Acquisitions in Connecticut in 2021

Argo Infrastructure Partners made a long-term investment in LAZ Parking, enabling Infinedi Partners to fully exit its $115 million investment in the company. LAZ Parking, headquartered in Hartford, Connecticut, is a large U.S. parking operator and parking-technology provider operating thousands of locations across dozens of states.

Dobbs Equity Partners, through its holding Dobbs Family Automotive, acquired Papa's Dodge, Inc. (dba Papa's Chrysler Dodge Jeep Ram) in a transaction that closed on November 5, 2021. The acquisition adds the New Britain, Connecticut dealership to Dobbs' portfolio of franchise automobile dealerships as an add-on to its existing platform.

Essity has acquired US-based advanced wound care company Hydrofera for USD 116 million, with a potential additional earnout of up to USD 15 million. Hydrofera, headquartered in Manchester, Connecticut with about 90 employees, brings Hydrofera Blue antibacterial wound dressings and distribution relationships across hospitals, clinics and long-term care—supporting Essity's Medical Solutions capability expansion.

RINGFEDER POWER TRANSMISSION has acquired all shares of CARLYLE JOHNSON MACHINE COMPANY, LLC, a U.S.-based manufacturer of clutches, brakes and power-transmission components. The deal expands RINGFEDER's product portfolio and strengthens its presence in high-growth motion-control end markets such as medical devices, aerospace and industrial automation.

Motion Industries, a wholly-owned subsidiary of Genuine Parts Company, agreed to acquire Kaman Distribution Group from Littlejohn & Co. for approximately $1.3 billion in cash. KDG, headquartered in Bloomfield, Connecticut, operates ~220 locations with ~1,700 employees and is expected to generate roughly $1.1 billion of revenue in 2022; the deal is expected to close in Q1 2022 and deliver $50M+ of run-rate synergies.

Mitratech has acquired Continuity, a cloud-based Governance, Risk and Compliance (GRC) technology and advisory provider focused on banks, credit unions and the broader financial services market. The acquisition adds Continuity’s Regulatory Operations Center, AI-driven analytics and advisory services to Mitratech’s legal operations, risk and compliance product portfolio to deepen capabilities for financial-institution customers.

Novaria Group has acquired GK Mechanical Systems, LLC, a designer and manufacturer of automatic positive locking systems for aerospace, defense and naval customers; terms were not disclosed. The deal expands Novaria's portfolio of proprietary hardware and strengthens its engineered locking and component capabilities while GK's management will continue to run the business.

World Insurance Associates LLC (WIA), a Top 100 insurance brokerage headquartered in Tinton Falls, New Jersey, acquired Ciardiello Insurance Agency of Hamden, Connecticut on December 1, 2021. The acquisition expands WIA's presence in the Connecticut market; terms were not disclosed.

Veritas Capital has signed a definitive agreement to acquire Finalsite, a Glastonbury, Connecticut–based leader in school websites and digital communications, from Bridge Growth Partners. Financial terms were not disclosed; the transaction is expected to close in the fourth quarter of 2021 and is intended to scale Finalsite's education technology platform and accelerate growth.

Littelfuse, Inc. acquired Carling Technologies, Inc. for $315 million in cash. The acquisition — completed in November 2021 — brings Carling's switching and circuit protection products, approximately $170 million in annualized sales and ~2,800 employees into Littelfuse's commercial vehicle business to expand its presence in commercial transportation and communications infrastructure markets.

Werner Enterprises acquired NEHDS Logistics, LLC, a Monroe, Connecticut-based final mile carrier, for $64 million (including a $4 million earnout). The acquisition expands Werner's final mile and big-and-bulky delivery capabilities across the Northeast and Midwest, integrating NEHDS's fleet, facilities and management into Werner's nationwide network.

Genstar Capital has signed a definitive agreement to acquire Brook + Whittle, a North American manufacturer of premium sustainable labeling solutions, from TruArc Partners. Brook + Whittle is headquartered in Guilford, Connecticut and serves consumer end markets (personal care, beverage, food, healthcare and household products); Genstar said it will support the company’s organic and inorganic growth, digitalization and sustainability initiatives.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of Connecticut-based D'Amico, Santoro & Columbia Insurance and J. Phillips Hall Insurance, LLC. The transaction is an add-on acquisition to expand Relation's footprint and client base in Connecticut; terms were not disclosed.

Gamut Capital Management has signed a definitive agreement to acquire Davis-Standard, LLC from ONCAP (the middle-market private equity platform of Onex). Davis-Standard, a Pawcatuck, Connecticut–headquartered designer and manufacturer of extrusion and converting systems with more than 1,400 employees worldwide, will be positioned for accelerated growth and expanded aftermarket and process-solutions capabilities under Gamut's ownership. Financial terms were not disclosed; the deal was expected to close in Q4 2021.

TA Associates is making a strategic growth investment in Insurity, a Hartford-based provider of cloud-native software and analytics for property & casualty (P&C) carriers, brokers, and MGAs. GI Partners, Insurity's existing investor, remains committed and will continue supporting the company as it seeks to accelerate product development, cloud deployments, and market expansion; Insurity has ~1,500 employees and more than 250 cloud-based customers.

Tech24, a national provider of foodservice equipment repair backed by HCI Equity Partners, acquired Commercial Kitchens, Inc., a founder-owned commercial kitchen repair and preventative maintenance provider based in Milford, Connecticut, on November 3, 2021. The add-on expands the Tech24 platform's presence in the Tri-state area and strengthens its capability to serve institutional customers in healthcare, education and other contract markets.

TPG Growth completed a significant growth equity investment in Keter Environmental Services, a US-based full-service recycling and waste management company. The capital will be used to broaden Keter's service offerings, strengthen its salesforce, expand go-to-market capabilities, and support strategic acquisitions to accelerate growth.

GS Foods Group, a specialized foodservice distribution platform owned by affiliates of Highview Capital and A&M Capital Partners, has acquired Thurston Foods, a family-owned broadline food distributor based in Wallingford, Connecticut. The add-on deal expands GS Foods' footprint across the Northeastern U.S. and augments its product offerings and capabilities to serve education, healthcare and foodservice customers.

Spire Orthopedic Partners announced a partnership with Connecticut Neck & Back Specialists, a Danbury, Connecticut-based spine surgical practice. The agreement brings CTNB into Spire’s physician-owned MSO platform to expand Spire’s presence in Danbury while giving CTNB access to Spire’s operational infrastructure, capital and growth resources.

K1 Investment Management provided more than $135 million of growth capital to Logicbroker to accelerate the company's global expansion and further develop its cloud-based drop ship and marketplace automation platform. Logicbroker will use the funding to scale operations, enhance product capabilities, and expand its category leadership in digital commerce fulfillment.

TowerBrook Capital Partners completed the acquisition of ECP-PF Holdings Group, Inc. from Exaltare Capital Management. ECP-PF is a large Planet Fitness franchisee headquartered in Orange, Connecticut, operating 108 clubs across the U.S. and Canada (serving ~600,000 members); TowerBrook said the investment will support accelerated club development and geographic expansion.

ComplySci, a New York–based regulatory technology provider, has acquired National Regulatory Services (NRS), a 30+ year provider of compliance consulting, education and the ComplianceGuardian technology, from Accuity (a LexisNexis Risk Solutions company). The deal combines ComplySci's employee compliance automation platform with NRS' hands-on consulting and training capabilities as part of ComplySci's growth strategy following a $120 million growth equity investment from K1.

The Hilb Group acquired Gerardi Insurance Services, Inc., an independent insurance agency based in Putnam, Connecticut, effective October 1, 2021. The acquisition expands Hilb Group's New England footprint and brings Gerardi's Property & Casualty and Employee Benefits team, led by principals Matthew and Edward Desaulnier, into Hilb's New England regional operations.

Warburg Pincus has made a significant growth investment in TRC Companies to support the firm's continued expansion of environmentally focused, technology-enabled engineering, consulting and construction services. New Mountain Capital exited its investment as part of the transaction; proceeds will be used to scale TRC's compliance-focused engineering capabilities and further its work in decarbonization and utility-focused services.

Walgreens Boots Alliance (WBA) has acquired a majority interest in CareCentrix, investing approximately $330 million for a 55% stake at an $800 million valuation, giving WBA majority ownership. The transaction (now completed) integrates CareCentrix's home-centered care coordination capabilities into WBA's newly launched Walgreens Health segment while CareCentrix continues to operate under its existing leadership.

Kleen-Tech Services, LLC has acquired Sentinel Maintenance Inc. Sentinel's founders Marc Schultz and Chris Greco will continue leading the Sentinel brand while Kleen-Tech integrates Sentinel's construction cleaning, high-access window cleaning and white-glove services to expand its nationwide janitorial and facilities offering.

Unifrax, a Clearlake Capital-backed specialty materials platform headquartered in Tonawanda, New York, has completed its acquisition of Lydall, Inc., a Manchester, Connecticut-based designer and producer of specialty filtration materials and advanced material solutions. The transaction combines complementary product portfolios and global footprints to create a market-leading specialty materials platform focused on filtration, thermal management, battery materials and energy-saving technologies.

insightsoftware has acquired Exago, an embedded business intelligence (BI) provider, to strengthen its embedded analytics capabilities and complement the Logi Analytics division. The acquisition brings Exago’s embedded BI platform and customer base into insightsoftware’s portfolio to expand product functionality and accelerate adoption of analytics within customer-facing applications.

Howden Group has acquired The Spencer Turbine Company, a Windsor, Connecticut-based manufacturer of vacuum systems, gas pressure boosters and industrial blowers. The acquisition expands Howden’s product capabilities in industrial and wastewater treatment markets and provides Spencer Turbine access to Howden’s global distribution network to accelerate growth in North America, China, South America and Europe.

Mnet Health, a provider of patient financial solutions for hospitals and ambulatory surgery centers, acquired One Medical Passport, Inc., a cloud‑based perioperative workflow SaaS provider, with the deal closing on October 1, 2021. The acquisition combines One Medical Passport's front‑end SaaS capabilities with Mnet's payment services and enlarges the combined organization's ASC footprint to serve nearly 1,500 facilities nationwide.

Platte River Equity has acquired Municipal Emergency Services, Inc. (MES) from HB Equity Partners. MES, headquartered in Sandy Hook, Connecticut, is a leading distributor and service provider of equipment for first responders across the United States; Platte River intends to support MES's expansion of product and service offerings and geographic reach.

Franklin Resources, Inc. (operating as Franklin Templeton) acquired O'Shaughnessy Asset Management (OSAM), a Stamford-based quantitative asset manager and operator of the Canvas custom-indexing platform. The deal brings OSAM's factor-based investing and Canvas custom indexing capabilities — and more than 40 team members — into Franklin Templeton's Product Solutions group to expand its separately managed account (SMA) and customization offerings.

Greybull Stewardship, a long-term oriented investment partnership, made an equity investment in VU Custom, a SaaS platform that provides personalization, customization, and small-batch manufacturing services for consumer brands. The investment will support VU Custom’s growth in recurring revenue, expand its service offering, and leverage Greybull’s experience scaling SaaS businesses.

White Oak Global Advisors has acquired Finacity Corporation, a leading global provider of trade finance and receivables securitization solutions. Finacity will operate as a standalone business (to be rebranded White Oak Finacity) with CEO Adrian Katz remaining in place and as a substantive equity holder as White Oak integrates Finacity's capabilities into its asset-based lending platform.

Renovacor, an early‑stage biotechnology company developing AAV‑based gene therapies for BAG3‑associated cardiovascular and CNS diseases, closed a business combination with special purpose acquisition company Chardan Healthcare Acquisition 2 Corp. (CHAQ) and will begin trading on the New York Stock Exchange as Renovacor, Inc., with approximately $95.1 million of gross proceeds (including a $30.0 million PIPE) to fund clinical development into 2023. The transaction preserves Renovacor’s existing management team and provides public-market access and capital to advance its lead program, REN‑001, toward IND submission and a Phase I/II trial.

Unified Women's Healthcare, a PE-backed practice management platform, has acquired Women's Health USA from Sverica Capital Management, which retained a minority stake in the combined company. Backed by Altas Partners, Ares Management and Oak HC/FT, the combined organization becomes the largest physician practice management company dedicated solely to women's health, supporting thousands of providers and hundreds of locations across North America.

Heritage Global Partners (an affiliate of Heritage Global Inc.) acquired substantially all of the assets of American Laboratory Trading (ALT), a leading North American reseller of refurbished laboratory equipment. The deal includes ALT's building in East Lyme, Connecticut, and is intended to expand HGP's biotech and pharma services and New England footprint.

WestView Capital Partners, a Boston-based private equity firm, completed a growth recapitalization investment in Framework Solutions, a Danbury, Connecticut-based provider of outsourced MLR/PRC and regulatory support services for life sciences and pharmaceutical companies. The capital will support Frameworks' growth plans, expand capabilities and resources, and WestView partners Greg Thomas and Thomas Vo will join the company's board.

Strikepoint Group Holdings (SGH) has acquired Solvit Home Services, a Plainville, Connecticut-based provider of HVAC, plumbing, electrical and indoor air quality services. The transaction, SGH's seventh acquisition of the year, will expand SGH's family of regional home services brands and support growth and career opportunities for Solvit's employees and customers; Solvit owner Scott Bilodeau served as the seller and was advised by Uplift Partners.

World Insurance Associates LLC (WIA), a Tinton Falls, New Jersey-based insurance brokerage, acquired Bozzuto Associates Inc. of Litchfield, Connecticut effective August 1, 2021. Bozzuto is an insurance agency specializing in health, life, disability and employee benefits; terms were not disclosed.

LBB Specialties LLC has acquired Centerchem, Inc., a Norwalk, Connecticut-based specialty chemical and ingredients distributor focused on personal care and food & nutrition end markets. The acquisition expands LBB Specialties' product mix and technical capabilities, reinforcing its position in the North American specialty chemical and ingredients distribution market.

Aptean, a global provider of industry-specific enterprise software, has acquired V-Technologies, LLC, a Connecticut-based provider of integrated shipping software (StarShip and ShipGear). The acquisition expands Aptean's logistics and fulfillment capabilities by integrating V-Technologies' shipping and ERP connectivity solutions into Aptean's product portfolio.

Diversified, a portfolio company of Tailwind Capital, has acquired HB Communications, an audio-visual systems integrator headquartered in North Haven, Connecticut. The add-on strengthens Diversified's Northeast footprint and expands its AV, broadcast, collaboration and managed-services capabilities for higher-education and corporate clients.

WolfePak Software has acquired the Welltrax and Fleet Management product lines from Vertrax, adding cloud-based load, dispatch, and driver management capabilities to its mobile product suite. The acquisition expands WolfePak's offerings for crude and bulk commodity haulers by integrating fleet management, ELD/telematics connections, and driver workflows with its back-office oil and gas ERP solutions.

Casella Waste Systems, Inc. (NASDAQ: CWST) acquired Willimantic Waste Paper Co., Inc., a Connecticut-based residential, commercial and roll-off collection and recycling operator, on July 26, 2021. The acquisition expands Casella's footprint into eastern Connecticut and adds a rail-served C&D processing/waste transfer facility and single-stream recycling operations, representing roughly $62 million of annualized revenues.

Specialty Products and Insulation (SPI), a portfolio company of Dunes Point Capital (DPC), has acquired Thermaxx, LLC, a West Haven, Connecticut-based designer, manufacturer and installer of removable insulation covers. Thermaxx's patented energy-savings sensors and mechanical insulation asset management system will expand SPI's insulation product and service capabilities across commercial and industrial facilities in the United States.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of The SIG Insurance Agencies to expand its presence in the U.S. Northeast. The transaction adds SIG’s ~65 employees and strengthens Relation’s commercial and personal lines, employee benefits, and financial services capabilities.

Frontline Managed Services, a global provider of managed services for the legal industry, has acquired InvoicePrep, an outsourced eBilling and invoice compliance service for law firms. The deal brings InvoicePrep's proprietary ICRM workflow and roughly 40 new law-firm clients into Frontline's Financial Managed Services platform to expand eBilling and invoice compliance capabilities.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of Connecticut-based SouthEast Agency LLC. The acquisition — terms undisclosed — adds SouthEast’s P&C expertise (contractors, commercial transportation, hospitality and real estate) to Relation’s East Region, with Jay Lorinsky remaining in a leadership role.

Novolex, a portfolio company of The Carlyle Group, has acquired Flexo Converters USA, Inc., a family-owned manufacturer of stock, custom and recycled paper bags and sacks headquartered in Meriden, Connecticut, with an additional plant in Monroe, Georgia. Flexo's products will be sold under the Novolex Duro Bag brand and the acquisition adds production capacity to support rising demand from foodservice and grocery customers; eligible full‑time Flexo employees will join Novolex.