Acquisitions in Maine in 2020

Energy North Incorporated (ENG), a Lawrence, Massachusetts–based operator of gas stations, convenience stores and car washes, acquired Tradewinds, a Bangor, Maine–based convenience store and fuel chain. The transaction transfers ownership of ten Tradewinds properties (part of a 15-location local chain) from owners Chuck and Belinda Lawrence to ENG as part of ENG’s continued expansion in Maine.

BayMark Health Services has acquired Liberty Bay Recovery Center, a residential substance use disorder treatment facility in Portland, Maine, marking BayMark's first U.S.-based residential treatment center. The acquisition expands BayMark's continuum of care into residential, partial hospitalization and intensive outpatient services; Mertz Taggart represented Liberty Bay in the transaction.

The Shyft Group, Inc. acquired F3 MFG, Inc., the maker of DuraMag aluminum truck bodies and Magnum branded headache racks, adding the business to its Shyft Specialty Vehicles unit. The acquisition (paid with available cash) expands Shyft's product lineup and national footprint, complements its recent Royal Truck Body purchase, and brings a 140,000 sq ft Waterville, Maine manufacturing facility with reported 2019 sales of about $25 million.

Trilantic North America closed a substantial minority investment in Rarebreed Veterinary Partners, a Portland, Maine–based, technology-enabled veterinary services platform. The investment will fund Rarebreed's growth plan; co-founders Dan Espinal and Sean Miller retain meaningful equity and will continue to lead the business. Existing equity investors Caremi Investments, Northwood Ventures and Halle Capital Management also participated in the financing round.

River Associates Investments (River) partnered with Yale Cordage management to acquire Yale Cordage, a designer and manufacturer of high‑performance synthetic rope based in Saco, Maine. River funded the transaction from its River VII fund with subordinated debt and an equity co‑investment from Northstar Capital and debt financing from TD Bank; River plans to pursue add‑on acquisitions to grow Yale's capabilities and end‑market reach.

Superior Plus Corp. has entered into an asset agreement to acquire Champagne's Energy, an independent retail propane distributor serving Maine that delivers approximately 11 million gallons of propane and distillates annually. The tuck-in acquisition — Superior's second in 2020 — is expected to close in Q3 2020, will modestly increase U.S. propane distribution segment EBITDA, and follows a preferred share investment from Brookfield Asset Management that strengthened Superior's balance sheet.

WEX Inc. agreed to a $400 million private investment from an affiliate of Warburg Pincus, consisting of $310 million of convertible notes and $90 million of common stock, and also obtained an amendment to its senior secured credit facilities to increase financial flexibility. The transaction strengthens WEX's balance sheet and liquidity as it navigates COVID-19 headwinds and supports its strategic initiatives across fleet, travel and healthcare payments.

PDI (PDI Technologies) has acquired ZipLine (National Payment Card Association), a provider of ACH and mobile payment technology, to add private-label debit and mobile payments to its Marketing Cloud platform. The deal brings integrated digital payments to PDI's loyalty and customer engagement tools, strengthening its offering for convenience retailers, grocers, and petroleum wholesalers.

Inverness Graham Investments has acquired KICTeam, Inc., a Maine-based designer and manufacturer of proprietary single-use technical cleaning products for electronic FinTech devices. The deal is the first platform investment for Inverness Graham IV and positions KICTeam as a platform for add-on acquisitions targeting medical device, pharmaceutical, aerospace, semiconductor and other specialty end markets.

Yokogawa Electric Corporation completed the acquisition of all shares of Fluid Imaging Technologies, Inc. on April 8, 2020. The acquisition adds FlowCam flow-imaging particle analysis instrumentation to Yokogawa’s life innovation portfolio to strengthen its cell observation solutions and expand offerings into biopharma, water-quality, and other bioeconomy markets.

An investor group led by Pine Island Capital Partners with participation from Bain Capital Credit and Compass Partners Capital has acquired Precinmac Precision Machining from GenNx360 Capital Partners. Precinmac is a diversified manufacturer of high‑precision machined components and assemblies serving aerospace & defense, semiconductor and general industrial customers; financial terms were not disclosed.

Rarebreed Veterinary Partners, a Portland, Maine-based technology-enabled animal health platform, acquired a majority stake in Maine Veterinary Medical Center (MVMC), a 20,000-square-foot specialty/referral veterinary hospital in Scarborough, Maine. MVMC employs about 150 veterinary professionals (including 21 specialty doctors); as part of the deal MVMC doctors and staff received equity alongside Rarebreed, and deal terms were not disclosed.

Minuteman Security Technologies, a privately held provider of enterprise security systems based in Andover, Massachusetts, has acquired Norris Inc., a systems integrator headquartered in South Portland, Maine. The acquisition expands Minuteman's presence in northern New England and broadens its capabilities into fire life-safety and mass-notification technologies.

Stonewall Kitchen, a specialty food and home goods producer based in York, Maine, has acquired Village Candle, a fragranced candle manufacturer and retailer based in Wells, Maine. The acquisition expands Stonewall Kitchen's home goods and fragrance product assortment and brings Village Candle's manufacturing team and product lines into Stonewall Kitchen's omni-channel platform.