Key Takeaways
- • Investment funds managed by Morgan Stanley Capital Partners (MSCP), the middle-market private equity buyout team within Morgan Stanley Investment Management, announced the acquisition of The Rapid Group (TRG), a provider of inspection, repair and maintenance services for rotating equipment.
- • TRG is headquartered in Paterson, New Jersey, serves more than 1,800 customers across public and private sectors, and has more than 50 years of operating history.
- • TRG operates across New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and Rhode Island, a region with some of the oldest water and wastewater infrastructure in the United States.
- • Harris Williams served as exclusive financial advisor to TRG, while William Blair advised MSCP; Latham & Watkins and McDermott Will & Schulte acted as legal counsel to MSCP and TRG, respectively.
- • The deal extends MSCP's industrial and infrastructure services exposure, which includes investments in Apex Companies, Resource Innovations and Olsson.
Summary
Investment funds managed by Morgan Stanley Capital Partners (MSCP), the middle-market private equity buyout team within Morgan Stanley Investment Management, have acquired The Rapid Group (TRG), according to a Business Wire announcement. TRG provides inspection, repair and maintenance services for rotating equipment across municipal, commercial and industrial end markets, with a focus on pump, motor, generator, and water and wastewater infrastructure. The company also performs maintenance, installation and repair work in the pharmaceutical and transportation sectors.
Headquartered in Paterson, New Jersey, TRG serves more than 1,800 customers across public and private sectors. The company has more than 50 years of operating history and has built a platform across New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and Rhode Island. The company is positioned for continued growth in a region with some of the oldest water and wastewater infrastructure in the United States.
Eric Kanter, Managing Director and Head of Industrial Services at MSCP, said the acquisition "underscores MSCP's focus on investing in businesses providing truly essential services." He added that MSCP plans to invest in TRG's people and capabilities, expand its geographic reach, and build on its record of organic growth and strategic acquisitions. Kevin Dice, Chief Executive Officer and President of TRG, said the partnership will provide additional resources to strengthen the platform and broaden its capabilities while maintaining its technical quality and responsiveness.
The transaction draws on MSCP's experience in industrial and infrastructure services, including its investments in Apex Companies, Resource Innovations and Olsson. Harris Williams served as exclusive financial advisor to TRG, with McDermott Will & Schulte as legal counsel. Latham & Watkins served as legal counsel to MSCP, and William Blair acted as its financial advisor. The announcement did not disclose deal terms or valuation.
Separately, pehub reported MSCP's acquisition of TRG under the headline "Morgan Stanley Capital Partners strikes deal for equipment servicer The Rapid Group." Morgan Stanley Investment Management reported $2 trillion in assets under management or supervision as of June 30, 2026.
Headquartered in Paterson, New Jersey, TRG serves more than 1,800 customers across public and private sectors. The company has more than 50 years of operating history and has built a platform across New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and Rhode Island. The company is positioned for continued growth in a region with some of the oldest water and wastewater infrastructure in the United States.
Eric Kanter, Managing Director and Head of Industrial Services at MSCP, said the acquisition "underscores MSCP's focus on investing in businesses providing truly essential services." He added that MSCP plans to invest in TRG's people and capabilities, expand its geographic reach, and build on its record of organic growth and strategic acquisitions. Kevin Dice, Chief Executive Officer and President of TRG, said the partnership will provide additional resources to strengthen the platform and broaden its capabilities while maintaining its technical quality and responsiveness.
The transaction draws on MSCP's experience in industrial and infrastructure services, including its investments in Apex Companies, Resource Innovations and Olsson. Harris Williams served as exclusive financial advisor to TRG, with McDermott Will & Schulte as legal counsel. Latham & Watkins served as legal counsel to MSCP, and William Blair acted as its financial advisor. The announcement did not disclose deal terms or valuation.
Separately, pehub reported MSCP's acquisition of TRG under the headline "Morgan Stanley Capital Partners strikes deal for equipment servicer The Rapid Group." Morgan Stanley Investment Management reported $2 trillion in assets under management or supervision as of June 30, 2026.
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