Manufacturing Acquisitions in Maryland

Patton Electronics acquired Practical Technologies Inc. (PTI), adding PTI's 20,000-square-foot Baltimore-area electronics manufacturing facility to expand Patton's Maryland production footprint and manufacturing capabilities. The deal strengthens Patton's contract manufacturing platform by adding PCB assembly, wire-and-cable harness, electro-mechanical assembly, and potting/encapsulation capabilities to support defense, aerospace, and industrial customers.

Diligent Inc has acquired Quasi Robotics, a US-based developer of Autonomous Mobile Robots (AMRs) including the Model C2, for an undisclosed amount. The acquisition expands Diligent's portfolio into industrial automation and intralogistics, integrating Quasi's user-focused AMR technology to accelerate deployment and operational efficiency across customer facilities.

Electro-Mechanical, LLC has acquired Powercon Corporation, a Severn, Maryland-based manufacturer of custom medium voltage switchgear, e-houses, and modular substation power systems. The deal strengthens Electro-Mechanical's capabilities in medium voltage switchgear and integrated power distribution solutions for utility, data center, and critical infrastructure customers across North America.

Elation Lighting Inc. has acquired the X-Laser brand and assets and launched X-Laser USA, an independent company operating from X-Laser’s Laurel, Maryland facility. The acquisition adds high-powered laser projectors and engineering capabilities to Elation’s product portfolio while establishing U.S.-based manufacturing and an East Coast service center.

Lockmasters, a portfolio company of Dominus Capital, has acquired Astic Signals Defenses, LLC (Signals Defense), an Owings Mills, Maryland-based specialist in RF and IR shielding window films for government and commercial high-security applications. The deal is the fifth add-on for Lockmasters under Dominus' ownership and expands Lockmasters' portfolio of proprietary high-security products and services for SCIFs and other sensitive facilities.

Champlain Capital Partners has acquired Agam Group, Ltd., a turnkey manufacturer of adaptable structures for trade shows, events and retail interiors headquartered in Elkridge, Maryland. Brookside Capital Partners provided senior debt and an equity co-investment to support Champlain's acquisition and to back Agam's management team as the company pursues growth.

ArchStar Capital has completed an investment in Packaging Strategies, Inc. (PSI), a Baltimore-based manufacturer of rugged rotationally molded plastic packaging and protective cases. The deal establishes PSI as a platform investment for ArchStar as the firm looks to grow its footprint in founder-owned manufacturing businesses and capitalize on demand from defense, aerospace, and medical equipment markets.

Reel Power Industrial, a portfolio company of Praesidian Capital, has acquired Novatec Inc.'s downstream extrusion line equipment product line, including pullers, cutters, saws, and cooling/vacuum tanks. The divestment allows Novatec to focus on core drying, conveying and moisture-control solutions while enabling Reel Power to offer a turnkey downstream automation package.

J.M. Huber Corporation, through its Huber Engineered Materials unit, agreed to acquire Jurassic Holdings Corp. and its subsidiaries including Active Minerals International (AMI) from Golden Gate Capital. AMI — a global producer of air-float kaolin and attapulgite minerals serving industrial, semiconductor, agricultural and construction markets — will join Huber Specialty Minerals; financial terms were not disclosed and closing is subject to customary regulatory approvals.

Mt. Royal Printing, a fourth-generation commercial printer based in Baltimore, acquired Westland Enterprises in a transaction that closed June 30, 2023. The acquisition expands Mt. Royal’s presence in the Washington, D.C. market and broadens its print, packaging, direct mail and fulfillment capabilities.

Johnson Controls has acquired M&M Carnot, a provider of natural industrial refrigeration systems that use ultra-low global warming potential refrigerants such as CO2. The acquisition expands Johnson Controls' sustainable industrial refrigeration portfolio and strengthens its position to serve data centers, food and cold-storage, and other industrial customers with transcritical CO2 solutions and heat-pump technologies.

Tide Rock Holdings, an unlevered buyout firm based in San Diego, acquired FR Conversions, a manufacturer of ambulance, mobility and other commercial vehicle conversions. The deal marks Tide Rock's entry into the commercial vehicle conversion market and adds vehicle conversion capabilities serving emergency services, municipalities and mobility providers.

Appvion, a portfolio company of Wynnchurch Capital, has acquired Decorative Films, LLC, a Frederick, Maryland-based manufacturer of adhesive decorative, privacy, and functional window films. The add-on expands Appvion's engineered media and film solutions platform, broadening its product portfolio for commercial, residential and automotive end markets.

Albers Aerospace has acquired Garrett Container Systems (GCS), a manufacturer of aluminum storage, shipping containers and tactical kits. GCS will continue operating from Accident, Maryland as a wholly owned subsidiary of Albers, which plans to expand the business including operations in Amarillo, Texas; the acquisition strengthens Albers' capabilities to support military customers.

SINTX Technologies, Inc. (NASDAQ: SINT) has acquired Technology Assessment and Transfer, Inc. (TA&T), a Maryland-based advanced ceramics developer and contract manufacturer. The acquisition expands SINTX's advanced manufacturing capabilities and product platforms for aerospace, defense, and biomedical markets while bringing immediate revenue from TA&T's government and commercial relationships.

Primus Aerospace, a platform sponsored by Angeles Equity Partners, has acquired Raloid Corporation, a precision component manufacturer serving aerospace, defense, and space customers. The deal expands Primus's machining and assembly capabilities (including plating, NDT, and exotic metals work), strengthening its position as a Tier 1 supplier to defense OEMs; financial terms were not disclosed.

Lakeside Book Company has completed its acquisition of Phoenix Color Corp. from ALJ Regional Holdings, Inc. Phoenix, a specialty printer of book components and children's books with facilities in Indiana and Maryland, will operate as a division of Lakeside to expand Lakeside's printing capabilities and offer one-stop book and cover printing and fulfillment services.

ASC Engineered Solutions, a portfolio company of Tailwind Capital, has acquired Trenton Pipe Nipple Company of Federalsburg, Maryland. The acquisition adds brass and stainless nipple and fitting manufacturing and custom fabrication capabilities to ASC's product portfolio, expanding its product breadth and distribution capabilities.

Paine Schwartz Partners has made a strategic growth investment through its Food Chain Fund V in Sterilex, a Hunt Valley, Maryland-based developer of proprietary antimicrobial and biofilm-control products serving food processing, animal health and water treatment markets. The investment will support Sterilex's product development, geographic expansion and scaling of its food safety platform; financial terms were not disclosed.

Signature Systems, the ground protection platform backed by Center Rock Capital Partners, has acquired Matrax, LLC, a Columbia, Maryland–based designer and manufacturer of site access and ground protection matting. The deal expands Signature's product offering across construction, events and landscaping end markets and brings Matrax's founders and team into the combined platform to drive growth and product development.

Standard Industries Holdings Inc. agreed to acquire W. R. Grace & Co. in an all-cash transaction valued at approximately $7.0 billion, paying $70.00 per share to take the specialty chemical company private. The deal, which includes financing commitments from major banks and a capital partner affiliation with Apollo Global Management, will have Grace operate as a standalone business within Standard's portfolio.

Quantic Electronics, a portfolio company of Arcline Investment Management, has acquired Planar Monolithics Industries (PMI), a designer and manufacturer of hybrid MIC/MMIC microwave components and subsystems. The acquisition expands Quantic's portfolio of specialty electronics manufacturers serving space, military, communications and commercial markets.

Strategic Factory, an Owings Mills, Maryland-based provider of printing, signage and branded products, has acquired Baltimore-based A|A Signs. A|A Signs will operate as "A|A Signs powered by Strategic Factory," with founders Art and Alan Eanet remaining in leadership and the company's ~30 employees joining Strategic Factory's workforce.

H.I.G. Capital (through an affiliate) made a growth investment in USALCO, LLC, partnering with founders Peter and David Askew and the existing management team; terms were not disclosed. USALCO is a Baltimore-based manufacturer of aluminum-based chemicals used in water and wastewater treatment and refinery catalysts, operating multiple U.S. production facilities and an extensive logistics platform to serve municipal and industrial customers.

American Insulated Glass, a portfolio company of AV Capital, acquired A.L. Smith Glass Company, a custom glass fabricator based in Ijamsville, Maryland. The deal brings A.L. Smith into the AIG platform to expand fabrication capabilities and AIG’s geographic footprint in the Northeast commercial and residential glazing markets.

BlackBern Partners LLC has acquired Zentech Manufacturing, Inc. in partnership with Zentech management and incoming CEO Steve Pudles. The private equity-backed deal positions Zentech to accelerate growth as a leading electronics manufacturing services (EMS) provider serving defense, aerospace, medical and other high-reliability markets, with management staying in place and Matt Turpin remaining as an advisor and investor.

Huron Capital, a Detroit-based middle-market private equity firm, completed a significant equity investment in WD Lab Grown Diamonds, a Washington, D.C.-area producer of high-quality Chemical Vapor Deposition (CVD) diamonds. The capital will be used to expand WD's production capacity and support growth across gem, retail/wholesale and industrial/scientific end markets while founder-management remain significant shareholders.

Kimball, a brand unit of Kimball International, signed a definitive agreement to acquire substantially all assets of David Edward, a Baltimore-based contract furniture designer and manufacturer. The asset purchase includes leasing two production facilities and the approximately 170 employees; Kimball said the acquisition will expand its seating and ancillary furniture capabilities and is expected to be accretive over time.

Source Capital, LLC, a lower middle-market private equity firm, has acquired M&M Refrigeration, LLC, a Federalsburg, Maryland-based designer, manufacturer and servicer of industrial refrigeration systems for cold storage, food processing and other industrial applications. Terms were not disclosed; Source Capital said it will partner with M&M's management to grow the business while honoring the company's core values, and founder Dufferin McConnell commented on the ownership transition.

RLJ Equity Partners acquired LAI International, Inc. from Spell Capital Partners in a transaction announced in early 2012; Monroe Capital provided approximately $37.1 million of financing to support the deal. LAI is a contract manufacturer of precision-engineered components serving aerospace, defense, power generation and medical markets; under Spell's ownership the business grew from $16 million to $44 million in sales.