Acquisitions in Maryland in 2021

Vision Innovation Partners, a Centre Partners‑backed eye care platform, has acquired Advanced Eye Care, a comprehensive ophthalmology practice with an onsite med spa in Bel Air, Maryland. The add-on expands Vision Innovation Partners' Mid‑Atlantic footprint and enhances its network of practices and surgery centers.

The Chefs' Warehouse, Inc. (NASDAQ: CHEF) has acquired substantially all of the assets of CGC Holdings, Inc., dba Capital Seaboard, a specialty produce and seafood distributor based in Jessup, Maryland. The acquisition expands The Chefs' Warehouse’s specialty produce and seafood capabilities and strengthens its presence in the Mid-Atlantic market.

Convenient Brands, a Draper, Utah-based platform and portfolio company of private investment firm The Beekman Group, has acquired ROME Technologies of Pasadena, Maryland. The deal brings ROME's collision-center management software, consulting and payments integration (ROMEPay) into Convenient Brands' automotive repair technology platform; founder Scott Rome retired and James Rome was promoted to president. Convenient Brands said it will support ROME with additional sales, marketing and product development resources.

National Convenience Distributors, LLC (NCD) has acquired Century Distributors Inc., a Rockville, Maryland-based full-line wholesale distributor to convenience and grocery stores. Century will join NCD as a newly created division to expand NCD's Mid-Atlantic footprint and realize operational and go-to-market synergies; financial terms were not disclosed.

Solaris Health, a national urology platform backed by Lee Equity Partners, announced that Anne Arundel Urology of Annapolis, Maryland has joined Solaris as an affiliate practice. Terms were not disclosed; the practice brings 28 providers across five sites and cares for over 44,000 unique patients annually, expanding Solaris' presence in Maryland.

MAI Capital Management, a Cleveland-based registered investment adviser owned by Galway Holdings, has acquired Investment Planning Associates (IPA) of Rockville, Maryland. The deal expands MAI’s Mid-Atlantic presence, adds approximately $235 million of assets under management to MAI, and brings IPA’s senior advisors into MAI’s wealth management team.

Advanced Dermatology and Cosmetic Surgery has acquired Englert Dermatology — adding the Bel Air, Hunt Valley and Towson practices and their physician and clinician team to its 150+ office national network. The deal expands Advanced Dermatology's footprint in Maryland and brings additional Mohs surgery and aesthetic services into its physician-led platform.

Rocket Companies agreed to acquire Truebill, a personal-finance app, for $1.275 billion in cash. The acquisition adds Truebill’s financial-wellness capabilities and ~2.5 million members to Rocket’s platform to deepen client engagement and is expected to add about $100 million in annual recurring revenue to Rocket.

Chicago-based private investment firm KCM Capital Partners led the acquisition of Elkridge, Maryland-headquartered ICAT Logistics, with equity and subordinated debt support from Lightspring Capital Partners and Midwest Mezzanine Funds and senior debt provided by Live Oak Bank. ICAT's founder and management remain invested and will continue to run the business; the deal positions ICAT for accelerated growth through expansion of its agency network and strategic acquisitions.

Yes& Agency has acquired Beyond Definition, a Silver Spring, Maryland-based brand and marketing agency founded in 2003. The deal brings Beyond Definition’s team and capabilities in research, brand strategy, design and digital into Yes&, with Beyond Definition’s Founder & CEO Debbie Bates-Schrott and President Mark Devito joining the Yes& executive team; Clare Advisors advised Beyond Definition and TobinLeff advised Yes& on the transaction.

Godspeed Capital Management LP has made a strategic, cornerstone platform investment in Varen Technologies, a Columbia, Maryland-based provider of cybersecurity, software, and intelligence solutions for the U.S. Defense and Intelligence communities. The undisclosed investment will support technology and talent investments, business development, corporate infrastructure, and strategic acquisitions as Varen continues to be led by its existing management team.

Nexa Equity made a majority growth investment in Leap, a Columbia, Maryland-based provider of sales enablement software for home contractors. The investment will fund product development, go-to-market expansion and potential strategic acquisitions while Leap's founders and management remain meaningful shareholders.

Vaccitech plc acquired US-based Avidea Technologies, Inc. for approximately $40 million (about $12.5M cash and $27.5M in Vaccitech ADS) plus potential milestone payments. The deal brings Avidea's SNAPvax™ nanoparticle platform and early-stage product candidates into Vaccitech's pipeline, expands Vaccitech's U.S. R&D presence, and adds Avidea co-founders to Vaccitech's scientific team.

PresenceLearning acquired Global Teletherapy to expand its teletherapy services for K-12 virtual schools while simultaneously securing a majority growth equity investment from Spectrum Equity and TPG's The Rise Fund. Bain Capital Double Impact and Catalyst Investors will retain minority stakes as PresenceLearning prepares to scale its software and teletherapy platform nationwide.

Centauri Health Solutions has acquired Secure Exchange Solutions (SES), a Rockville, Maryland-based provider of cloud-based clinical data exchange software. The acquisition, supported by Centauri's investors Abry Partners, Silversmith Capital Partners and SV Health Investors, expands Centauri's capabilities in clinical data exchange to complement its analytics, risk adjustment and revenue cycle solutions.

The Kleinfelder Group, a Wind Point Partners portfolio company, has acquired Century Engineering, a Hunt Valley, Maryland-based multidisciplinary engineering firm with approximately 600 professionals across 18 offices. The acquisition expands Kleinfelder's Mid-Atlantic footprint and service capabilities; Century will be integrated into Kleinfelder's East Division while retaining its existing leadership.

BigBear.ai completed a business combination with SPAC GigCapital4 and emerged as a publicly traded company (NYSE: BBAI) on December 8, 2021, in a transaction that values the combined company at approximately $1.378 billion pro forma enterprise value. AE Industrial Partners is a lead private equity partner supporting the transaction; BigBear.ai will use the public listing and capital base to accelerate product development, commercial expansion across government and commercial markets, and potential inorganic growth.

Discovery Life Sciences has acquired Maryland-based In Vitro ADMET Laboratories (IVAL) to add the world’s largest hepatocyte inventory and leading in vitro ADMET expertise. IVAL founder Albert P. Li, Ph.D. will join Discovery as Chief Scientific Officer of Pharmacology and Toxicology as Discovery expands its biospecimen and biomarker service capabilities to better support drug metabolism, toxicology, and pharmacology testing for pharma customers.

Quantix SCS, a portfolio company of Wind Point Partners, has acquired Delaware Express Co., a family-owned regional provider of dry and liquid bulk trucking headquartered in Elkton, Maryland. The add-on expands Quantix's specialized fleet and strengthens its Mid‑Atlantic footprint and dry/liquid bulk capabilities; terms were not disclosed.

All Roads, a privately held multi-channel retail and commercial services enterprise based in Baltimore, Maryland, has acquired Central Truck Center, a Kenworth and Isuzu truck dealership based in Landover, Maryland, from owners Sam Keyton and Henry Meinhardt III. Chesapeake Corporate Advisors served as exclusive financial advisor to Central Truck Center; Sam Keyton will remain with the combined organization in a sales leadership role. The acquisition expands All Roads' commercial truck sales and repair capacity in the Mid-Atlantic region.

Level Access, a digital accessibility platform headquartered in Vienna, Virginia, has acquired Tenon, a Maryland-based integrated accessibility testing company led by CEO Karl Groves. The acquisition expands Level Access's testing and remediation capabilities by integrating Tenon's API-driven automated testing and remediation services into Level Access's enterprise accessibility platform.

OpenText has acquired Maryland-based network detection and response (NDR) provider Bricata and integrated its technology into the OpenText Security & Protection Cloud. The purchase brings NDR capability and engineering talent to OpenText’s security portfolio; the purchase price and Bricata revenues were not disclosed and described as not material to OpenText’s financials.

An equity consortium led by Nordic Capital, joined by Insight Partners, 22C Capital and Inovalon founder Keith Dunleavy, completed the acquisition of Inovalon in a take-private transaction. Inovalon stockholders received $41.00 per share in cash as the cloud-based healthcare data and analytics provider is taken private to accelerate product innovation and expand its reach across the healthcare ecosystem.

US LBM, a national distributor of specialty building materials, has agreed to acquire Barrons Lumber, a long-established provider of lumber and specialty building products serving professional builders in the Washington, D.C. metropolitan area. Barrons operates two facilities in Gaithersburg, Maryland and Manassas, Virginia; Jim Davis will continue to lead day-to-day operations and The JIAN Group acted as financial advisor to Barrons.

BlueHalo, a portfolio company of Arlington Capital Partners, has acquired Asymmetrik Ltd., a developer of OSINT and intelligence-focused software tools. The deal expands BlueHalo's cyber and SIGINT capabilities by adding Asymmetrik's OSINT, AI/ML, blockchain analytics and real-time streaming analytics expertise and team (120+ employees) headquartered in Annapolis Junction, Maryland.

CompassMSP has acquired the assets of MRW Systems Inc., a Westminster, Maryland-based managed IT services firm. The team and location will be retained and MRW Systems will operate as MRW Systems: A CompassMSP Company, enhancing CompassMSP's coverage in the New York City–Washington, D.C. corridor.

Rocket Lab USA, Inc. (Nasdaq: RKLB) completed the acquisition of Planetary Systems Corporation (PSC), a Maryland-based spacecraft separation systems and satellite dispenser manufacturer, for $42 million in cash plus 1,720,841 shares of common stock and a potential earnout of up to 956,023 additional shares. The deal (expected/closed in Q4 2021 per announcements) brings PSC's flight-proven separation hardware and its 25-person team into Rocket Lab's Space Systems division to expand Rocket Lab's end-to-end launch, spacecraft, and space-hardware capabilities.

Onex Partners V, a fund of Onex Corporation, has agreed to acquire Fidelity Building Services Group in partnership with the company's management team. Fidelity BSG is a provider of HVAC, mechanical, building automation and emergency power services headquartered in Sparks, Maryland; Onex said it will support Fidelity's organic growth and accelerate its acquisition strategy. Terms were not disclosed and the transaction was expected to close later in 2021 subject to customary conditions.

An affiliate of Gemspring Capital has acquired a majority interest in AINS Inc., a Gaithersburg, Maryland-based provider of case management software and IT services for government customers. Gemspring plans to partner with AINS's management to expand the company's product portfolio, go-to-market capabilities, implementation, and support organizations to accelerate growth.

Togetherwork, a portfolio company of GI Partners, has acquired Protech Associates, a Maryland-based provider of association management software built on Microsoft Dynamics 365. The acquisition adds Protech to Togetherwork’s Association Solutions business unit to expand its platform-based offerings and deepen its presence in the association market.

Technology Service Corporation (TSC), an employee‑owned high-technology engineering company, has acquired Praxis Products, a provider of SIGINT and wireless solutions (FASTRAK) for defense and law enforcement customers. The acquisition expands TSC’s mission-critical hardware and software capabilities for federal and international customers; Chesapeake Corporate Advisors acted as exclusive financial advisor to Praxis Products.

Entreda, a cybersecurity software provider and wholly owned subsidiary of Smarsh, acquired Privva, a cloud-based vendor/third-party risk assessment platform. The deal integrates Privva’s vendor risk capabilities into Entreda’s Unify platform to expand its cybersecurity compliance offerings for regulated industries such as wealth management, financial services, legal and healthcare.

US LBM has acquired BuilderUp, a regional building products distributor and manufacturer headquartered in Owings, Maryland. BuilderUp operates three Maryland locations (Owings and Waldorf) and a manufacturing plant that produces fabricated steel products and roof and floor trusses; the deal expands US LBM’s Mid-Atlantic footprint and adds manufacturing and specialty product capabilities.

TransUnion has signed a definitive agreement to acquire Sontiq, a consumer identity protection company headquartered in Nottingham, Maryland, for $638 million. The deal (from portfolio owner The Wicks Group) expands TransUnion’s consumer identity and cyber protection offerings—Sontiq generated about $85 million of revenue in 2021 with an ~40% adjusted EBITDA margin and was acquired at ~19x FY2021 adjusted EBITDA; the transaction was expected to close in Q4 2021.

An affiliate of OceanSound Partners has made a strategic growth investment in Digital Management Holdings, LLC (DMI). Founder and CEO Jay Sunny Bajaj will retain a significant ownership stake and DMI will continue to operate under existing management; Blackstone Credit and Goldman Sachs Asset Management provided committed financing. The investment is intended to support DMI's market expansion and capability growth; financial terms were not disclosed.

Hub Group (Nasdaq: HUBG) acquired Choptank Transport, a non-asset refrigerated third-party logistics provider based in Preston, Maryland, for $130 million in cash. The deal expands Hub Group's refrigerated and brokerage capabilities, adds Choptank's technology platform and ~400 employees, and advances Hub's cold-chain strategy to better serve customers across food and retail supply chains.

Eastern Wholesale Fence, a portfolio company of Center Rock Capital Partners and Leelanau Private Capital, has acquired Shoreline Vinyl Systems (including Coastal Aluminum Manufacturing and related companies). The transaction, for undisclosed terms, adds vinyl and aluminum fencing manufacturing and distribution capabilities and expands Eastern's product offering and Mid-Atlantic presence; Brown Gibbons Lang served as exclusive financial advisor to Shoreline.

Impel Capital, an independent sponsor, has acquired OMV Medical, Inc., a long-standing provider of licensed medical professionals to the U.S. federal government. OMV, founded in 1987 and headquartered in Takoma Park, Maryland, will be supported by Impel to strengthen and expand its services to veterans and federal healthcare sites.

Enviva Partners, LP completed a GP buy-in acquiring 100% of Enviva Holdings, LP and eliminated its incentive distribution rights (IDRs) in exchange for 16 million EVA common units (approx. $870 million based on a 20‑day VWAP). The transaction simplifies the corporate structure, enables a planned conversion from an MLP to a C‑Corp (Enviva Inc.), and is intended to lower Enviva’s cost of capital, expand its investor base, and retain incremental cash flow for growth.

RLH Equity Partners has made a growth investment in imre, a full-service digital marketing and communications agency, to support the firm's continued expansion and capability build-out. The partnership will provide imre with resources to scale expertise in areas such as data & analytics, omnichannel marketing, and public relations while supporting talent growth across its offices.

3Phase Elevator and Advanced Elevator have merged, with Advanced joining the 3Phase family to strengthen 3Phase's presence in the Greater Washington, D.C. and Baltimore markets. The deal allows Advanced to remain led by founder Stanley Smentkowski Sr. (with his son) while leveraging 3Phase's digital capabilities and automation to support growth and service delivery.

UniversalCIS and Credit Plus have merged to form the largest technology-enabled provider of credit data and verification solutions in the North American mortgage market, serving over 6,500 clients. The combined business—backed by Lovell Minnick Partners' earlier investment—will employ more than 750 people, be headquartered in Philadelphia, and keep existing operations centers across 12 states; financial terms were not disclosed.

dMY Technology Group, Inc. III completed its previously announced business combination with IonQ, Inc., and the combined company began trading on the NYSE under the ticker IONQ on October 1, 2021. The transaction provided IonQ with approximately $636 million in gross proceeds to fund growth and accelerate commercialization of its trapped‑ion quantum computing systems and cloud services.

Beacon Oral Specialists, a portfolio company of Blue Sea Capital, has entered into a strategic partnership with Maryland Oral Surgery Associates (MOSA), adding eight locations in Maryland. The deal expands Beacon’s network to include 73 oral surgeons practicing in 57 locations and brings MOSA’s 15 board-certified surgeons into Beacon’s management services platform.

Franchise Group, Inc. completed an all-cash acquisition of Sylvan Learning for approximately $81 million, financed with available cash. Sylvan, a Hunt Valley, Maryland–headquartered tutoring franchisor with more than 700 locations, will expand Franchise Group's portfolio of consumer-facing franchise concepts and is expected to be immediately accretive to earnings.

Sedgwick has acquired Managed Care Advisors, Inc. (MCA), a Bethesda, Maryland-based government contracting firm that provides workers' compensation case and claims management and specialty health plan solutions to the U.S. federal government. MCA will operate as a wholly owned subsidiary of Sedgwick Public Sector, broadening Sedgwick's access to public sector opportunities and adding federally compliant managed-care capabilities and technology to its offerings.

AssuredPartners, Inc. has acquired Employee One Benefit Solutions, LLC (EONE) of Baltimore, Maryland, marking the firm’s 27th acquisition in 2021. The 54-person EONE team will remain led by Brenndan Mohler and Todd Sullivan and brings more than $25 million in combined annualized revenues to strengthen AssuredPartners’ employee benefits capabilities and regional presence.

SPM Group announced the strategic addition of Dreamscape Marketing, a digital performance agency focused on healthcare, to expand its integrated marketing and performance capabilities. The expansion is funded by Corridor Capital and positions SPM Group to deepen digital performance, analytics, and vertical expertise across behavioral health, addiction recovery, dental, and senior care.

Exemplis Corporation has acquired Future Seating, the Maryland-based parent company of the X-Chair, Mavix Gaming and Healthy Back consumer brands. The deal expands Exemplis' consumer and direct-to-consumer office and gaming seating portfolio while both businesses continue to operate independently.

Chickasaw Nation Industries, a federally chartered, tribal-owned holding company, acquired DIGITALiBiz, Inc. (iBiz), a federal government IT and systems engineering contractor. The acquisition strengthens CNI’s federal government contracting capabilities by adding iBiz’s personnel, contracts (notably with the FAA and U.S. Navy), and systems engineering expertise.