Acquisitions in Connecticut in 2020

ECI Software Solutions signed a definitive agreement to acquire Glastonbury, Connecticut–based Shoptech Industrial Software Corp., a provider of ERP software for job shops and made-to-order manufacturers. Upon closing (expected in Q4 2020), Shoptech will join ECI's Manufacturing division; terms were not disclosed.

Blacksmith Applications, a Strattam-backed SaaS provider of trade promotion management and revenue management solutions, has acquired TABS Analytics, a technology-enabled analytics and shopper-insights firm. The deal combines Blacksmith's trade promotion software with TABS' data science, virtual shopper research and category management capabilities to expand revenue-management and analytics offerings for CPG and retail clients.

Broadtree Partners, a Charlotte-based lower-middle market private equity firm, has acquired Precision Devices Inc., a 40-year-old remanufacturer and aftermarket supplier of components for the material handling industry headquartered in Wallingford, Connecticut. The transaction (supported by Bank Prov) installs Dan Brunstetter as CEO while sellers Bill Bacha and Mark Hoover remain engaged to support operations as Broadtree pursues growth of the business.

World Insurance Associates LLC (WIA), a national insurance brokerage, acquired The Watts Group LLC, a surety bond and P&C agency based in West Hartford, Connecticut. The acquisition expands WIA's surety bonds capabilities and brings The Watts Group's leadership and book of mid-market and large-scale accounts into WIA's national platform; terms were not disclosed.

TZP Group, a New York-based private equity firm, has acquired Awareness Technologies, Inc., a Westport, Connecticut provider of endpoint monitoring, productivity, parental-control and analytics software. Financial terms were not disclosed; TZP named Elizabeth Harz as Awareness Technologies' CEO and said the investment is the first for its TZP Small Cap Partners II fund to capitalize on increased remote work and growing demand for device monitoring solutions.

Capco has acquired NEOS LLC, a Hartford, Connecticut-based consultancy focused on insurance strategy, operations, data, and technology. NEOS’s leadership team, including Founder and Managing Partner Ernst Renner, and its employees will join Capco to expand the firm’s insurance capabilities; financial terms were not disclosed.

Milliman, a global actuarial and consulting firm, acquired Dental Actuarial Analytics, LLC (DAA), a Connecticut-based boutique actuarial consulting firm specializing in dental provider network assessments and benchmarking. The acquisition expands Milliman's dental consulting capabilities—bringing DAA's PPO Network Study, competitive network analysis expertise, and related analytics into Milliman's dental and healthcare offerings.

FYZICAL, a New Harbor Capital portfolio company and franchisor/operator of physical rehabilitation centers, completed an add-on acquisition of three Connecticut-based FYZICAL franchisee clinics. The acquisition expands FYZICAL's corporate-owned footprint into the Northeast and enables the company to deploy pilot initiatives and Centers of Excellence to support its franchise community.

Sunwater Capital, a private equity firm based in North Bethesda, Maryland, has acquired the assets of Irving Levin Associates, a long-standing publisher of healthcare and senior housing M&A and finance market intelligence. The acquisition gives Sunwater strategic capabilities in information and healthcare market intelligence and transfers ownership of Irving Levin’s publications and related assets.

Crave Better Foods, maker of Chipwich, has acquired the SOLERO organic fruit bar business from Iris Brands, LLC and will merge the brand into its Connecticut operations. The founders of Iris Brands, Josh Hochschuler and Steve Gill, will partner with Crave Better Foods to market Solero alongside Chipwich and pursue synergies and scale in the frozen novelty category; terms were not disclosed.

Coretelligent, a managed IT and cloud services provider (and portfolio company of VSS Capital Partners), acquired Soundshore Technology Group, a boutique managed services firm serving hedge funds, private equity, RIAs and family offices. The deal — terms not disclosed — expands Coretelligent's financial-services IT portfolio, adding Soundshore's client relationships and contributing to a combined organization of over 200 employees and 500 clients.

Foreside Financial Group acquired the regulatory compliance business of Integrated Compliance Solutions Group (ICSGroup), a Hartford-based compliance services firm focused on asset managers and emerging managers. The add-on expands Foreside's technology-enabled governance, risk and compliance capabilities for hedge funds, private equity and other alternative investment managers; financial terms were not disclosed.

World Insurance Associates LLC, a nationally ranked insurance brokerage based in Tinton Falls, New Jersey, acquired Flanagan Associates, LLC of North Haven, Connecticut effective November 1, 2020. The acquisition expands World’s local presence and service offerings in personal, commercial, and life insurance; terms were not disclosed.

Teleflex Incorporated acquired Z-Medica, LLC — a Wallingford, Connecticut-based manufacturer of QuikClot hemostatic products — from private equity owners Linden Capital Partners and DW Healthcare Partners. The deal, first announced in October 2020 and reported closed in December 2020, expands Teleflex’s trauma and emergency medicine product portfolio and represents an exit for Linden and DWHP.

Seattle-based marketing services firm DCG ONE has acquired Vertigo Partners, a Stamford, Connecticut qualitative market- and user-research firm. The deal brings primary research, UX research and consumer insights capabilities into DCG ONE's full-service marketing and creative offerings to support clients across CPG and financial services.

Insurity acquired Bill It Now on October 19, 2020 to strengthen its billing and payments capabilities within its cloud-based core system solutions for insurers, MGAs, and program administrators. The acquisition integrates Bill It Now's billing-as-a-service platform and managed billing department to expand Insurity's direct billing, payment processing, and MGA-focused offerings; terms were not disclosed.

LTC Global, Inc. has acquired Glenn G. Geiger Company, Inc., a specialist in executive benefit solutions serving banks, credit unions and corporate clients. The Geiger family will continue to manage the business as LTC Global expands its life insurance distribution capabilities and adds executive benefits expertise to its offerings.

Fastsigns Holdings Inc., parent of FASTSIGNS International, announced the acquisition of GTN Capital Group, LLC, the parent company of NerdsToGo, an emerging IT services franchise. The deal brings NerdsToGo’s ~25 franchise locations into FASTSIGNS’ franchising platform to accelerate growth, leverage FASTSIGNS’ franchise development capabilities, and expand services offered to small businesses and consumers.

BCS Financial Corporation has acquired Medical Risk Managers, Inc. (MRM), a managing general underwriter providing Stop Loss pricing and underwriting services. The acquisition adds MRM’s Stop Loss pricing, underwriting, and case management capabilities to BCS’s Risk Navigator solution set and keeps MRM leadership (Mehb Khoja) in place while MRM remains headquartered in Connecticut.

Stonecourt Capital LP has acquired 365 Data Centers, a provider of hybrid data center and edge colocation solutions, with original investors Lumerity Capital and Longboat Advisors reinvesting alongside the new partner. 365's management team, led by CEO Bob DeSantis, will remain in place as Stonecourt provides capital to accelerate organic growth and pursue near-term acquisitions.

LCR Capital Partners has agreed to acquire Altacircle LLC, a digital marketing consultancy specializing in advertising technology and lead generation. LCR takes 100% ownership and Altacircle founder John Baker will join LCR as Chief Marketing Officer and equity partner to strengthen the firm's digital marketing capabilities for client acquisition and product development.

Catalyst Clinical Research, a NovaQuest-backed CRO headquartered in Wilmington, North Carolina, has merged with Ce3, Inc., an early-phase oncology-focused CRO based in Clinton, Connecticut. The transaction combines Ce3's 15+ years of oncology expertise with Catalyst's broader clinical development and technology capabilities to create a next-generation oncology-focused CRO (add-on to Catalyst's NovaQuest-backed platform).

ReFocus Eye Health, a physician-led ophthalmology platform backed by permanent capital, has acquired OptiCare Eye Health & Vision Centers. The deal adds OptiCare’s three offices (Waterbury, Westport and Torrington) and its ambulatory surgery and laser center in Waterbury, expanding ReFocus’s footprint in the Northeast and strengthening its clinical and surgical capabilities.

The Tranzonic Companies acquired the assets of High-Tech Conversions, Inc., a manufacturer of specialty wiping products and cleanroom supplies based in Enfield, Connecticut. The deal expands Tranzonic’s domestic converting and customization capabilities and is the third acquisition completed by the company since PNC's initial investment in 2018.

Summit Partners made a growth equity investment in The House of Noa, a design-led consumer brand known for premium wipe-clean modular foam play mats and home mats. Woodbridge International advised The House of Noa on the transaction to support the company's product and distribution expansion.

FlashParking, a parking mobility technology company based in Austin, Texas, acquired the Parking Division of Control Systems Incorporated (CSI), a Connecticut-based parking systems provider. The purchase expands FlashParking's customer base in the U.S. Northeast (approximately 1,600 CSI customers) and transfers most of CSI's team to FlashParking while CSI retains a maintenance business for legacy equipment.

Lightyear Capital's affiliated investment funds agreed to acquire an indirect controlling stake in Health Plan One, Inc. (HPOne), a technology-enabled Medicare enrollment platform and digital insurance broker. Peloton Equity and other individual investors are selling shares while HPOne's management remains a shareholder; the investment aims to accelerate growth initiatives and expand the company's digital distribution and analytics capabilities in the Medicare market.

L'Oréal has signed an agreement to acquire Thayers Natural Remedies, a US-based natural skincare brand owned by Henry Thayer Company, and will integrate the brand into its Consumer Products Division. Headquartered in Easton, Connecticut, Thayers recorded approximately USD 44 million in sales in 2019; the transaction is subject to customary regulatory approvals.

MTBC, Inc. (Nasdaq: MTBC) completed the acquisition of Meridian Medical Management (Meridian Billing Management and affiliate Origin Healthcare Solutions) via a stock purchase agreement on June 16, 2020. Meridian — a former GE Healthcare IT business that provides RCM, EHR, RPA (Microbots) and cloud-based BI solutions to large physician groups and health systems and employing more than 200 people — will expand MTBC's technology, customer base and revenue expectations.

Monroe Engineering Holdings, a ShoreView Industries portfolio company, acquired DiCon Connections Inc., a custom cable and wire-harness manufacturer based in North Branford, Connecticut. The add-on expands Monroe’s cable division and assembly capabilities, broadening its product offering for OEMs in building controls, telecommunications and industrial equipment.

Capital Partners (via its Private Equity Income Fund III) completed a control investment in MicroCare, LLC on May 28, 2020, partnering with the company's co-founder and senior management. MicroCare, headquartered in New Britain, Connecticut, manufactures industrial cleaning fluids, coatings, packaging and dispensing solutions for electronics, fiber optics and medical device markets; the investment will support balance-sheet strengthening, manufacturing capability expansion and acquisition-driven growth.

Copley Equity Partners has made a majority investment in Tourmaline Partners, a Stamford-based outsourced trading solutions provider. Financial terms were not disclosed; the investment will support Tourmaline's technology development and expansion into new geographies and asset classes.

Flexpoint Ford has made a strategic growth investment in TigerRisk Partners, a Stamford-based risk, capital and strategic advisor to the global insurance and reinsurance industry. The transaction will provide TigerRisk with additional capital and Flexpoint's sector expertise to support product, talent and geographic expansion while existing management and employees remain significant shareholders.

Aon plc has acquired The Farmington Company, a Connecticut-based provider of enrollment solutions and voluntary benefits administration. The acquisition strengthens Aon's Voluntary Benefits and Enrollment Solutions (VBES) capabilities, adding enrollment, consolidated billing, lifestyle products and premium reconciliation capabilities to Aon's offerings.

KKSP Precision Machining, a portfolio company of Mill Point Capital, acquired PRO Manufactured Products, a Plainfield, Connecticut-based manufacturer of stainless steel, aluminum and other alloy custom components. The deal expands KKSP's machining capabilities and alloy expertise and continues the company's expansion into the Northeast, supporting cross-selling into end markets including medical devices, communications, and water filtration.

Perrigo Company plc completed the acquisition of the oral self-care assets of High Ridge Brands, acquiring brands including Firefly, REACH and Dr. Fresh. The tuck-in purchase expands Perrigo's consumer self-care portfolio and builds on its July 2019 Ranir acquisition to strengthen its position in value children's oral care and broader oral self-care offerings.

Tengram Capital Partners, with investment/partner support from Hilco Global, closed the acquisition of the haircare and skin cleansing business of High Ridge Brands Co., creating a new platform investment focused on consumer personal care. The deal transfers iconic brands such as Zest, Alberto VO5, Coast and White Rain to Tengram, which plans to reinvest in the business, strengthen supply-chain relationships and pursue growth and brand repositioning.

World Insurance Associates LLC (WIA), a nationally ranked full-service insurance brokerage based in Tinton Falls, New Jersey, acquired Martin & Rowland Insurance, Inc. of Prospect, Connecticut effective April 1, 2020. The acquisiton (terms undisclosed) expands WIA’s capabilities and presence in Connecticut, bringing the long-established independent agency into WIA’s national platform.

KKSP Precision Machining, a Mill Point Capital portfolio company, has acquired Prime Engineered Component, Inc., a Watertown, Connecticut-based manufacturer of aluminum, brass and stainless steel custom metal components. The acquisition expands KKSP’s capacity and capabilities—adding Prime’s 85+ multi-spindle screw machines and CNC equipment—and extends the KKSP platform into the Northeast U.S.

Main Street Capital Corporation provided $31.8 million in a combination of first‑lien senior secured term debt and a minority direct equity investment to Classic H&G Holdings, LLC to facilitate a minority recapitalization and provide growth capital and liquidity. The investment, made alongside an unnamed co‑investor and in partnership with the company's existing owner and senior management, also includes a credit facility to support Classic's future growth initiatives and working capital needs.

Infinedi Partners completed a $115 million investment in LAZ Parking, partnering with founder Alan Lazowski and existing management to support the company's next phase of growth. LAZ Parking, headquartered in Hartford, Connecticut, is a leading tech-enabled parking operator across 42 states with over 3,700 locations and a diversified blue-chip customer base.

Boston-based private equity firm Fort Point Capital completed a recapitalization of Barrington Media Group (BMG), a Shelton, Connecticut–based technology-enabled marketing services business, in partnership with the company’s management team. Brookside Mezzanine Partners provided subordinated debt and a co-investment to facilitate the transaction, while Bell Bank provided debt financing; BMG will continue to be led by founder and CEO Peter Stavisky.

Wheels Up completed the acquisition of Gama Aviation LLC (d/b/a Gama Aviation Signature) on March 2, 2020, bringing Gama’s aircraft management and private charter operations into Wheels Up’s owned and managed fleet. The deal integrates Gama’s Part 135 operator capabilities and personnel to expand Wheels Up’s aircraft management, charter offerings and overall operational footprint while retaining Gama operations in Shelton, Connecticut.

Precision Cutting Technologies, a holding company owned by Alleghany Capital Corporation, has acquired Supermill LLC, a Berlin, Connecticut-based manufacturer of high-performance carbide end mills. The deal adds Supermill to the Precision Cutting Technologies platform to expand its cutting consumables portfolio, strengthen its Northeast U.S. presence, and leverage the platform's broader national sales reach.

Five9, Inc. has signed a definitive agreement to acquire Virtual Observer (formerly CSI), a cloud-based Workforce Optimization/Engagement Management provider. The acquisition expands Five9's WFO/WEM capabilities by integrating omnichannel recording, speech analytics and workforce management into Five9's cloud contact center platform; the transaction was expected to close prior to the end of Q2 CY2020.

IES Holdings, Inc. acquired all equity interests in Aerial Lighting & Electric, Inc., a Naugatuck, Connecticut-based electrical contractor specializing in multi-family residential electrical systems. Aerial, which had approximately $24 million in 2019 revenue and over 60 employees, will join IES's Residential segment to strengthen and expand IES's presence in the Northeast and Mid-Atlantic.

Trilantic North America has acquired a substantial interest in Gorilla Commerce, a Westport-founded direct-to-consumer e-commerce platform selling home and pet products. The company's co-founders Jennifer Bernstein and Marissa Saporta retain a meaningful equity stake and will continue to lead the business as Trilantic provides capital to accelerate product introductions, sales-channel expansion, and geographic growth.

Alpine Investors has invested in TEN DIGIT Communications (TDC) and plans to integrate TDC's TDC Bridge intelligent messaging platform with Virtual Hold Technology (VHT), a company Alpine previously acquired. TEN DIGIT's mobile-first messaging capabilities will be offered alongside VHT's voice callback solutions to expand customer engagement capabilities for enterprise contact centers.

Merkle, a Dentsu Aegis Network agency, has acquired Water Cooler Group’s Media Storm, a media planning and buying agency known for its data & analytics and programmatic trading capabilities. Media Storm, based in Norwalk, Connecticut and formerly a portfolio company of TZP Group, will continue to be led by founder Craig Woerz following the transaction.

Fitness Holdings North America (FHNA), one of the largest independent Crunch Fitness franchisees, completed a minority recapitalization and growth financing with Seacoast Capital and E2 Venture Partners. The financing will be used to accelerate FHNA's expansion (organic and acquisitive) across the Northeast as it grows from 22 locations toward a 50+ club target.