Acquisitions in Maryland in 2020

Columbia Care Inc. has signed a definitive agreement to acquire Green Leaf Medical, LLC for approximately $240 million ( $45 million cash and $195 million in Columbia Care common shares). The acquisition expands Columbia Care's cultivation, manufacturing, retail and wholesale footprint across Pennsylvania, Maryland, Ohio and Virginia, and is expected to be immediately accretive to margins and EBITDA pending regulatory approvals.

BlueHalo, a national security engineering platform backed by Arlington Capital Partners, has completed acquisitions of Maryland-based Base2 LLC (Base2 Engineering) and Fortego LLC to expand its cyber and SIGINT capabilities. The add-ons bolster BlueHalo's cyber, SIGINT and CNO capabilities, add prime contracts and cleared technical staff, and support the platform's strategy to grow its presence in defense and intelligence markets.

Marlin Equity Partners has made a majority-control growth investment in StarCompliance, a Rockville, Maryland–based provider of employee compliance and regulatory technology, with existing investor Luminate Capital Partners retaining a minority stake. The capital will be used to accelerate product innovation and support StarCompliance's international expansion.

Integra LifeSciences agreed to acquire regenerative-medicine company ACell, Inc. for $300 million upfront in cash plus up to $100 million in revenue-based milestones. The acquisition adds ACell's MatriStem porcine urinary bladder matrix platform to Integra's tissue technologies portfolio and is expected to close in Q1 2021, subject to customary conditions.

Wolters Kluwer's Governance, Risk & Compliance (GRC) unit has agreed to acquire eOriginal, a Baltimore-based provider of cloud-based digital lending software, for approximately €231 million in cash. The deal expands Wolters Kluwer's digital lending and loan-closing capabilities by integrating eOriginal's electronic vaulting and closing solutions with GRC's compliance offerings.

Gimmal LLC has acquired Infolinx, a Maryland-based provider of physical records management software, to expand Gimmal's physical records management capabilities within its Gimmal Records Management platform. The deal adds warehouse and space management, legacy physical-records migrations, asset tracking and third-party storage integrations to Gimmal's offering; Madison Park Group advised Gimmal and DecisionPoint advised Infolinx.

CareFirst BlueCross BlueShield has agreed to acquire University of Maryland Health Partners (UMHP) and University of Maryland Health Advantage (UMHA) from the University of Maryland Medical System (UMMS). The transaction brings UMMS’s Medicaid and Medicare Advantage plans into CareFirst’s not-for-profit structure to expand its presence in government-sponsored programs and ensure continued coverage for enrollees across Maryland.

Uniphar plc, a Dublin-based diversified healthcare services group, has acquired RRD International, a US-based product development and regulatory consulting firm focused on early-stage biopharmaceutical development. The acquisition is intended to expand Uniphar's US Product Access capabilities—including Expanded Access Programs (EAPs)—and RRD will continue to operate autonomously while integrating with Uniphar's Product Access division.

Merck will acquire all outstanding shares of clinical-stage biopharmaceutical OncoImmune for $425 million upfront in cash, with additional sales-based and regulatory milestone payments possible. The deal centers on accelerating development of OncoImmune’s CD24Fc for severe and critical COVID-19; non-CD24Fc assets will be spun out into a new company in which Merck will invest $50 million for a minority stake.

Deutsche Börse AG will acquire an approximately 80% majority stake in Institutional Shareholder Services (ISS), valuing ISS at USD 2,275 million for 100% of the business. Genstar Capital and current ISS management will retain about a 20% stake; the transaction strengthens Deutsche Börse's ESG data, analytics and governance capabilities and is expected to close subject to regulatory approvals.

Fairchild Capital Partners, a Buffalo, New York–based private equity firm, completed a growth capital investment in Caitec Corp, a Halethorpe, Maryland manufacturer and distributor of pet toys and supplies. The investment will support Caitec’s organic growth initiatives and enable the company to pursue strategic acquisitions and expand product availability across retail and e‑commerce channels.

Akers Biosciences (NASDAQ: AKER) and MyMD Pharmaceuticals have entered into a definitive merger agreement that will combine the two companies into a single Nasdaq-listed company to be renamed MyMD Pharmaceuticals, Inc. The transaction, expected to close in H1 2021, gives current MyMD shareholders approximately 80% of the combined company and is intended to provide MyMD access to public capital and Akers' resources to accelerate development and commercialization of MyMD's immunotherapy pipeline.

McCarthy Capital Fund VII completed a substantial minority growth investment in Smartlink, a national provider of asset inventory, network services, network real estate and IT staffing for the wireless infrastructure sector. The capital will support Smartlink’s expansion of services and geographic growth across the United States.

Vision Innovation Partners, a PE-backed ophthalmology platform, has acquired Omni Eye Specialists, a multi-location ophthalmology group serving the Baltimore metro area. The add-on expands Vision Innovation Partners’ Mid-Atlantic footprint—adding six practice locations and two surgical centers—and is backed by Centre Partners.

OpenGate Capital, a Los Angeles-based private equity firm, has acquired a majority interest in Aurotech, Inc., a Silver Spring, Maryland provider of digital services for U.S. federal healthcare and adjacent civilian agencies. Founder Hetal Patel remains as President and CEO and Aurotech will pursue growth and add-on acquisitions with OpenGate's operational support; terms were not disclosed.

Luna Innovations Inc. acquired Maryland-based New Ridge Technologies LLC on November 2, 2020, adding advanced fiber-optic test and measurement equipment and optical subsystems to Luna's communications test portfolio. Founder and CEO Dr. Henry Yaffe will join Luna as Vice President of Technology for the Communications Test business unit, supporting Luna's capability expansion into polarization control, polarimetry and optical spectral analysis for telecom, 5G and datacenter customers.

Assurance Mezzanine Fund (Assurance) completed an investment in Visual Connections, LLC, a Windsor Mill/Columbia, Maryland-based IT and professional services provider. Assurance provided working capital and committed to finance future acquisitions to support Visual Connections' growth.

Avidity Science, a ShoreView portfolio company, has acquired Lab Products, Inc. and its divisions — Bio Medic Data Systems, Hydropac and Harford Systems — expanding its portfolio of water purification and delivery products, control and monitoring solutions, and vivarium equipment for biomedical research. The transaction is the fifth add-on completed under ShoreView's ownership and is intended to broaden Avidity's product capabilities and geographic presence in the life-science research market.

AE Industrial Partners (AEI) has acquired PCI, a Columbia, Maryland–based provider of cybersecurity, computer network operations (CNO), cloud engineering, systems engineering, enterprise IT, and data analytics for the U.S. intelligence and defense communities. The deal — terms not disclosed — represents AEI's ninth platform investment in Fund II and is intended to accelerate PCI's growth and reach into defense, intelligence, and national security markets.

Ensurise LLC announced it has merged with the property & casualty brokerage operations of American Heritage Insurance Agency, Inc., effective October 1, 2020. The deal brings American Heritage’s Eldersburg-based team into Ensurise’s Mid-Atlantic agency platform as part of Ensurise’s agency perpetuation and growth plan; American Heritage will continue to operate from its Eldersburg, Maryland location.

Ridgemont Equity Partners has acquired Anne Arundel Dermatology Management (ADM) from NMS Capital, marking NMS's exit from its investment in the multi-regional dermatology platform. Headquartered in Linthicum Heights, Maryland, ADM operates a network of clinics across the Mid-Atlantic and Southeast (74 locations and 181 providers at the time of the announcement) and will continue growth under Ridgemont's ownership.

Trilantic North America has made a substantial minority investment in SemaConnect, a Bowie, Maryland–based provider of electric vehicle charging hardware and cloud-based software. Founder and CEO Mahi Reddy and COO Mark Pastrone retain meaningful equity stakes and will continue to lead the company as the investment funds SemaConnect's expansion across commercial, residential and fleet markets.

Ridgemont Equity Partners, a middle-market private equity firm based in Charlotte, acquired Anne Arundel Dermatology, a multi-state provider of medical, surgical and cosmetic dermatology services headquartered in Linthicum Heights, Maryland. The deal includes investment by the AAD management team and physician-owners alongside Ridgemont and was financed by a group of lenders; AAD operates dozens of clinics across the Mid‑Atlantic and Southeast and is pursuing further geographic expansion.

The Hilb Group, LLC (THG) acquired Annapolis-based Insurance Solutions (ISI), a full-service employee benefits agency, in a transaction effective October 1, 2020. ISI's leadership team and associates will join THG’s Mid-Atlantic operations and continue to operate from their existing Annapolis location as part of THG’s expanding employee benefits platform; THG is a portfolio company of The Carlyle Group.

Hub International Limited acquired the assets of Bernstein Insurance, LLC, a small Odenton, Maryland-based insurance agency. The principal owner, Jennifer Bernstein, and her son Michael will join Hub Mid-Atlantic as part of the transaction; terms were not disclosed.

The Henry M. Jackson Foundation for the Advancement of Military Medicine (HJF) has acquired CAMRIS International, LLC. CAMRIS will operate as a wholly owned subsidiary of HJF, expanding HJF’s capabilities in military medical research and global health through CAMRIS’s team of more than 250 employees and international program experience.

Matrix Medical Network acquired Biocerna, a CLIA-certified and CAP-accredited clinical laboratory based in Fulton, Maryland, to integrate in-house diagnostic and COVID-19 testing capabilities. The acquisition expands Matrix's ability to deliver timely testing services to its network of clinicians and mobile health clinics, supporting employer testing, clinical trial support, and other client-facing diagnostic services.

West Street Infrastructure Partners III, an infrastructure fund managed by Goldman Sachs Merchant Banking Division, has agreed to acquire Synagro Technologies, Inc., the largest provider of wastewater biosolids solutions in North America, from EQT Infrastructure II. The transaction, expected to close in December 2020, transfers a platform that manages over 14 million tons of biosolids annually across 24 facilities and serves roughly 1,000 municipal and industrial customers across 35 states.

Microsoft announced plans to acquire ZeniMax Media, the parent company of Bethesda Softworks, for $7.5 billion in cash. The deal brings an extensive portfolio of game franchises and multiple development studios (over 2,300 employees across the group) into Microsoft’s Xbox business and will add Bethesda’s future games to Xbox Game Pass.

MetLife, Inc. agreed to acquire Versant Health, the owner of Davis Vision and Superior Vision, from an investor group led by Centerbridge Partners (including FFL Partners) for approximately $1.675 billion in cash. The deal—expected to close in Q4 2020 subject to regulatory approvals—gives MetLife access to Versant Health's ~35 million members and strengthens MetLife's position in U.S. group benefits and managed vision care.

Executive compensation and leadership consulting firm Pearl Meyer has acquired Yaffe & Company, a specialist in executive compensation, governance, physician advisory, and faculty compensation serving not‑for‑profit healthcare systems and higher education institutions. The acquisition brings Alexander Yaffe and his team into Pearl Meyer as part of an effort to deepen the firm's capabilities and client coverage in healthcare and higher education.

Hub International Limited acquired the insurance brokerage assets of Charles R. (Rhett) Butler, an independent broker based in Rockville, Maryland. The transaction strengthens Hub's personal and commercial insurance offerings and expands its local presence; financial terms were not disclosed.

Valicor Environmental Services, a provider of non-hazardous wastewater treatment services and a platform backed by Pritzker Private Capital, has acquired Water Depot’s centralized wastewater treatment facility in Westminster, Carroll County, Maryland. The acquisition expands Valicor’s network of CWT facilities and strengthens its service offering in the Mid-Atlantic for both government and private-sector clients.

Hub International Limited acquired the insurance brokerage assets of Rockville Insurance Agency, Inc. (Gaithersburg, MD) and independent agent Jeffrey Preston Zepp (Ellicott City, MD). Terms were not disclosed; the principals and their employees will join Hub Mid-Atlantic as part of Hub’s effort to expand and strengthen its personal and commercial insurance offerings in Maryland.

Acclaim Technical Services (ATS) has acquired Global Consulting Services, Inc. (GCS), a Rockville, Maryland-based software and systems engineering firm with about 30 employees. The acquisition expands ATS’s mission-technology capabilities—particularly in software development, systems engineering, cloud innovation, configuration/requirements management, and cybersecurity—to better serve Intelligence Community, defense, and law enforcement customers.

CCP Capital Strategies has acquired Executive Information Systems (EIS), a Bethesda-based company that provides outbound and inside sales, business development, contract management and back-office support to software developers and manufacturing partners selling to government customers. Five Points Capital provided unitranche debt financing and an equity co-investment to support the transaction; EIS holds a GSA Schedule and is a federal channel partner for SAS Institute.

Alera Group has acquired FNL Insurance Group, a Timonium, Maryland-based employee benefits and health care insurance firm. FNL will join Alera through Silberstein Insurance Group (an Alera company) and continue serving its small- and mid-sized employer clients in the Baltimore and mid‑Atlantic region; terms were not disclosed.

Daxko, a portfolio company of GI Partners, has acquired Motionsoft, a Rockville, Maryland-based provider of cloud-based member management software for health clubs, studios, and wellness centers. The deal brings Motionsoft's SaaS products and customer base into Daxko's broader suite of health and fitness technology solutions; Edison Partners (a prior investor) exited in the transaction.

Assurant (NYSE: AIZ) has acquired Fixt, an on-demand mobile device support and repair provider that operates a network of over 1,500 repair technicians. The acquisition integrates Fixt's on-site repair capabilities into Assurant's Dynamic Fulfilment platform to expand come-to-you repair options and strengthen Assurant's device lifecycle management services.

HEICO Corporation's Electronic Technologies Group acquired majority interests in Intelligent Devices, Inc. (ID) and Transformational Security, LLC (TS) from their founder-owner-managers for cash at closing plus potential earnouts. The two Columbia, Maryland-based technical surveillance countermeasures companies (approximately 50 employees combined) will continue operating from their existing location and will report into HEICO's Electronic Technologies Group to expand HEICO's TSCM capabilities for defense, intelligence and government customers.

EverWatch, an Enlightenment Capital portfolio company, has acquired BrainTrust, an Annapolis Junction-based software and cloud engineering firm that provides software engineering, machine learning, systems engineering and cybersecurity services to U.S. intelligence and defense customers. BrainTrust will be merged into EverWatch's Columbia office, its founders will join EverWatch leadership, and Stellus Capital provided unitranche financing and an equity co-investment to support the transaction.

Smiths Detection has completed the acquisition of PathSensors, a Baltimore-based biotechnology and environmental-testing company. The deal expands Smiths Detection's biological-detection capabilities, enhancing its ability to detect pathogens across end markets including food and agriculture safety and public health surveillance.

Anne Arundel Dermatology Management (ADM), a portfolio company of NMS Capital, has partnered with Ronald Prussick, M.D., P.C., dba Washington Dermatology Center (WDC). WDC will remain led by Dr. Prussick and join the ADM platform to receive administrative, IT, revenue-cycle and business-development support as ADM continues its rollup of dermatology practices in the Mid‑Atlantic.

Franklin Resources (operating as Franklin Templeton) completed its acquisition of Legg Mason, creating one of the world’s largest independent investment managers with roughly $1.4–$1.5 trillion in combined AUM. The all-cash transaction (approximately $4.5 billion) included assumption of about $2 billion of Legg Mason debt; the firms said Legg Mason’s specialist investment affiliates will retain operational autonomy while benefiting from Franklin Templeton’s global platform and distribution.

Boston-based growth equity firm Equality Asset Management made a strategic growth investment in Mindoula, a Silver Spring, Maryland-based population health management company focused on behavioral health. The minority growth equity deal — with participation from existing investors AXA Venture Partners and Morgan Noble Healthcare Partners — will support Mindoula’s national expansion and scaling of its technology-enabled behavioral health services; terms were not disclosed.

W2O Group has acquired Discern Health, a health economics and outcomes research (HEOR) consulting firm with offices in Baltimore and Washington, D.C. The deal—an add-on to W2O (a portfolio company of New Mountain Capital)—expands W2O's value‑based care, market access, HEOR and health policy capabilities.

KnowFully Learning Group, a NexPhase Capital‑backed provider of professional exam preparation and continuing education, has acquired CME Outfitters, an accredited provider of continuing medical education. The acquisition expands KnowFully’s healthcare education capabilities and will keep CMEO’s co‑founders and management team in place while leveraging KnowFully’s resources for operations, technology development, and growth.

GardaWorld Security Corporation has acquired WorldAware, a U.S.-based integrated security risk management and intelligence firm. The deal combines WorldAware with GardaWorld's existing Crisis24 business to create a leading global integrated security risk management provider and expand GardaWorld's intelligence, monitoring and crisis-response capabilities.

VSS Capital Partners made a platform investment in Really Great Reading (RGR), a provider of foundational K-3 literacy curriculum, joining RGR's board to support growth. The investment will help RGR expand its digital learning solutions, accelerate market expansion, and scale its instructional, assessment, and professional development offerings.

Computer Design & Integration LLC (CDI), a PE-backed IT infrastructure and managed services provider, has acquired Plan B Technologies, Inc., an Annapolis-based IT solutions and professional services firm. Backed by One Equity Partners, the acquisition is an add-on to CDI's growth strategy to expand service capabilities (notably virtualization and cloud/backup solutions) and extend sales reach across the eastern U.S.; financial terms were not disclosed.