Acquisitions in Maryland in 2022

Appvion, a portfolio company of Wynnchurch Capital, has acquired Decorative Films, LLC, a Frederick, Maryland-based manufacturer of adhesive decorative, privacy, and functional window films. The add-on expands Appvion's engineered media and film solutions platform, broadening its product portfolio for commercial, residential and automotive end markets.

Xtel Communications has acquired Global Telecom (GTB), a Maryland-based CLEC and longstanding VoIP/UCaaS provider, expanding Xtel's footprint into the Baltimore–DC–VA region. The acquisition adds GTB's VoIP, UCaaS and managed security capabilities and customer relationships in healthcare, legal and government verticals to Xtel's telecom, cloud and cybersecurity portfolio.

Protiviti has acquired digital experience agency R2integrated (R2i) to expand its digital transformation and customer experience capabilities. R2i, an Adobe-focused martech system integrator headquartered in Baltimore with approximately 75 employees, will join Protiviti's Digital solution team; terms were not disclosed.

DLH Holdings Corp. (NASDAQ: DLHC) acquired privately held Grove Resource Solutions, Inc. ("GRSi") of Bethesda, Maryland for $185.0 million to strengthen DLH's information technology and cybersecurity capabilities for federal customers. GRSi, a federal-focused IT, systems engineering and cybersecurity provider with ~700 employees, is expected to contribute approximately $140 million of annualized revenue and had a backlog of about $550 million at closing.

Albers Aerospace has acquired Garrett Container Systems (GCS), a manufacturer of aluminum storage, shipping containers and tactical kits. GCS will continue operating from Accident, Maryland as a wholly owned subsidiary of Albers, which plans to expand the business including operations in Amarillo, Texas; the acquisition strengthens Albers' capabilities to support military customers.

London-based healthcare investor GHO Capital Partners has acquired a majority stake in Sapio Sciences, a US-based lab informatics platform providing LIMS, ELN and scientific data management solutions. GHO will support Sapio's international expansion (especially into Europe), operational improvements and growth through M&A to scale the company's SaaS offering for biopharma, CROs and diagnostic labs.

Atwell has acquired Ben Dyer Associates, Inc., a Maryland-based civil engineering, land planning, and surveying firm with roughly 60 employees. The acquisition expands Atwell's geographic footprint into the U.S. Mid-Atlantic and strengthens its capabilities to support land development and power/solar projects in Maryland and the District of Columbia.

Alliance Laundry Systems has closed the acquisition of Laundry Equipment Services (LES), a Hagerstown, Maryland-based distributor of Huebsch commercial laundry equipment. The purchase expands Alliance’s direct distribution and service footprint in the Mid-Atlantic and is the company’s fifth distributor asset acquisition in the past two years; LES was owned by Cameron Clark prior to the sale.

Knox Lane, a San Francisco-based growth-oriented investment firm, has acquired a majority stake in Ruppert Landscape, Inc., a leading provider of commercial landscape services headquartered in Laytonsville, Maryland. The partnership will support Ruppert's plans to expand its footprint organically and through strategic add-on acquisitions while founder Craig Ruppert and management retain a significant investment and continue to lead the business.

Mobile Communications America (MCA) has acquired Communications Electronics, Inc. (CEI), a Timonium, Maryland-based full-service communications provider that supports public safety agencies, schools, hospitals and enterprises across the Mid-Atlantic. The transaction expands MCA’s service footprint in the Mid-Atlantic and adds CEI’s mission-critical communications capabilities and customer relationships to MCA’s portfolio.

VTG has acquired Next Rev Technologies, LLC to expand its multi-cloud software development, digital transformation, and cyber capabilities while adding Next Rev's U.S. Intelligence Community customers. The acquisition enhances VTG's data science and advanced analytics depth and supports its strategy to build a mid-tier national security company.

EverService Holdings, LLC acquired Blue Corona, a home-services-focused digital marketing agency, in October 2021. The acquisition expands EverService's vertically integrated marketing capabilities—adding website design, SEO, PPC and other online lead-generation services to its portfolio focused on service industries.

HUMAN Security, Inc. (HUMAN) has acquired clean.io, a Baltimore-based leader in client-side anti-malvertising and digital engagement security. The acquisition (terms undisclosed) adds clean.io's malvertising protections and talent to the HUMAN Defense Platform to expand capability across advertising, publishing and e‑commerce environments.

Sia Partners has acquired Latham BioPharm Group (LBG), a U.S.-based life sciences consulting firm of nearly 60 consultants with roughly $20m in revenue, to launch a dedicated global Life Science Consulting division. The deal expands Sia Partners' capabilities in non-dilutive funding, product development, regulatory and clinical support, and strengthens its U.S. business and global life sciences offering.

The Hilb Group, a Richmond, Virginia-based insurance brokerage and portfolio company of The Carlyle Group, acquired Towson, Maryland-based Vinton Insurance Services effective November 1, 2022. Vinton will join Hunt Valley-based PSA Insurance & Financial Services (a Hilb Group agency) as part of Hilb Group’s strategy to expand its Mid-Atlantic employee benefits capabilities and client base.

Resolution Economics (a portfolio company of Levine Leichtman Capital Partners) has acquired Berkshire Associates, a Columbia, Maryland-based provider of outsourced affirmative action plan (AAP) consulting, EEO compliance services and related software. The deal — terms undisclosed — will keep Berkshire operating under its name with President Beth Ronnenburg remaining in place and is intended to expand ResEcon's HR compliance and AAP/service capabilities.

Autumn Lake Healthcare completed the acquisition of four Autumn Lake–branded skilled nursing facilities in Maryland (totaling 520 licensed beds), financed by a $124.75 million senior credit facility provided by Oxford Finance LLC. Oxford provided the debt financing to support Autumn Lake, a long-standing borrower; Autumn Lake will operate the facilities as part of its multi-state skilled nursing and rehabilitative care network.

Huron Capital launched Exigent, a mission-critical facilities services platform, and completed its first transaction by partnering with American Combustion Industries (ACI). The Stephens Group made a minority investment to support Huron’s controlling stake; ACI’s owner Tim Kirlin retains an ownership stake and joins Exigent’s executive team as the platform pursues additional HVAC, plumbing and mechanical services add-ons.

Ethixbase360, a CGE Partners-backed provider of third-party risk management solutions, has acquired Tcompliance (formerly TRACE Inc.) to expand its due diligence and supply chain transparency capabilities. The deal integrates Tcompliance's Tcertification reports and due-diligence services into the Ethixbase360 platform to offer a more comprehensive third-party risk management and ESG screening suite.

InSite, a GEF Capital-backed building intelligence and ESG data management platform, has acquired SOL VISTA, a provider of energy monitoring and optimization solutions for the hospitality sector. The deal expands InSite’s hospitality offerings and combines SOL VISTA’s Skywalk analytics platform with InSite’s SaaS and managed services to enhance energy optimization and ESG reporting for hotel portfolios and other commercial properties.

YouScience, a college and career readiness platform based in American Fork, Utah, has acquired the National Center for College and Career Transitions (NC3T). The deal brings NC3T’s Seamless WBL work-based learning platform, professional development, and consulting services into YouScience to expand its career-connected learning, certification, and educator support offerings for K–12 districts and schools.

InVita Healthcare Technologies, a portfolio company of The Riverside Company, has acquired BloodHub and folded it into InVita's Blood Management Division. Riverside made the investment as an add-on to its InVita platform to expand InVita's blood- and biologics-focused supply chain and laboratory software capabilities across North America.

PatientPoint has acquired Rendia, a Baltimore-based provider of subscription point-of-care engagement software and content for eye care providers. The deal brings Rendia's 8,000+ eye care customers, content library and provider portal into PatientPoint to accelerate its expansion into ophthalmology, optometry and other specialties; Chesapeake Corporate Advisors served as Rendia's exclusive financial advisor.

Stewart Information Services Corporation acquired FNC Title Services, LLC, a Rockville, Maryland-based title and settlement company specializing in reverse mortgage closings. The deal also included an agreement to acquire FNC Title of California pending regulatory approval; FNC will operate as a standalone business to strengthen Stewart's lender services and reverse-mortgage capabilities.

Beckman Coulter Diagnostics acquired StoCastic LLC, a Johns Hopkins–affiliated AI company whose TriageGo clinical decision support tool assists emergency department triage. The acquisition (completed October 3, 2022) brings StoCastic's AI, talent and TriageGo into Beckman Coulter's Clinical Decision Support portfolio to accelerate ED decision-making and patient flow.

Halma plc has acquired IZI Medical Products, an interventional radiology medical device manufacturer and distributor, from Shore Capital Partners. The deal — which closed on September 30, 2022 — brings IZI's consumable device portfolio and hospital customer base into Halma's healthcare group to expand capabilities, R&D and international growth opportunities.

Kansas City-based SupplyLogic merged with Hunt Valley-based WebbMason Marketing to form SupplyLogic WebbMason, combining WebbMason’s creative and omnichannel marketing capabilities with SupplyLogic’s technology-enabled procurement, supply chain and execution services. The transaction creates a national, tech-enabled marketing solutions organization offering print, digital, point-of-sale and branded merchandise program execution.

Cleveland-based MAI Capital Management acquired Bethesda-based Prime Investment Advisors, adding approximately $140 million in assets under management and expanding MAI's Mid-Atlantic footprint. Founder Stephen Polan will join MAI as Senior Wealth Advisor and Managing Director; the deal is MAI's ninth since Galway Holdings acquired MAI in 2021.

Arctaris Impact Investors (with co-investor Calvert Street Partners and support from ERIE Insurance, The Abell Foundation, and NIIF) made a follow-on growth equity investment in Up To Date Laundry (UTD), one of the largest healthcare laundry facilities on the U.S. East Coast. The capital will fund automation, energy-efficiency upgrades, linen purchases for new customers, and workforce expansion in Baltimore.

Sciens Building Solutions, a Carlyle-backed holding company focused on fire detection and security services, has acquired Maryland-based LS Systems. The add-on expands Sciens' footprint into the greater Baltimore / Mid-Atlantic region and enhances its capabilities in fire protection, electronic security, and emergency communications with a team of over 90 professionals.

British Columbia Investment Management Corporation (BCI) agreed to acquire a significant minority stake in Authority Brands, the North American residential services franchising platform. Funds advised by Apax Partners will retain majority ownership; the investment is intended to support further M&A, franchise development, technology transformation and international expansion.

Perficient, a global digital consultancy, has acquired Inflection Point Systems, a Columbia, Maryland–based software consulting and product development firm with nearshore operations in Monterrey, Mexico. The approximately $15 million-revenue company brings more than 200 professionals and strategic client relationships, strengthening Perficient's nearshore delivery capacity and agile software development capabilities across Latin America.

Miner Ltd., the dock and door division of OnPoint Group, has acquired Charles H. Hodges & Son, a long-established loading-dock specialist serving Maryland, Washington, D.C., and Northern Virginia. The acquisition is an add-on to Miner/OnPoint's dock-and-door platform to expand its geographic footprint and service capabilities in the Mid-Atlantic.

Stone‑Goff Partners II CF, LP, a GP‑led continuation fund sponsored by Stone‑Goff Partners, acquired a majority interest in John Staurulakis, LLC (JSI) in a secondary/recapitalization transaction. Pantheon was the lead investor in the continuation fund and was joined by abrdn Private Equity and reinvesting Stone‑Goff LPs/GPs; the recapitalization provides capital for JSI to pursue additional acquisitions and organic growth.

Seattle-based marketing services firm DCG ONE has acquired Corporate Communications Group (CCG), a commercial print and direct marketing/fulfillment provider headquartered in Upper Marlboro, Maryland. The deal gives DCG ONE an East Coast operating footprint and expands its high-volume direct mail, data and fulfillment capabilities to better serve national clients.

Pace Life Sciences, a CDMO and subsidiary of Pace Science and Technology Company, has acquired Meridian BioGroup, a validation, regulatory, and compliance consulting provider based in Frederick, Maryland. The deal expands Pace's regulatory, quality and validation capabilities to better support biotechnology and pharmaceutical clients across development and commercialization.

Sonic Automotive, a Fortune 500 automotive retailer, has acquired Audi Owings Mills in Owings Mills, Maryland. The acquisition expands Sonic's franchised network—marking its 8th Audi franchise and 112th franchised dealership—and strengthens its presence in the Baltimore metropolitan market.

Pivot Energy, a Denver-based renewable energy developer owned by Energy Capital Partners (ECP), has acquired SGC Power, a Maryland-based community solar developer. SGC Power will operate as a business unit under the Pivot brand, helping Pivot expand its community solar development capabilities and national footprint.

Airiam, a managed IT and cybersecurity firm, has acquired Vantage Point Solutions Group, an MSP operating across Maryland, the DC metro area, Delaware and Virginia. The acquisition adds Vantage Point's 18 employees and regional offices to Airiam, extending Airiam's geographic footprint and enhancing its managed IT and cybersecurity offerings for small and midsize enterprises.

Recognize, a technology-focused investment platform, has made a $100 million minority growth investment in Blend360 to support the data and analytics firm's expansion and capability buildout in AI/ML. The investment is Blend360’s first institutional financing and will include Recognize partners joining Blend360’s board to provide strategic guidance and help expand the company’s international footprint.

An affiliate of Veritas Capital acquired Coronis Health from 424 Capital and other minority shareholders and acquired MiraMed Global Services from the Mira family, combining the two companies into a single, scaled revenue cycle management (RCM) platform. The combined business, led by Coronis CEO Stephen Grubbs with MiraMed founder Tony Mira as Vice Chairman, will provide end-to-end, technology-enabled RCM solutions across multiple specialties and employ over 8,500 people globally.

Patriot Capital has made a growth capital investment in ThinkBig Networks, LLC, a fiber-to-the-premises (FTTP) internet service provider deploying broadband in four Maryland counties. The funding will help ThinkBig accelerate its network development to bring fiber connectivity to thousands of homes and businesses in underserved and unserved areas.

The Mather Group (TMG), a Chicago-based wealth management firm with roughly $7.5 billion AUM, has acquired Seiffert Ltd., a Bethesda, Maryland registered investment adviser managing about $65 million in client assets. The transaction brings Seiffert's founder and key staff into TMG and provides succession planning for the founder while giving Seiffert's clients access to TMG's broader platform and services.

ICS, a ClearLight Partners-backed IT managed services provider, has acquired Cards Technology, a managed IT services firm headquartered in Ocean City, Maryland. The deal expands ICS's Mid‑Atlantic footprint and augments its managed IT, cybersecurity, and cloud capabilities for small- and medium-sized businesses.

Flow Service Partners, a platform backed by RLJ Equity Partners and LP First Capital, has acquired R Brooks Mechanical Heating and Air Conditioning. The add-on expands Flow's HVACR and plumbing capabilities and extends its geographic footprint into Maryland, Pennsylvania and Delaware; financial terms were not disclosed.

Clinical Education Alliance (CEA), a Riverside-backed healthcare education platform, has acquired Rockpointe Corporation, a provider of accredited continuing education (CE) programs for healthcare professionals. The add-on expands CEA’s reach into primary care and community healthcare settings and strengthens its high-science therapeutic education capabilities.

Risk Strategies, a national specialty insurance brokerage, has acquired Bonds, Inc., a Hunt Valley, Maryland–based surety bond specialist focused on the construction industry. The acquisition (terms not disclosed) strengthens Risk Strategies' surety practice and gives Bonds, Inc. access to Risk Strategies' broader insurance products and national/international footprint.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of Maryland-based Insurance, Inc., a personal, commercial and employee-benefits insurance agency headquartered in Owings, Maryland. The deal terms were not disclosed; Insurance, Inc. principals Amir Krell and Tracy Sutton will continue to lead the business under Relation.

Bowman Consulting Group Ltd. has acquired the assets of Kibart, Inc., a Towson, Maryland-based MEP engineering and commissioning firm. The acquisition strengthens Bowman's building services and MEP capabilities, expands cross-selling opportunities, and is expected to be immediately accretive, contributing approximately $6.3 million of annualized net service billing.

Rosedale Federal Savings & Loan Association completed its acquisition of CBM Bancorp, Inc. (Chesapeake Bank of Maryland) effective July 7, 2022, paying $17.75 per share in cash for aggregate consideration of about $64.4 million. The merger increases Rosedale Federal’s assets to roughly $1.3 billion, expands its footprint in Maryland, and will complete systems integration by August 29, 2022.