Buyout Acquisitions in 2017

Kinderhook Industries, a New York-based private equity firm, acquired Intergulf Corporation, a Baytown, Texas-headquartered industrial liquids management company. Several Intergulf executives (including Brandon Velek and Marc Sansom) retained ownership stakes and will continue to lead the company post-transaction; financial terms were not disclosed.

FFL Partners, a San Francisco-based private equity firm, has completed its acquisition of Autism Learning Partners (ALP), a Southern California provider of Applied Behavior Analysis (ABA) therapy for children and young adults with autism. Terms were not disclosed; FFL said it will work with ALP management to expand the company’s multi-state platform and grow its clinical services.

Barracuda Networks acquired PhishLine, a Waukesha, Wisconsin–based SaaS provider of social engineering simulation and security awareness training. The acquisition expands Barracuda’s email and security training capabilities by integrating PhishLine’s phishing simulation, analytics and training platform into Barracuda’s portfolio.

Carlyle Growth Investments IV, an affiliate of Carlyle Asia Growth Partners V, has acquired a significant majority stake in Visionary RCM Infotech (India) Pvt. Ltd., a Chennai‑headquartered provider of offshore risk adjustment, medical coding and revenue cycle management services. The investment will support VRCM's growth and expansion of service offerings as the company continues to serve payers and providers across Medicare, Medicaid and commercial health plans.

Verint Systems Inc. (Nasdaq: VRNT) has acquired all outstanding equity interests in Next IT Corporation and its affiliate Next IT Innovation Labs, LLC for roughly $30 million in cash at closing, plus potential future cash payments. The acquisition adds conversational AI and intelligent virtual assistant capabilities to Verint's cloud self-service and automation portfolio to accelerate its AI-driven customer engagement solutions.

A.C.T Lighting, Inc. has acquired RHC Holdings Corporation (RapcoHorizon), a Jackson, Missouri–based manufacturer of audio, data and specialty industrial wire and interconnect assemblies. The acquisition brings RapcoHorizon’s branded product portfolio (including ProCo, RAT, RoadHog and StageMASTER) into A.C.T’s entertainment-technology product and service offering to expand capabilities and product range for live-production and audio markets.

IntriCon Corporation completed its acquisition of the remaining 80% stake in Hearing Help Express, a DeKalb, Illinois-based direct-to-consumer mail-order hearing aid provider. The transaction included $650,000 in cash, repayment of approximately $1.83 million in debt and an earn-out; IntriCon said the deal gives it direct access to consumers and the value-based hearing healthcare market.

Daseke, Inc. (NASDAQ: DSKE) has acquired Moore Freight Service, Inc., a Mascot, Tennessee-based specialist in flat glass transportation. The acquisition expands Daseke’s flatbed and specialized freight capabilities and brings Moore Freight’s niche expertise and customer relationships into Daseke’s North American platform; Dinan Capital Advisors served as financial advisor to Moore Freight and its shareholders.

Express Scripts Holding Company completed the acquisition of eviCore healthcare for $3.6 billion on Dec. 15, 2017. The deal combines Express Scripts' pharmacy benefit management platform with eviCore's evidence-based medical benefit management capabilities to expand clinical services, improve outcomes and reduce healthcare costs.

Professional services firm Alsbridge has acquired network optimisation and IT transformation consultancy Telwares from One Equity Partners. The acquisition adds roughly 60 consultants and expands Alsbridge’s data-driven benchmarking and network procurement capabilities, bringing the firm to about 385,000 networking procurement datapoints.

eBay acquired Toronto-based Terapeak, a provider of e-commerce market, pricing and supply/demand analytics, and began integrating Terapeak capabilities into its Seller Hub to give merchants better insights. Terapeak's team joined eBay’s B2C Selling and Seller Experience groups; financial terms were not disclosed.

Planview acquired LeanKit to extend its work and resource management platform with Lean and Agile (enterprise Kanban) capabilities. The acquisition integrates LeanKit's Enterprise Kanban for engineering teams into Planview's WRM portfolio to better serve software development, DevOps, IT operations and engineering organizations.

TriCo Bancshares (Tri Counties Bank) acquired FNB Bancorp (First National Bank of Northern California) in a stock transaction valued at approximately $315.3 million (about $40.81 per share). The deal expands TriCo’s presence into the San Francisco Peninsula and broader Bay Area markets.

Funds managed by Blackstone Tactical Opportunities acquired a majority stake in TITUS, an Ottawa-based provider of data classification and categorization solutions; terms were not disclosed. Blackstone said the investment will help TITUS accelerate its product innovation and expand geographic reach as the company — which serves millions of users and over 950 enterprise customers — scales globally.

Sprout Social, a Chicago-based provider of social media management and analytics solutions, acquired Seattle-based social analytics firm Simply Measured to expand its analytics and listening capabilities. The purchase integrates Simply Measured’s full-funnel social analytics into Sprout’s platform to broaden product offering for brands and agencies and strengthen Sprout’s market position in social analytics.

Hub International Limited acquired the assets of Desert Empire Insurance Services, Inc., a Palm Desert, California-based independent multi-line insurance brokerage. DEI principals Matt Costello, Paul Lewis and Sal Sandoval will join Hub California; terms were not disclosed and the deal expands Hub’s local footprint and specialty product expertise in the Coachella Valley.

Appen Limited has signed a definitive agreement to acquire Leapforce Inc., a Pleasanton, California–based provider of search relevance and human-evaluated data services. The deal combines Leapforce's proprietary evaluation platform and crowd resources with Appen's large global workforce to expand Appen's AI and machine-learning data annotation capabilities worldwide.

Tinicum, L.P. (managed by Tinicum Incorporated) has acquired Astrodyne TDI from Audax Private Equity. Astrodyne, a Nashua, New Hampshire-based developer and manufacturer of specialized power supplies, EMI filters and electronic control products serving medical, military, aerospace and industrial markets, has over 600 employees across the U.S. and China.

Capital Square Partners (CSP) has acquired 100% of the holding company for Aegis from AGC Holdings (an Essar Global Fund portfolio company) for approximately US$300 million. The sale marks Essar's complete exit from the BPO business and will help retire group debt; CSP intends to work with Aegis management to grow its global footprint and capabilities.

Hub International Limited acquired the assets of Massachusetts-based Summit Financial Corporation and Summit Financial Insurance Agency, Inc., expanding Hub's retirement and employee benefits capabilities in New England. Summit, founded in 1993 and headquartered in Burlington, Massachusetts, will join Hub's New England retirement and benefits operations with its leadership and staff continuing to operate from existing offices.

Royal Philips has acquired US-based startup Analytical Informatics, Inc. to integrate the company's vendor-agnostic radiology workflow and analytics tools into Philips' PerformanceBridge radiology portfolio. The acquisition is intended to accelerate Philips' roadmap for Radiology Solutions by expanding operational intelligence, workflow optimization and data-driven decision support for imaging departments and enterprise customers; financial terms were not disclosed.

Williams-Sonoma, Inc. agreed to acquire Outward, Inc., a San Jose–based 3-D imaging and augmented reality platform for the home furnishings industry, for $112 million in cash. The deal will make Outward a wholly-owned subsidiary of Williams-Sonoma to extend the retailer's customer service and product-visualization capabilities while maintaining Outward's San Jose operations and leadership team.

Apple has acquired InVisage Technologies, a startup that developed QuantumFilm imaging sensor technology and related nanomaterials to improve camera performance in space-constrained devices. The deal brings InVisage's imaging capabilities and team into Apple to support camera, authentication (FaceID), AR/VR and other imaging-focused initiatives.

Gentherm Incorporated acquired Etratech Enterprises, Inc., a Burlington, Ontario–based designer and manufacturer of advanced electronic controls and systems, from Etratech shareholders (including minority investor The Shotgun Fund). Etratech, which employs more than 400 people and had estimated revenues of CAD 77 million (about US$61 million) trailing-12-months, was purchased for US$64 million (~8.5x trailing EBITDA).

ALTEN Calsoft Labs, part of the ALTEN Group, has acquired Premier Logic, a US-based digital transformation and product engineering consultancy. The acquisition expands ALTEN Calsoft Labs' digital capabilities and strengthens its presence in US markets by adding Premier Logic's product design, prototyping and digital delivery expertise.

Cboe Global Markets acquired the assets of Silexx Financial Systems, a Sarasota, Florida-based developer of a multi-asset order and execution management system (OEMS). The acquisition is intended to expand Cboe's multi-asset trading, data and analytics capabilities and provide customers with an additional OEMS channel and access to more global markets.

Affiliates of private equity firm ZMC acquired a controlling stake in IT Renew, a Silicon Valley–headquartered data center decommissioning and IT lifecycle management provider. The investment is intended to support IT Renew’s continued innovation in data security and data center lifecycle management, with Aidin Aghamiri named CEO and founder Mostafa Aghamiri remaining as Chairman.

SNC-Lavalin, through its Atkins subsidiary, has acquired Data Transfer Solutions, LLC (DTS), a provider of enterprise asset management and GIS-based decision-support software (VUEWorks). The acquisition gives Atkins a cloud-based EAM platform and geospatial capabilities to expand its infrastructure and asset-management service offerings to government, utilities and commercial clients.

Sika has acquired Butterfield Color, Inc., a US-based, family-owned maker of decorative concrete colorants, sealers and stamping/texturing tools based near Chicago. The purchase (Butterfield had CHF 20 million in sales in 2016) expands Sika's product portfolio and contractor presence in North America and, combined with the earlier Scofield acquisition, positions Sika as the market leader in decorative concrete solutions.

GlobalTranz Enterprises, Inc. has acquired Apex Logistics Group, a Utah-based freight brokerage and logistics firm. The deal pairs Apex’s temperature-controlled and truckload brokerage expertise and customer base with GlobalTranz’s technology-driven logistics platform to expand capabilities and service offerings for shippers.

Arsenal Capital Partners has acquired Carolina Color Corporation and Breen Color Concentrates, combining the two specialty color- and additive-concentrate suppliers to form a leading platform in the plastics colorant market. The combined business operates five U.S. manufacturing facilities and will leverage complementary technologies (including Carolina Color's G2/G3 products and Breen's PVC-focused formulations) to expand product offerings and pursue further growth and acquisitions.

Ingersoll-Rand plc has agreed to acquire GPSi Holdings, LLC from Falconhead Capital, LLC to strengthen its telematics and connected technologies portfolio. GPSi, a Sarasota, Florida–based provider of cloud-based telematics and fleet management solutions serving markets such as education, golf and resorts, will expand Ingersoll-Rand's digital connectivity offerings for mobile assets.

Mass Bay Brewing Company, the employee-owned parent of Harpoon Brewery, has acquired Clown Shoes Brewing, a craft beer brand founded in Ipswich, Massachusetts. The deal brings Clown Shoes into Mass Bay's employee ownership framework and aims to expand the Clown Shoes brand regionally and nationally.

ExlService Holdings, Inc. (EXL) acquired Tampa-based care management firm Health Integrated, Inc. in a transaction announced October 2017. The deal expands EXL's healthcare operations and analytics capabilities by adding Health Integrated's technology- and analytics-enabled care management, utilization and disease management services (which serve Medicaid, Medicare and dual-eligible populations).

Insight Venture Partners is purchasing the shares of Bullhorn owned by Vista Equity Partners to fund Bullhorn's next phase of growth. The investment will be used to accelerate product development, expand the company's global footprint, and support continued growth of Bullhorn's cloud-based staffing and recruiting platform.

Serenova, an Austin-based contact center-as-a-service (CCaaS) provider, acquired TelStrat, a provider of call recording, workforce optimization (WFO) and analytics solutions. The deal adds TelStrat's Engage WFO product and customers to Serenova's CxEngage platform to accelerate capability expansion, cross-sell opportunities and improved contact-center experience offerings.

Cisco agreed to acquire BroadSoft, a provider of cloud PBX, unified communications, team collaboration and contact center software, for $1.9 billion (paying $55 per share). The deal strengthens Cisco's software- and cloud-focused collaboration portfolio and brings BroadSoft's large service-provider customer base and cloud voice/contact-center capabilities into Cisco's applications group.

HNZ Group Inc. will be acquired for CAD$18.70 per share by Don Wall (through a Canadian acquisition vehicle), with PHI, Inc. purchasing the Corporation's offshore operations in New Zealand, Australia, the Philippines and Papua New Guinea. The arrangement values HNZ at approximately CAD$242.4 million and is expected to close by the end of January 2018, providing cash liquidity to shareholders and continuity for employees.

Booz Allen Hamilton has entered into an agreement to acquire Morphick, Inc., a Cincinnati-area provider of adaptive managed detection and response (MDR) technology and services. The acquisition — expected to close in the third quarter of FY2018 — expands Booz Allen's managed security portfolio and strengthens its detection and response capabilities for commercial clients.

Higher Logic acquired marketing automation platforms Informz, Inc. and Real Magnet, Inc. to integrate advanced email and marketing-automation capabilities into its cloud-based community and engagement platform. The deal expands Higher Logic’s product capabilities for lifecycle engagement, enabling deeper segmentation, personalization, and unified member/customer interactions across marketing and community channels.

O2 Investment Partners announced a significant investment in MHC Software, Inc., partnering with CEO John Shields and management to support the company’s next stage of growth; terms were not disclosed. Aldine Capital participated in the transaction as a financial investor, and Byline Bank provided financing support. MHC, headquartered in Burnsville, Minnesota, develops document management and electronic transaction processing software that integrates with ERP and HCM systems.

CenterGate Capital (through an affiliate) acquired TSC Apparel, a national B2B distributor of imprintable activewear and accessories headquartered in Cincinnati, Ohio. Financial terms were not disclosed; CenterGate said the investment will support the company’s next phase of growth and expand its service to suppliers and customers through its national distribution footprint.

Theraplay, Inc. has partnered with Pittsburgh-based Positive Steps Therapy, LLC to expand its pediatric occupational, physical and speech therapy services into western Pennsylvania. The announcement also references a partnership with Graycliff (an independent middle‑market investment firm) to support continued expansion of the Theraplay family of companies.

FastPay, a Los Angeles-based fintech that provides capital and payments solutions to digital businesses, has acquired AnchorOps, a provider of electronic payment and reconciliation solutions for media buyers. The deal combines FastPay's lending, analytics and payments capabilities with AnchorOps' verticalized media payment products to create an integrated financial workflow for the advertising ecosystem.

Accenture has acquired IBB Consulting, a Philadelphia-based strategy consulting firm focused on broadband, mobile, media and technology clients. Approximately 160 IBB Consulting professionals joined Accenture Strategy's Communications, Media & Technology practice to expand Accenture's strategy capabilities for CMT clients; financial terms were not disclosed.

Hub International Limited (HUB) has acquired the assets of North Carolina-based Banyan Consulting Group, Inc., a specialist in employee benefits with offices in Greensboro, Raleigh and Charlotte. Banyan's CEO Alan Overbey will join HUB Carolinas as the transaction expands HUB Carolinas' benefits operations and regional footprint across North and South Carolina. Terms were not disclosed.

American Crafts, a Lindon, Utah-based maker and distributor of craft products, has purchased BoBunny Press, the papercrafting brand founded by Jan Lanoy in Layton, Utah. The acquisition brings BoBunny's design team into American Crafts and ensures continued production and distribution of the BoBunny product line as the founder retires.

Tenex Capital Management has acquired Team Select Home Care, a Phoenix-based provider of post-acute home healthcare services that operates seven offices across Arizona, Colorado, Oklahoma and Missouri. Team Select offers Medicare home health, pediatric/long-term private duty nursing, mobile outpatient therapy and CNA training supported by a proprietary data analytics and technology platform; Dinan Capital Advisors served as exclusive financial advisor to Team Select and its shareholders.

Kele, Inc. acquired Control Consultants, Inc. (effective September 29, 2017), combining Kele's distribution scale with CCI's New England controls expertise while operating the brands separately. Richard Campbell (Kele) will serve as president and CEO of the combined company and John Donahue will continue as President of CCI; the deal expands Kele's product breadth and specialized services in building automation.

Ligand Pharmaceuticals acquired Crystal Bioscience for $25 million in cash plus up to $10.5 million in milestones and revenue sharing, adding Crystal's chicken-derived HuMab (OmniChicken) antibody discovery platform and an in-house discovery lab. The acquisition (closing announced Oct 4, 2017) brings four fully-funded partnership programs, is expected to be accretive to revenue and earnings, and expands Ligand's OmniAb platform capabilities.