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Renovus invests in govtech; Triumvirate said to advance bidders to second round

Hello, PE Hubsters. Rafael Canton here with the US edition of the Wire from the New York newsroom.

We have two scoops to kick off this morning. First, we have a look at Renovus Capital Partners which has acquired QualX Corporation.

Then, we have a company up for sale. Sources told PE Hub that Triumvirate Environmental is vetting new investment interest in a strategic review that could see a private equity firm back the company.

Finally, we have an add-on deal that is also in the waste management category. NMS Capital-backed Texas Pride Disposal Solutions has acquired Basin Disposal Inc.

Govtech in demand

Earlier today, PE Hub reporter Obey Martin Manayiti had the exclusive on a deal.Renovus Capital Partners has acquired QualX Corporation, a Springfield, Virginia-based provider of information management services to government agencies.

Obey spoke with Manan Shah, a partner at Renovus, to discuss opportunities that attracted the Philadelphia-headquartered firm to QualX.

Premium subscribers to the Wire can read more about Obey’s conversation with Shah.

Hazardous waste

Our second scoop of the day comes from PE Hub senior reporter Michael Schoeck. Waste management company Triumvirate Environmental is vetting new investment interest in a strategic review that could see a private equity firm back the founder-owned company, three sources briefed on the matter told PE Hub.

Find out more in the premium version of the Wire.

Waste management a priority

To continue the waste management discussion, we have a deal from this morning. NMS Capital-backed Texas Pride Disposal Solutions has acquired Basin Disposal Inc, an Odessa, Texas-based provider of residential, commercial, and roll-off waste services.

In May, we highlighted six private equity deals involving waste management services throughout 2024. This included deals from firms such as EQT and Gryphon Investors.

Premium subscribers can read more about the deal.

That’s it from me today. If you have any questions, thoughts, or want to chat, please email me at rafael.c@pei.group.

Before I sign off, let’s pause for a moment to remember the people whose lives were lost in the attacks on the US on this day 23 years ago.

Tomorrow, Craig McGlashan will be with you for the Europe edition of the Wire, and Michael Schoeck will bring you the US edition.

Regards,

Rafael

In case you missed it

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Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Brookfield Asset Management, which reached an historic $1 trillion AUM milestone this year, plans to double that total by 2029. (Buyouts)

Baird Capital exited end-of-life aircraft services provider eCube ahead of schedule following several inbound offers and a successful greenfield development in Arizona, James Benfield, partner, told PE Hub.

Global Infrastructure Partners is close to securing about $20 billion in commitments for its Global Infrastructure Partners V fund, Infrastructure Investor can reveal.

Kentucky Public Pension Authority’s County Employees Retirement System has approved a new asset allocation plan that will reduce its target allocation, following a year where the asset class significantly underperformed its benchmark. (Buyouts)

Energy Impact Partners has raised a little over $1 billion for its latest flagship fund en route to a target size of $1.5 billion, according to a filing with the Securities and Exchange Commission. (New Private Markets)

Florida State Board of Administration’s push to introduce new liquidity options has hit a stumbling block as it seeks alternatives to secondaries sales. The $257 billion pension failed to pass legislation that would have allowed it to use collateralised fund obligations, according to materials prepared for the pension’s 3 September board meeting. (Private Equity International)

Global law firm Simpson Thacher & Bartlett has promoted partners Jennifer Levitt and Julia Kohen to co-lead its fund finance group amid rising demand for NAV facilities and other financing tools. (Private Equity International)

They said it

“Ultimately, we look to build each of our portfolio companies into a mid-size firm with a few hundred million dollars in revenue and double-digit EBITDA margins. We expect to accomplish this both organically and through strategic acquisitions.”

— Manan Shah, founder and partner at Renovus Capital Partners on deal to acquire QualX