Acquisitions in Alabama in 2023

Blackstone Energy Transition Partners closed the acquisition of Power Grid Components, Inc. (PGC) from Shorehill Capital LLC on November 30, 2023. PGC is a U.S. designer and manufacturer of critical electrical grid components (switchgear, insulators, and instrument transformers); Blackstone said the purchase supports its energy-transition strategy to modernize and harden the electrical grid while scaling PGC's platform.

Pye-Barker Fire & Safety has acquired S&S Sprinkler, a fire protection and security services provider with five locations across the U.S. Southeast. The deal expands Pye-Barker's Gulf Coast and broader Southeastern footprint while retaining S&S leadership to support growth; financial terms were not disclosed.

Fenwick Food Group, a division of Fenwick Brands Inc., has acquired Wickles Pickles and will operate the brand from Birmingham, Alabama alongside Moore’s Marinades & Sauces. The deal (closed Nov. 29) brings the iconic Southern pickle brand onto Fenwick’s food platform to provide additional resources and scale; financial terms were not disclosed.

Hartzell Engine Tech has acquired Kelly Aero LLC, an aftermarket maker of aircraft magnetos, replacement parts, and ignition harnesses, adding roughly 40 employees and manufacturing capacity in Montgomery, Alabama. Hartzell will evaluate the products in 2024, pursue PMA approval, and plans to rebrand the line as PowerUp Ignition Systems while integrating production into its Montgomery facility and service work at sister company Quality Aircraft Accessories.

Lunovus LLC, a physician-owned eyecare software and supplementation company based in Birmingham, Alabama, has acquired Diamond Studios, a 41-year-old software development and media firm. The acquisition strengthens Lunovus' software solution portfolio—including support and further development of the Doc2Home platform—while Diamond Studios will continue operating under its brand with Joe Miele leading daily operations.

NMS Capital has partnered with the management of VONA Case Management in a recapitalization to support the company's growth and M&A initiatives. VONA, headquartered in Daphne, Alabama, provides medical case management services to self-insured employers, workers' compensation carriers, and TPAs across the U.S.; terms were not disclosed.

Air Conditioning Specialist, Inc. (ACS), a portfolio company of Hidden Harbor Capital Partners, has acquired Service Air Eastern Shore, a residential and commercial HVAC services provider headquartered in Silverhill, Alabama. The deal is an add-on acquisition to expand ACS’s footprint and service capabilities across southwest Alabama and the Florida Panhandle.

Higginbotham has announced an affiliation with the WRM Group, LLC — a consortium of Alabama independent agencies that includes Byars|Wright, Pritchett-Moore Insurance, and Flowers Insurance. The WRM Group operates nine offices across the Southeast and employs more than 100 people; the deal expands Higginbotham's presence and resources in the region. Reagan Securities served as exclusive financial advisor to the WRM Group in the transaction.

Raptor Scientific has acquired MEDTHERM Corporation, a Huntsville, Alabama-based maker of heat flux sensors, infrared radiometers, and thermocouples for aerospace, defense, space, and industrial applications. The purchase brings MEDTHERM's precision sensing capabilities into Raptor's test-and-measurement product portfolio and will support continued investment in the business and service continuity for customers and employees.

Big Blue Marble Academy, a portfolio company of Avathon Capital, has acquired Odyssey Early Schools, a premium early childhood education provider based in Birmingham, Alabama. The transaction brings Odyssey into BBMA’s platform of early care and preschool centers and was advised by Founders Advisors; Odyssey was owned by Bob Mitchell and his family.

Inline Electric Supply Co., a Huntsville-based electrical distributor, acquired TVW Electrical Supplies, a Decatur, Alabama electrical supplies distributor, in a transaction that closed October 2, 2023. The deal expands Inline's footprint in the Southern U.S. and adds TVW's local customer relationships and product lines to Inline's network of branches.

SGA Dental Partners, a portfolio company of Thurston Group, has affiliated with Lane Perio, a two-location periodontal practice led by Dr. John Lane in Northern Alabama. The transaction brings Lane Perio into SGA’s DSO platform as an add-on to expand clinical and geographic coverage while preserving clinical autonomy for Dr. Lane.

Spahn & Rose Lumber Co. has acquired City Lumber Co., a family-owned lumber and building-materials supplier and truss manufacturer based in Huntsville, Alabama. The acquisition expands Spahn & Rose's footprint into Alabama and strengthens its manufacturing capabilities and regional presence in the Southeast.

AQUA Dermatology, a Palm Beach Gardens-based dermatology platform backed by Gryphon Investors and GTCR, has partnered with Sunrise Dermatology and Skin Cancer Surgery Center, a Mobile, Alabama general dermatology and Mohs surgery practice. The practice will retain its name and physicians Dr. Scott Freeman and Dr. Ryan Ramagosa will remain in leadership and reinvest a portion of proceeds; financial terms were not disclosed.

OneWater Marine Inc. (NASDAQ: ONEW) acquired the net assets of Harbor Pointe Marina, an on-water dealership located in Dadeville, Alabama, expanding the company's presence on Lake Martin. The transaction (real estate excluded; inventory taken on consignment) broadens OneWater's new and pre-owned boat sales, finance, parts and services offerings; Harbor Pointe generated approximately $5.8 million in sales in 2022.

FleetPride, the nation’s largest distributor of heavy-duty truck and trailer parts and services, acquired the assets of Knowles On Site Repair, Inc. The deal expands FleetPride’s mobile repair capabilities and strengthens its presence in the Florida Panhandle and Mobile, Alabama, adding a team of more than 30 technicians to FleetPride’s service network.

Princeton Medspa Partners has acquired Advanced Life Clinic, a Huntsville, Alabama–based aesthetic medical practice founded by Dr. Hayley DeGraaff in 2004. The deal is an add-on to Princeton Medspa Partners’ platform (its sixth physician-owned medspa and eighth acquisition overall) and was represented by Viper Equity Partners.

AQUA Dermatology, a PE-backed dermatology platform backed by Gryphon Investors and GTCR, has partnered with Birmingham, Alabama-based True Dermatology, a skin cancer surgery and general dermatology practice. The practice — led by Dr. Raj Patel — will continue to operate under the True Dermatology name, with Dr. Patel reinvesting a portion of proceeds; the deal expands AQUA's surgical dermatology capabilities and makes it the largest dermatology practice in Alabama.

Waste Connections, Inc. acquired Arrowhead Environmental Partners from Clairvest Group Inc. and Arrowhead equity holders. The deal adds Arrowhead’s non-hazardous waste-by-rail disposal infrastructure and an Alabama landfill to Waste Connections’ disposal network; Clairvest reported a ~12.3x return on its investment.

Long Ridge Equity Partners led a growth capital investment in RFG Advisory, a turn-key platform for independent financial advisors that supports more than 100 advisors and oversees over $4 billion in assets. The investment will fund enhancements to RFG’s technology and go-to-market capabilities and support executive team expansion; Andrew Cedar and Doug Nelson will join the Board of Managers.

Sentar Inc., a Huntsville-based cyber intelligence and technology firm, has acquired Waterfront Technical Services, a Huntsville company that provides flight and ground operations, data center operations, IT, software development, and test support for NASA missions. The acquisition expands Sentar's capabilities and reach into civil space programs, with Waterfront's president Allan McCaleb joining Sentar as Director of Civil Space programs.

Valent Group LLC, a Birmingham-based insurance brokerage, has acquired Coastal Professional Insurance, Inc. (CPI), a Mobile, Alabama agency specializing in coastal property and flood insurance. The acquisition adds CPI's flood expertise and local client base to Valent's capabilities, strengthening its commercial condominium specialization and expanding its presence in coastal markets.

Construction Forms, Inc. (a portfolio company of H.I.G. Capital) has acquired Tricon Wear Solutions, a manufacturer of abrasion- and wear-resistant steel plates and fabricated products. The acquisition expands CFI's portfolio and manufacturing footprint, creating a broader industrial wear-parts platform serving end markets including mining, pulp & paper, and aggregates.

Carousel Capital has recapitalized McCorquodale Transfer, LLC (MTI), partnering with founder Bart McCorquodale and management to provide growth capital and support the company's buy-and-build strategy. MTI, a Birmingham-based residential services and white-glove relocation platform with seven branches across the Southeast, will use the partnership to expand organically and via strategic acquisitions.

General Informatics, a Rosewood Private Investments portfolio company, has acquired Eministration, an IT management and consulting firm based in Opelika, Alabama. The add-on expands General Informatics' presence in Alabama and augments its managed services capabilities, including encrypted offsite backup, Microsoft solutions, and virtualization.

Akima has completed the acquisition of Pinnacle Solutions, a Huntsville-based provider of aviation operations, flight training, simulation and sustainment services, bringing approximately 500 employees into the Akima family. The purchase expands Akima's aviation and training capabilities in the defense and aerospace markets and Pinnacle will operate as a wholly owned subsidiary under its existing leadership.

Byars|Wright acquired Junkins‑Yarbrough Corporation (JYC Insurance) in July 2017, integrating JYC's employees and book of business into its Gardendale, Alabama office. The deal expanded Byars|Wright's customer base and market share while allowing JYC's owners (Beau and Jackie Yarbrough) to focus on sales rather than managing staff.

Superior Van & Mobility, the largest family-owned mobility dealer in the U.S., acquired Gulf States Mobility, a Wetumpka, Alabama-based provider of wheelchair-accessible vehicle sales, installation, service and repair. The transaction closed on June 30, 2023 and expands Superior Van & Mobility's dealer and service footprint and capabilities in the Southeast.

Northpoint Roofing Systems, a Halmos Capital Partners and NewSpring-backed platform, has acquired Cardinal Roofing and Restoration, a residential roof replacement and repair provider based in the Birmingham, Alabama area. The deal is an add-on acquisition that expands Northpoint’s footprint in the U.S. Southeast and is Northpoint’s third add-on this year.

United Structural Systems (a Summit Park portfolio company) completed a recapitalization of Ox Foundation Solutions, a residential foundation repair and basement waterproofing services provider headquartered in Calera, Alabama. Ox founders Kevin Weber and Dannon Appleyard partnered in the transaction and will remain in leadership roles; the deal represents USS's first add-on acquisition to expand its geographic footprint in Alabama.

healthŌme Inc. has acquired Kailos Genetics, a CLIA-certified and CAP-accredited genetic testing laboratory, making Kailos a wholly-owned subsidiary to expand healthŌme's genomics testing capabilities. The deal integrates Kailos' laboratory facilities, proprietary sequencing workflow and reagent supply capabilities into healthŌme's precision health management platform, expanding distribution into life and critical illness insurance channels and broader healthcare and life-science markets.

Fullsteam LLC, an Auburn, Alabama–based payments and vertical software provider, received a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) alongside founding sponsor Aquiline Capital Partners and a consortium of other investors. The growth capital will support Fullsteam’s expansion strategy, including continued organic growth and further acquisitions across its portfolio of vertical software and payments businesses.

Kologik, a Baton Rouge-based provider of cloud software for public safety, has acquired the assets of ALEN, an Alabama-based provider of cloud solutions for federal, state and local law enforcement. The acquisition is intended to expand Kologik's technology capabilities and open new markets across multiple southeastern states while ensuring a smooth transition for ALEN customers.

Oak Hill Capital committed $150 million in primary capital for a majority investment in Lit Communities to fund expansion of Lit's fiber-to-the-home networks in unserved and underserved U.S. communities. Existing shareholders including Stephens Capital Partners, The Pritzker Organization and Lit management remain shareholders; the funding will support construction to reach more than 200,000 locations over the next few years.

Rulmeca Holding Spa (Rulmeca Group) has acquired Douglas Manufacturing Company, Inc., effective April 20. The acquisition integrates Douglas into Rulmeca's global materials-handling platform to expand Rulmeca's presence in the United States while giving Douglas access to greater investment, global supply chains, and a broader product portfolio.

Samvardhana Motherson, through its U.S. subsidiary SMP Automotive Systems Alabama Inc., has acquired the Alabama-based assets of Bolta US Ltd. for USD 16.002 million, purchasing USD 35.7 million in fixed assets and USD 4.7 million in inventory to vertically integrate and expand its chrome-plated polymer components capability in the U.S. automotive market.

Reliable Medical, a partner company of Seven Hills Capital, has acquired Tusk Mobility, a provider of mobility solutions and assistive technology based in Northport, Alabama. The deal expands Reliable Medical's geographic footprint into Alabama and strengthens its capabilities in complex rehab technology and durable medical equipment.

PRT Growing Services Ltd. has acquired International Forest Company (IFCO), combining their nursery and seed orchard networks to create the largest reforestation seedling platform in North America. IFCO's CEO Patrick Mobley will remain involved as an investor and special advisor while IFCO's executive team stays on to support growth and expanded capacity.

Southern Home Services, a Maitland, Florida-based home services platform, acquired Valley Heating & Cooling and McCutcheon Heating & Air, two full-service HVAC and indoor air quality providers in the Huntsville-Decatur, Alabama market. The acquisitions are add-on deals intended to expand Southern's geographic footprint and service capabilities in the region while retaining existing employees and local branding.

Jones Fish Hatcheries & Distributors, LLC has completed the acquisition of Aqua Services, Inc., a Guntersville, Alabama-based provider of large-scale reservoir aquatic plant control, water quality enhancement and fisheries management services. The deal, supported by Jones Fish's partner Fort Point Capital, expands Jones Fish's service offering and footprint in the Southeastern United States.

Ovation Healthcare (fka QHR Health), a hospital management and consulting company backed by Grant Avenue Capital, has acquired MedCo Services. The undisclosed deal expands Ovation’s revenue cycle management (RCM) capabilities, adds MedCo’s acute-care hospital clients and internally developed workflow software, and diversifies Ovation’s RCM technology and service offering.

Spectrum Solutions has acquired Alimetrix, Inc., a CLIA- and CAP-accredited molecular diagnostic laboratory, and Microarrays, Inc., a manufacturer of array-based research and diagnostic products. The acquisitions expand Spectrum's assay development, clinical testing and array-manufacturing capabilities to accelerate its decentralized testing platform and go-to-market strategies.

Field Packaging Solutions, a self-funded private family office, has acquired Bag Supply Company, a Birmingham, Alabama-based manufacturer and distributor of FIBCs, multi-wall paper bags, woven polypropylene bags and other packaging products. The transaction closed on February 1, 2023 and is intended to expand Field's packaging capabilities and product footprint across North America while providing long-term stability and growth resources for Bag Supply.

Knack Global, a Florida-based revenue cycle management (RCM) provider, has acquired Delta Business Systems, Inc. dba MediSYS, a Birmingham-area medical billing and practice-management/EHR support provider. The deal is an add-on for Knack following its recapitalization by LKCM Headwater Investments and Weave Growth Partners and expands Knack's RCM footprint into the southern United States.

SPATCO Energy Solutions, a PE-backed turnkey supplier of petroleum equipment and EV charging infrastructure, has acquired McKinney Petroleum Equipment, a Mobile, Alabama-based petroleum equipment provider. The acquisition expands SPATCO's Gulf Coast footprint and capabilities, adding regional technicians and offices as part of the company's add-on growth strategy backed by Kian Capital Partners and co-investors.

TRM Equity II, a Michigan-based private equity firm, acquired substantially all of the assets of Innovative Hearth Products (IHP) on January 26, 2023. IHP is a manufacturer of indoor and outdoor fireplaces, stoves, gas logs, inserts, venting products and accessories with production facilities in Russellville, Alabama and Auburn, Washington; it generated about $87 million of revenue in 2022 and employs approximately 350 people.

Florida-based Universal Engineering Sciences (UES) has acquired Montgomery, Alabama–based Carmichael Engineering. The deal expands UES’s geotechnical and construction materials testing capabilities and extends its footprint in the Southeast United States.

Beacon (Nasdaq: BECN) has completed the acquisition of First Coastal Exteriors, LLC, a regional distributor with locations in Mobile, Alabama and Pearl, Mississippi that sells siding, gutters and windows. The deal expands Beacon's footprint and product offering in the Alabama and Mississippi markets and brings First Coastal employees and customers into Beacon's branch network.