Divestitures in 2020

CGI acquired the Professional Services Division of Harris, Mackessy & Brennan, Inc. (HMB), a transaction that closed on December 31, 2020. The division brings approximately 165 consultants and expanded consulting capabilities and client relationships—notably in the utilities market and with the State of Ohio—strengthening CGI's footprint in Central Ohio and the Columbus metro.

Bluebird Network acquired the ColoHub Data Center in Bettendorf, Iowa (effective December 31, 2020) from Geneseo Communications, expanding Bluebird’s Midwest data center footprint and complementing its underground facility in Springfield, Missouri. The deal strengthens Bluebird’s fiber and edge data center capabilities across Iowa and Illinois, providing additional low-latency and disaster recovery options for carriers and enterprise customers in the region.

Funds advised by Apax Partners acquired the Software Products business of 3i Infotech for INR 10 billion and transferred the assets into a newly formed company, Azentio Software, wholly owned by the Apax Funds. The carve‑out creates a PE‑backed, focused software platform serving banking, financial services and insurance (BFSI) customers with plans for increased R&D, sales investment and future M&A across the region.

Sycamore Partners, through affiliate Premium Apparel LLC, completed the purchase of the Ann Taylor, LOFT, Lou & Grey and Lane Bryant brands from ascena retail group as part of Ascena’s Chapter 11 restructuring. Premium Apparel committed to retaining a substantial portion of the brands’ retail stores, associates and corporate operations as Sycamore expands its retail portfolio.

Netrix, LLC has acquired the Microsoft Consulting and Managed Services Business Unit of Prosum, Inc., expanding Netrix's West Coast presence and strengthening its Microsoft-focused managed services capabilities. The transaction transfers Prosum's Microsoft services team, customers and vendor relationships into Netrix to deepen its managed services offering.

NuWave Solutions, a Washington, D.C.-area advanced analytics and AI provider, has acquired ProModel Government Services from ProModel Corporation. The acquisition (terms undisclosed) expands NuWave’s mission-focused analytics and model-based decision-support capabilities for the Department of Defense and other federal agencies; NuWave is PE-backed by AE Industrial Partners.

Platinum Equity has sold Compart Systems Pte Ltd., a Singapore-headquartered precision-machined components manufacturer with operations in China and Malaysia, to Shanghai Wanye Enterprises for approximately $398 million. Platinum Equity said it developed Compart into a technology-driven manufacturing solutions provider through operational improvements and add-ons; Shanghai Wanye acquires the business to expand its manufacturing capabilities and growth plans.

Columbus A/S agreed to divest its software subsidiary To-Increase to Gilde Buy Out Partners alongside To-Increase management for an enterprise value of EUR 113 million. The divestment is part of Columbus' strategic refocus to become a global consultancy and is expected to close in January 2021 subject to Works Council consultation; Gilde plans to support organic growth acceleration and bolt-on M&A for To-Increase.

Linx Partners, through Linx Fund II with co-investors and affiliates, has sold its securities in Metaltech Service Center, Inc. The buyer was not disclosed; the transaction provides a realization for Linx Partners' investors. Metaltech is a Houston-based value-added metal distributor and processor serving over 1,500 customers in the Gulf Coast region.

Taylored Fulfillment Services, together with FMI International and Joseph DeSaye, closed the acquisition of the U.S. operations of Toll Global Logistics from Toll Group. The deal adds more than 4.1 million square feet across port-centric facilities in Los Angeles/Long Beach, New York, Miami and Louisville, tripling Taylored’s footprint in key distribution metros and expanding its port-to-door 3PL capabilities.

Radiology Partners completed the acquisition of MEDNAX Radiology Solutions, a division of MEDNAX, Inc., in a transaction valued at approximately $885 million that closed December 15, 2020. The deal brings hundreds of MEDNAX radiologists and support staff into Radiology Partners, expanding clinical coverage, subspecialty capabilities and technology resources across the combined organization.

Spell Capital Partners (the Spell Family Office) announced the sale of portfolio company Vestal Manufacturing, a producer of foundry cast iron and steel fabricated components serving municipalities, OEMs and the home building/hearth industries. Spell acquired Vestal as a platform in 2015 and, during its ownership, grew revenues, improved profitability and expanded product offerings; the buyer was not disclosed in the announcement.

Spinal Elements announced it has acquired the assets of Benvenue Medical, including the Luna XD expandable lumbar fusion implant, the Orbit articulating discectomy system, and related manufacturing equipment. Spinal Elements plans to relocate operations to its Carlsbad, California headquarters, integrate the technologies into its MIS Ultra platform, and relaunch the products in 2021.

Nexstar Inc., a subsidiary of Nexstar Media Group, agreed to acquire BestReviews LLC from Tribune Publishing Company and BR Holding Company, Inc. for $160 million in cash. Tribune owned 60% and the founders (BR Holding) owned 40%; the deal strengthens Nexstar's digital content and commerce capabilities and is expected to close following customary approvals.

Stakeholder Midstream, LLC acquired gas gathering and processing assets from Santa Fe Midstream, LLC in Yoakum County, Texas, including the 30-30 Gas Treating and Processing Plant, gathering pipelines, residue and NGL lines, and a long-term acreage dedication. The deal increases combined gas processing capacity to ~85 MMcf/d, expands total gathering pipeline mileage to ~450 miles and acreage dedications to over 200,000 acres, complementing Stakeholder's existing Campo Viejo system and expanding its capabilities in the San Andres play.

Swedish e-commerce group BHG Group has agreed to acquire Nordic Nest from family-controlled investor Nordstjernan, which is divesting its approximately 20% holding. Nordic Nest, a Sweden-based online home furnishings retailer with about 200 employees and sales across the Nordics, Germany, the UK, the Netherlands and South Korea, will join BHG’s portfolio to expand its home and furnishings e-commerce footprint.

ChannelPro Network, a division of EH Media LLC, acquired the FindBiometrics and Mobile ID World brands and an associated consulting services group from Canadian-based TopickZ Inc. The acquisition expands EH Media’s IT-focused media portfolio and provides exposure to the biometrics and mobile identification markets; FindBiometrics founder Peter O'Neill will remain in a key role to assist integration.

FORM.com, a provider of mobile data collection and workflow automation backed by Diversis Capital, acquired the GoSpotCheck product line in a carveout/divestiture. The deal merges GoSpotCheck's mobile task management and image-recognition capabilities into FORM.com's low-code/no-code field data platform to expand capabilities for mid-size and large global enterprise customers.

Kainos Capital, with a preferred and common equity investment from The Private Capital Group of MSD Partners, has acquired Tivity Health’s Nutrition Business — including **Nutrisystem** and **South Beach Diet** — for $575 million in cash. Tivity Health divested the business to focus on its core healthcare operations while Kainos plans to reestablish Nutrisystem as an independent, growth-oriented consumer nutrition company.

An affiliate of Veritas Capital completed the $3.4 billion cash acquisition of Northrop Grumman's federal IT and mission support services business. The business, which generated approximately $2.3 billion in revenue in 2020, will be combined with Veritas portfolio company Peraton to create a scaled government mission capability integrator serving defense, intelligence, civil and health agencies.

Brynwood Partners' newly-formed portfolio company, Great Kitchens Food Company Inc., has acquired ARYZTA North America's take-and-bake pizza business in a carveout transaction. Great Kitchens will be headquartered in Romeoville, Illinois and operate production facilities in Chicago Heights and Romeoville employing approximately 700 people; financial terms were not disclosed.

TPG and Northstar Group have agreed to acquire an 80% stake in Japfa Ltd's Southeast Asia branded dairy business (Greenfields) for US$236 million, with Japfa retaining a 20% interest. The strategic partnership gives the investors funding and senior management expertise to accelerate growth of the vertically integrated dairy business across Southeast Asia while Japfa focuses on its China dairy operations and other core businesses.

Sparks, a Philadelphia-based experiential marketing agency, acquired Group Delphi's trade show and events business, including assets and facilities in Fort Wayne, Indiana and Paris, France, and the associated staff. Group Delphi will continue operating its Alameda, California facility focusing on museum exhibit fabrication, restaurant solutions, fine arts, and custom acrylic fabrication.

Service Express, a US-based third-party data center maintenance provider, acquired the third-party maintenance division of Zensar Technologies to strengthen its international presence and support Zensar's maintenance customers going forward. The deal transfers Zensar's data center maintenance customers and capabilities to Service Express and follows Service Express' broader push to expand its global TPM footprint and integrations on its ExpressConnect platform.

TowerBrook Capital Partners agreed to acquire the Rail business of Consolis, a portfolio of precast concrete brands that design and manufacture sleepers and other precast products for railways across Europe. The transaction is a sale/divestiture by Consolis and is subject to social dialogue with employees and customary regulatory approvals; TowerBrook intends to develop the Rail business as a standalone, growth-oriented platform.

Sedgwick has acquired Stericycle's Expert Solutions service line, bringing market-leading recall, remediation and retention capabilities in-house. The acquisition adds more than 300 employees across the U.S., Canada and Europe and expands Sedgwick's integrated offerings for clients in automotive, food & beverage, medical devices, retail, pharmaceuticals and consumer products sectors.

ACON Investments has acquired Novipax, the U.S. market leader in absorbent pads for fresh meat and poultry packaging, from Atlas Holdings. The transaction transfers Novipax's absorbent pad manufacturing facilities and headquarters in Oak Brook, Illinois, to ACON, while the tray business is excluded from the sale and will operate separately as NPX ONE.

Select Rehabilitation has agreed to acquire the RehabCare business line from Kindred Healthcare. The deal (terms undisclosed) creates a pro forma company with approximately 17,000 therapists serving more than 2,300 post-acute and home-health locations across 43 states, expanding Select's scale, leadership team and service capabilities.

American Industrial Partners (AIP) completed its purchase of the former Aleris North American automotive and common-alloy aluminum rolled products business on December 1, 2020. The divested business (renamed Commonwealth Rolled Products) includes the Lewisport, Kentucky production facility and a Madison Heights, Michigan R&D center; AIP intends to invest in and upgrade the Lewisport mill to expand its automotive body sheet capabilities.

CarepathRx will acquire the management services organization that operates UPMC's Chartwell specialty pharmacy and home infusion business, while UPMC will take a strategic equity stake in CarepathRx. The transaction (reported at approximately $400 million) expands CarepathRx's specialty pharmacy and home-infusion capabilities and creates a long-term partnership between the companies.

CareFirst BlueCross BlueShield has agreed to acquire University of Maryland Health Partners (UMHP) and University of Maryland Health Advantage (UMHA) from the University of Maryland Medical System (UMMS). The transaction brings UMMS’s Medicaid and Medicare Advantage plans into CareFirst’s not-for-profit structure to expand its presence in government-sponsored programs and ensure continued coverage for enrollees across Maryland.

Janes has agreed to acquire the Global Platforms & Systems (GPS) defence market analytics business from Avascent. The deal (announced November 2020) brings Avascent’s market analytics capability into Janes’ open-source defence intelligence offerings and is expected to close subject to customary conditions, strengthening Janes’ position in defence market forecasting and analytics.

Keurig Dr Pepper agreed to acquire the manufacturing, sales and direct-store-delivery (DSD) distribution rights to key KDP-owned and licensed brands across 37 counties in east Texas and northern Louisiana from The Red River Beverage Group and The Made‑Rite Company. The move brings brands such as Canada Dry, A&W, 7UP, Sunkist, Snapple, CORE and Bai into KDP’s company-owned DSD operations beginning February 2021; terms were not disclosed.

Five Legged Stool LLC, the owner/operator of Arkansas Business Publishing Group, has acquired the niche magazines and ancillary marketing products of Scott Publishing LLC, publisher of 360 West and several other regional titles. The acquisition brings the Fort Worth-based publications into ABPG's portfolio as the buyer plans to continue the titles and expand products, events and marketing solutions for advertisers and readers in Tarrant County.

British American Tobacco’s U.S. business (through Modoral Brands Inc. / Reynolds American Inc.) acquired the nicotine pouch product assets of DRYFT Sciences, LLC. The deal transfers DRYFT’s all‑white nicotine pouch formulations and SKUs into BAT’s Velo product line to accelerate distribution and marketing reach in the modern oral nicotine segment.

An affiliate of Sun Capital Partners has agreed to sell ClearChoice Management Services, the operator of the ClearChoice Dental Implant Centers network, to Aspen Dental Management (ADMI). ClearChoice operates a national network of more than 60 implant centers; terms were not disclosed and the deal is a strategic acquisition to expand Aspen's specialty dental capabilities and patient reach.

White Deer Energy has acquired Renewable Energy Infrastructure Group's electric vehicle infrastructure design-build business, EV Infrastructure. The company, headquartered in Costa Mesa, California, provides turnkey engineering and construction of Level 2 and Level 3 fast-charging stations primarily for commercial fleet, utility and municipal customers; financial terms were not disclosed.

Capitala Group announced it has exited its senior secured debt and minority equity investment in Optio Rx, a national owner and operator of specialty compounding pharmacies. The original investment was made in partnership with Cold Bore Capital and funded Optio Rx's roll-up of specialty pharmacies serving fertility, veterinary, dermatology, hormone replacement and hospice markets.

Lithia Motors has purchased nine high-volume dealerships from Los Angeles-based Keyes Automotive Group in a multi-location transaction that expands Lithia's footprint in the Los Angeles and Phoenix markets. Kerrigan Advisors represented Keyes, which sold the nine dealerships while retaining several others; Lithia will operate the acquired franchises as part of its national dealership network.

Anthology acquired the Foundation and Matching software solutions from xRM.com LLC to expand its alumni advancement and donor engagement capabilities. The acquisition complements Anthology's higher-education CRM and alumni engagement portfolio and integrates xRM's solutions built on Microsoft Dynamics 365 into Anthology's product set.

Softline Holding has acquired the software development outsourcing business of the Aplana Group. Approximately 200 employees from three Russian development centers (Moscow, Voronezh and Ufa) will join Softline as the Aplana Group retains the Aplana brand and focuses on its product and R&D strategy.

Transom Capital Group has acquired BridgeTower Media, a B2B information, research, events and marketing platform formerly a subsidiary of Gannett Co. BridgeTower operates more than 40 print and digital brands across 25+ U.S. markets; Transom said it will invest in technology and resources to grow the business. Cerberus Business Finance provided financing for the transaction and JEGI acted as financial advisor to Gannett.

HatchBeauty Brands, a Los Angeles-based beauty and wellness incubator, has acquired the Duncan Cosmetics brand portfolio (Lique, Tattoo Junkie, Remi Rose and BE Beauty Essentials) from Duncan Enterprises. The deal transfers mass‑market beauty brands that currently retail at Target, Kohl's, Urban Outfitters and Dollar Tree to HatchBeauty, expanding its owned‑brand portfolio and retail distribution reach.

Riveria Investment Group has sold Empire Petroleum Partners, LLC to GPM Investments, with ARKO/Arko Holdings involved in the transaction. Empire Petroleum is a wholesale fuel distributor operating in 31 states and more than 80 convenience stores; Riveria described the deal as a successful exit.

Francisco Partners has agreed to acquire the MyFitnessPal platform from Under Armour for $345 million (including potential earn-outs), a transaction expected to close in Q4 2020 subject to customary conditions. Under Armour said the sale is part of a strategic simplification to focus on its core consumer business, while Francisco Partners plans to operate MyFitnessPal as a standalone company to pursue recurring-revenue growth.

Lafarge Canada Inc. has acquired the Alberta-based assets of Mixcor Aggregates Inc., adding 26 aggregate sites and approximately 50 employees to Lafarge's operations. The transaction expands Lafarge's footprint in Alberta and supports its sustainable/green construction strategy.

United Federal Credit Union will acquire the assets and assume the liabilities of Edgewater Bank in an all-cash transaction. Edgewater Bancorp and Edgewater Bank will liquidate and distribute remaining cash to stockholders; the deal expands United's branch network and increases its assets to roughly $3.5 billion.

Sysnet Global Solutions has acquired SecureTrust, a division of Trustwave, and purchased a portion of Trustwave’s MSS business focused on the hospitality sector. The deal expands Sysnet’s PCI-compliance, QSA and managed security capabilities and geographic coverage, creating the world’s largest Qualified Security Assessor (QSA) organization; Sysnet is backed by FTV Capital and True Wind Capital.

MidEuropa agreed to sell 24% of Waberer's International Nyrt. to Trevelin Holding Zrt. (part of Indotek Group) and granted Indotek a call option over MidEuropa's remaining 47.99% stake. The transaction, intended to support Waberer's restructuring and transformation, is subject to customary antitrust clearance and was expected to close by the end of Q1 2021.

Affiliates of CriticalPoint Capital have closed the acquisition of AECOM's Power Construction division and launched the business as an independent company, United E&C, Inc. CriticalPoint said it will partner with United's management to build a stand-alone infrastructure engineering and construction platform serving power generation, transmission & distribution, and renewable markets.