Acquisitions in Alabama in 2020

Gryphon Investors has made a majority investment in Meazure Learning, a Birmingham, Alabama–based provider of remote exam proctoring, assessment software, and psychometric services. Existing sponsor Eastside Partners and Meazure management retain meaningful stakes, and Bain Capital Credit provided senior credit facilities to support Gryphon's investment to accelerate Meazure's growth.

THOR Industries, Inc. acquired Tiffin Motor Homes, Inc. and related companies (the Tiffin Group) for $300 million, effective December 18, 2020. The Tiffin family and existing senior management will continue to run the business, which will operate as a stand-alone company within THOR's portfolio.

Original One Parts, a portfolio company of Kinderhook Industries, acquired PartCycle Technologies, an e-commerce marketplace for recycled OEM automotive parts. The deal — Original One Parts' first add-on — will expand Original One's online presence, technology capabilities, and parts procurement relationships; PartCycle's leadership team will join Original One.

Teall Capital (aka Teall Sports & Entertainment) launched a new platform, REVELXP, and announced the acquisition of Birmingham-based Colonnade Group, integrating Colonnade with its existing portfolio companies including Tailgate Guys, PRE and Complex Sports. The deal folds Colonnade's premium seating, temporary structures and VIP hospitality capabilities into REVELXP as part of a strategy to create a one-stop shop for collegiate and professional sports fan and event experiences.

Trachte Building Systems, an employee-owned manufacturer of pre-engineered steel structures based in Sun Prairie, Wisconsin, has acquired Roof Mart LLC, a Vernon, Alabama-based designer and manufacturer of metal roofing systems and wall panels. The acquisition gives Trachte a manufacturing facility in the Southeastern U.S., expands its fabrication capabilities, and broadens its access to new customers and end markets.

US Radiology Specialists, a physician-owned national radiology group headquartered in Raleigh, North Carolina, has acquired ImageSouth, the largest outpatient imaging provider in Birmingham, Alabama. The acquisition adds five ACR-accredited outpatient imaging centers to US Radiology's network and expands its presence in the Southeast as it builds a national outpatient imaging services platform.

Private equity firm The Halifax Group completed an investment to recapitalize PJU Holdings, Inc. ("PJ United"), the largest Papa John’s franchisee. Halifax partnered with CEO Doug Stephens and PJ United's existing management team to support growth and operational expansion across the company's 194 stores.

ATWEC Technologies, Inc. (OTC: ATWT), a Memphis-based safety and security technology company, acquired its contract manufacturer Assembled Products, Inc. in a transaction valued at $2.6 million in cash and stock. The acquisition brings manufacturing in-house at Assembled Products' Rogersville, Alabama facility to reduce production costs, increase margins, and accelerate product development for ATWEC's child safety and vehicle sanitation systems.

Arlington Capital Partners announced the formation of BlueHalo by combining its portfolio company AEgis Technologies (including prior integrated acquisitions Excivity and EMRC Heli) with newly acquired Applied Technology Associates and Brilligent Solutions. The merged company, BlueHalo, will provide advanced engineering and technology solutions across space, directed energy, missile defense, C4ISR, and cyber for the national security community.

DC Capital Partners, a private equity firm based in Alexandria, Virginia, has formed a strategic partnership with Hill Technical Solutions, Inc. (HTSI), a Huntsville, Alabama-based defense engineering and systems-integration firm. The partnership will provide capital and resources to expand HTSI's capabilities and customer base across U.S. government defense programs; Duff & Phelps and Holland & Knight advised HTSI, while Latham & Watkins advised DC Capital.

Complete Health, the physician-driven primary care platform backed by Pharos Capital Group, has acquired two Birmingham-area practices — Northside Medical Associates (Pell City, AL) and Adamsville Family Medicine (Adamsville, AL). The add-on acquisitions expand Complete Health's value-based primary care footprint in Alabama, adding primary care, urgent care, imaging and in‑house laboratory capabilities to the platform.

Behavioral Health Group (BHG) acquired Huntsville Recovery, Inc. and Stevenson Recovery, Inc., adding two outpatient opioid treatment centers in northern Alabama that jointly employ 52 clinicians, counselors, and staff. The acquired centers will operate as BHG Huntsville Treatment Center and BHG Stevenson Treatment Center, bringing BHG's Alabama footprint to nine locations and its nationwide total to 73 locations in 15 states.

Dunes Point Capital (DPC) has formed Best in Class Technology Services (BCTS), a commercial HVAC services platform headquartered in Birmingham, Alabama, through investments in Vulcan Heating and Air Conditioning Service, P1 Services, LLC, and Rieck Services, LLC. DPC’s Fund II provided the controlling equity and M&T Bank provided debt financing; the acquisitions combine ~12 locations across six states and roughly 450 employees under the new platform.

Chart Industries completed the acquisition of Worthington Industries' cryogenic trailer and hydrogen trailer transport assets, including the Theodore, Alabama manufacturing site, related IP, equipment and repair backlog. The facility (approximately 300,000 sq ft) and its employees will join Chart as the company expands its mobile cryogenics and hydrogen transport capabilities, with expected hydrogen-related revenue from the site of $15–20 million in 2021 (with upside).

Lockheed Martin signed a definitive agreement to acquire a portion of Integration Innovation Inc. (i3), specifically i3's hypersonics strike and defense portfolio. The asset is expected to close in about 30 days, and upon closing the hypersonics portfolio will be managed by Lockheed Martin's Space business area to expand hypersonic-specific capabilities for government and commercial customers.

Premier Steel Doors and Frames has acquired MegaMet Industries, a Birmingham, Alabama-based manufacturer of specialty hollow metal doors (acoustic, blast-proof, ballistic and RF-shield). The deal, sourced and announced by OpenGate Capital, is an add-on to Premier within the S&G family of brands and expands Premier's product offering and capabilities across government, medical and commercial end markets; terms were not disclosed.

Advanced Dermatology and Cosmetic Surgery (ADCS) announced that Dermatology Associates of Montgomery, the practice of Drs. J. Stephen Maddox and E. Ann Mountcastle in Montgomery, Alabama, has joined ADCS as an affiliate. ADCS, a national dermatology practice management platform, will support the practice's operations and patient care; The Bundy Group served as exclusive financial advisor to Dermatology Associates of Montgomery.

Carousel Capital has recapitalized Landscape Workshop, partnering with the company's management team and McKinney Capital to provide growth capital and support continued platform expansion. Landscape Workshop is a route-based commercial landscaping services provider headquartered in Birmingham, Alabama, serving over 2,800 commercial properties across nine locations in the Southeastern United States.

QuantiTech LLC, a portfolio company of Sagewind Capital, has acquired Dynamic Concepts, Inc. (DCI), a Huntsville-based provider of high-end engineering and software services for human spaceflight. The acquisition expands QuantiTech's capabilities and deepens its relationships with NASA, the Department of Defense, and commercial space customers; financial terms were not disclosed.

Trinity Hunt Partners has announced a partnership investment in MainStreet Family Urgent Care, a Birmingham, Alabama–based urgent care operator with 16 clinics across the state. Trinity Hunt will support MainStreet’s clinic expansion and add-on acquisition strategy while founder Sam Eskildsen and the senior management team remain significant shareholders; Allen Mooney Barnes served as exclusive financial advisor to MainStreet.

Wheel Pros, a Clearlake-backed designer and distributor of automotive aftermarket wheels, has acquired the assets of the Borbet manufacturing facility in Auburn, Alabama. The acquisition converts the plant to aftermarket cast wheel production, expands Wheel Pros' domestic manufacturing footprint alongside its York, South Carolina facility, and is expected to create over 300 full-time jobs while helping reach a run-rate of ~1.5 million wheels annually across the company's U.S. operations.

Mammoth Holdings, an Atlanta-based conveyor car wash operator backed by Red Dog Equity, has acquired Mr. K Car Wash, an express conveyor car wash with locations in Montgomery, Alabama and Buford, Georgia. The deal expands Mammoth’s footprint in its core Montgomery market—bringing an additional store under Mammoth’s multi-brand portfolio; the seller was not named and broker Christina Son advised the seller.

Tampa-based private equity firm Osceola Capital completed a majority recapitalization of Industry Services Company (ISC), a Mobile, Alabama-headquartered provider of industrial and refractory maintenance services. Concurrent with the recapitalization, ISC completed the add-on acquisition of Guy Nielson Company (GNC), combining GNC with ISC's DG Skouse division to create a broader national industrial maintenance platform.

BHI Energy has acquired Coastal Electrical Construction, a Flomaton, Alabama–based provider of substation, transmission and distribution construction and maintenance services to major utilities in the Southeastern United States. The deal is the third add-on for BHI in the T&D space since its acquisition by AE Industrial Partners and is intended to expand BHI's geographic footprint and service capabilities in the Southeast; terms were not disclosed.

HomeServe USA announced the acquisition of Birmingham, Alabama-based Worry Free Comfort Systems, Inc., which does business as Freedom Heating and Cooling. The deal brings Freedom's team of more than 50 employees into HomeServe's expanding network as the company makes its first HVAC acquisition in Alabama and first move into the southeastern U.S.

Industrial Opportunity Partners announced that its portfolio company SRR Holdings, Inc. (dba Royston Group) has acquired the assets of Southern CaseArts. Southern CaseArts, a designer and manufacturer of refrigerated and custom merchandising cases for grocery and convenience retailers, will join Royston Group to expand its retail fixture and merchandiser capabilities; founder Gene Cary will join Royston as Senior VP of Corporate Development.

New York-based private equity firm Sagewind Capital made a minority growth investment in QuantiTech LLC, a Huntsville, Alabama–based provider of technical engineering services to the U.S. defense and space community. QuantiTech's existing management will remain in place and retain significant equity; Sagewind said it will support QuantiTech’s growth strategy, including acquisitions and capability expansion.

Croda International Plc has agreed to acquire Avanti Polar Lipids, a US-based developer and manufacturer of high-purity lipids and lipid-based drug delivery solutions. The deal brings Avanti's research product portfolio and cGMP pharmaceutical services into Croda's Life Sciences sector to expand capabilities in drug delivery, vaccine adjuvants and cGMP manufacturing for biotechnology and pharmaceutical customers worldwide.

Cook & Boardman Group LLC, a portfolio company of Littlejohn & Co., has acquired Building Specialties, a Birmingham, Alabama-based distributor of commercial doors, hardware and systems integration services. Terms were not disclosed; owner Paul Caddell will continue to manage the business under Cook & Boardman's ownership as an add-on to the C&B platform.

Affinity Hospice Holdings, a Birmingham-based hospice provider and portfolio company of MBF Healthcare Partners II, L.P., has acquired Good Samaritan Hospice of Huntsville, a hospice operator in northern Alabama with an average daily census of 92 patients. The deal is an add-on to Affinity's existing Alabama operations and is intended to expand Affinity's market presence and leverage its clinical and operational resources in the Huntsville/North Alabama market.

Kinderhook Industries has recapitalized EcoSouth Services of Mobile, LLC in partnership with EcoSouth CEO Jeff Claunch. The investment will support EcoSouth's growth as a platform in the environmental services space, including investments in on-site capabilities and add-on acquisitions across the Gulf Coast.

Groundworks, a Virginia Beach–based national foundation services platform, acquired AFS Foundation & Waterproofing Specialists of Huntsville, Alabama, adding seven offices, more than 300 employees and over $65 million of annual revenue. The deal is an add-on to Groundworks’ PE-backed platform (supported by Succession Capital Partners and Cortec Group) and strengthens the company’s Southeast footprint while advancing its strategy to build a national, vertically integrated foundation services brand.

Thoma Bravo has completed the acquisition of Command Alkon, the supplier collaboration and CONNEX platform provider for the heavy construction supply chain, from Quilvest Capital Partners. The private equity firm plans to accelerate product development and expand Command Alkon’s vertical-cloud capabilities to drive further digitization and supply-chain integration across heavy construction.

WorldWide Electric Corporation has acquired Louis Allis, a specialty electric motor manufacturer based outside Birmingham, Alabama, in a transaction led by advisor Business Acquisition & Merger Associates (BAMA). The deal adds Louis Allis's high-horsepower specialty motor manufacturing and large-format service capabilities to WorldWide's platform (a portfolio company of Graycliff Partners), expanding the combined company's turnkey industrial motor offering.

Synergy Laboratories, a Mobile, Alabama-based clinical laboratory, has acquired Mobile-based Pathology Laboratory Associates (PLA). The acquisition expands Synergy's pathology and women’s health testing capabilities, with PLA remaining headquartered on the Springhill Medical Center campus and plans to grow staffing and specialized pathology services.

Neenah, Inc. agreed to acquire Vectorply Corporation from MSouth Equity Partners for $155 million in cash. Vectorply, a Phenix City, Alabama-based manufacturer of high-performance composite reinforcement fabrics with annual sales over $70 million, will broaden Neenah's technical products platform and is expected to close April 1, 2020.

Fox Factory Holding Corp. agreed to acquire SCA Performance Holdings, Inc. from Kinderhook Industries for $328 million (exclusive of vehicle inventory), with an additional $13 million of contingent retention incentives for key SCA management. The purchase expands FOX's specialty vehicle manufacturing capabilities and North American manufacturing footprint by combining SCA's OEM-authorized upfitting business with FOX's Tuscany operations.

Leidos Holdings, Inc. completed the acquisition of Dynetics, Inc. for approximately $1.65 billion in cash. Dynetics will operate as a wholly-owned subsidiary, bringing ~2,300 employees and expanded applied-research, systems engineering, and secure manufacturing capabilities to enhance Leidos' defense, intelligence, and civil offerings.

Power Grid Components, a platform formed by Shorehill Capital and industry veteran Rick McClure, completed the acquisition of Royal Switchgear Manufacturing Company, Inc. in December 2019. The deal expands Power Grid's product offering into high-voltage switchgear and power connectors; Joe Carton became President of Royal and joined Power Grid's board. Financing was provided by Antares Capital, Maranon Capital and Fidus Investment Corporation.

Prairie Capital VI, LP partnered with CEO Clark Blair to recapitalize Legacy Hospice Holdings, Inc., a Livingston, Alabama–headquartered provider of rural hospice services. The recapitalization will support Legacy's growth initiatives, including investments in people, technology, sales & marketing, de novo site expansion and potential add-on acquisitions across its 21-office footprint serving 600+ patients daily in the Southeast.