Secondary Buyout • Business Services

Leonard Green & Partners Exits Service Logic

On December 16, 2025, private equity firm Bain Capital Private Equity invested in business services company Service Logic from Leonard Green & Partners

Investment Context
  • This is Bain Capital Private Equity’s 17th transaction in the Business Services sector.
  • This is Bain Capital Private Equity’s 131st transaction in the United States.
  • This is Bain Capital Private Equity’s 4th transaction in North Carolina.

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Investment Summary

Date December 16, 2025
Target Service Logic
Sector Business Services
Investor(s) Bain Capital Private Equity
Sellers(s) Leonard Green & Partners
Deal Type Secondary Buyout
Advisor(s) Harris Williams
Goldman Sachs (Financial)

Target Company

Service Logic

Charlotte, North Carolina, United States
Service Logic is an independent provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipment, chilled water systems, and building automation and control systems. Service Logic was formed in 1945 and is based in Denver, Colorado.
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Investor Overview 1

Investor

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


Deal Context for Investor #
Overall 253 of 253
Sector: Business Services 17 of 17
Type: Secondary Buyout 76 of 76
State: North Carolina 4 of 4
Country: United States 131 of 131
Year: 2025 11 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-01 Stada

Bad Vilbel, Germany

Stada is a developer and marketer of active pharmaceutical ingredients for the health care and pharmaceutical markets worldwide. Stada was founded in 1895 and is based in Bad Vilbel, Germany.

Sell -

Seller Profile 1

SELLER

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


Deal Context for Seller #
Overall 55 of 55
Sector: Business Services 4 of 4
Type: Secondary Buyout 19 of 19
State: North Carolina 1 of 1
Country: United States 52 of 52
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-18 Topgolf

Dallas, Texas, United States

Topgolf is a sports-entertainment company that combines golf with social gaming, food, and events. Its venues feature electronically tracked golf balls in driving-range style bays, along with food & beverage, event spaces, and high-tech “Toptracer” ball-flight tracking systems. Topgolf also runs a media business, digital games, and technology platforms. It was founded in 2000 and is headquartered in Dallas, Texas.

Buy -