Acquisitions in Arizona in 2023

Crest Insurance Group has acquired Candy Insurance Agency, a Chandler, Arizona-based independent insurance agency founded in 2009 by Phil Candy. The acquisition expands Crest’s presence and specialty capabilities in Arizona, adding expertise in insurance and surety solutions for the electronic security industry.

University Games, a San Francisco–based game and puzzle publisher, has acquired The Learning Journey International, an award-winning maker of educational, sensory, electronic, and construction toys based in Phoenix, Arizona. The Learning Journey's founders JB and Debbie Frere will remain in management; University Games said the deal expands its educational product portfolio and retail distribution worldwide.

Houston-based LAPIS, led by founder Todd Blue, acquired Mercedes‑Benz of Northern Arizona (formerly Mercedes‑Benz of Flagstaff) on December 19, 2023. The purchase includes the dealership real estate and the Mercedes‑Benz franchise; Mr. Blue will serve as Dealer Principal as LAPIS expands its luxury automotive retail presence in Northern Arizona.

Ally Waste Services, a portfolio company of RF Investment Partners, has acquired Waste Consolidators, Inc., a bulk waste collection provider serving multi-family and other residential complexes. The acquisition expands Ally Waste's service offering to include bulk trash removal and increases route density in the Phoenix and major Texas markets as part of an ongoing platform roll-up strategy.

Bowman Consulting Group Ltd. (Nasdaq: BWMN) acquired Hess-Rountree, Inc., a Phoenix-based civil engineering and land surveying firm. The acquisition, financed with cash, seller notes and equity, expands Bowman’s Arizona footprint and adds Hess‑Rountree’s expertise in educational, athletic and renewable energy projects to Bowman’s national engineering platform.

Alera Group Retirement Plan Services, a division of Alera Group, has acquired Fraser Group, a retirement plan consulting practice led by industry veteran George Fraser. Fraser and his Scottsdale, Arizona–based team will join Benefit Commerce Group's retirement plan services division (an Alera Group company) to strengthen Alera's retirement plan capabilities; terms were not disclosed.

H&E Equipment Services signed a definitive agreement and subsequently completed the acquisition of Phoenix-based Precision Rentals, adding two branch locations (Phoenix and Aurora, Colorado) and a rental fleet with approximately $70 million of original equipment cost. The deal increases H&E's branch density in the Phoenix and Denver metropolitan areas and expands its footprint in attractive non-residential construction markets.

Shore Capital Partners has completed a partnership with ACTION Termite & Pest Control, a Phoenix-based pest control provider founded in 1969. Shore will support ACTION through board appointments, capital, and operational resources to accelerate regional growth and pursue organic and partnership-led expansion in the Southwest.

Healthcare Outcomes Performance Company (HOPCo) has acquired MyACTome, a validated smartphone-based fall risk and frailty assessment platform, to expand HOPCo's digital health capabilities for musculoskeletal value-based care. MyACTome's smartphone motion-sensor algorithms and web dashboards will be integrated into HOPCo's msk.ai platform to enable remote and in-clinic patient assessments and improve fall-risk stratification and outcomes.

Advanced Fertility Care (a member of the Pinnacle Fertility network) announced the integration of Reproductive Health Center in Tucson, Arizona into its family of clinics. The clinic will continue operating at its current Tucson location under AFC leadership, with Dr. Scot Hutchison remaining as the managing REI physician to expand AFC/Pinnacle’s fertility services in Arizona.

US LBM has acquired Holderness Supplies, a Tucson-based manufacturer of floor and roof trusses and distributor of engineered wood products. The purchase expands US LBM’s manufacturing footprint in Arizona and strengthens its supply of specialty lumber and engineered wood products to local builders; Holderness’s longtime leader Rich Alejos will remain to manage operations.

The Pennant Group, Inc. (NASDAQ: PNTG) has acquired Southwestern Palliative Care and Hospice, a provider of skilled hospice services based in Yuma, Arizona. The acquisition expands Pennant's hospice footprint in southern Arizona and strengthens its ability to deliver end-of-life care to residents of Yuma and surrounding communities.

Trinity Consultants, a Dallas-based environmental consulting firm, has acquired WestLand Resources, a Tucson-based engineering and environmental consultancy with more than 240 employees. The acquisition expands Trinity's Water & Ecology capabilities and geographic footprint across the Western United States while providing WestLand employees immediate shareholder opportunities within Trinity.

Cardiovascular Associates of America (CVAUSA), a physician-led network backed by Webster Equity Partners, has acquired Heart & Vascular Center of Arizona (HVCA), an independent cardiovascular practice with multiple clinical locations in the Phoenix metropolitan area. B. Riley Securities served as sell-side M&A advisor to HVCA on the transaction.

Talent Groups, a Houston-based IT staffing platform backed by Osceola Capital, has acquired Phoenix-based Progilisys Solutions, an IT staffing and managed solutions provider. The add-on expands Talent Groups' national footprint and strengthens its capabilities in systems assessment, architecture, application management and managed IT services.

An affiliate of Paceline Equity Partners has provided a $50 million investment to Kelso Industries, a portfolio company of Oxbow Equity Partners and Peterson Partners. The capital will be used by Kelso to fund acquisitions of complementary HVACR and mechanical building services businesses as it pursues inorganic growth. Kelso provides installation and maintenance services for HVACR, plumbing and process piping systems and is based in Phoenix, Arizona.

Lazydays (Nasdaq: LAZY) has acquired Orangewood RV Center in Surprise, Arizona, renaming the location "Lazydays RV of Phoenix at Arrowhead." The store is the company's 24th location, is expected to generate approximately $40 million in annualized revenue, and the seller was Mark Treacy; the acquisition strengthens Lazydays' presence in the Western U.S.

Stance Healthcare, a Canadian manufacturer of healthcare furniture, has agreed to acquire Plural Studios, an Arizona-based maker of adaptive furniture for healthcare, corporate and hospitality settings. The deal, announced Nov. 16, 2023, will expand Stance's U.S. presence and broaden its design portfolio; Plural will continue to operate independently from Scottsdale with its existing leadership.

G&A Partners, a Houston-based professional employer organization (PEO), has acquired Integrity Outsource, a Phoenix-based HR outsourcing provider. The deal expands G&A's presence in Arizona and deepens its local talent and client service capabilities as part of the firm's continued roll-up strategy in the PEO market.

Impact Property Solutions, a Dallas-based portfolio company of Blue Sage Capital, has acquired Interior Concepts, Inc., an Arizona-based provider of flooring products and installation services serving Phoenix/Scottsdale and other Arizona markets. The deal is an add-on acquisition that expands Impact's Sun Belt footprint and service coverage for multifamily and commercial property customers; Interior Concepts leadership will remain with the business.

TBA Worldwide, a growing network of data-driven advertising agencies anchored by Brandon, has acquired Joybyte, a Scottsdale-based social media and influencer marketing agency focused on DTC/eCommerce brands. Joybyte will operate as a standalone agency from its Scottsdale office while leveraging TBA Worldwide’s network, leadership and capital to accelerate growth and expand social media capabilities across the platform.

Outdoor Living Supply (OLS), a Trilantic North America–backed distribution platform for outdoor living products, has acquired Apache Stone, a wholly owned subsidiary of Halquist Stone Company. The deal adds three strategic locations in Nevada and Arizona, giving OLS entry into the Phoenix market and expanding its Southwest footprint. OLS said Apache Stone’s existing local management team will remain in place to ensure continuity for employees, customers and suppliers.

Keystone Insurers Group, a large independent insurance agency network, has completed the full acquisition of Canyon Lands Insurance (CLI Select). CLI will continue to operate as a wholly owned subsidiary with its CEO, Dawnyel Smink, joining Keystone's executive leadership as President of Keystone's western region; terms were not disclosed.

WellHaven PetHealth, a Martis Capital‑backed veterinary platform, acquired Blue Cross Veterinary Clinic in Arizona in October 2023 as an add‑on to its multi‑regional platform. The acquisition expands WellHaven’s footprint into Arizona and brings the platform to more than 40 hospitals across six active markets.

Big Band Software, a B2B SaaS holding company, has acquired Inphonite, a provider of patient engagement and appointment reminder software for dental and medical practices. The deal brings Inphonite's cloud-based messaging and secure chat capabilities into Big Band's portfolio to support growth, provide additional capital and resources, and expand its healthcare SaaS offerings.

OptimizeRx Corp. (Nasdaq: OPRX) has signed an agreement to acquire Scottsdale-based Medicx Health (Healthy Offers, Inc.) for $95 million, with certain Medicx managers rolling about $10.5 million into OptimizeRx stock. The acquisition will expand OptimizeRx's omnichannel reach by adding Medicx's patient-focused Micro-Neighborhood Targeting platform and analytics, and is expected to be immediately accretive and to increase consolidated revenue run-rate toward $100 million.

Cosentus has acquired AllianceMed and its subsidiary MedCloud Software Solutions; financial terms were not disclosed. AllianceMed provides in-network and out-of-network billing for ASCs, DME companies, and physician groups, while MedCloud offers billing software, an ASC-focused EMR, and DME management technology; Cosentus plans to invest in the platform and develop AI capabilities to expand its tech-enabled services for independent physician groups and facilities.

TA Associates has made a strategic investment in Kinective alongside existing investor OceanSound Partners, with TA and OceanSound becoming equal partners. The capital will be used to accelerate product innovation, bolster sales and support resources, and support future add-on acquisitions as Kinective scales its banking connectivity, workflow, and analytics platform.

Instructure Holdings, Inc. has acquired Parchment (PCS Holdings, LLC), the largest academic credential management platform and network, for approximately $835 million in an all-cash transaction. The deal adds Parchment’s credentialing, transcript exchange and verification capabilities to Instructure’s Canvas learning platform, expanding its addressable market and providing cross-selling opportunities across K-12, higher education and employer verification channels.

Trexon, a portfolio company of Audax Private Equity, has completed the acquisition of C.E. Precision Assemblies, Inc. (CEPA), a Chandler, Arizona-based manufacturer of RF/microwave cable assemblies, wire harnesses, and electromechanical solutions. The add-on expands Trexon's Engineered Products group's capabilities and strengthens its presence in military and aerospace end markets; the business was sold by former owner Paul Ross.

LOCH Technologies (LOCH.io) has acquired Avirtek, Inc., a Tucson-based developer of AI/ML-driven autonomic cybersecurity (ACS) technology, to integrate Avirtek's predictive data detection and response (DDR) capabilities into LOCH's AirShield platform. Avirtek founder Professor Salim Hariri will join LOCH as Senior Vice President of Research and Development to accelerate integration of behavior analytics and encrypted-traffic detection features.

NW Natural Water Company, a wholly-owned subsidiary of Northwest Natural Holding Company, completed the acquisition of Rose Valley Water Company, a family-owned water utility serving approximately 2,400 connections in Peoria, Arizona. The transaction closed on October 2, 2023, giving NW Natural Water an initial footprint in Maricopa County and positioning the company for further growth in Arizona.

Commercial Energy Specialists Holdings LLC (dba Aquafinity), a Turning Basin Capital and Vigeo Investments-backed platform, has acquired Aquatic Environmental Systems, Inc. (AES), a Tempe, Arizona-based provider of full-service water treatment solutions for commercial and institutional swimming pools in Arizona, New Mexico and west Texas. The add-on deal, which closed June 30, 2023, expands Aquafinity’s geographic presence in the Southwest; terms were not disclosed.

AM Conservation, a subsidiary of Franklin Energy, has acquired Evolve Technologies, a Scottsdale-based developer and manufacturer of patented water- and energy-saving shower technologies. The acquisition expands Franklin Energy and AM Conservation’s product portfolio and capability to scale water- and energy-conservation solutions through utility channels and other clients.

Pacific West, a Bluejay Capital Partners portfolio company, has acquired Arizona-based Overley's and Hawkke in a transaction supported by Parkway Capital, Southfield Mezzanine, Pine Street Capital Partners and the senior management team. The add-on expands Pacific West's presence in the western U.S. (including Phoenix/Arizona) and adds environmental remediation, waste management and infrastructure construction capabilities to its platform.

Technical Safety Services (TSS), a portfolio company of Levine Leichtman Capital Partners, has acquired Controlled Environment Management (CEM), a Gilbert, Arizona–based provider of cleanroom/controlled-environment testing, validation, certification, and calibration services for pharmaceutical, biotechnology and research customers. The deal expands TSS's geographic presence in the U.S. Southwest and adds specialized validation and calibration capabilities to its testing, inspection, certification and calibration (TICC) platform.

Independence Pet Group (IPG) has agreed to acquire Felix, a U.S. cat-only pet insurance brand created and operated by The Connected Pet Company. The acquisition expands IPG's portfolio and capabilities to better serve the fast-growing cat pet insurance market and is expected to close in H2 2023 subject to customary approvals.

Diverzify, a national commercial flooring and interior services provider, has acquired Phoenix-based Wholesale Floors, LLC to expand its West Coast and Arizona presence. Wholesale Floors, a nearly 45-year-old commercial flooring distributor and contractor focused on healthcare and education clients, will join Diverzify's network of brands as part of the company's continued roll-up strategy.

Clear Title Agency of Arizona has acquired the operating assets of First Arizona Title, adding four branch locations and more than 1,000 customer accounts. The transaction expands Clear Title's footprint in the Phoenix metro market and strengthens its position among local title and escrow providers in Arizona.

Stallion Infrastructure Services completed the acquisition of EyeSite Surveillance, Inc. and EyeOn Monitoring Services, Inc. (together “EyeSite”) on August 31, 2023. The deal expands Stallion's video surveillance and remote monitoring capabilities—adding mobile solar-powered camera systems and an SOC presence across Arizona and Texas to support its nationwide temporary infrastructure services.

A. O. Smith Corporation acquired Water Tec of Tucson, a family-owned water treatment equipment manufacturer and dealer based in Tucson, Arizona, in an all-cash transaction; terms were not disclosed. Water Tec will join A. O. Smith’s North America Water Treatment business to expand the company's West Coast presence, and members of the DeGrave family will remain with the business operating out of Tucson and Las Vegas.

Safe-Way Garage Doors, a portfolio company of CW Industrial Partners, has acquired 1st United Door Technologies. The add-on transaction expands Safe-Way’s distribution footprint into western U.S. markets and advances CW Industrial’s strategy to build a national building-products platform.

ProVelocity and IronEdge, a Riverside portfolio company, completed the acquisition of LANstar, LLC, a Mesa, Arizona-based managed IT services provider, in an add-on transaction that closed July 20, 2023. The deal expands ProVelocity and IronEdge’s footprint into Arizona and enhances their managed IT, VoIP and low-voltage/cabling capabilities while providing an exit pathway for LANstar founders Joel and July Ray.

Concord Servicing, a portfolio company of Inverness Graham, has acquired Equiant, a Chandler, Arizona-based loan servicer with a $1.5 billion loan portfolio and more than 175,000 consumer loans. Balance Point Capital Advisors provided follow-on financing to Concord to facilitate the transaction; terms were not disclosed.

Paul Johnson Drywall (PJD) has entered into a definitive agreement to acquire Stratis Construction, a leading Phoenix-area drywall subcontractor founded in 1993. Stratis will be integrated into PJD’s scaled drywall installation platform, with the Stratis leadership team expected to remain and field operations continuing without change; the deal was expected to close in early Q4 2023.

Miami-based private equity firm AOI Capital has acquired SweetSpot Labs, a Scottsdale-founded intimate skincare brand known for clinically-tested, gynecologist-recommended products. AOI plans to leverage its vertically integrated manufacturing, e-commerce and 3PL capabilities to expand SweetSpot's product line, retail distribution and move into new categories including doctor-formulated prescription products and OTC supplements.

TJC-backed Allure Beauty Concepts—formed by integrating Allure Labs and Kleen Concepts—was launched to create a scaled R&D and manufacturing platform for personal care brands. The transaction brings Kleen Concepts into the new platform to expand formulation, complex manufacturing and supply-chain capabilities and accelerate growth for OTC and non‑OTC beauty customers.

Camping World Holdings, Inc. has agreed to acquire RV Arizona Consignment Specialists, a consignment-focused RV dealer in El Mirage, Arizona, with the deal expected to close in Q4 2023. The acquisition establishes a platform and playbook for a nationwide rollout of consignment-exclusive locations and will be led by Marty Holman to expand Camping World's consignment capabilities and grow used RV sales.

Firmament-backed e4health has acquired Phoenix-based eCatalyst Healthcare Solutions, a provider of outsourced medical coding, auditing, clinical documentation integrity (CDI), and health information management (HIM) services. The transaction expands e4health's mid-revenue cycle and HIM capabilities and the eCatalyst leadership team will remain with the combined business to accelerate growth.

World Insurance Associates LLC, a national insurance brokerage headquartered in Iselin, New Jersey, acquired Cindy Elbert Insurance Services Inc., a Peoria, Arizona agency specializing in ambulance insurance, effective August 1, 2023. Terms were not disclosed; the acquisition expands World’s specialty capabilities in EMS/ambulance insurance and adds a niche book of business to its nationwide platform.