Acquisitions in Alabama in 2021

Fairbanks Morse Defense (a portfolio company of Arcline Investment Management) has acquired Fluid Filtration Specialists LLC, a U.S.-based provider of flushing, filtration and testing services for marine vessels and heavy-duty engines. The add-on expands FMD's service capabilities for shipyard, defense and commercial marine customers including the U.S. Navy and U.S. Coast Guard.

LoneTree, a New York-based growth capital firm, announced a significant growth investment in Safety Plus, a Mobile, Alabama-based provider of safety management, contractor management, and compliance software and services. The investment will fund strategic growth initiatives, platform innovation, and enable Safety Plus to pursue strategic M&A while supporting continued headcount and customer growth.

Aveanna Healthcare (NASDAQ: AVAH) completed the acquisition of Comfort Care Home Health & Hospice, a 31-location provider across Alabama and Tennessee, for $345.0 million (approximately $290.0 million net of estimated tax benefits). The deal expands Aveanna’s home health and hospice footprint in demographically attractive adult care markets and Comfort Care is expected to be fully integrated into Aveanna during 2022.

Advanced Drainage Systems (ADS) has acquired Jet Polymer Recycling, a privately owned plastic recycling company headquartered in Fort Payne, Alabama with three locations in Alabama and Georgia. The acquisition expands ADS's recycling capabilities and secures high-quality recycled polypropylene and high-density polyethylene feedstock to support ADS and its subsidiary Infiltrator Water Technologies, particularly in the southern United States.

Shoe Carnival, Inc. acquired substantially all of the assets of family‑owned Shoe Station, Inc. for $67 million in a cash‑funded transaction. The deal adds 21 Southeastern retail locations and e‑commerce capabilities, is expected to be immediately accretive to diluted EPS in fiscal 2022, and contributes approximately $100 million in incremental net sales.

Comvest Partners led a strategic recapitalization of Renovation Brands, a multi-brand direct-to-consumer e-commerce platform for home improvement products. Digital Fuel Capital, founder Rick Morse and Renovation Brands' management remain significant investors as Comvest provides capital and operational support to drive organic growth and further add-on acquisitions.

Fullsteam Holdings LLC, a payments technology and vertical software holding company owned by Aquiline Capital Partners, closed a minority investment from Sixth Street. The growth investment will support Fullsteam's integrated payments platform and continued expansion of its vertical software portfolio across healthcare, field services, specialty retail and other SMB markets.

The Marwin Company, a portfolio company backed by Validor Capital, has acquired HB&G Building Products, Inc., a Troy, Alabama-based manufacturer of specialty millwork and front porch columns. The acquisition expands Marwin's product offering and channels to market, strengthening its position in exterior building and outdoor living products.

GRT Rubber Technologies (GRT), a PE-backed manufacturer of engineered rubber products, acquired Valley Rubber, a maker of custom rubber solutions for mining, aggregates and industrial applications. The deal, supported by a $22.1 million follow-on investment from Main Street Capital Corporation to GRT, expands GRT's product portfolio, end-market exposure and international footprint (notably Chile, Mexico and Peru).

The Carlyle Group and Stellex Capital Management have acquired IMIA Group Holdings from J.F. Lehman & Company. IMIA, headquartered in Spanish Fort, Alabama, is a leading provider of multi-disciplined marine preservation, scaffolding, environmental containment and staffing services for U.S. Navy MRO and new construction, with a workforce of over 1,500 employees.

Benford Capital Partners formed Argus Monitoring Solutions to acquire Sauls Seismic and Nomis Seismographs, creating a seismic and environmental monitoring platform. Sauls provides outsourced continuous seismic and environmental monitoring (hardware-as-a-service) while Nomis manufactures seismographs; Benford plans to invest in sales, customer service and pursue further M&A to scale the platform.

VC3, a Nautic Partners–backed managed services provider, has acquired ThinkGard, a Birmingham-based specialist in data protection, backup/disaster recovery and cybersecurity for local governments. The deal is an add-on to VC3’s platform to expand its municipal footprint and augment its data protection and cybersecurity offerings for government and commercial clients.

New Orleans-based private equity firm LongueVue Capital has partnered with the management team of Associated MetalCast to provide growth capital to fund the precision manufacturer's continued expansion. Associated MetalCast, headquartered in Oxford, Alabama, supplies tight-tolerance cast and machined metal components and value-added finishing and inventory management services to OEMs across water infrastructure, vertical transportation and automotive end markets.

OneWater Marine Inc. has entered into a definitive agreement to acquire T-H Marine, a leading provider of branded marine parts and accessories, for approximately $185 million. The acquisition, expected to close in Q4 2021, advances OneWater’s growth and diversification strategy by expanding its parts & accessories offering, and is expected to be immediately accretive to revenue, margins and EPS.

C Spire has signed a definitive agreement to acquire Troy Cablevision, Inc., with the transaction also including Union Springs Telephone Company, Inc. The deal expands C Spire’s fiber-based broadband footprint in Alabama’s Wiregrass region, enabling expanded residential and business broadband, cable TV, and IT services across multiple counties.

Genstar Capital has joined existing investor GI Partners to recapitalize Daxko, the Birmingham-based provider of membership management software and integrated payments for the health and wellness industry. The investment will support accelerated product innovation, customer support, sales and marketing, and Daxko’s ongoing acquisition strategy.

Bulldog Media Group (BMG), a performance marketing leader in financial services, has acquired iCommissions, a digital performance marketing agency led by Scot Rumsey. The acquisition expands BMG's consumer acquisition capabilities and integrates iCommissions' strategy and consultation services into BMG's existing brands and data/distribution platform.

One Equity Partners announced it has exited its investment in PS Logistics, the U.S. flatbed transportation and full-service logistics provider headquartered in Birmingham, Alabama. The company was acquired by Gamut Capital Management and British Columbia Investment Management Corporation (BCI) (financial terms not disclosed) after OEP helped scale PS Logistics through 14 add-on acquisitions and strong organic growth.

Five Star Food Service, the largest Canteen franchise, has acquired Gulf Coast Canteen, a Mobile, Alabama-based vending operation, adding branches in Mobile and Pensacola and marking Five Star's entry into Florida. Terms were not disclosed; owner Greg Breland sold the business, while Gulf Coast's Ocean Springs, Mississippi operation will be acquired separately by New Orleans-based Refreshments Solutions.

Fire Safety & Protection, LLC (a portfolio company of Sunny River Management) acquired Total Fire Protection, Inc. effective Sept. 20, 2021. Total, a full-service fire protection contractor based in Alabama and licensed across the Southeast, will be integrated into FSP as part of its strategy to expand its Southeast regional presence; the company was owned by co-owners Donald and Tommy Black.

DeSHAZO has acquired Proto Machine Works, LLC, a Huntsville, Alabama-based designer and manufacturer of custom industrial equipment and automated machinery. The acquisition expands DeSHAZO's industrial solutions and robotics capabilities, adding engineering, prototyping and machine-building expertise to its automation and overhead crane offerings.

Fort Lauderdale-based Air Pros USA acquired Hansen Heating and Air, a Mobile, Alabama-based HVAC and home services provider. The deal expands Air Pros' Gulf Coast footprint and increases its technician and vehicle base as Hansen's owner, Chad Setchell, will remain to lead Gulf Coast operations.

Woolpert has acquired Optimal GEO, an Alabama-based geospatial firm specializing in photogrammetric mapping, orthoimagery, lidar and GIS data, strengthening Woolpert's lidar, imagery and geospatial intelligence capabilities. The acquisition expands Optimal GEO's international reach and capacity while adding a data processing hub in Alabama and deepening Woolpert's federal contracting expertise.

PathGroup, a leading provider of anatomic, clinical, molecular and digital pathology services, has acquired DermLab, an independent dermatopathology laboratory based in Birmingham, Alabama. The acquisition expands PathGroup's dermatopathology capabilities and strengthens its presence in the Southeastern United States as an add-on to its existing portfolio.

Permira made a strategic investment in CommentSold, a Huntsville-based live and social commerce SaaS platform, with previous investor ZMC exiting its position. The funding will be used to accelerate product and geographic expansion as CommentSold scales its live-selling platform for thousands of SMB retailers.

St. Louis-based private equity firm Holleway Capital Partners has acquired T-TEK Material Handling, a Montgomery, Alabama manufacturer of high-speed palletizing, depalletizing and conveying systems. The transaction was completed with subordinated debt and equity provided by Capital For Business (CFB), and T-TEK management (Michael and Brian Traff) rolled/retained ownership and will remain with the company.

Atlanta-based Arrow Exterminators has acquired Copter Pest Control, a long-standing residential and commercial pest and termite control provider headquartered in Enterprise, Alabama. The acquisition expands Arrow’s presence in the Wiregrass and Lower Alabama regions, adds a local office and team to Arrow’s footprint (bringing Arrow to 16 service centers in Alabama), and will see Copter operate as Arrow Exterminators going forward.

Gryphon Investors has acquired Wittichen Supply Company, a Birmingham, Alabama–headquartered wholesale distributor of HVAC/R equipment, parts and supplies with 25 locations across Alabama, Georgia and Florida. The acquisition (financial terms undisclosed) will serve as a platform for Gryphon's Heritage Fund to pursue further industry investments while management remains in place with Charles Herring named president.

U.S. Orthopaedic Partners (USOP) has entered a strategic partnership with North Alabama Bone & Joint Clinic, P.C. (NABJC), adding the Florence- and Muscle Shoals-based orthopedic practice to its Southeastern U.S. care network. The deal expands USOP's regional footprint and adds NABJC's clinical and ambulatory surgery capabilities to the platform's integrated musculoskeletal care offerings.

Morgan Stanley Capital Partners (MSCP) has acquired a controlling interest in Alliance Technical Group, a Decatur, Alabama–based provider of air emissions testing, monitoring and analytical services, from Align Capital Partners. MSCP will partner with Alliance's management led by CEO Chris LeMay to continue geographic expansion and M&A-driven growth while the management team and employees retain a meaningful ownership stake.

Windjammer Capital-backed Mission Critical Electronics (MCE) has acquired ZeroRPM, a U.S.-based pioneer in anti-idling, battery energy storage and vehicle hybrid conversion systems. The add-on strengthens MCE’s vehicle electrification and auxiliary power capabilities and expands ZeroRPM’s access to MCE’s manufacturing, distribution and end-market channels; terms were not disclosed.

Westbridge Capital Ltd. has closed the acquisition of Seam Seal International, a U.S.-based manufacturer of high-performance seam sealing tapes and adhesive films. Westbridge plans to accelerate growth by expanding retail channels and international markets, installing Ryan Fisher as CEO while retaining founding members Chris Wright and Chris Resha in the continuing management team.

Knight-Swift Transportation Holdings Inc. acquired 100% of Dothan, Alabama-based AAA Cooper Transportation, a leading less-than-truckload (LTL) carrier. The $1.35 billion transaction (including assumed debt) is intended to provide Knight-Swift an LTL growth platform and is expected to be immediately accretive to adjusted EPS while preserving AAA Cooper's independent operations and leadership.

Smart Source announced the acquisition of the majority of assets of Spot Color, LLC, d/b/a Cornerstone Media, a Birmingham, Alabama-based document management, printing and promotional-products provider. The deal will expand Smart Source's capabilities and strengthen its Southeast operations by combining Smart Source's brand sourcing technology and vendor footprint with Cornerstone's local customer relationships.

Gamut Capital Management, in partnership with British Columbia Investment Management Corporation (BCI), signed a definitive agreement to invest in PS Logistics. The capital and strategic partnership will support PS Logistics — a Birmingham, Alabama-based flatbed transportation and logistics provider — to accelerate growth, expand capabilities and scale its asset- and broker-based platform across the continental United States. Financial terms were not disclosed.

Top 100 accounting firm Mauldin & Jenkins, LLC has merged with Alabama-based accounting and consulting firm CDPA, PC, effective July 1, 2021. The deal adds offices in Athens, Florence and Huntsville, Alabama, expanding Mauldin & Jenkins' footprint across North Alabama and increasing its office count to 12 across the Southeast.

PathGroup, a Pritzker Private Capital‑backed pathology services provider based in Nashville, Tenn., has acquired SkinDx, a dermatopathology laboratory headquartered in Birmingham, Alabama. The transaction expands PathGroup’s dermatopathology capabilities and regional presence across the Southeast, Midwest and Mid‑Atlantic, and brings SkinDx access to PathGroup’s molecular and clinical pathology services.

Milwaukee-based private equity firm Borgman Capital has acquired Birmingham, Alabama-based Southeastern Meats, a producer and distributor of frozen vegetables, meats, seafood and specialty items. Borgman said it will invest in Southeastern Meats' Pick 5 and Southeastern Vegetables programs and support the company's continued geographic expansion into the East Coast and Midwest.

Icario, a health action platform provider, has acquired ChipRewards, a configurable SaaS incentives and engagement platform for health plans and employers. The acquisition adds self-service configurability and incentive management capabilities to Icario's existing Insight, Connect and Personalization engines and follows CVC Capital Partners' recent majority investment in Icario.

Kofax has acquired PSIGEN Software, Inc., adding PSIGEN's document capture (PSIcapture) and content management (PSIsafe) products to Kofax's Intelligent Automation platform. The acquisition expands Kofax's capture-market leadership, broadens its product portfolio and reseller ecosystem, and gives PSIGEN access to Kofax's global resources and reach.

AssuredPartners, a national insurance broker headquartered in Lake Mary, Florida, acquired Anchor Pardue Insurance, Inc. of Mountain Brook, Alabama. The Anchor Pardue team will remain led by Richard Pardue and Lisa Worley as part of AssuredPartners' regional growth strategy (the firm's 18th acquisition in 2021).

B2Digital Incorporated (OTC: BTDG) has acquired all equity, assets and interests of Club Fitness, Inc., an Alabama corporation based in the Birmingham area. The facility will become the fifth One More Gym location in B2Digital's training network and will be renovated to add Jiu-Jitsu, Boxing and MMA instruction to integrate it with the B2 Fighting Series ecosystem.

Brightstar Capital Partners has acquired a majority stake in Engineering Research and Consulting, Inc. (ERC), a Huntsville, Alabama-based provider of mission-critical engineering and consulting services to the U.S. Department of Defense, NASA and other government entities. Dr. Ernie Wu will continue as Board Chair and CEO and the company — which employs approximately 2,200 people nationwide — will partner with Brightstar to pursue operational investments and strategic acquisitions. Terms of the private transaction were not disclosed.

Warren Equity Partners acquired a majority interest in Magnolia River International, Inc., a Decatur, Alabama–based provider of inspection, engineering, and GIS services for natural gas pipeline and water utility infrastructure. The PE firm plans to support Magnolia River's organic growth and pursue an acquisition strategy to scale the company across the fragmented utility infrastructure services market; financial terms were not disclosed.

Dover Corporation has completed the acquisition of AvaLAN Wireless Systems Incorporated, a provider of secure wireless and wired Ethernet networking solutions, managed routers, SaaS and cloud services. AvaLAN will become part of Dover Fueling Solutions to strengthen Dover’s capability to deliver secure, connected infrastructure and digitized solutions for the fuel retail, enterprise and government markets; terms were not disclosed.

Spire Capital-backed Dynamic Quest, a managed service provider, has acquired IT 4 the Planet dba Integrated Solutions, a Birmingham, Alabama-based MSP. The add-on expands Dynamic Quest's geographic presence into Alabama and brings Integrated Solutions' managed IT, disaster recovery and cybersecurity capabilities and customer base onto the Dynamic Quest platform.

KKR has agreed to acquire a majority interest in Therapy Brands, a Birmingham-based practice management and EHR software platform for mental, behavioral and rehabilitation healthcare providers. Existing investor PSG will remain a minority shareholder, and sellers include investment funds affiliated with Lightyear Capital, Oak HC/FT and Greater Sum Ventures; financial terms were not disclosed.

Crescendo Capital Partners led an acquisition of Pools on the Gulf Holdings, the largest Blue Haven Pools franchisee based in Mobile, Alabama. Parkway Capital (the mezzanine affiliate of Calvert Street) invested subordinated debt and equity alongside BlueArc Mezzanine Partners and the company's senior management to support the deal and to fund expansion into new markets and growth of maintenance and services lines.

Oak Hill Capital, through an entity formed by the firm, agreed to acquire Otelco Inc. for $11.75 per share (approximately $40.6 million equity purchase price) with an enterprise value of about $105.6 million. The deal, announced July 27, 2020, closed March 31, 2021; Oak Hill intends to accelerate Otelco’s fiber-to-the-premises deployment and combine Otelco with its fiber investments GoNetspeed and Lantek to expand fiber network capabilities and geographic reach.

FleetPride, Inc. has acquired the assets of Southern Truck Center of Birmingham, Alabama, a family-founded truck and trailer parts and service operation started by Tim Walker in 2005. Mike Walker will continue to manage day-to-day operations; the acquisition complements FleetPride's nearby Birmingham branch and expands its local service footprint as part of FleetPride's ongoing acquisition-driven growth strategy.