Key Takeaways
- • Morgan Stanley Capital Partners (MSCP) has acquired The Rapid Group (TRG), a Paterson, New Jersey-based provider of pump, motor and generator inspection, repair and maintenance services, from Hidden Harbor Capital Partners.
- • Hidden Harbor acquired TRG, then Rapid Pump & Meter, in July 2022 and completed eight add-on acquisitions, building a platform spanning New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and Rhode Island.
- • TRG serves more than 1,800 customers, including municipal water and wastewater systems, industrial and pharmaceutical plants, transportation operators and high-rise building owners, and runs wastewater treatment plants under contract through O&M Solutions.
- • The deal adds a Northeast water and equipment services platform to MSCP's industrial and infrastructure services portfolio, which includes Apex Companies, Resource Innovations and Olsson, acquired in December 2025.
- • Harris Williams served as lead financial advisor to Hidden Harbor and TRG, with BMO in a supporting role, while William Blair advised MSCP.
Summary
Morgan Stanley Capital Partners (MSCP), the middle-market private equity business of Morgan Stanley Investment Management, has acquired The Rapid Group (TRG) from Hidden Harbor Capital Partners. TRG inspects, repairs and maintains the pumps, motors and generators that support water systems, factories and commercial buildings across the Northeast. The company is led by CEO Kevin Dice and is headquartered in Paterson, New Jersey, about 20 miles northwest of New York City.
Hidden Harbor acquired TRG, then Rapid Pump & Meter, in July 2022. Over its ownership term, the Boca Raton, Florida-based firm completed eight add-on acquisitions, including Machinery Services, Delta Electro Power, AC Furia, Metro Pumps & Systems, Industrial Sales & Service, O&M Solutions, Pumping Solutions, Mechanical Solutions and Willier Electric Motor. The businesses were brought together under The Rapid Group umbrella in February 2025. The resulting platform spans New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and Rhode Island.
TRG's services include scheduled inspection and maintenance of pumps and motors, repair and rebuilding of failed equipment in its own machine shops, and 24-hour emergency response. It services fire pumps, booster pumps, circulation pumps and cooling towers, and supplies new pumps, air compressors and motor drives from manufacturers including Aurora and Wilo. Through O&M Solutions, TRG operates and maintains wastewater treatment plants under contract in New Jersey, New York and Pennsylvania. The company reports more than 1,800 customers.
Mr. Dice said the team has spent decades earning customer trust and that MSCP shares its commitment to employees, customers and a service-driven culture. Eric Kanter, managing director and head of industrial services at MSCP, said the acquisition reflects the firm's focus on essential services and cited TRG's technical expertise, regional footprint and reputation for responsiveness and quality. The acquisition adds a Northeast water and equipment services platform to MSCP's industrial and infrastructure services portfolio, which includes Apex Companies, Resource Innovations and infrastructure engineering firm Olsson, acquired in December 2025.
Hidden Harbor invests in North American lower-middle-market companies with revenue of up to $500 million and EBITDA of up to $30 million, focusing on founder- and family-owned businesses and corporate carve-outs. The firm has more than $2 billion in assets under management and is investing from its third fund, an $825 million vehicle. It was co-founded by John Caple, David Block and Christopher Paldino. Harris Williams was lead financial advisor and BMO a supporting advisor to Hidden Harbor and TRG, while William Blair advised MSCP. The deal's purchase price was not disclosed in the source material.
Hidden Harbor acquired TRG, then Rapid Pump & Meter, in July 2022. Over its ownership term, the Boca Raton, Florida-based firm completed eight add-on acquisitions, including Machinery Services, Delta Electro Power, AC Furia, Metro Pumps & Systems, Industrial Sales & Service, O&M Solutions, Pumping Solutions, Mechanical Solutions and Willier Electric Motor. The businesses were brought together under The Rapid Group umbrella in February 2025. The resulting platform spans New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and Rhode Island.
TRG's services include scheduled inspection and maintenance of pumps and motors, repair and rebuilding of failed equipment in its own machine shops, and 24-hour emergency response. It services fire pumps, booster pumps, circulation pumps and cooling towers, and supplies new pumps, air compressors and motor drives from manufacturers including Aurora and Wilo. Through O&M Solutions, TRG operates and maintains wastewater treatment plants under contract in New Jersey, New York and Pennsylvania. The company reports more than 1,800 customers.
Mr. Dice said the team has spent decades earning customer trust and that MSCP shares its commitment to employees, customers and a service-driven culture. Eric Kanter, managing director and head of industrial services at MSCP, said the acquisition reflects the firm's focus on essential services and cited TRG's technical expertise, regional footprint and reputation for responsiveness and quality. The acquisition adds a Northeast water and equipment services platform to MSCP's industrial and infrastructure services portfolio, which includes Apex Companies, Resource Innovations and infrastructure engineering firm Olsson, acquired in December 2025.
Hidden Harbor invests in North American lower-middle-market companies with revenue of up to $500 million and EBITDA of up to $30 million, focusing on founder- and family-owned businesses and corporate carve-outs. The firm has more than $2 billion in assets under management and is investing from its third fund, an $825 million vehicle. It was co-founded by John Caple, David Block and Christopher Paldino. Harris Williams was lead financial advisor and BMO a supporting advisor to Hidden Harbor and TRG, while William Blair advised MSCP. The deal's purchase price was not disclosed in the source material.
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