Buyout Acquisitions in 2022

Mobeus has supported a management buyout of The Translation People, investing £12.4m alongside vendor and management rollover to back MD Jasmin Schneider and the senior team. The investment establishes The Translation People as a buy-and-build platform in the fragmented language services market, with the vendors Stephen Wilde and David Nichols stepping back while retaining a minority stake.

Assure Holdings Corp. completed an asset acquisition of substantially all assets of Neuroprotect Neuromonitoring, LLC ("NervePro") on December 31, 2022, acquiring A/R (post-Dec 1, 2022), material contracts, business relationships and other tangible assets. NervePro is a Colorado-based intraoperative neuromonitoring (IONM) provider that performed ~750 managed cases in 2022 and employed three technologists; as consideration Assure issued 1,500,000 common shares to the seller (owned by Dr. J. Paul Elliott/CBSI).

Modern Litho-St. Louis has acquired Scotts Printing of Rolla, Missouri, effective December 31, 2022. The acquisition expands Modern Litho's regional printing capacity and capabilities (offset, digital, bindery/finishing) and consolidates Scotts Printing's operations into Modern Litho's St. Louis facility.

The Staverton Group LLC, an owner-operator vehicle founded by Scott Sorenson and headquartered in Salt Lake City, Utah, has acquired CITTA Brokerage Company, a customs brokerage and duty-drawback specialist based in Ogden, Utah. The transaction was announced by Woodbridge International, which represented the seller; financial terms and the selling shareholders were not disclosed.

AmerisourceBergen Corporation acquired a majority stake in PharmaLex from funds advised by AUCTUS Capital Partners AG in a transaction that closed at year-end 2022 for approximately EUR 1.28 billion. PharmaLex, a Germany-headquartered provider of regulatory, clinical development and pharmacovigilance services to the life sciences industry, was grown under AUCTUS through a buy-and-build program of 38 add-ons and will expand AmerisourceBergen's global pharmaceutical solutions.

NMG Aerospace, a family-owned aerospace manufacturer based in Stow, Ohio, has acquired Matco Manufacturing, a Salt Lake City maker of aircraft wheels, brakes, and related components. The deal, finalized in Q4 2022, brings Matco's expertise in experimental, light sport, and advanced air mobility landing systems into NMG's broader design and manufacturing platform; Matco owner George Happ will remain with the business.

Horizon Air Freight announced the acquisition of Transmarine Navigation Corporation, completed in Q4 2022, to expand its port agency and in-port logistics capabilities across North and South America. The deal combines Horizon’s global warehousing and last-mile delivery network with Transmarine’s port call agency presence at 12 ports, enhancing services for ship owners, operators, and charters.

Trinity Industries, Inc. acquired Holden America for an initial purchase price of $70 million plus a minimum of $5 million per year for the next two years. Holden America manufactures multi-level vehicle securement and protection systems, gravity-outlet gates and gate accessories for freight rail; the deal adds a market-leading bi-level chock system to Trinity's autorack product portfolio and expands its higher-margin aftermarket parts exposure. The acquisition closed on December 30, 2022, and Trinity will retain all Holden employees.

StairSlide acquired outdoor-play products maker b4Adventure (deal finalized December 30, 2022) to expand its product offering with nearly 200 outdoor items including ziplines, slacklines and swings. The acquisition moves StairSlide beyond indoor slide products into the backyard/outdoor active-play market and broadens its portfolio aimed at children and families.

The Panther Group, a Maynard, Massachusetts-based full-service staffing and recruiting firm, acquired Enterforce, Inc., a Pewaukee, Wisconsin-based managed service provider (MSP), in a stock purchase completed December 30, 2022. The deal folds Enterforce into Panther's workforce solutions offering as an independent division to expand capabilities and service breadth for clients across the Americas, Europe and Asia.

Wolters Kluwer Legal & Regulatory has acquired Della AI Ltd., a London- and Paris-based provider of AI technology for contract review using advanced natural language processing. Della AI will join Wolters Kluwer's Legal Software unit to enhance products such as Legisway and Kleos; the start-up was founded in 2018 and employs around 16 professionals.

BC Partners has signed a definitive agreement to acquire a majority stake in Madison Logic, the global account-based marketing (ABM) platform, from Clarion Capital Partners. Clarion and other shareholders including CEO Tom O'Regan and co-founders Vin Turk and Erik Matlick will retain minority stakes; the deal (previously reported at a $750 million enterprise value) will support Madison Logic's growth and technology investment.

Digital Intelligence Systems, LLC (DISYS) has acquired LinTech Global, Inc., a federal prime contract holder that delivers IT and engineering solutions to U.S. defense and civilian agencies. Greenwich Capital Group served as financial advisor to LinTech; LinTech will operate as an independent business division within the DISYS portfolio to expand DISYS' federal workforce, IT and cybersecurity capabilities.

Argosy Private Equity, alongside Stone River Capital Partners, acquired Unisorb Installation Technologies, a Michigan-based maker of engineered installation products for machinery. Argosy said the investment will support product development, strategic initiatives and expansion into end markets such as power generation as part of its sixth lower middle market fund.

Carnegie Investment Counsel has acquired RiverStone Wealth Management, an independent wealth advisory firm headquartered in Wexford, Pennsylvania. RiverStone, founded in 2008 with about $230 million in assets under management, will join Carnegie to expand Carnegie’s client footprint and AUM.

360training has acquired AdvanceOnline Solutions to expand its Environmental, Health & Safety (EHS) online training catalog and add DOT transportation safety courses, including CMV Driver and CMV Motor Carrier Management. The deal broadens 360training's OSHA Online Outreach offerings and complements its existing regulated training brands.

Zeon Corporation, through its U.S. subsidiary Zeon Specialty Materials Inc., purchased 100% of Edge Precision Manufacturing, Inc., a Massachusetts-based manufacturer of micro‑featured thermoplastic disposables, on December 28, 2022. The acquisition strengthens Zeon's cyclo olefin polymer (COP) offering for microfluidic and diagnostic devices by combining Zeon's materials with Edge's precision compression‑molding capabilities and customer network.

Aggreko has signed a definitive agreement to acquire Resolute Industrial from AE Industrial Partners for $440 million on a cash-free, debt-free basis. Resolute is a U.S.-based provider of temporary HVAC&R rental services, compressor remanufacturing and refrigerant storage operating from ~38 locations across North America; Aggreko says the deal expands its temperature-control capabilities and access to high-return capital equipment.

Lawrenceville, Georgia-based Majors Management, LLC acquired the assets of Davis Oil Co., adding 21 convenience store locations across West Michigan and fuel supply relationships with 11 commission marketers. The transaction marks Majors' first entry into Michigan and expands its retail fuel and convenience footprint in the region.

Bluestem Equity Ltd. completed the acquisition of Lafayette, Louisiana-based United Vision Logistics (UVL), a land transportation and logistics provider offering heavy haul, long haul, and expedited services across the United States and Canada. UVL — which operates out of Lafayette and Houston and maintains a network of over 100 facilities and a large fleet of owner-operators and partnered carriers — will continue operating under its existing leadership as Bluestem partners to grow the business.

Acorn Distributors has acquired Unisan, a provider of janitorial, warehouse and safety supplies. Blue River Financial Group advised Unisan on the sale; the transaction brings Unisan's facility-management products and services into Acorn's regional distribution platform to expand product offerings and geographic reach.

Atwell has entered into a definitive agreement to acquire Dempsey Surveying Company, a land surveying firm based in Lakewood/Cleveland, Ohio. The acquisition expands Atwell’s surveying capabilities and presence in Ohio and the Midwest; the deal was expected to close by Dec. 31, 2022.

ASSA ABLOY, through its HID Global business, acquired Janam Technologies, a US-based maker of rugged handheld mobile computers and readers, to expand its event access and reader product portfolio. The acquisition brings Janam’s barcode, RFID and NFC-enabled readers into HID’s Events & Mobility Solutions unit, enhancing HID/ASSA ABLOY’s capabilities for venue access, ticketing and enterprise mobile computing.

Arthur J. Gallagher & Co. acquired Chicago-based ROC Group, an employee communication agency founded in 1998 that specializes in HR and enterprise change solutions. Jan Burnham and her team joined Gallagher’s employee benefits consulting and brokerage operations; terms of the transaction were not disclosed.

Torque Capital Group, a middle-market private equity firm, has acquired Metal Forming & Coining Corporation (MFC / Netform), a manufacturer of advanced flow-formed and cold-formed components serving automotive and truck powertrain markets. The acquisition will support investment in technology, people and capabilities to expand MFC / Netform’s product offerings and address evolving powertrain needs including electrification.

ProFrac Holding Corp. (NASDAQ: ACDC) announced it closed the previously announced acquisition of the Eagle Ford sand mining operations of Monarch Silica and entered agreements to acquire REV Energy Holdings, LLC for $140 million and Performance Proppants (Performance Holdings I, LLC and Performance Holdings II, LLC) for $475 million in cash. The transactions expand ProFrac’s pressure pumping footprint in the Rockies and South Texas and materially grow its in-basin proppant capacity in the Haynesville as part of a vertical-integration strategy.

Advent International has entered into a definitive agreement to acquire a significant stake in Suven Pharmaceuticals from the Jasti family and will make an open offer for an additional 26% of public shares. Advent plans to evaluate a merger of its CDMO and API platform company, Cohance Lifesciences, with Suven to create a scaled end-to-end CDMO + merchant API powerhouse serving pharma and specialty chemical markets, subject to board and regulatory approvals.

Denver-based 7E CO Holdings LLC, a division of Monfort Cos., acquired a 19-store portfolio of gas and convenience stores operating as Chisholm Corner across southwest Oklahoma (and one location in Wichita Falls, Texas). The seller was Brent Bostick of Bostick and Associates; financial terms were not disclosed. The transaction expands Monfort's multi-state convenience-store footprint.

One Equity Partners, with co-investment from Hauser Private Equity, agreed to acquire ACI Worldwide’s corporate online banking solutions and launch the business as Dragonfly Financial Technologies. The carve-out creates an independent, API-first digital business banking and cash-management software provider led by CEO Johan Roets, positioning the new company for focused investment and growth in cloud-based banking technology.

Butterfly, a Los Angeles-based private equity firm focused on the food sector, has entered into a definitive agreement to acquire Milk Specialties Global, a vertically integrated manufacturer of dairy-based human and animal nutrition ingredients, from affiliates of American Securities. The transaction, terms undisclosed, is expected to close in Q1 2023 and the Milk Specialties leadership team, led by CEO David Lenzmeier, will remain in place.

Crew One Productions acquired the assets of Innercept Management Corporation, a provider of skilled temporary labor for concerts and large events in South and Central Florida. The acquisition expands Crew One’s event staffing capabilities and strengthens its footprint in the Florida live-events market.

MyCare Medical acquired Jacinto Medical Group, a four-location multi-specialty physician group with an imaging center serving Southeast Texas. The purchase expands MyCare's managed-care primary care platform into the Houston area and increases its reach among Medicare patients in Texas.

Akoya Capital led an investment in Devansoy, Inc., a Rock City, Illinois-based manufacturer of soy, oat, and pea protein ingredients, to establish its Specialty Ingredients platform. The transaction was financed with partners Trinity Investors, Slawek Family Holdings, Lightspring Capital, and Wintrust Bank; Devansoy CEO Deb Wycoff made a significant reinvestment and Dinan Capital served as Devansoy's exclusive financial advisor.

Flora Growth Corp. (NASDAQ: FLGC) completed the acquisition of all issued and outstanding shares of Franchise Global Health Inc. (TSXV: FGH) on December 23, 2022 via a statutory plan of arrangement, issuing 43,525,951 Flora common shares to FGH shareholders. FGH is a multi-national medical cannabis and pharmaceutical operator with principal operations in Germany that services more than 1,200 pharmacies; the deal provides Flora an operational footprint in Germany and expanded distribution capability into the European Union.

Mentha has acquired Jollein, the Dutch specialist in baby and toddler products, to support the brand's next phase of international expansion and strengthen Mentha's position in the baby products market. Jollein, founded and led by owners Wim and Marrit Smits, is market leader in the Netherlands and currently active in 41 countries; Mentha will support further professionalization and market share growth.

Toronto-based private equity firm Lynx Equity Limited has acquired Majland Stauder, a B2B plant nursery in Sønder Omme, Denmark. The sellers — Leif Rahbek, Erik Lauridsen and Torben Kristensen — will remain involved in operations, with Erik appointed CEO as Lynx looks to support the company's continued growth and longevity.

Capital For Business (CFB), a St. Louis-based SBIC private investment firm, completed a control investment in Innvoke, LLC, a Cranbury, New Jersey-based marketing and commercial printing company. Affiliates of CFB and Independent Bankers Capital Fund (IBCF) provided subordinated debt and equity; founder David Kovacs moved to a board role and co-investor status while Jay Ziegler joined as President. The investment is intended to support growth and build out a nationwide commercial printing services provider.

Los Angeles-based web3 entertainment company Orange Comet has acquired Mint State Labs, a gaming and entertainment technology provider that builds blockchain-powered experiences for creators. Mint State Labs CEO Peter Morales will become Orange Comet's Chief Technology Officer and the target’s leadership, employees and contractors will join Orange Comet; terms were not disclosed.

Mérieux NutriSciences has acquired Food Technology Consulting International, a Canadian provider of food safety consulting, training, and auditing services. The acquisition expands Mérieux NutriSciences' service capabilities and strengthens its footprint in Canada to better serve regional clients.

The Opus Group, a global agency network, has acquired Verve, Ireland's largest multidisciplinary brand experience and events agency. The deal expands The Opus Group's footprint and capabilities in Europe, giving Verve access to broader global resources while continuing to operate under its existing name and leadership.

Johnson & Johnson completed its acquisition of Abiomed on December 22, 2022, acquiring all outstanding shares for $380.00 per share (approximately $16.6 billion enterprise value) plus a contingent value right. Abiomed will operate as a standalone business within Johnson & Johnson's MedTech segment, expanding J&J's capabilities in high-growth cardiovascular and heart-recovery solutions.

LaSalle Capital, in partnership with Lightspring Capital I, LP, has completed the acquisition of Great Lakes Potato Chips, a Traverse City, Michigan-based kettle-cooked potato chip manufacturer founded by Ed and Chris Girrbach. The founders remain involved (Chris Girrbach will stay on as CEO) and the buyers intend to accelerate growth into new states and accounts across retail, foodservice distributors and direct-to-consumer channels.

Sourcepass has acquired Contemporary Computer Services, Inc. (CCSI), a Bohemia, New York-based co-managed IT services provider with approximately 65 employees. The acquisition expands Sourcepass's co-managed services capabilities, strengthens its presence in the Northeastern U.S. and education and public-sector verticals, and brings additional midmarket and enterprise contracts into its portfolio.

Alimentation Couche-Tard Inc. has entered into a definitive agreement to acquire all membership interests of True Blue Car Wash LLC, an operator of express tunnel car washes under the Clean Freak and Rainstorm brands. True Blue operates 65 locations across Arizona, Texas, Illinois and Indiana, with ~170,000 subscription members and strong proximity (85% within three miles) to Circle K locations, enabling cross-promotional opportunities.

Pennzoil-Quaker State Company d/b/a SOPUS Products, a subsidiary of Shell USA, Inc., has acquired 100% of TFH Reliability Group, LLC, the parent company of Allied Reliability, to expand Shell's North American lubricants business with industrial services and predictive maintenance capabilities. The seller was Capstreet, the private equity owner of TFH/Allied Reliability; the transaction was signed and closed simultaneously.

Marcal Paper has acquired von Drehle Corporation, a provider of towel and tissue products for the away-from-home market. Von Drehle will operate as a division of Marcal, expanding Marcal's manufacturing footprint and scale across the East Coast and nationwide; financial terms were not disclosed.

Qualus Corporation has acquired Tri Sage Consulting, a power engineering and project management firm focused on high-voltage grid interconnection and renewable projects in the western United States. The acquisition expands Qualus' western U.S. footprint and renewables capability, combining Tri Sage's technical resources with Qualus' planning, design, and field services to support grid modernization and the energy transition.

Bowen, Miclette & Britt Insurance Agency (BMB), a Top 100 U.S. insurance brokerage, has acquired Technical Assurance, LLC, a provider of contract surety bonds and construction industry services. Technical Assurance will remain in The Woodlands, Texas and operate as a branch of BMB's Houston headquarters to strengthen BMB’s contract surety capabilities.

Allwyn AG has agreed to acquire the Camelot Lottery Solutions Group from the Ontario Teachers' Pension Plan Board. The Camelot LS Group, headquartered in Chicago and operator of the Illinois Lottery (through Camelot Illinois LLC) with a technology arm serving lotteries across Europe and North America, will become a wholly owned subsidiary of Allwyn as part of Allwyn's US expansion plans.