Buyout Acquisitions in 2023

Aquiline Capital Partners has made a majority investment in Pharma Force Group LLC, a U.S.-based provider of 340B administration software and pharmacy benefits management solutions. The partnership will support PharmaForce’s product expansion and strategic M&A plans to accelerate growth across hospitals and health clinics. Piper Sandler advised PharmaForce; transaction closed in Q4 2023 with financial terms undisclosed.

Emler Swim School acquired New Jersey Swim Schools, Inc. (Njswim) in Q4 2023, adding six locations in New Jersey and expanding Emler's network to 51 facilities across 12 states. Njswim will continue operating under its current name with the same enrollment plans and staff; the founder Joe Oehme will be stepping into the partnership with Emler to maintain continuity.

Tangram Insurance Services, a national managing general agency and program manager, acquired Preferred Reinsurance Intermediaries effective December 31, 2023. The deal expands Tangram's capabilities into the reinsurance brokerage market and brings Preferred Re's reinsurance placement, specialty program development, and alternative risk capacity sourcing expertise into Tangram's platform; terms were not disclosed.

Heffernan Insurance Brokers has acquired Achieve Alpha Insurance of Bellevue, Washington, with Gary Franke and his three team members joining Heffernan’s small business division, HeffDirect, effective December 31, 2023. Achieve Alpha, founded in 2008, specializes in Individual Health and Medicare solutions (and offers life, disability and long-term-care products); terms were not disclosed and Helfer & Associates advised Achieve Alpha.

The Clearway Group Limited has acquired Secure Empty Property Limited, a UK specialist in vacant property security, CCTV and alarm monitoring. The deal expands Clearway's UK footprint and capabilities in vacant/property security and integrates SEP's team and technology into Clearway's service offering.

Australis Equity Partners, through a subsidiary, has acquired Sunrise Premiere Pool Builders, LLC, a full-service inground pool construction company headquartered in Arnold, Maryland. Sunrise, founded in 1999 and operating a 3,000 sq. ft. facility, specializes in residential inground pools and works with subcontractors; Australis said the acquisition will be leveraged to facilitate future construction-industry acquisitions.

Salt Creek Capital, a San Francisco Bay Area private equity firm, has acquired Vantage Vehicle International, Inc., a Corona, California-based manufacturer of low-speed utility vehicles (primarily electric). Founder Michael Pak is retiring as President & CEO and will remain as an investor and advisor while Salt Creek installs incoming CEO Drew Lieberman to lead growth and expand the dealer network.

Fourshore Partners, a Miami-based private equity firm, has acquired Power Funding LTD, a Houston-based factoring company that provides working capital to oil & gas and trucking businesses. The deal positions Fourshore to invest in alternative banking solutions and accounts-receivable financing serving underserved transportation and energy middle-market firms.

Bridgestone HosePower, a subsidiary of Bridgestone Corporation, has acquired Greenville, South Carolina-based Cline Hose & Hydraulics, a family-owned hydraulic and industrial hose service business founded in 1948. The acquisition expands HosePower's mobile service and retail footprint in the Southeast U.S., increasing capacity to serve more customers and enhancing its hydraulic and industrial hose capabilities.

MDWerks, Inc. (OTC: MDWK) has acquired RF Specialties, LLC, a provider of radio-frequency energy systems, engineering and equipment manufacturing used in wood, adhesives and food & beverage processing. MDWerks said the acquisition brings in-house technical expertise and manufacturing capability for its Sustainably Matured liquid maturation method (used by its Two Trees Beverage subsidiary), will increase capacity to meet demand, and will enable diversification and out-licensing opportunities across multiple industries; RF Specialties' founder Keith A. Mort will join MDWerks to continue overseeing the business.

Corridor Capital has made an investment in Integrity Solutions, LLC, a Nashville-based sales and sales leadership training firm, to support the company’s growth and development of new services. Management, led by CEO Mike Esterday, will remain in place and continue as a material owner while Corridor provides strategic, operational and financial support, with Live Oak Bank providing debt financing.

Swander Pace Capital, together with CDPQ and Roynat Equity Partners, has acquired a majority stake in St‑Méthode Bakery (BSM), a Québec-based producer of healthy, value‑added fresh bread, headquartered in Adstock, Quebec. The existing management team will be retained, founder Benoit Faucher will remain as an advisor, and the investors plan to support a business transfer and growth initiatives into broader Canadian and U.S. markets.

High Arctic Energy Services Inc. (TSX: HWO) has closed the acquisition of Delta Rental Services Ltd., a Red Deer, Alberta-based oilfield equipment rental company, for aggregate consideration of $7 million subject to earn-out provisions. The deal expands High Arctic's Canadian rentals footprint, brings Delta's assets, personnel and contracts into its operations, and is expected to materially increase Canadian revenues and provide operational synergies.

Core & Main Inc. has acquired substantially all of the assets of Granite Water Works Inc., a family-owned distributor of water, wastewater and storm drainage products based in Waite Park, Minnesota. The acquisition expands Core & Main’s presence and capabilities in central Minnesota and brings Granite’s local relationships and team into Core & Main’s national specialty distribution network.

Palo Alto Networks completed the acquisition of Talon Cyber Security to integrate Talon’s enterprise browser technology into its Prisma SASE offering. The deal extends Palo Alto’s SASE capabilities by protecting managed and unmanaged devices and will make Talon’s Enterprise Browser available to qualified SASE AI customers at no additional cost.

Kadant Inc. has agreed to acquire Key Knife, Inc. and certain affiliates for approximately $156 million in cash, with the deal expected to close in early January 2024. Key Knife, headquartered in Tualatin, Oregon, (141 employees, ~$65M trailing twelve-month revenue) will become part of Kadant's Industrial Processing segment; the acquisition will be financed primarily through borrowings under Kadant's revolving credit facility.

Kinder Morgan closed its previously announced $1.815 billion acquisition of NextEra Energy Partners' South Texas assets (STX Midstream), acquiring majority interests in multiple natural gas pipelines including a 90% interest in the NET Mexico pipeline and a 50% interest in Dos Caminos LLC. The assets expand Kinder Morgan's South Texas footprint and provide greater connectivity to LNG, Mexico export and Gulf Coast power and industrial markets.

Wealth Enhancement Group announced the acquisition of Foundational Wealth Advisory, LLC, a hybrid registered investment advisor based in Macon, Georgia, led by Eric S. Wilson. The deal expands Wealth Enhancement Group’s national footprint and advisory team as it continues to grow its network of independent wealth management practices.

Inszone Insurance Services, a Sacramento-based full-service insurance brokerage, has acquired LPL Insurance Agency, Inc., a long-established agency founded in Brea, California. The acquisition expands Inszone's geographic footprint and client base in California as the firm continues an acquisitive national growth strategy.

Crest Insurance Group has acquired Candy Insurance Agency, a Chandler, Arizona-based independent insurance agency founded in 2009 by Phil Candy. The acquisition expands Crest’s presence and specialty capabilities in Arizona, adding expertise in insurance and surety solutions for the electronic security industry.

Cyclo Therapeutics completed an all-stock merger with Applied Molecular Transport (AMT), with AMT shareholders receiving 0.1331 shares of Cyclo Therapeutics for each AMT share (approximately 5,822,720 Cyclo shares, or ~18% of the combined company). The combined, Nasdaq-listed company will operate as Cyclo Therapeutics, focus on advancing the Phase 3 TransportNPC study of Trappsol Cyclo for Niemann-Pick Disease Type C1, be led by Cyclo's existing management and headquartered in Gainesville, Florida.

Eli Lilly and Company completed the acquisition of POINT Biopharma Global Inc. after a tender offer at $12.50 per share in cash, followed by a second-step merger and delisting of POINT's common stock. The transaction brings POINT's radioligand therapy pipeline and radiopharmaceutical capabilities into Lilly's oncology research and development efforts.

Avnan Capital has acquired Allied Components International (ACI), a Foothill Ranch, California-based designer and manufacturer of magnetic electronic components. The transaction closed on December 4, 2023; Avnan plans to grow the business with industry veterans joining to manage and scale the new portfolio company.

GLORY Ltd, through its UK subsidiary Glory Global Solutions (International) Ltd, has agreed to acquire 100% of Flooid, a Coventry‑headquartered provider of cloud‑native unified commerce and retail POS software, from Inflexion Private Equity Partners. The acquisition is intended to expand GLORY’s software annuity revenue and unified commerce capabilities, accelerating Flooid's global reach through GLORY’s existing retail relationships; the deal is subject to shareholder approval and a completed share purchase agreement.

Bristol Myers Squibb will acquire radiopharmaceutical developer RayzeBio in an all-cash tender offer of $62.50 per share, valuing RayzeBio at approximately $4.1 billion (about $3.6 billion net of cash). The acquisition brings RayzeBio's actinium-based radiopharmaceutical platform, a Phase 3 lead program (RYZ101) and in-house radiopharmaceutical manufacturing capabilities into Bristol Myers Squibb's oncology franchise to accelerate development and commercialization of targeted radiopharmaceutical therapeutics.

Dunes Point Capital, LP formed Roofing Services Solutions, LLC and acquired Noland's Roofing, Inc., a Clermont, Florida-based residential re-roofing and exterior services provider. Dunes Point Capital Fund III provided the controlling equity and M&T Bank provided debt financing; Noland's operates three Florida locations and employs approximately 70 people as the first investment in a platform consolidation strategy in the aftermarket roofing services space.

SonicWall has acquired Banyan Security, a provider of security service edge (SSE) and zero-trust access solutions, in a deal completed December 26, 2023. The acquisition adds Banyan's cloud-native zero trust and ZTNA capabilities to SonicWall's portfolio to accelerate its SASE/SSE offerings and extend cloud-based secure access for customers and partners.

Mend.io has acquired Israeli cyber risk assessment startup Atom Security in a deal valued at several million dollars. Atom's co-founders will join Mend.io's Cloud Native division as Mend integrates Atom's technology to expand application-layer coverage and reduce irrelevant findings.

Shiseido Company, Limited, through its subsidiary Shiseido Americas Corporation, has completed the acquisition of DDG Skincare Holdings LLC, owner of the Dr. Dennis Gross Skincare brand. The purchase adds a dermatologist-led, prestige skincare brand to Shiseido's portfolio to accelerate growth and diversify its Americas business.

Leonard Green & Partners (LGP) will take a co-controlling stake in IRIS Software Group alongside existing investor Hg, with ICG remaining as a minority investor. The transaction values IRIS at an enterprise value of around £3.15 billion and is intended to support IRIS's continued scaling and expansion in North America; closing is subject to customary regulatory clearances.

Private equity funds managed by Blackstone signed a definitive agreement to acquire a majority (reported ~80%) stake in Sony Payment Services Inc. from Sony Bank (part of Sony Group), with Sony Bank retaining a minority roll‑over. The deal — reported at roughly $280 million for an 80% stake — marks Blackstone's first investment in Japan's fintech/payments sector as it seeks to expand its Japan private equity portfolio and support SPSV's growth through technology and talent investment.

Spectra Systems Corporation completed the acquisition of Cartor Security Printers on 22 December 2023. The purchase expands Spectra's presence in the polymer banknote substrate market and gives Spectra new channels to sell its banknote authentication and brand-protection technologies through Cartor's customer base across the UK, France and more than 180 postal and government administrations.

Literally Media has acquired MEL Magazine, the once-popular men's lifestyle and culture brand that has been inactive since 2022. The brand was sold by Recurrent Ventures to join Literally's portfolio of digital culture properties as the buyer aims to revive MEL's voice and explore opportunities across editorial, video, and long-form IP development.

Pavlov Media has acquired iZone Broadband, a small regional ISP serving parts of Central Ohio (SW Knox, NW Licking and NE Delaware counties). The acquisition expands Pavlov Media's residential and business service footprint into Central Ohio and brings iZone customers onto Pavlov's national broadband backbone and customer support resources.

Nextmune, a global specialty animal-health company, acquired VetBiotek, a developer of veterinary dermatology topical formulations including MicroSilver BG and Ceramide III products. The acquisition expands Nextmune’s dermatology portfolio and aims to improve production, packaging, distribution and access of VetBiotek’s products to veterinary clinics and distributors.

TFI International completed its previously announced all-cash acquisition of Daseke, Inc. for $8.30 per share, valuing the transaction at approximately $1.1 billion. The deal closed in early April 2024 and Daseke will operate as part of TFI's Truckload segment; TFI also closed a $500 million term loan to support the transaction.

Affiliates of Leonard Green & Partners (LGP) will acquire a majority stake in TenCate Grass Holding B.V., purchasing shares from Crestview Partners and select other shareholders. TenCate's senior management will remain invested and continue to lead the company; the transaction advances LGP's entry into the sports and outdoor living surfaces market and is expected to close in February 2024 (terms undisclosed).

London-based eCommerce platform Olsam Group has acquired Netherlands-based ecommerce aggregator Dwarfs to deepen its off-Amazon marketplace expertise and expand omni-channel capabilities. The combined business will be headquartered in London, pursue further acquisitions with an enlarged credit facility, and aims to leverage complementary capabilities (including Bol.com expertise) to drive geographic and channel expansion across Europe and North America.

BPEA EQT Mid‑Market Growth has agreed to acquire a majority stake in Indium Software, a Chennai‑headquartered digital engineering company, from existing shareholders. The fund will partner with CEO Ram Sukumar and Indium's management to scale go‑to‑market efforts and expand next‑generation capabilities across AI, advanced analytics and digital engineering; the deal is expected to close in Q1 2024.

New Project Media (NPM), a U.S.-based renewable energy market data, intelligence and events company, has acquired Energy Rev, a London-based proprietary news service focused on renewable energy financing and M&A. The acquisition expands NPM's footprint into Europe, adds Energy Rev's editorial team and strengthens NPM's European content and market intelligence offerings.

Concentra Biosciences, a vehicle controlled by Tang Capital Partners, has entered into a definitive merger agreement to acquire clinical-stage biotech Theseus Pharmaceuticals for $3.90–$4.05 per share in cash plus a contingent value right tied to future program licensing/disposition proceeds. The transaction will be effected by a tender offer and is expected to close in February 2024, subject to customary conditions and the availability of required cash at closing.

Great Day Improvements, a Macedonia, Ohio–based direct-to-consumer home improvement company, has acquired Florida-based Home Performance Alliance (HPA) to expand its presence in the Florida market and add high-performance roofing solutions to its product portfolio. HPA founder and CEO Gary Delia will collaborate with Great Day's leadership and report to CEO Michael Hoy as the business is integrated into Great Day's family of brands.

Bristol Myers Squibb has agreed to acquire Karuna Therapeutics for $330 per share in an all-cash transaction valued at approximately $14.0 billion (about $12.7 billion net of cash). The acquisition adds Karuna's lead neuroscience asset KarXT and its early-stage pipeline to BMS's neuroscience portfolio, accelerating capability and late-stage product expansion in psychiatric and neurodegenerative disorders.

Ardian is leading a consortium including Tikehau Capital, EMZ, Bpifrance, Amundi and the Fonds France Nucléaire (managed by Siparex) in a leveraged buyout of Vulcain Engineering. The transaction effects the exit of existing shareholders Equistone Partners Europe and Sagard while co-CEOs Frédéric Grard and Alban Guilloteau and more than 350 employee-shareholders strengthen their positions. The new financing will provide resources to accelerate Vulcain's international expansion, digitisation of engineering processes and continued external growth via acquisitions.

Pavlov Media has acquired Inspire Wi‑Fi, a provider of wireless solutions for leasing offices, clubhouses and amenity areas, to expand its amenity-focused connectivity offerings. The acquisition strengthens Pavlov Media’s product suite for common and amenity areas (branded Pavlov Spaces) and brings Inspire’s service footprint of more than 500 communities into Pavlov’s national managed-Wi‑Fi platform. Terms were not disclosed.

Oxbo International, a global specialty agricultural equipment manufacturer, has acquired Westside Equipment Company, a Madera, California-based maker of specialty harvesting equipment and aftermarket parts and service. Prestwick advised Westside and its private equity sponsors Hanover Partners and Greyrock Capital Group on the undisclosed transaction, which expands Oxbo's capabilities and presence in specialty/permanent crop harvesting markets.

MyHome, the marketing and technology subsidiary of Williston Financial Group (WFG), has acquired Volly, a provider of marketing automation and creative services for banks, credit unions, and mortgage lenders. The deal expands MyHome's lead generation, conversion, and retention capabilities for mortgage and real estate lenders and brings Volly's services into WFG Enterprise Solutions.

Luna Innovations Incorporated acquired Silixa, a UK-based leader in distributed fiber optic sensing, for $21.5 million in upfront cash plus up to $16.5 million in earnouts. The deal, partially funded by a strategic investment from White Hat Capital Partners, adds DAS, DTS and DSS capabilities to Luna's portfolio and expands its presence in the U.K./EMEA and end markets such as energy, mining and defense.

Cisco announced it intends to acquire Isovalent, a cloud-native networking and security startup best known for developing eBPF-based projects such as Cilium and Tetragon, to bolster its multicloud networking and security capabilities. The Isovalent team will join Cisco's Security Business Group and Cisco said it will continue to support the open source projects; the deal is expected to close in Cisco's third fiscal quarter of 2024.

BYTE Acquisition Corp. completed a business combination with Airship AI, and the combined company began trading on Nasdaq under ticker AISP on December 22, 2023. The transaction valued Airship AI at a pre-money equity value of approximately $225 million and positions the company to accelerate growth—backed by a visible pipeline including $10.9 million in DHS contracts.