Acquisitions in Alabama in 2024

ASSA ABLOY has acquired Norshield Security Products, a U.S.-based manufacturer of certified ballistic, attack- and blast-resistant openings and enclosures, based in Montgomery, Alabama. The acquisition, from the Spell Family Office/Spell Capital Partners, expands ASSA ABLOY's high-security product portfolio and is expected to be accretive to earnings immediately.

Ampersand Capital Partners has completed the acquisition of Nektar Therapeutics' PEGylation reagent manufacturing business and launched the new Ampersand portfolio company, Gannet BioChem, operating from a 124,000 sq. ft. FDA‑inspected facility in Huntsville, Alabama. The transaction represents a divestiture by Nektar and creates an independent specialty CDMO focused on development, scaling, and GMP production of polyethylene glycol (PEG) reagents for clinical and commercial biopharmaceutical customers.

Hidden Harbor Capital Partners has made a strategic investment in Lathan Associates Architects, P.C., a Hoover, Alabama–based architectural and design firm serving K-12, higher education and municipal clients. Founder Rick Lathan and the existing partners remain invested and active; terms were not disclosed and the investment closed on November 21, 2024.

Funds advised by Centerbridge Partners and Bessemer Venture Partners made a strategic growth investment in Carr, Riggs & Ingram (CRI), a top‑25 U.S. accounting and advisory firm. The capital will support CRI’s geographic and service expansion, technology and AI investments, talent recruitment, and continued M&A-driven growth; financial terms were not disclosed.

United Bancorporation of Alabama, Inc. repurchased all 197,717 shares of its common stock held by its 401(k) Employee Stock Ownership Plan (KSOP) at $54.25 per share, for an aggregate purchase price of approximately $10.7 million. The transaction was negotiated between United and the KSOP Trustee, included fiduciary/financial guidance and an independent appraisal, and closed on November 15, 2024.

Atlantis Fire Protection acquired Allied Fire Protection of Birmingham, Alabama and added its founder Tony Thomas to the Atlantis ownership group. The deal is an add-on to the Atlantis platform (which is backed by Lynch Holdings and Capital Alignment Partners) intended to expand the platform’s regional footprint and capabilities in fire protection services.

Special Aerospace Services (SAS), a Godspeed Capital-backed platform, has acquired Huntsville-based Concordia Technologies, a specialist in missile and hypersonic weapons defense, sensor design, and modeling & simulation. The deal — which closed October 24, 2024 — strengthens SAS's hypersonics and missile defense capabilities and expands its national security space engineering and mission-support offerings.

American Family Care (AFC) has acquired all three Urgent Medcare locations in Huntsville, Madison, and Meridianville, Alabama, from CRH Healthcare. The deal expands AFC's footprint in North Alabama and increases its clinic count across the state.

Radiance Technologies and Ignite Fueling Innovation have formed a new joint venture, Radiance Ignite Technologies, to combine capabilities in systems engineering, AI/ML, directed energy, electromagnetic spectrum operations, and space operations for U.S. government customers. The partnership, headquartered in Huntsville, Alabama, aims to deliver more comprehensive technical intelligence and mission engineering solutions to defense and intelligence clients.

The Cook & Boardman Group LLC has acquired Mullins Building Products, Inc., a Birmingham, Alabama-based commercial door and hardware supplier and installer. Terms were not disclosed; Mullins will continue to operate under its existing name and joins C&B as its ninth acquisition under Platinum Equity’s ownership.

Intellectual Property Consulting (IPC), a New Orleans-based intellectual property and business law firm, has merged with The Watson Firm, a boutique law firm in Birmingham, Alabama. The combined firm will operate under the IPC brand, retain all current attorneys and staff, and expands IPC's geographic footprint into Alabama while broadening its business law and IP service capabilities.

SupplyOne, a portfolio company of Wellspring Capital Management, has acquired Gulf Packaging, Inc., a custom corrugated box and display converter with production facilities in Bay Minette and Tallassee, Alabama. The deal expands SupplyOne’s footprint in the Southeastern U.S. and is the 42nd addition to the SupplyOne portfolio, strengthening its ability to serve customers across Alabama, Florida, Georgia, Tennessee, Mississippi and Louisiana.

Simplicity Group Holdings, Inc. has acquired Concourse Financial Group Agency (CFGA), a brokerage general agency formerly First Protective, from Protective Life Corporation. CFGA will be merged into Simplicity and remain led by key managers and sales professionals while gaining access to Simplicity's sales, marketing and employee-ownership programs; financial terms were not disclosed.

SJE Inc., a portfolio company of Audax Private Equity, acquired Revere Control Systems on September 16, 2024. The add-on expands SJE's engineered control solutions capabilities and geographic footprint in water/wastewater and industrial control systems, integrating Revere's engineering, design, installation and commissioning services into SJE's ECS division.

Construction Partners, Inc. (NASDAQ: ROAD) has acquired John G. Walton Construction Company, Inc., a Mobile, Alabama–based contractor that includes a hot‑mix asphalt plant and related crews and equipment. The acquisition expands Construction Partners' hot‑mix asphalt capacity and local presence in the Mobile and southwestern Alabama market, supporting the company's continued geographic growth in Alabama.

Meridian Waste Acquisitions, LLC has acquired the stock of Evergreen Environmental Partners Holdings LLC (EEP) and ADSI Holdings LLC from BTG Pactual Strategic Capital, expanding Meridian Waste’s Southeast footprint. The deal adds the Noble Hill municipal solid waste landfill, an EEP transfer station, more than 50 municipal contracts and additional hauling, administrative and maintenance facilities servicing customers across Alabama and Mississippi; Meridian Waste will integrate the assets with support from its private equity partner Warren Equity Partners.

Duravant LLC has acquired T-TEK Material Handling LLC, a Montgomery, Alabama-based manufacturer of high-speed end-of-line packaging machinery. The acquisition expands Duravant's packaging solutions portfolio—adding palletizers, depalletizers, conveyors and turnkey end-of-line systems to better serve food, beverage and consumer packaged goods customers.

Pennsylvania Steel Company Inc. has acquired Besco Steel Supply, a steel service center based in Birmingham, Alabama. The acquisition expands Pennsylvania Steel's footprint in the Southeastern United States and broadens its product and service offerings to better serve its customers.

Bluestone Investment Partners has completed a strategic growth investment in Qualis Corporation through its SBICCT-licensed fund, BIP III SBIC LP. The capital will support Qualis — a Huntsville-based missile defense and space systems technology company — to accelerate technology development, organic growth and potential acquisitions while management remains in place.

Silver Canyon Group, a San Diego-based private equity firm, has acquired Franklin Homes, a Russellville, Alabama manufacturer of manufactured, modular residential, and multifamily buildings. Silver Canyon said it will support growth and innovation at Franklin Homes — including adding additional plants — and appointed Bobby Killingsworth as President with Blake Jackson promoted to General Manager.

Schellman & Company, LLC has acquired the practice of INSYTE CPAs, LLC, transferring INSYTE's clients and personnel to Schellman. The acquisition expands Schellman's attestation and compliance capabilities—particularly in risk management, internal control, and business process services—and supports the firm's 2024 growth plans.

Shepherdsville, Kentucky-based Haney and White Enterprise has acquired Oxford, Alabama-based B.R. Williams Trucking and B.R. Williams LTL Logistics and combined them with its Haney and White Logistics and Running Ox Logistics businesses to form BRW. The combined company will operate across Alabama, Florida, Georgia and Kentucky with over 300 employees, roughly 175 tractors, more than 700 trailers, five warehouses, and immediate annual revenues approaching $100 million, with a target of $250 million by 2030.

Legacy Food Group announced that Halsey Foodservice, a fourth-generation broadline foodservice distributor based in Madison, Alabama, will join LFG as its fifth operating division. Halsey will retain its name and management, with leadership taking an equity stake in Legacy Food Group and the business gaining access to LFG's purchasing, supplier relationships and coordinated sales and marketing resources to expand in the Southeast.

JD Sports Fashion plc (JD) completed the acquisition of Hibbett, Inc., an athletic-inspired fashion retailer headquartered in Birmingham, Alabama, for $87.50 per share (enterprise value ~ $1.1 billion). Hibbett will become part of JD's North American platform while maintaining its Birmingham headquarters and current leadership team.

Hinton Lumber Products, a Tuscaloosa-based wooden pallet manufacturer, received a minority growth investment led by Trivest Partners (via Trivest Growth Investment Fund II) with co-investment from Palmares Capital Partners. The capital will support Hinton’s organic growth initiatives and future M&A as the company expands its automated pallet manufacturing footprint in the Southern United States.

Available Plastics, Inc., a Huntsville, Alabama-based PVC extrusion and injection molding manufacturer, was sold by owner Suanne Yarborough to a group of private investors. FourBridges Capital Advisors served as exclusive advisor; CEO Keven Cook and Operations Manager Anthony Peavy will remain with the company. The company operates a 120,000 sq. ft. facility with 8 extrusion and 3 injection molding lines and has 46 full-time employees.

AEA Investors' middle market private equity fund has closed the acquisition of Nations Roof, a U.S.-based commercial roofing contractor that serves national retailers, property managers and commercial & industrial customers. The seller was Acacia Partners; AEA intends to use Nations as a building-products platform investment to expand its presence in the commercial roofing and building products sector.

Monarch E&S Insurance Services, a division of Specialty Program Group LLC, has acquired the assets of Commercial Sector Insurance Brokers, LLC (CSIB), a Birmingham-based E&S wholesale broker and contract binding specialist. The transaction expands Monarch E&S's contract binding capabilities and specialty placements (notably in mining and coastal property) and integrates CSIB's management team and broker relationships into Monarch's national offering.

Herc Rentals has acquired Industrial Rental & Sales, LLC, an independent equipment rental provider based in Guntersville, Alabama that serves the greater Huntsville area. The deal (financial terms not disclosed) will expand Herc's local equipment availability and services; Industrial Rental was represented by The Stansberry Firm and is owned/managed by J.D. Miles.

SurgNet Health Partners, a Nashville-based ambulatory surgery center (ASC) development and management company backed by private equity, has acquired Tuscaloosa Endoscopy Center. The deal closed July 3, 2024; Dr. A.B. Reddy will remain actively involved as SurgNet expands its ASC portfolio into Alabama and the Southeast.

Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER) has acquired FMS Aerospace, a Huntsville-based provider of airframe modification, integration, flight test and airworthiness certification services. The equity-only transaction has a total value of $20.6 million (including $17.51 million issued at close and up to $3.09 million contingent earn-out); FMS reported $10.3 million of revenue and $2.5 million of net income for the year ended December 31, 2023. Bridger said the deal brings engineering, modification and manufacturing capabilities in-house to support mission-critical air services, defense systems engineering and its Multi-Mission Aircraft program.

Precision Pulley & Idler (PPI) has acquired Continental Global Material Handling (CGMH) from Stellex Capital Management. CGMH, a Winfield, Alabama-based designer and manufacturer of bulk material handling conveyor systems, was grown under Stellex ownership and will join PPI's conveyor components platform to expand its capabilities and product offering.

Circumference Group, an operationally-focused investment firm based in Little Rock, Arkansas, has made an investment in Fast Slow Motion (FSM), a Birmingham-based consultancy specializing in Salesforce and HubSpot implementations. FSM will leverage Circumference Group's strategic and operational expertise to scale the business and expand its services while continuing to serve clients across the United States and Canada.

Town & Country Industries, a division of ABC Supply Co., Inc., has acquired the assets of Aluminum Products Wholesale, LLC, a Mobile, Alabama-based distributor of aluminum building products. The acquisition gives Town & Country its first location in Alabama and aims to strengthen relationships with contractors in the Gulf Coast region while retaining the Mobile-based employees to ensure continuity for customers.

M33 Growth has recapitalized O3 Solutions to accelerate growth, enhance client success, and advance product innovation for its Advanced Work Packaging construction project management software. O3 Solutions, founded in 2016, provides a scalable SaaS platform used by owner-operators, EPC firms, and contractors across industrial capital projects.

Plasma Processes, a Huntsville-based provider of ultra-high temperature materials, coatings and propulsion systems, has acquired Metaltech Machine & Tool, a Scottsboro, Alabama wire EDM-focused machine shop that has supported customers for 27 years and supplied Plasma for over 15 years. The purchase vertically integrates key machining and metal-finishing capabilities into the Plasma Processes platform, which is backed by private equity firm Blue Sea Capital.

Cooper Lumber (The Cooper Group, Inc.) has acquired Thomasville Lumber Company, Inc., a family-owned pine sawmill that produces rough and dressed pine lumber for domestic and export markets. The acquisition, finalized in February 2024, increases Cooper Lumber's pine production capacity and consolidates operations in the southeastern United States to better meet growing customer demand.

ZT Automotive, a division of ZT Corporate, acquired four Greenway Automotive stores in the Shoals area of Alabama (Florence and Tuscumbia) — part of a broader expansion that increases ZT Automotive's dealership footprint. The acquired locations (Toyota, Honda, Nissan and Chrysler Dodge Jeep Ram FIAT franchises) will be rebranded as Singing River dealerships; Greenway Automotive engaged Haig Partners as sell‑side advisor and BMO provided financing.

ExperCARE Urgent Care, a portfolio company of Seven Hills Capital, has acquired MedCenter Urgent Care, a six-location urgent care and family medicine provider headquartered in Northport, Alabama. The acquisition expands ExperCARE's footprint into Western Alabama; Founders Advisors served as advisor to MedCenter on the sale.

LXP, LLC completed a recapitalization of Black Creek Integrated Systems Corp., a provider of proprietary public safety software and facility control systems for high-security corrections facilities; the transaction closed on April 9, 2024. Midwest Mezzanine provided subordinated debt and a partial equity investment to support the deal while Third Coast Bank provided senior debt; Brady Hughes will become CEO and founder Ike Newton will transition to the board.

Thorpe Specialty Services, a Houston-based industrial specialty services provider backed by KLH Capital, has acquired Walburn Industrial Services of McCalla, Alabama. The add-on expands Thorpe's geographic footprint and refractory capabilities, and the combined organization will exceed 1,300 team members across multiple U.S. regions and Canada.

Motion & Control Enterprises (MCE), a Frontenac-backed industrial distributor, has acquired General Machinery Company, Inc., a Birmingham, Alabama-based distributor of automation, electrical, pump and compressed-air products and related repair services. The deal expands MCE's regional footprint and product/service capabilities in Alabama, northwest Florida and eastern Mississippi; General Machinery will continue to operate under its existing leadership.

Altair has acquired Research in Flight, the developer of FlightStream — a fast, low-footprint computational fluid dynamics (CFD) solver used heavily in aerospace and defense and increasingly in marine, energy, turbomachinery, and automotive markets. The technology will be integrated into Altair’s HyperWorks platform and made available via Altair Units to expand Altair’s aerodynamic simulation capabilities for customers including aerospace, defense, and advanced mobility sectors.

PowerGEM, LLC has acquired Astrapé Consulting to combine complementary software and consulting capabilities for power grid reliability, market modeling and resource adequacy. The combined company — led by new CEO Joe DeMatteo with Astrapé founders remaining in executive roles — will offer expanded software (TARA, PROBE, SERVM) and technical services to North American system operators, utilities and developers.

Godspeed Capital-backed Special Aerospace Services (SAS) has acquired Willbrook Solutions, a Huntsville-based analytical solutions provider to the Missile Defense Agency, DIA, NASA and the DoD. The add-on expands SAS’s space engineering and missile defense capabilities, bringing Willbrook’s ~75 cleared engineering and analytics professionals into the SAS platform to support missile defense, modeling & simulation, telemetry and related programs.

OneDigital has acquired Lyons HR, LLC, a Florence, Alabama-based professional employer organization (PEO) with a 76-member team and seven additional locations across the Southeast. The acquisition extends OneDigital's Resourcing Edge PEO solution into the Southeast, broadening its HR, payroll and benefits capabilities for small and medium-sized businesses.

H.I.G. Capital, through an affiliate, has completed the acquisition of Segers Aero Corporation, an FAA-certified provider of engine, accessory and propeller MRO services for C-130 and similar aircraft. H.I.G. will partner with Segers' existing management to invest in capacity and capabilities to support continued growth and expanded service offerings to military operators, OEMs and cargo carriers.

PCF Insurance Services has acquired the insurance business of MK Insurance Group, a third-generation, family-owned commercial and personal-lines agency based in Hoover, Alabama. The deal gives PCF its first physical location in Alabama and expands the brokerage's specialty capabilities in construction, property management/commercial real estate and signage industries.

Quality Environmental Services, a Caymus Equity-backed environmental remediation platform, has acquired Lakeshore Environmental Contractors (LEC), an Alabama-based remediation and abatement specialist. The deal — announced effective February 23, 2024 — is Quality's first add-on since Caymus Equity's majority investment and doubles the platform's scale while expanding its geographic footprint and capabilities across the Gulf Coast and Southeast.

Bertram Capital has recapitalized and partnered with Ridgeline Roofing & Restoration, a Birmingham-based residential re-roofing and restoration provider operating across the Southeastern U.S. The investment establishes Ridgeline as Bertram's first platform in its expanded lower-middle-market strategy to accelerate organic growth, pursue complementary acquisitions, and expand into new markets.