Acquisitions in Colorado in 2020

Sonesta International Hotels Corporation announced a definitive agreement to acquire RLH Corporation (NYSE: RLH), a franchisor with more than 900 hotels. The deal will expand Sonesta's scale and franchising capabilities, creating a combined company with roughly 1,200 hotels across multiple brands; the transaction is expected to close in the first half of 2021 and will be funded with cash-on-hand and/or capital contributions from Sonesta's shareholders.

onX, the outdoor GPS mapping and navigation company, has acquired Adventure Projects, Inc., the operator of community-driven outdoor guide sites and mobile apps (including Mountain Project, MTB Project, Hiking Project, Powder Project, and Trail Run Project). onX said it will continue to work with Adventure Projects' contributors and CEO Nick Wilder while integrating their guide content and communities into onX's mapping products to enhance outdoor discovery and access.

CORE Industrial Partners portfolio company Incodema Holdings LLC has acquired Majestic Metals, a Denver-based precision sheet metal fabricator. The acquisition will combine Majestic Metals with Incodema, Newcut and Dahlquist Machine to expand a nationwide precision manufacturing platform and broaden capabilities across sheet metal fabrication, CNC machining and finishing for end markets including medical, aerospace & defense, and electronics.

Waud Capital Partners has completed a growth capital partnership with The CE Shop, a Greenwood Village, Colorado–based digital provider of compliance-driven professional education. Waud will commit new equity to support The CE Shop's organic growth initiatives, enable a robust acquisition pipeline and help expand the company's presence into new end markets; management will remain meaningful shareholders and continue to run day-to-day operations. Terms were not disclosed.

Appfire acquired Artemis Software, an Atlassian Marketplace app vendor known for products such as MultiExcerpt, Copy Page Tree, and Flow Board. The deal brings Artemis founders Brendan Patterson and Bob Bergman (who will join Appfire as Chief Product Architects in Denver) to Appfire and accelerates Appfire’s cloud product strategy; the transaction was financed by First Eagle Alternative Credit, LLC.

Revelstoke Capital Partners, a Denver-based private equity firm, has made an investment in an affiliate of Family Care Center, an outpatient psychiatry provider based in Colorado Springs. The capital will support Family Care Center’s expansion of clinics and services to increase access to mental healthcare for active-duty service members, veterans, and surrounding communities.

Converge Technology Solutions Corp. signed a definitive agreement to acquire CarpeDatum Consulting, Inc., a Denver-based IBM Analytics consulting firm and Alteryx Preferred Partner. The acquisition, expected to close January 4, 2021, adds analytics, AI and performance-management capabilities to Converge's AI & Analytics practice and supports expansion across its Central and Western U.S. regions.

Diamondback Energy agreed to acquire QEP Resources in an all-stock merger valued at approximately $2.2 billion including net debt. The deal adds material Tier‑1 Midland Basin acreage to Diamondback's portfolio, is expected to be accretive on 2021 per‑share metrics, and will be financed via an exchange of Diamondback shares for QEP stockholders.

Brentwood Associates has made a strategic minority investment in Snooze, the Denver-based breakfast and brunch restaurant chain, joining existing investors Stripes and Alliance Consumer Growth. The undisclosed deal adds Brentwood partner Rahul Aggarwal to Snooze's board and aims to fund nationwide expansion of the 44-unit concept.

Learning Pool, a PE-backed learning technology group, has acquired Remote Learner, a Denver-based LMS specialist, to grow its North American presence and add capability to its portfolio. Remote Learner — which has around 35 staff and 300+ customers including Indeed and Royal Caribbean — will be led by Dr. Page Chen as CEO and join the Learning Pool Group board.

Granicus announced a joint investment in which Harvest Partners has joined existing investors Vista Equity Partners and K1 Investment Management to support the company’s continued growth. The investment will back Granicus’ cloud-based Civic Engagement Platform as it expands digital transformation offerings for federal, state and local government customers.

Crest Rock Partners, a Denver-based private equity firm, made a majority investment in Lumin8 Transportation Technologies, a platform formed from W.L. Contractors, Carlson Construction Services and Wilburn Engineering. Lumin8 is headquartered in Arvada, Colorado, employs over 250 people, and provides traffic and intelligent transportation systems (ITS) services and technology to government entities and national contractors; Lumin8 management invested alongside Crest Rock and SDR Ventures served as sell-side advisor.

FORM.com, a provider of mobile data collection and workflow automation backed by Diversis Capital, acquired the GoSpotCheck product line in a carveout/divestiture. The deal merges GoSpotCheck's mobile task management and image-recognition capabilities into FORM.com's low-code/no-code field data platform to expand capabilities for mid-size and large global enterprise customers.

HealthStream acquired substantially all of the assets of myClinicalExchange LLC for approximately $4.5 million in cash, gaining a SaaS application used by roughly 400 hospitals, 1,000 colleges and universities, and 50,000 students annually. The acquisition expands HealthStream's workforce solutions to include the pre-graduation healthcare workforce (medical, nursing, and allied healthcare students) and integrates myClinicalExchange into HealthStream's Workforce Solutions segment.

NatureTrak, a Sacramento-based provider of enterprise risk management software for cannabis banking, has acquired Copacetic Strategies, a Colorado-based compliance and AML advisory firm that assists financial institutions with cannabis banking programs. The acquisition expands NatureTrak's compliance, risk mitigation and transaction verification capabilities to better support banks and other financial institutions serving the cannabis industry.

Aurora Capital Partners completed a growth investment in Premier Roofing, a Denver-based roofing service provider and vendor-managed network, to support the company's geographic expansion and acceleration of its multi-family segment. Premier operates six branches across Colorado, Nebraska, Missouri and Minnesota and will use the capital and Aurora's buy-and-build strategy to open additional locations and scale operations.

Full Circle Fiber Partners, an affiliate of Mill Point Capital, has acquired MTC Engineering (which will operate as MTC Consulting LLC). The add-on expands Full Circle's fiber engineering and construction services capabilities and broadens the platform's geographic reach.

Belt Power LLC, a Marietta, Georgia-based distributor and fabricator of conveyor system components and a portfolio company of Shorehill Capital, completed the asset acquisition of Rubber Service Corp. on December 1, 2020. The acquisition expands Belt Power's footprint into the Denver metropolitan area and Mountain West markets; Rubber Service owner Lou Siemer will continue to lead the new Belt Power branch.

Edgewater Growth Capital Partners IV invested in DataBank to fund DataBank's acquisition of zColo Data Centers from Zayo Group Holdings, adding 44 data centers across 23 U.S. and European markets. The deal expands DataBank's footprint to a national scale—bringing the company to 64 data centers in 29 markets and strengthening its edge colocation, connectivity and managed services capabilities.

An affiliate of Eye Academy Holdings, Inc. dba EVP Eyecare, a portfolio company of Cortec Group Fund VI, acquired Rottman Eye Care, P.C. and Ashley R. Ford, O.D., PLLC (closed November 20, 2020) and May Eye Care, Inc. (closed December 31, 2020). The physicians who founded the practices — Drs. Randy Rottman, Ashley Ford and Kevin May — will remain leading their clinics; terms were not disclosed. The deals expand EVP's regional ophthalmology footprint in the Grand Junction and Denver markets as part of its PE-backed roll-up strategy.

Canadian Overseas Petroleum Limited (COPL) agreed to acquire Atomic Oil & Gas LLC for US$54 million in a mix of assumed debt, cash and COPL shares, with an effective date of December 1, 2020 and expected completion by January 31, 2021. The acquisition adds operated onshore oil assets in the Powder River Basin (Wyoming) — including two oil production units, associated midstream assets and ~31.1mm BOE (2P) reserves — materially expanding COPL's production, reserves and U.S. footprint.

NetReputation, a Sarasota-based online reputation management firm, acquired the assets of Denver-based InternetReputation.com, with the deal made official on November 20, 2020. The acquisition brings additional technology, staff and ORM capabilities to NetReputation as it expands its service offerings and geographic footprint.

Parsons Corporation completed the acquisition of Braxton Science & Technology Group for $300 million (reported as $258 million less the tax asset). Braxton, headquartered in Colorado Springs, Colorado, brings more than 370 employees and expands Parsons' capabilities in satellite operations, ground system automation, flight dynamics, and space cyber for defense and intelligence customers.

TrueFire Studios has acquired FaderPro, the leading online EDM and electronic music production tutorial platform, expanding TrueFire's music education offerings beyond guitar into dance and electronic production. FaderPro will operate as a standalone unit within the TrueFire portfolio, and existing investor Growth Catalyst Partners will continue to support TrueFire's strategy.

American Testing and Inspection Services (ATIS), a St. Louis–based conveyance management company, has acquired Colorado-based A Smart Elevator Solution, LLC (Littleton) and 1 Able Elevator Inspector, LLC (Wheat Ridge). The acquisitions expand ATIS’s inspection, consulting and conveyance management presence in Colorado and integrate the target teams into ATIS’s regional operations.

Shore Capital Partners, a Chicago-based private equity firm, has entered into a strategic partnership with Women's Health Group (WHG), a Denver-area OB/GYN services provider led by Dr. Stephen Volin. Shore will provide capital and operational support to help WHG expand services and pursue affiliations across the Mountain West; WHG represents Shore’s fourth platform investment out of Fund III.

An affiliate of Sun Capital Partners has agreed to sell ClearChoice Management Services, the operator of the ClearChoice Dental Implant Centers network, to Aspen Dental Management (ADMI). ClearChoice operates a national network of more than 60 implant centers; terms were not disclosed and the deal is a strategic acquisition to expand Aspen's specialty dental capabilities and patient reach.

Comoto Holdings has acquired REVER, a Colorado-based GPS navigation and community app for motorcycle and powersports enthusiasts, to expand Comoto's digital platform and better serve the riding community. REVER will continue operating as a distinct brand with its Colorado-based staff joining Comoto's business development team; the app has more than one million downloads and offers paid Pro memberships.

Kadenwood's EcoGen Biosciences has acquired Colorado-based hemp processor General Processing LLC, adding a 50,000-square-foot production campus in Delta, Colorado and 165 acres of farming land. The deal expands EcoGen's production capacity, brings proprietary sustainable processing IP and advances cGMP (21 CFR Part 111) certification to support domestic and international supply of hemp-derived ingredients and finished products.

Raytheon Technologies has entered into a definitive agreement to acquire small-satellite manufacturer Blue Canyon Technologies. The acquisition will fold BCT into Raytheon Intelligence & Space and expand Raytheon's capabilities in turnkey small-satellite solutions to serve government, commercial and academic customers.

EG Group has entered into a binding agreement to acquire Schrader Oil, a family-owned operator of 18 convenience retail stores and fuel stations in Northern Colorado. The acquisition expands EG Group's U.S. network (Loaf 'N Jug) and will see Schrader sites rebranded to Loaf 'N Jug; the transaction is expected to close by end of 2020 subject to regulatory approvals.

Aveanna Healthcare, a portfolio company of Bain Capital, has acquired Evergreen Home Healthcare, a Colorado-based provider of pediatric and in-home nursing services. The Forbes M+A Group advised Evergreen on the sale; the acquisition expands Aveanna's home-health footprint and market share across Colorado.

MidOcean Partners has acquired FullSpeed Automotive from CenterOak Partners. The transaction gives MidOcean a national auto-aftermarket platform with nearly 600 locations and over 1,350 employees; MidOcean plans to drive growth through organic initiatives, franchise development and strategic M&A.

Redwire has acquired Roccor, a Longmont, Colorado manufacturer of deployable booms, structures, antennas, thermal products and solar arrays for small satellites. Terms were not disclosed; the deal adds Roccor’s flight‑proven hardware to the Redwire platform (a company formed and backed by private equity firm AE Industrial Partners) to expand Redwire’s space infrastructure capabilities.

Sovos Brands has completed its acquisition of Birch Benders, a Denver-based producer of better-for-you pancake & waffle mixes, toaster waffles and baking cups. The deal expands Sovos' portfolio into the breakfast and snacking categories and strengthens its presence in natural and specialty retail channels; Sovos is backed by private equity firm Advent International.

Telestream, a Genstar Capital–backed portfolio company, has acquired EcoDigital (formerly Front Porch Digital), maker of the DIVA media content management and archiving platform. The add-on expands Telestream's media workflow and archive capabilities—enabling tighter integration between EcoDigital's DIVA CMS and Telestream's Vantage processing platform and cloud-agnostic storage options.

TrialCard (now Mercalis) acquired Canary Insights, a Lakewood, Colorado-based healthcare information management company that provides subscription-based payer policy and coverage monitoring. The deal strengthens TrialCard's payer intelligence capabilities by combining Canary Insights' expertise with TrialCard's (Mercalis') existing Policy Reporter technology to expand market access and reimbursement intelligence for biopharmaceutical and medtech clients.

Generac Holdings Inc. has signed an agreement to acquire Enbala Power Networks, a Denver-based distributed energy resources (DER) optimization and control software provider. The acquisition adds Enbala’s Concerto DERMS/VPP platform to Generac’s portfolio to accelerate its Smart Grid and grid services capabilities; terms were not disclosed and the deal is expected to close within 30 days.

The Speech Pathology Group (SPG), a portfolio company of Ridgemont Equity Partners, has acquired Family Support Center (FSC), a Colorado Springs–based provider of Applied Behavior Analysis (ABA) therapy. The acquisition expands SPG’s multidisciplinary therapy footprint in the Western U.S. and adds four outpatient clinics and experienced clinical teams to SPG’s platform.

Woolpert has acquired Jviation Inc., a Denver-based airport planning, survey, architecture, engineering and construction management firm, to strengthen its aviation and airport infrastructure services. The acquisition expands Woolpert's geographic footprint in the western U.S.; Jviation, founded in 2007, is headquartered in Denver and has over 100 employees with offices in multiple states.

Los Angeles-based private investment firm Carmelina Capital Partners has completed a significant growth investment in Bridge Diagnostics, Inc. (BDI), a Louisville, Colorado–headquartered provider of nondestructive evaluation, structural monitoring and proprietary instrumentation for heavy civil infrastructure. The existing owner-operator team will retain significant ownership and remain with the company to lead its next phase of growth.

Serent Capital has made a growth capital investment in Actionstep, the cloud-based legal practice management software provider, to support product, sales, and organizational expansion. The partnership will help Actionstep accelerate growth and expand its footprint in the United States and other core markets.

NexusTek, a national managed IT services provider backed by Abry Partners, has acquired Denver-based Symmetrix Solutions. The add-on strengthens NexusTek’s upmarket IT services, cloud and cybersecurity capabilities and expands its presence in the Denver/Rocky Mountain region.

Patrick Industries (NASDAQ: PATK) completed the acquisition of Englewood, Colorado-based Front Range Stone, a fabricator and installer of natural stone, quartz, solid surface, and laminate countertops. Front Range generated approximately $30 million of revenue in 2019 and will continue to operate under its existing brand and facilities as part of Patrick's effort to expand its countertop presence and geographic reach in the Great Plains and western housing markets.

ProMach has acquired Panther Industries, a Highlands Ranch, Colorado-based maker of print-and-apply and pre-printed label applicator systems. The deal expands ProMach's Labeling & Coding capabilities and broadens its offering for ecommerce, distribution, manufacturing, fulfillment and regulated end markets such as food, beverage and pharmaceuticals.

Avertium has acquired 1440 Security, a nationally recognized managed security service provider with a Colorado-based 24/7 security operations center, to strengthen Avertium's LogRhythm expertise and extend its XDR and advanced threat management capabilities. The deal adds a third CyberOps Center of Excellence to Avertium's existing centers and expands its managed security and incident response offerings.

San Francisco Equity Partners (SFEP) has made a $20 million strategic growth investment in BrüMate, the Denver-based direct-to-consumer maker of insulated drinkware. SFEP operating partner Moiz Ali is investing alongside SFEP and will work with BrüMate's founder and management to scale the brand's digital marketing, ecommerce and retail initiatives.

Rapid Fire Protection Group (RFPG), a Boyne Capital portfolio company, has acquired Brick Wall Fire Sprinkler, a Colorado Springs–based provider of fire suppression system design, installation, and ongoing service. The acquisition expands RFPG's presence in the Colorado market; Brick Wall's founder Roger Wallace will continue to lead operations as part of the RFPG platform.

Reedy Industries, a Glenview, Illinois-based provider of commercial and industrial HVAC, plumbing and building controls services, has acquired Colorado Mechanical Systems of Centennial, Colorado. The acquisition expands Reedy's footprint into the Mountain West (Denver metro) and preserves CMS's leadership and management, with CMS President Josh Skinner remaining in his role.

Smartsheet has acquired Brandfolder, a Denver-based digital asset management (DAM) provider, for $155 million in a cash-and-stock transaction. The acquisition integrates Brandfolder's DAM capabilities into Smartsheet's work management platform to provide enterprise customers with enhanced content workflows and asset management.