Private Equity-Backed Acquisitions in Maryland

Konovo, a healthcare intelligence platform based in Watertown, Massachusetts, has acquired Rare Patient Voice, a patient recruitment community with more than 200,000 registered patients and caregivers across rare, chronic, and complex conditions. The acquisition expands Konovo's ability to deliver integrated patient and healthcare provider insights, strengthening its recruitment capabilities and reach into rare-disease patient populations.

Auria, a Colorado Springs-based C3 software and solutions provider and portfolio company of Enlightenment Capital, has acquired RKF Engineering Solutions and Kythera Space Solutions, both headquartered in Bethesda, Maryland. The add-on acquisitions expand Auria's SATCOM engineering, spectrum management, and autonomous payload software capabilities to deliver end-to-end command, control, and communications (C3) solutions for U.S. Space Force, other government customers, and commercial SATCOM operators.

Sheridan Capital Partners completed an investment in ICANotes, a purpose-built electronic health record (EHR) and practice management platform serving behavioral health providers. Financial terms were not disclosed; Sheridan said it will support ICANotes' product development and nationwide expansion to scale the company's behavioral-health-focused EHR and practice management capabilities.

Mercer Advisors, a Denver-based national RIA, has acquired Glass Jacobson Wealth Advisors, a Baltimore-based wealth management firm overseeing approximately $1 billion in assets under management. The deal expands Mercer's Mid-Atlantic footprint and brings Glass Jacobson's tax-integrated wealth management capabilities onto Mercer's national platform.

Aretum has acquired Veterans Engineering, a Rockville, Maryland-based federal technology solutions provider, to strengthen Aretum's cloud, cybersecurity, and digital transformation offerings across defense, intelligence, and civilian agencies. The transaction was backed by Renovus Capital Partners and will have Veterans Engineering operate as a wholly owned subsidiary of Aretum as part of the firm's continued platform growth and capability expansion.

Reliable Energy Partners, a propane distribution platform owned by Soundcore Capital Partners, has acquired Economy Propane, a bulk-propane distributor headquartered in Baltimore, Maryland. The add-on expands Reliable’s footprint into the Mid-Atlantic and broadens the platform’s capabilities into bulk propane distribution to serve residential, commercial and industrial customers.

London-based Reconomy has acquired Integrated Waste Analysts (IWA), a Hanover, Maryland industrial waste-management and recycling services provider, through its North American platform Lincoln Waste Solutions by Reconomy. The deal, IWA being the seventh add-on to the Lincoln platform, expands Reconomy's U.S. capabilities in data-driven waste services, equipment rental and commodity management as it scales across North America.

Diversis Capital has made a strategic growth investment in Kermit, a Brooklandville, Maryland‑based physician preference item (PPI) spend management and analytics platform. The capital will fund Kermit's geographic expansion across the United States, United Kingdom and Ireland and accelerate development of AI‑powered analytics and predictive capabilities to help hospitals control implantable device spend.

Safe Harbor Marinas closed its acquisition of Port Annapolis (a 16-acre, 250-slip marina and boatyard) on November 11, 2025, adding the facility to its global portfolio. As a result, subsidiary Bluewater Yacht Sales will relocate operations to the Port Annapolis site to expand storage, service capabilities, and yacht sales presence in the Annapolis/Chesapeake Bay market.

Miller Environmental Group, a Coalesce Capital portfolio company, has acquired ACE Environmental Services, a full-service environmental contractor operating throughout the Mid-Atlantic. The deal expands Miller's Mid-Atlantic footprint and capabilities in remediation, emergency response, tank management and industrial cleaning as part of its disciplined consolidation strategy.

Omega Systems, a managed IT and cybersecurity provider, has acquired PEAKE Technology Partners, a Bowie, Maryland-based healthcare managed services provider, to deepen its HIPAA compliance, EHR and clinical AI capabilities and expand its Mid-Atlantic healthcare footprint. The deal is Omega's first acquisition since partnering with Revelstoke Capital Partners in January 2025 and is intended as an add-on to accelerate healthcare-focused managed services growth.

Astra Service Partners, a division of Orion Group and portfolio company of Alpine Investors, has made an investment in Knott Mechanical, Inc. SC&H Capital advised Knott Mechanical on the transaction. Knott Mechanical, founded in 2002, provides mechanical and HVAC maintenance, repair and retrofit services to over 1,700 buildings across the Mid-Atlantic.

Epiphany Dermatology announced a partnership with Modly Dermatology to expand its presence in the Baltimore, Maryland market. Dr. Charlotte Modly and her single-location practice in Reisterstown, MD will join Epiphany's provider network and gain access to Epiphany's operational support and clinical resources.

Xcelerate Solutions, a portfolio company of McNally Capital, has acquired clearAvenue, a Columbia, Maryland-based provider of software development, AI/ML, big data analytics and cloud services for federal agencies. The acquisition expands Xcelerate's technical capabilities and the combined business will operate as Xcelerate Solutions, with the combined organization representing roughly 1,500 technology professionals.

Merit Financial Advisors acquired Obsidian Planning Solutions, adding $476 million in client assets and opening two new offices in Rockville and Columbia, Maryland. The deal—Merit's 50th acquisition—deepens Merit's business succession planning capabilities as partners Patrick Carroll and Todd Feldman and their team join Merit; financial terms were not disclosed.

Bain Capital Real Estate, working with marina operator BlueWater Marinas, has acquired Kent Narrows Boatel (KNB), a Class-A heated drystack marina on Kent Island, Maryland. The property — which offers 375 slips and over 12,000 square feet of commercial space — will become the fourth marina in the Bain/BlueWater portfolio and will be operated to enhance customer experience and regional market presence.

Northrim Horizon, a Mesa, Arizona-based permanent capital investment firm, has acquired ACG Systems, a Maryland-based systems integrator and technical service provider for mission-critical wireless communication systems. Northrim named Thomas Montalbano as CEO and said ACG will serve as a platform for additional organic growth and acquisitions in the wireless communication services industry.

Salt Creek Capital has acquired Real Diagnostics, LLC (RealDx), a Reisterstown, Maryland-based specialist diagnostic laboratory serving physician offices and clinics across 17 states. HCAP Partners has invested to support Salt Creek's acquisition and to help RealDx scale operations, expand geographic reach, and enhance workforce and service capabilities; terms were not disclosed.

Graycliff Partners has made an investment in Vytex, LLC, a Laurel, Maryland-based manufacturer and installer of vinyl windows and patio/storm doors. Brookside Capital Partners provided subordinated debt and an equity co-invest to support Graycliff's investment; Graycliff and Vytex management plan to pursue organic and inorganic growth, new product development and geographic expansion.

Chicago-based private equity firm ParkerGale has made a growth investment in RedZone Technologies, an Annapolis-headquartered managed security service provider (MSSP). The investment will support RedZone's organic and inorganic growth plans, expand partner relationships, and accelerate sales and marketing while RedZone focuses on security, compliance, and service delivery for highly regulated industries.

Grizzly MEP announced a partnership to add Excel Mechanical Contractors, LLC, a Baltimore-based full-service mechanical and electrical contractor, to its Commercial MEP platform. The move — backed by sponsor Garnett Station Partners — expands Grizzly's footprint into the D.C., Maryland and Virginia Mid-Atlantic markets and is intended to accelerate growth and broaden service offerings.

EverTrue has acquired DonorSearch to combine DonorSearch’s AI-powered donor intelligence and philanthropic dataset with EverTrue’s donor engagement and outreach capabilities. The deal — by EverTrue, which is backed by Rubicon Technology Partners — aims to embed deeper intelligence and automation across fundraising workflows to help nonprofit customers identify and engage high-potential prospects more effectively.

Becklar, a Graham Partners portfolio company, has acquired Dynamark Monitoring, a wholesale alarm and critical event monitoring provider headquartered in Hagerstown, Maryland. The add-on expands Becklar's monitoring footprint and capabilities on the U.S. East Coast, bringing approximately 145,000 end subscribers and additional dealer relationships into Becklar's platform.

Marketplace 4 Insurance (M4I), a Southeast-based insurance brokerage platform, acquired Reilly Insurance Agency, a Maryland-based independent insurance agency, expanding M4I’s footprint into the Mid‑Atlantic. Concurrently, Navigant Capital Partners made a growth investment in M4I to support its aggressive M&A strategy and further platform expansion; financial terms were not disclosed.

Skyline Roofing Partners, backed by Imperial Capital, has acquired One Day Roofing, a residential re-roofing business headquartered in Columbia, Maryland. One Day's founders (CEO Andrew Engel and COO Griffin Libhart) will retain an ownership stake and continue to lead the company as Skyline integrates the business into its national residential roofing platform.

Rainier Partners’ portfolio company SCI Flooring has acquired Flooring Partners as the platform’s third add-on, expanding SCI’s Midwest footprint onto the East Coast and strengthening its multi-family and commercial flooring capabilities. Flooring Partners, founded in 1990 and headquartered in Baltimore, will broaden SCI’s geographic reach across Maryland, Washington, D.C., Pennsylvania, Delaware, New Jersey and Ohio.

AbsoluteCare, a Columbia, Maryland-based value-based integrated health care provider, secured $135 million in equity financing from Kinderhook Industries, CVS Health Ventures, Pacific Life and Lexington Partners. The funding will be used to optimize operations, scale AbsoluteCare’s concierge, PCP‑led care model, and expand into new markets and member populations across the U.S.

Lansweeper has acquired Redjack to integrate Redjack's passive, traffic-based asset discovery and application dependency mapping into Lansweeper's Technology Asset Intelligence platform. The deal expands Lansweeper's visibility and attack-surface management capabilities, bringing Redjack's customers, technology, partners, and workforce into Lansweeper's product roadmap.

Hidden Harbor Capital Partners made a strategic investment in McHale & McHale Landscape Design, LLC, a residential landscaping firm headquartered in Upper Marlboro, Maryland. The acquisition closed July 16, 2025; founders Kevin and Steve McHale remain invested and active while Hidden Harbor will support the company’s continued growth across the DC, Maryland and Virginia markets.

US Masonry & Building Products (USMBP), a Kinderhook Industries portfolio company, has acquired Cheney Flashing, a manufacturer of rigid flashing and masonry anchoring systems with facilities in Maryland and Texas. The deal is an add-on to USMBP's platform as the company expands its masonry accessories and building envelope manufacturing and distribution capabilities; financial terms were not disclosed.

Latticework Capital Management announced a strategic investment to acquire First Medical Associates, a Germantown, Maryland-based primary care provider with eleven clinics. Funds managed by PennantPark Investment Advisers provided debt financing to support the acquisition, and Latticework will partner with founder Dr. Rakesh Malik to scale the business via geographic expansion and add-on growth.

Grace Design Studios, a Bernhard Capital Partners-backed AEC platform, has acquired CRGA Design, a Baltimore-based architecture, interior design and planning firm specializing in healthcare facility design. The add-on expands Grace's healthcare capabilities and footprint in the Mid-Atlantic (Maryland, North Carolina and South Carolina) while CRGA will operate as a Grace Design Studio with its leadership remaining in place.

SEVA Growth LP has made a minority growth investment in Teleskope Technologies, a provider of an end-to-end employee experience SaaS platform. The capital will support scaling sales and marketing, strengthening technology, and expanding Teleskope’s product offerings; SEVA’s founder Shalin Mehta will join Teleskope’s board.

Mercer Global Advisors, a national RIA majority‑owned by private equity firms, has acquired Hunt Valley, Maryland–based Tufton Capital Management. The deal expands Mercer’s footprint in the greater Washington, D.C./Mid‑Atlantic market and brings approximately $800 million of Tufton client AUM onto Mercer’s platform, increasing Mercer’s regional client assets to about $3 billion.

Caymus Equity Partners has acquired Valley Lighting, a Linthicum Heights, Maryland-based commercial lighting and shading solutions provider, with CEO Kathy Deppe and EVP Tommy Jones retaining meaningful ownership and remaining in leadership. The May 1, 2025 transaction was supported by SI Private Capital, LongWater Capital Solutions, Midwest Mezzanine Funds and Enterprise Bank; Caymus plans to help Valley expand its geographic footprint and grow its service offerings into key end markets such as data centers, government, and healthcare.

VTG has acquired Triaplex, Inc., a Fulton, Maryland-based radio frequency and signals expertise provider, to bolster VTG’s cyber and signals intelligence capabilities and expand its Intelligence Community footprint. The deal is VTG’s fourth acquisition since receiving a majority investment from A&M Capital (Alvarez & Marsal Capital), underscoring the platform’s PE-backed growth strategy.

SePRO Corporation, a portfolio company of Stanley Capital Partners with backing from Goldman Sachs Alternatives, has acquired Green Eyes Environmental Monitoring Solutions. The deal integrates Green Eyes' NuLAB automated nutrient-monitoring technology into SePRO's environmental services platform to expand real-time water quality diagnostics; financial terms were not disclosed and Green Eyes founder Vincent Kelly will remain with the business.

Featured.com, a Scottsdale-based expert insights platform, has acquired Help A Reporter Out (HARO) from Cision. The deal—backed by investors including Great North Ventures—will revive HARO's original daily-email format and integrate the service into Featured's offerings to strengthen journalist–expert connections and monetize via newsletter ads.

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.

ELIQUENT Life Sciences has acquired Truliant Consulting, a Baltimore-based pharmacovigilance, risk management, and regulatory compliance advisory firm. The acquisition expands ELIQUENT's pharmacovigilance platform and capabilities to provide broader, technology-driven, and scalable safety and regulatory solutions to life sciences clients.

Waverly Advisors, a PE-backed registered investment adviser, has acquired Baltimore-based GGM Wealth Advisors, adding a team that manages over $400 million in AUM and expanding Waverly’s footprint into Maryland and Virginia. The deal closed March 21, 2025 and is an add-on to Waverly’s platform (backed by Wealth Partners Capital Group and HGGC), increasing the platform’s total AUM to roughly $16.9–17.4 billion.

Banyan Software has acquired Mosaic Learning, a provider of learning management and workforce training solutions for unions, training funds and corporate organizations. The acquisition expands Banyan's presence in EdTech and will help scale Mosaic's Combobulate SaaS platform with Banyan's resources and sales and marketing capabilities.

Redhorse Corporation has acquired The Mannakee Group, a Kensington, Maryland-based provider of advanced software development and DevSecOps services for federal defense customers. The deal expands Redhorse's national security capabilities by combining Mannakee's software engineering and DevSecOps expertise with Redhorse's AI/ML and data exploitation capabilities; Mannakee's leadership will remain with the business as part of Redhorse's National Security portfolio.

Eir Partners, a middle-market private equity firm focused on healthcare technology and tech-enabled services, has made a growth investment in Porter, a Baltimore-based care coordination and healthcare IT platform. The capital will support Porter’s technology and AI capabilities, expand its geographic footprint, and accelerate its care coordination programs focused on quality and risk adjustment across the U.S.

PSG has made a $150 million growth equity investment in Uscreen, a video monetization SaaS platform for the creator economy. The capital will be used to accelerate product development — including upgraded mobile and TV apps, advanced marketing and community tools — to support creators' ability to monetize and grow recurring revenue.

Digital Capital Partners (DigiCap), a private investment firm led by Jay Sunny Bajaj, has acquired Govplace, a Bethesda-based provider of IT modernization, cybersecurity, and optimization services for federal agencies. Govplace's leadership team will remain in place as DigiCap positions the company for accelerated growth in the federal IT marketplace and expands its capabilities serving government customers.

GovExec has acquired Federal Business Council (FBC), a long-standing producer of government agency events, with financial support from Growth Catalyst Partners. FBC will operate as an independent division under CEO David Powell, and the deal is intended to scale GovExec's events capabilities and reach using its marketing and digital platform; terms were not disclosed.

Braemont Capital has made a strategic growth investment in TEC Services, a Columbia, Maryland–headquartered provider of janitorial and sanitation services serving grocery and food distribution customers. The capital will support TEC’s growth plans, including organic expansion and potential strategic acquisitions, while management remains in place.

Bluesight, a provider of inventory management, procurement, and compliance solutions for hospitals, has acquired Protenus, a Baltimore-based healthcare compliance analytics platform. The acquisition expands Bluesight's drug diversion and patient privacy monitoring capabilities, combining AI-driven compliance analytics with Bluesight's hospital and pharmacy operations intelligence.

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.