Divestitures in 2021

An affiliate of Variant Equity Advisors has acquired CompuCom from The ODP Corporation. The transaction is a corporate divestiture that positions Variant to enter the managed services/digital workplace market and provides CompuCom with resources to expand its service offerings and market leadership.

ISCO Industries, a Louisville-based total piping solutions provider, acquired the majority of the U.S. manufacturing operations of Industrial Pipe Fittings LLC d/b/a Plasson USA from parent company Plasson Ltd. The transaction, a divestiture led by GulfStar Group as advisor to Plasson, closed on December 31, 2021 and expands ISCO's HDPE fittings and fabrication capabilities across North America.

Graphic Village purchased the Cincinnati operations of OneTouchPoint on December 30, 2021, acquiring personnel, equipment and the local customer base in a divestiture by OneTouchPoint. The deal will transition the Cincinnati facility's operations to Graphic Village’s Blue Ash, Ohio site and expands Graphic Village’s print, marketing and mailing capabilities in the Cincinnati region.

Argentum Medical, a Shore Capital‑backed medical device company and maker of Silverlon dressings, has acquired Anacapa Technologies' antimicrobial wound cleansers, gels and irrigation product lines, including the Anasept and Silver‑Sept brands. The deal, completed on December 29, 2021, expands Argentum's wound‑care portfolio and integrates Anacapa's topical antimicrobial solutions into Argentum's existing product lineup for surgical, burn and chronic wound care.

CACI International acquired Ashburn, Virginia–based ID Technologies, a mid-tier provider of enterprise IT, CSfC-compliant cybersecurity products, and managed services to U.S. federal customers. The acquisition, which closed on December 29, 2021 for $225 million, expands CACI's secure network modernization, remote-access, and cloud/IaaS capabilities for defense, intelligence, and federal civilian markets.

Oldcastle APG, a CRH company, acquired the recycling and mulch operations of South Jersey Agriculture Products (SJAP) in December 2021. The deal expands Oldcastle APG’s manufacturing capacity and market presence in the Mid-Atlantic lawn & garden category by adding recycled-material mulch and soil production capabilities.

Premia Holdings Ltd. has completed the acquisition of Navigators Holdings (Europe) NV and its subsidiaries — including Assurances Continentales NV (ASCO) in Belgium and captive reinsurer Canal Re S.A. in Luxembourg — from The Hartford. Premia will repurpose ASCO from an insurer in run-off into a provider of run-off solutions and integrate the European entities into its Continental European operations.

Juggernaut Capital Partners has sold the Dapple Baby brand to Eleeo Brands. Dapple, a plant-based baby cleaning and personal care product brand (previously part of the Noble Holdings platform), will join Eleeo's family of family-focused health & wellness brands, including Boogie Wipes, to expand its retail and e-commerce presence.

The Public Finance Group of PMA Securities, LLC acquired the municipal advisory business of Crystal Financial Consultants, Inc. from principal owner Dr. Robert Grossi. Crystal — a top-10 Illinois school municipal advisor — will transition its MA clients to PMA while Dr. Grossi continues to provide non-MA consulting services under the new name Illuminate, Inc.

PHI Industrial, a specialist industrial investment fund, has acquired PPC Insulators from Seves Group (a Triton portfolio company). The divestiture transfers PPC — a global manufacturer of porcelain high-voltage insulators serving transmission and distribution customers — to PHI, which said it will pursue expansion in existing and new markets to capitalise on long-term infrastructure and renewable energy trends. Terms were not disclosed.

Affiliates of Fortress Investment Group completed acquisitions of non-digital real estate assets and fund interests from DigitalBridge Group and five historical development/non-accrual assets from BrightSpire Capital for total consideration of approximately $730 million. The transactions make Fortress the general partner/manager for DigitalBridge's DCVR series and accelerate BrightSpire's portfolio rotation by selling select assets to Fortress.

Netherlands‑domiciled Dayes B.V. has acquired Blackpool‑based Healthpoint from private equity firm Maven, generating a 3.1x return for Maven. Healthpoint, founded in 1996, supplies affordable healthcare and beauty FMCG (including own brands) into UK value and high‑street retailers; the business was previously the subject of a 2017 MBO supported by Maven Investor Partners.

Acrisure has acquired the Managing General Agency (MGA) and Third-Party Administrator (TPA) operations of SUNZ Insurance, including Next Level Administrators, Watchpoint, Ascential Care Partners, Avalon and Accelevant Premium Audit. The deal expands Acrisure's underwriting, claims and distribution capabilities in workers' compensation and PEO-focused insurance, and will be integrated with Acrisure's AI and distribution platform. Terms were not disclosed.

Mister Car Wash, Inc. acquired Clean Streak Ventures LLC — an Orlando-headquartered express car wash platform operating under the Clean Machine and Top Dog Express brands — from MKH Capital Partners for $390 million. The deal adds 23 operating and 10 development locations (33 total) to Mister's Florida footprint and expands its recurring subscription member base in the state.

France-domiciled Sterimed Group has acquired Westfield Medical Group, a Somerset-based manufacturer of single-use sterilisation barrier packaging, from private equity owner Maven. The sale — which follows Maven's 2016 MBO of Westfield — is described as a strategic fit to expand Sterimed's product and geographic footprint; Maven and its co-investors generated a reported 2.2x blended return on exit.

Clayton, Dubilier & Rice Fund X sold its investment in Belron in a two-part transaction that values Belron at €21 billion. Approximately 39% of CD&R Fund X's stake was sold to funds managed by **Hellman & Friedman**, **GIC**, and **BlackRock Private Equity Partners**, while the remaining 61% was transferred into a CD&R‑managed SPV (CD&R Value Building Partners I, L.P.) to continue CD&R's partnership with Belron.

FAT Brands has acquired Fazoli's Group, Inc. from private equity firm Sentinel Capital Partners for an enterprise value of $130 million. Fazoli's, headquartered in Lexington, Kentucky, operates nearly 220 franchised and company-owned quick-service Italian restaurants across the United States; the acquisition expands FAT Brands' portfolio of franchised restaurant concepts.

Hub International Limited acquired the assets of JP Griffin Companies, LLC (JP Griffin Group), an employee benefits consulting firm headquartered in Scottsdale, Arizona. The acquisition expands Hub’s employee benefits capabilities in the Southwest; financial terms were not disclosed.

ImageFIRST Healthcare Laundry Specialists acquired the HLAC‑accredited linen processing facility and private‑sector operations of Puget Sound Laundry Services, a division of Northwest Center Services. The transaction (terms undisclosed) preserves all existing employees at the facility and expands ImageFIRST's ability to insource processing in the Pacific Northwest to support its national healthcare accounts.

Advantus Corp., a privately held manufacturer of consumer and office products, acquired certain assets and brands (Artistic, NuDell and Timekeeper) from Artistic Products LLC. Artistic Products will retain other product lines (including Softalk and LED signs) and continue operating out of Hauppauge, New York under a new name; Advantus said the purchase strengthens its position in the office products channel.

Polyventive LLC acquired the Surfactants and Dyes & Pigments businesses of Tri‑TexCo Inc and Trichromatic‑West, Inc from funds advised by SK Capital Partners. Concurrently, Tri‑Tex's adhesives business was sold to Meridian Adhesives Group. The transaction expands Polyventive's specialty chemicals portfolio and adds manufacturing capabilities in Canada and the United States.

Alpine Consolidated has sold its ownership of US-based Espresoh Tech, LLC to the company's senior management team led by Marcel Barbulescu in a management buyout. Espresoh Tech will be led operationally by EU-based CEO Daniel Markovits as the company transitions to engineer/management ownership to align employee equity and support its strategic transformation.

ConnectiveRx has acquired the Rx Savings Assistant software and distribution channel from Medicom Digital, adding the in‑EHR prescription savings tool to its EHR Network to expand point-of-care affordability messaging. The acquisition integrates the Rx Savings Assistant into ConnectiveRx’s existing EHR distribution (including Epic integrations) to extend the company's prescriber reach and patient savings delivery across health systems, hospitals and ambulatory settings.

Booz Allen Hamilton has completed the spinout of its commercial AI platform Modzy into a new independent company, Modzy, Inc., with Booz Allen retaining a minority ownership stake. Modzy provides a ModelOps/MLOps software platform to help enterprises and federal customers deploy and monitor production-ready AI; financial terms were not disclosed.

The North American Chassis Pool Cooperative (NACPC) has acquired Pratt Intermodal Chassis, LLC — the intermodal chassis business formerly held within Pratt Industries and owned by LFM Capital. Pratt Intermodal Chassis will operate as a subsidiary of NACPC, while LFM Capital retains Pratt Industries' remaining custom and utility trailer businesses.

CMA CGM Group has signed an agreement to acquire most of Ingram Micro's Commerce & Lifecycle Services (CLS) business, including the Shipwire order-fulfillment platform, for an enterprise value of USD 3.0 billion. The transaction will be integrated with CMA CGM's subsidiary CEVA Logistics to bolster the group's contract-logistics and eCommerce capabilities, particularly across the U.S. and Europe; the CLS business reported approximately $1.7 billion revenue and ~11,500 employees in 2021.

Vertex Aerospace, owned by private equity firm American Industrial Partners, agreed to acquire Raytheon Technologies' Defense Training and Mission Critical Solutions business lines, a group of businesses that generated approximately $1.0 billion in sales in 2020. The transaction (a divestiture by Raytheon Technologies) adds roughly 2,000 employees to Vertex, expands its training, mission-critical support and modernization capabilities, and broadens its government and commercial aerospace contract portfolio.

HireQuest, Inc. (Nasdaq: HQI) has completed the acquisition of the Dental Power Staffing (DPS) division of Dental Power, a Carrboro, North Carolina–headquartered dental staffing firm. DPS will operate as a corporate-owned subsidiary of HireQuest and will serve as the platform to launch a HireQuest franchise offering tailored to the dental market.

Commercial Metals Company (CMC) has agreed to acquire Tensar Corporation, a global designer and manufacturer of geogrid products and foundation-improvement technologies, from Castle Harlan for $550 million in cash. The transaction — a sale of a Castle Harlan portfolio company (CHP V) — closed following customary regulatory review; Tensar is headquartered in Alpharetta, Georgia and will expand CMC's construction-products and ground-stabilization capabilities.

Wynnchurch Capital has acquired the thermal coating business assets of Appvion Holding Corp., a long-established provider of direct thermal coatings and renewable, fiber-based packaging solutions. The transaction, terms not disclosed, transfers Appvion's thermal coating operations (headquartered in Appleton, Wisconsin) to Wynnchurch, which said it will invest to drive growth and capitalize on tailwinds in labels and packaging.

Stryten Energy acquired Tulip Richardson Manufacturing (TRM) from Saugatuck Capital Company in a strategic purchase announced in December 2021. The acquisition adds TRM’s vertically integrated injection-molding and battery-component manufacturing capabilities — including facilities in Milwaukee, Columbus (IN) and Niagara Falls (NY) — to Stryten’s energy storage and battery component platform to expand production capacity and capabilities.

HealthEquity entered into a definitive agreement to acquire the HSA portfolio of Health Savings Administrators, L.L.C. (HealthSavings) for $60 million. The transaction transfers custody of nearly $1.3 billion in HSA assets across approximately 87,000 accounts to HealthEquity.

Salt Creek Capital has sold Boyd Industries to the company’s CEO, Adrian LaTrace, in a management buyout. Boyd Industries, a Clearwater, Florida-based manufacturer of dental operatory equipment and clinical cabinetry since 1957, was originally acquired in partnership with Salt Creek in 2012 and serves dental specialists domestically and internationally.

Ryan, a global tax services and software provider, has acquired Qvalia's VAT compliance and recovery business, expanding its VAT capabilities and footprint across the Nordic region. The deal adds 32 VAT professionals and four country leaders to Ryan's European team while Qvalia retains its finance process automation platform and fintech business.

Techniplas, LLC has acquired the Molded Products Division of Lyle Industries, Inc., a Tier 1 supplier of cargo systems, carpeted trim and molded floors for luxury SUVs and electric passenger cars. The divestiture gives Techniplas new strategic manufacturing locations in the U.S. Southeast and complementary molding process capabilities while Lyle Industries will continue to supply premium carpet to the business.

Transom Capital Group acquired Wolters Kluwer's U.S. Legal Education business and the business will operate as Aspen Publishing, a provider of casebooks, study aids and digital learning tools for law schools and students. Transom will invest in product innovation and growth, partnering with Aspen management to expand digital learning and institutional solutions.

Ascend Technologies has acquired the managed IT and security services division of Stratosphere Networks in a carve-out that expands Ascend’s presence and managed services capability in the Chicago area. Stratosphere will retain its IT project, voice services and consulting businesses while Ascend — backed by private equity partner M/C Partners — onboards the transferred managed services staff and clients.

The McGowan Companies acquired certain assets of Cameron M. Wilson & Associates, Inc., effective December 1, 2021; CWA will be rebranded under McGowan Risk Specialists. CWA's staff will remain in place and brokers will receive appointments across McGowan's platform, expanding McGowan's program administration and specialty E&S capabilities nationwide.

Celanese Corporation has completed the acquisition of the Santoprene TPV elastomers business from Exxon Mobil Corporation for $1.15 billion. The transaction includes Santoprene, Dytron and Geolast trademarks and product portfolios, customer and supplier contracts, R&D and IP, two production facilities (Pensacola, Florida and Newport, Wales) with ~190 kt annual capacity, and approximately 320 employees.

BayWa r.e. has acquired Beacon Solar, the solar distribution division of Beacon Roofing Supply (Nasdaq: BECN), and will integrate it into BayWa r.e. Solar Systems LLC to expand its U.S. distribution footprint. The deal increases BayWa r.e.'s U.S. warehouse network from six to 16 locations, supporting faster deliveries and cross-selling of solar and roofing products.

Maritime Partners, through its managed funds, acquired a diversified portfolio of over 1,000 marine vessels operating on bareboat charter from J. Russell Flowers, Inc. The deal grows Maritime Partners' fleet to roughly 1,600 vessels (estimated fair market value ~$1.2bn), making it the largest lessor of marine equipment in the United States.

Arthur J. Gallagher & Co. completed the acquisition of substantially all of the treaty reinsurance brokerage operations from Willis Towers Watson plc. The deal combines Gallagher's existing reinsurance business with the acquired operations to form Gallagher Re — a unified global reinsurance platform with roughly 2,400 colleagues across more than 70 offices in 31 countries, enhancing Gallagher's reinsurance capabilities and analytics.

Paragon Group has acquired the European business of DG3 from Resilience Capital Partners' portfolio company DG3. The deal transfers DG3's UK/European operations to Paragon Customer Communications, enabling DG3 to focus on growth and transformation of its US business while Paragon expands its customer communications capabilities across Europe.

Draslovka a.s. completed the acquisition of The Chemours Company’s Mining Solutions business for $521 million, making Draslovka the world’s largest producer of solid sodium cyanide and expanding its global operations across Europe, the Americas and Australasia. The transaction was funded with a $348 million Term Loan B arranged by J.P. Morgan and equity from Draslovka’s existing family owners, and is intended to support further international expansion and capability growth in CN-based specialty chemicals.

Accenture has acquired the consulting practice of Headspring, a cloud-native platform engineering and modernization firm based in Austin, Texas. The deal brings approximately 90 Headspring cloud experts into Accenture Cloud First to expand Accenture's platform engineering and cloud-native capabilities; terms were not disclosed.

Husqvarna Group agreed to acquire Orbit Irrigation from Platinum Equity in a transaction valuing Orbit at approximately $480 million. Orbit, a Salt Lake City–based maker of residential watering equipment and smart B-hyve devices (about 1.4 million connected devices), will join Husqvarna's Gardena Division to create a global leader in residential watering.

Gulf Island Fabrication, Inc. acquired the services and industrial staffing businesses ("DSS") of Dynamic Industries, Inc. for $8.0 million in cash. The purchase expands Gulf Island's services offerings (including coatings, scaffolding and specialty services), nearly doubles its craft labor headcount and extends its geographic footprint into South Texas and Western Louisiana.

Tesco Ireland has agreed to acquire ten Joyce's Supermarkets retail stores in County Galway, subject to approval by the Competition and Consumer Protection Commission (CCPC). The Joyce family will sell the stores while retaining other business interests; the stores will be rebranded as Tesco and Joyce's employees will be transitioned to Tesco Ireland roles.

Charter Manufacturing Company, a family-owned metals manufacturer, has acquired Aarrowcast, Inc., a Shawano, Wisconsin-based foundry, from Industrial Opportunity Partners. Terms were not disclosed; Aarrowcast casts ductile, gray and austempered ductile iron components for agriculture, off-highway heavy truck, military and construction markets.

Fenzi Group completed the acquisition of Johnson Matthey’s Advanced Glass Technologies (AGT) business, a global provider of specialist glass enamels and precious metal pastes serving automotive, architectural, home appliance and hollow glass markets. The deal (announced November 24, 2021 and completed January 31, 2022) expands Fenzi’s product capabilities and strengthens its position as a leading, full-service chemicals partner to the glass processing industry.