Capstone Partners advised Boulder Imaging—a provider of AI-driven machine vision technologies and solutions—on its majority recapitalization with Lime Rock New Energy. The transaction closed in April 2026, and terms of the deal were not disclosed.
Headquartered in Louisville, Colorado, Boulder Imaging offers a suite of integrated systems and software that provides machine vision inspection solutions for high-speed, data rich applications. Boulder Imaging’s proprietary Vision Inspector® platform leverages ultra-high speed machine vision algorithms, artificial intelligence, and sensor fusion to solve complex visual inspection challenges across a wide range of environments and industries, including wind energy, architectural products, security paper, and banknotes. The Company’s flagship IdentiFlight® system combines long-range optics with its Vision Inspector platform to detect and identify protected bird species at wind farms, reducing avian fatalities by more than 95%. With hundreds of IdentiFlight® stations deployed at wind farms across six continents, Boulder Imaging is a global leader in AI-powered avian detection and protection for wind energy. Learn more about Boulder Imaging here.
Capstone was a true partner to Boulder Imaging through every step of the transaction process. The Capstone team’s combination of deep expertise in Industrial Technology and Energy & Power markets and a thoughtful, creative process design enabled Boulder Imaging to find an optimal partner. They worked tirelessly to maximize the outcomes for all stakeholders—understanding our priorities, framing the right strategic options, and excelling in execution. It was a pleasure to work with an expert-level team dedicated to finding the ideal outcome for Boulder Imaging.
LRNE’s investment is focused on accelerating Boulder Imaging’s continued global growth, enabling the Company to better serve its wind energy, manufacturing, and security paper and banknote customers, drive continued solution innovation, and enter new markets and industry verticals. Carlos Jorquera, CEO & CTO, Don Mills, President & COO, along with the entire Boulder Imaging leadership team, will continue to lead the Company into its next phase of growth.
Steven Dana, Managing Director at Capstone Partners, commented, “Boulder Imaging has built a differentiated AI-powered machine vision platform that is expanding the range of complex inspection, detection, and monitoring challenges technology can address. We were proud to advise the Company on this transaction and believe Lime Rock New Energy is well positioned to support Boulder Imaging’s continued innovation and growth across both its core markets and new applications.“
“Boulder Imaging represents the cutting edge of the application of inspection, detection, and monitoring technology to energy infrastructure to make it safer, more sustainable, and more efficient. It was a pleasure and an honor to work with the Boulder Imaging team to find a partner that will support them in their mission to be industry leaders in the space,” added, Ted Kinsman, also a Managing Director at Capstone.
Lime Rock New Energy is a growth-focused private equity partner for entrepreneurs and management teams building differentiated, innovative businesses across the energy transition. The firm invests in three areas central to that transition: products and services driving renewable energy and grid modernization; energy efficiency for industry and the built environment; and the decarbonization of transportation. Lime Rock New Energy works alongside its portfolio company leaders to support growth through capital, strategic and operational guidance, and the firm’s deep network of relationships across the rapidly evolving energy landscape. The firm’s approach is grounded in a close, collaborative partnership with the entrepreneurs and teams it backs, with a shared focus on building businesses that deliver meaningful, quantifiable environmental and social impact, and strong financial performance. For more information, please visit here.
The investment banking professionals on Capstone Partners’ dedicated Industrial Technology Group and Energy & Power Teams work with leading middle market companies operating in the machine vision and energy markets to advise strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Industrial Technology Group or Energy Banking Team, contact us here.
