Acquisitions in Kentucky in 2019

Ampersand Capital Partners has acquired Peptides International and merged it into its existing portfolio company, New England Peptide, creating a combined provider of custom and catalog peptide synthesis services. The transaction is an add-on to Ampersand’s New England Peptide platform to expand scale, capabilities, and customer relationships across pharmaceutical, biotech and academic markets.

Waystar, a leading provider of cloud-based revenue cycle technology, has acquired Recondo Technology, a provider of AI- and RPA-powered patient access and business office automation for healthcare providers. The acquisition expands Waystar's AI and patient-access capabilities and will integrate Recondo's transaction and prior-authorization processing into Waystar's end-to-end revenue cycle platform.

Newtek Business Services Corp. acquired a 51% majority interest in POS on Cloud (d/b/a Newtek Payment Systems), a Kentucky-based cloud point-of-sale (POS) software provider. Newtek will integrate and offer the POS solution through its alliance partners and portfolio channels to expand its payments, payroll and SMB services offering.

Arthur J. Gallagher & Co. (Gallagher) has acquired Garrett-Stotz Company, a Louisville, Kentucky-based full-service commercial and personal lines property/casualty and benefits agency founded in 1931. The deal expands Gallagher’s presence in Kentucky and Indiana, adds expertise in construction and surety, and creates cross-selling opportunities across Gallagher’s retail insurance and employee benefits operations; terms were not disclosed.

The State Group (State Group Industrial (USA) Limited) has acquired Delta Services LLC, a Louisville-based electrical contractor that serves industrial and commercial customers across Kentucky and Southern Indiana. The deal expands The State Group’s footprint and service capabilities in the region, adding Delta’s electrical construction, maintenance, fire/security and communications services to its multi-trade platform.

Family RV Group, a portfolio company of Kidd & Company, LLC, has acquired Candy's Campers, a two-location recreational vehicle (RV) dealer headquartered in Scottsville, Kentucky. The add-on expands Family RV Group's footprint to 11 full-service dealerships across Ohio, Indiana, Kentucky, Tennessee and Georgia and adds sales, parts and service capabilities in the Scottsville and Murfreesboro markets.

US LBM Holdings, LLC acquired Forge Lumber, a Cincinnati-area building materials supplier and mill operator based in Erlanger, Kentucky. The purchase from the Steinman family adds Forge’s manufacturing (doors, stairs, truss plant) and a Cincinnati distribution center to US LBM’s regional footprint, expanding its presence in Ohio, Kentucky and Indiana.

The EQT VIII Fund and Canada Pension Plan Investment Board (CPPIB) agreed to acquire a majority equity stake in Waystar, a cloud-based revenue cycle management provider, in a transaction valuing the company at $2.7 billion. Bain Capital Private Equity will retain a minority stake and will continue to support Waystar alongside the new investors to fund continued innovation and transformative M&A.

Partners Group has acquired Confluent Health from The Edgewater Funds. Confluent, headquartered in Louisville, Kentucky, operates approximately 200 outpatient physical therapy clinics and provides occupational health & safety services and education programs, employing over 2,000 therapists and office professionals. The transaction transfers Edgewater's equity stake to Partners Group, which will look to accelerate growth across Confluent's multi-segment care platform.

The MENTOR Network acquired Just Family, Inc., a Lexington, Kentucky provider of Adult Day Health services, including nine centers and home-based attendant care, in a transaction that closed July 1, 2019. The acquisition gives The MENTOR Network entry into the Kentucky ADH market and expands its ADH footprint to five states.

Waystar acquired PARO Decision Support, a provider of predictive-analytics-powered presumptive charity scoring for hospitals, and integrated PARO's solution into its revenue-cycle technology platform. The acquisition expands Waystar's capabilities in automating charity-determination, helping hospitals identify financial assistance-eligible patients and reduce bad debt.

NXGEN International has acquired Paducah, Kentucky-based payments firm Payment Plus, Inc. The deal expands NXGEN's merchant services footprint and product capabilities in Kentucky and the Midwest, with Payment Plus's CEO Tammy Zimmerman remaining to lead the business under NXGEN ownership.

Atlanta-based Mammoth Holdings LLC acquired FLCW, LLC d/b/a Finish Line Car Wash, an eight-unit express conveyor carwash operator headquartered in Paducah, Kentucky. Finish Line founders Nancy Bergfield and Chris Presswood rolled a significant portion of their proceeds into Mammoth and will take ongoing roles; equity for the deal was provided by Red Dog Equity (in partnership with Tom Pritzker family interests/advised by The Pritzker Organization) and debt financing was provided by Monroe Capital.

Chicago-based private equity firm Wind Point Partners has acquired A&R Logistics, a Louisville-headquartered provider of integrated dry bulk logistics for the chemical and plastics industries. Wind Point will partner with A&R management to expand the company’s domestic infrastructure, grow export capabilities in the Southeast ports, and pursue add-on acquisitions to increase scale and service scope.

ABTB, a partnership between Orangewood Partners and ABDD Capital, acquired eight additional Taco Bell restaurants in the greater Louisville, Kentucky market and will integrate them into ABTB’s existing portfolio, which now totals 32 Taco Bell locations. Financial terms were not disclosed; Paris Ackerman LLP provided legal advice on the transaction.

Capital Partners Private Equity Income Fund III, LP completed a majority-equity investment in Universal Woods on March 15, 2019, partnering with CEO and long-time shareholder Paul Neumann and management. The investment will provide Universal Woods — a Louisville-based manufacturer of hard-surface coated substrates for image sublimation and mezzanine decking — with additional resources to support growth, new product development and hiring; debt financing was provided by PNC.

Further Global Capital Management, an employee-owned private equity firm focused on financial services, completed the acquisition of Payment Alliance International (PAI), the largest privately-held ATM provider in the U.S. PAI, headquartered in Louisville, Kentucky, operates over 75,000 ATMs and provides turnkey placements, managed services, processing and support services.

Women's Care Enterprises, a Tampa-based multispecialty women's health platform and portfolio company of Lindsay Goldberg, has partnered with London Women's Care, a Kentucky-based OB‑GYN and multispecialty practice. The deal brings London Women's Care's 29 providers and 113 employees into the Women's Care Enterprises platform to support the company's strategic growth and expansion of women's health services.