Acquisitions in Maryland in 2023

Australis Equity Partners, through a subsidiary, has acquired Sunrise Premiere Pool Builders, LLC, a full-service inground pool construction company headquartered in Arnold, Maryland. Sunrise, founded in 1999 and operating a 3,000 sq. ft. facility, specializes in residential inground pools and works with subcontractors; Australis said the acquisition will be leveraged to facilitate future construction-industry acquisitions.

J.C. Flowers & Co. has completed a $125 million all-primary equity investment (expandable to $165 million) for a minority stake in Capital Funding Bancorp, Inc., the holding company for Baltimore-based CFG Bank. The growth-capital investment will support CFG Bank’s expansion of its national healthcare and multifamily lending businesses and bolster the bank’s ongoing growth trajectory.

The Swift Group, LLC has acquired OPS Consulting, a provider of mission-critical data analytics, high-performance computing, and threat mitigation services supporting the U.S. Intelligence Community and Department of Defense. The deal will enable Swift to expand its capabilities and service offerings for national security customers and accelerate OPS Consulting's growth under the combined organization.

Fidelity Building Services Group has acquired Chesapeake Mission Critical, a Beltsville, Maryland–based provider of mission-critical power and precision cooling systems. Chesapeake Corporate Advisors served as exclusive financial advisor to Chesapeake Mission Critical; the CMC management team will continue to run the business as an operating division of Fidelity BSG, with Mark Ryan serving as President of CMC and Partner in Fidelity BSG.

Stayntouch, a cloud-native hotel property management system provider, raised $48 million in a strategic growth equity round led by Sixth Street Growth to accelerate product development, expand payments capabilities, and grow customer acquisition. As part of the investment, Sixth Street Growth partner Michael Bauer will join Stayntouch's board; Stayntouch was acquired by MCR in 2020 and will use the capital to expand its PMS and payments offerings globally.

ArchKey Solutions has acquired Total Electric, LLC, a Maryland-based electrical service and maintenance provider, to expand ArchKey/Mona's regional facilities services footprint on the U.S. East Coast. Total Electric will join the ArchKey/Mona segment to broaden service capabilities and geographic reach for customers across diverse end markets.

ACI Learning, a Boathouse Capital portfolio company, has acquired Infosec Learning, a provider of cloud-based virtual labs and cybersecurity training. The transaction — ACI's fourth add-on under Boathouse Capital — expands ACI's hands-on lab catalog and consolidates cybersecurity, audit and IT skills training capabilities.

Platte River Equity has partnered with the management teams of TIPCO Technologies and HydraTech Industrial Solutions to combine the two distributors into a national independent distributor operating under the TIPCO Technologies name. The combined business will operate 30 locations across 13 states, expanding geographic footprint, investing in technology and inventory, and positioning the platform for further growth; financing was provided by Apogem Capital and legal counsel to Platte River was Bartlit Beck LLP.

Hub International Limited has acquired the assets of AFS 401(k) Retirement Services, LLC and AFS Financial Group, LLC, two Bethesda, Maryland-based retirement plan consulting and wealth management firms. The acquisition will expand Hub's Retirement and Private Wealth capabilities and integrate the AFS team into Hub's Mid-Atlantic practice; terms were not disclosed.

OWL Services, a national provider of fueling construction, service and compliance solutions, has acquired Dark Horse Enterprises, Inc., a Mid-Atlantic fueling construction and environmental compliance company based in Pasadena, Maryland. The deal strengthens OWL's geographic coverage and fueling construction resources in the Mid-Atlantic, bringing Dark Horse's employees and local expertise into OWL's national platform.

BlueHalo, a portfolio company of Arlington Capital Partners, has acquired Ipsolon Research, a designer and manufacturer of ultra-small form factor software defined radios (SDRs). The acquisition will integrate Ipsolon's SDR hardware and software capabilities into BlueHalo's product portfolio to accelerate prototyping, expand capabilities for mission-critical defense applications, and better serve Department of Defense customers.

Funds affiliated with Madison Dearborn Partners have acquired T2S Solutions, a founder-owned provider of R&D, prototyping, engineering, integration, and technology products serving the U.S. Department of Defense, the Intelligence Community, and other U.S. government agencies. The T2S founders will retain a significant minority stake and continue to lead the company as MDP provides capital and industry expertise to accelerate R&D, bring products to lead production, and expand mission-focused capabilities.

424 Capital completed a significant investment in VaLogic, a Frederick, Maryland-based provider of GMP/GLP compliance software and life-science facility services. The capital will support VaLogic's growth plans—expanding services, markets and customer reach—while enabling pharmaceutical and biotechnology clients to focus on R&D and manufacturing with validated compliance tools (including VaLogic's LogiPoint SaaS).

Washington Harbour Partners LP has acquired SIXGEN Incorporated, a cybersecurity firm serving U.S. national security, intelligence, defense and critical commercial industries. SIXGEN will remain led by founder and CEO Ethan Dietrich, and Washington Harbour said it will invest to accelerate SIXGEN's growth and expand its high-assurance cyber and cyber-AI capabilities for government and critical infrastructure customers.

ABC Supply Co., Inc. has acquired John S. Wilson (JS Wilson), a family-owned full-service lumberyard in West Friendship, Maryland. The acquisition — advised by 1stWEST M&A for JS Wilson — expands ABC Supply's regional footprint and will integrate the location into ABC Supply's network.

Falfurrias Capital Partners announced a platform investment in Synergy ECP, a Columbia, Maryland-based provider of software engineering, cybersecurity and systems engineering services to the U.S. Intelligence Community and Department of Defense. Synergy ECP founders Bruce Howard, Dave Wisniewski and Chad Michael will continue to lead the company while Falfurrias principals join the board to support capability expansion and growth.

Hub International Limited has acquired the assets of Franklin Financial Group, LLC and Franklin Investment Group, LLC, expanding Hub’s employee benefits, retirement and wealth management presence in the Baltimore/Hunt Valley, Maryland area. The Franklin principals and team will join Hub Mid-Atlantic; terms were not disclosed and MarshBerry served as financial advisor to Franklin Financial Group.

Miner Ltd., the docks and doors division of OnPoint Group, has acquired Bob's Overhead Door, a Baltimore-based commercial and residential door services company. The acquisition expands Miner's service footprint across Maryland and supports the company's nationwide strategy to build a coast-to-coast service network for loading docks and door systems.

Intevity, a Boston-based digital technology consultancy, has acquired Techabo, a Baltimore-founded digital consulting agency specializing in e-commerce platforms and integrations. The acquisition expands Intevity’s e-commerce capabilities and brings Techabo’s experienced team and platform expertise (Shopify, Salsify, ChannelAdvisor) into Intevity’s service offerings.

Omnicom has agreed to acquire Flywheel Digital, the digital commerce business of Ascential, for approximately $835 million in net cash. The acquisition brings Flywheel's commerce platform and services — including retail commerce operations, media execution, and market intelligence supported by Flywheel Commerce Cloud — into Omnicom to deepen its capabilities in e-commerce, retail media and digital commerce.

Caliber Collision has acquired Auto Body Innovations, Inc. (ABI), a two-location auto body and collision repair operator with sites in Upper Marlboro and Owings, Maryland. FOCUS Investment Banking represented ABI owners Keith and Kevin Dick in the sale; the deal expands Caliber's national footprint in the collision repair market.

CenterGate Capital has acquired Cartridge Technologies, LLC (CTI), a Rockville, Maryland-based managed print services provider to U.S. federal government agencies, from Broadtree Partners. Terms were not disclosed; DC Advisory served as sell-side advisor to CTI while McGuireWoods and Holland & Knight provided legal representation. The investment is intended to provide capital and strategic resources to support CTI's next phase of growth.

RCM&D, a founding partner of Unison Risk Advisors, has acquired Consolidated Insurance + Risk Management, a Baltimore-area insurance brokerage founded in 1938. The deal closed October 13, 2023 and brings roughly 55 employees into RCM&D as the firm expands its presence and service capabilities in the Baltimore and Mid-Atlantic region.

Dealer Services Network (DSN), a Frontenac-backed, tech-enabled title and registration services platform, has acquired Terry's Tag and Title Service, LLC, expanding DSN's footprint into Maryland. The acquisition adds five Maryland locations and brings DSN to 32 locations across seven states.

dss+ acquired ADS System Safety Consulting, LLC, a U.S.-based consulting firm specializing in system safety, system security, and fire and life safety. The acquisition expands dss+'s operational risk management and technical safety engineering capabilities across public transport, aviation, space and autonomous/electric vehicle markets.

Global consulting firm J.S. Held has acquired Annapolis, Maryland-based TransCon CSI, a specialist in accident investigation, reconstruction, and expert witness testimony. The deal expands J.S. Held's Accident Reconstruction practice and adds mid-Atlantic technical resources and commercial vehicle investigation capabilities.

The Valcourt Group has acquired Superior Grouting & Restoration Services, LLC (SGS), a Riverdale, Maryland–based provider of waterproofing, grouting and concrete restoration services. The acquisition expands Valcourt's service footprint and technical capabilities in the Washington, D.C. metropolitan area and adds experience servicing water and wastewater treatment facilities.

Southern Home Services has acquired Presidential Heating & Air Conditioning, Inc., a Gaithersburg, Maryland-based HVAC contractor, marking Southern's first business unit in Maryland. The acquired business will continue to operate under its existing name with employees retained, as Southern expands its residential HVAC, indoor air quality and service offerings in the Mid-Atlantic.

Plexus Capital and 424 Capital announced an investment in VaLogic Bio, a Frederick, Maryland-based provider of GMP compliance software and life-sciences laboratory services. The capital will support VaLogic’s continued growth of its facility monitoring SaaS and professional compliance services for FDA-regulated clients.

Italian spirits group Illva Saronno Holding S.p.A. has purchased a majority stake in Baltimore-based Sagamore Spirit, the rye whiskey brand and distillery owned by Sagamore Ventures (the family office of Kevin Plank). The deal expands Illva Saronno's U.S. presence and whiskey portfolio while preserving Sagamore Spirit's Maryland-based operations and enabling further market expansion.

H.I.G. Capital (via an affiliate), joined by Francisco Partners and RBmedia management, agreed to acquire RBmedia, the world’s largest audiobook publisher, from KKR. The investors said the transaction will support RBmedia’s next phase of growth — with management remaining shareholders and employees receiving payouts tied to their ownership stakes.

Parsons Corporation acquired Columbia, Maryland-based Sealing Technologies, Inc. in a transaction valued at up to $200 million (including $175 million cash at closing and a $25 million earn-out). The acquisition expands Parsons' defensive cyber, AI/ML, edge computing, and critical infrastructure protection capabilities and brings nearly 150 SealingTech employees (70% with security clearances) into Parsons' Defense & Intelligence unit.

Comvest Partners completed a growth capital investment in ClearOne Advantage, a Baltimore-based debt resolution services provider, providing follow-on financing to support the company’s growth initiatives. Comvest has been a capital provider to ClearOne since 2017 and will continue supporting ClearOne as it expands its debt settlement services amid rising consumer debt.

Graham Partners, a Philadelphia-based private investment firm, has made an investment in Barcoding, Inc., a Baltimore-based supply chain automation and AIDC integrator. The partnership will support expansion of Barcoding's IntelliTrack platform, managed services and North American footprint, with Graham positioning Barcoding as a platform for future add-on acquisitions to accelerate growth.

Zonda, a residential real estate technology and data provider, has acquired UTour, an on-demand self-guided home tour platform that serves the new home construction market. The acquisition will integrate UTour's unattended access, AI-powered voice/chat capabilities and smart-home security with Zonda's Livabl listings and data offerings to expand Zonda's product and data capabilities and improve the homebuyer journey.

Atria Wealth Solutions has completed the acquisition of Grove Point Financial, a Rockville, Maryland-based independent wealth management firm. The deal brings approximately 400 independent financial professionals and about $15 billion of assets under administration to Atria, expanding its advisor network and scale across its multi-channel wealth management platform.

Battery Ventures has acquired GrammaTech's software products division, including the CodeSonar and CodeSentry product lines, and established the business as a new independent company, CodeSecure, Inc., headquartered in Bethesda, Maryland. The investment is intended to drive growth of the application security testing product portfolio and enable CodeSecure to expand across end markets such as automotive, aerospace & defense and medical devices while GrammaTech retains its cybersecurity research and services business.

Owl Cyber Defense, a DC Capital Partners portfolio company, has acquired Big Bad Wolf Security (BBWS), a Maryland-based firm specializing in cloud-native infrastructure security and cloud Cross Domain Solutions (CDS). The deal expands Owl's cloud CDS and cloud IAM capabilities and brings BBWS's team and technology into Owl's product portfolio to accelerate cloud-native CDS offerings for government and commercial customers.

Eqlipse Technologies, a platform of Arlington Capital Partners, has acquired Net Vision Consultants, Inc., an analytics and engineering services provider focused on multi-modal telecom analysis and cloud analytics for defense and intelligence customers. The acquisition adds Net Vision's SIGINT, telecom-analysis and cloud analytics capabilities to Eqlipse's full-spectrum cyber, signals intelligence and identity-management engineering offerings.

CES Power LLC, a platform backed by Allied Industrial Partners, has acquired Infinite Power, a Beltsville, Maryland-based provider of temporary mobile power and climate control solutions. The bolt-on expands CES Power's footprint in the Washington, D.C.–Baltimore mid-Atlantic region and strengthens its event power and climate capabilities; terms were not disclosed.

Sims Metal, the metal recycling business of Sims Limited, has agreed to acquire the assets of Baltimore Scrap Corp and its affiliates for US$177 million plus working capital and other adjustments. The deal adds 17 facilities (including four shredders) across Maryland, Virginia, Pennsylvania, New York and New Jersey and ~600,000 tonnes per year of scrap volume, strengthening Sims' North American footprint; the transaction is expected to close in October 2023 subject to customary approvals.

TradeZero USA Inc., a subsidiary of TradeZero Holding Corp., completed the acquisition of Koonce Securities LLC on August 4, 2023. The purchase gives TradeZero in-house clearing capabilities, enabling its broker-dealer subsidiaries to self-clear trades and improving client experience and operational control.

Atwell, a national consulting, engineering and construction services firm headquartered in Southfield, Michigan, has acquired Bay Engineering, Inc., an Annapolis, Maryland-based engineering, surveying and environmental consulting firm. The acquisition strengthens Atwell’s Mid-Atlantic footprint and expands its land development, surveying and environmental capabilities; terms were not disclosed.

T-Rex Solutions has acquired Cyber Cloud Technologies, a Service-Disabled Veteran-Owned small business that provides cybersecurity, cloud, and enterprise IT services to the federal government and intelligence community. The acquisition strengthens T-Rex's capabilities and footprint in the National Security and Intelligence Community markets, enhancing its cybersecurity and cloud offerings and providing growth opportunities for cleared employees.

CareDx, Inc. acquired MediGO, Inc., a provider of organ transplant supply-chain logistics software, to expand its digital health offerings for organ procurement organizations (OPOs) and strengthen pre-transplant capabilities. The acquisition is intended to accelerate operational efficiencies, increase organ utilization, and broaden CareDx's transplant ecosystem solutions.

Specialty Program Group LLC (SPG) has acquired the assets of Agency Two Insurance Marketing Group, LLC (d/b/a AgencyONE), a Brokerage General Agency focused on life, annuities, disability and long-term care insurance. The deal brings AgencyONE's principals and underwriting and advanced-planning capabilities into SPG's life & annuity distribution network, expanding resources for financial advisors and augmenting SPG's existing BSMG division.

SERB Pharmaceuticals has acquired the commercial rights to two medicines, Vistogard (uridine triacetate) and Xuriden (uridine triacetate), from Wellstat Therapeutics. The products will be sold in the United States by SERB’s US entity, BTG Pharmaceuticals; financial terms were not disclosed. The acquisition expands SERB’s portfolio in emergency care and rare diseases.

Enlightenment Capital, through its Small Business Investment Company (SBIC) fund, has made a growth investment in Red Alpha, a Columbia, Maryland-based software development and technology consulting firm serving the defense community and select commercial markets. Terms were not disclosed; the capital is intended to support Red Alpha’s growth and capability expansion in cybersecurity, cloud, and large-scale systems engineering work for government customers.

The St. James, a premier sports, wellness, and active entertainment operator based in Springfield, Virginia, has acquired MC Elite Lacrosse, a leading girls' lacrosse club in Montgomery County, Maryland. The acquisition gives MC Elite access to The St. James' training infrastructure and programs to enhance player development across the DC region.

TranSystems Corp. has acquired Whitney Bailey Cox & Magnani, LLC (WBCM), a Baltimore-based multidisciplinary engineering, design, and construction management firm with ~225 employees. The deal expands TranSystems' Mid-Atlantic presence and capabilities; Sentinel Capital Partners continues to team with TranSystems as it grows its transportation and infrastructure platform.