Acquisitions in Connecticut in 2023

Lineage Capital-backed Flightcheck Commercial Aviation Services acquired Keenan Technical Industries (KTI), a provider of aircraft line maintenance services at Bradley International Airport (BDL) and Manchester-Boston Regional Airport (MHT). The transaction closed on December 15, 2023 and expands Flightcheck's line maintenance footprint into the U.S. Northeast as an add-on to its existing platform.

Hudson Robotics and Art Robbins Instruments, an Argosy Healthcare Partners portfolio company, has acquired Tomtec Inc., a Hamden, Connecticut-based maker of automated liquid handling instruments for mass spectrometry sample preparation. The deal expands Hudson's liquid handling and sample-preparation capabilities—adding Tomtec's Quadra/Harvester products and opening new bioanalytics and mass-spectrometry workflows to Hudson's integrated automation solutions.

Turning Rock Partners, a New York-based private investment firm, provided a growth investment in Best Friends Pet Care, an employee-owned premium pet services operator headquartered in Norwalk, Connecticut. The capital will support Best Friends' national footprint expansion and an aggressive acquisitive growth strategy; existing shareholders also participated in the financing.

World Insurance Associates LLC acquired the business of AVI Insurance Group, LLC of Southington, Connecticut on December 1, 2023. AVI, a specialty agency focused on hospitality insurance for hotels and motels (and select commercial lines), will expand World’s hospitality capabilities and client offerings across its national brokerage platform.

Flinn Scientific, a Batavia, Illinois-based supplier of science education products and lab supplies, has acquired Educational Innovations, operator of teachersource.com. The acquisition will integrate Educational Innovations' portfolio of classroom materials, kits and online resources into Flinn Scientific's existing offerings to expand capabilities and support for K–12 science educators.

Stewart Capital and Hadley Capital acquired 4AllPromos LLC, a direct marketer of promotional products headquartered in Connecticut. The transaction was financed with subordinated debt and minority equity from Spring Capital Partners IV, L.P., with Merion Investment Partners partnering in the financing.

Alliant Insurance Services has acquired Newtown, Connecticut-based retirement plan designer and administrator FJC & Associates, adding the firm's team and third-party administration capabilities to Alliant’s Retirement Consulting group. The deal expands Alliant’s retirement consulting footprint in the Northeast and strengthens its TPA and plan-administration capabilities; terms were not disclosed.

HARMAN, a wholly-owned subsidiary of Samsung Electronics, has acquired Roon, the music management, discovery and streaming platform for music enthusiasts. Roon will operate as a standalone HARMAN business, retaining its existing team and continuing to grow its open device ecosystem while leveraging HARMAN's scale and engineering resources to expand product capabilities and reach.

The Shoreham Group led a recapitalization of Merrill Industries, LLC, partnering with the company’s senior management. Parkway Capital supported the transaction by providing subordinated debt and minority equity to back the recapitalization of the corrugated packaging manufacturer serving Southern New England.

Transaction Network Services (TNS) has acquired West Highland Support Services, a market data solutions provider based in Danbury, Connecticut. The deal integrates West Highland’s market-data monitoring, application management and professional services into TNS’ IaaS stack to deliver vendor‑agnostic, end‑to‑end market data solutions for professional traders, institutions and financial services vendors worldwide.

Crete Mechanical Group has acquired a majority stake in C&C Service, LLC, a Stamford, Connecticut-based commercial HVAC services firm. The deal expands Crete’s partner network and marks the company’s entrance into the Connecticut market as part of its broader Northeast expansion strategy.

Catalina Finer Foods, an MGP portfolio company, completed the acquisition of Saugatuck Kitchens on November 9, 2023. The deal expands Catalina's frozen hors d'oeuvres and prepared-food portfolio and broadens its customer reach across foodservice and retail grocery channels.

Arthur J. Gallagher & Co. (Gallagher) has acquired Farmington, Connecticut-based employee benefits agency WDK Benefits, LLC. Terms were not disclosed; John Kaufman and his associates will remain in place as part of Gallagher’s East region employee benefits consulting and brokerage operations to bolster Gallagher’s capabilities in New England.

Swedish lift manufacturer Cibes Lift Group has acquired Elevator Service Company, Inc., a Torrington, Connecticut-based provider of home lifts, platform lifts and elevator maintenance and modernization services. The acquisition gives Cibes a stronger U.S. presence and retains Elevator Service Company as a wholly owned subsidiary under new management.

Security 101, a Gemspring Capital-backed national commercial security provider, has acquired Advance Security Integration (ASI), a long-time Security 101 franchisee based in Southington, Connecticut. The add-on expands Security 101's footprint in New England and integrates ASI's local team and capabilities into the national platform to strengthen regional service delivery across commercial end markets.

Carlin Consumer Health, a PE‑sponsored consumer health platform, has acquired Infirst USA Holdings, LLC, the parent of Infirst Healthcare Inc., the marketer of Mylanta and Mylicon under license from McNeil Consumer Pharmaceuticals. Infirst will become a wholly owned subsidiary of Carlin; the company is based in Westport, Connecticut and ships from a warehouse in Plainfield, Indiana. Financial terms were not disclosed.

Shrieve Chemical Company, a portfolio company of Gemspring Capital, has acquired Gilbert & Jones, a New Britain, Connecticut-based distributor of specialty and industrial chemicals. The acquisition expands Shrieve's product offering and geographic reach into additional end markets such as aerospace, automotive and electronics, and brings Gilbert & Jones' supplier and customer relationships into the Shrieve platform.

Hull Street Energy has made a strategic growth investment in Greenskies Clean Focus, a vertically integrated developer, constructor, financier, owner and operator of distributed solar, storage and microgrid projects. The investment expands Hull Street Energy's footprint in critical power infrastructure and will support accelerated deployment of behind-the-meter renewable resources across the United States, in collaboration with prior investor JLC Infrastructure and Greenskies leadership.

Precision Optical Technologies, Inc. (Precision OT) has acquired Opticonx, a U.S.-based manufacturer of fiber optic cabling components and assemblies. The acquisition strengthens Precision OT's domestic manufacturing capabilities and expands its product portfolio to better serve broadband, aerospace/defense and biomedical markets.

Yale New Haven Health System (YNHHS) has acquired PhysicianOne Urgent Care, a regional 24/7 urgent care and telehealth provider operating locations across Connecticut, Massachusetts and New York. The acquisition—approved by the Connecticut Department of Public Health—integrates PhysicianOne's urgent care and virtual services into YNHHS to expand access to convenient, coordinated care across the region.

Net at Work, a leading North American provider of digital operations platform solutions, has acquired NexVue, a long-standing Acumatica partner and developer of Acumatica-based software and services. The acquisition expands Net at Work’s Acumatica ERP capabilities and brings experienced Acumatica professionals and broader service offerings into its Digital Operations Platform for SMB clients.

Calvert Street Capital Partners portfolio company Machine Specialties, Inc. has acquired Cambridge Specialty Company, Inc., a Berlin, Connecticut-based precision manufacturer of flight-critical aerospace, defense and space components. The add-on expands MSI's capacity and capabilities, providing customer and service diversification while supporting growth initiatives.

Waterbury-based Cly-Del Manufacturing Company has acquired Semco Tool & Manufacturing Company Inc., a family-owned manufacturer of custom eyelets and deep-drawn metal components in Naugatuck, Connecticut. The deal is framed as a values-driven transaction to preserve Semco’s family legacy while expanding Cly-Del’s manufacturing capabilities and local footprint.

Keter Environmental Services, a recycling and waste management company backed by TPG, has acquired Waste Harmonics from Arcapita Group Holdings. The deal combines Waste Harmonics' tech-enabled waste management platform and nationwide vendor network with Keter's operations to expand capabilities and scale; Waste Harmonics' revenue reportedly nearly quadrupled under Arcapita to approach $400 million.

Florence Healthcare, a Site Enablement Platform provider, acquired VersaTrial, a clinical trial site solutions provider, to enhance site enablement capabilities and streamline operations for research sites, sponsors and CROs. The deal will integrate VersaTrial’s features to reduce technology burden, speed feasibility responses, and improve communication across study personnel within Florence’s global network of connected sites.

GTCR, a Chicago-based private equity firm, has acquired Foundation Source, the nation’s largest provider of foundation management services, from Incline Equity Partners. GTCR is partnering with wealth-technology veteran Joseph Mrak III as CEO and has committed capital to invest in technology enhancements, acquisitions and organic growth to expand Foundation Source’s product offerings and channel partnerships.

Teamshares Inc. has acquired Success Printing and Mailing, Inc., a Shelton, Connecticut-based commercial print and mailing company. The transaction, which closed in July 2023, transitions the business to employee ownership with the sellers Robert (Bob) Hurwitz and Joe Plescia staying on through the handover.

Thermogenics, Inc. has acquired Hartford Boiler Repair Works, a West Hartford, Connecticut-based boiler service and repair company founded in 1926. The acquisition expands Thermogenics' service footprint into the U.S. Northeast and adds Hartford Boiler Repair Works' expertise in boilers, pumps, pipe welding, zone valves and burners to Thermogenics' boiler lifecycle platform.

Fulcrum IT Partners has acquired F3 Technology Partners, marking Fulcrum's second U.S. acquisition and fourth global acquisition of 2023. The deal expands Fulcrum's managed services, cloud, and cybersecurity capabilities and strengthens its presence in the Healthcare and Financial Services verticals.

Chicago-based private equity firm Frontenac has entered a partnership with New Haven-based City Line Distributors, joining food-distribution veteran Sean Griffin and City Line CEO Robert Berkowitz to support the company’s next stage of growth. The investment establishes City Line as a platform to pursue add-on partnerships with independent food distributors across the Northeast, preserving the company’s customer-centric model while driving geographic expansion.

Fortress Investment Group invested $130 million in Nassau Financial Group, acquiring a minority non-voting common equity stake (approximately 7.7%) as part of a strategic partnership that closed on September 1, 2023. The deal includes a long-term Investment Management Agreement giving Nassau's insurance subsidiaries access to Fortress' credit strategies; Golden Gate Capital remains Nassau's majority shareholder.

Anvil Capital portfolio company Air Temp has completed the acquisition of The Eugene Steinberg Company (TESCO), marking Air Temp’s fourth add‑on under the Anvil Capital platform. The deal adds plumbing design, installation and service capabilities to Air Temp’s commercial HVAC platform in the greater Hartford, Connecticut region and is intended to accelerate regional growth and expand service offerings.

Subway has entered into a definitive agreement to be acquired by affiliates of Roark Capital. The deal pairs Subway's global quick-service restaurant footprint with Roark's franchise and multi-location leadership to support growth, restaurant modernization and franchisee initiatives.

New York-based Greenbacker Capital Management has made a strategic minority equity investment in Telyon, a Connecticut-based renewable energy developer focused on commercial & industrial solar, battery storage and EV charging projects. The growth capital injection will help Telyon scale headcount, expand its platform and execute a nationwide pipeline of C&I projects across more than 21 states.

Los Angeles-based private equity firm Highview Capital has made a minority growth investment in Safety Marking (SMC), a Bridgeport, Connecticut–headquartered highway and roadway marking company. Founder Mark Kelly will retain a significant stake and remain President as the partnership aims to support SMC's continued geographic and service expansion in the Northeastern United States.

Quadrant Management, LLC has acquired Rose Mill Co. LLC, a West Hartford, Connecticut-based processor and distributor of boron-based specialty materials and provider of custom toll processing services. Financial terms were not disclosed; Everingham & Kerr acted as exclusive financial advisor to Rose Mill on the transaction.

ARMStrong RM, a portfolio company of Incline Equity Partners, has acquired NEIS, Inc., a provider of premium audit and loss control services for the insurance industry. The add-on expands ARMStrong's insurance services capabilities and enables NEIS to continue operating under its brand while leveraging ARMStrong's broader client base.

IMA Financial Group has agreed to acquire Sinclair Risk & Financial Management effective Aug. 1, 2023. Sinclair will retain its name, offices in Wallingford and Norwalk, CT, and its leadership team and 32 associates while joining IMA to expand the broker's presence and capabilities in the Northeast.

Cloud Equity Group’s portfolio company Brightworks IT has completed an investment in RAD Computing, a Vernon, Connecticut-based managed service provider focused on aerospace manufacturing clients. Terms were not disclosed; the deal is intended to expand Brightworks IT’s national MSP footprint and accelerate growth in the aerospace/manufacturing market while enhancing cybersecurity capabilities for defense/military suppliers.

Dallas-based private equity firm Tailwater Capital announced a partnership with Ash Creek Renewables to back the company as a platform for renewable fuel feedstock solutions. Ash Creek, led by CEO John Cusick, will provide feedstock marketing, distribution, pretreatment and logistics to North American renewable diesel and sustainable aviation fuel producers.

Thoma Bravo made a strategic growth investment in Bluesight to support Bluesight's acquisition of Medacist, combining two medication-management and drug-diversion analytics businesses into a single hospital pharmacy software platform. The combined company will expand Bluesight's medication intelligence capabilities and serve more than 2,000 hospitals across North America; committed financing was led by Monroe Capital and existing investor New Leaf Ventures remains invested. Financial terms were not disclosed.

Certus, a Ridgemont-backed training and certification platform, has acquired Workforce180, an eLearning certification provider serving workforce development boards, non-profits and government agencies. The acquisition will expand Certus' workforce development offerings and integrate Workforce180's course catalog and expertise with Certus' existing brands (including Metrix Learning) to better serve unemployed and underemployed learners and the professionals who support them.

Intus Biosciences (Intus Bio) has acquired Pattern Genomics, integrating Pattern's advanced genomic analysis and machine learning tools into Intus Bio's Titan-1 microbiome assay and analysis platform. The acquisition, supported by investor Connecticut Innovations, brings Pattern Genomics' founder Daniel Fasulo into Intus Bio as Head of IT and Bioinformatics to accelerate capability expansion and biomarker discovery across healthcare and pharmaceutical end markets.

AOTCO Metal Finishing, a Billerica, Massachusetts-based specialty finishing provider, has acquired Modern Metal Finishing (MMF) of Oxford, Connecticut. The purchase expands AOTCO’s anodizing capabilities and establishes a Tri-State distribution hub to provide local pickup and delivery for customers across New York, New Jersey, and Connecticut while retaining MMF’s management and employees.

Supreme Optimization, backed by private equity firm Trinity Hunt Partners, has acquired Connecticut-based Clarity Quest Marketing. The acquisition expands Supreme’s life-sciences and healthcare-technology marketing capabilities by adding Clarity Quest’s PR, branding, strategy, and messaging services; Clarity Quest will continue operating under its existing brand.

XDimensional Technologies (XDTI), a Serent Capital–backed insurance software provider, has acquired Shelton, Connecticut–based I-Engineering. The acquisition brings I-Engineering’s product suite and team into XDTI to strengthen implementation, support, product and technology capabilities and expand coverage of MGAs, wholesalers, program administrators and carriers.

Hawke Media has acquired Leverage Marketing, a digital marketing agency led by CEO Bob Kehoe, to combine performance marketing services and advanced e-commerce marketing capabilities. The acquisition brings Leverage’s software-driven performance tools and analytics into Hawke Media’s service offering to expand capabilities for clients across retail, e-commerce, healthcare and other end markets.

Olympia Chimney & Venting, a subsidiary of Olympia Chimney Supply Holdings, LLC, has acquired SnapLok Systems' U.S. and Canadian business operations. The deal brings SnapLok's patented chimney and duct cleaning products and inventor-founder David Kresge into a long-term partnership with Olympia, with SnapLok products to be distributed through Copperfield Chimney Supply.

Advantive acquired VeraCore, a SaaS order and warehouse management provider for 3PLs, and ParityFactory, a food-and-beverage-focused WMS/MES, to broaden its manufacturing and distribution software offerings. The acquisitions expand Advantive's ERP/MES/WMS capabilities and enable the company to better serve third‑party logistics providers and specialty food & beverage manufacturers.

Regency Centers Corporation agreed to acquire Urstadt Biddle Properties Inc. in an all-stock merger valued at approximately $1.4 billion including assumed debt and preferred stock. The combined company will create a larger portfolio of grocery-anchored, open-air shopping centers (481 properties, ~56 million sq. ft.), with Regency shareholders owning ~93% and Urstadt Biddle shareholders ~7% of the combined company.