An affiliate of Turnspire Capital Partners has acquired Swanson Industries, a US provider of manufacturing, remanufacturing, repair and distribution services of mining equipment, hydraulic cylinders and related equipment.

The transaction includes Swanson’s controlling stake in Tiefenbach North America, which focuses on hydraulic controls and hose assemblies for mining, energy and industrial applications.

Founded in 1964 and headquartered in Morgantown, West Virginia, Swanson offers services including designing and manufacturing new products as well as remanufacturing and repair solutions.

Wilkie Farr & Gallagher and Macquarie Capital advised Turnspire.

HIG Growth Partners, the dedicated growth capital investment affiliate of HIG Capital, has sold portfolio company CarltonOne Engagement, a SaaS engagement and e-commerce platform, to Goldman Sachs Asset Management.

Headquartered in Markham, Ontario, CarltonOne creates B2B employee recognition, customer loyalty, rewards and sales/channel incentive programmes.

Since first investing in the business in 2017, HIG has overseen the scaling of operational infrastructure, product launches and entering new markets through “tuck-in” acquisition and via the expansion and growth of the financial services category.

According to a press statement, during HIG’s investment, the company grew its revenues approximately 4x and increased its EBITDA over 6x.

Baird, Canaccord Genuity and Paul Hastings advised CarltonOne.

Faegre Drinker has appointed Michelle Moran as a partner in the law firm’s investment management group in London. Her practice covers all aspects of fund management, including UCITS, hedge funds, private funds and credit funds.

Moran previously led the London asset management and investment funds practice at an international law firm.

Moran is an advisor to European and American clients on establishing, authorising, managing and distributing retail and institutional investment funds in the UK, Ireland, Luxembourg, and Jersey. Her experience spans transactions involving investment managers, brokers, custodians, fund service providers and operating platforms.

Thoma Bravo is reaching out to private credit lenders as it looks to secure approximately $3.5bn in new financing for its automated professional services provider, ConnectWise, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as confirming that the financing will be used to refinance existing debt and fund an acquisition. Direct lenders are being asked to provide leverage exceeding seven times the combined company’s earnings, according to Bloomberg’s sources with Thoma Bravo also in discussions with banks over the financing.

While banks typically offer the lowest pricing, putting pressure on private credit lenders, direct lenders can compete by offering higher leverage. According to PitchBook data, banks’ broadly syndicated first-lien loans have averaged less than five times leverage over the past year.

The ongoing competition between banks and private credit for financing leveraged companies has recently seen traditional lenders regain some lost ground. However, securing the ConnectWise deal would signify a shift in the company’s capital structure away from banks and a victory for the $1.7 trillion private credit industry.

Details of the deal are subject to change, according to Bloomberg’s sources.

Thoma Bravo acquired ConnectWise in 2019 and secured a $1.1bn credit package in 2021, priced at 350 basis points over the benchmark, led by Bank of America Corp, to refinance private credit, according to Bloomberg data.

This financing effort follows an unsuccessful attempt to sell the company more than a year ago, according to one source. In a market where private equity sponsors have struggled to offload portfolio companies, many have turned to private lenders to facilitate add-on acquisitions or dividend recapitalisations.