Private Equity-Backed Acquisitions in West Virginia

Walgreens has acquired Fruth Pharmacy, a small West Virginia-based chain operating roughly a dozen community pharmacy locations, after the independent retailer cited pressure from reduced PBM reimbursement rates. The transaction transfers ownership from Lynne Fruth/the Fruth family to Walgreens (now controlled by Sycamore Partners) and aims to maintain pharmacy services for local communities in West Virginia and nearby areas.

Investcorp has acquired Kanawha Scales & Systems (KSS) from American Equipment Holdings, a portfolio company of Rotunda Capital Partners. Headquartered in Poca, West Virginia, KSS provides calibration, maintenance, repair and automated weighing solutions across multiple industrial end markets; Investcorp said the investment will support growth (including strategic M&A) and implement an Employee Ownership Plan for KSS employees.

Whitewater Capital Partners has acquired all of Valley Gardens, a Charleston, West Virginia-based full-service landscaping and landscape architecture firm. The investment will provide Valley Gardens with capital to accelerate regional expansion, pursue strategic acquisitions, and strengthen its service offerings across Southern West Virginia.

Seacoast Capital has made a subordinated debt and equity co-investment in Mail America to support a recapitalization led by Wildwood Capital. The deal provides liquidity to Mail America’s founding shareholders and positions the company to invest in people, technology, production capacity and potential add-on acquisitions to accelerate growth.

Valicor Environmental Services, a Pritzker Private Capital portfolio company, has acquired ECO-FIRST, Inc., a Huntington, West Virginia-based provider of industrial and commercial waste collection, treatment, and recycling services. The add-on acquisition expands Valicor's footprint in the Mid-Atlantic and broadens its wastewater treatment and environmental services capabilities.

Gabe's, a Morgantown-based off-price retailer, closed a recapitalization where existing term lenders converted over 75% of outstanding term loans into equity and a group of existing investors (led by Brigade Capital Management, Arbour Lane Capital Management and Anchorage Capital) assumed majority ownership. The transaction provides new capital, reduces debt, and is supported by continued ABL financing from Second Avenue Capital Partners and Ares Credit funds while Gabe’s finalizes vendor and landlord agreements to strengthen its store portfolio and operations.

Jennmar, a FalconPoint Partners portfolio company, has acquired Rohrig Heavy Equipment Maintenance, LLC to expand the service offerings of its Jennmar Services (JMS) business. JMS will assume Rohrig's customer agreements and continue operating Rohrig's existing facilities; terms were not disclosed.

Harmonia Holdings Group, a provider of advanced technology solutions to the U.S. federal government, has acquired Maveris as a wholly owned subsidiary to strengthen its cybersecurity capabilities and broaden its federal customer relationships, including deep ties with the Department of Veterans Affairs. The deal supports Harmonia’s growth strategy, which is backed by a strategic investment from Madison Dearborn Partners; financial terms were not disclosed.

Fernweh Group LLC has acquired Wincore Window Company, LLC, a Parkersburg, West Virginia-based manufacturer of vinyl windows, impact windows, fiberglass entry doors, and sliding patio doors. The transaction establishes Wincore as Fernweh's new platform in the Building Products sector as the firm looks to capitalize on improving housing and construction demand while retaining Wincore's senior management.

The Firmament Group has recapitalized Whitecap Waste Holdings, LLC, a West Virginia-based solid waste collection and disposal company founded in 2019. The transaction represents a recapitalization/ownership transition involving prior investors (including Mollitiam Holdings and Whitecap Enterprises) and positions Firmament to support the company’s regional waste collection and disposal operations under existing management.

JENNMAR, a FalconPoint Partners portfolio company, acquired the assets of the Holden, West Virginia cement blending facility of Wright-Mix Material Solutions, LLC. The facility will be added to JENNCHEM's manufacturing footprint to secure supply and expand production of J-SEAL and other blended cement products for mining and construction customers.

Turnspire Capital Partners LLC (through an affiliate) has acquired Swanson Industries, a Morgantown, West Virginia–headquartered provider of manufacturing, remanufacturing, repair, and distribution services for mining equipment and hydraulic cylinders. The transaction includes Swanson’s controlling stake in Tiefenbach North America and is intended to support operational improvements, capability expansion, and strategic growth under Turnspire’s partnership with management.

Tencarva Machinery Company, backed by Bessemer Investors, has acquired Tri-State Coating & Machine, a Salt Rock, West Virginia-based provider of specialized thermal coating services and rotating equipment repair. The deal will add thermal spray coating capabilities to Tencarva's value‑added service offerings; Tri-State's founder David Thompson will retire and existing management and employees will remain with the business.

Firmament (through funds it manages) completed a recapitalization of Whitecap Waste, a regional solid waste collection company serving over 30,000 customers in southern West Virginia. The seller was Mollitiam Holdings; Whitecap Waste President Michael Schmidt will remain in his role and Firmament said the investment will support growth, operational capability expansion, and entry into new geographies.

HealthEdge Investment Partners has made a strategic growth investment in Pluri Potent Partnership, LLC (doing business as P3 Oral Surgery), partnering with P3's surgeons who retain a meaningful ownership stake. The capital and support will be used to scale P3's oral and maxillofacial surgery platform across the Mid-Atlantic, pursue new surgeon partnerships, and expand operational capabilities.

System One has acquired KeyLogic, a consulting and data-management firm that supports federal agencies in energy, commerce and defense. KeyLogic will operate under GAP Solutions (a System One company) to expand System One’s government-focused capabilities in advanced analytics, data science, DevSecOps and cybersecurity; the seller was private investor Proteus Capital Solutions.

PureTech Scientific, a company founded and backed by Iron Path Capital, agreed to acquire The Chemours Company's Glycolic Acid business for $137 million in cash. The transaction (a carve-out/divestiture) closed in August 2023 and creates a standalone platform focused on high‑purity alpha hydroxy acids for life sciences, specialty chemicals and personal care end markets.

Trachte, LLC has acquired Parkline, Inc., a manufacturer of custom engineered modular metal buildings headquartered in Eleanor, West Virginia. The acquisition is supported by Palladium Equity Partners (Trachte's sponsor) and represents an add-on to Trachte's platform, combining manufacturing capacity and expanding capabilities across data center, energy, utility and industrial end markets. Summit Park sold Parkline and will roll equity into the transaction.

Northern Biogas, a portfolio company of H.I.G. Capital, has acquired three dairy renewable natural gas (RNG) projects in the United States, expanding its RNG production capacity and development pipeline. The additions sit close to Northern Biogas' existing footprint and are expected to begin commercial service by Q1 2024, creating operational and commercial synergies.

5th Century Partners has acquired Radon Medical Imaging, a provider of medical imaging equipment service, sales, and distribution, with unitranche debt and a minority equity investment provided by Avante Capital Partners to support the transaction. The deal positions Radon as the platform for growth in medical imaging services and will leverage Avante’s flexible capital to support the company’s expansion.

Choice Financial Group, backed by Northlane Capital Partners, has acquired Mountaineer Insurance Services, a five-branch insurance agency based in Beverly, West Virginia. The Mountaineer leadership team will remain in place as Choice expands its geographic footprint into West Virginia; the transaction closed November 1, 2022 and represents Choice's 11th acquisition since partnering with Northlane.

Denver-based private equity firm Santiago Investment Group acquired a majority ownership position in Sprouse Windows and Doors, a 37-year-old family-owned manufacturer of energy-efficient vinyl windows and doors headquartered in New Martinsville, West Virginia. Santiago plans to invest in modernizing equipment, employee engagement and support continued growth while Sprouse will continue to operate under its existing name.

H.I.G. Capital’s infrastructure arm, H.I.G. Infrastructure, has acquired a controlling interest in Northern Biogas, a Morgantown, West Virginia–based waste-to-renewable natural gas company that develops, builds, owns and operates anaerobic digester and RNG facilities. The investment will support Northern Biogas’ development pipeline of dairy, landfill and food-waste RNG projects across the U.S. as the company scales its construction, operations and service capabilities.

Hearthstone Holdings, a portfolio company of Ullico Infrastructure Fund (UIF), closed the acquisition of 100% of Hope Gas, Inc. from Dominion Energy. Hearthstone will move its headquarters to Morgantown, West Virginia, plans to hire roughly 100 additional employees, and intends to leverage local natural gas resources to expand service to more customers across the state.

Whitecap Waste, a regional waste management company formed in partnership with Florida-based private equity firm Mollitiam Holdings, has acquired Dave's Sanitation, Inc. of Lookout, West Virginia. The acquisition is an add-on to Whitecap's growing West Virginia platform (following its Oak Hill acquisition) and expands its residential, commercial and industrial waste collection footprint in the state.

Solenis has entered into a definitive agreement to acquire Clearon Corp., a South Charleston, West Virginia-based specialty chemical manufacturer that produces trichloroisocyanuric and dichloroisocyanuric acids and finished pool and disinfectant products. The acquisition expands Solenis' pool and spa water treatment portfolio and is expected to close in 2022 subject to regulatory approvals; financial terms were not disclosed.

Whitecap Waste, a PE-backed regional waste management platform, has acquired Oak Hill Garbage Disposal, a 50-year-old family-owned waste hauler in Oak Hill, West Virginia. The deal expands Whitecap's footprint in West Virginia as part of a roll-up strategy supported by Mollitiam Holdings, LLC.

Groundworks, the Cortec-backed national foundation and water management platform, has acquired Basement Systems of West Virginia, which will operate as Basement Authority of West Virginia. The add-on expands Groundworks' footprint into West Virginia and strengthens its residential and commercial foundation repair and waterproofing capabilities; terms were not disclosed.

Pathways Health and Community Support, a portfolio company of Atar Capital, completed the acquisition of Psychological Assessment & Intervention Services, Inc. (PAIS), expanding Pathways' footprint into West Virginia. The bolt-on deal brings PAIS's home- and community-based behavioral health, IDD and outpatient therapy services into Pathways' national platform to broaden service offerings across additional counties and communities.

Argano, a Trinity Hunt portfolio company, has acquired Mountain State Software Solutions (MS3), a Charles Town, West Virginia-based IT consulting firm specializing in multi-cloud, API integration and DevOps. MS3 will be rebranded as ArganoMS3 and the acquisition expands Argano's integration, middleware and cloud engineering capabilities to better serve commercial and federal clients.

Knack Global, a Florida-based provider of revenue cycle management (RCM) services, has acquired The Billing Center, a Charleston, West Virginia-based medical billing firm that serves durable medical equipment (DME) suppliers. The deal — completed with support from investors LKCM Headwater Investments and Weave Growth Partners — expands Knack's RCM capabilities in the DME market as an add-on to its platform.

Akoya Capital Partners acquired Star Plastics, a Ravenswood, West Virginia-based custom plastics compounder, as the anchor investment for a new compounds buy-and-build platform. The transaction was supported with mezzanine subordinated debt and common equity from NewSpring Mezzanine and involved Trinity Investors as a partnering investor; Star Plastics (≈140 employees) will pursue organic growth and M&A to expand its capabilities and geographic reach.

U.S. Foot & Ankle Specialists (USFAS), a portfolio company of NMS Capital, has acquired Foot & Ankle Clinic of the Virginias, adding the practice's 10-location network across Southern West Virginia and Southwestern Virginia (plus a vein clinic in Boardman, OH). The deal expands USFAS's regional footprint and brings the Practice access to USFAS' administrative, IT, revenue-cycle and clinical support services.

Pinnacle Dermatology, a Chicago Pacific Founders–backed dermatology platform, has acquired Dermatology Associates and Skin Surgery Center, adding eight locations across West Virginia and one in Hagerstown, Maryland. The deal expands Pinnacle’s multi-site footprint in the greater Washington, D.C. market and strengthens its population skin health management platform.

3Phase Elevator has merged with West Virginia Elevator, bringing the West Virginia market leader into 3Phase's platform as part of a national expansion strategy following an investment from Berkshire Partners. West Virginia Elevator founders Dustin Bozek and Chris Bradley will continue to lead and remain owners while the combined business expands service capabilities and geographic reach.

Cathcart Rail (with involvement from Guardian Rail and infrastructure investor Star America/Tikehau Star Infra) acquired Appalachian Railcar Services (ARS) from GenNx360 Capital Partners. The transaction brings ARS's network of railcar repair, cleaning, coating, mobile repair and storage facilities into the Cathcart/Guardian platform to expand capabilities and geographic footprint across the Midwest, Southeast and Mid-Atlantic.

Vicinity Energy has acquired Morgantown Energy Associates, the district energy system serving West Virginia University in Morgantown, West Virginia, from an investment affiliate of Starwood Energy Group Global, L.L.C. Vicinity plans to convert the system away from coal to primarily natural gas (with ULSD backup), invest in additional dual-fuel boilers, and reduce the system's carbon footprint and local air pollutants while expanding its U.S. district energy footprint.

Hull Street Energy acquired 100% of the interests in Gauley River Power Partners, LLC, the operator of an 80 MW hydroelectric facility in Summersville, West Virginia, from Enel Green Power North America and GE Energy Financial Services (via their EGPNA Renewable Energy Partners JV). The purchase was part of a larger purchase-and-sale under which Hull Street acquired thirty-one hydroelectric stations from the EGPNA JV and expands Hull Street affiliates' generation portfolio across the United States.

RCap Equity Partners, a Philadelphia-area private equity firm, has made a growth investment in Ascension Recovery Services, a Morgantown, West Virginia-based provider of behavioral health development and management services. The partnership will support Ascension RS's plans to scale its substance use disorder and co-occurring disorder treatment platform and expand access to care across the United States.

Gold Medal Group, a portfolio company of Kinderhook Industries, has acquired Apple Valley Waste Services (AVW) from Summer Street Capital Partners, with BioHiTech Global joining as a minority partner. AVW, based in Kearneysville, West Virginia, is a regional provider of municipal, commercial and roll‑off solid waste collection, transfer and recycling services; terms were not disclosed.

Waud Capital Partners announced that its portfolio company, CarePoint Partners, has acquired Total Health Services, Inc., a Clarksburg, West Virginia-based provider of in-home infusion therapies. The deal expands CarePoint's network of infusion locations and strengthens its presence in West Virginia and surrounding markets.

CarePoint Partners, a platform backed by Waud Capital Partners, has acquired the infusion division of Care Partners, Inc. The infusion business will operate as CarePoint Partners of West Virginia in Morgantown, expanding CarePoint's network of home infusion and specialty pharmacy services across the state and neighboring markets.