Acquisitions in Kentucky in 2021

Teleperformance has acquired Senture, a US-based business process outsourcing (BPO) operator focused on government services, from Kingswood Capital Management for an enterprise value of US$400 million. Senture, headquartered in London, Kentucky, generated approximately US$192 million in revenue (2021e) and operates a network of more than 4,500 advisers (about 85% remote); the deal is intended to strengthen Teleperformance's citizen/government services vertical and expand its US capabilities.

Hy-Tek Holdings, a portfolio company of Dunes Point Capital, has acquired Advanced Handling Systems (AHS), a material handling automation integrator based in Erlanger, Kentucky. AHS operates two U.S. facilities, employs about 90 people, and focuses on robotic solutions and full-service systems integration to serve end markets such as e-commerce, third-party logistics, and parcel.

Mammoth Holdings announced that SUDS Car Wash, a four-unit express car wash operator in eastern Kentucky, has joined the Mammoth platform. SUDS owner Jeremy Holbrook made a significant equity investment in Mammoth as part of the transaction, which grows Mammoth's footprint in Kentucky to nine locations.

FAT Brands has acquired Fazoli's Group, Inc. from private equity firm Sentinel Capital Partners for an enterprise value of $130 million. Fazoli's, headquartered in Lexington, Kentucky, operates nearly 220 franchised and company-owned quick-service Italian restaurants across the United States; the acquisition expands FAT Brands' portfolio of franchised restaurant concepts.

Graphic Village has acquired Mail Louisville, a variable print and mailing company based in Louisville, Kentucky. The deal expands Graphic Village's variable print and mailing capabilities, adds a SOC-II certified secure facility in Kentucky, and the Mail Louisville team will continue to operate from their Louisville location as a division of Graphic Village; the acquisition is part of growth activity by parent Revitalize Capital.

Globe Electric Company acquired Heath Zenith, LLC (HeathCo), a leading provider of outdoor security and decorative residential lighting and door chimes, from Transom Capital Group. The acquisition expands Globe Electric’s North American product portfolio and retail footprint across the U.S., Canada and Mexico and brings HeathCo’s category-leading DIY retail relationships into Globe’s platform.

Cortec Group (through an affiliated investment group led by Cortec Fund VII) completed a growth recapitalization of Pink Lily on November 16, 2021, with founders Tori and Chris Gerbig remaining significant owners and continuing to lead the company. The investment will support Pink Lily's continued e-commerce growth through marketing optimization, new product introductions, and investments in personnel and systems infrastructure.

MPE Partners (Morgenthaler Private Equity) completed a recapitalization of DecoArt, a manufacturer of paints and finishes for arts, crafts and home decorating. The transaction brings in incoming CEO Jonathan Kane, keeps founder Stan Clifford involved as a board member, and positions DecoArt for accelerated organic and inorganic growth including potential add-on acquisitions.

Bowman Consulting Group Ltd. acquired the assets of BTM Engineering, Inc., a Louisville, Kentucky-based civil and structural engineering, surveying and landscape architecture firm. The asset purchase (financed with cash, seller financing and stock) is expected to initially contribute approximately $3.0 million of annual net service billing and expands Bowman's presence into the Louisville market.

Rockbridge Growth Equity has acquired Louisville-based Protect Environmental and will integrate it into its national environmental services platform currently operating as RB Home Services, retiring the RB Home Services name in favor of the Protect Environmental brand. Protect Environmental — a leader in radon and chemical vapor intrusion consulting and mitigation — will serve as the cornerstone of the platform's expanded commercial capabilities and will relocate its headquarters to Louisville, Kentucky, with CEO Kyle Hoylman remaining in leadership.

Givaudan has reached an agreement to acquire DDW, The Color House, a US-based natural colour company headquartered in Louisville, Kentucky. The acquisition (terms undisclosed) will expand Givaudan's Taste & Wellbeing portfolio and natural-colour capabilities; DDW operates 12 facilities, has about 315 employees and would have contributed roughly USD 140 million of incremental sales on a 2020 pro forma basis. The transaction is expected to close in Q4 2021 and is planned to be debt funded.

PrestoSports, the college-athletics SaaS platform within Clubessential Holdings, has acquired SuperFan, Inc., a Louisville-based mobile fan engagement, fundraising and electronic ticketing platform. The acquisition expands PrestoSports' athletic-network suite by adding fan engagement, fundraising and ticketing capabilities for college and high-school athletic programs.

Pentair plc agreed to acquire Pleatco, a manufacturer of water filtration and industrial air filtration products, from Align Capital Partners for approximately $255 million in cash. The acquisition expands Pentair's aftermarket pool and spa replacement filter offerings and complements its industrial filtration portfolio, with Pleatco expected to contribute roughly $95 million in annual revenue (2021).

St. Louis-based Manna Pro Products has agreed to acquire Dinovite, a 20-year-old, family-owned direct-to-consumer pet supplement and wellness brand. The deal expands Manna Pro's portfolio and direct-to-consumer capabilities in the companion pet care category; Manna Pro is owned by funds managed by The Carlyle Group.

Groome Industrial Service Group, an Argosy Private Equity portfolio company, acquired Expro Services, Inc. (also referenced as Explosive Professionals, Inc./ExPro), a Kentucky-based specialist in explosive boiler and HRSG cleaning. The add-on deal expands Groome's industrial maintenance capabilities, creates cross-selling opportunities in power generation and petrochemical markets, and enables penetration into the waste-to-energy sector.

Trinseo (NYSE: TSE) completed the acquisition of Aristech Surfaces LLC, a North American manufacturer of polymethyl methacrylate (PMMA) continuous cast and solid surface sheets. The purchase—announced in coordination with SK AA Holdings, an affiliate of Falcon Private Holdings—expands Trinseo's engineered materials portfolio, strengthens its acrylic solutions capability and supports geographic growth, including increased exposure to Asia.

Humana Inc. has acquired the remaining 60% interest in Kindred at Home from private equity sponsors TPG Capital and Welsh, Carson, Anderson & Stowe in an $8.1 billion enterprise-value transaction, making Humana the nation’s largest provider of care in the home. Kindred at Home operates home health, hospice and personal care services across ~40 states (serving ~550,000 patients annually and employing ~43,000 caregivers) and will be integrated into Humana’s Home Solutions/CenterWell home health platform to accelerate value-based, home-based clinical care.

Madison Industries’ Indoor Air Quality vertical (Madison IAQ) has agreed to acquire Big Ass Fans from funds managed by Lindsay Goldberg. Financial terms were not disclosed; the deal is expected to close in Q3 2021 and expands Madison’s indoor air quality and airflow product portfolio.

Boston-based private equity firm Cohere Capital has made a strategic growth investment in Promevo, a Burlington, Kentucky-based provider of Google Workspace, Chrome, and Google Cloud Platform services and software (including its gPanel management product). The capital will support Promevo’s expansion of service offerings and further development of software and solutions for customers operating on the Google technology ecosystem.

Comfort Systems USA, Inc. has entered into a definitive agreement to acquire the Amteck, LLC family of companies, a Lexington, Kentucky‑based electrical contracting firm. Amteck is expected to contribute approximately $175–$200 million of annualized revenue and will expand Comfort Systems’ electrical capabilities and presence in the Southeastern United States.

Gopuff has acquired Liquor Barn, a Kentucky-based chain of 23 beer, wine and liquor stores, from private equity firm Blue Equity. The deal gives Gopuff physical retail footprint and inventory infrastructure across Kentucky to accelerate its instant-delivery expansion and deepen its presence in Louisville, Lexington and other markets in the state.

LifePoint Health agreed to acquire Kindred Healthcare in June 2021 and completed the transaction in December 2021, combining LifePoint's community hospital network with Kindred's long-term acute care, rehabilitation and behavioral health capabilities. The deal created a new national system, ScionHealth, and LifePoint committed to invest roughly $1.5 billion over three years to expand services, technology and community-based care.

Chicago-based private equity firm Wind Point Partners has acquired American Trailer Rental Group (ATRG), a Kentucky-based provider of short-term trailer rental solutions, from Milton Street Capital with minority/other investors (including Main Street Capital) exiting. Wind Point will partner with ATRG management to expand the fleet and geographic footprint through acquisitions and greenfield openings while management retains a meaningful equity stake.

KnowFully Learning Group, a NexPhase Capital‑backed provider of professional education, has acquired Creative Educational Concepts (CEC), an accredited provider of interprofessional continuing medical education. The acquisition brings CEC’s live and online CME capabilities and oncology-focused programs into KnowFully’s healthcare education portfolio, with CEC founder Dr. Joni Fowler continuing to lead the division.

Integrity Marketing Group has acquired Plan Advisors, an independent marketing organization (IMO) with offices in Louisville, Kentucky and Miami, Florida. The acquisition gives Plan Advisors access to Integrity’s proprietary MedicareCENTER platform, CRM, quoting and enrollment technology and centralized back-office resources to scale its Medicare distribution and accelerate growth; financial terms were not disclosed.

Cross Company, a 100% employee‑owned industrial solutions provider, has acquired Regal Metrology, a Louisville, Kentucky precision measurement company that provides dimensional measurement equipment calibration and sales. Regal Metrology will join Cross Company's Precision Measurement division and expand Cross's calibration, inspection and equipment representation capabilities for manufacturers in Kentucky, Tennessee and the surrounding region.

An ownership group led by Trailcreek Capital Group, LLC has acquired the Home Instead Senior Care Louisville franchise from long-time owners Brent and Becky Beanblossom. Steve Hendricks has assumed the role of CEO of the Louisville office and will continue operating the local in‑home senior care business, with no immediate staffing changes and plans to hire additional CAREGivers to expand services.

Physical Rehabilitation Network (PRN), a Carlsbad-based physical therapy provider and portfolio company of Gryphon Investors, acquired Professional Rehabilitation Associates, PSC (PRA), adding three outpatient clinics and management of one inpatient physical therapy center in Kentucky. The deal expands PRN's national footprint to roughly 150 clinics across 14 states and marks PRN's entry into the Kentucky market.

Würth Industry North America (WINA) and its Northern Safety & Industrial (NSI) business have acquired Louisville-based ORR Safety, a privately held PPE and safety distributor with over $125M in revenue, more than 250 employees and four U.S. distribution facilities. The deal expands WINA/NSI's personalized safety services, private-label offering and geographic reach into markets such as rail, automotive and government while integrating ORR Safety's customer programs and logistics capabilities.

AssuredPartners, Inc. has acquired Rice Insurance Services Company, LLC (RISC) of Louisville, Kentucky. The 27-person agency, which generates approximately $6 million in annualized revenue and specializes in real estate E&O programs, will join AssuredPartners to expand the firm’s presence and capabilities in Kentucky.

Podiatry Growth Partners, a St. Louis-based platform backed by private equity investors, announced a strategic partnership with Kentucky/Indiana Foot and Ankle Specialists (KYINFAS), the largest podiatry practice in metropolitan Louisville led by Dr. Syed Khader. The deal brings KYINFAS's 20 providers into the Podiatry Growth Partners platform to support continued expansion of locations, providers, and capabilities in the region.

Soterra Capital-backed SinglePoint Solutions has acquired EngagedPro and combined the businesses under SinglePoint Communications Group to expand its IT and telecom solutions offering. The acquisition is intended to accelerate market entry, broaden service capabilities, and scale strategic engagements for both companies' customers.

Industry Dive has acquired Mobile Payments Today from Networld Media Group in a divestiture that adds payments-focused coverage and audience to Industry Dive’s B2B media portfolio. The acquisition gives Industry Dive a foothold in the payments market and will transition Mobile Payments Today content into Industry Dive’s planned Payments coverage.

Trivest Partners has partnered with Bluegrass Orthopaedics (BGO) in Lexington, Kentucky to form a new national management services organization (MSO) as the seventh platform investment from Trivest Fund VI. Trivest invested alongside BGO physicians and also supported investment in Bluegrass Specialty Surgery Center to accelerate growth, invest in facilities and talent, and pursue add-on orthopedic practice partnerships.

Kingswood Capital Management, LP completed the acquisition of Senture, LLC, a provider of multi-channel contact center solutions serving government agencies, commercial customers, and large system integrators. Kingswood plans to support Senture's growth trajectory and management team following the transaction; Senture has over 3,400 employees and is headquartered in London, Kentucky.

Financial Information Technologies (Fintech), a provider of technology solutions for the beverage alcohol industry, has acquired Aperity, a data management and analytics provider and operator of the Beverage Data Exchange. The acquisition expands Fintech’s InfoSource data platform by adding Aperity’s supply‑chain connectors, integration technology and machine‑learning analytics to deliver broader data insights across distributors, retailers, e‑commerce and syndicators.

DPL Financial Partners received a $26 million combined equity investment from existing investor Eldridge and new backer Atlas Merchant Capital. The growth capital will be used to develop technology and infrastructure to support DPL's network of more than 10,000 advisors; representatives from both investors will join a newly formed board.

Kith Kitchens, a portfolio company of private equity firm Pfingsten, has acquired Mouser Custom Cabinetry, a manufacturer of semi-custom and custom kitchen and bath cabinets based in Elizabethtown, Kentucky. The add-on acquisition (closed December 31, 2020) expands Kith's product portfolio and manufacturing capabilities to better serve remodeling and new construction customers.

Elm Street Technology, a provider of residential real estate technology, has acquired VoicePad, a Louisville-based provider of mobile lead-generation and telecom solutions for real estate brokerages and agents. The deal expands Elm Street's Elevate platform capabilities by integrating VoicePad's lead-generation and telecom technology and supports Elm Street's ongoing acquisition-driven growth strategy backed by a strategic partnership with Aquiline Capital Partners.