BGL’s Co-Chief Executive Officer and Head of Services and Infrastructure, Effram Kaplan, was recently quoted in an article published by Waste Dive that examined the waste and recycling M&A market in the first half of 2026.
In the article, Effram discussed the key tailwinds driving activity in the waste sector and what investors can anticipate in the second half of the year.
For all of Effram’s insights, read the complete article on the Waste Dive website.
BGL’s Co-Chief Executive Officer and Head of Infrastructure and Services verticals, Effram Kaplan, was recently featured an article published by S&P Global Market Intelligence entitled, “S&P webinar: Megadeals offset M&A slowdown as AI boosts asset-heavy sectors.”
The article provided a recap of a recent webinar during which Effram was a featured speaker to discuss the investment opportunities in asset-heavy sectors that support AI infrastructure, particularly environmental services and industrial businesses. Effram highlighted that private equity firms are increasingly exploring alternative liquidity solutions beyond traditional exits amid a challenging market for middle-market deals.
To read the full article and listen to a recap of the webinar, visit the S&P Global Market Intelligence website.
Client Description
Headquartered in Georgetown, Texas, STL is a thermal engineering firm specializing in direct-to-chip liquid cooling, including the design and development of high-performance cold plate solutions. The company provides deep expertise and proven capability in addressing some of the industry’s most demanding chip-level density and thermal challenges across data centers, high-performance computing, and AI-driven infrastructure.
Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the sale of Strategic Thermal Labs (STL), a specialist in advanced liquid-cooling technologies, to a wholly owned subsidiary of Vertiv Holdings Co. (NYSE: VRT), a global leader in critical digital infrastructure.
BGL’s Digital Infrastructure investment banking team served as the exclusive financial advisor to Strategic Thermal Labs. Learn more here.
Headquartered in Georgetown, Texas, STL is a thermal engineering firm specializing in direct-to-chip liquid cooling, including the design and development of high-performance cold plate solutions. The company provides deep expertise and proven capability in addressing some of the industry’s most demanding chip-level density and thermal challenges across data centers, high-performance computing, and AI-driven infrastructure.
Headquartered in Westerville, Ohio, Vertiv provides power, cooling, and IT infrastructure solutions and services that support critical applications across data centers, communication networks, and commercial and industrial environments.
Transaction Details
About BGL’s Digital Infrastructure Investment Banking Team
BGL’s Digital Infrastructure investment banking team helps clients both create and maximize value across various sectors, including broadband, wireless, data centers & managed services, towers & wireless infrastructure, and digital infrastructure services.
To learn more about BGL’s recent transactions in digital infrastructure investment, visit our Transaction page.
Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the promotion of Enrico J. Certo, Ryan W. Gillis, and Daniel J. MacDonald to Director.
The promotions reflect BGL’s continued investment in developing bankers with deep vertical and sector expertise, supporting the firm’s ability to deliver M&A, capital markets, board-level and strategic advisory services to clients and relationships across the middle market.
Effram E. Kaplan and Andrew K. Petryk, Co-Chief Executive Officers for BGL, stated, “BGL’s sector-focused platform is strengthened by bankers who bring deep industry knowledge, strong execution capabilities, and a commitment to delivering thoughtful advice to our clients. Rico, Ryan, and Dan have each contributed meaningfully to the continued growth of their respective coverage areas. Their promotions reflect their transaction leadership, sector specialization and dedication to advancing BGL’s client-focused approach.”
Over the past 24 months, the firm has expanded its sector coverage within its Industrials, Consumer, Services, Infrastructure, Healthcare & Life Sciences, and Real Estate verticals, along with adding to its Financial Sponsor Coverage and Private Capital Advisory capabilities.
Learn more about BGL’s investment banking capabilities and our sector expertise here.
BGL’s Co-Chief Executive Officer Effram Kaplan recently joined Bloomberg Radio’s Bloomberg Surveillance with Tom Keene and Paul Sweeney to discuss why private capital is increasingly focused on infrastructure and service-oriented businesses.
During the conversation, Effram explains how the infrastructure investment landscape has evolved over the last five years, with more equity and hybrid capital flowing toward less cyclical, service-oriented markets requiring upgrades, redevelopment, and operational support—including waste, environmental services, water and wastewater, power, and grid infrastructure.
Key areas of opportunity for private capital investment include:
Effram, who is based in BGL’s Cleveland, Ohio headquarters, also highlights why Ohio is well positioned for continued infrastructure investment, noting the state’s growing momentum and long-term opportunity. That outlook aligns with CNBC’s recent recognition of Ohio as one of the nation’s top states for infrastructure, further underscoring the region’s investment potential.
To watch the full interview, visit: Bloomberg Radio.
Rico Certo is a Director and a senior member of BGL’s Infrastructure and Services verticals, advising private equity firms, middle-market companies, and public companies on mergers, acquisitions, and capital markets transactions in the Transportation & Logistics Infrastructure and Supply Chain & Logistics Services sectors.
Prior to joining BGL, Rico was an Associate at EdgePoint Capital, where he provided investment banking and financial advisory services across a diverse client base. Earlier in his career, he was an Analyst at Longbow Research and MobilityWorks.
Ryan W. Gillis is a Director and a senior member of BGL’s Infrastructure vertical, focusing primarily on Digital Infrastructure, advising founder-owned and private equity-backed companies across the digital infrastructure ecosystem in the U.S. and international markets.
His experience spans M&A and strategic advisory, with additional experience in debt and equity capital markets. Over the course of his career, Ryan has executed 100+ advisory and capital markets transactions, representing $50+ billion in aggregate deal volume.
He supports BGL’s coverage of businesses tied to the continued expansion of connectivity, broadband, fiber networks, data center infrastructure, managed services, wireless infrastructure, and other mission-critical digital infrastructure assets. His expertise is particularly relevant as demand for digital capacity, cloud adoption, and AI-related infrastructure investment continue to drive strategic and financial investor interest across the sector.
Prior to joining BGL, Ryan held investment banking roles at Houlihan Lokey and Wells Fargo Securities.
S&P Global Market Intelligence will be holding a live webinar on July 15th at 11 a.m. ET entitled, “M&A in Focus: Bucking the AI Boom with Asset-Heavy and Services Deals,” featuring BGL’s Co-Chief Executive Officer and Head of Infrastructure and Services verticals Effram Kaplan.
As headlines spotlight AI-driven deals and high-growth tech valuations, a quieter but highly resilient segment of the market is gaining momentum. Investors are increasingly hungry for asset-heavy or domestic services targets that deliver stable cash flows, long asset lives, and insulation from rapid tech disruption. The panelists will discuss deal trends in niche sub-sectors where capital is flowing. Hear what strategic playbooks investors are using to drive durable returns and value in a shifting, AI-infused M&A landscape.
The panelists include:
The session will discuss:
Register for the webinar on the S&P Global Market Intelligence website here.
BGL Managing Director Craig Decker, who leads the firm’s Transportation & Logistics Infrastructure investment banking team, recently spoke with Commercial Carrier Journal for an article entitled, “Broker liability and supply-driven recovery are reshaping trucking M&A.”
In the article, Craig shares the trends driving trucking M&A in the second half of 2026 and what buyers are looking for in acquisitions. He also discusses how buyers are becoming more selective, with deal interest increasingly focused on specialized trucking providers with high-margin, recurring revenue, dedicated contract carriage, and defensible end-market exposure.
For all of Craig’s insights, read the complete article on Commercial Carrier Journal.