Acquisitions in Connecticut in 2019

Affiliates of Brookfield Infrastructure Partners and GIC have completed the acquisition of Genesee & Wyoming Inc. in an approximately $8.4 billion transaction (including debt), taking G&W private at $112 per share. G&W — a Darien, Connecticut‑headquartered owner/operator of short line and regional freight railroads with about 8,000 employees and operations across North America, Europe and Australia — will be integrated into Brookfield's global infrastructure platform.

Absorb Software, a Silversmith Capital Partners–backed LMS provider, has acquired ePath Learning, a Connecticut-based cloud learning technology company. The deal is Absorb’s third acquisition of 2019 and is intended to expand Absorb’s footprint and capabilities in the fast-growing LMS/LXP market.

Risk Strategies, a privately held national insurance brokerage, acquired two subsidiaries of Gowrie Holdings, Inc. — Gowrie Group (a specialty retail insurance brokerage) and Maritime Program Group (a marine-focused managing general agent). The deal adds marine, private client and wholesale/program underwriting capabilities to Risk Strategies' specialty and private client offerings; terms were not disclosed.

Dallas-based ParkHub acquired the client relationships of Wireless Carpark to consolidate parking-technology services and open new markets for ParkHub's subscription-based parking solutions. As part of the deal, ParkHub added Wireless Carpark president John W. Beyer and treasurer Matt Allen to its advisory board to support integration and client service continuity.

Broadridge Financial Solutions acquired ClearStructure Financial Technology to expand its asset management technology suite with private debt portfolio management capabilities. The acquisition integrates ClearStructure's Sentry platform into Broadridge's front-to-back SaaS offering to better serve asset managers, hedge funds and fund administrators seeking private markets functionality.

Bromford Industries, a portfolio company of Liberty Hall Capital Partners, acquired Numet Machining Techniques, a precision aerospace engine component manufacturer based in Orange, Connecticut. The add-on deal — financed in part by Citizens Bank and second-lien financing plus an equity co-investment from Stellus Capital Management — expands Bromford's machining capabilities and platform exposure across key engine platforms and major OEM customers.

SIRVA, Inc. entered into a definitive agreement to acquire the relocation assets of Cartus from Realogy Holdings Corp.; the deal excludes Cartus' Affinity and Broker Services businesses and was expected to close in the first half of 2020 pending approvals. The acquisition expands SIRVA's global relocation and moving capabilities, combining technology, broker networks and household goods capacity to enhance service and scale for corporate clients and relocating employees.

Integrity Marketing Group has completed the acquisition of Family First Life, an insurance marketing organization headquartered in Uncasville, Connecticut. The deal brings Family First Life's large agent network into Integrity's distribution platform to accelerate growth and better serve the senior life and annuity markets; Family First Life founder Shawn Meaike becomes an owner in Integrity.

Spring Rock Capital LLC, a Chicago-based private equity firm, has acquired New England Miniature Ball Corp (NEMB), a Norfolk, Connecticut manufacturer of high-precision metal balls with facilities in the U.S. and China. The acquisition gives Spring Rock a platform in precision manufacturing serving automotive, aerospace & defense, medical and government end markets.

Syncsort, backed by affiliates of Centerbridge Partners and Clearlake Capital Group, agreed to acquire Pitney Bowes' Software Solutions business in a transaction announced August 26, 2019 (completed later in 2019). The deal combines Pitney Bowes’ location intelligence, data enrichment, customer information management and customer engagement products with Syncsort’s data integration and optimization portfolio to create a leading data management and data quality software company.

NSi Industries, a portfolio company of Blue Sea Capital, has acquired Bridgeport Fittings, a Stratford, Connecticut-based supplier of high-performance electrical cable and conduit fittings. The deal expands NSi's product portfolio and distribution offering to electrical contractors and distributor partners, combining complementary product lines to drive growth.

PPG has completed the acquisition of Dexmet Corporation from Sverica Capital Management. Dexmet, headquartered in Wallingford, Connecticut, is a specialist manufacturer of precision expanded metal foils and polymers used in lightning strike protection, power storage and aerospace applications; the deal expands PPG's engineered materials capabilities for aerospace and related end markets.

MRI Software acquired ProLease, a Stamford-based provider of lease administration, lease accounting and workplace management software, expanding MRI's occupier solutions and lease accounting capabilities. The acquisition adds ProLease's installed base of more than 700 clients and several integrated modules—real estate, equipment, lease accounting, workplace, maintenance and project—supporting MRI's growth across geographic markets and compliance with new global lease accounting standards.

Carolina Precision Technologies (a portfolio company of Linx Partners) has acquired Renchel Tool Inc., a Putnam, Connecticut-based precision contract manufacturer specializing in complex orthopedic instruments and implants as well as aerospace and petrochemical components. The deal, supported by senior financing from Fifth Third Bank, is an add-on to expand CPT’s manufacturing capabilities, capacity, and customer base.

Compass Partners Capital LLC, a Stamford-based investment firm focused on defense and aerospace, has completed the acquisition of Micro Precision LLC (MPI), a South Windham, Connecticut-based supplier of critical parts and mechanical assemblies to the U.S. submarine program. Compass said the investment will support MPI's growth and expansion of manufacturing capabilities to better serve prime submarine contractors and the U.S. Department of Defense.

Transom Capital Group acquired Conair Corporation's professional liquids division and renamed the business Beauty Quest Group. The company is a manufacturer and marketer of branded and private-label hair care, color and styling products and provides contract manufacturing services; Transom plans to operate it as a standalone platform to drive operational improvements and growth.

Kohlberg & Company, a private equity firm, has completed a growth capital investment in Orthopaedic & Neurosurgery Specialists (ONS), a multi-specialty orthopedic and neurosurgery physician group headquartered in Greenwich, Connecticut. The capital will support expansion of ONS's clinical capabilities and ancillary services and broaden its patient base across the Tri-State area.

Marlin Equity Partners has completed the acquisition of Clarus Commerce, a provider of premium subscription loyalty programs and a technology platform for retailers. The transaction was made alongside Clarus management with minority investment from Norwest Venture Partners; Marlin said it will support product investment, partnerships and accelerated growth.

Universal Pure Holdings LLC (a Tilia Holdings company) acquired Stay Fresh Foods LLC effective July 1, 2019. The deal expands Universal Pure’s high-pressure processing (HPP) capacity and Northeast footprint—adding Stay Fresh’s two SQF Level 3-certified facilities in Meriden, Connecticut and Pennsauken, New Jersey—and brings beverage co-packing and additional value‑added services into the platform.

Balance Point Capital led a $55 million financing (senior debt and preferred equity) in Budderfly, Inc., bringing total capital raised to $77 million alongside Edison Partners, Connecticut Growth Capital, the State of Connecticut (DECD), Connecticut Innovations, founder Al Subbloie and senior management. The funding will support Budderfly’s growth in the Energy Efficiency-as-a-Service market, scaling its software, IoT-enabled controls and facility upgrades across nearly 1,000 contracted North American locations.

Littlejohn & Co. has completed the $700 million acquisition of Kaman Corp.'s distribution unit, transferring roughly 2,200 employees across about 220 U.S. locations and Puerto Rico to Littlejohn's industrial portfolio. Kaman said the divestiture lets it refocus on its core aerospace and engineered products businesses while Littlejohn expands its industrial distribution holdings.

GI Partners completed a recapitalization of Insurity, Inc., acquiring the leading cloud-based policy administration and analytics software provider for the Property & Casualty insurance industry from existing investors TA Associates, General Atlantic, and Genstar Capital. GI Partners will partner with Insurity's senior management to accelerate growth, expand product capabilities, and pursue add-on acquisitions to drive organic and inorganic expansion.

Angeles Equity Partners acquired APCT Holdings, LLC (APCT) from Saugatuck Capital Company in a 2019 transaction. APCT is a quick-turn, high-reliability printed circuit board manufacturer; the sale represented Saugatuck's exit of its investment in the company.

Cadence, Inc. has acquired the assets of Arcor Laser Services, LLC, a precision laser processing firm based in Suffield, Connecticut. The acquisition expands Cadence's precision technologies and supply chain services—adding laser welding, cutting, machining, marking and micro-drilling capabilities to better serve medical device and industrial customers.

ECP-PF Holdings Group, Inc., a Planet Fitness franchisee owned by Exaltare Capital Partners, acquired four Planet Fitness franchise locations in Branford, East Haven, Guilford and Hamden, Connecticut from franchisees Jerry Mastrangelo and Michael Katz Sr. and Jr. The deal expands ECP-PF's footprint to 98 locations and was the company's third acquisition in 2019.

TABS Analytics has acquired Hybrid Intelligence Inc., a Shelton, Connecticut–based data and analytics software and services provider. The acquisition brings Hybrid Intelligence’s demand‑planning and financial planning software and analytics capabilities into TABS’s CPG-focused analytics portfolio to accelerate product integration and capability expansion.

Southfield Capital has partnered with Protos Security, a tech-enabled managed security services provider, in a control investment to support the company's next phase of growth. Protos' co-founders Chris Copenhaver and Patrick Henderson will remain in leadership roles; Monroe Capital provided debt financing and Pepper Hamilton served as legal counsel to Southfield. The investment will accelerate Protos' software development and expansion into new markets while leveraging its large vendor network and enterprise client base.

Glanbia Nutritionals, a subsidiary of Glanbia plc, has acquired Watson Inc., a third-generation family-owned supplier of food and supplement ingredients headquartered in West Haven, Connecticut, for $89 million. The deal brings Watson’s ~300 employees and manufacturing sites in Connecticut and Illinois into Glanbia’s global nutritionals platform to expand capabilities, product offerings and global coverage.

Dynata has acquired Reimagine Holdings LLC, a global provider of data creation and technology-enabled business intelligence, from BV Investment Partners. Reimagine — which includes Critical Mix, MarketSight (a cloud-based SaaS analytics platform), and PopResearch — is based in Westport, Connecticut and will be integrated into Dynata's first-party data and analytics offerings.

May River Capital, together with Longview Asset Management and Knox Capital Holdings, completed a merger combining Stancor, L.P. and BJM Pumps LLC into Industrial Flow Solutions (IFS), a May River portfolio company. The combined business will operate under IFS to provide integrated pump design, manufacturing, sales and service for industrial, municipal and construction end markets.

Investment funds managed by Morgan Stanley Capital Partners completed an investment in Clarity Software Solutions, a Madison, Connecticut-based provider of data-driven member communication software for health payors, TPAs and dental insurers. Founder Sean Rotermund will remain CEO as MSCP partners with management to drive organic growth, product development and broaden market presence.

Mosaic Capital Partners announced an ESOP acquisition of Best Friends Pet Hotel, a national pet hotel operator with 30 U.S. locations and ~90,000 active clients, enabling employees to become owners. Industry veteran Reed Howlett joined as an investor and board member; ICG Capital Securities served as Best Friends' financial advisor.