Add-on Acquisitions in 2024

Cleveland-based MAI Capital Management has acquired Concentric Wealth Management, a Lafayette, California RIA with six employees and $662 million in client assets, effective December 31, 2024. Concentric's founders, Eric Flett and Stewart McGuire, will adopt MAI branding and join as regional presidents as the firm integrates MAI's operations, HR and marketing resources.

Wealth Enhancement, a national independent wealth management firm, acquired Danison & Associates, an independent RIA based in Columbus, Ohio that oversees roughly $82 million in client assets. The deal closed on December 31, 2024 and marks Wealth Enhancement's first office in Greater Columbus as the two-advisor team joins Wealth Enhancement's platform and centralized planning and back-office services.

Imagenet, a healthcare operations partner and portfolio company of BV Investment Partners, acquired CODY Consulting Group (CODY) in a deal completed December 31, 2024. The acquisition adds CODY's proprietary software, outsourced services, and consulting capabilities for member communications and compliance, creating a combined business that will serve more than 150 health plans with a global workforce of over 1,000.

Mariani Premier Group has acquired Liliput, a Culver City–based landscaping firm founded in 2003, marking the group's first entry into California and the 25th company to join its platform. Liliput specializes in residential landscape services across Los Angeles County (including Beverly Hills, Bel Air and Santa Monica) and will operate as part of Mariani's national outdoor living platform.

Empower Physical Therapy has combined with Doctors of Physical Therapy (DPT) to create a larger outpatient and industrial physical therapy network. The deal, which closed in December 2024, brings DPT's more than 100 locations and 300+ practitioners into Empower's platform (backed by Sheridan Capital Partners) and will be supported going forward by Sheridan Capital Partners and SV Health Investors; Aaron Kraai (founder of DPT) will serve as CEO of the combined company.

Elevate ENT Partners, a physician-led management support organization, has acquired Jacksonville ENT Surgery, adding the Jacksonville practice to its national network of ENT centers. The deal will provide Jacksonville ENT with Elevate's operational resources and support to enhance clinical capabilities and patient care while enabling practice growth.

Havencrest Capital Management’s Avid Health at Home platform has acquired Sandhills Home Care, a North Carolina-based provider of at-home personal care services. Sandhills operates across 14 counties with offices in Pembroke, Rockingham and Wilmington; the deal is Avid’s fifth platform acquisition and its second in North Carolina.

Gamber-Johnson, a Main Street Capital portfolio company based in Stevens Point, Wisconsin, has acquired American Aluminum Accessories, Inc., a Perry, Florida-based specialty aluminum manufacturer serving law enforcement, public safety and fleet markets. Skyway Capital Markets advised the sellers (siblings Thomas Swain and Linda Lawson); Jennifer Arnold will continue to lead the Perry facility as General Manager while the business operates as part of the Team GJ family.

Osceola Capital acquired Bakers' Signs & Manufacturing (closed December 27, 2024) and is combining the business with its platform investment, Texas Republic Signs (TRS). The deal will expand manufacturing capacity, installation resources, and service offerings across Texas while Bakers' president Matt Baker remains with the business.

Puget Collision has acquired Bob Thomas Auto Body, Inc., a long-running CARSTAR franchise and Tesla-certified collision repair shop in northeast Portland. The deal — which expands Puget to 54 locations and adds its first Tesla-certified facility in Portland — was completed as owners Jeff and Karen Smith retire; Focus Advisors represented the sellers.

Meridian Adhesives Group has acquired PAS Bangkok Co., Ltd., a Thailand-based adhesive specialist and distributor, to expand Meridian’s presence across Southeast Asia. PAS Bangkok — which distributes adhesives, sealants, tapes, cleaning chemicals, greases and dispensing/curing equipment to advanced electronics and manufacturing customers — will be integrated into Meridian’s APAC operations to provide localized support and broaden product offerings.

Senske Family of Companies (SFC) has acquired two Nutri-Lawn franchise operations: Nutri-Lawn Mississauga and Nutri-Lawn Fredericton. The transactions expand SFC's Canadian footprint and integrate the Mississauga operation into Nutri-Lawn's Toronto corporate team and the Fredericton location as a satellite of Nutri-Lawn's Halifax team.

Altaris, a New York-based healthcare-focused investment firm, acquired the U.S. and U.K. operations of WuXi AppTec's Advanced Therapies unit (including OXGENE). Advanced Therapies will be renamed and headquartered in the United States and Altaris intends to combine it with its recently acquired Minaris Regenerative Medicine to form Minaris Advanced Therapies, expanding cell-therapy CDMO capabilities and global footprint.

LindFast Solutions Group (LSG), a portfolio company of Nautic Partners, has completed the acquisition of Big Bolt, a Bloomingdale, Illinois-based manufacturer of specialty fasteners. The add-on acquisition expands LSG's manufacturing capabilities and product offering to better serve distributor customers across North America; Lincoln International acted as exclusive financial advisor to Big Bolt.

Performance Systems Integration (PSI), a portfolio company of The Riverside Company, has acquired Sanderson Fire Protection as an add-on to PSI’s fire and life safety platform. Sanderson, a family-owned fire protection provider headquartered in Portland, Oregon, offers fire extinguisher service and suppression system inspection, repair and installation across Oregon and Washington, and the deal expands PSI’s suppression capabilities and regional presence in the Pacific Northwest.

Creators of the Outside World (CROWD) has acquired Armada Mobility B.V., a Dutch provider of street furniture, traveler information systems, bicycle storage and station wayfinding solutions. The deal expands CROWD's product and smart-city service offerings and reinforces its strategy to grow via buy-and-build while enhancing circularity and long-term maintenance capabilities.

Roofing Services Solutions (RSS), a portfolio company of Dunes Point Capital, LP, has acquired Midwest Roofing, Siding & Windows, LLC, a Blaine, Minnesota-based provider of re-roofing and building exterior services. Midwest operates one location and employs approximately 15 people; RSS is a multi-location roofing platform with about 12 locations and ~200 employees.

The Granite Group has acquired Salem Plumbing Supply, a multi-location plumbing and heating distributor in Massachusetts. The acquisition, for which terms were not disclosed, was advised on the sell-side by The Beringer Group and strengthens The Granite Group’s presence in eastern Massachusetts.

CERTUS Pest has acquired the Las Vegas branch of Green Wave Pest Solutions and will integrate it into its Las Vegas Pest Control (LVPC) brand. The deal strengthens CERTUS' presence in the Las Vegas market and gives Green Wave customers access to CERTUS' broader service offering, including termite control and prevention.

Merit Financial Advisors has acquired Zimmermann Investment Management & Planning, adding approximately $739 million of assets and establishing Merit's fourth office in Pennsylvania. The deal, finalized on December 20, 2024, will see Curt H. Zimmermann join Merit as Partner and Wealth Manager and expands Merit's footprint as part of its ongoing roll-up strategy (Merit's 31st acquisition since taking a minority investment from Wealth Partners Capital Group and investors led by HGGC's Aspire platform).

CareHub, using its vehicle Brexia Med S.r.l. and backed by Silver Economy Fund (managed by Quadrivio Group), acquired a 95% stake in Cormedica S.r.l., a multi-speciality outpatient clinic operator in Friuli-Venezia Giulia, Italy. The add-on furthers CareHub's buy-and-build strategy to consolidate outpatient diagnostics and expand regional presence within the Silver Economy Fund portfolio.

LawnPRO Partners, a residential lawn care platform backed by HCI Equity Partners, has acquired Meehan's Lawn Service, a Brook Park, Ohio–based residential lawn and pest services provider founded in 1993. The Meehans (Tim and Deanna) will remain with the business; the acquisition is LawnPRO's ninth and strengthens its footprint in the Cleveland / Northeast Ohio market. Financial terms were not disclosed.

LFM Capital’s portfolio company SureKap has rebranded as Excelis Packaging Automation and acquired Kraken Automation, a Canada-based specialist in high-speed material handling, case packing and cartoning systems. Financial terms were not disclosed; the acquisition expands Excelis’ turnkey packaging automation capabilities and adds secondary packaging and material-handling expertise to the platform.

Counsel Press, the Align Capital Partners-backed outsourced legal services platform, has acquired Case Anywhere, a cloud-based case management, eService and collaboration platform. The deal expands Counsel Press’s capabilities into trial court and ADR markets, strengthens its West Coast presence, and creates cross-selling opportunities with its existing appellate services.

Ziyad Brothers, a portfolio company of Peak Rock Capital, has acquired Indo~European Foods (IEF), a value-added importer and distributor of ethnic and specialty food products, from Corridor Capital. The deal combines complementary brand portfolios and footprints to expand product assortment and accelerate IEF's national presence.

BearCom has acquired Stone Security, a Salt Lake City–based provider of enterprise physical security products and services, adding more than 225 technical staff and a footprint across the U.S., Mexico and Brazil to BearCom’s security solutions portfolio. The deal, announced Dec. 20, 2024, expands BearCom’s video surveillance and access control capabilities and is the company’s second acquisition since Siris’ 2023 investment.

Integrated Power Services (IPS), a Greenville, South Carolina–based provider of electrical, mechanical and power management services, has acquired Tucson-based Switchgear Solutions, Inc. The acquisition expands IPS's footprint and capabilities in the Southwestern United States, adding Switchgear Solutions' remanufacturing, field and engineering services for mining, utilities and industrial customers.

Malvern, PA-based marketing-as-a-service provider 2X has acquired Intelligent Demand, a Denver-based B2B growth strategy and execution firm. The transaction (a PE-backed platform add-on) expands 2X's MaaS capabilities—adding GTM strategy, demand generation, RevOps and onshore U.S. delivery to its subscription-based marketing services.

SNG Group Limited (SNG Barratt) has merged with specialty automotive parts suppliers Moss Motors and Rimmer Bros to form a combined group that is a portfolio company of Radial Equity Partners. The combination brings together manufacturing, R&D, sourcing and distribution capabilities across the UK, Europe and the U.S., expanding product availability for classic and contemporary British marque vehicles and other marques.

Air Conditioning Specialist, Inc. (ACS), a portfolio company of Hidden Harbor Capital Partners, acquired AAA-1 Heating & Cooling, LLC (Kingsport, TN) and Jake's Heating & Cooling of North Myrtle Beach, LLC (Little River, SC). The transactions expand ACS’s HVAC and plumbing footprint in Tennessee and South Carolina as add-on acquisitions to its existing platform in the Southeast.

Landscape Workshop, a Birmingham-based commercial grounds management platform backed by Carousel Capital and McKinney Capital, has acquired Servello & Son, Inc., a family-owned landscaping business in Orlando, Florida. The acquisition expands Landscape Workshop's footprint into the Orlando market and brings the Servello founders into the company as part of the integration.

Franklin Energy, a portfolio company of Abry Partners, acquired AESC (Alternative Energy Systems Consulting) and EVA Green Power to expand its clean energy engineering, consulting, and distributed energy capabilities. The add-on acquisitions broaden Franklin Energy’s capacity across energy efficiency, demand-side management, solar, storage, EV charging and EPC services, and bolster its integrated offerings for utilities, governments, and commercial & industrial clients.

Rent-A-Container, a Kinderhook Industries portfolio company, acquired the rental assets of Containerize Corp. The asset purchase increases RAC's available fleet in the Southeast to bolster its Douglas, Georgia branch and better serve demand across the Florida/Georgia market as part of RAC's ongoing expansion.

Evergreen (via its MSP arm Lyra Technology Group) acquired three UK-based managed service providers — ITBuilder, Certum and CIS Ltd. — which will operate independently under Lyra to expand Evergreen's UK MSP footprint. Financial terms were not disclosed; the deals increase Evergreen's UK holdings and follow prior 2023 acquisitions as part of a buy-and-hold strategy.

RD Last Mile Holdings, LLC (doing business as ADL Final Mile) has acquired Henry Industries, Inc. (d/b/a Henry Freight Solutions), a final-mile and customized logistics provider operating across Illinois, Missouri, Kansas, Arkansas, Oklahoma and Texas. The deal — ADL Final Mile's fourth acquisition — is backed by equity partners including Red Dog Equity and Tom Pritzker's family interests (advised by The Pritzker Organization) with Monroe Capital providing financing, and is intended to densify ADL Final Mile's Midwest and South-Central U.S. footprint.

Benford Capital Partners’ portfolio company Argus Monitoring Solutions has acquired Morgan Construction Services, a Kansas City–based provider of seismic and vibration monitoring services for the construction sector. The add-on strengthens Argus' Midwest footprint and service capabilities, with Morgan's employees retained and founder Rob Morgan remaining as a manager focused on regional expansion.

Automotive Color & Supply, a portfolio company of WILsquare Capital, has acquired Paint Works, a regional distributor of automotive and industrial paint and supplies based in Tyler, Texas. Terms were not disclosed; the deal expands ACS' footprint in the South (Texas, Arkansas and Louisiana) and ACS will continue operating Paint Works branches under the existing Paint Works brand.

Afore Insurance Services, LLC has acquired the assets of S&B Block Services, Inc. dba Block Insurance, bringing the Oviedo, Florida-based specialist insurance agency onto Afore's national agency platform. Beth and Steven Block and their 12-person team have joined Afore as Managing Principals to help scale the firm's childcare, private school, and martial arts specialty practice across the United States.

True Environmental, a Halle Capital-backed environmental services platform, has acquired GKY & Associates, a Virginia-based water resources engineering and environmental consulting firm. The deal brings GKY's team and capabilities onto the True platform to accelerate growth, broaden service offerings, and facilitate an ownership transition for GKY's owners.

Choice Financial Group, a Virginia Beach–headquartered insurance agency backed by Northlane Capital Partners, has acquired Employee Benefits of Virginia, a Richmond-area employee benefits advisory firm. The deal expands Choice's employee benefits capabilities and strengthens its presence in the Mid-Atlantic (Virginia) market.

JANUS Research Group, a portfolio company of CM Equity Partners, has acquired Verisk's Atmospheric and Environmental Research (AER) business. The transaction (advised by D.A. Davidson for Verisk) brings AER's remote-sensing, climate, oceanography and space-weather capabilities into JANUS to broaden mission-focused science, analytics and AI/ML offerings for federal, defense and commercial customers.

Pearce Services, a New Mountain Capital-backed provider of mission-critical infrastructure services, has acquired Unified Power, a Terrell, Texas-based provider of UPS and backup generator maintenance and repair services. The deal, supported with incremental capital from Goldman Sachs Alternatives' Hybrid Capital group, expands Pearce's capabilities into UPS services and strengthens its presence across data center, telecom, healthcare and other mission-critical end markets; Incline Equity Partners sold Unified Power.

Exostar, the Herndon, Virginia-based provider of secure collaboration software for regulated industries, has acquired Robot Morning and ComplyUp to expand its supply-and-demand management and governance, risk, and compliance (GRC) capabilities. The purchases bolster Exostar's platform for the aerospace & defense supply chain and help customers prepare for DoD CMMC audit requirements.

Triad Service Solutions, a facilities maintenance provider backed by Tide Rock YieldCo, has acquired Brite Solutions, a nationwide facility maintenance specialist for transportation, logistics and warehousing facilities. The add-on expands Triad’s national footprint, subcontractor network and capabilities for 24-hour operations across 46 states, enabling cross-selling of services and accelerated growth.

The Vomela Companies has acquired the business of Color Reflections of Las Vegas to operate as part of Vomela’s Fusion Imaging Group. The add-on expands Vomela’s geographic presence and production/support capabilities in the events, tradeshow and retail graphics markets.

Power Grid Components (PGC), a Blackstone portfolio company, has acquired Elliott Industries, a custom manufacturer of electrical equipment based in Bossier City, Louisiana. The acquisition is an add-on to PGC's power distribution portfolio and will preserve the Elliott brand while leveraging PGC's resources to drive growth and product innovation.

RELAM, a Paceline Equity Partners portfolio company, has acquired Falcon Equipment Ltd., a Surrey, British Columbia–based specialty truck and equipment solutions provider. The deal expands RELAM’s presence in the Canadian hi-rail and specialty truck markets, adds new end markets (building supply, utility, snow and ice, municipality), and preserves Falcon’s existing management team under President Dan Kielan.

Trucordia, a top-20 U.S. insurance brokerage headquartered in Lindon, Utah, has acquired the insurance business of the family-owned Richard King Insurance Agency in Powhatan, Virginia. The acquisition is part of Trucordia’s ongoing roll-up strategy to expand its footprint and service offerings by integrating high-growth, client-focused local brokerages.

PrimeSource Brands, a Clearlake-backed provider of residential building products, has acquired CityPost, a Spokane Valley-based maker of patented cable railing systems for decks, patios and lofts. The add-on expands PrimeSource's outdoor living product portfolio and leverages CityPost's channel presence (direct e-commerce, distributors and big-box retailers); financial terms were not disclosed.

MultiTech Industries, a portfolio company of Argonaut Private Equity, has acquired Sandin Manufacturing in a strategic add-on transaction. Dresner Partners served as sell-side advisor; the acquisition expands MultiTech’s manufacturing footprint and capabilities in wire rope, cable and coated metal products.