Acquisitions in Kentucky in 2023

TA Associates has made a strategic investment in Computer Services, Inc. (CSI), joining existing investors Centerbridge Partners and Bridgeport Partners to support CSI’s growth and product expansion. The transaction closed in December 2023 and will help CSI advance its multi-tenant cloud banking platform and expand capabilities for community and regional banks; financial terms were not disclosed.

ERIKS North America (ENA), a portfolio company of LKCM Headwater Investments, has acquired the assets of Branham Corporation, a Louisville-based fabricator and distributor of industrial hoses, gaskets, conveyor belts and related services. The transaction brings Branham's five fabrication/distribution plants, eight sales locations and a team of more than 100 employees into ENA's North American platform to expand geographic coverage and product/service capabilities.

First Stop Health, a Chicago-based virtual care provider backed by Sverica Capital Management, has acquired SentryHealth, an AI-driven employee health and wellbeing platform. The acquisition adds care management and advocacy capabilities to First Stop Health’s virtual primary, urgent and mental health services to better serve employer clients and their employees.

1Vision has acquired Preferred Marketing Solutions, a Louisville-based marketing, print and fulfillment provider that was previously a wholly owned subsidiary of Papa John's International. The deal expands 1Vision’s print, direct mail and retail marketing capabilities and strengthens its fulfillment presence in the eastern U.S., including heat-set web capabilities for higher run-length projects.

LBMC announced that Strothman & Co, a Louisville-based accounting firm, will join LBMC effective Nov. 1, expanding LBMC’s Kentucky presence and adding 60 professionals. The transaction increases LBMC’s footprint to five locations and enhances its service capabilities—particularly in healthcare and advisory services—while growing the firm’s total headcount to more than 850 team members.

Godspeed Capital Management LP has made a strategic investment in Stengel Hill Architecture (SHA) to establish SHA as a new architectural, engineering, and consulting (AEC) platform focused on the U.S. healthcare facilities market. The investment will support geographic expansion (targeting Florida, Texas and California), capability diversification, and pursuit of complementary add-on acquisitions while SHA's existing leadership retains a significant equity stake.

Michigan-based Craig Frames has acquired WallsThatSpeak, a Paducah, Kentucky online seller of framed scenic, motivational and educational wall decor. The deal expands Craig Frames' product offering in framed prints, stretched canvas and decorative art while reinforcing its emphasis on U.S.-based manufacturing and faster custom/semi-custom fulfillment.

Classic Industries has acquired Parts Unlimited Interiors (PUI) from Restoration Parts Unlimited, Inc. and its private equity owner Dubin Clark; Prestwick served as exclusive advisor to the sellers. Terms were not disclosed. PUI, headquartered in La Grange, Kentucky, is a manufacturer of aftermarket automotive interior soft goods (seat upholstery, door panels, window felts) serving classic GM, Mopar and Ford applications.

Fabcon Precast, a Solace Capital Partners-backed precast manufacturer, has acquired the precast division of The Bristol Group (Bristol Precast), adding a production facility in Charlestown, Indiana and offices in Lexington, Kentucky. The acquisition expands Fabcon's geographic footprint into the Mid‑South (Kentucky, Ohio, Indiana, Tennessee, Missouri and West Virginia) and broadens its engineered/prestressed precast product offering.

Growth Acceleration Partners (GAP), an Austin-based technology services firm, has acquired Mission Data, a Louisville-headquartered digital product and custom software development firm. The acquisition expands GAP’s digital product, design and engineering capabilities and enables the combined company to deliver digital business transformation services to a broader set of enterprise and public-sector clients.

Bluewave Technology Group has acquired J.I.L. Communications, Inc., a Louisville-based telecommunications advisory and management firm; financial terms were not disclosed. The acquisition—Bluewave's fourth this year—adds JIL's network, hybrid cloud and contact-center advisory capabilities and more than 350 active customers (notably in healthcare and manufacturing), strengthening Bluewave's technical capability and presence in Kentucky.

Arthur J. Gallagher & Co. (Gallagher) has acquired Benton, Kentucky-based retail insurance broker Morgan, Trevathan & Gunn, Inc. The boutique brokerage, which specializes in trucking industry insurance for clients in Kentucky and nearby states, will continue to operate from its current location with its existing leadership team remaining in place under Gallagher's Mid-South retail P/C brokerage operations.

MB2 Dental has partnered with/acquired Simon Dentistry, a single-location dental practice in Bowling Green, Kentucky led by Dr. Daniel Simon. TUSK Partners advised Simon Dentistry on the sale; MB2 (a Dallas-based dental partnership organization backed by private equity) will support the practice as part of its national platform.

Kian Capital Partners acquired Brycor, Inc., a leading Meineke Car Care Center franchisee that operates 15 locations in the Louisville, Kentucky metropolitan area, in partnership with management to establish a new platform called PARC Auto. The deal creates a multi-location Meineke franchise platform backed by Kian to pursue geographic expansion, new store openings and further acquisitions within the Driven Brands franchise system.

Cherry Bekaert has completed the acquisition of MCM CPAs & Advisors LLP, a regional accounting and advisory firm headquartered in Louisville, Kentucky. The deal expands Cherry Bekaert's footprint into Kentucky, Ohio and Indiana and adds approximately 370 employees and $72 million in annual revenue to the firm.

Molson Coors Beverage Company has agreed to acquire Blue Run Spirits, a Georgetown, Kentucky-based producer of premium bourbon and rye whiskies, and will house the brand within its newly established Coors Spirits Co. The founders of Blue Run will remain with the brand, with co-founder Mike Montgomery taking an expanded role leading Coors Spirits Co., as Molson Coors accelerates its premiumization and expansion into the spirits category.

Embrace Software Inc has acquired Bellwether Software, a 30‑year provider of procurement, purchasing and accounts payable automation solutions. The acquisition will allow Embrace to expand its industry-specific software portfolio and accelerate Bellwether's product roadmap, leveraging Embrace's resources and cloud expertise.

BuildOps, a Santa Monica–based construction SaaS platform, has acquired PWSWARE—the parent company of PerfectWare Solutions and Shark Byte CRM—to expand its field service, project management and CRM capabilities for commercial contractors. The deal follows BuildOps' $50 million funding round led by 01 Advisors and Fika Ventures and is intended to strengthen BuildOps' sales and service offerings for enterprise-level and private equity-backed service businesses.

VersiCare Group, a Partner Company of Seven Hills Capital, has acquired Open Doors, a Louisville-based provider of residential care and Family Home Provider (FHP) services for individuals with intellectual and developmental disabilities under Kentucky’s Supports for Community Living (SCL) Medicaid waiver. The deal expands VersiCare’s footprint in Kentucky (its fourth acquisition in the state) and increases the company’s capacity in home- and community-based I/DD services.

Live Ventures Incorporated (Nasdaq: LIVE) acquired Precision Metal Works, Inc., a Louisville, Kentucky-based metal stamping and value-added manufacturer, for approximately $28 million, including up to $3 million in earn-out consideration. The acquisition adds roughly $75 million in annual revenue, brings approximately 250 employees into Live Ventures’ steel/manufacturing segment, and is expected to be immediately accretive while providing synergies and growth capital to pursue electric vehicle and other end-market opportunities.

Funds managed by SER Capital Partners completed the acquisition of Charah Solutions, Inc., a Louisville-based provider of environmental remediation, ash management and byproduct recycling services to the power generation industry, for $6.00 per share. The transaction (approved July 12, 2023) takes Charah private from Bernhard Capital Partners and other shareholders; Charah's outstanding 8.50% Senior Notes remain obligations of the company and the business will continue operating under SER with its existing management and nearly 600 employees.

Marsh McLennan Agency, a business of Marsh, has acquired Integrity HR, Inc., a Louisville-based human resources consulting firm. Integrity HR’s 13 employees and HR consulting capabilities will join Marsh McLennan Agency’s national Employee Health & Benefits division to expand HR, compensation, succession planning and talent acquisition services for midsize clients.

Druid Capital Partners has completed the acquisition of Thermex-Thermatron, a long-established manufacturer of high-power industrial RF and microwave heating systems, partnering with Thermex management led by President/CEO Ray Lund. The transaction provides liquidity to existing shareholders and positions Thermex to pursue growth opportunities while continuing to serve global customers across automotive, medical and packaging markets.

PaperWorks Industries Inc. has completed the acquisition of The Standard Group, a custom printed paperboard packaging converter with a manufacturing facility in Louisville, Kentucky. The deal adds ~120 employees and expands PaperWorks' integrated folding carton footprint and vertical integration across North America; PaperWorks is PE-backed (Gamut Capital Management).

STV Group, Inc. has acquired American Engineers, Inc. (AEI), a full-service civil engineering firm with more than 120 professionals and offices across Kentucky and Georgia. The transaction closed on June 1, 2023; AEI will operate as AEI, an STV Company, expanding STV’s presence and service capabilities in the rapidly growing I-75/I-65 corridor in the Southeast U.S.

Transmission, an AI-powered content and communication software company based in Bowling Green, Kentucky, acquired visitor-management provider LobbyFox and the Industrial Communications digital-signage/HMI division of Eyeconic.TV for undisclosed amounts. The deal brings LobbyFox's visitor orientation and compliance software and Industrial Communications' digital signage, HMI application software, and proprietary hardware into Transmission's manufacturing-focused employee engagement platform.

Atlanta-based holding company Purpose Group has acquired Gerald Printing (which operates under Gerald Printing & Liberty Imaging) of Bowling Green, Kentucky. The deal, signed May 15 after an LOI on February 28, transfers ownership from longtime owner Joe Davis as he transitions to a consulting/part-time role; Purpose Group plans to retain the existing team and leadership under new CEO John Mazeika.

OneMagnify, a Crestview Partners–backed marketing and data solutions provider, has acquired Splash Analytics, a Louisville-based analytics and predictive modeling firm. The deal (financial terms not disclosed) expands OneMagnify's data science and predictive analytics capabilities as an add-on to its platform.

HPS Investment Partners has completed a transaction to acquire a majority equity stake in SGS & Co, a global provider of technology-enabled brand design, digital marketing, and packaging artwork services. The deal restructures SGS's capital structure with substantial debt reduction and positions the company to accelerate investments in technology, automation, and service expansion.

Peoples Bancorp Inc. (Nasdaq: PEBO), parent company of Peoples Bank, completed its acquisition of Limestone Bancorp, Inc. (NASDAQ: LMST) and Limestone Bank, Inc., effective April 30, 2023. The transaction adds Limestone's ~20 branches across Kentucky (about $1.5 billion in assets) to Peoples' footprint, expanding Peoples' Kentucky franchise and customer base.

Full Guard Capital has provided strategic growth capital and support to Comprehensive Correctional Care ("3C"), an outsourced inmate healthcare provider based in Benton, Kentucky. The partnership will supply resources to help 3C expand its contracted medical services for county correctional facilities across Kentucky and pursue a multi-year growth plan.

Risk Strategies, a national specialty insurance brokerage, has acquired HollandStivers Employer Solutions, an employee benefits specialist based in Paducah, Kentucky. The acquisition (terms undisclosed) expands Risk Strategies' National Employee Benefits Practice into Kentucky and adds HollandStivers' payroll administration, HCM implementation and HR services capabilities.

Equine Network, a tech-enabled membership services platform backed by Growth Catalyst Partners, has acquired The Horse (TheHorse.com and The Horse: Your Guide to Equine Health Care). The purchase adds The Horse’s vetted equine health content, digital library and custom marketing services to Equine Network’s information and membership offerings to expand audience reach and capability in equine health education.

Platinum Equity acquired a majority interest in Tarter Farm and Ranch Equipment from affiliates of the company's founders; financial terms were not disclosed and the Tarter family remains a minority shareholder. Tarter, founded in 1945, manufactures farm and ranch equipment with production facilities in Kentucky and a manufacturing/distribution center in Corinne, Utah; Stephen Frazier will serve as CEO going forward.

Houchens Industries, Inc. has acquired Feeders Supply, LLC (Feeders Pet Supply) from PNC Riverarch Capital; terms were not disclosed. Feeders is an omnichannel pet specialty retailer headquartered in Louisville, Kentucky with 53 retail locations and a growing e-commerce platform.

Court Square Capital Partners has made a strategic capital (growth) investment in Five Star Parks & Attractions to support the company's expansion and optimization of its family entertainment center portfolio. Terms were not disclosed; existing shareholders Fruition Partners, Taubman Capital, and management will remain significant minority investors.

Ajax Defense, a veteran-owned holding company focused on strengthening U.S. defense supply chains, has acquired Whelan Machine & Tool from Gremada Industries. Whelan, a Louisville-based precision machining and assembly company serving aerospace and defense customers, was sold in a transaction facilitated by Alderman & Company; terms were not disclosed.

Argosy Private Equity acquired Vac2Go, LLC, a Louisville-based provider of vacuum truck rentals and related repair services, in March 2023. NewSpring (via its mezzanine strategy) provided mezzanine debt and a preferred equity co-invest to support the transaction; Argosy will implement its Value Acceleration Methodology to grow Vac2Go's fleet, branches and used-equipment sales channels.

City Holding Company (Nasdaq: CHCO) completed its acquisition of Citizens Commerce Bancshares, Inc., the parent of Citizens Commerce Bank of Versailles, Kentucky, effective March 10, 2023. The all-stock transaction was valued at approximately $62.1 million (exchange ratio: 0.1666 shares of City per share of Citizens) and merges Citizens Commerce Bank into City National Bank of West Virginia to strengthen City's presence in the Lexington, Kentucky MSA.

Spartaco Companies, a portfolio company of Platte River Equity, has acquired the Bulldog Bender brand of cable benders from inventor Vince May. The acquisition adds Bulldog Bender’s U.S.-made cable bending products to Spartaco’s portfolio to expand its offering for professional electrical installers and related end markets.

R.E. Carroll, Inc. (REC), a 97-year-old raw materials distributor headquartered in Ewing, New Jersey, has acquired RHD Polymer & Chemical LLC, a Louisville, Kentucky-based supplier of specialty elastomers and additives. Terms were not disclosed; the acquisition expands REC’s product capabilities and presence in the elastomers, plastics and specialty chemicals end markets.

Orangewood Partners announced the divestiture of its Kentucky-based Taco Bell franchisee, ABTB. Financial terms were not disclosed; ABTB was formed in 2018 in partnership with Southpaw and grew to operate ~39 Taco Bell locations in the Greater Louisville, Kentucky market before the exit.

Bluewave Technology Group has acquired Single Point Communications Group (SinglePoint), a Louisville-based IT consulting and advisory agency, expanding Bluewave's footprint in Kentucky and strengthening capabilities in cloud, DRaaS and data center solutions. The deal, executed as part of Bluewave's growth plan with investor Columbia Capital, brings additional scale (Bluewave now has ~140 employees) and keeps prior sponsor Soterra Capital engaged to help grow the Bluewave ecosystem.

Cargill has acquired Owensboro Grain Company, a fifth-generation family-owned soybean processing facility and refinery in Owensboro, Kentucky. The acquisition expands Cargill's North American oilseeds capacity and modernizes its supply chain capabilities to support demand from food, feed and renewable fuel markets; terms were not disclosed and the transaction completed in January 2023.

Miami-based investment group PG Growth Opportunities Fund I (PGOF I) purchased Louisville-based Wild Eggs from Patoka Capital, acquiring the concept and ownership of its 15 locations across Kentucky, Indiana and Ohio. PGOF I plans to keep Wild Eggs' Louisville headquarters and current leadership in place while pursuing regional franchise growth with an initial focus on Lexington, Cincinnati and Indianapolis and an eventual nationwide rollout.

Texas-based investment group CMG completed a series of roll-up transactions in 2022 that added more than 38 Ace Hardware storefronts across nine deals, including the purchase of 20+ Potter's Ace Hardware locations in middle Tennessee and southern Kentucky and several individual Ace franchise stores (three in Wisconsin and one in Douglasville, Georgia). CMG is combining these assets under a single platform called Bolster Hardware to scale operations, realize efficiencies, and provide succession/liquidity solutions for aging, family-owned sellers.

Cerity Partners has completed a merger with ARGI Financial, combining ARGI's approximately 250 professionals and 3,000 clients into the Cerity platform. The transaction expands Cerity's national footprint and strengthens its workplace financial planning and wealth management capabilities.