Pike Street Capital has raised its first fund at $237 million. The fund will focus on control investments in lower middle-market industrial technology businesses that have up to $100 million in revenue.

Pike Street has completed investments in three companies: US BioTek Laboratories, HeadRush Technologies and QuickBox Fulfillment.

While overall M&A activity, the lower middle-market is fragmented and is ripe for M&A activity. For more, read our conversation with Align Business Advisory Services founder Dena Jalbert.