Deal Wrap: GI Partners buys DQE; Swander Pace exits Functional Formularies

Deal Wrap is updated as of 3 p.m. ET.

– GI Manager LP, doing business as GI Partners, closed the acquisition of data networking provider DQE Communications LLC from Duquesne Light Holdings Inc. The deal was initially announced in December 2023.

– Swander Pace Capital sold Nutritional Medicinals LLC, doing business as Functional Formularies, to Danone SA. Lazard served as the financial adviser to Functional Formularies, which provides organic, whole food, shelf-stable feeding tube formulas. Jones Day was legal counsel to Functional Formularies and Swander Pace.

– Inflexion Pvt. Equity Partners LLP sold its stake in Automotive Transformation Group, a UK-based automotive retailing solutions provider. Keyloop Holdings (UK) Ltd. was the buyer.

– GreyLion Partners LP sold prefabricated edge metal products provider MTL Holdings Inc. to Carlisle Cos. Inc. for $410 million in cash.

– An H.I.G. Capital LLC affiliate added USA DeBusk LLC, which provides industrial cleaning and infrastructure maintenance services, to its portfolio. USA DeBusk CEO Andrew DeBusk and other members of the company's executive team will remain significant shareholders. Harris Williams and Jefferies were financial advisers to H.I.G., and McDermott Will & Emery LLP provided legal advice. Houlihan Lokey and Statesman Business Advisors were financial advisers and Holland & Knight LLP was legal counsel to USA DeBusk on the deal.

For more private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.