Acquisitions in Delaware in 2023

Alera Group, a national insurance and financial services firm based in Deerfield, Illinois, has acquired Delaware-based CBM Insurance Agency. The deal brings CBM’s commercial, personal and life & health insurance business — which serves clients across Delaware, Maryland, Pennsylvania and New Jersey — into Alera’s national platform; terms were not disclosed.

Creative Planning, a leading independent Registered Investment Advisor headquartered in Overland Park, Kansas, has acquired Daniels + Tansey, a Wilmington, Delaware-based firm offering integrated financial advisory, tax services, and investment management. The acquisition expands Creative Planning's advisory and tax capabilities in the Delaware Valley and brings the Daniels + Tansey team into Creative Planning's national platform.

TJC L.P. (The Jordan Company) completed the acquisition of an 80.1% controlling interest in Delrin from DuPont, launching Delrin as an independent, standalone homopolymer business. Under TJC ownership, Delrin will operate independently with new leadership appointments and a focus on investing in technology, capabilities and growth across mobility, healthcare, material handling, industrial automation and consumer end markets.

Sila Services, a PE-backed home services platform, has acquired Burns & McBride Home Comfort, a New Castle, Delaware-based residential HVAC and home comfort services provider. The deal expands Sila Services' Mid-Atlantic footprint and brings Burns & McBride's multi-generational customer base and service capabilities into Sila's platform.

Tendo, a healthcare software company, is acquiring MDsave, a shoppable healthcare marketplace, to integrate MDsave’s marketplace and bundled-pricing capabilities into Tendo’s patient and clinician engagement platform. The deal, announced September 27, 2023, is expected to close in October and aims to simplify access, scheduling, payment, and care management for patients while helping providers and self-insured employers with price transparency and patient acquisition.

The Dermatology Specialists, a physician-founded dermatology group based in New York City, has acquired Delaware Valley Dermatology, expanding the group's footprint into Delaware. Dr. Michael Saruk will join as Regional Medical Director as part of the integration to expand accessible medical and cosmetic dermatology services in the Delaware Valley.

Kade Ventures, a private equity firm, has acquired GleamXLights, a B2B LED lighting brand founded in 2014 and operating manufacturing in Delaware. The deal is intended to scale GleamXLights' global reach, strengthen its supply chain and marketing capabilities, and accelerate growth across commercial and industrial lighting markets.

Investment funds managed by KKR agreed to acquire Industrial Physics from Union Park Capital. Industrial Physics is a global manufacturer of testing, inspection and measurement instruments serving food & beverage, packaging, medical and other industrial markets; KKR plans to support growth organically and via add-on acquisitions and implement an employee ownership program. Financial terms were not disclosed.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Mallard Financial Partners, Inc., a Newark, Delaware-based wealth management firm. The deal brings Mallard's team and approximately $180 million AUM into Mercer to provide expanded in-house estate, tax and planning capabilities to Mallard's clients and support future growth.

Omni Services, Inc. has acquired The Briggs Company, Inc., a New Castle, Delaware-based fabricator and distributor of industrial pipe fittings, hoses and gaskets. Financial terms were not disclosed; the acquisition expands Omni's Northeast distribution footprint and product capabilities in industrial fluid-conveyance components.

XTM Inc. announced and completed the acquisition of QRails, Inc., a vertically integrated earned wage access (EWA) issuer-processor, in a transaction valued at approximately US$3.5 million (cash and XTM common shares) with XTM assuming QRails' debt. QRails — operator of the AnyDay EWA product with offices in Denver, Kansas City and London — will operate as a wholly owned subsidiary with Cary Strange named President, bringing issuer/processor capabilities and live US/UK EWA clients to XTM's payments business.

LHC Group, a national provider of in-home healthcare, acquired Delaware-based Summit Home Care from its ownership team (including co-owner Eric Reinhold). The small, multi-location home health agency provides skilled nursing and therapy services across Delaware and the deal expands LHC Group’s presence in the region; financial terms were not disclosed.

ENT & Allergy of Delaware, a Parallel ENT & Allergy–supported practice backed by Trinity Hunt Partners, has acquired Wilmington Otolaryngology, adding a fourth location to its regional platform. The deal brings Wilmington physicians Lauren Bogdan, MD and Jay Luft, MD into the ENT & Allergy of Delaware/Parallel platform and expands the group's ENT, allergy and audiology service footprint in the mid-Atlantic.

Allmark Door has acquired the New Castle (Newcastle) location of Overhead Door Company of Delmar, retaining the physical site to better support Delaware customers and expand service coverage in the region. The acquisition adds a longstanding, family-owned sales and service location focused on commercial and industrial overhead doors and loading dock solutions to Allmark's Mid-Atlantic platform.

The NFT Gaming Company, Inc. announced it acquired the artificial intelligence assets of Voxpow to integrate Voxpow’s speech-recognition and natural language processing into its proprietary game portfolio. The assets provide voice control, support for more than 100 languages and variants, and sentiment-analysis capabilities to enhance player interaction across NFT Gaming’s platform.

AssuredPartners, a national insurance broker headquartered in Orlando, Florida, has acquired IFS Benefits, LLC, a Newark, Delaware-based employee benefits agency. The 17-person IFS team will join AssuredPartners while remaining under the operational leadership of owners Steve Blewitt and Bob Sonchen as the buyer expands its Mid-Atlantic employee benefits footprint.

Montrose Environmental Group (NYSE: MEG) has acquired Environmental Alliance, Inc. (EAI), a Delaware-founded environmental engineering and consulting firm with offices across the Mid-Atlantic. EAI's senior team will join Montrose's Environmental Consulting & Engineering Division to expand Montrose's remediation and consulting capabilities in the Mid-Atlantic; terms were not disclosed.

Unigasket Group, controlled by PFH Palladio Holding and founder Vittorio Calissi, has acquired a majority stake in MTO Hose Solutions Inc., a US-based manufacturer and marketer of PTFE tubes and hoses. The add-on expands Unigasket's presence in North America, complements its fluoropolymer product offering and supports the group's international growth plan under Palladio's backing.

BP Environmental Services, a portfolio company of Expedition Capital Partners and Tecum Capital Partners, has acquired ASI Comprehensive Waste Management of Newark, Delaware. The acquisition expands BP's national footprint and adds ASI's asset-light waste management and recycling capabilities for multi-location customers across the United States and Canada.

Smith System Driver Improvement Institute, a portfolio company of Levine Leichtman Capital Partners, has acquired Driving Dynamics, a Newark, Delaware-based provider of driver safety training for commercial fleets. The add-on expands Smith System's training capabilities (virtual and in-person classroom, behind-the-wheel, eLearning and risk management) and further consolidates its market position in fleet safety services.