Buyout Acquisitions in 2021

TXE Capital, a Houston-based investor focused on testing, inspection and calibration (TIC) businesses, acquired Envirodyne Laboratories, a NELAP-accredited environmental testing laboratory in Houston. The transaction closed on December 31, 2021 and was advised by Generational Equity; owners Tanny Busby and Laura Bonjonia sold the business to TXE.

World Insurance Associates LLC (WIA), a Tinton Falls-based insurance consolidator, acquired SAS Insurance Agency, Inc. of Kearny, New Jersey effective December 31, 2021. SAS, founded in 1965 and owned by Michael Symeonides since 2002, will continue operating from its existing location with its professional staff as part of WIA's expanding broker network.

Argo Infrastructure Partners made a long-term investment in LAZ Parking, enabling Infinedi Partners to fully exit its $115 million investment in the company. LAZ Parking, headquartered in Hartford, Connecticut, is a large U.S. parking operator and parking-technology provider operating thousands of locations across dozens of states.

Omni Healthcare Financial Holdings, LLC merged with Injury Finance, LLC in a transaction that closed December 31, 2021. The deal combines Omni's national medical funding and pre-settlement advance capabilities with Injury Finance's medical lien financing platform to expand product offerings, relationships, and technology across the U.S. medical lien and pre-settlement funding markets.

World Insurance Associates LLC (WIA), a Tinton Falls, New Jersey-based insurance broker, acquired Pardee's Agency, Inc. of Kingston, New York effective December 31, 2021. Terms were not disclosed; Pardee's is a long-established independent agency offering personal and commercial insurance, employee benefits and life products.

German bicycle distributor Messingschlager GmbH acquired Cycle Force Group, LLC (including its North America Cycles subsidiary) in a deal that closed Dec. 31, 2021. The acquisition establishes Messingschlager USA (doing business as Cycle Force Group) and is intended to drive the buyer's international expansion and deepen capabilities in parts, accessories and e-mobility across the U.S. and Europe.

Transcat, Inc. (Nasdaq: TRNS) purchased all of the stock of privately-held Tangent Labs, LLC effective December 31, 2021 for $9.0 million (subject to customary holdbacks). Tangent, founded in 1995 and headquartered in Indianapolis with an additional lab in Huntsville, Alabama, provides ISO/IEC 17025-accredited calibrations to life science, aerospace and other regulated industries and will be led by owner Kevin Broderick who joined Transcat after the sale.

Vervint (formerly Open Systems Technologies/OST) acquired Texas-based cloud service provider Stratum Technology on December 31, 2021. The purchase expands Vervint’s cloud professional services and Azure/AWS managed services capabilities, adding Stratum’s architects, engineers and healthcare cloud (Epic) expertise to Vervint’s offerings.

Fire & Life Safety America, Inc. (a subsidiary of Summit Fire & Security LLC) completed the acquisition of American Backflow & Fire Services, LLC in Orlando, Florida effective December 31, 2021. The acquisition brings American Backflow's local fire and life-safety capabilities into FLSA's Orlando location to expand service capacity across the city and the state of Florida.

Platinum Equity has completed its acquisition of Pelican Products, a Torrance, California-based manufacturer of high-performance protective cases, portable lighting systems and temperature-controlled packaging (Peli BioThermal). The deal, purchased from Behrman Capital, positions Pelican as a platform for growth under Platinum Equity with management, led by CEO Phil Gyori, remaining in place; financial terms were not disclosed.

Estancia Capital Partners signed a definitive agreement to acquire a majority stake in Reich & Tang Deposit Networks (R&T), a New York–based administrator of reciprocal deposit networks and insured cash sweep programs, with R&T management remaining as meaningful equity holders. Estancia structured the transaction with institutional capital partners and allocators — including Flexpoint Ford (preferred equity), Hamilton Lane (allocator of capital), the New York State Common Retirement Fund and Madison Capital Funding — to accelerate R&T’s growth and expand its product and technology capabilities; the firms later combined R&T with Total Bank Solutions under R&T Parent Holdings.

Capital For Business, Inc. (CFB) and Konza Valley Capital, Inc. (KVCI) have completed an acquisition/investment in A&A Machine & Fabrication, LLC, a La Marque, Texas-based manufacturer of high-pressure tubular reactors, coolers and related fabrication and service solutions for the petrochemical and plastics industries. The founders/owners will remain involved in the business while transitioning management over time; the transaction is intended to support A&A's growth, global expansion and employee continuity.

Serata Capital Partners completed an investment partnership with Page Publishing Consortium in late December 2021 to support accelerated organic growth and an acquisition-driven strategy. The transaction was supported by senior financing from Wintrust Bank and mezzanine/minority equity from Ironwood Capital, positioning Page — a multi-brand self-publishing services group serving over 10,000 authors annually — for expanded scale and add-on activity.

AnswerNet, a Willow Grove, Pennsylvania-based BPO and call center services provider, acquired Quality Contact Solutions (QCS) and its subsidiary QCS At Home, with the deal finalized December 31, 2021. The acquisition strengthens AnswerNet’s telemarketing, outbound/inbound and compliance capabilities; AnswerNet retained QCS employees and appointed Chris Grothe to oversee the business.

Fusion (a global BPO and contact-center services provider) acquired Advanced Communications Group Inc. (ACG), a Boynton Beach, Florida-based full-service BPO/contact-center provider, effective December 31, 2021. The acquisition (ACG's ~250 employees) strengthens Fusion's presence in the United States and expands its telecom and tech-support BPO capabilities.

World Insurance Associates LLC, a Top 100 insurance brokerage based in Tinton Falls, New Jersey, acquired Mid Atlantic Insurance Group, a Richmond, Virginia-based commercial wholesaler specializing in workers' compensation, on December 31, 2021. Terms were not disclosed; WIA said the acquisition will expand its carrier relationships and workers' compensation capabilities.

Gold Flora, a vertically-integrated California cannabis operator based in Costa Mesa, has acquired Airfield Supply Company, a leading San Jose dispensary with on-site cultivation, manufacturing and delivery licenses. The deal closed December 31, 2021; Airfield founder and CEO Marc Matulich will remain in his role and the Airfield brand, management, and staff will be retained as Gold Flora expands its retail and cultivation footprint in California.

Southwestern Energy Company has closed the acquisition of GEP Haynesville, LLC, expanding its scale and inventory in the Haynesville natural gas basin. The deal was funded in part by a $1.15 billion senior notes offering and a $550 million institutional term loan and is expected to strengthen Southwestern's financial metrics and presence in premier U.S. gas basins.

Oregon-based ColeBreit Engineering has acquired and merged with California-based Axiom Engineers, with the transaction completed on December 31, 2021. The combined firm — led by Laura Breit succeeding her father Ray Cole — forms a roughly 50-person, women-owned MEP engineering and design practice with offices across Oregon and Northern California.

A consortium comprising New Zealand Super Fund, Pioneer Capital and Comprador Holdings purchased a 70% stake in Fertility Associates in late 2021, with the remaining 30% retained by the company's doctors and management. The investors (with BNZ providing funding) intend to support Fertility Associates' continued growth, including expansion of fertility services into Malaysia and selectively across the Asia‑Pacific region.

The Hilb Group announced it has acquired Wharton Surety Consultants, a Wayne, Pennsylvania-based surety and fidelity bond specialist, with the transaction effective December 31, 2021. Agency Principal Eric Follman and his team joined Hilb's Mid-Atlantic regional operations as the acquisition expands Hilb's presence in the national surety marketplace.

Vail Resorts, Inc. has closed its acquisition of Seven Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain Ski Area in Pennsylvania from Seven Springs Mountain Resort, Inc. and affiliates for approximately $118 million. The deal adds three regional ski areas (including lodging and conference facilities) to Vail's portfolio and will make the resorts available on select Epic Pass products to expand Vail's presence in the Pittsburgh and surrounding markets.

Regions Financial Corporation has completed the acquisition of Clearsight Advisors, an M&A and capital-raising advisory firm. The deal brings Clearsight into Regions Bank’s Capital Markets division to expand Regions’ M&A advisory and technology-sector capabilities; Clearsight will retain its McLean, Virginia headquarters and existing offices in New York and Dallas.

Becker Logistics LLC acquired Trek Freight Services, LLC effective December 31, 2021. The Lincolnwood, Illinois-based 3PL adds ~125 customers, 25,000+ carriers, 35 employees and Trek's proprietary TMS to Becker's operations as part of Becker's continued growth and capability expansion.

NFP acquired certain assets of Dignum & Bame Insurance Agency, Inc., a third-generation property & casualty broker based in East Greenbush, New York; the transaction closed on December 31, 2021. The acquisition bolsters NFP's P&C presence in the Northeast and brings municipal and school-district insurance expertise, with Robert Dignum joining NFP as a vice president.

Omnicell, Inc. acquired pharmacy software and patient engagement provider MarkeTouch Media, LLC for $82 million in cash. The deal expands Omnicell’s EnlivenHealth footprint in the retail and specialty pharmacy markets and adds MarkeTouch’s mobile/web-based SaaS patient engagement capabilities to accelerate Omnicell’s SaaS roadmap.

Babylon (NYSE: BBLN) completed its acquisition of Higi SH Holdings Inc. on December 31, 2021, integrating Higi’s nationwide Smart Health Station network, at‑home devices and clinical connections into Babylon’s digital-first care platform. The deal expands Babylon’s remote monitoring and consumer health engagement capabilities to millions of U.S. consumers and strengthens its reach across payers, providers and retailers.

i3 Verticals, Inc. announced an acquisition effective December 31, 2021 of a 30-year-old business that provides court system data management solutions across the Southeast and Mid-Atlantic, including electronic filing, case management and document imaging software for state-level customers. The deal expands i3 Verticals' Public Sector product suite and creates cross-selling opportunities; the company also granted inducement equity awards to certain employees in connection with the acquisition.

Allied Motion Technologies Inc. acquired Spectrum Controls, Inc., a Bellevue, Washington–based designer and manufacturer of industrial I/O modules, displays and communications gateways, for a total purchase price of $70 million (approximately $45 million paid at closing, with $25 million deferred). Spectrum, founded in 1983 with about 72 employees, will expand Allied Motion’s industrial automation product portfolio and engineering capabilities and is expected to be accretive to earnings and gross margin.

World Insurance Associates LLC, a Top-100 insurance brokerage based in Tinton Falls, New Jersey, acquired Livingston Insurance Agency on December 31, 2021. Terms were not disclosed; Livingston will continue to serve its personal and commercial insurance clients as part of World’s expanding network.

World Insurance Associates LLC, a Top 100 insurance brokerage headquartered in Tinton Falls, New Jersey, acquired Steve Love Insurance Agency of Virginia Beach, Virginia on December 31, 2021. Terms were not disclosed; the target provides personal (auto, home, life) and business insurance and will continue operating as part of WIA.

XMachina-AI Inc. acquired 100% of Bain Public Inc.'s outstanding shares on December 31, 2021 in a deal consisting of cash and share consideration that vests over time. The acquisition brings Bain Public’s niche product-management and consulting expertise (and Montreal AI-accelerator presence) into XMachina to expand the buyer’s in‑house product capabilities and deal flow as it pursues growth and an upcoming public listing.

Kustom US, Inc. acquired Five Star Restoration & Construction, Inc., a Sacramento-area disaster restoration and reconstruction firm, with the transaction closing on December 31, 2021. Five Star’s owners Brenda Gallion and Aaron Provencal and the existing staff will remain as the business becomes a division of Kustom to expand Kustom’s California footprint and service capabilities.

Loup Logistics Company, a wholly owned subsidiary of Union Pacific, acquired the Precision Components Inc. (PCI Reload) transload facility in Phoenix, Arizona, in a deal completed Dec. 30, 2021. The 100+ acre, rail-served facility (125,000 sq. ft. covered storage; three miles of rail capacity) expands Loup/Union Pacific's transload and storage capacity in the Phoenix market and will continue to serve customers across multiple industries.

Green Thumb Industries Inc. has closed the acquisition of LeafLine Industries, a licensed Minnesota medical cannabis cultivator and dispensary operator. The deal includes a cultivation facility and five operating retail locations (Eagan, Hibbing, St. Cloud, St. Paul and Willmar), adds ~100+ employees to Green Thumb, and represents a strategic entry into the Minnesota medical cannabis market.

IRIS Software Group has acquired AccountantsWorld, a New York–based provider of cloud accounting, payroll and practice-management solutions for CPA firms, to expand IRIS's footprint in North America. The deal integrates AccountantsWorld's suite into IRIS's accountancy portfolio to accelerate Client Accounting Services (CAS) offerings and broaden capabilities for North American accounting firms.

The Scotts Miracle-Gro Company, through its Hawthorne Gardening Company division, acquired Luxx Lighting (assets) for $215 million and True Liberty Bags for $10 million. The deals expand Hawthorne's indoor/hydroponic lighting and harvest/storage product portfolios and add approximately $100 million in annual sales and $20 million in operating income from Luxx.

Great Day Improvements, a Cleveland-area vertically integrated direct-to-consumer home improvement company, has acquired Champion Windows, a Sharonville, Ohio-based provider of windows, doors, siding, and sunrooms. The acquisition expands Great Day Improvements' national footprint and capabilities in replacement windows and sunrooms, bringing Champion's ~1,100 employees and national presence into Great Day's portfolio.

FountainVest Partners has acquired CFB Group, a Shanghai-headquartered multi-brand food & beverage platform operator, from EQT Private Equity (EQT Mid Market fund). The transaction closed on 30 December 2021; under EQT's ownership CFB Group expanded to more than 1,100 stores and became the world's largest franchisee of Dairy Queen and a major Papa John's franchisee in China. FountainVest will assume ownership to support the company's next phase of growth.

Sterling Construction Company, Inc. acquired Petillo Incorporated, a Northeast specialty site development firm, for $195 million in aggregate consideration (comprised of $175M cash and 759,447 shares valued at $20M) with up to $20M in earn-outs and $15M in retention payments for the CEO. The deal expands Sterling's E‑infrastructure capabilities and geographic footprint across major East Coast markets, positioning the company as a leader in specialty site development for blue‑chip e‑commerce and data center customers.

Booking Holdings Inc. completed its acquisition of Getaroom from Court Square Capital Partners for approximately $1.2 billion, folding the business into Priceline to form a new Strategic Partnerships unit. Getaroom will remain headquartered in Dallas and CEO Matt Davis will lead Priceline's Strategic Partnerships business unit.

Hubbell Electric Heater Holdings LLC (HEH Holdings) acquired RECO USA, a manufacturer of high-volume ASME pressure vessels and commercial water heaters based in Cayce, South Carolina. The asset purchase — which closed December 30, 2021 for undisclosed terms — includes RECO's 125,000 sq. ft. manufacturing facility and will keep production in South Carolina while expanding HEH Holdings' large-capacity water heating and storage capabilities.

The Container Store (NYSE: TCS) acquired Chicago-based custom home storage and closet manufacturer Closet Works for $21.5 million, a deal that closed December 30, 2021. The acquisition expands The Container Store's wood-based manufacturing capabilities and premium product offering, giving the retailer in-house production, greater quality control and opportunities to increase margins and customization options.

Altaris Capital Partners has entered into an agreement to acquire Meridian Medical Technologies from Pfizer. Meridian, a pioneer in emergency response drug-device combination products and auto-injectors with facilities in St. Louis, Missouri and Columbia, Maryland and more than 750 employees, will become an Altaris portfolio company to expand the firm's capabilities in medical countermeasures and emergency response solutions.

Firstsource Solutions Limited has agreed to acquire American Recovery Services, Inc. (ARSI), a nationwide legal collections network headquartered in Southern California. The acquisition adds legal-stage collections capabilities to Firstsource’s U.S. receivables management offering, strengthening its end-to-end debt recovery services for banks, financial institutions and fintech clients.

Graphene & Solar Technologies, Ltd. (GSTX) acquired Air-To-Water, LLC, a Nevada-based developer of atmospheric water-extraction technology. GSTX plans to manufacture the proprietary solid‑state units in the U.S.; single units produce about 13–20 gallons per day, are expected to sell for $5,000–$8,000, and have an anticipated lifespan of over 10 years.

NV5 Global, Inc. announced it will acquire Optimal Energy, Inc., an energy-efficiency consulting firm with offices in Vermont and Rhode Island, in a cash-and-stock transaction expected to close before December 31, 2021. The deal expands NV5’s energy efficiency and clean energy consulting capabilities for utilities, state agencies, and regulatory bodies and is expected to be immediately accretive to NV5’s earnings.

Wisconsin River Partners, a Wisconsin-based private investment group, has acquired Witmer Furniture, a solid wood furniture manufacturer headquartered in Abbotsford, Wisconsin. The deal closed on December 30, 2021; Witmer employs about 70 people and former owner Kevin Schlinkmann will remain as president and the largest shareholder.

CLX Health acquired SymCheck, an automated mobile health screening platform, along with its parent company Yorn; the deal closed on December 29, 2021. SymCheck founder Richard (Rick) Rasansky joins the CLX Health organization and was named Chief Strategy Officer of SiriusIQ (CLX Health’s parent), and CLX plans to integrate SymCheck into its TrustAssure Global Network to expand screening and compliance capabilities for live events, travel and workplace safety.

The AZEK Company (NYSE: AZEK) has acquired StruXure Outdoor, a designer and manufacturer of aluminum pivoting-louver pergolas and cabanas. The deal expands AZEK's outdoor living product portfolio, enabling cross-selling with TimberTech and leveraging AZEK's sourcing, operations and material-science capabilities to drive growth and margin expansion for StruXure.