Gobble, Gobble, Gobble: This Thanksgiving, an abundance of dry powder in debt capital markets is providing middle-market private equity firms an opportunity for an exceptional holiday feast. A recent and welcome surge in the dividend recapitalization market is acting as an incremental boost to DPI metrics.

• Bountiful Harvest: After several quarters of high interest rates and stalled exits, lower borrowing costs and under-deployment across many credit funds are allowing private equity firms to carve out juicy dividends, while securing valuable credit partners to support their portfolio companies through a successful exit.
• Avoiding Heartburn: While LPs may be thankful for the liquidity banquet, too many helpings could leave some portfolio companies feeling stuffed; balance and moderation remain the wisest guests at this year’s table.

Connect with Our Team

• Jonathan Zucker, Managing Director, Head of Capital Advisory, jzucker@Intrepidib.com
• Boris Zikratov, Director, Capital Advisory, bzikratov@Intrepidib.com
• Stephen Senior, Associate, Capital Advisory, ssenior@Intrepidib.com
• Anish Balabhadra, Analyst, Capital Advisory, abalabhadra@intrepidib.com
• Sam Nielsen, Analyst, Capital Advisory, snielsen@Intrepidib.com 

The post Market Moments That Matter | A Thanksgiving Feast for Private Equity first appeared on Creso Capital Partners Investment Bankers and is written by Gina Mok

Creso Capital Partners Investment Bankers, a leading middle-market investment bank and the advisory arm of MUFG, a global financial group, announced today that it acted as the exclusive financial advisor to ELM Utility Services (“ELM”) on its transformational growth investment from Tiger Infrastructure Partners (“Tiger Infrastructure”).

ELM Utility Services – A Provider of Critical Infrastructure Services

Founded in 1998 by Lee C. Graves, ELM specializes in providing a range of utility services, including utility locating and leak detection, primarily serving leading gas, electric, and fiber utilities. With 1,400 technicians servicing over 3 million tickets per year across the country, ELM has built a strong reputation with utility customers as the trusted name in underground facility damage prevention, known for its exceptional quality and company culture.

“ELM has always been a quality provider for our customers, with a culture built on training and a deep understanding of utility facilities,” said Jim Bourazak, CEO of ELM Utility Services. “We look forward to continuing to raise the industry standard in damage prevention over the coming years.”

The Next Chapter

With Tiger Infrastructure’s support, ELM will continue to provide top-tier service to its existing customers, unlock new customers and geographies, and expand its offering of utility services. The partnership aligns seamlessly with Tiger Infrastructure’s mission of creating world-class, blue-chip infrastructure assets, companies, and platforms.

"ELM is a market leader with a reputation for operational excellence and a critical role in safeguarding our nation's infrastructure," said Emil Henry, Founder, CEO and CIO of Tiger Infrastructure Partners. "Underground utility infrastructure is growing every year, and utilities are increasingly focused on better service and better outcomes from their locating providers. We believe our transformational investment and business-building expertise will help accelerate ELM's rapid growth."

From the Client

“Intrepid’s guidance throughout our acquisition process was invaluable. Creso Capital Partners committed a strong team that worked with our management to oversee every detail and advise us on every key decision. They were with us every step of the way, from day one to closing. Their expertise, strategic approach, and unwavering commitment helped us navigate a robust process and secure the best possible outcome for ELM,” said Mr. Graves, Founder of ELM. “We are grateful for their partnership and dedication in helping us reach the next phase of growth.”

Intrepid’s Role in Facilitating ELM’s Partnership with Tiger Infrastructure

“It was a privilege to work alongside Lee and the ELM team throughout the process,” said Jeremiah Mann, Managing Director and Head of the Industrials & Business Services Group at Creso Capital Partners. “ELM has emerged as a truly differentiated service provider with a unique model, strong foundation and vision for growth. We are excited to watch how ELM continues to thrive with Tiger Infrastructure’s support in this next phase.”

The post Creso Capital Partners Advises ELM on its sale to Tiger Infrastructure first appeared on Creso Capital Partners Investment Bankers and is written by Gina Mok

After a turbulent year, the supply chain & logistics sector is adapting to new realities. From shifting trade policies to evolving freight dynamics, here’s what’s shaping the industry right now:

• Trade wars, tariffs, and labor tensions are disrupting supply chains and fueling inflation.
• Freight rates remain soft, with trucking and intermodal capacity still high but gradually tightening.
• Consumer sentiment has dipped, and housing starts are slow, but manufacturing investment is picking up.
• While still volatile, the tariff delay has brought near-term stability for US-China trade in crucial segments.
• Although Q3 deal volumes remained largely stagnant over Q2, overall valuations climbed, driven by a handful of high-profile transactions and mega-mergers reshaping the industry.

For a deeper dive into the data and trends, check out the full report.

The post November 2025 Supply Chain & Logistics Market Update first appeared on Creso Capital Partners Investment Bankers and is written by Gina Mok

• YoY FCF growth for tech companies is up 60%. That level of financial strength is enabling bold moves in innovation and strategic acquisitions across the software landscape.
• Private equity drives over 30% of global deal volume – up 9% in the last 2 years, backed by $2.5 trillion in dry powder. Software firms with scalable models and recurring revenue remain top targets as PE looks to deploy capital before year-end.
• Global data center capacity is projected to nearly triple by 2030, with 70% of that demand driven by AI. This massive infrastructure expansion, and the energy costs it entails, create a significant opportunity for software companies to develop solutions that optimize compute efficiency and reduce operational expenses.

Connect with Our Team

• Christopher Park, Managing Director, Head of Software & Services, CPark@IntrepidIB.com
• Jeff Becker, Managing Director, Software & Services, JBecker@IntrepidIB.com
• Josh Moses, Managing Director, Software & Services, JMoses@IntrepidIB.com
• Ryan Makis, Director, Software & Services, RMakis@IntrepidIB.com

The post M&A Market Monthly – November 2025 first appeared on Creso Capital Partners Investment Bankers and is written by Gina Mok

Creso Capital Partners Investment Bankers, the middle-market advisory arm of global financial group MUFG, announced it served as exclusive financial advisor to Professional Security Consultants (PSC) in its majority recapitalization led by FVLCRUM Funds, a Washington DC-based private equity firm specializing in mission-critical business services investments. The transaction was executed through SafeTouch Security (SafeTouch), FVLCRUM Funds’ existing electronic security platform. Together, PSC and SafeTouch create a comprehensive security solutions provider offering integrated physical and electronic security services nationwide.

PSC’s Legacy and Vision

Founded in 1985 by Moshe Alon, a former Israeli Army and Secret Service member, PSC began as a personal protection and private security provider to celebrities across Los Angeles. Built on a foundation of rigorous risk management, tailored solutions, and uncompromising professionalism, PSC quickly earned a reputation which allowed it to expand beyond personal security. Following the passing of Mr. Alon in 2021, President and Co-CEO Gal Yaniv and CFO and Co-CEO Iris Shapiro led the evolution of PSC into a value-driven, client-centric enterprise that today ranks among the largest privately-owned security guard providers in the U.S.

“PSC has always stood for more than just security. We’re a trusted partner built on integrity and service,” said Gal Yaniv. “We’re excited to grow with our new partners who share our strategic vision.”

Strategic Partnership with SafeTouch

FVLCRUM acquired SafeTouch Security in 2023 to provide advanced technology, professional installation, and 24/7 monitoring to clients nationwide. Under the new partnership with PSC, the combined entity’s hybrid approach will now provide an integrated solution of both electronic and physical security services for clients across a wide array of end-markets. This alignment enables cross-functional collaboration in sales, technology, and operations, forming a robust ecosystem that spans residential and commercial markets.

“This partnership expands our ability to innovate while staying true to our mission of delivering the highest quality service to our customers,” said Iris Shapiro of PSC. “SafeTouch’s strengths complement PSC’s enterprise expertise, creating powerful synergies.”

Stakeholder Perspectives

• Gal Yaniv, PSC President and Co-CEO: “Intrepid’s strategic insight and tireless execution helped us find the right partner. This is a win for our clients, employees, and the industry.”
• Iris Shapiro, PSC CFO and Co-CEO: “Creso Capital Partners walked with us every step of the way. Their hands on dedication and professional approach led to a fantastic outcome for PSC and its shareholders.”
• Greg Morris, SafeTouch CEO: “This acquisition is a bold step toward redefining the security industry. Together, we can protect people and property across every environment.”
• Andre Castillo, FVLCRUM Partner: “We back visionary management teams. The combination of PSC and SafeTouch bridges two historically disparate markets and unlocks new pathways for growth.”

Why This Deal Matters

• Market Convergence: Residential and commercial security are merging, enabling unified service delivery.
• Innovation Acceleration: Combining PSC’s field expertise with SafeTouch’s technology capabilities enables hybrid solutions like AI surveillance and smart sensors.
• Expanded Reach: PSC gains consumer brand strength; SafeTouch enters commercial markets with longer contracts and the ability to meet more complex requirements.
• Elevated Standards: Clients will be able to experience real-time visibility, automation, and responsiveness across all environments.
• Industry Consolidation: This move may spark further M&A activity and pressure mid-market security companies to evolve and broaden their solutions.

The Bottom Line

Despite a tough M&A climate, differentiated companies like PSC attract strong buyer interest. Intrepid’s track record in the security sector continues to deliver transformative outcomes.  “Creso Capital Partners was a true partner from day one,” said Gal Yaniv. “They helped us navigate every twist and turn with our goals always front and center.”

“Partnering with FVLCRUM and SafeTouch is an ideal outcome to support PSC’s next phase while preserving its client-first culture,” said Gary Rabishaw, Managing Director at Creso Capital Partners. “Moshe Alon built a tremendous business and we truly appreciate being able to further cement his legacy as an industry innovator through this groundbreaking transaction with FVLCRUM and SafeTouch.”

The post Creso Capital Partners Advises PSC on Majority Recapitalization by FVLCRUM and SafeTouch first appeared on Creso Capital Partners Investment Bankers and is written by Erica Gunn

Creso Capital Partners Investment Bankers, a leading middle-market investment bank and the advisory arm of MUFG, a global financial group, announced today that it acted as the exclusive financial advisor to Water Engineering, Inc. , a portfolio company of Nolan Capital, Inc., on its sale to Kemira Oyj.

Water Engineering: A Best-In-Class Water Treatment Platform

Headquartered in Mead, Nebraska, Water Engineering provides a full suite of water treatment services and solutions to customers across a range of commercial and industrial end markets, including food and beverage, manufacturing, healthcare and education. Since its acquisition by Nolan Capital in 2022, the company has undergone rapid expansion, driven by nine strategic add-on acquisitions and ongoing enhancements to its service offerings. Water Engineering has established itself as a premier national provider of water treatment services supported by a network of 14 facilities across the United States.

The Next Chapter

The partnership with Kemira presents a transformative opportunity for Water Engineering, enabling the company to accelerate its national growth and broaden capabilities by aligning with a global leader in sustainable chemical solutions. By integrating with Kemira, the company gains access to expanded resources and chemical expertise, and a global reach that will enhance its positioning as a leading provider of boiler and cooling tower treatment and industrial wastewater solutions. This transaction allows Kemira to expand its Water Solutions business into industrial water treatment services, a core aspect of its long-term strategy, and provides Kemira access to a robust services platform well-positioned for further organic and inorganic growth in the sector.

From the Client

“The Creso Capital Partners team delivered outstanding execution throughout the entire process,” said David Wagenfuhr, Chief Executive Officer of Water Engineering. “Their careful, detailed process management and commitment to achieving the best outcome were instrumental in securing a successful transaction. This was a great outcome for Water Engineering and Kemira, and we could not be more excited for what the future holds.”

Intrepid’s Role in Consummating Water Engineering’s Partnership with Kemira

“It was a pleasure working with David, Katie and the Nolan Capital team to facilitate Water Engineering’s partnership with Kemira,” said Jeremiah Mann, Managing Director and Head of the Industrials & Business Services Group at Creso Capital Partners. “David, Katie and their team have built an exceptional platform that will benefit greatly from the resources Kemira has to offer. We look forward to watching the company’s continued success in this new chapter.”

The post Creso Capital Partners Advises Water Engineering on its Sale to Kemira first appeared on Creso Capital Partners Investment Bankers and is written by Erica Gunn

Double, double toil and trouble… As the nights grow longer and temperatures drop, foreboding trends are appearing in private credit. Key indicators across portfolios of business development companies (BDCs) are beginning to spook investors, who are increasingly finding skeletons in the credit closets.

• The Undead are Stirring: Loan balances marked as non-accrual by BDCs surged by $1.6 billion in Q2 2025 (29% increase vs Q1). Such loans are now ~1.5% of the total amount lent by BDCs, higher than any period since Q1 2024.
• The PIKening: As a sign of frights to come, the usage of payment-in-kind (PIK) interest continues to creep up. In Q2 2025, 9.4% of interest earned by BDCs was in the form of non-cash payments. BDC equity holders are getting scared – as demonstrated by downward share price pressure since the beginning of August.

Connect with Our Team

• Jonathan Zucker, Managing Director, Head of Capital Advisory, jzucker@Intrepidib.com
• Boris Zikratov, Director, Capital Advisory, bzikratov@Intrepidib.com
• Stephen Senior, Associate, Capital Advisory, ssenior@Intrepidib.com
• Anish Balabhadra, Analyst, Capital Advisory, abalabhadra@intrepidib.com
• Sam Nielsen, Analyst, Capital Advisory, snielsen@Intrepidib.com 

The post Market Moments That Matter | A Witch’s Brew in Credit Markets first appeared on Creso Capital Partners Investment Bankers and is written by Erica Gunn

• Public software equities have seen outsized multiple expansion since March 2025, following signs of a Fed pivot, outpacing other sectors as falling yields push investors back into growth based, long-duration software cash flows.
• Approximately 24% of PE dry powder is over four years old, heightening pressure on GPs to deploy. As capital becomes harder to allocate, mega-funds are moving ‘down market’ into middle-market software deals - intensifying competition.
• The convergence of vertical SaaS and AI is reshaping enterprise software. Workday’s $1.1B acquisition of Sana underscores how large strategics are willing to pay for embedded intelligence and vertical SaaS solutions.

Connect with Our Team

• Christopher Park, Managing Director, Head of Software & Services, CPark@IntrepidIB.com
• Jeff Becker, Managing Director, Software & Services, JBecker@IntrepidIB.com
• Josh Moses, Managing Director, Software & Services, JMoses@IntrepidIB.com
• Ryan Makis, Director, Software & Services, RMakis@IntrepidIB.com

The post M&A Market Monthly – October 2025 first appeared on Creso Capital Partners Investment Bankers and is written by Gina Mok

The private label industry is booming, shaped by shifting consumer preferences and continued retail investment in brands that address a range of price points. Here are the key trends and insights from the latest report:

• Market Growth: Private label sales are projected to reach $373B by 2030, driven by demand for greater affordability without sacrificing quality or taste.
• Retail Expansion: Private label-focused retailers like Costco and Aldi plan to expand aggressively in the coming years, broadening accessibility for consumers across North America.
• Consumer Behavior: Younger generations are more concerned about transparency. Gen Z and Gen Alpha consumers often view buying store brands as a badge of honor.
• Whitespace Opportunity: Private label’s share of U.S. consumer spending is expected to grow by 30–50% over the next several years, approaching levels seen in Western Europe.
• Investment Activity: Private label M&A is accelerating as acquirers seek scale, category breadth, and supply chain control to meet rising retailer and consumer demand.

Download the full report to explore private label trends, M&A activity, and updates on public companies.

The post Strong Outlook for Private Label | Q3 2025 Industry Update first appeared on Creso Capital Partners Investment Bankers and is written by Gina Mok

Creso Capital Partners Investment Bankers,  a leading middle-market investment bank and the advisory arm of MUFG, a global financial group, announced today that it served as the exclusive financial advisor to Citadel Fitness, LLC on its sale of Bravo Fit, LLC, a Pacific Northwest-based franchisee of Planet Fitness clubs, to Easy Mile Fitness, LLC, a Boston-based, multi-national Planet Fitness franchisee.

Bravo Fit's Legacy and Vision

Bravo Fit was founded in 2012 when Tanner Halton opened the company’s first Planet Fitness club in Salem, Oregon. In 2018, Dan Afrasiabi joined the company as Co-CEO to support its strategic growth and expansion across multiple states. Together, they developed the talent, infrastructure, and uncompromising standards of quality necessary to excel as a system operator and deliver a world class member experience.

Strategic Partnership with Easy Mile Fitness

As a seasoned acquiror in the Planet Fitness system, Easy Mile saw Bravo Fit as a unique opportunity to bolster its existing presence in the Pacific Northwest and expand its footprint into Alaska. With this acquisition, Easy Mile owns and operates 70 locations across seven territories including Alaska, Florida, Georgia, Oregon, South Carolina, Puerto Rico, and Ontario, Canada.

“We are thrilled to grow our footprint in the Pacific Northwest and expand into a new state with this acquisition. This acquisition fits with our internal goals and will help us execute our vision of continuing to be a top franchise partner while bringing the high-value, low-price experience to more communities.” said Philip Amato, Chief Operating Officer for Easy Mile.

Heard from the Client

“We are grateful for Intrepid’s tenacious efforts in helping us complete the deal and are excited for what’s in store with this Easy Mile partnership. Intrepid’s expertise in the franchise ecosystem was instrumental to the success of this transaction. Their guidance was invaluable, ensuring a seamless and extremely positive outcome for all parties involved,” said Dan Afrasiabi, Co-Chief Executive Officer for Citadel Fitness.

Why This Deal Matters

• System Consolidation: With a diverse and growing franchisee base, M&A proves to be an increasingly common growth strategy in the Planet Fitness system to expand market share
• Brand Prevalence: Planet Fitness continues to distinguish itself as the premier fitness brand in the high-value, low-price (“HVLP”) segment with highly-attractive unit economics and global member growth
• Market Leadership: Easy Mile establishes itself as the dominant Planet Fitness franchisee in the United Sates and Canada
• Enhanced Experience: Easy Mile is committed to maintaining Bravo Fit’s dedication to its members with continued investment and system-leading operational standards

The Bottom Line

Despite ongoing M&A headwinds, resilient franchise systems like Planet Fitness and top operators like Bravo Fit attract robust investor interest. “Tanner and Dan have built one of the best multi-unit assets I have seen in my 20-year career. Bravo Fit is the perfect investment for Easy Mile as they continue their impressive growth story and gain additional access to promising markets along the West Coast,” said JB Hewetson, Managing Director and Head of Restaurant and Franchise Concepts at Creso Capital Partners.

The post Creso Capital Partners Advises Citadel Fitness on its Sale of Bravo Fit to Easy Mile Fitness first appeared on Creso Capital Partners Investment Bankers and is written by Erica Gunn