sylvain selected Wall Works Holdings (“WWH”), a portfolio company of AVALT, a Boston-based private equity firm, and VantEdge, a Kansas City based family office, as the best partner for the Company. WWH’s strategy, established following AVALT and VantEdge’s investment in Suburban Drywall in July 2024, is to build a platform of leading specialty contractors in the finishing trades while providing strategic and operational support to help accelerate both organic and inorganic growth at its partner companies. Rene Theroux commented “With the support of AVALT and VantEdge, and the combined resources of current and future Wall Works contractors, there are no limits to what we can achieve together. The entire Optimum team is excited to see what this next chapter holds.” Ramsey Goodrich, CMG Managing Partner, added “CMG is thrilled to have advised Optimum and the Theroux brothers on this exciting transaction. We are confident that our approach not only maximized value for Optimum, but also found partners that respect the foundation upon which the Company was built and will be great stewards of the business going forward. This transaction is the direct result of the hard work and dedication of Rene, Sylvain and the entire Optimum organization, and we could not be more pleased with the outcome.”

Sale of industrial overhead door and material handling products distributor, installer, and servicer

BCC has been mandated to sell a distributor, installer, and servicer of industrial overhead doors, dock equipment, conveyors, safety equipment, and other material handling equipment. The Company generated approximately $34 million of revenue and $5.1 million of adjusted EBITDA in 2025. It primarily services a six-state region in the Midwest, but it has completed projects across the country. The owners are open to both strategic and financial buyers.

Power Transmission Product Manufacturer

Our client provides design and engineering, manufacturing, and MRO services of power transmission products and components across North America. Revenue: ~$25M – $30M USD

Project Blue Ocean

Carter Morse & Goodrich is currently working with a sell-side client and is looking for input from CapFive affiliates on potential buyers.

Headquartered in Woodbury, NY, with manufacturing facilities in Pennsylvania, Texas, and California and deep international sourcing capabilities, t Company is a second-generation manufacturer and importer of food service equipment (racks, storage, carts, primarily aluminum and steel) for supermarkets / food retailers, fabricators of stainless steel food preparation equipment (prep tables, sinks, etc.) for quick serve restaurants (QSRs) and e-commerce fulfillment equipment (carts). With both strong ‘every day’ business (through catalog, ecommerce) of standard products and large ‘project’ rollouts (higher volume custom designs), the company is currently projecting at $100 million in annual sales, and more than $9m in adjusted EBITDA (up from $70m in revenue and $6m in EBITDA in 2025).

We are currently in the early stages preparing the company for Market are looking to connect with bankers who have recent experience working with other food service equipment manufacturers, especially those supplying supermarkets and Quick Serve Restaurants.

Specifically, we’d appreciate perspective on:

Relevant buyer universe (strategic and sponsor-backed platforms)
Current valuation dynamics
Market insights on two key industry groups (supermarkets / food retailers and QSRs)
Any key diligence or positioning insights

If you’ve been involved in comparable situations or have thoughts, we would welcome a conversation.

Project PG

CMG is negotiating with an international HVAC manufacture to purchase a minority stake in the business.