DFX Intelligence
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S••••••• C•••••• P•••••••• L••
Buyout firmClassification probableunsizedSEC registered investment adviser· Birmingham, MI
••• Locked
As of · identity and classification; each section below carries its own date
- Regulatory AUM
- $528M
- PE funds
- 0
- Investments held
- 23 of 42
- Deals, last 12 months
- 2
Form ADV
Form ADV
DFX transaction tape
DFX transaction tape
As of · identity and classification; each section below carries its own date
What matters now
- Form Dnew offering
Filed a Form D on 20 Jul 2026, the first public sign that a vehicle is taking commitments.
A vehicle in market is when LPs and placement agents can still get in.
- 1 deal180 days
1 deal since 31 Mar 2026: bought B•••••••• a•• S•••• L••• (add-on, 31 Mar).
What it is buying now is the best guide to what it will buy next.
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisBuyout firm · 1 in historyShowHide
- Class
- Buyout firmprobable, confidence 65%
- Basis
- 13 of 14 distinct vehicles are sworn Private Equity Funds
- Size band
- unsizeddefined by: no Private Equity Fund GAV on a filing from 2021 or later
- Strategies
- Special situations
Classification history (1)
- Sep 13, 2026Buyout firm (probable, 65%)13 of 14 distinct vehicles are sworn Private Equity Funds
Regulatory footprint (Form ADV)RAUM $528M · 0 PE funds · filed Mar 31, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Mar 6, 2012 to Mar 31, 2026
- RAUM
- $528Mregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 0
- PE fund GAV, latest filing
- unknownreported gross assets (Form ADV), not fund size
- All private fund GAV
- $0every private fund type, latest filing
- 2024 PE fund GAV
- unknownsum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 93%
- Fund type mix
- Hedge fund: 1 ever reported
- Private equity fund: 13 ever reported
- Employees
- 9
- Headquarters
- Birmingham, MI
- Office address
- ••• Locked
- Business phone
- ••• Locked
Stated criteria beside observed behaviour5 of 8 criteria stated · 40 observed dealsShowHide
Stated by the firm
- Sectors
- Industrial services, industrials, manufacturing, distribution, infrastructure
- Geography
- United States
- Revenue
- not stated or not yet read
- EBITDA
- $4.0M to $25.0M
- Enterprise value
- not stated or not yet read
- Equity check
- not stated or not yet read
- Control
- Control
- Thesis
- ••• Locked
Observed from deals on record
- On record
- 40 companies, 42 holdings, 17 transactions
- Period
- 2011 to 2026 (36 dated observations, 23 holdings undated)
- Most deals
- Specialty distribution (8 of 40, e.g. RW Specialties, Inc. and Propane Services), industrial manufacturing (6 of 40), industrial services (4 of 40) and 4 more
- Subsectors
- Misc durable wholesale (6 of 40), miscellaneous manufacturing (6 of 40), remediation environmental (2 of 40), engineering services (2 of 40) and 4 more
- Deal roles
- 12 platforms, 7 add-ons, 23 with role not stated
- Add-ons per platform
- 0.58 add-ons per platform
- Control
- 16 control, 26 not stated
- Where
- Mi (1 of 40), co (1 of 40), tx (1 of 40)
- Bought from
- 1 family, 1 sponsor, 1 corporate parent
- By year
- 2019: 1 platform; 2020: 1 platform; 2021: 2 platforms, 1 add-on, 1 other deal; 2022: 1 platform, 1 add-on; 2023: 1 platform, 2 add-ons; 2024: 2 add-ons; 2025: 2 platforms, 1 exit; 2026: 1 add-on
- Repeat counterparties
- T••• S••••••••• • H•••••••• L•• (legal adviser) on 6 deals, J•••• R•••• H•••• • W•••• (legal adviser) on 6 deals and L•• K•••••• (legal adviser) on 2 deals
40 companies on the graph (17 transactions); most in specialty distribution (8); 12 platforms and 7 add-ons; observed 2011 to 2026
FundsHow vehicles are groupedFeeders, parallels, executive funds, alternative investment vehicles and lettered sleeves are folded under the fund they belong to, read from the vehicle names. Deal-by-deal co-investment vehicles are pooled. Current funds come first: families are ordered by vintage, newest first, among those holding at least a twentieth of the largest family’s assets, then by size. The figure is the sum of each vehicle’s latest reported gross assets on Form ADV, not a fund size.
14 families, 15 vehicles on record
S•• E•• L•• · 1 vehicle · vintage 2021$28.5M
- S•• E•• L•• buyout or unlabelled · 2021$28.5M
R•• H••••• L•• · 1 vehicle · vintage 2020$28.4M
- R•• H••••• L•• buyout or unlabelled · 2020$28.4M
C•••• H••••••• L•• · 1 vehicle · vintage 2019$17.8M
- C•••• H••••••• L•• Feeder or parallel · 2019$17.8M
A••• G••••• P•••••••• L•• · 1 vehicle · vintage 2016$134M
- A••• G••••• P•••••••• L•• buyout or unlabelled · 2016$134M
S•• S••••• L•• · 1 vehicle · vintage 2016$10.0M
- S•• S••••• L•• buyout or unlabelled · 2016$10.0M
9 smaller families are in the full list of vehicles.
View all 15 vehiclesnewest vintage first, then largest
| Fund | Vehicle | Vintage | Reported gross assets (Form ADV), not fund size | GAV by year | Form D sold | Lifecycle |
|---|---|---|---|---|---|---|
| G•• H••••• L•• | buyout or unlabelled | 2025 Form D first sale | unknown | no reporting | $34.3M | Fundraising |
| K••••••• H••••• L•• | buyout or unlabelled | 2025 Form D first sale | unknown | no reporting | $15.9M | Fundraising |
| S•• E•• L•• ADV: Private Equity Fund | buyout or unlabelled | 2021 first reported on Form ADV | $28.5M as of May 24, 2021 | no Form D | Unknown | |
| A••••••••• H••••••• L•• ADV: Private Equity Fund | Feeder or parallel | 2021 first reported on Form ADV | $6.0M as of May 24, 2021 | no Form D | Unknown | |
| S•• T•• L•• ADV: Private Equity Fund | buyout or unlabelled | 2021 first reported on Form ADV | $5.2M as of May 24, 2021 | no Form D | Unknown | |
| U•••••••• H••••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2021 first reported on Form ADV | $0 as of May 24, 2021 | no Form D | Unknown | |
| R•• H••••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2020 Form D first sale | $28.4M as of May 24, 2021 | no Form D | Unknown | |
| C•••• H••••••• L•• ADV: Private Equity Fund | Feeder or parallel | 2019 Form D first sale | $17.8M as of May 24, 2021 | no Form D | Unknown | |
| A••• G••••• P•••••••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2016 first reported on Form ADV | $134M as of May 12, 2016 | no Form D | Wound down | |
| S•• S••••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2016 first reported on Form ADV | $10.0M as of May 24, 2021 | no Form D | Active deployment | |
| D•• H••••••• L•• ADV: Private Equity Fund | Feeder or parallel | 2016 first reported on Form ADV | $6.8M as of May 24, 2021 | no Form D | Harvest | |
| S••••••• C•••••• P••••••• I••••••••• S••••••••• •••• L• ADV: Private Equity Fund | Special situations fund | 2014 first reported on Form ADV | $3.5M as of Apr 17, 2020 | no Form D | Wound down | |
| S••••••• C•••••• P••••••• I••••••••• S••••••••• L• ADV: Private Equity Fund | Special situations fund | 2014 first reported on Form ADV | $576,525 as of Apr 17, 2020 | no Form D | Wound down | |
| S••••••• C•••••• P••••••• I•• L• ADV: Private Equity Fund | Buyout fund | 2005 Form D first sale | $3.0M as of Apr 17, 2020 | no Form D | Wound down | |
| S••••••• C•••••• P•••••••• L• ADV: Private Equity Fund | Buyout fund | unknown | $56.4M as of Mar 18, 2013 | no Form D | Wound down |
TeamWhere the team comes fromEach row names its source in short; hover the source for its full description. Sources on this list: Investment organization websites (team, portfolio, strategy, criteria, news); SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites). A person named by two sources under two spellings is shown once, with both sources.
15 current, 0 former
- Co-Founder & Managing Partner
- Managing Partner · since Jun 1, 2000
- Partner
- Principal
- Director of Corporate Development
Full team · 15 peoplegrouped by role, with sources
Managing partner (3)
- M••• B••••••• · Co-Founder & Managing Partner · start date unknown Firm website
- M•••••• R••••• B••••••• · Managing Partner · since Jun 1, 2000 Form ADV
- M••• R••••• M••••••• · Managing Partner And Chief Compliance Officer · since Jun 1, 2000 Form ADV Press release Press release Firm website
Partner (1)
- I•• H•••••• · Partner · start date unknown Firm website
Principal (3)
- J••• B•••••• · Principal · start date unknown Firm website
- J••••• G••••••••• · Director of Corporate Development · start date unknown Firm website
- S•••• S••••••• · Principal · start date unknown Firm website
Vice president (3)
- J••• K••••••••• · Vice President · start date unknown Firm website
- J•••• C••• · Senior Associate · start date unknown Firm website
- T•••• K••••••••• · Vice President · start date unknown Firm website
Associate (1)
- A••• N••••• · Associate · start date unknown Firm website
Operating partner (1)
- R•• M••••• · Operating Partner · start date unknown Firm website
Business development (1)
- J••• M••••••• · Principal – Business Development · start date unknown Firm website
Platform (2)
- A••••• D••••• · Assistant Controller · start date unknown Firm website
- R•••• N••••• F•••••• · Chief Financial Officer · since Oct 1, 2013 Form ADV Firm website
DealsHow deals are mergedOne row per deal. A portfolio relationship and a transaction that describe the same deal (the same transaction, or the same company on the same date) are printed once, with the columns of both. 42 portfolio relationships and 16 transactions are on this record.
42 on record, newest first · 12 platforms · 7 add-ons
| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Mar 31, 2026 | B•••••••• a•• S•••• L••• add-on to T•••••••• C••••••••• | Add-on acquisition | Sponsor (confirmed) | active held 6 months | M••• M••••••• (confirmed) | s•••••••••.com |
| Oct 29, 2025 | G•••• | Sponsor to sponsor | Sponsor (confirmed) | active held 11 months | unknown | s•••••••••.com |
| May 2, 2025 transaction announcement | K••••••• | Portfolio relationship | Platform | active held 1.4 years | unknown | Fact Firm website |
| May 2, 2025 | K••••••• | Platform acquisition | Sponsor (confirmed), Sponsor (confirmed) | active held 1.4 years | unknown | s•••••••••.com |
| Apr 30, 2024 | H••• F••••••• S•••••• T•••••••• D••••••• o• D••••••• C••••••••• S••••••• add-on to T•••••••• C••••••••• | Add-on acquisition | Sponsor (confirmed) | active held 2.4 years | M••• M••••••• (confirmed) | s•••••••••.com |
All 42 dealsnewest first
| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Mar 31, 2026 | B•••••••• a•• S•••• L••• add-on to T•••••••• C••••••••• | Add-on acquisition | Sponsor (confirmed) | active held 6 months | M••• M••••••• (confirmed) | s•••••••••.com |
| Oct 29, 2025 | G•••• | Sponsor to sponsor | Sponsor (confirmed) | active held 11 months | unknown | s•••••••••.com |
| May 2, 2025 transaction announcement | K••••••• | Portfolio relationship | Platform | active held 1.4 years | unknown | Fact Firm website |
| May 2, 2025 | K••••••• | Platform acquisition | Sponsor (confirmed), Sponsor (confirmed) | active held 1.4 years | unknown | s•••••••••.com |
| Apr 30, 2024 | H••• F••••••• S•••••• T•••••••• D••••••• o• D••••••• C••••••••• S••••••• add-on to T•••••••• C••••••••• | Add-on acquisition | Sponsor (confirmed) | active held 2.4 years | M••• M••••••• (confirmed) | s•••••••••.com |
| Feb 1, 2024 | A•• A••••••• B••••••• P••••••• add-on to R• A•••••• | Add-on acquisition | Sponsor (confirmed) | active held 2.6 years | M••• M••••••• (confirmed) | s•••••••••.com |
| Jul 7, 2023 | E••••••••• R••••••• C••••••••• add-on to W•••••• S••••• R••••••••• | Add-on acquisition | Sponsor (confirmed) | active held 3.2 years | M••• M••••••• (confirmed) | s•••••••••.com |
| Apr 7, 2023 transaction announcement | A••• M••• add-on to D•• D••••••••• | Portfolio relationship | Add-on | active held 3.5 years | unknown | Fact Press release |
| Apr 7, 2023 | A••• M••• | Add-on acquisition | Sponsor (confirmed) | active held 3.5 years | unknown | s•••••••••.com |
| Apr 7, 2023 | K••••• G••• • T••• | Platform acquisition | Sponsor (confirmed) | active held 3.5 years | unknown | s•••••••••.com |
| Apr 15, 2022 | W•••••• S••••• R••••••••• | Platform acquisition | Sponsor (confirmed) | active held 4.4 years | unknown | s•••••••••.com |
| Feb 2, 2022 | P•••••• a•• A••••••••• I••• add-on to E•• A••••••••• I••• | Add-on acquisition | Sponsor (confirmed) | active held 4.6 years | unknown | s•••••••••.com |
| Jul 30, 2021 | V•••••• • A••••••••• L•• add-on to E•• A••••••••• I••• | Add-on acquisition | Sponsor (confirmed) | active held 5.2 years | unknown | s•••••••••.com |
| Jul 16, 2021 | R••••••• C•••••• P••••••• | Type not stated | Sponsor (confirmed) | active held 5.2 years | unknown | s•••••••••.com |
| Jul 2, 2021 | P••••••• P••••• • S•••••• | Platform acquisition | Sponsor (confirmed) | active held 5.2 years | unknown | s•••••••••.com |
| Jun 17, 2021 | T•••••••• C••••••••• | Platform acquisition | Sponsor (confirmed) | active held 5.3 years | unknown | s•••••••••.com |
| Feb 7, 2020 | R• S••••••••• I••• | Platform acquisition | Sponsor (confirmed) | active held 6.6 years | unknown | s•••••••••.com |
| Dec 24, 2019 | C•••• P••••• C•••••• | Platform acquisition | Sponsor (confirmed) | exited held 6.8 years | unknown | s•••••••••.com |
| Dec 21, 2011 form d related person first sale | A••• G••••• P•••••••• | Portfolio relationship | Role unknown | exited held 14.8 years | unknown | Fact Firm website |
| date unknown | E•• A••••••••• I••• | Portfolio relationship | Platform | active | unknown | Fact Firm website |
| date unknown | N•••• P••••• I•••••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | M•••• S•••••••• I••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | R• A•••••• | Portfolio relationship | Platform | active | unknown | Fact Firm website |
| date unknown | I••••• I••••••••• S••••••• G•••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | P••••• A••••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | U•••••••• A••••••••• I••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | T••••••••• I••••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | H•••••••• I••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | G••• •• A• B•••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | S•••• M••••••• I••••••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | D••••• M•••• G•••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | C••••••• N•••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | I••••• P••• R••••••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | S••••• S•••• R••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | C•••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | D••••• S•••••• G•••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | G•••• E•••••••• C•••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | E••• T••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | M•••• T•• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | R••••• R••••••••• F••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | P•••••• S••••••• | Portfolio relationship | Role unknown | exited | unknown | Fact Firm website |
| date unknown | D•• D••••••••• | Portfolio relationship | Platform | active | unknown | Fact Press release |
Placement agents, lenders, advisers and co-investors
4 relationships
Legal advisers (4)
- J•••• R•••• H•••• • W•••• 6 shared · very strong · last Apr 15, 2022
- T••• S••••••••• • H•••••••• L•• 5 shared · very strong · last Oct 29, 2025
- L•• K•••••• 2 shared · recurring · last Mar 31, 2026
- T••• L•• F••• 1 shared · one time · last Feb 1, 2024
LP commitmentsHow LPs are totalledOne line per LP, largest disclosed total first. A commitment that the same LP reports again in a later document is counted once in its total; both documents stay in the full list. Rows repeated line for line from one document are shown once.
0 LPs, 0 disclosed commitments
No LP commitment collected yet. An LP edge needs a public disclosure with a quote, such as a pension plan’s report or an announcement naming the LP.
Events
20 not already shown above, of 29 most recent
- Sep 17, 2026••• Locked
- Apr 21, 2026••• Locked
- Oct 29, 2025••• Locked
- May 2, 2025••• Locked
- May 10, 2024••• Locked
Full timeline · 29 eventsnewest first, including the LP commitments and deals above
- Sep 17, 2026••• Locked
- Apr 21, 2026••• Locked
- Oct 29, 2025••• Locked
- Oct 29, 2025••• Locked
- May 2, 2025••• Locked
- May 2, 2025••• Locked
- May 10, 2024••• Locked
- Apr 22, 2024••• Locked
- Dec 11, 2023••• Locked
- Jul 7, 2023••• Locked
- Apr 7, 2023••• Locked
- Apr 7, 2023••• Locked
- Apr 7, 2023••• Locked
- Sep 9, 2022••• Locked
- Apr 15, 2022••• Locked
- Apr 15, 2022••• Locked
- Apr 15, 2022••• Locked
- Jul 30, 2021••• Locked
- Jul 16, 2021••• Locked
- Jul 16, 2021••• Locked
- Jul 2, 2021••• Locked
- Jul 2, 2021••• Locked
- Jun 17, 2021••• Locked
- Jun 17, 2021••• Locked
- Feb 7, 2020••• Locked
- Feb 7, 2020••• Locked
- Dec 24, 2019••• Locked
- Dec 24, 2019••• Locked
- Mar 6, 2012••• Locked
Across the graphs
S••••••• C•••••• P•••••••• L•• is the same institution as 2 records in RIA and Wealth and Private Credit.
RIA and Wealth1Private Credit1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
Checking your plan…
Not yet on record: PE fund assets.