Private Equity-Backed Acquisitions in Delaware

The Stonewall Group, a national architecture platform firm, has acquired Wilmington, Delaware-based Architectural Alliance, Inc., adding the firm to its national architecture platform while allowing Architectural Alliance to continue operating under its existing brand and leadership. The deal establishes a Stonewall foothold in Delaware and expands the platform's capabilities across the Mid-Atlantic in areas including historic restoration, mixed-use, institutional, and residential architecture.

Los Angeles-based private equity firm Curewell Capital has made a majority investment in Wilmington PharmaTech (WPT), a U.S.-based specialty CRDMO focused on small-molecule API development and manufacturing. Founder and CEO Hui-Yin "Harry" Li will retain a significant ownership stake and remain as CEO; the capital will be used to expand WPT's U.S. manufacturing capacity, including HPAPI suites, and scale end-to-end API development and manufacturing capabilities.

Koch Equity Development (KED), the principal investment and acquisition arm of Koch, has acquired GCH Technologies, a developer of advanced wireless messaging and telecommunications infrastructure solutions. GCH will become the strategic provider for Common Short Code Registry Services beginning January 1, 2026 and will work with CTIA to accelerate infrastructure upgrades and next-generation messaging capabilities such as RCS Rich Business Messaging.

SE Ranking, an AI-first SEO platform backed by Camber Partners, has acquired Planable, a social media management SaaS that helps teams create, plan, approve, and analyze social content. The acquisition expands SE Ranking’s product footprint into social media management, positioning the company as a multi-product marketing platform serving agencies and in-house marketing teams.

Quavo, a Wilmington, Delaware-based provider of cloud-based fraud and dispute management software, secured a $300 million growth investment from growth equity firm Spectrum Equity. The capital will accelerate Quavo's AI-led product development and expand its go-to-market and client success teams; existing investor FINTOP Capital will sell its stake while founders and Pegasystems remain significant shareholders.

Airalo, the world’s largest eSIM provider, raised $220 million in a growth round led by CVC (via CVC Asia Fund VI) with participation from Peak XV and Antler Elevate, valuing the company at over $1 billion. The capital will be used to scale Airalo’s consumer app, expand unlimited and enterprise data offerings, and accelerate its enterprise/white-label connectivity platform.

Valor Exterior Partners, a platform company backed by Osceola Capital, has acquired Kirkin Exteriors, a New Castle, Delaware-based provider of roofing, siding, solar and other exterior home services. The deal expands Valor's footprint into the Mid-Atlantic (Delaware, Maryland, Pennsylvania, New Jersey) and is the platform's fifth add-on since launching in September 2024.

Vision Innovation Partners (VIP), a Gryphon Investors-backed Mid-Atlantic ophthalmology platform, has acquired Eye Care of Delaware, an ophthalmology and optometry practice based in Newark, Delaware. The add-on — VIP's 26th since 2017 — expands VIP's clinical footprint and surgical capabilities in the Mid-Atlantic region.

Argano has acquired Attentis Consulting, a Salesforce Health Cloud solutions integrator serving healthcare payers, providers and PBMs, as part of Argano's 2025 growth strategy. The deal expands Argano's healthcare and Salesforce capabilities and provides Attentis with access to Argano's broader data, cloud and AI services; the acquisition is part of Argano's acquisition program backed by recently secured capital.

Grace Hill, a provider of technology-enabled performance solutions for real estate backed by Aurora Capital Partners, has acquired HelloData, an AI-driven market analysis platform for multifamily owners and operators. The deal brings HelloData's automated multifamily market analysis, financial underwriting and leasing-optimization tools into Grace Hill's product portfolio to expand data-driven capabilities for property managers, owners and brokers.

Arkieva, a Wilmington-based provider of supply chain planning SaaS, received a strategic growth investment from private equity firm Banneker Partners to accelerate product and go-to-market expansion. The partnership will support inorganic growth and enhance Arkieva's digital twin and autonomous control tower capabilities for process manufacturers and global distributors.

PSG and 2ndWave Software have purchased JAMS (including the Skybot platform) from Fortra and established JAMS Software as an independent company owned by PSG, 2ndWave and employees. The transaction, which closed June 1, 2025, positions the standalone JAMS Software to accelerate product innovation, expand market reach, and deepen support for global IT operations customers.

FleetPride, the nation’s largest independent distributor of heavy-duty aftermarket parts and service, has acquired the assets of ARS Truck & Fleet Service of New Castle, Delaware. The acquisition adds two service locations (25 service bays) and a 16-truck mobile service fleet, expanding FleetPride’s service footprint along the Eastern Seaboard.

Lomond Therapeutics completed a reverse merger with Venetian-1 Acquisition Corp., which changed its name to Lomond Therapeutics Holdings, Inc., and closed a $44 million private placement led by existing and new investors. The financing included participation from OrbiMed, Torrey Pines Investment, Deerfield Management, American Financial Group and Heights Capital and will fund advancement of Lomond’s clinical-stage oncology programs (lomonitinib, lonitoclax and a menin inhibitor).

DiliTrust, the Paris-based AI-powered legal-tech SaaS provider, has acquired U.S.-based Enterprise Legal Management (ELM) vendor doeLEGAL to accelerate its U.S. market entry and expand its product offering in matter management, e-billing and e-discovery. All doeLEGAL employees will join DiliTrust; financial terms were not disclosed.

American Industrial Partners (AIP) has acquired Veolia North America's Sulfuric Acid Regeneration Business, which has been renamed Nexpera. The business, headquartered in Newark, Delaware, operates 13 facilities across the U.S., employs about 300 people, and provides sulfuric acid and potassium hydroxide regeneration, sulfur gas recovery, and sulfur-based products to refineries and other industrial end markets.

Med-Metrix, a technology-enabled revenue cycle management platform backed by A&M Capital Partners, has acquired Hospital Billing & Collection Service, Ltd (HBCS). The add-on strengthens Med-Metrix's end-to-end RCM capabilities by adding HBCS' patient financial engagement, self-pay and insurance reimbursement solutions; financial terms were not disclosed.

Custom Computer Specialists (a portfolio company of Columbia River Partners) has acquired Info Solutions, LLC, a Wilmington, Delaware-based technology infrastructure consulting, integration and management firm. Info Solutions' managing partners Rich Roux and Bill Riley will continue to lead the business within CCS as the company expands CCS's footprint and service capabilities across the Mid-Atlantic region.

Katabat, a provider of cloud-based debt collection and debt management software, received a strategic growth investment from Tritium Partners and Terminus Capital Partners. The capital will be used to expand Katabat’s product capabilities and go-to-market, and the transaction represents an exit for venture investors Camden Partners, Osage Venture Partners and Activate Venture Partners.

TJC L.P. (The Jordan Company) completed the acquisition of an 80.1% controlling interest in Delrin from DuPont, launching Delrin as an independent, standalone homopolymer business. Under TJC ownership, Delrin will operate independently with new leadership appointments and a focus on investing in technology, capabilities and growth across mobility, healthcare, material handling, industrial automation and consumer end markets.

Sila Services, a PE-backed home services platform, has acquired Burns & McBride Home Comfort, a New Castle, Delaware-based residential HVAC and home comfort services provider. The deal expands Sila Services' Mid-Atlantic footprint and brings Burns & McBride's multi-generational customer base and service capabilities into Sila's platform.

Kade Ventures, a private equity firm, has acquired GleamXLights, a B2B LED lighting brand founded in 2014 and operating manufacturing in Delaware. The deal is intended to scale GleamXLights' global reach, strengthen its supply chain and marketing capabilities, and accelerate growth across commercial and industrial lighting markets.

Investment funds managed by KKR agreed to acquire Industrial Physics from Union Park Capital. Industrial Physics is a global manufacturer of testing, inspection and measurement instruments serving food & beverage, packaging, medical and other industrial markets; KKR plans to support growth organically and via add-on acquisitions and implement an employee ownership program. Financial terms were not disclosed.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Mallard Financial Partners, Inc., a Newark, Delaware-based wealth management firm. The deal brings Mallard's team and approximately $180 million AUM into Mercer to provide expanded in-house estate, tax and planning capabilities to Mallard's clients and support future growth.

ENT & Allergy of Delaware, a Parallel ENT & Allergy–supported practice backed by Trinity Hunt Partners, has acquired Wilmington Otolaryngology, adding a fourth location to its regional platform. The deal brings Wilmington physicians Lauren Bogdan, MD and Jay Luft, MD into the ENT & Allergy of Delaware/Parallel platform and expands the group's ENT, allergy and audiology service footprint in the mid-Atlantic.

Allmark Door has acquired the New Castle (Newcastle) location of Overhead Door Company of Delmar, retaining the physical site to better support Delaware customers and expand service coverage in the region. The acquisition adds a longstanding, family-owned sales and service location focused on commercial and industrial overhead doors and loading dock solutions to Allmark's Mid-Atlantic platform.

Unigasket Group, controlled by PFH Palladio Holding and founder Vittorio Calissi, has acquired a majority stake in MTO Hose Solutions Inc., a US-based manufacturer and marketer of PTFE tubes and hoses. The add-on expands Unigasket's presence in North America, complements its fluoropolymer product offering and supports the group's international growth plan under Palladio's backing.

BP Environmental Services, a portfolio company of Expedition Capital Partners and Tecum Capital Partners, has acquired ASI Comprehensive Waste Management of Newark, Delaware. The acquisition expands BP's national footprint and adds ASI's asset-light waste management and recycling capabilities for multi-location customers across the United States and Canada.

Smith System Driver Improvement Institute, a portfolio company of Levine Leichtman Capital Partners, has acquired Driving Dynamics, a Newark, Delaware-based provider of driver safety training for commercial fleets. The add-on expands Smith System's training capabilities (virtual and in-person classroom, behind-the-wheel, eLearning and risk management) and further consolidates its market position in fleet safety services.

Aero 3, Inc., the parent of AeroRepair and a portfolio company of GenNx360 Capital Partners, has acquired Aircrafters, Inc., a New Castle, Delaware–based distributor of aircraft wheel and brake parts and provider of exchange asset pools. The acquisition expands Aero 3's parts distribution capabilities and North American logistics footprint while keeping Aircrafters' management in place.

eMolecules, a PE-backed provider of a chemistry search-and-fulfillment platform, has acquired Frontier Scientific Inc. (FSI) and Frontier Agricultural Sciences Inc. (FAS). The acquisitions expand eMolecules' capabilities in compound/sample management, analytical and procurement services and provide an entry into agricultural chemistry/entomology research markets.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Mallard Advisors, LLC, a Hockessin, Delaware-based wealth management firm that serves 109 clients with approximately $165 million in AUM. Founder William D. Starnes and his team joined Mercer as part of a succession plan while Mercer expands its presence in Delaware; financial terms were not disclosed.

Nemo Tile & Co., LLC, a Saw Mill Capital portfolio company, has acquired Tile Market of Delaware, a regional tile and stone distributor founded by the Watson family. The acquisition expands Nemo's presence into the mid-Atlantic market and adds proprietary brands, an online marketplace and stone fabrication capabilities to support retail, contractor and wholesale customers.

U.S. Foot & Ankle Specialists (USFAS), a Rockville, Maryland-based podiatric practice platform backed by NMS Capital, acquired Delaware Foot and Ankle Group, which operates three offices across Delaware. The deal expands USFAS's Mid-Atlantic footprint and brings Delaware Foot and Ankle Group access to USFAS's administrative, revenue cycle, IT and clinical compliance resources.

Heartland Home Services has acquired Custom Mechanical, a family-owned residential HVAC and plumbing services provider in Delaware and Maryland. The deal marks Heartland's first expansion onto the East Coast and will keep Custom's management team in place as the brand joins Heartland's portfolio.

Pye-Barker Fire & Safety has acquired B Safe Security, a Wilmington, Delaware-based security alarm and monitoring provider. The acquisition expands Pye-Barker’s Mid-Atlantic footprint by adding service coverage in Delaware and New Jersey while strengthening its presence in Pennsylvania and Maryland.

EN Engineering, a Kohlberg-backed engineering services platform, has acquired TG Advisers, Inc., a Wilmington, Delaware-based turbine and generator consulting firm. The acquisition expands EN's power services capabilities by adding TG Advisers' expertise in troubleshooting, outage planning, O&M optimization and training for utilities and power operators.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of Brooks McCall & Associates, an independent Newark, Delaware insurance agency. Brooks McCall will be integrated into Relation’s existing Insley operations to expand Relation’s personal and small-business insurance presence in the Delaware market; terms were not disclosed.

Trinity Hunt Partners has launched Parallel ENT & Allergy Partners, a physician-centric management services organization (MSO) for ENT and allergy practices, and completed a strategic partnership with ENT & Allergy of Delaware (ENTAD) in March 2022. Parallel, backed by Trinity Hunt and led by CEO Glenn Noble, will provide scalable non-clinical support to ENTAD (15 physicians, 12 audiologists and over 140 support staff) and other partner practices as it grows.

Sverica Capital Management LP made a strategic growth investment in ShadowDragon, an open-source intelligence (OSINT) threat-intelligence software provider. ShadowDragon's founder and CEO Daniel Clemens will remain in place, and Sverica partners Frank Young and Michael Dougherty will join the company's board to support accelerated product development and commercial expansion.

Platinum Equity has completed its acquisition of specialty chemicals maker Solenis from Clayton, Dubilier & Rice and BASF for an enterprise value of $5.25 billion and simultaneously merged Solenis with Platinum-owned Sigura Water, creating a combined business with approximately $3.5 billion in revenue. The combined company expands Solenis' portfolio into residential and commercial pool & spa treatment markets, increases geographic reach and manufacturing scale, and will be led by Solenis CEO John Panichella with Sigura's Robert Baird heading the new Pool Solutions division.

Clairvest Group Inc., together with Clairvest Equity Partners VI and a Rubico Gaming subsidiary led by Thomas Benninger, completed the acquisition of the Delaware Park racino in Wilmington, Delaware. Clairvest invested US$71 million for a majority interest (CVG’s share US$19 million); the transaction represents a platform investment in the gaming sector and follows the sale by the Rickman family.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of Newark, Delaware-based Insley Insurance & Financial Services, Inc. The Insley team, led by Harry "T" Insley, Jr., will join Relation and continue operating from the Newark office to help grow Relation's presence in the Mid-Atlantic region; terms were not disclosed.

Waterlogic (via its Americas business) has acquired Aquarius Water and Coffee, a Wilmington, Delaware–based point-of-use water and office coffee delivery company founded by Andrew Taub. The deal expands Waterlogic Americas’ density in the Mid‑Atlantic, adding Aquarius’s commercial customer base across Delaware, South Jersey, Southeastern Pennsylvania and Maryland as part of Waterlogic’s ongoing roll-up strategy.

Gen Cap America, in partnership with existing management, has acquired Lab Products, LLC and Harford Systems, LLC from Avidity Science. Lab Products manufactures laboratory research animal housing, cages, and environmental control systems and is headquartered in Seaford, Delaware with a manufacturing facility in Aberdeen, Maryland. Terms of the transaction were not disclosed.

Safeguard Medical has acquired the Universal Splint product line from veteran‑owned VETRUN LLC, adding U.S.‑made splints to its trauma product portfolio. The acquisition broadens Safeguard's emergency medical offerings for both civilian first responders and military users; Safeguard Medical is a PE‑backed company (Water Street Healthcare Partners).

AssuredPartners, Inc. has acquired B&H Insurance, LLC (BHI) of Newark, Delaware. The 26-person agency, which reports approximately $8 million in annualized revenues, will continue to operate under president John Boykin and join AssuredPartners' national broker network as part of its ongoing roll-up strategy.

Venerable Holdings, Inc. completed the acquisition of Corporate Solutions Life Reinsurance Company (CS Life Re) from Equitable Holdings, Inc., increasing Venerable's pro forma assets under management and reinsurance to approximately $70 billion. Equitable will take a noncontrolling 9.09% equity stake in Venerable's parent (VA Capital Company LLC) and a small dedicated CS Life Re team transitioned to Venerable as part of the deal.

Accelerant Holdings acquired Commonwealth Insurance Company of America (CICA) from Brit Group (a subsidiary of Fairfax Financial) and will rename the carrier Accelerant National Insurance Company. The deal expands Accelerant's U.S. capabilities by adding an admitted insurance carrier and coincides with the U.S. rollout of its underwriting and analytics platform, Accelerant InSightFull; Accelerant is PE-backed by Altamont Capital Partners.

Harvest Partners, LP and The Miner Corporation have acquired Warehouse Technology, Inc., a New Castle, Delaware-based distributor and servicer of loading dock systems, commercial overhead doors, and material handling equipment. The acquisition—announced by advisor Woodbridge International—adds Warehouse Technology's distribution and service capabilities to The Miner Corporation/OnPoint Group platform and expands Harvest Partners' portfolio in material handling and facility services.