Silver Oak Services Partners Makes Investment in Keystone Partners

Evanston, IL – January 31, 2019

Silver Oak Services Partners, LLC (“Silver Oak”), a leading lower middle market private equity firm focused exclusively on service businesses, announced it has led the recapitalization of Keystone Partners (“Keystone”) in partnership with management.

Founded in 1982 and headquartered in Boston, MA, Keystone is a leading provider of comprehensive outplacement, career management, executive coaching, and leadership development services. Keystone offers an array of outplacement and talent management services tailored to meet the needs of all employees, from entry-level to senior executives through its distinct divisions: Keystone Associates, Camden Consulting Group, and Essex Partners. Keystone has the ability to deliver services on a national and international basis through its partnership with Career Partners International.

Silver Oak invested alongside Keystone’s senior management team in the transaction. The existing management team will continue in their current roles with Keystone and retain a significant ownership stake in the business.

“For over 35 years Keystone has served as a trusted resource to leading organizations providing best in class outplacement, career and leadership development services. Silver Oak provides the additional capital resources and expertise we need to scale our platform while continuing to provide high quality service to our diverse customer base,” said Ralph. Roberto, CEO of Keystone.

Silver Oak has made several investments in the human resources industry and was attracted to the outplacement and talent management services subsector due to the strong industry tailwinds, countercyclical business model, and high degree of fragmentation. Greg Barr, Managing Partner at Silver Oak, said, “We believe Keystone is a great platform from which to grow due to its excellent reputation for providing premium services, strong customer relationships, experienced management team and talented employee base.” Andrew Gustafson, Principal at Silver Oak, added, “We are thrilled to be able to work with the Keystone team and look forward to helping them continue the Company’s strong track record of growth.”

Please contact Greg Barr, Andrew Gustafson or Taylor Wood of Silver Oak for additional information.

Silver Oak invests in business, healthcare, and consumer services companies in the lower middle market, typically with EBITDA of $4 million to $20 million.

Silver Oak Services Partners, LLC
1560 Sherman Ave, Suite 1200
Evanston, IL 60201
Phone: 847-332-0400


About Keystone Partners

Keystone Partners is a leading career management and leadership development consulting firm headquartered in Boston, Massachusetts. Keystone works with organizations in New England, the Research Triangle, and around the world to efficiently and effectively address their career management and development needs.

Keystone Partners’ divisions include Keystone Associates, which provides comprehensive career management services through executive level; Essex Partners, a premier career consultancy exclusively for senior executives; and Camden Consulting Group, leadership and talent management experts who help leaders and their organizations learn, develop, grow and thrive. Keystone Partners is also a founding partner of Career Partners International. For more information, please visit

Axcel Portfolio Company Frontmatec to acquire leading Spanish equipment distributor Intecal

Frontmatec, the leading global supplier of customized equipment, solutions and software for the red meat industry has entered into an agreement to acquire the leading Spanish distributor and service provider of food tech equipment, Intecal - Industrial Técnico Alimentaria, S.A

The global demand for red meat is increasing along with a growing global population. Spain has been especially successful in meeting this demand and increased its production to become the largest producer of pork meat in Europe. The acquisition marks another step in Frontmatec’s ambition to become the global preferred supplier of equipment, projects, automation and robotics by strengthening its position on the attractive Spanish market. Besides being a leading national distributor, Intecal also offers excellent service which is an important area that Frontmatec is keen to expand.

Frontmatec CEO, Henrik Andersen:

“With Intecal becoming part of Frontmatec, we will strengthen our position on this vital market significantly. Along with the recent partnership with AIRA, Frontmatec is now the undisputed global leader in automation and robotics to the red meat industry and we are confident that the Spanish market will welcome this deal of combining the excellent sales and service capabilities of Intecal with the broad product offering of Frontmatec.”

The current owner and founder of Intecal, Manel Bernado, will continue together with Oscar Bernado and Frontmatec Spain General Manager Francesc Agusti to form the new management of Frontmatec – Intecal.

Manel Bernado said about the acquisition:

“Frontmatec is an excellent fit for Intecal. Frontmatec has a very broad product offering and strong project capabilities within red meat which I am confident will benefit our customers greatly. It is obvious that Spain is an important market for Frontmatec and I am convinced that Intecal together with Frontmatec Spain and AIRA Robotica, both with whom we have a very good relationship, will grow together to become the preferred supplier to the food industry in Spain.”

Speaking about possible changes to the future business set-up, Manel added:

“We will continue working with our long-standing business partners – they are all complementary to the strong product offering of Frontmatec and we will continue supporting our customers in Spain with best-in-class support and service which Intecal is renowned for.


About Frontmatec

Frontmatec develops world-leading customized solutions for automation in the food industry, other hygiene sensitive industries and the utilities industry. We are especially renowned for our high-quality systems for the entire value chain in the meat industry – from hygiene systems to control systems, from carcass grading to harvest lines, from cutting and deboning lines to logistics and packaging. Frontmatec employs more than 1200 employees in 10 countries with a turnover of 250M EUR.


Since its foundation in 1983, Intecal has pioneered in the import of modern food tech equipment in Spain now commonly used in kill lines and deboning plants, including CO2 stunning systems, vertical scalding systems, circular knives, and cutting saws. Intecal has continuously invested in adaption of new skills and capabilities in automation technologies and robotics in order to serve the Spanish red meat industry as the leading distributor and service partner. Located in Barcelona, Intecal employees 20 highly experienced employees

Axcel sells Mita-Teknik

After six years’ ownership, Axcel agrees to sell Mita-Teknik to partner and minority shareholder, the Andersen family.

Danish company Mita-Teknik is a leading supplier of control solutions for the wind power industry. In recent years, it has come under pressure from difficult market conditions, due partly to consolidation among customers and pressure on prices throughout the value chain. Thanks to the workforce’s dedicated efforts, the company has nevertheless managed to further develop its technology and substantially reduce costs. Now the Andersen family, which started up the business originally, is buying the company back from Axcel.

Mita-Teknik chairman Søren Friis Knudsen comments: 

“Axcel has owned Mita-Teknik for more than six years, so it’s natural to consider new ownership. The Andersen family has been involved in the business from the beginning, so we’re delighted that it will once again take the helm.”

Partner Lars Cordt from Axcel adds:

“Mita-Teknik has faced unfavourable market conditions in recent years, which has meant that our investment hasn’t been a great success. Selling the business back to the Andersen family is therefore the best possible option for the company’s further development. I’ve enjoyed working with the Andersen family and wish them all the best for the future.”

CEO Jesper Andersen sees possibilities for future development of Mita-Teknik:

“The company has been under considerable pressure, not least in China, which is one of our main markets. In the longer term, however, the steps we’ve taken together with Axcel to cut costs and develop new products will put us in a position to get the business growing again."

About Axcel

Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies and has a broad base of both Nordic and international investors. Axcel has raised five funds with total committed capital of just over EUR 2.0 billion. These funds have made 52 platform investments, with almost 100 major add-on investments and 40 exits. Axcel currently owns 12 companies with combined annual revenue around EUR 1.4 billion and some 6,000 employees.

Further information

Joachim Sperling, Head of Corporate Affairs
Tel.: +45 40 96 68 86

Dunedin Portfolio Company Kingsbridge completes acquisition of InsurTech pioneer, Dinghy

Kingsbridge has today completed the acquisition of InsurTech pioneer, Dinghy.

This is the second acquisition that Kingsbridge has made in 12 months as it continues its growth strategy, following investment from UK private equity house Dunedin in 2016. Kingsbridge completed the acquisition of Larsen Howie last year, a specialist online provider of insurance and IR35 and tax related services. 

Dinghy launched the first ever on-demand Professional Indemnity (PI) insurance cover, aimed at freelance professionals in the media and creative industries. As well as PI cover, Dinghy also offers equipment cover, public liability, legal expenses and cyber liability - managed through a website that delivers a step-change improvement in how these insurance products are bought and serviced.

Kingsbridge is already the leading provider of insurance packages to the UK contractor industry, servicing the needs of almost 50,000 customers. It is also one of the leading providers of specialist broking services to large corporates in the utility, recruitment and other industries. Revenue growth over the past three years has averaged in excess of 25% and the company employs 85 people.

Oliver Bevan, Partner of Dunedin who sits on the Board of Kingsbridge commented: “Dunedin has been working alongside the management team to drive the growth of the business over the last few years. The acquisitions of Dinghy and Larsen Howie further accelerate Kingsbridge’s strategy of broadening its distribution, products and geographic reach to take advantage of the long-term shift in workforce patterns, towards more flexible and part-time working. It also gives the business a foothold in the growing InsurTech space, cementing Kingsbridge’s position as a leader in the insurance services sector.”

James Twining, Kingsbridge Group Chief Executive said: “The acquisition of Dinghy further broadens our ability to reach into an even wider segment of the important creative and ‘gig’ markets where freelancers demand a different approach to insurance and an improved user experience. We are delighted to welcome the Dinghy team into the Kingsbridge family and are very excited to deliver the next phase of growth that they and the Dinghy platform will deliver for us both in the UK and internationally.”

Stone-Goff Partners Announces Investment in Danforth Advisors

Stone-Goff Partners (“SGP”) announced today that it has invested in Danforth Advisors, LLC (“Danforth”), a leading provider of outsourced finance, accounting, and strategic services to life science and healthcare companies. The investment will support the Company’s growth initiatives of expanding service offerings, building out the consultant team, geographic expansion into new life sciences clusters, and opportunistic acquisitions of complementary outsourced service providers in the life sciences industry.

Founded in 2011, Danforth offers an integrated and scalable “one-stop shop” solution for life sciences companies for all operations from controller through CFO performing activities ranging from accounting and operational finance services, to financial planning and analysis, M&A, and IPO readiness. The Company has served as a strategic and trusted thought partner to over 300 clients across all stages of a company’s life cycle, from inception to exit. Danforth employs a deep team of consultants who are experienced finance and accounting professionals, including CFOs, Big 4 public accounting alumni, corporate controllers, start-up accountants and subject matter experts such as financial planning & analysis specialists. The Company is headquartered in Somerville, MA with additional offices in New York, Pennsylvania, Colorado, and Texas.

“We are excited to partner with the Stone-Goff team as we approach the next phase of growth,” said Danforth Co-Founder and Managing Director, Gregg Beloff. “We are proud of the Danforth team and the company that we have built over the past 8 years and look forward to bring our differentiated and unique offerings to new markets and clients.”

“Danforth’s success has been a testament to the people on our team and the great clients that we work on a daily basis,” said Danforth Co-Founder and Managing Director, Dan Geffken. “We get to work with companies that are performing life changing research and development and we look forward to building with them in the future.”

“The Danforth team has built a market leader providing strategic services to life sciences companies,” said Laurens Goff, co-founder of Stone-Goff Partners. “We are excited to partner with Dan, Gregg, and the entire Danforth organization as they enter the next phase of growth.”

G2 Capital Advisors served as the exclusive financial advisor to Danforth in this transaction. Capital Southwest provided debt financing and an equity co-investment. Legal counsel was provided by Burns & Levinson LLP and Fredrikson & Byron P.A. for Danforth and Stone-Goff, respectively.

About Stone-Goff Partners

With offices in New York and Boston, Stone-Goff Partners is a private equity investment firm that acquires and builds companies in the lower middle market. Founded in 2010, the firm leverages the extensive investment, strategic and operational experience of its principals in the consumer and business services sectors to serve as a value-added partner for its management teams, portfolio companies and limited partners. For more information about Stone-Goff, please visit

Nazca Acquires 100% of Terratest

Nazca Capital has led the acquisition of a 100% stake of Terratest. The transaction, the largest carried out by NAZCA to date, has been closed after a six-month negotiation period with the previous majority stakeholder, Platinum Equity. NAZCA, with a majority control following the transaction, is backed by Aberdeen Standard Investment – investor in NAZCA funds since 2009, one of the largest global fund managers and a leading private markets investor– as main co-investor together with Nuova Energia and Oquendo Capital. NAZCA will count on the Company’s current management team, led by Enrique Torres as Chairman of the Company.

Founded in 1959, Terratest is the fifth largest international engineering group specialized in geotechnical, ground improvement and tunnelling solutions for large infrastructure and building projects. With headquarters in Spain and presence over 25 countries, it develops over 80% of its business outside Spain. Projects span throughout Europe, Latam, Middle East and Africa and, following the acquisition of Geostructures in 2018, also in the US.

During the period of 2015 to 2017, the Company’s Sales and EBITDA annual growth exceeded 57% and 79% respectively. In 2018, the Company continues to secure large special projects in ground foundations such as “Grand Paris” - currently the largest infrastructure project in Europe - and expects to reach by year end, Sales and EBITDA of close to €220m and €32m respectively.

The Company’s business plan is based on further international growth, with a strong development of key geographies such as the USA, and the engagement in large scale infrastructure projects globally.

As a result of the demographic and economic developments in Terratest’s markets, and most notably in the transport, energy, water and telecommunications sectors, Oxford Economics expects in its infrastructure market report an annual increase in investment of 60% until 2040 with respect to the period of 2007 and 2015.

Lincoln International, Sigrun Partners and Uria & Menéndez have advised NAZCA and its co-investors. whilst Rothschild and Baker & Mckenzie have been the selling parties’ advisor.

Since 2001 Nazca has invested the entirety of Funds I, II and III with a respective size of €100, €150 and €230 million, having accomplished 62 transactions: 26 direct investments in companies, 17 additional acquisitions through participated companies and 19 divestments.

Nazca currently manages fund Nazca IV with a total commitment of €275 million provided by international institutional investors and will also manage fund Nazca V of €150 million for investments in smaller SMEs as from the first quarter 2019.

Nazca’s portfolio is comprised by 9 firms: Grupo OM (visual merchandising), Gestair (private aviation), FoodBox (retail food), Distribuciones Juan Luna (food), Caiba (PET packaging), McBath (cast marble shower trays), Phibo (implantology and prostheses), Herbex (fresh aromatic herbs) and Terratest (Special Foundations).

Nazca has divested from: Svenson, Rodilla, Dibaq, Unipost, Vinartis, Lizarrán, El Derecho, Guzmán, Acens, Hedonai, Elogos, Fritta, Autor, IMOncology, Logifrío, Agromillora, El Granero Integral and Eurekakids.

Dunedin Invests in Incremental Group

Dunedin has invested in UK based Incremental Group (, a market leading digital technology services business.  Incremental was formed following the acquisitions of First eBusiness Solutions in November 2016 and GAP Consulting in June 2018. Dunedin will work with the existing management team to further strengthen the business through organic growth, identify and integrate acquisition targets and make further funding available to support a buy and build strategy.

With a headcount of 125, Incremental has five sites in Glasgow, London, Manchester, Inverurie and Northwich.  Clients include Total, Aggreko Shelter, Scottish Leather Group and Aberdeen City Council.  The business helps its clients to design, implement and manage their IT infrastructure needs which include ERP, CRM, cyber security and digital applications. Incremental’s mission is to enable government and industry to digitally transform their businesses, one step at a time

Incremental’s management team has achieved strong organic growth across the combined Group and has built a strong platform for continued success. Dunedin’s investment will support continued organic growth as well as an accelerated buy-and-build strategy, enabling the business to reinforce its position as a market leading IT services provider.

Simon Rowan, Partner at Dunedin, who led the deal, said; “We are delighted to be partnering with a highly successful and ambitious management team whom we have known for a number of years. This investment aligns closely with our strategy to support businesses with a technological edge that have the ability to develop strong positions in their space."

“Incremental has performed exceptionally well and with further funding and our support behind it, is well placed to capitalise on the compelling opportunities for growth.  The IT services market is one of the fastest growing technology segments and we look forward to working with the team as they reinforce their position as market leaders in this space.”

Neil Logan, CEO of Incremental Group, said: “It is fantastic to be partnering with Dunedin as Incremental embarks on the next stage of its growth. We have got to know the Dunedin team well in recent years and felt that their experience in growing businesses with technological expertise will be very beneficial to us. They also bring additional funding capability which will enable us to execute a number of acquisitions."

“Ultimately this will mean that we can expand and deepen the range of services that we offer our clients across the UK. We are grateful for the support that Maven Capital and the Scottish Investment Bank have given us since our launch in December 2016 and we look forward to working with Dunedin to secure our position as a market leading IT services provider.

Finatem Sells Detection of Explosive Ordnance Company

Finatem, a leading independent investment company focusing on the German SME sector, sold SCHOLLENBERGER Kampfmittelbergung GmbH (“Schollenberger” or “Schollenberger Group”) to the SOCOTEC Group. The SOCOTEC Group is one of the leading European service providers in the field of testing, inspection and certification (TIC) for construction and infrastructure projects. SOCOTEC Group generates consolidated revenue of EUR 700 million with 200,000 clients. It has operations in 25 countries and 7,000 employees. Following SOCOTEC’s acquisition, Dr. Boris Töller and Klaus Löhle will continue their management responsibilities for the Schollenberger Group.

The Schollenberger Group, with around 400 employees at its headquarters in Celle and its 8 other sites, is the market leader in Germany and Austria in the field of civil explosive ordnance detection. The group offers its customers all services related to technical detection of explosive ordnance. For construction in Germany and Austria, removal of explosive ordnance is a legal obligation in the event of any operation in the ground.

The Schollenberger Group was acquired by Finatem and the Managing Directors of the Schollenberger Group, Klaus Löhle and Dr. Boris Töller, in 2016 as part of a management buy-out of the Celler Brunnenbau Group. GeoFact GmbH, Bonn, which specializes in geophysical analysis services, was added to the Schollenberger Group in 2018. “Our common goal was to develop Schollenberger into a clear market leader – and above all a leader in quality – in the field of explosive ordnance recovery,” emphasizes Finatem Partner Eric Jungblut. “Together with Finatem, we have introduced industrial standards at Schollenberger in the areas of sales and resource management and controlling that are leading and setting trends in the explosive ordnance detection industry,” says Dr. Boris Töller, Managing Director of the Schollenberger Group. “Today, Schollenberger is one of the few providers that can offer explosive ordnance detection of the highest quality throughout Germany,” adds Boris Yudin, Investment Manager at Finatem.

“The Schollenberger Group’s positive development is yet another example of our successful investment and value enhancement strategy. We concentrate our investments on companies with unique features and utmost quality standards in growing markets, where we see development potential to exploit together,” explains Finatem Managing Director Dr. Robert Hennigs. “We are delighted to have found a partner for Schollenberger in SOCOTEC whose excellent reputation, financial strength and many years of international experience in construction and infrastructure services will continue the expansion course of recent years with us,” adds Klaus Löhle, Managing Director of the Schollenberger Group.

The parties have agreed not to disclose any details of the transaction.


Silver Oak Partners with North American Roofing

Silver Oak Services Partners, LLC (“Silver Oak”), a leading lower middle market private equity firm focused exclusively on service businesses, announced it has led the recapitalization of North American Roofing (“NAR” or the “Company”) in partnership with management and co-investors.

NAR, headquartered in Tampa, FL, is a national provider of commercial reroofing and maintenance services across the United States. NAR focuses on large, low slope commercial and industrial roofs, and services clients in all 50 states and Puerto Rico. In 2018, NAR completed more than 500 reroofing and 5,000 service jobs.

“Our team is excited to partner with Silver Oak to execute on our long-term growth plan. We’re at an exciting inflection point in our Company’s history, and we believe Silver Oak’s long track record of executing on aggressive growth strategies alongside their management partners made them the ideal partner for us. We look forward to working with them to further invest in our crew capacity, sales, marketing, field management and IT infrastructure so we can better service our clients and continue our strong growth trajectory.” stated Kelly Wade, NAR’s CEO.

Silver Oak was attracted to NAR given the Company’s differentiated approach to servicing its national account client base and significant growth potential. Dan Gill, Managing Partner at Silver Oak, said, “We are excited to partner with NAR’s management team. The Company has a successful track record of growth and a strong reputation in the industry as one of the few reroofing providers able to service the entire country. We look forward to leveraging the Company’s existing platform to accelerate NAR’s growth.”

Please contact Dan Gill, David Friedman or Taylor Wood of Silver Oak for additional information.


Stone-Goff Partners (SGP) announced today that it has invested in John Staurulakis, Inc. (“JSI”).  Founded in 1962 and headquartered in Greenbelt, MD, with two additional major offices in Minneapolis and Austin, JSI is the leading national provider of regulatory and compliance consulting services to over 400 telecommunications providers in rural communities across the U.S.  With over 100 employees and decades of experience serving their market, JSI’s deep knowledge of the telecom industry and rural broadband markets is a key differentiator benefiting its longstanding client base.  In addition to being the dominant provider of regulatory and compliance services to Incumbent Local Exchange Carriers (“ILECs”), JSI also provides financial, business management and executive management training services to its client base.

“We are proud of the JSI team and the company we have built together,” said JSI President, Manny Staurulakis. “Going forward, JSI is thrilled to partner with Stone-Goff Partners as we enter our next phase of growth while also maintaining the Company’s legacy as being an advocate for telecommunications providers and the rural communities they serve.”

“JSI has numerous opportunities to expand our business and we look forward to pursuing them with Stone-Goff as partners said JSI’s EVP, Leo Staurulakis.

“We are excited to partner with Manny, Leo and their team who will continue leading and building the Company,” said Laurens Goff, co-founder of Stone-Goff Partners. “JSI is a differentiated, mission-critical service provider with an experienced team and longstanding history of delivering high quality service with measurable success to its customers.  The Company’s depth of talent and expertise within the telecom regulatory landscape, and culture of growth underscores JSI’s exceptional potential.”

FOCUS Investment Banking served as the exclusive financial advisor to JSI in this transaction.  Texas Capital Bank provided senior debt financing and Five Points Capital and RGA Private Debt & Equity provided mezzanine financing and equity co-investment.

About Stone-Goff

With offices in New York and Boston, Stone-Goff Partners is a private equity investment firm that invests in lower middle-market founder-owned businesses and corporate carve-outs in the business services and consumer sectors.  Founded in 2010 by Hannah Stone Craven and Laurens Goff, the firm leverages the extensive investment, strategic and operational experience of its principals to serve as a value-added partner for management teams, portfolio companies, and limited partners.