M&A Deal Summary

Fusion Capital Partners, LKCM Headwater Investments and Monroe Capital Acquire Relevant

On May 19, 2025, private equity firm Fusion Capital Partners, private equity firm LKCM Headwater Investments and lender Monroe Capital acquired business services company Relevant from LKCM Headwater Investments and Capital Southwest

Acquisition Highlights
  • This is Fusion Capital Partners’ 1st, LKCM Headwater Investments’ 4th and Monroe Capital’s 13th transaction in the Business Services sector.
  • This is Fusion Capital Partners’ 2nd, LKCM Headwater Investments’ 12th and Monroe Capital’s 127th transaction in the United States.
  • This is Fusion Capital Partners’ 1st, LKCM Headwater Investments’ 9th and Monroe Capital’s 11th transaction in Texas.

M&A Deal Summary

Date 2025-05-19
Target Relevant
Sector Business Services
Buyer(s) Fusion Capital Partners
LKCM Headwater Investments
Monroe Capital
Sellers(s) LKCM Headwater Investments
Capital Southwest
Deal Type Secondary Buyout
Advisor(s) Jefferies (Financial)
Foley & Lardner (Legal)

Target

Relevant

Houston, Texas, United States
Relevant is a compressed, oil-free air rental provider to end-users in refineries, petrochemicals, power generation, food and beverage, pharmaceuticals, plastics, and other industrial settings. Its fleet can address a full spectrum of pressure and flow needs for its customers, who often operate in environments in which tailored solutions for oil-free air are required. Relevant was founded in 1984 and is based in Houston, Texas.

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Buyer(S) 3

DESCRIPTION

Fusion Capital Partners is a private equity firm that acquires controlling interests in engineered-products and essential-services businesses. Fusion considers a variety of transaction types, including control buyouts, carve?outs, growth equity, and strategic add-ons. Core sectors include industrial automation, engineered products, and essential services across the commercial and industrial markets of North America. Target companies typically generate $10 to $30?million in EBITDA. Fusion Capital Partners was founded in 2024 and is based in Santa?Monica, California.


DEAL STATS #
Overall 2 of 2
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Texas M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-24 Tavoron

Eagan, Minnesota, United States

Tavoron manufactures automation and industrial systems and delivers a comprehensive range of automation solutions and services to increase efficiency, improve production quality, and create safer work environments. Tavoron is headquartered in Eagan, Minnesota.

Buy -
DESCRIPTION

LKCM Headwater Investments is a private equity firm that seeks to partner with management teams to build successful companies. The Firm takes an operationally-minded approach and provides companies with the tools necessary to build market leaders with sustainable competitive advantages. LKCM generally pursues platform companies with $50 to $500 million and seeks to commit $5 to $80 million per transaction. Sectors of interest include industrial distribution/services, manufacturing, energy, financial services, and healthcare. LKCM Headwater is based in Fort Worth, Texas.


DEAL STATS #
Overall 12 of 12
Sector: Business Services M&A 4 of 4
Type: Secondary Buyout M&A Deals 2 of 2
State: Texas M&A 9 of 9
Country: United States M&A 12 of 12
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-03 BC Solutions

Farmers Branch, Texas, United States

BC Solutions is a distributor of building controls, automation, gas detection and energy management solutions for commercial buildings, including education, government, data center, healthcare and other end markets. BC Solutions is based in Farmers Branch, Texas.

Sell -
Buyer

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 128 of 134
Sector: Business Services M&A 13 of 13
Type: Secondary Buyout M&A Deals 19 of 21
State: Texas M&A 11 of 13
Country: United States M&A 127 of 133
Year: 2025 M&A 7 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-21 GSTV

Detroit, Michigan, United States

GSTV is a media network for reaching on-the-go consumers. GSTV engages, influences and drives consumers to action with exclusive content from ESPN, CNN's Headline News and Buzz Today, Bloomberg TV, and AccuWeather at fuel retailers across the country. Its growing viewership continues to solidify video at the pump as an exemplary platform to reach a captivated, real-time audience. GSTV was founded in 2006 and is based in Detroit, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-12 Residence

Los Angeles, California, United States

Residence is a global network of creative companies that provide premium design & animation, experiential activation design, digital engineering, analytics, UX/UI, and brand strategy. The company’s brands include BUCK, VTProDesign, Part and Sum, Giant Ant, Wild, and a group of community platforms that support and amplify creative talent, including It’s Nice That, Creative Lives in Progress, and If You Could. Residence was formed in 2022 and is based in Los Angeles, California.

Buy -

Seller(S) 2

DESCRIPTION

LKCM Headwater Investments is a private equity firm that seeks to partner with management teams to build successful companies. The Firm takes an operationally-minded approach and provides companies with the tools necessary to build market leaders with sustainable competitive advantages. LKCM generally pursues platform companies with $50 to $500 million and seeks to commit $5 to $80 million per transaction. Sectors of interest include industrial distribution/services, manufacturing, energy, financial services, and healthcare. LKCM Headwater is based in Fort Worth, Texas.


DEAL STATS #
Overall 5 of 5
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 3 of 3
State: Texas M&A 4 of 4
Country: United States M&A 5 of 5
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-03 BC Solutions

Farmers Branch, Texas, United States

BC Solutions is a distributor of building controls, automation, gas detection and energy management solutions for commercial buildings, including education, government, data center, healthcare and other end markets. BC Solutions is based in Farmers Branch, Texas.

Sell -
DESCRIPTION

Capital Southwest Corp. is a credit focused business development company focused on providing financing to profitable, mid-sized companies throughout the US. The Firm doesn't have any sector preferences and will consider a variety of investment structures. Capital Southwest Corp. was originally established in 1961 and is headquartered in Dallas, Texas.


DEAL STATS #
Overall 14 of 15
Sector: Business Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 6 of 7
State: Texas M&A 8 of 8
Country: United States M&A 14 of 15
Year: 2025 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-14 R.J. O Brien & Associates

Chicago, Illinois, United States

R.J. O'Brien & Associates is an independent futures brokerage and clearing firm in the United States. RJO offers the state-of-the-art in order entry technology coupled with 24-hour execution and clearing on every futures exchange worldwide. Clearing more than 80,000 client accounts, the firm provides a full range of services to the industry’s largest global network of introducing brokers (IBs) and to commercial, institutional, international, and individual investors. R.J. O'Brien & Associates is based in Chicago, Illinois.

Sell $900M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-12 Binswanger Glass

Memphis, Tennessee, United States

Binswanger Glass provides residential and commercial glass installation, repair, and replacement services across the United States. The Company offers products and services such as curtain walls, storefronts, shower enclosures, custom mirrors, and window repair for projects ranging from small residential jobs to large-scale commercial glazing. Binswanger Glass was founded in 1872 and is headquartered in Memphis, Tennessee.

Sell -