Acquisitions in Arizona in 2022

Ingenovis Health, a PE-backed, technology-enabled healthcare talent platform, has acquired Springboard Healthcare, a specialized cardiovascular travel staffing and education provider. The acquisition strengthens Ingenovis' portfolio of clinician staffing and education capabilities and positions Springboard to pursue strategic growth with access to Ingenovis' resources.

Alimentation Couche-Tard Inc. has entered into a definitive agreement to acquire all membership interests of True Blue Car Wash LLC, an operator of express tunnel car washes under the Clean Freak and Rainstorm brands. True Blue operates 65 locations across Arizona, Texas, Illinois and Indiana, with ~170,000 subscription members and strong proximity (85% within three miles) to Circle K locations, enabling cross-promotional opportunities.

Sterling Infrastructure, Inc. (NasdaqGS: STRL) acquired Concrete Construction Services of Arizona L.L.C. (CCS) in a tuck-in transaction for a purchase price of $22 million paid in cash and Sterling common stock. CCS, which generates approximately $70 million in annual revenues and provides residential post-tension concrete foundations in the Greater Phoenix area, expands Sterling’s Building Solutions capacity and service offering in Arizona.

Rise Health, a technology-enabled primary care platform focused on value-based care, closed a growth equity investment led by Lorient Capital and Martis Capital to support continued market expansion and technology investment. The capital will be used to accelerate growth across the Southwest United States and expand Rise Health’s value-based primary care partnerships with providers serving underserved populations.

Avista Capital Partners has acquired Spear Education, a Scottsdale-based provider of digital and in-person clinical training, practice analytics, and consulting solutions for the dental market, from Linden Capital Partners. Transaction terms were not disclosed; Avista said it will leverage its healthcare technology and dental sector experience to accelerate Spear's growth and expand its digital and membership offerings.

HighGround Restoration Group, a Trivest Partners portfolio company, has acquired Rocky Mountain Restoration, a Mesa, Arizona-based property damage restoration firm. The transaction expands HighGround’s service footprint in the Phoenix metro area and adds water, mold, fire and trauma/biohazard cleanup capabilities to its national restoration platform.

AssuredPartners, Inc. has acquired Bespoke Insurance Solutions, a Chandler, Arizona-based insurance brokerage focused on the brewery and winery sector. The Bespoke team will remain under founder and Managing Director Long Tran, and the acquisition expands AssuredPartners’ specialized capabilities and Mountain West footprint.

The Acacia Group, a specialist investment firm, has acquired Isos Technology, an Atlassian Platinum and Enterprise Solution Partner headquartered in Tempe, Arizona. Acacia will combine Isos with the Atlassian practice of MajorKey Technologies to form a larger Atlassian-focused platform and plans further acquisitions to build a leading partner in the Atlassian ecosystem.

Fogco, a Chandler, Arizona manufacturer of high-pressure fog and misting systems, has acquired Snap-Fan Solar National Air Propulsion, a maker of energy-efficient and solar-powered ventilation equipment for commercial, residential and horticulture markets. The acquisition expands Fogco's product capabilities in ventilation and horticulture-focused airflow solutions and brings Snap-Fan's founder Lucien Eddisford into the Fogco team.

Specialty Products & Insulation (SPI), a portfolio company of Incline Equity Partners, has acquired Intech Equipment & Supply. The acquisition adds spray polyurethane foam (SPF) equipment, mobile rigs, parts, and training capabilities to SPI's distribution and fabrication platform as it expands into the spray foam market; Blue River Financial Group served as SPI's M&A advisor.

i3 Verticals, Inc. (Nasdaq: IIIV) acquired Celtic Systems (Celtic Cross Holdings), a provider of enterprise software and services for motor vehicle administrations and motor carriers, for approximately $85 million, effective October 1, 2022. The acquisition expands i3 Verticals' Public Sector capabilities and geographic reach across U.S. states and Canadian provinces and is expected to be accretive to pro forma adjusted diluted EPS.

Strata Clean Energy has acquired Phoenix-based Crossover Energy Partners, purchasing 100% of Crossover's assets to incorporate its origination and power-offtake capabilities into Strata's utility-scale solar and storage platform. Senior Crossover leaders will assume roles at Strata and all Crossover employees will merge into the Strata organization to bolster project origination, financing and execution capabilities.

Advancing Eyecare (AEC), a PE-backed eyecare instrumentation platform, has acquired Veatch Ophthalmic Instruments, a Tempe, Arizona-based distributor of ophthalmic equipment. Financial terms were not disclosed; the deal expands AEC's national footprint and product/service offerings to independent eye care practitioners, national chains, hospitals and teaching institutions.

Scottsdale-based family office Vincere Capital completed a multimillion-dollar investment in Phoenix Rising FC, effective November 9, 2022. As part of the deal Vincere partner Baer Fisher will join the club's board as the investment supports the club's growth plans including a planned stadium relocation and broader expansion efforts.

Hub International Limited acquired the assets of Priority Insurance Associates, LLC, a women‑owned independent insurance agency based in Scottsdale, Arizona. The deal expands Hub’s Southwest footprint and boosts its commercial and personal insurance capabilities in the region; financial terms were not disclosed.

Heffernan Financial Services acquired Osland Financial Group of Scottsdale, Arizona, effective November 1, 2022. Michael Osland and his team of four employees joined Heffernan as part of the firm's expansion in the Southwest, adding the Osland office as Heffernan's second Arizona location.

HCAP Partners, a California-based private equity firm, made a growth investment in IronRod Health to support the company's development of a SaaS remote patient monitoring platform and to expand its sales and marketing efforts. IronRod Health, founded in 2016, provides cardiology-focused remote monitoring services combining trained technicians and software; terms were not disclosed.

Scottsdale-based Cloverleaf Networks has acquired Ryver, a workforce collaboration and team messaging platform, in an all-cash transaction to integrate collaboration, AI and IoT functionality into Cloverleaf’s connectivity, cybersecurity and SD‑WAN offerings. The deal makes Cloverleaf the 100% owner of Ryver and aims to create a top-to-bottom "wire-to-workgroup" technology stack for business customers, with planned platform enhancements for voice, video, AI and IoT.

Savory Fund has acquired a majority interest in chef Joey Maggiore’s The Sicilian Butcher and its sister concept The Sicilian Baker, committing up to $30 million to support expansion. The Maggiores will remain involved while Savory Fund joins the board and aims to rapidly scale the Arizona-based three-unit brand into new markets (Texas and Las Vegas) with a goal of 20 units over four years.

Unical Aviation Inc. has acquired CAVU Component Repair LLC, the FAA-approved Part 145 repair-station operations from CAVU Aerospace. The Mesa, Arizona facility (80,000 sq ft) expands Unical's third-party component repair capabilities; financial terms were not disclosed. Unical is PE-backed by Platinum Equity.

Texas-based Choice Health at Home, LLC has acquired Instant Care of Arizona, Inc., a Phoenix-headquartered non-medical in‑home care provider. The deal, facilitated by M&A adviser VERTESS, gives Choice entry into the Arizona market and expands its attendant/personal care and private‑duty capabilities as part of its Southwestern U.S. growth strategy.

Traverse Pointe Partners, a Chicago-based private equity firm, has completed a platform acquisition of The Hope House, LLC, a Scottsdale-based in-patient residential operator providing behavioral health and substance abuse rehabilitation services. Financial terms were not disclosed; Traverse Pointe said it will invest capital and resources to expand the company's service offerings and broaden its geographic reach.

Alpine Investors has launched a new data software platform, predictis, and announced a private partnership with Ethisphere to bring Ethisphere into the predictis portfolio; terms were not disclosed. The move positions Ethisphere — a provider of ESG/GRC data, benchmarking and ethics-focused software and services — as an add-on to predictis as Alpine invests to grow the platform's data and governance capabilities.

NW Natural Water Company, a subsidiary of Northwest Natural Holding Company, has completed the acquisition of the water and wastewater utilities of Far West Water & Sewer, Inc., serving the Foothills area of Yuma, Arizona. The acquired utilities (doing business as Foothills Utilities) serve roughly 25,000 connections and employ about 40 people; the deal expands NW Natural Water's operations into Arizona.

TimePayment, a Boston-based FinTech owned by affiliates of Fortress Investment Group, has acquired QuickSpark Financial, an e-commerce-focused equipment financing firm based in Tempe, Arizona. The deal brings QuickSpark’s vendor integrations, active leases (including those held by Briland Capital and QSE Capital), and its team into a new QuickSpark strategic business unit within TimePayment to expand e-commerce capabilities and market reach.

L'Oréal has signed an agreement to acquire Skinbetter Science, a physician-dispensed U.S. skincare brand known for dermatology-backed, clinical formulations. Skinbetter Science—headquartered in Phoenix, Arizona and reporting nearly $95 million in trailing‑12‑month sales to August 31, 2022—will be integrated into L'Oréal USA's Active Cosmetics Division while its leadership team remains in place.

NTT DATA has signed a definitive agreement to acquire Apisero, a global MuleSoft and Salesforce consulting firm headquartered in Chandler, Arizona. The acquisition adds roughly 2,100 resources (including over 1,500 certified MuleSoft consultants and ~500 Salesforce consultants) to NTT DATA's digital transformation capabilities to accelerate cloud and data integration services for enterprise clients.

Ardurra Group, Inc., a Miami-based engineering firm and portfolio company of RTC Partners, has acquired Shephard – Wesnitzer, Inc. (SWI), a public works/civil engineering firm with offices in Flagstaff, Prescott and Sedona, Arizona. The deal expands Ardurra's presence in northern Arizona and brings SWI's local public-works expertise into the Ardurra platform as an Ardurra Group company.

P3 Health Partners–Arizona (a dba of P3 Health Partners Inc.) has acquired the medical practice of Dr. Leonardo Serfino in Sierra Vista, Arizona. Dr. Serfino and his staff will join the P3 Health Partners Medical Group and continue caring for existing and new Medicare Advantage patients as part of P3’s growing primary care network.

Executive Home Care, backed by The Riverside Company, has acquired Assisted Living Locators, a Scottsdale-based senior living placement franchisor with more than 140 franchises. The add-on strengthens Executive Home Care's senior care offering by adding nationwide senior living advisory and placement capabilities and supports planned franchise growth and marketing investments.

Generational Equity advised Balar Holding Corp. (dba Balar Equipment) on its sale to Industrial Truck & Equipment, LLC; the transaction closed on September 1, 2022. Balar, based in Phoenix, Arizona, is a dealer and upfitter of refuse truck bodies, hydraulic tools, and customized truck bodies serving municipal and infrastructure customers.

Kain Capital completed a growth equity investment in MY DR NOW, a Phoenix-area primary and specialty care provider. Kain is the sole investor in the company’s first external financing; MY DR NOW will use the capital to expand its footprint and service lines while founder Dr. Payam Zamani remains CEO and majority shareholder.

Scottsdale-based Cadence Education, one of North America’s largest early childhood education operators, has acquired Little Big Minds Spanish Immersion Preschools, a four-school Spanish-immersion preschool network in the greater Phoenix area. The deal expands Cadence’s presence in Arizona and adds bilingual immersion capability to its growing portfolio of private preschools.

Harkness Capital Partners completed an investment in Capital Pump & Equipment (CPE), a Chandler, Arizona-based specialty pump rental and services platform. The partnership will support CPE's geographic expansion, additional fleet investment, and growth of its value-added service capabilities to serve large contractors, industrial customers and municipal water/wastewater projects.

ARMM Inc. entered into a binding letter of intent to combine with Current Energy and Renewables Corp. (CER), a Scottsdale-based supplier of renewable and traditional energy, in a business combination that will result in CER becoming a publicly traded entity under the name Current Energy and Renewables Corp. The deal is intended to provide CER access to public markets and to help accelerate its expansion of power purchase agreements and energy supply services across deregulated U.S. markets.

Frontline Healthcare Partners completed a recapitalization and growth investment in LivWell Infusions, an outpatient infusion and injection therapy provider founded in Scottsdale, Arizona. LivWell operates ambulatory infusion centers and practice management services across multiple states (Arizona, California, New Mexico, Indiana and Pennsylvania) and will use the capital and Frontline's expertise to accelerate geographic expansion and scale its site-of-care model.

TAG - The Aspen Group (TAG) has reached an agreement to acquire AZPetVet, a network of 22 veterinary hospitals in the greater Phoenix area. The acquisition will add veterinary services to TAG's consumer healthcare platform and support AZPetVet's growth toward a national brand.

MSouth Equity Partners, an Atlanta-based private equity firm, has acquired Sunbelt Modular, a Phoenix-based manufacturer of commercial modular buildings, as its new controlling equity investor. Sunbelt will continue to be led by CEO Ron Procunier and will operate its seven regional brands while MSouth supports the company's growth and potential platform expansion.

North Branch Capital’s portfolio company Summit Hydraulics has merged with Access Truck Parts, an Arizona-based designer and distributor of pumps, valves, nozzles, fittings and other mobile equipment aftermarket parts. The deal, which closed July 1, 2022, is an add-on acquisition to expand Summit’s capabilities and scale in the commercial water truck aftermarket and broaden distribution and e‑commerce capabilities.

IMG, an Endeavor company, has acquired a majority stake in Barrett-Jackson, the Scottsdale-based collector car auction and live events company. The deal will keep Craig Jackson and his Scottsdale team in leadership while leveraging IMG/Endeavor's global events, media and marketing platform to expand Barrett-Jackson's audience, content and event offerings.

Austin-based private equity firm CenterGate Capital (through an affiliate) has made a growth investment in Prisma Graphic, LLC, a Phoenix-headquartered marketing solutions provider. The investment will provide Prisma with capital and strategic resources to scale its technology-enabled marketing logistics platform, while CEO Bob Anderson will remain in leadership and retain an ownership stake.

WilliamsMarston LLC, a national accounting, tax and valuation advisory firm backed by Align Capital Partners, has acquired Tucson-based Oracle Capital LLC, a provider of complex valuation consulting services. The deal brings Oracle Capital's managing partner Rob Maxfield and his team into WilliamsMarston and expands the firm's valuation capabilities and presence in the Southwest as an add-on to its platform.

Class Valuation, a Gridiron Capital portfolio company, has acquired Appraisal Tek (ATek), a nationwide appraisal management company headquartered in Chandler, Arizona. The add-on expands Class Valuation’s regional footprint and staff-appraiser network to improve service levels, scale operations, and enhance its digital appraisal capabilities.

OMERS Private Equity has acquired a minority stake in NovaSource Power Services through a US$100 million growth capital investment, alongside NovaSource's leadership team and majority owner Clairvest Group. The proceeds will finance NovaSource's continued growth, capability expansion (including recent acquisition of Heliolytics) and international expansion of its solar operations & maintenance and storage services.

TruArc Partners, a New York–based private equity firm, acquired Molded Devices, Inc., a Tempe, Arizona–headquartered manufacturer of precision plastic and rubber components, from PNC Mezzanine Capital and founder Brian Anderson. TruArc said the acquisition supports its specialty manufacturing strategy and will help deepen Molded Devices' capabilities and exposure to the medical OEM market.

OMERS Private Equity has signed a definitive agreement to acquire Pueblo Mechanical & Controls from Huron Capital Partners. The investment will support Pueblo's next phase of growth—including strategic M&A—to expand its HVAC, plumbing and mechanical services footprint across the Southwest and Rocky Mountain regions.

HUB International Limited acquired the assets of WealthPlan Advisors, LLC, an independent Scottsdale-based investment advisor, to expand its retirement and wealth advisory capabilities in the Southwest. WealthPlan Advisors had nearly 600 clients and managed more than $2.3 billion in assets as of March 2022; terms were not disclosed and the firm was represented by Wise Rhino Group.

E-Konomy Pool Service & Supplies (Tucson, AZ) has acquired the assets of L&L Pool Service, combining two of the larger residential and commercial pool service companies in Tucson. The deal is meant to consolidate market share, expand service and retail capabilities, and provide employee growth opportunities under E-Konomy's ownership.

VERTEX (a Wind Point Partners portfolio company) acquired Scottsdale-based Fulcrum, LLC, a construction management consulting and owner's representation firm. The add-on strengthens VERTEX's construction consulting capabilities, expands geographic coverage across North America, and creates cross-selling opportunities within the VERTEX platform.

Mastek Ltd has acquired MST Solutions, an independent Salesforce consulting and system-integration partner based in Chandler, Arizona. The deal expands Mastek's Salesforce and customer-experience capabilities, increases its services bench, and provides MST access to a global market through Mastek's international footprint.