DFX Intelligence
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Latest vehicle Jun 23, 2026
10 vehicles · 20 principals · 31 observations
Mandate updated Sep 24, 2026
••• Locked
In the firm's own words, from b•••••••••.com.
What they claim, and what they have done
Observed
- 7 platform or control deals, Dec 15, 2020 to Jul 15, 2026
- 1 add-ons bought by its portfolio companies
- 1 recapitalizations, 3 minority stakes
- Platform targets by state: WI 2, MO 1, MI 1, MT 1, OH 1, AL 1
Claimed on its own website
- EBITDA: $2M to $15M“••• Locked” b•••••••••.com
- Revenue: $10M to $100M“••• Locked” b•••••••••.com
- Geography (unaudited quote): M••••••, United States“••• Locked” b•••••••••.com
- Founder or family owned (unaudited quote): yes“••• Locked” b•••••••••.com
- Exclusions (unaudited quote)“••• Locked” b•••••••••.com
- Add-ons (unaudited quote): yes“••• Locked” b•••••••••.com
- Platforms (unaudited quote): yes“••• Locked” b•••••••••.com
What the filings and deals add up to
- Sectors transacted
- Industrial manufacturing (4); Specialty distribution (3); Industrial services (1); Business services (1); Tech enabled services (1)Factvertical of the acquired targets· 85%· DFX's own graph
- Sectors
- Industrial services (1)FactForm D industry group of 10 vehicles· 90%· Federal regulator filings
- Geography
- WI (10) · MidwestFactstate of organisation / filing address of vehicles· 90%· Federal regulator filings
- Equity raised per vehicle
- $2.7M to $8.2M (median $5.1M, n=10)FactTOTALAMOUNTSOLD on each vehicle's Form D; a proxy for the equity check the sponsor raises per deal, not enterprise value· 90%· Federal regulator filings
- Control preference
- 90% of 10 vehicles flagged business combinationsInferenceshare of vehicles whose Form D flags a business combination· 77%· Federal regulator filings
- Security types
- Equity: 10; Pooled: 1Factsecurity types sold on the vehicles' Form Ds· 90%· Federal regulator filings
- Activity
- 10 vehicles, first 2021-04-23, latest 2026-06-23, 1 in the last 12 monthsFactForm D filing dates· 95%· Federal regulator filings
- Principal count
- 10Factrelated persons across the vehicles· 90%· Federal regulator filings
How do we know
Verified sponsor. Evidence identifies a firm: a publisher named it as the buyer in an announced transaction, a law firm or capital partner page names it as an independent sponsor, or its own site says so.
10 acquisition or co-investment vehicles filed on SEC Form D were joined to this record by shared executive officers or promoters, or by a shared filing address. Every edge below carries the evidence that produced it.
Nothing on this page comes from a website claim unless it is labelled as such with the URL.
Who has financed themWhat these counts meanCounts are the financings DFX has read in announcements. Most come from lenders' own deal archives, which list a lender's repeat deals with a sponsor but not the sponsor's deals with other lenders, so a repeat relationship shows where one lender publishes and is not a rate at which sponsors return to a lender. Counts undercount and record past financing; DFX does not predict who will finance a deal.
- Repeat relationshipA••••••••• B••• has financed 2 observed B•••••• C•••••• transactions (2023).Roles: lender, senior debt
- Jan 11, 2023M•••••••• T••• • S•••• L••b•••••••••.com
- M•••••••• T••• and S•••• (MTS)no URL
Observed once
- B••• o• C•• financed B•••••• C•••••• on its deal for C•• E•••••••• (2026). Roles: lender, senior debt. b•••••••••.com
- H••••••• B••• financed B•••••• C•••••• on its deal for B••• B••• O••••••• (2024 to 2025). Roles: lender, senior debt. b•••••••••.com
- F•••• B••••••• B••• financed B•••••• C•••••• on its deal for T•••••••• P•••••••• I••• •••• (2024). Roles: lender, senior debt. b•••••••••.com
- J•••••• B••• financed B•••••• C•••••• on its deal for G••••• C••••• C••••••••• (2019). Roles: lender, senior debt. tecum.com
- T•••• C•••••• financed B•••••• C•••••• on its deal for G••••• C••••• C••••••••• (2019). Roles: equity coinvest, equity provider, lender, mezzanine. tecum.com
- M•••••• G••••• P••••••• financed B•••••• C•••••• on its deal for G••••• C••••• C••••••••• (2019). Roles: equity coinvest, equity provider. tecum.com
Who finances deals like theirsHow this is rankedRanked by deals read in these sectors, not by fit: this is the capital that shows up in announcements around firms like this one, which is a place to start a list and not a prediction about who will finance the next deal.
DFX has not observed these firms together on any transaction in our coverage. That is a statement about what DFX has read, not about the firms: a deal that was never announced, or announced without naming its capital, cannot appear here.
Coverage behind this list: 10 providers observed financing sponsors in these 5 sectors · 10 of this firm's own deals read in them · most recent of theirs observed Sep 9, 2026.
- seen as lender, mezzanine
- seen as capital provider, equity coinvest, equity provider, lender
- seen as equity coinvest, equity provider, lender, senior debt
- seen as equity coinvest, equity provider, lender, mezzanine
- seen as equity coinvest, equity provider, lender, senior debt
- seen as equity coinvest, equity provider, lender, mezzanine
- seen as capital provider, equity coinvest, lender unspecified
- seen as lender, senior debt
- seen as capital provider, equity provider, lender, mezzanine
- seen as capital provider, equity coinvest, equity provider, lender
Read from the sectors this firm has actually bought in: manufacturing (4), specialty distribution (3), business services (1), industrial services (1).
What have they done
Platform and control deals (7)
- Jul 15, 2026Majority investmentconfidence 90%B••• o• C•• · Lender
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com - Jun 3, 2025Platform acquisitionconfidence 90%
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com - Apr 25, 2024Platform acquisitionconfidence 90%R••••••• B•••••• v•• D••••• · CounselH••••••• B••• · Lender
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com - Feb 19, 2024Platform acquisitionconfidence 90%R••••••• B•••••• v•• D••••• · CounselF•••• B••••••• B••• · Lender
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com - Oct 12, 2022Platform acquisitionconfidence 90%
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com - May 28, 2021Platform acquisitionconfidence 90%
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com - Dec 15, 2020Platform acquisitionconfidence 90%
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com
Add-ons (1)About add-onsBought by one of its portfolio companies. The announcement names the portfolio company as the buyer; these are not presented as deals the sponsor selected.
- Jan 11, 2023Add onconfidence 90%R••••••• B•••••• V•• D••••• s••• · CounselA••••••••• B••• · Lender
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com
Recapitalizations (1)
- Mar 8, 2019Recapitalizationconfidence 90%M•••••• G••••• P••••••• · Equity providerT•••• C•••••• · Equity providerJ•••••• B••• · LenderT•••• C•••••• · Lender
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) tecum.com
Minority stakes (3)
- Aug 25, 2026Minority investmentconfidence 90%B•••••••• P••••••• · Advisor
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com - Jun 13, 2024Minority investmentconfidence 90%G•••••• • K••• s••• · Counsel
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com - Dec 22, 2021Minority investmentconfidence 90%
••• Locked
DFX analyst research (General-assisted, every claim URL-cited) b•••••••••.com
| Vehicle | Linked by | Conf. |
|---|---|---|
| D•••• I••••••••• L•• | Shared principal, Shared address | 95% |
| K••••• I••••••••• L•• | Shared principal, Shared address | 95% |
| T• E••••• I••••••••• L•• | Shared principal, Shared address | 95% |
| H•••• I••••••••• L•• | Shared principal, Shared address | 95% |
| A• I••••••••• L•• | Shared principal, Shared address | 95% |
| C••• R• H•••••• L•• | Shared principal, Shared address | 95% |
| B•• I••••••••• L•• | Shared principal, Shared address | 95% |
| T• M••• I••••••••• L•• | Shared principal, Shared address | 95% |
| S•• F•••• I••••••••• L•• | Shared principal, Shared address | 95% |
| C••• I••••••••• L•• | Shared principal, Shared address | 95% |
What appears to be their current activity
1 vehicle filed in the last 12 months; latest filing Jun 23, 2026, first observed 2021-04-23.
Principals, from the filings and the firm's own site
- S•••••• B••••••Director/Executive Officer/Executive Officer/Director
- D•••• B•••••••Executive Officer/Executive Officer/Director
- R•••••• P•••••••••Director
- M•••• B••••••Executive Officer/Director
- B•••• A•••Director/Executive Officer/Executive Officer/Director
- B•• A••••••Executive Officer/Executive Officer/Director
- M•••••• P••••Executive Officer/Executive Officer/Director
- B•••••• C••••••• L••Director
- M•••••• K•••••Director
- A••• R•••••••Executive Officer/Director
- M••• K•••••Managing Director-Deal Originations
- M•••••• P••••Managing Director and Shareholder
- M•••••• R••••••Vice President-Deal Originations
- B•••• A•••Managing Director and Shareholder
- B•• A••••••Managing Director
- S•••••• B••••••Founder and CEO
- K••• C•••••••Vice President-Real Estate Investments
- M•••• H•••Vice President-Firm Operations and Marketing
- M••• H•••Managing Director-Portfolio Management
- M•••••• K•••••Managing Director-Real Estate Investments
Team, as the firm lists it
- A••• K•••••Senior Associate
- A••••• U••••Senior Associate
- H•••• K•••••Associate
- M••••• B•••••••Marketing and Events Intern
Identity linksWhat an identity link isEntities that may be this sponsor under another name, each with the confidence and the signals behind it. A link is not a merge: nothing on this page is borrowed from a linked entity.
Evidence
| Fact | Value | Class | Source |
|---|---|---|---|
| Description | ••• Locked | Fact | Independent sponsor firm websites (the firm's own contact and team pages) b•••••••••.com |
| Entity kind | Independent sponsor firm | Fact | SBIA Independent Sponsor Forum roster sbia.org |
| Entity kind | Independent sponsor firm | Inference | DFX model output (scores, estimates, matches) no URL |
| Hq location | Milwaukee, WI | Fact | Independent sponsor firm websites (the firm's own contact and team pages) b•••••••••.com |
| Investment thesis | ••• Locked | Fact | Independent sponsor firm websites (the firm's own contact and team pages) b•••••••••.com |
| Mandate | ••• Locked | Inference | DFX model output (scores, estimates, matches) no URL |
| Mandate | ••• Locked | Inference | DFX model output (scores, estimates, matches) no URL |
| Mandate | ••• Locked | Inference | DFX model output (scores, estimates, matches) no URL |
| Mandate | ••• Locked | Inference | DFX model output (scores, estimates, matches) no URL |
| Mandate | ••• Locked | Inference | DFX model output (scores, estimates, matches) no URL |
| Mandate | ••• Locked | Inference | DFX model output (scores, estimates, matches) no URL |
| Mandate | ••• Locked | Inference | DFX model output (scores, estimates, matches) no URL |
19 further observations are on the record behind these, each with its own source and date. Ask and we will send the lot.