Boyne Capital acquires majority stake in Sonic Systems International

Boyne, which invested in Sonic Systems through its second fund, partnered on the deal with Breakwater North. 

Boyne Capital acquired a majority stake in Sonic Systems International, which provides support services to the commercial nuclear power industry. Sonic is led by CEO Bruce Schlueter. Boyne, which invested in Sonic Systems through its second fund, partnered on the deal with Breakwater North.

Press Release

Boyne Capital (“Boyne”) is pleased to announce that one of its affiliates has acquired a majority stake in Sonic Systems International, LLC (“Sonic” or the “Company”), a leading provider of mission-critical support services to the commercial nuclear power industry.

Based in Wilmington, NC and Houston, TX, Sonic’s highly skilled workforce of nuclear-certified technicians provides a range of services including non-destructive evaluation, QA/QC, refueling/reactor maintenance, engineering and project management. The Company serves a majority of U.S. commercial nuclear reactors, the country’s most reliable and largest source of carbon-free electrical power. Since the Company’s founding in 1977, Sonic has developed a leading reputation for safety, professionalism and technical excellence, enabling it to become a long-term trusted supplier to leading nuclear OEMs and utilities. Sonic is led by CEO Bruce Schlueter who brings significant leadership experience in the non-destructive evaluation and industrial services industries.

Boyne partnered on the transaction with Breakwater North LLC (“Breakwater North”), whose Managing Partners, Ryan Mills and David Faherty, bring energy finance and direct nuclear operating experience, having served as naval nuclear engineers aboard aircraft carriers and submarines, respectively. Main Street Capital Corporation provided debt financing and an equity co-investment to support the transaction.

Boyne Managing Partner and CEO, Derek McDowell, said: “The Boyne team is pleased to join forces with Sonic’s management team and Breakwater North. Sonic differentiates itself with deep, long-tenured customer relationships, built upon its consistent reliability and responsiveness as a partner. We are excited about Sonic’s position to capitalize on the revived growth of the nuclear power industry.”

Former Sonic President, Dale Holbrook, said: “I am tremendously proud of the growth of the Company over the last decade, and I believe the additional resources the new investors bring will enable the Company to become an even stronger industry supplier going forward. I look forward to remaining on the Board and supporting Bruce and the rest of the team on Sonic’s next phase of growth.”

Breakwater North’s Managing Partners, David Faherty and Ryan Mills, added: “We look forward to working with Boyne and Company management to pursue several exciting strategic initiatives, as we seek to expand Sonic’s breadth of services and enhance the Company’s reputation as a vendor of choice to the nuclear industry and other highly specialized industries.”

Sonic represents the latest platform investment in BCM Fund II (“Fund”). Boyne Capital is dedicated to investing in the lower middle market sector, specifically companies with revenues of less than $100 million and with EBITDA of $3 million to $15 million.

About Boyne
Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, niche manufacturing, and business and financial services among others. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive both company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners’ and shareholders’ partial or full exit. For more information, please visit or call 305.856.9500.

About Breakwater North
Breakwater North is a private investment and advisory firm focused on unique acquisition and growth opportunities in the middle and lower-middle markets. The team consists of experienced finance professionals and naval nuclear engineers with greater than $30 billion of transaction experience and over ten years of active-duty military and nuclear power operational experience. Breakwater North is uniquely positioned to access and capitalize on exclusive, targeted opportunities leveraging a deep network of professionals across a wide range of industries. For more information, please visit

About Main Street
Main Street is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one stop” financing alternatives within its lower middle market portfolio. Main Street’s lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street’s middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies. For more information, please visit