Acquisitions in Maine in 2022

Class Valuation, a Troy, Michigan-based appraisal management company, has acquired Property Val, LLC, a Freeport, Maine appraisal management/residential appraisal firm. The acquisition expands Class Valuation’s presence and appraisal capacity in Maine and the New England market and bolsters its regional appraisal panel and market-data capabilities.

Prima has acquired Prospect Farms, a vertically integrated USDA Certified Organic hemp farm and manufacturing complex in Prospect, Maine, and together the businesses will operate as Uplifter Brands, PBC. The deal gives Prima in-house cultivation, formulation and fulfillment capabilities to accelerate growth across personal care, supplements, spa/hospitality and pet wellness and is backed by strategic investors including Maximalist, Greycroft, Lerer Hippeau, Global Founders Capital, Ropart Asset Management and Platform Ventures.

Dead River Company acquired Maine Energy Company in September, marking the end of three generations of family ownership after owner Robert Cort’s retirement. The acquisition is an add-on to Dead River’s regional heating-fuel platform (which is PE-backed by Redwood Capital Investments) and will rebrand Maine Energy offices under the Dead River name while consolidating local heating oil and propane operations in the Bangor area.

Accenture has acquired The Beacon Group, a Portland, Maine–based growth strategy consulting firm. Beacon's team of more than 60 growth strategy, market modeling and M&A advisory experts will join Accenture Strategy, deepening Accenture's capabilities in market modeling, targeting and inorganic-growth advisory.

Minuteman Security Technologies, Inc. (DBA Minuteman Security and Life Safety) acquired Inlution Inc., a systems integrator based in Presque Isle, Maine. The acquisition expands Minuteman's presence in northern Maine and strengthens its footprint across the Northeast for integrated security, communications and life-safety systems.

Diodes Incorporated has completed the acquisition of onsemi's South Portland, Maine wafer fabrication facility and operations (SPFAB). The transaction transfers SPFAB employees to Diodes and includes a multi-year wafer supply agreement under which Diodes will continue manufacturing onsemi products while Diodes ramps additional CMOS and BiCMOS capacity to support automotive and industrial end markets.

Diodes Incorporated has completed the acquisition of onsemi’s operational 200mm wafer fabrication facility in South Portland, Maine (SPFAB). The divestiture allows onsemi to redeploy production to other fabs as part of its fab-liter strategy while Diodes gains U.S. 200mm capacity to support growth in automotive and industrial end markets.

Funds affiliated with Clayton, Dubilier & Rice (CD&R) and TPG Capital agreed to acquire all outstanding shares of Covetrus for $21.00 per share in cash, implying an enterprise value of approximately $4.0 billion. The transaction, which closed in October 2022, takes Covetrus private; the company will continue to be led by CEO Benjamin Wolin and remain headquartered in Portland, Maine.

Advanced Instruments has signed an agreement to acquire Artel, a Westbrook, Maine-based provider of calibration and validation instruments, consumables, software and services for life-science laboratories. The add-on transaction is funded by Patricia Industries and Advanced Instruments (with external debt), values Artel at an upfront ~$85m with contingent payments of up to $55m, and is intended to expand Advanced Instruments' liquid-handling portfolio and R&D capabilities.

LesserEvil has acquired a majority stake in Portland, Maine–based R.E.D.D. Bar, marking LesserEvil's first acquisition and giving the company an entry into the functional bar category. LesserEvil will move R.E.D.D. production to its Danbury, Connecticut facility, incorporate the R.E.D.D. team (including founder Alden Blease), and integrate the brand into its better-for-you snack portfolio.

Faribault Woolen Mill Company has acquired Brahms Mount from SFERRA Fine Linens (a portfolio company of Highlander Partners) in a divestiture that aligns SFERRA with its core SFERRA and Pratesi brands. The acquisition is an add-on for Faribault Mill, bringing a complementary, vertically integrated American-made luxury textiles brand with manufacturing operations in Maine.

TA Associates has acquired Stonewall Kitchen from Audax Private Equity, with the Stonewall management team remaining invested and continuing to run day-to-day operations from York, Maine. The investment will support continued buy-and-build growth, including further acquisitions, product innovation, and expansion of Stonewall's wholesale, retail and direct-to-consumer channels.

New York-based private equity firm Goode Partners LLC made a $30 million minority growth investment in JOCKO FUEL to support the sports nutrition brand's product-line expansion, logistics improvements, and broader retail and direct-to-consumer distribution. The capital will help JOCKO FUEL accelerate growth while partnering with founder Jocko Willink and the existing management team.

ImageFIRST has acquired Pratt Abbott Uniform & Linen, headquartered in Greater Portland, Maine, with a service center in Portsmouth, New Hampshire; terms were not disclosed. The deal (excluding Pratt Abbott Retail's dry-cleaning and home delivery) marks ImageFIRST's first facility in Maine and expands its medical linen service footprint in New England while retaining existing leadership and employees.