Acquisitions in California in 2015

Frisco, Texas-based Chronos Solutions has agreed to acquire Cogent Road, a San Diego-based mortgage technology company, to expand Chronos' origination product suite and add over 300 customers and mortgage technology talent. Financial terms were not disclosed; the deal will allow Chronos to integrate Cogent Road's Funding Suite, Tax Door and Roohmz LOS into its end-to-end origination services and establish a mortgage technology lab in San Diego.

Nimes Capital has agreed to acquire Togo's Sandwiches, with growth equity firm Mainsail Partners selling its ownership stake. CEO Tony Gioia will retain an ownership stake and remain CEO as Nimes provides strategic guidance to support the brand's revitalization and expansion; Togo's operates roughly 251 restaurants across six western U.S. states.

Riveria Investment Group and Gibson Investment Group have acquired IQ Logic, a managed content and document services provider headquartered in Irvine, California. The investment partners said they will support IQ Logic's growth plans and expand the company's footprint and service offerings in the managed content and document services market.

ParkerGale Capital completed a control investment in Aircraft Technical Publishers (ATP), a Brisbane, California-based aviation information and technical-publishing business. The founder, Caroline Daniels, exited and management invested alongside ParkerGale; Charles Picasso was named CEO and ParkerGale said it will pursue international expansion and add-on acquisitions to grow the business.

Quality Systems, Inc. (NextGen Healthcare) agreed to acquire HealthFusion Holdings, Inc. for $165 million plus up to $25 million in contingent consideration to accelerate cloud-based development and expand its ambulatory services offerings. HealthFusion, a San Diego-based developer of the MediTouch cloud EHR and practice management platform, serves over 3,000 practices (6,000+ subscribers), had an annualized revenue pace above $30 million and employed about 140 people.

Hub International Limited has acquired the assets of Johnson & Wood Insurance Services, Inc., a Carlsbad, California-based multi-line insurance agency. Johnson & Wood's leadership will join Hub California as the firm continues to expand its geographic footprint and product capabilities in commercial, personal and employee-benefit insurance lines. Terms were not disclosed.

HCAP Partners provided a mezzanine loan investment to U.S.-based LED manufacturer Noribachi to support the company’s manufacturing expansion and growth. The capital will help Noribachi scale production of its custom-engineered commercial and industrial LED lighting solutions and support its growing customer base.

High Road Capital Partners acquired Cali Bamboo, a San Diego-based manufacturer and direct-to-consumer retailer of bamboo flooring and sustainable building products, in a transaction that closed July 10, 2015. Monroe Capital provided financing; Cali Bamboo co-founders Jeff Goldberg and Tanner Haigwood invested alongside High Road and will continue to lead the company post-closing. Transaction consideration was not disclosed.

Risk Strategies Company, a Boston-based national insurance brokerage, has acquired Dubraski & Associates Insurance Services, a San Diego–based healthcare specialty broker. Founder Bob Dubraski will remain as President/CEO of Dubraski and lead Risk Strategies' combined national healthcare practice, a move that expands Risk Strategies' healthcare capabilities and scale (bringing the firm to ~500 employees and over $1 billion in premiums placed).

AAMP of America, a PE‑backed manufacturer of in-vehicle mobile electronics, has acquired California‑based Rosen Electronics. The acquisition expands AAMP's aftermarket product suite — adding rear‑seat entertainment, navigation and vehicle safety systems — and increases its R&D and engineering capabilities.

Santa Monica Seafood, a family-owned seafood distributor based in Rancho Dominguez, California, signed a definitive agreement to acquire most of the seafood division assets of Prospect Enterprises, Inc., including American Fish & Seafood, Chesapeake Fish, LA Fish Company and Cactus Cove. The deal (excluding Kansas Marine and Central Fish Co.) expands Santa Monica Seafood's footprint across Southern California and Arizona and transfers facilities, inventory, receivables/payables and most trucks and equipment to Santa Monica Seafood.

Arthur J. Gallagher & Co. acquired Madison Risk & Insurance Services, a Huntington Beach, California-based retail insurance broker specializing in healthcare industry coverages. The Madison principals — Anthony Bowen, Kathryn Bowen and their associates — will continue to operate from their current location under Gallagher's western retail property/casualty brokerage leadership; terms were not disclosed.

Wencor Group has acquired PHS/MWA Aviation Services, a FAA/EASA-certified aircraft component repair station based in Temecula, California. The acquisition (terms not disclosed) expands Wencor's Soundair Aviation Services affiliate by broadening repair capabilities and international market presence; Alderman & Company Capital served as financial advisor to the sellers.

Sunrun acquired Clean Energy Experts (CEE), a North American consumer demand-generation and lead provider for the residential solar industry. CEE will operate as a subsidiary under its existing brand and continue providing leads to Sunrun and other solar companies, with CEE co-founders remaining in operational roles.

Boston Scientific agreed to acquire Mountain View–based medical device company Xlumena, gaining the AXIOS and HOT AXIOS stent and delivery systems. The deal includes $62.5 million upfront, $12.5 million contingent on FDA clearance of HOT AXIOS and additional sales-based milestones, and is intended to expand Boston Scientific's endoscopy and EUS therapeutic capabilities and accelerate global commercialization of the AXIOS platform.

Hub International Limited acquired the assets of Laubacher Insurance Agency, Inc., a full-service property & casualty, employee benefits and personal lines agency with locations in Oxnard and Solvang, California. Terms were not disclosed; owners Tom Laubacher and Harry Crosby will join Hub California as Senior Vice Presidents. The acquisition expands Hub's presence across Ventura, Santa Barbara and San Luis Obispo counties and brings additional farm and ranch insurance expertise to Hub California.

North Branch Capital completed a minority/recapitalization investment in Motion Solutions, an Aliso Viejo-based value-added distributor of linear motion and motion control products. Midwest Mezzanine provided subordinated capital and First American Bank provided senior debt; Motion Solutions' management (including Harold Katz and Wally Logan) retained a significant equity stake and will continue to lead the company.

HealthStream (NASDAQ: HSTM) agreed to acquire San Diego-based HealthLine Systems, Inc. for approximately $88 million in cash. The deal expands HealthStream’s healthcare-focused SaaS offerings by adding HealthLine’s credentialing, privileging, and provider enrollment solutions (including the Echo product) and will be combined with HealthStream’s SyMed business to form an expanded credentialing and provider data management business.

Microsoft has reached an agreement to acquire Revolution Analytics, a leading commercial provider of software and services for the R programming language, to expand its advanced analytics and data science capabilities. The acquisition will integrate Revolution Analytics' R-based platform, services and expertise into Microsoft data platforms and Azure, helping customers scale statistical and predictive analytics across big data environments.

Arthur J. Gallagher & Co. (AJG) acquired employee benefits brokerage e3 Financial of Newport Beach, California. The acquisition expands Gallagher's West Coast employee benefits capabilities and integrates e3's HR administration and benefits consulting team into Gallagher's Western benefits operations; financial terms were not disclosed.

Silver Spring Networks has entered into an agreement to acquire Detectent Inc., a privately held provider of utility data analytics and SaaS solutions based in Escondido, California. The acquisition expands Silver Spring's SilverLink platform capabilities in utility analytics, revenue protection and customer engagement and brings Detectent's analytics (covering data from over 25 million meters) into Silver Spring's smart grid big data offerings.

PAR Excellence Systems, a Cincinnati-based provider of healthcare inventory management solutions, has acquired NotiSphere, a Manhattan Beach-based provider of medical inventory recall notice tracking software. The acquisition integrates NotiSphere's recall-management platform into PAR's portfolio to improve recall communications, enhance patient safety, and drive efficiency across provider and manufacturer workflows.

Noverra Group of Companies acquired Thorpe Design, a Brentwood, California fire protection and sprinkler contractor, from founder Jim Thorpe in a deal that closed in late 2015. The transaction included fixed consideration, a vendor take-back loan to Jim Thorpe, and a leadership succession plan that placed the founder's son-in-law as company president with Noverra's support.