Divestitures in 2022

EQT Infrastructure has entered exclusive negotiations to sell 50% of its stake in Saur to a consortium composed of DIF Capital Partners and PGGM. The deal will broaden Saur's shareholder base to support continued geographic expansion, accelerate growth of its Industrial Water division, and back the company's 2030 strategic agenda.

Clear Channel Outdoor Holdings, Inc. has entered into a definitive agreement to sell its Switzerland business to Goldbach Group AG, an affiliate of TX Group AG, for CHF 86.0 million (approximately US$92.7 million). The all-cash divestiture is part of Clear Channel's strategic review of its European assets and is expected to close in mid-2023 subject to regulatory approvals and customary conditions.

FUJIFILM Corporation entered into an asset purchase agreement to acquire the global digital pathology business of Tampa-based Inspirata, Inc., including the Dynamyx technology, associated employees and customers. The acquisition expands FUJIFILM's Synapse Enterprise Imaging portfolio to add digital pathology capabilities and support integration of pathology images and data across healthcare organizations.

Pearson agreed to acquire PDRI (Personnel Decisions Research Institutes, Inc.), a provider of workforce assessment services to U.S. federal government agencies, from SHL for an enterprise value of $190 million. SHL described the sale as a strategic divestiture aligned with its shift toward commercial SaaS solutions; completion was expected in H1 2023 and the transaction closed in March 2023. The acquisition expands Pearson’s workforce assessment capabilities and its position in the U.S. government and public-sector assessment market.

Anaplan has acquired the applications division of partner Vuealta, including four out-of-the-box supply chain applications (Demand Planning, Supply Planning, Inventory Planning, and S&OP/IBP) and nineteen employees. The acquisition expands Anaplan’s supply chain capabilities and aims to deliver faster time-to-value for customers navigating ongoing supply chain disruption.

D.R. Horton, Inc. acquired the homebuilding operations and related assets of Riggins Custom Homes in Fayetteville, Arkansas, including ~3,000 lots, 170 homes in inventory and 173 homes in sales order backlog. The transaction is expected to be approximately $107 million in cash and will combine Riggins' operations with D.R. Horton's Northwest Arkansas platform to expand the company's local market presence.

H.I.G. Europe, an affiliate of H.I.G. Capital, has completed the acquisition of Standard Hidraulica (STH), an international plumbing supplies and sanitary fittings group headquartered in Montcada i Reixac (Barcelona), from Aalberts N.V. H.I.G. said it will support STH’s transition to an independent company and accelerate organic and inorganic growth while leading consolidation in its core markets across Spain, the UK, South Africa and Greece.

Peterson Farms has acquired Fresh Innovations California from Arable Capital Partners and Alpine Pacific Capital. The transaction, which completes Arable’s investment in Fresh Innovations, will boost Peterson Farms’ fresh-cut processing and distribution capabilities for customers (notably K-12 schools) across the U.S.

Security On-Demand, with backing from Nautic Partners, has acquired Booz Allen Hamilton’s commercial Managed Threat Services (MTS) business and combined it with its operations under the new brand DeepSeas. The combined organization will offer advanced managed detection, threat intelligence, and incident response services to mid-market and enterprise clients, and Booz Allen will remain a strategic collaborator for federal work.

Hub International Limited has acquired the assets of AM Insurance Services of Miami, Inc., expanding Hub's employee benefits capabilities in South Florida. Claudine Nelson, President, and the AM Insurance Services team will join Hub South Florida; terms were not disclosed.

Gyrus Capital-backed Essential Pharma has acquired global rights to HALDOL (haloperidol) and HALDOL Decanoate from Janssen Pharmaceutica NV. The deal expands Essential Pharma's specialty CNS portfolio and secures continued global supply of this WHO-listed essential antipsychotic marketed in the US and more than 60 countries.

NMI has acquired the payments solutions business of Agreement Express, adding onboarding, underwriting, KYC/AML and risk monitoring capabilities to its commerce enablement platform. Frontier Growth will retain Agreement Express's wealth management arm; terms were not disclosed.

Norwegian property developer OBOS has purchased 5 million Class A and 2 million Class B shares in Nordic construction company NCC from Nordstjernan for SEK 772.5 million (approx. SEK 110 per share), acquiring about 6.5% of capital and 23.1% of votes. Nordstjernan remains a significant owner after the transaction; OBOS says it will assume an active role alongside Nordstjernan and NCC's board and management to develop the business.

Synoptek has acquired Optistar Technology Consultants, the technology services division of The Vertex Companies, to expand its managed IT, cybersecurity, digital forensics and software engineering capabilities and strengthen its presence in the Northeastern United States. The deal represents a divestiture by Vertex of its Optistar technology services business and will fold the Optistar business into the Synoptek brand to accelerate regional growth and broaden service offerings.

Park Place Technologies has acquired the TPM and Professional Services assets (global services division) of CentricsIT, strengthening Park Place’s professional services, project management and IT lifecycle capabilities. CentricsIT will retain its server, storage and networking resale business following the asset sale; the deal enhances Park Place’s IMAC, ITAD, remote-hands and deployment service offerings and adds a professional services portal and experienced PMO staff.

JG Wentworth has acquired the digital consumer lending platform and related assets from San Francisco-based fintech Stilt Inc. The deal provides JG Wentworth with Stilt's lending and servicing technology, proprietary credit datasets and underwriting capabilities to accelerate its entry into consumer lending and begin originating loans in 1H 2023.

South Korean private equity firm Hahn & Co. has completed the acquisition of SKC Ltd.'s industrial polyester (PET) film business for 1.6 trillion won (about $1.2 billion). The divestiture reflects SK Group's shift toward eco-friendly businesses while Hahn & Co. aims to expand the unit's presence in electronics, semiconductors and automotive end markets and raise its global market share.

LRN Corporation acquired the Compliance Learning business unit from Thomson Reuters, expanding LRN’s global ethics and compliance learning capabilities and client base. The deal enhances LRN’s presence across Europe and Asia and strengthens its offerings for the financial services vertical, after a strategic investment in LRN by Leeds Equity Partners.

Walbro LLC, a portfolio company of Nova Capital Management and Landon Capital Partners, has acquired the Powersports business and assets of Cascade Engineering's South facility in Grand Rapids, Michigan. Walbro will continue operations at the 50,000-square-foot site and retain the existing team; Cascade sold the unit to focus on its large-tonnage business.

OutSolve has acquired the affirmative action compliance business of First Advantage Consulting Firm, LLC (FACF), adding more than 100 customer relationships and expanding OutSolve’s national footprint. FACF will continue its other operations while the acquired clients gain access to OutSolve’s suite of compliance services including compensation analysis, EEO/VETS reporting, DEI, and ESG offerings.

A consortium led by Danish investment company Kirk Kapital has acquired Mobilhouse, a Fredericia-headquartered provider of temporary modular buildings, from Adelis Equity Partners Fund II. Adelis, which acquired Mobilhouse in 2019 and helped transition the business to a 100% rental model, has divested its majority stake; financial terms were not disclosed.

Vertice Oil Tools Inc. acquired substantially all assets of MorphPackers Limited to expand its re-completions and re-frac technology portfolio, adding products such as the MorphAnchor and STORM re-frac packers. The deal strengthens Vertice's ability to serve the growing re-frac market and complements its existing downhole completions product line; Vertice is backed by SCF Ventures (SCF Partners).

Palm Beach Capital announced it has fully exited its investment in Cadre Holdings, Inc., realizing proceeds equal to 9.3x its invested capital. Cadre, headquartered in Jacksonville, Florida, is a global manufacturer and distributor of safety and survivability equipment for first responders and federal agencies; the exit follows Cadre's IPO in November 2021 and a period of growth driven by thirteen acquisitions.

Link Media Outdoor, a wholly owned subsidiary of Boston Omaha Corporation, has purchased the outdoor advertising assets of Elevation Outdoor Advertising in Knoxville, Tennessee, adding over 265 billboard faces (including eight digital displays). Elevation founder Martin Daniel will remain in an advisory role and Donna Jarnigan will remain in sales; the acquisition expands Link's footprint in the southeastern U.S. and is the company's largest acquisition of 2022.

CareMax, Inc. completed the acquisition of the Medicare value-based care business of Steward Health Care System, including a Direct Contracting Entity and two MSSP ACOs. The deal expands CareMax's network to ~2,000 providers and over 200,000 senior value-based care patients across 10 states (30 markets) and establishes CareMax as a leading independent senior-focused value-based care platform.

Envoy Solutions has acquired certain assets of Surtec Inc., a California-based manufacturer of cleaning chemicals and provider of cleaning equipment service and repair. The deal gives Envoy exclusive U.S. distribution rights for Surtec chemicals and expands Envoy's janitorial service and repair capabilities across its national platform.

TRADER Corporation has agreed to acquire the Canadian operations of Dealertrack, VinSolutions, Dealer.com, Xtime and Kelley Blue Book from Cox Automotive's Canadian Retail business. The move brings Canadian-focused dealer software, digital retailing and valuation capabilities into TRADER to deliver more localized services for Canadian dealerships and OEMs; most Canadian Cox Automotive Retail employees are expected to transition to TRADER.

Majors Management, LLC has acquired the K&H Truck Plaza in Gilman, Illinois, marking the company's first acquisition in Illinois and an expansion into truck stops and travel centers. The 12-acre BP-branded facility includes a truck repair shop, restaurant, convenience store, Dunkin' franchise and Tesla EV charging; seller was K&H (owned/operated by Andrew Herscher).

Acadia Healthcare acquired four comprehensive treatment centers (CTCs) from Georgia-based Brand New Start Treatment Centers, expanding its medication-assisted treatment (MAT) footprint in the Atlanta metropolitan area. The deal increases Acadia's CTC network to 148 locations and deepens its presence in Georgia to better address opioid use disorder through combined MAT and behavioral therapy services.

The Timken Company completed the acquisition of GGB, EnPro Industries’ mission-critical surface engineering and bearing business, for total proceeds of $305 million (subject to closing date purchase price adjustments). EnPro completed the divestiture to streamline its portfolio around Advanced Surface Technologies and Sealing Technologies and to reduce leverage; Timken said the deal expands its engineered bearing portfolio and complementary capabilities.

Ontra has acquired the material assets of Captain, an alternative investment software provider, to expand its private-markets legal operating system. The deal will accelerate Ontra’s MFN election portal and broaden its fund lifecycle management capabilities; financial terms were not disclosed.

Penguin Solutions' Penguin Computing group acquired all software and intellectual property assets of Colorado Code Craft and brought Colorado Code Craft employees into the Penguin Computing team. The asset purchase expands Penguin's remote-visualization, remote desktop and application-streaming capabilities for its Scyld Cloud Workstation and Scyld Cloud Central offerings, extending availability across cloud and on-premises HPC/AI environments.

365 Data Centers has agreed to acquire Sungard Availability Services' U.S. colocation and network business, adding eight primarily high-density data centers across key edge markets and roughly 400 customers. The asset purchase expands 365's footprint to 20 network-centric facilities and was funded by 365's existing equity owners (including Stonecourt Capital and Lumerity Capital) and its lending syndicate.

Marubeni-Itochu Steel Inc., through its North American subsidiary Marubeni-Itochu Steel America Inc. (MISA), has acquired the Jackson, Michigan processing facility from Worthington Specialty Processing (a joint venture of Worthington Industries and United States Steel). The plant will be renamed MISA Specialty Processing, Inc.; the acquisition is an all-cash transaction intended to expand MISI/MISA's steel processing capacity to serve the North American automotive and related end markets.

Majors Management, LLC acquired 10 Chevron-branded convenience stores, the dealer wholesale business, and the commercial fuels and lubricants business (including an associated bulk plant) from Morgan Oil Company, Inc. The transaction expands Majors' presence in East Texas and transitions Morgan Oil's operations and employees to Majors' platform.

Monument International Life Assurance Company Limited (MILAC), an Isle of Man subsidiary of Monument Re Limited, has completed the acquisition of the closed book portfolio of Zurich International Life Limited's Singapore long‑term life insurance business. The Singapore portfolio and its employees have transferred into MILAC's Singapore branch following receipt of court and regulatory approvals in the Isle of Man and Singapore.

Los Angeles-based private equity firm Regent L.P. has acquired HanesBrands' European innerwear business, Hanes Europe Innerwear (HEI), in a transaction announced in November 2021 and completed in early 2022. The deal (reported at a symbolic €1) transfers ownership of HEI — which operates brands including Dim, Playtex, Shock Absorber, Abanderado, Nur Die, Lovable and others across France, Spain, Germany and Italy — to Regent, which plans to provide financial support and operational expertise to reposition the brands for growth.

Secure-IC has acquired the security business of Silex Insight, bringing Silex's flexible and scalable security IP cores into Secure-IC’s embedded security portfolio. The deal expands Secure-IC’s chip-to-cloud offering and lifecycle management capabilities for device makers and OEMs; Silex Insight will transfer its security business to Secure-IC and its customers will continue to be supported.

Hub International Limited acquired the assets of Priority Insurance Associates, LLC, a women‑owned independent insurance agency based in Scottsdale, Arizona. The deal expands Hub’s Southwest footprint and boosts its commercial and personal insurance capabilities in the region; financial terms were not disclosed.

11:11 Systems has completed the acquisitions of Sungard Availability Services’ Recovery Services business and Cloud and Managed Services (CMS) business, integrating the brands into 11:11’s suite of cloud, connectivity and security solutions. The deal — executed with backing from Tiger Infrastructure Partners — expands 11:11’s capabilities and customer footprint, positioning the company as a market leader in managed infrastructure and resilience services.

Momentive Technologies has completed the acquisition of CoorsTek's crucibles business, adding CoorsTek's crucible product line and employees to Momentive. The deal expands Momentive's portfolio of high-purity fused quartz and specialty ceramic products for semiconductor wafer and fabrication customers worldwide.

Allworth Financial acquired the advisory teams and client relationships from Journey Advisory Group’s Gold River, California and Temple, Texas offices, adding approximately $215 million in AUM. The transaction expands Allworth’s regional presence and client base while allowing Journey Advisory Group to focus on its Midwest operations.

Gravity, a Clearlake-backed water and power infrastructure company, sold its chemical division Tech Management to Coastal Chemical Co., L.L.C., a Brenntag company. Financial terms were not disclosed; the divestiture lets Gravity focus on its core water logistics and power generation businesses while Tech Management joins Coastal/Brenntag to strengthen energy-facing chemical distribution and field services in the Permian Basin.

Newfold Digital has completed its acquisition of MarkMonitor, an enterprise provider of domain management and protection solutions, from Clarivate. The deal, announced November 1, 2022, strengthens Newfold's enterprise domain management and security capabilities; Newfold is backed by affiliates of Clearlake Capital and Siris Capital.

Quanex Building Products Corporation acquired substantially all assets of LMI Custom Mixing, LLC from Lauren International for $92.0 million ($79.0 million net of present value tax benefits). The Cambridge, Ohio-based custom polymer mixer is expected to generate about $80 million of revenue and ~15% EBITDA margin in fiscal 2023; Quanex financed the deal with cash on hand and borrowings on its existing revolver and expects modest near-term synergies while expanding its materials science and vertical integration capabilities.

Cognizant is acquiring the professional services and application management practices of OneSource Virtual, adding nearly 400 Workday-certified employees to its Collaborative Solutions Workday practice. The deal — expected to close by year-end 2022 — expands Cognizant’s Workday consulting, deployment, and post-deployment support capabilities across North America and the United Kingdom; financial terms were not disclosed.

Aramis Group SA has acquired 100% of Cazoo Trading Italy S.p.A. (to be rebranded brumbrum) from Cazoo Group Ltd/Cazoo Holdings Limited. The business sells ~1,600 used vehicles B2C annually with ~€30 million in revenues and will be integrated into Aramis Group to provide Aramis with immediate entry into the Italian market.

Private equity funds managed by Blackstone acquired a majority stake in Emerson's Climate Technologies business (rebranded as Copeland) in a transaction valuing the business at $14.0 billion. Emerson received approximately $9.7 billion in upfront cash, a $2.25 billion seller note and retained a minority equity stake while Blackstone (with co-investors ADIA and GIC) will support Copeland's growth as a standalone HVACR leader; Copeland reported fiscal 2022 sales of $5.0 billion and employs over 18,000 people.

Centre Lane Partners has acquired Kibo’s personalization business and relaunched it as a stand‑alone company under the Monetate brand, with Brian Wilson named CEO. The carve‑out lets Kibo focus on its core commerce and order management products while Monetate — a SaaS personalization, recommendations and experimentation platform — pursues growth across retail, financial services, travel & hospitality and telecommunications.

The Erbe Group has acquired the shares held by healthcare investor SHS in Blazejewski MEDI-TECH GmbH, a Baden-based OEM developer and manufacturer of 2D and 3D chip-on-the-tip endoscopes. SHS had held a minority stake since 2020 and supported the company's international expansion and product development; Erbe expects to combine its electrosurgery expertise with Blazejewski's endoscopy technologies to drive integrated "see and treat" solutions and further growth.