Acquisitions in Florida in 2023

Aquiline Capital Partners has made a majority investment in Pharma Force Group LLC, a U.S.-based provider of 340B administration software and pharmacy benefits management solutions. The partnership will support PharmaForce’s product expansion and strategic M&A plans to accelerate growth across hospitals and health clinics. Piper Sandler advised PharmaForce; transaction closed in Q4 2023 with financial terms undisclosed.

Cyclo Therapeutics completed an all-stock merger with Applied Molecular Transport (AMT), with AMT shareholders receiving 0.1331 shares of Cyclo Therapeutics for each AMT share (approximately 5,822,720 Cyclo shares, or ~18% of the combined company). The combined, Nasdaq-listed company will operate as Cyclo Therapeutics, focus on advancing the Phase 3 TransportNPC study of Trappsol Cyclo for Niemann-Pick Disease Type C1, be led by Cyclo's existing management and headquartered in Gainesville, Florida.

Dunes Point Capital, LP formed Roofing Services Solutions, LLC and acquired Noland's Roofing, Inc., a Clermont, Florida-based residential re-roofing and exterior services provider. Dunes Point Capital Fund III provided the controlling equity and M&T Bank provided debt financing; Noland's operates three Florida locations and employs approximately 70 people as the first investment in a platform consolidation strategy in the aftermarket roofing services space.

Great Day Improvements, a Macedonia, Ohio–based direct-to-consumer home improvement company, has acquired Florida-based Home Performance Alliance (HPA) to expand its presence in the Florida market and add high-performance roofing solutions to its product portfolio. HPA founder and CEO Gary Delia will collaborate with Great Day's leadership and report to CEO Michael Hoy as the business is integrated into Great Day's family of brands.

Classic Collision, a national multi-site auto body repair operator based in Atlanta, has acquired Crash Depot, a family-owned collision repair shop in Auburndale, Florida. The acquisition expands Classic Collision’s footprint in Florida and adds another repair location to its network of facilities.

Rapala VMC Corporation purchased the remaining 40% stake in DQC International, the owner of the 13 Fishing rod and reel brand, from James Coble, bringing the brand fully into Rapala's ownership. Rapala said it will consolidate 13 Fishing into Rapala USA to strengthen its position in the U.S. rod and reel market and leverage its global manufacturing, purchasing and distribution capabilities.

Risk Strategies, a national specialty insurance brokerage, has acquired Setnor, Byer, Boganoff, Inc., which does business as Setnor Byer Insurance & Risk, a Greater Fort Lauderdale insurance brokerage specializing in property, casualty and employee benefits. Terms were not disclosed; Anita Byer will remain as Managing Principal and the agency will leverage Risk Strategies’ scale and specialty resources to expand its market reach and service offerings.

Power Digital, a tech-enabled growth marketing firm, has acquired Endrock Growth and Analytics, a CRO and data analytics agency with offices in the United States, Medellín, Cartagena and Quito. Endrock founder Ned MacPherson will join Power Digital as Chief Growth Officer as the firm integrates Endrock’s CRO, experimentation and analytics capabilities to expand Power Digital’s data-intelligence and conversion optimization offerings.

Pye-Barker Fire & Safety acquired American Fire & Safety Supply, a fire protection and life safety equipment and service provider based in Ocala, Florida, expanding Pye-Barker’s footprint in northern Florida and southern Georgia. The American Fire leadership and team will remain in place to continue serving local customers as part of Pye-Barker’s growing platform of life-safety and security businesses.

Keyes Coverage, a South Florida insurance brokerage and platform partner of Keystone Agency Partners, completed the acquisitions of Sabal Benefits, Nat Steinart & Associates, and Robin Lewis, Inc., expanding its employee benefits and commercial insurance capabilities in South Florida. The add-on deals broaden Keyes Coverage's group benefits expertise and local footprint as part of its ongoing growth strategy with backing from Keystone Agency Partners.

VPR Brands LP acquired the assets of CARTDUB, including its trademark, patent-pending technology, and website, to incorporate CARTDUB's oil-recovery tools into VPR’s portfolio of vaping and cannabis accessories. The acquisition is intended to expand VPR Brands' product capabilities and bring CARTDUB's U.S.-made recovery tools to a wider market; CARTDUB was founded in 2021 by Cliff Thomason, who is named as the inventor and seller.

Sentinel Capital Partners completed a recapitalization of Online Labels Group, acquiring the label converter and flexible packaging business from Tenex Capital Management. Online Labels Group — which operates five U.S. manufacturing facilities and is headquartered in Sanford, Florida — provides pressure-sensitive labels, shrink sleeves and flexible packaging to a wide range of SMB and enterprise customers; the transaction supports a sponsor-to-sponsor transition and continued growth initiatives.

First Reserve, a global private equity firm focused on energy and industrial markets, has acquired AP Group LLC ("AP4"), a global provider of gas and steam turbine maintenance, parts and field services. The acquisition establishes a platform for First Reserve in mission-critical turbomachinery aftermarket services and positions AP4 for organic growth and complementary add-on acquisitions; financial terms were not disclosed.

Painters Supply & Equipment Co. (PSE), a Michigan-based paint and coatings distributor, has acquired Interbay Coatings, Inc., a specialty coatings distributor headquartered in Tampa, Florida. The acquisition expands PSE's specialty coatings capabilities and adds a regional presence in the heavy marine and industrial coatings end-markets.

Conditioned Air Company, a Naples-based residential HVAC platform backed by Gemini Investors, acquired A/C Designs of St. Augustine to expand its footprint into Northeast Florida. The transaction was supported by a debt and equity investment from Genesis Park and a lending package from Cambridge Savings Bank; West 4th Capital advised A/C Designs.

Nixon Medical, a New Castle, Delaware-based medical apparel and linen services provider, acquired the healthcare business of A Linen Connection, an Orlando, Florida commercial laundry that has served Central Florida for more than 40 years. The transaction closed on December 15, 2023; terms were not disclosed and advisers included Fairmount Partners and Cozen O'Connor.

Flourish Research, a multi‑site clinical research platform backed by NMS Capital, has acquired Merritt Island Medical Research (MIMR) in Merritt Island, Florida. The deal is an add‑on to Flourish's platform (its tenth acquisition) and strengthens its neuroscience clinical research capabilities; MIMR's founders and leadership will remain with the site.

Aion Therapeutic Inc. completed the acquisition of all outstanding shares of Toppen Health Inc., a Sanford, Florida-based manufacturer of water filtration systems, pursuant to share purchase agreements dated October 2023. The transaction was satisfied by the issuance of CAD $10,000,000 in common shares and includes a potential US $2,000,000 earn-out tied to revenue targets; Toppen operates a 7,500 sq-ft manufacturing facility and has eight employees.

Heartwood Partners (Heartwood Partners IV, LP) completed an investment in Bush Brothers Provision Co., a fifth-generation, family-owned meat packing and distribution business headquartered in West Palm Beach, Florida. The transaction (completed July 7, 2023) will support capacity expansion and growth as the Bush family retains a meaningful equity stake while partnering with Heartwood to scale production and broaden customer reach.

Quantum Workplace, an employee success platform headquartered in Omaha, Nebraska, has acquired TalentKeepers, a Winter Park, Florida-based provider of employee engagement, onboarding and leadership training solutions. The acquisition adds TalentKeepers' engagement and retention tools and expertise to Quantum Workplace's platform to help HR teams convert employee data into action and improve retention and culture.

Dort Financial Credit Union completed its acquisition of Flagler Bank (Flagler Bancshares Corporation) on December 14, 2023, adding four Florida branches and increasing Dort Financial's assets to over $2 billion. Dort Financial will operate in Florida as "Flagler Credit Union, a Division of Dort Financial," keeping the existing Flagler branches and converting members to Dort's systems to expand its geographic footprint and member services in Palm Beach and surrounding counties.

RFE Investment Partners and Knox Capital completed a recapitalization of BryteBridge Group, an outsourced compliance, legal and filing services provider for nonprofit organizations. The transaction brings new executive leadership (Mike Bryant as CEO, Larry Marshall as CFO), keeps Brian Davis as President, and positions BryteBridge to expand into a technology-enabled full-service legal and compliance platform and pursue buy-and-build opportunities into the for-profit SMB market.

The Valcourt Group has acquired woman‑owned AwnClean USA, a Tampa-based exterior building cleaning company, to expand its service footprint in the Tampa, Florida market. The deal adds awning, pressure washing, window and roof cleaning capabilities to Valcourt’s nationwide platform (which operates in 24 states with ~1,800 employees) while preserving AwnClean’s existing operations under its owner, Amy Diehl.

Broadwing Capital Management LLC has made a growth investment in Campany Roof Maintenance LLC, partnering with founders Ed and Deb Campany to support expansion of the South Florida roofing services provider. Broadwing will provide operational support and capital to scale Campany's roofing maintenance, repair, and replacement services for condominium associations, commercial properties, and high-end single-family homes.

Seacoast Service Partners, a White Wolf Capital Group–backed platform for plumbing and HVAC businesses, has acquired Putnam Mechanical Services, LLC, a commercial HVAC and refrigeration services provider in Southwest Florida. The deal is the platform's second add-on acquisition and expands Seacoast's footprint in Florida and the broader Southeastern U.S.

Installed Building Products, Inc. (NYSE: IBP) has acquired Combee Insulation Company, Inc., Combee Foam Products, Inc. and Air Tight Diagnostics, LLC (collectively “Combee”), a Lakeland, Florida-based installer of fiberglass and spray foam insulation and garage doors. Combee generates approximately $16.5 million of annual revenue and expands IBP’s footprint in Central Florida to serve single-family, multifamily and commercial new-construction customers.

Foley Products Company, LLC completed the acquisition of Coastal Precast of Florida, Inc., a Fort Myers-based manufacturer of sewer pipe and precast concrete products. The purchase expands Foley's presence in the growing Southwest Florida market and enables Foley to offer a broader range of storm, sanitary, retention and specialty precast solutions locally.

ASSA ABLOY has acquired Ghost Controls, a U.S.-based supplier of automated residential gate openers headquartered in Tallahassee, Florida. The small, high-margin business (approx. 40 employees; 2022 sales ~USD 30m) complements ASSA ABLOY's entrance automation and access solutions portfolio and is expected to be accretive to EPS from the start.

Italian film producer Ecopol S.p.A. completed a strategic investment in Tampa-based JRF Technology LLC to strengthen its R&D capabilities in water‑soluble polymer and edible film technologies. JRF will continue to be led by its founders and serve as Ecopol's U.S. R&D Center of Excellence, supporting commercialization across end markets including personal care, healthcare and home care.

Ignite Visibility has acquired Integrated Digital Strategies (IDS), an Orlando-based digital marketing agency focused on franchisor/franchisee marketing, to strengthen Ignite's national-to-local franchise marketing capabilities. The deal — Ignite's first since partnering with Mountaingate Capital in February 2023 — was supported by financing from Capital Southwest Corporation and advised by Lakeside Partners and Karr Tuttle Campbell for IDS.

Hidden Harbor Capital Partners made a strategic investment in Teckrez, LLC, a Jacksonville-based supplier of tackifier resins and acrylic monomer solutions, with the transaction closing on November 30, 2023. Founder Tom Eckhardt will remain an investor and serve on the board; Capital Dynamics provided financing and advisors on both sides supported the deal. Terms were not disclosed.

Grace Hebert Curtis Architects (GHC), a Bernhard Capital Partners–backed AEC platform, has acquired BSSW Architects, a full-service architectural firm with offices in Fort Myers and Naples, Florida. Financial terms were not disclosed; the deal is an add-on to GHC's AEC platform intended to expand capabilities and market presence in southwestern Florida—particularly in education, government and hospitality sectors.

AmatoMartin, a privately held investment holding company, has acquired Valpak from Platinum Equity. Valpak, based in St. Petersburg, Florida, is an omnichannel direct mail and digital advertising provider that will join AmatoMartin’s portfolio alongside Clipper Magazine.

Mercer Global Advisors, a national RIA backed by Oak Hill Capital and Genstar Capital, has acquired Paragon Wealth Strategies, a Jacksonville-based wealth management firm managing approximately $495 million in AUM and serving over 400 clients. The deal expands Mercer’s footprint and capabilities in Florida and brings Paragon’s partners and advisory team into Mercer’s national platform.

An affiliate of H.I.G. Capital has completed the acquisition of Mainline Information Systems, a Tallahassee-headquartered IT solutions provider led by CEO Jeff Dobbelaere. H.I.G. plans to support Mainline's growth through organic initiatives and further acquisitions while the existing management team remains in place.

Carisk Partners, a Miami-based specialty risk transfer and care coordination company focused on the workers' compensation market, completed a recapitalization led by Lee Equity Partners and Elements Health Investors. The transaction (previous sponsor MBF Healthcare Partners) will fund Carisk's expansion and investments in products and services to strengthen its care coordination and value-based clinical offerings.

Branded Legacy, Inc. (OTC: BLEG) completed the acquisition of MariJ Pharmaceuticals, Inc., a Clearwater, Florida-based certified-organic CBD extraction and production company, on December 4, 2023. The deal transfers MariJ's mobile CO2 extraction units, licensed vehicles, production lab, IP (including a patent), organic certifications, customer and operational databases, and licenses to Branded Legacy in exchange for preferred series stock and cash.

Fengate Asset Management has closed the acquisition of a portfolio of wireless communications towers in the United States from TowerCom, LLC. The deal expands Fengate's communications-tower holdings to more than 200 towers across 15 states and was executed on behalf of the Fengate Infrastructure Yield Fund with participation from an investment fund owned by LiUNA's Pension Fund of Central and Eastern Canada.

ARC Health, a Thurston Group portfolio company, has acquired Advanced Psychiatric Group (APG Health), the largest outpatient behavioral healthcare clinic in Central Florida that serves more than 20,000 patients. The deal, announced Dec. 4, 2023, was facilitated by Bayshore Growth Partners and is intended to expand ARC Health's provider network and strengthen APG Health's capabilities and reach across Central Florida.

Del-Air Plumbing, Air Conditioning and Electric (majority-owned by Astara Capital Partners) has acquired Simpson Air, a Tampa-area air conditioning and heating services provider founded in 1999. The add-on expands Del-Air’s presence across the Tampa Bay market and broadens services available to Simpson Air’s homebuilder, homeowner and light-commercial customers, including air purification, HVAC, ventilation and ductwork services.

Eye Health America (EHA), a PE-backed integrated eyecare platform headquartered in Greenville, South Carolina, has partnered with Medical, Laser, & Surgical Care of Vision and Eye Diseases (MLSCVED) in Venice, Florida as its 23rd strategic partnership. The deal expands EHA’s footprint in the Venice/Sarasota region and brings the local ophthalmology practice additional operational and clinical support.

Ruppert Landscape, a Knox Lane–backed commercial landscaping platform, has acquired Tree Amigos Outdoor Services, a Florida-based commercial landscaping company serving the Greater Jacksonville and Orlando markets. The deal expands Ruppert's footprint into Florida and integrates Tree Amigos' maintenance and installation capabilities into Ruppert's branch network to support continued regional growth.

Experian Health has acquired Wave HDC, a healthcare technology firm that provides AI-enhanced data curation and insurance discovery solutions. The deal expands Experian Health’s patient access and eligibility capabilities to enable real-time, single-inquiry insurance identification at patient registration, aiming to reduce claim denials and accelerate reimbursements for providers.

SOCOTEC (via SOCOTEC USA and SOCOTEC UK) has completed acquisitions of U.S.-based SLS Consulting and UK-based IETG, strengthening its life safety, fire protection and electronic surveillance capabilities while accelerating international expansion into the United States and United Kingdom. The deals broaden SOCOTEC's technical services for buildings, infrastructure and water sectors and support the group's growth ambitions and greater international revenue mix.

SPATCO Energy Solutions, a Kian Capital–backed infrastructure services platform, has acquired K&K Electric, Inc., an electrical services provider focused on petroleum fueling and EV infrastructure based in Sanford, Florida. The add-on expands SPATCO's petroleum and EV capabilities and Florida footprint, adding roughly 70 electricians and strengthening service offerings across the Southeast United States.

White Glove and TouchFuse (including LeadJig, Prospectix and Acquire Direct) have merged to form a combined, full-service omni-channel marketing services company focused on financial advisors. The combined company will be led by White Glove CEO Greg Bogich (CEO) and TouchFuse CEO Alexander Hug (President/COO), and White Glove is backed by Rockbridge Growth Equity; financial terms were not disclosed.

Paw Prosper, a pet health and wellness platform based in Aurora, Colorado, has acquired K9 Carts, the original pet wheelchair company founded in 1961. The acquisition adds K9 Carts' US-made, orthopedic-designed dog wheelchairs to Paw Prosper's portfolio of preventative, supportive and rehabilitative pet brands and aims to expand Paw Prosper's mobility and rehabilitative offerings for low-mobility pets.

SmartCover Systems, a portfolio company of XPV Water Partners, has completed the acquisition of Data Flow Systems, a Melbourne, Florida provider of lift station monitoring, control and optimization solutions. The deal expands SmartCover's collection system optimization capabilities to include lift station control, creating a combined business with more than 20,000 deployed devices and service to over 850 North American customers.

Thrive, a NextGen managed services provider, has acquired 4IT, an award-winning Managed Service Provider based in Miami, Florida. The deal strengthens Thrive's cybersecurity, cloud and 24x7 IT support capabilities in South Florida and represents Thrive's 20th acquisition since 2016 and its fourth in Florida.

Earth Systems, LLC has partnered with Orlando-based Bio‑Tech Consulting to expand its environmental engineering and ecological services capabilities across the United States. The deal strengthens Earth Systems' presence in Florida and the Southeast and is part of its long-term growth plan alongside its investor, Palm Beach Capital.