Acquisitions in California in 2022

Horizon Air Freight announced the acquisition of Transmarine Navigation Corporation, completed in Q4 2022, to expand its port agency and in-port logistics capabilities across North and South America. The deal combines Horizon’s global warehousing and last-mile delivery network with Transmarine’s port call agency presence at 12 ports, enhancing services for ship owners, operators, and charters.

Acorn Distributors has acquired Unisan, a provider of janitorial, warehouse and safety supplies. Blue River Financial Group advised Unisan on the sale; the transaction brings Unisan's facility-management products and services into Acorn's regional distribution platform to expand product offerings and geographic reach.

Vistagen (Nasdaq: VTGN) will acquire Pherin Pharmaceuticals in an all-stock transaction (approximately 12.4 million shares plus nominal cash), giving Vistagen full ownership of Pherin's pherine drug pipeline and intellectual property. The deal eliminates future royalty and milestone obligations related to PH94B and PH10 and adds three early-stage pherine candidates to Vistagen's development portfolio.

ROW8 has acquired Rad (Rad NFTV) to integrate Rad's web3, NFT and immersive streaming technology into ROW8's premium movie streaming service. Rad's leadership will remain with Tony Mugavero named CEO of the combined business, and the combined company secured funding led by Ayre Ventures to support the integration and product roadmap.

H.W. Lochner, Inc. has acquired KOA Corporation to expand Lochner's transportation engineering and infrastructure services presence in Southern California. KOA, a 100+ person firm founded in 1987 with multiple offices across California, provides transportation engineering, mobility planning, and construction management for public agencies and private clients.

Mars Equity Partners made a strategic (growth) investment in A2B Development (dba NewGen Energy) on December 21, 2022. Generational Equity advised NewGen Energy; the investment will help scale the Loomis, California-based alternative energy provider that offers solar PV, energy storage and backup power solutions for agricultural, commercial/industrial and residential customers.

Arthur J. Gallagher & Co. acquired El Cerrito, California-based NEK Insurance, Inc., a retail property/casualty agency specializing in coverage for daycare centers, K-8 schools, residential care facilities and small remodeling contractors. Terms were not disclosed; Kevin Bruns, Jennifer Sylvestri, Kyle Peterson and their associates will join Gallagher's San Francisco branch. Gallagher said the acquisition is complementary to its San Francisco specialist business and provides cross-selling opportunities.

Pella Corporation has acquired Win-Dor, LLC, a vinyl window and door manufacturer located near Brea, California. The acquisition expands Pella's vinyl product portfolio and production capacity, with Win-Dor's ~200 employees remaining with the business and continuing to operate under the Win-Dor brand.

L Catterton, a global consumer-focused investment firm, has made a growth investment in BloomChic, a digital-first plus-size women's fashion brand. The capital will help BloomChic scale operations, deepen product development, and expand its geographic reach across key markets.

L3Harris Technologies has signed a definitive agreement to acquire Aerojet Rocketdyne Holdings, Inc. for $58 per share in an all-cash transaction valued at $4.7 billion inclusive of net debt. The deal, financed with cash and new debt, will combine Aerojet Rocketdyne’s propulsion and energetics capabilities (about $2.3 billion in revenue and ~5,200 employees) with L3Harris to strengthen defense propulsion, hypersonics and missile-defense offerings; the transaction is expected to close subject to regulatory approvals in 2023.

Monument MicroCap Partners’ portfolio company Synergy IOM LLC recapitalized Premier Health Billing Services, LLC on December 16, 2022. Premier, a San Diego–area outsourced medical billing and revenue cycle management provider, will be integrated with Synergy to expand capabilities and capture synergies across the region.

Leeds Equity Partners has made a significant investment in e.Republic, a U.S.-based media, events and research company focused on state and local government and education. The transaction positions e.Republic as a platform for Leeds Equity Partners VII to expand the company's community, research and market-insights offerings; terms were not disclosed.

The Stepping Stones Group, a national provider of therapeutic and autism services, has acquired Building Blocks Behavior Consultants, a Sacramento-based provider of center-based Applied Behavior Analysis (ABA) therapy that serves roughly 90 clients across two centers. Founder Mila Zea will remain with the business as Regional Clinical Manager; the acquisition expands The Stepping Stones Group's presence in the Sacramento/California market and strengthens its autism services footprint.

Executive Home Care Holdings, a Riverside-backed holding company, acquired Grasons Co., an Orange County-based estate sale and business liquidation franchisor. The deal is an add-on to the Executive Home Care platform intended to expand the platform's senior services offering and pursue geographic expansion of Grasons' franchise footprint.

Facility Solutions Group (FSG) has acquired West-Lite Supply, a California-based lighting product distributor, to expand FSG’s service offerings and distribution footprint across Northern and Southern California. West-Lite’s staff, facilities and services will join FSG, allowing existing West-Lite customers continued support plus access to FSG’s broader capabilities.

Workhorse Group, Inc. made a $10 million strategic lead investment in Tropos Technologies' Series B round to support Tropos' nationwide expansion and production growth. The transaction was arranged with Chicago-based Auctus Capital Partners acting as exclusive advisor, and Workhorse also entered a contract manufacturing relationship to supplement Tropos' production capacity.

Fortis Solutions Group LLC, a portfolio company of Harvest Partners, acquired Cinton, Inc. (d/b/a West Coast Labels), a Placentia, California-based pressure-sensitive label printer. The acquisition expands Fortis’s presence in the Los Angeles market and broadens its digital and flexographic label printing capabilities; terms were not disclosed.

Dropbox, Inc. acquired FormSwift, a cloud-based forms and document template provider, for $95 million in cash. The deal (closed December 15, 2022) expands Dropbox's document workflows and agreement-capabilities by integrating FormSwift's template library and self-serve form tools for small businesses and freelancers.

B2B Industrial Packaging, a GenNx360 Capital Partners portfolio company, has acquired Oak Paper Products Company, Inc., a Los Angeles-based distributor of corrugated paper products and related specialty divisions. Oak Paper’s existing ownership and management will remain active investors and operators while the business gains access to B2B Industrial Packaging’s nationwide distribution network and resources as a platform add-on.

Safe Harbor Marinas has acquired Chula Vista Marina (Chula Vista, CA) and Marina Bay Yacht Harbor (Richmond, CA), adding roughly 1,450 slips to its California network. The purchases expand Safe Harbor’s presence in California and increase its total marina capacity as the operator continues to grow its national marina platform.

Fresno-based managed IT provider Xobee Networks has acquired San Jose IT firm Myers Network Solutions in a transaction reported at $1.7 million. Xobee will retain the entire Myers staff and use the acquisition to expand its managed IT, cloud, cybersecurity, and networking services into the San Jose market.

Kite, a Gilead company, will make a $225 million upfront cash payment plus a $100 million equity investment in Arcellx to co-develop and co-commercialise Arcellx's lead CAR-T candidate, CART-ddBCMA, for relapsed or refractory multiple myeloma. The companies will share development and U.S. commercial economics (50/50 U.S. profits for co-commercialised products), with Kite responsible for manufacturing after technical transfer; ex-U.S. commercialization will be led by Kite with royalties to Arcellx.

Certified Waste Solutions, a portfolio company of Broadview Group Holdings and EXI Investment Partners, has acquired FRG Waste Resources, a Northern California provider of waste diversion and recycling solutions. The add-on expands Certified's sustainability-oriented service offerings and geographic presence, enabling enhanced programmatic waste management and reporting capabilities for customers across technology, biotech, healthcare, automotive, restaurants and retail sectors.

Pfingsten, an operationally focused private equity firm, acquired Tempest Telecom Solutions, a US-based provider of network telecommunications equipment distribution and repair services, on December 2, 2022. Pfingsten plans to scale Tempest as a platform, expanding its technical service and product distribution capabilities organically and via add-on acquisitions.

Peterson Farms has acquired Fresh Innovations California from Arable Capital Partners and Alpine Pacific Capital. The transaction, which completes Arable’s investment in Fresh Innovations, will boost Peterson Farms’ fresh-cut processing and distribution capabilities for customers (notably K-12 schools) across the U.S.

The Halifax Group completed a control investment to acquire a majority interest in Milestone Technologies from H.I.G. Capital, with H.I.G. retaining a minority stake. Two Sigma Impact made a minority investment alongside Halifax, and Milestone's existing management team, led by CEO Sameer Kishore, will remain invested and continue to lead the company as it pursues further global growth in IT managed services.

Cross Country Healthcare, Inc. (Nasdaq: CCRN) has acquired Hireup Leadership Inc., an interim healthcare leadership and executive recruitment firm based in Santa Barbara, California. The acquisition strengthens Cross Country's talent management and leadership staffing capabilities and expands its network of healthcare leadership clients; Hireup founders Brad and Lucy Pantoskey will join the organization.

ALKEME, a Top 50 insurance brokerage backed by GCP Capital Partners, has acquired Robert Bell Insurance Brokers, a Fallbrook, California-based property & casualty insurance agency focused on equipment and event rental, towing and healthcare. The target will continue to operate under its brand while gaining access to ALKEME's resources and product offerings as an add-on to ALKEME's platform.

Veranex has acquired Fusion Biotec, a Southern California design and engineering firm specializing in complex electro-mechanical diagnostic instrumentation and medical devices. The acquisition brings Fusion's 15,000-square-foot facility and 45+ engineering staff into Veranex's Product Design & Engineering capabilities, expanding Veranex's diagnostic/IVD development, software/firmware reuse and Southern California footprint; financial terms were not disclosed.

Riata Capital Group has led a recapitalization of Salon Republic in partnership with Founder and CEO Eric Taylor and the company's management team. The investment will fund accelerated geographic expansion and strategic growth for Salon Republic, a Woodland Hills-based operator of 24 salon suite locations serving over 2,500 beauty care professionals across seven markets.

Greater Sum Ventures, an entrepreneurial family office and growth equity investor, made a majority investment in Tracker (TrackerRMS), a cloud-based recruitment and staffing management platform. The capital will fund product innovation and accelerate growth while co-founder Andy Jones remains CEO and co-founder David Alonso stays on as an investor/advisor.

Edelman Financial Engines acquired Erman Retirement Advisory, a Seal Beach, California-based registered investment advisor, in a transaction that closed on December 12, 2022. The deal expands Edelman Financial Engines' nationwide advisor network and California presence while adding Erman's retirement-planning capabilities and roughly $210 million in client assets.

Constellation Software Inc. and its subsidiary Lumine Group Inc. agreed to acquire WideOrbit Inc., a San Francisco–based media vertical market software provider, with WideOrbit becoming a wholly owned subsidiary of Lumine Group. The purchase will be funded by Constellation and a banking partner and includes a cash payment plus issuance of 13.83% of Lumine Group shares (on a fully diluted basis) to eligible WideOrbit shareholders; WideOrbit reported ~ $167M in 2021 revenue and ~450 employees.

AutoNation agreed to acquire RepairSmith, a Los Angeles-based full-service mobile automotive repair and maintenance provider, for $190 million to expand its after-sales and mobile-service capabilities. The deal is intended to deepen customer retention, broaden AutoNation's service channels (including at-home and on-site fleet service), and was expected to close in Q1 2023 subject to customary conditions.

Apogee (Austin, Texas), a managed technology services provider for higher education, has acquired Cumulus Technology Services Inc., a Ventura, California-based specialist in secure cloud services for higher education. The deal expands Apogee’s managed cloud, security, and ERP/LMS integration capabilities (including AWS expertise and backup/DR services) to accelerate cloud-managed offerings for colleges and universities; terms were not disclosed.

Highstreet Insurance Partners acquired Ontario, California-based Hanasab Insurance Services, Inc., expanding Highstreet’s footprint into the California and Nevada markets. The deal adds Hanasab’s local insurance and real estate-focused capabilities to Highstreet’s national insurance agency platform.

Forged Solutions Group (an Arlington Capital Partners portfolio company) has acquired Continental Forge, a precision near-net shape forging and machining supplier to the military and commercial aerospace industries. The acquisition expands FSG's manufacturing capabilities into precision aluminum forgings and brings Continental Forge's long-standing customer relationships and certifications onto the FSG platform.

Funds managed by Greenbriar Equity Group acquired Applied Aerospace Structures Corporation (AASC), a Stockton, California-based provider of complex composite and metal-bonded structures for space, aerospace, and defense programs. The investment will support AASC's growth and expansion plans — including organic growth and selective acquisitions — while financial terms were not disclosed.

Laird Connectivity has acquired Boundary Devices, a Lake Forest, California-based designer and manufacturer of System-on-Modules (SOM) and Single Board Computers (SBC). The deal expands Laird Connectivity's embedded computing product portfolio and combines Boundary Devices' SOM/SBC capabilities, U.S.-based manufacturing and software support with Laird's wireless connectivity offerings.

MTY Franchising USA, a wholly owned subsidiary of MTY Food Group Inc., completed the acquisition of Wetzel's Pretzels from CenterOak Partners LLC for $207 million in cash. Headquartered in Pasadena, California, Wetzel's is a leading quick-service pretzel franchisor; CenterOak had acquired the company in 2016 and sold it as part of a successful exit.

Ad.net has acquired IntentX, a commerce platform that helps publishers generate incremental revenue through affiliate and shoppable content partnerships. The deal brings IntentX’s product and publisher relationships into Ad.net’s performance advertising network, with IntentX founders joining Ad.net’s leadership team to expand publisher commerce and monetization capabilities.

Finance of America Companies Inc. (FOA) agreed to acquire the assets of American Advisors Group (AAG), a leading direct-to-consumer reverse mortgage lender, in a transaction using a combination of cash and equity. The deal brings AAG's retail direct-to-consumer channel under FOA's Finance of America Reverse subsidiary to expand FOA's home-equity and reverse-mortgage distribution and marketing capabilities.

Hub International Limited acquired the assets of Invensure Insurance Brokers, Inc., a privately held insurance and risk management firm headquartered in Irvine, California. The Invensure team, including CEO Robert Parent and EVP Charlene Richards, will join Hub’s Los Angeles/Orange County operations; terms were not disclosed and MarshBerry served as financial advisor to Invensure.

Alliant Insurance Services has acquired Polley Insurance and Risk Management, expanding Alliant's presence and capabilities in the Sacramento region. Polley — a 21-year-old independent insurance brokerage focused on commercial insurance, risk management, employee benefits and personal insurance — will continue to operate from its Gold River, California headquarters; terms were not disclosed.

Mariner Wealth Advisors will acquire San Jose-based Hayes Financial, Inc., a boutique advisory firm serving technology executives with $325 million in assets under advisement (AUA). The acquisition — which will convert Hayes Financial to the Mariner Wealth Advisors brand upon closing on Dec. 16, 2022 — expands Mariner's executive services capabilities and establishes its eleventh California office.

Insight Partners has made a minority growth investment in Riviera Partners, a data-driven, tech-enabled executive search firm headquartered in San Francisco. The capital will support Riviera's geographic expansion and scaling of its recruiting technology and services while the firm continues to operate independently.

Emler Swim School has acquired King's Swim Academy, a family-owned swim school with locations in San Carlos and San Mateo, California. The acquisition expands Emler's footprint into California and increases its network to 44 facilities across multiple U.S. states; King's Swim Academy will continue operating under its name with existing staff and enrollment plans.

Salt Creek Capital completed a recapitalization of Pacific Paper, partnering with CEO Bill Donahue to provide liquidity to investors and support the company's next growth phase. Pacific Paper, headquartered in Rancho Cucamonga, California, is a custom paperboard sheet converter serving packaging manufacturers and commercial printers across the U.S.; the company employs over eighty people and operates facilities in Southern California and Lithia Springs, Georgia.

Animoca Brands Corporation Limited has acquired a majority stake in PIXELYNX, a Los Angeles–based music metaverse and gaming platform founded by deadmau5 and Richie Hawtin. The deal is intended to integrate PIXELYNX's music/gaming/Web3 capabilities into Animoca Brands' broader metaverse ecosystem to develop new music-focused gaming products and monetization formats.

TheSoul Publishing acquired a majority stake in Underscore Talent, a next-generation creator management firm, to integrate Underscore's roster and services with TheSoul's global content production, distribution, and technology capabilities. The founders of Underscore will join TheSoul's board as the companies combine resources to expand creator services, production scale, and global reach.