Acquisitions in Maryland in 2024

KLH Capital has completed a recapitalization of Concrete Protection & Restoration (CPR), partnering with the company’s management team to provide liquidity and capital for accelerated growth. Headquartered in Baltimore, MD, CPR is a concrete restoration and structural repair services provider with over 100 skilled field technicians offering services such as post-tension tendon repairs, structural strengthening, protective coatings and waterproofing.

Joe Hudson's Collision Center (JHCC) acquired Cliff's Hi-Tech Body Shop in Essex, Maryland, marking JHCC's 250th location. The acquisition is part of JHCC’s ongoing geographic expansion and comes alongside the opening of two new greenfield locations in Georgia.

MAI Capital Management announced the acquisition of Gaithersburg, Maryland-based Carmichael Hill & Associates, adding approximately $350 million in client assets under management. Carmichael Hill will adopt MAI's brand and infrastructure effective December 6, 2024; Principal Jim Stewart becomes Senior Wealth Advisor & Team Leader. Turkey Hill Management advised Carmichael Hill on the transaction; terms were not disclosed.

Harrison Street completed a previously announced investment to acquire a 33.33% interest in CPV Renewable Power LLC, a wholly-owned subsidiary of Competitive Power Ventures (CPV), funding $200 million of a $300 million commitment in November 2024 with the remaining $100 million expected in 2025. The investment provides growth capital to support CPV Renewable's development, construction and ownership of renewable power projects in the United States.

AirX Climate Solutions (ACS), a Gryphon Investors-backed specialty HVAC platform, has acquired Powrmatic USA, a Finksburg, Maryland-based manufacturer of commercial and industrial heating, cooling and air turnover systems. Powrmatic, with ~30 employees, was divested by Stamm International Corporation and will operate under ACS to expand its specialty HVAC capabilities and mid‑Atlantic footprint.

SageView Advisory Group has acquired OnTrack 401(k) of Frederick, Maryland, a retirement plan consulting practice with approximately $400 million in Assets Under Advisement serving over 90 institutional clients. The acquisition, which closed on December 2, 2024, brings OnTrack principals Doug O'Rear and Cindy Brown into SageView and expands SageView’s East Coast presence with a second Maryland office.

Epicor has acquired Acadia Software, a provider of Connected Worker solutions that delivers real-time insights and digital work instructions for frontline workers in manufacturing and supply chain industries. The acquisition (terms not disclosed) expands Epicor’s industry-specific software capabilities to help customers digitize frontline workflows, improve productivity, and drive continuous improvement.

Schneider National, Inc. agreed to acquire Cowan Systems, LLC and affiliated entities for approximately $390 million in cash, plus separate real estate purchases of about $31 million. The Baltimore-based dedicated contract carrier — which operates roughly 1,800 trucks and 7,500 trailers across 40+ Eastern and Mid‑Atlantic locations — will become a wholly owned subsidiary to expand Schneider's Dedicated capacity and capabilities.

Woodson Equity has acquired the assets of the First Source Electronics business from Commercial Vehicle Group (CVG). The carveout brings control panels, electromechanical systems, cable assembly capabilities and a patented micro-fulfillment solution (STACC) into Woodson’s industrial services focus as the firm looks to grow its corporate carveout platform.

Danvers-based Network Coverage has acquired Baltimore-area Think|Stack, a cybersecurity and cloud solutions provider. The deal expands Network Coverage's managed IT, cybersecurity and cloud capabilities and brings Think|Stack's client base (200+ clients, including 160+ credit unions) into the combined business; Network Coverage Chief Strategy Officer Brian David was promoted to Co-CEO alongside Think|Stack CEO Chris Sachse.

Modera Wealth Management, a fee-only wealth management firm with $12.5 billion AUM, has acquired Bay Point Wealth, a Maryland-based registered investment adviser with $467 million AUM and eight employees. The deal brings Bay Point's advisory team and client relationships into Modera to enhance service offerings and support future growth.

Sheehy Auto Stores has purchased Bill Kidd's Timonium Toyota (Timonium, MD) and Bill Kidd's Volvo Cars (Hunt Valley, MD) from the families of Charlie and Peter Fenwick and Bill Kidd (with Lisa Kidd). The acquisition expands Sheehy's Mid-Atlantic footprint and brings a Toyota store (approx. 1,500 new cars/year) and a Volvo franchise into its dealer group as the dealerships will be rebranded and operated under Sheehy.

Shawmut Design and Construction has acquired First Finish, a full-service hotel renovation contractor, combining Shawmut's expertise in complex hotel projects with First Finish's fast-track, high-end interiors capabilities. First Finish employees will join Shawmut, with founder David Burman remaining as First Finish president, creating an integrated, all-in-one hospitality renovation offering.

Citrin Cooperman has entered into an agreement to acquire substantially all the assets of Baltimore-based Clearview Group, including its affiliated licensed CPA firm. The deal brings Clearview's 10 partners and over 150 professionals into Citrin Cooperman, enhancing the firm's risk advisory, state and local tax, and technology implementation capabilities while strengthening its Mid-Atlantic presence.

Bluestone Equity Partners made a strategic growth investment in Volo Sports, the largest provider of social and recreational sports leagues and events in the United States, to support expansion of its operations, technology, and M&A capabilities. As part of the investment, Bluestone’s Walker Brumskine will join Volo’s board and the deal represents Bluestone’s sixth investment from its inaugural $300 million fund.

Pacify, a tech-enabled doula-led maternal care platform based in Arlington, Virginia, has acquired Family Ways, a Rockville, Maryland-based full-spectrum doula agency founded by Rachel Carbonneau in 2013. The acquisition brings Family Ways' doulas and expertise into Pacify's digital platform to expand doula-led maternity and postpartum services and grow Pacify's regional network and capabilities.

Everfox, a TPG‑backed provider of government and critical‑infrastructure cybersecurity solutions, has acquired Yakabod, Inc, a developer of secure case management software for sensitive investigations and incident response. The deal integrates Yakabod's enterprise case management capabilities into Everfox's EverShield insider risk platform to expand the company's governance and secure case management functionality for government and enterprise customers.

Mill Steel Co., a third-generation family-owned distributor of flat-rolled carbon steel, stainless steel and aluminum, has acquired Maryland Metals Processing (MMP), a Baltimore-based stainless and aluminum toll processor. Mill Steel said MMP will continue to operate independently with its name and associates while adding toll processing capacity and strengthening Mill Steel's national footprint and processing capabilities.

OceanSound Partners completed the acquisition of Antenna Research Associates, Inc. (ARA), a Laurel, Maryland-based designer and manufacturer of antennas and RF systems for aerospace and defense markets. Gladstone Capital Corporation exited its equity investment and prepaid its debt; financial terms were not disclosed. ARA's management will remain in operational roles and as investors while OceanSound aims to accelerate growth, expand RF capabilities, and pursue complementary acquisitions.

Identiti Resources, a national brand implementation and signage company, has acquired KFM 24/7, a facility maintenance solutions provider headquartered in Woodbine, Maryland. The deal combines Identiti's signage and rollout capabilities with KFM's break‑fix, automation and analytics offerings to expand comprehensive facility maintenance and nationwide service coverage while preserving leadership continuity.

ArchStar Capital has completed an investment in Packaging Strategies, Inc. (PSI), a Baltimore-based manufacturer of rugged rotationally molded plastic packaging and protective cases. The deal establishes PSI as a platform investment for ArchStar as the firm looks to grow its footprint in founder-owned manufacturing businesses and capitalize on demand from defense, aerospace, and medical equipment markets.

Thales Defense & Security, a division of Thales Group, has agreed to acquire Digital Receiver Technology (DRT) from Boeing for an undisclosed amount. The purchase transfers DRT's U.S. surveillance and signals-intelligence product capabilities and contracts to Thales as Boeing streamlines operations to focus on its core aviation and major defense businesses.

Reveleer, a value-based care enablement platform backed by Oak HC/FT, has acquired Curation Health to expand its clinical intelligence and EHR integration capabilities. The acquisition brings Curation Health's proprietary clinical rules and deep EMR integrations (EPIC, Cerner, Athena) into Reveleer's platform to enhance point-of-care insights, risk adjustment, and quality improvement.

SK bioscience has invested USD 3 million to acquire a stake in Fina Biosolutions (FinaBio), a Rockville, Maryland–based developer of conjugate vaccine technologies and CRM197 protein manufacturing. The strategic investment makes SK bioscience FinaBio's first strategic investor and is intended to accelerate commercialization of FinaBio's EcoCRM and conjugation technologies while enhancing SK bioscience's vaccine development and manufacturing capabilities.

Prosperity Partners, a Chicago-headquartered accounting platform backed by Unity Partners, has completed the acquisition of Wiener and Garg (W&G), a Rockville, Maryland-based tax, accounting and advisory firm founded in 1980. The deal expands Prosperity's presence in the Greater Washington, D.C. area; W&G partners Subhash Garg and Vikesh Bansal will remain with the business and all W&G employees will join Prosperity's Employee Purpose Plan.

CoolSys has acquired Mechanical Engineering & Construction Corporation (MEC2), a Maryland- and Virginia-based mechanical engineering and construction firm. The acquisition strengthens CoolSys's commercial and industrial capabilities while deepening its presence in the Mid-Atlantic region.

Empire Petroleum Partners LLC has acquired the fuel distribution business and distribution rights of The Besche Oil Co., a Waldorf, Maryland fuel distributor that supplied branded and unbranded fuel to gas stations in Maryland and Delaware. The deal expands Empire's market presence in Maryland and strengthens its partnerships with brand suppliers such as Sunoco and CITGO; Empire also hired Besche's VP of motor fuels, Paul Colonna, to help ensure a seamless transition.

CM Equity Partners (CMEP) has acquired Sabre Systems, Inc. from its founder and majority owner. Sabre is a long-standing federal services and defense contractor providing systems engineering, cybersecurity, C5ISR and digital transformation services to the U.S. Department of Defense and federal civilian agencies; CMEP said it will partner with Sabre's management to broaden capabilities and grow the business.

PAX Services Group, a New State Capital Partners-backed exterior services platform, has acquired Baltimore-based Consolidated Coatings, Inc. The deal expands PAX’s building-envelope capabilities—adding masonry, concrete and specialty coatings services—and deepens its presence in the Baltimore/DC Mid-Atlantic region; Consolidated Coatings’ management will remain in place.

BARBRI, the global leader in legal education, has acquired SkillBurst Interactive, a digital learning company serving law firms. The deal expands BARBRI's professional education portfolio by adding SkillBurst's multilingual, customizable e‑learning library and interactive training capabilities.

VaLogic Bio, a platform company of private equity firm 424 Capital, has acquired Facility Logix, a Burtonsville, Maryland-based firm specializing in planning, development, and project management for life-sciences facilities. The deal is an add-on acquisition intended to expand VaLogic Bio's service capabilities and build a full-service outsourced solutions platform for life sciences facility design, CQV, environmental monitoring, and ongoing compliance.

Reel Power Industrial, a portfolio company of Praesidian Capital, has acquired Novatec Inc.'s downstream extrusion line equipment product line, including pullers, cutters, saws, and cooling/vacuum tanks. The divestment allows Novatec to focus on core drying, conveying and moisture-control solutions while enabling Reel Power to offer a turnkey downstream automation package.

Harrisburg-based Stephenson Equipment (SEI) has acquired Valley Supply & Equipment, a construction equipment dealer with locations in Hagerstown and Baltimore, Maryland, and Manassas Park, Virginia. The deal expands SEI's geographic footprint into Maryland, Virginia and the District of Columbia, adds locations and staff (Valley employees become employee-owners) and increases SEI's total headcount to 294.

An affiliate of H.I.G. Capital has completed the acquisition/recapitalization of Action Elevator, a regional provider of elevator maintenance, repair and modernization services headquartered in Millersville, Maryland. Action's leadership retains a significant ownership stake and, concurrently with the transaction, Action acquired Century Elevator to expand its presence in the Washington, D.C. market.

Limbach Holdings, Inc. (Nasdaq: LMB) has acquired Kent Island Mechanical, LLC (KIM) for an initial purchase price of $15 million, with up to $5 million in performance-based earn-outs. The acquisition expands Limbach's mechanical/HVAC and plumbing capabilities and Mid-Atlantic footprint, and KIM is expected to contribute about $30 million in revenue and over $4 million in EBITDA annually beginning in 2025. Founder Mark Bowen retired at closing and some KIM leadership (including Director of Operations Kyle Benjamin) will join Limbach's Mid-Atlantic leadership team.

Lumin8 Transportation Technologies, a portfolio company of Crest Rock Partners, has acquired Rommel Infrastructure, a Linthicum Heights, Maryland-based provider of traffic signal and street light maintenance and installation services. The add-on expands Lumin8’s Mid-Atlantic footprint and service capabilities; the acquisition is the seventh add-on to the Lumin8 platform and brings Lumin8’s workforce to over 500 employees.

OneOncology has agreed to acquire United Urology Group (UUG) from Audax Private Equity, with the deal expected to close by the end of 2024; terms were not disclosed. UUG is a national urology management services organization supporting ~250 physicians and ~1,300+ employees across multiple states, and OneOncology plans to integrate UUG's urology capabilities and ancillary services into its physician-led oncology platform.

Trivest Discovery Fund, part of Trivest Partners, has partnered with Dominique Dawes Gymnastics & Ninja Academy (DDGNA) to support the recreational gymnastics and ninja training chain’s growth. With Trivest’s capital and resources, DDGNA plans organic expansion and to pursue strategic add-on acquisitions across the United States.

Pelican Energy Partners agreed to acquire GSE Systems, Inc. (doing business as GSE Solutions) in an all-cash merger valued at $4.10 per share (approximately a 50% premium). The transaction, unanimously approved by GSE’s board and overwhelmingly approved by shareholders, takes GSE private; Pelican plans to invest in GSE’s technology and growth to expand its nuclear and power-industry services.

H.I.G. Capital has signed a definitive agreement to sell its portfolio company USALCO to funds managed by TJC (formerly The Jordan Company), with H.I.G. remaining as a minority investor. USALCO, headquartered in Baltimore, Maryland, is a leading provider of water treatment chemistries and services operating 33 manufacturing and distribution facilities across North America; the transaction is expected to close in the coming months.

NOVA Infrastructure has exited Bold Holdco, LLC (Bold Ocean/Schuyler Line Navigation Company) to institutional investors advised by J.P. Morgan Global Alternatives' Global Transportation Group. Headquartered in Annapolis, Maryland, Bold Ocean is a U.S.-flag maritime operator that runs nine vessels under long‑term time charters with the U.S. government and other counterparties; financial terms were not disclosed.

SERB Pharmaceuticals purchased the RSDL (Reactive Skin Decontamination Lotion) kit and related inventory, contracts and operations from Emergent BioSolutions for approximately $75 million, with an additional $5 million contingent milestone payment. The deal includes the Hattiesburg, Mississippi leased manufacturing facility and several site-based employees (who will join SERB), while Emergent's Winnipeg facility will continue to supply bulk lotion under a long-term supply agreement; Emergent said the divestiture supports debt reduction and portfolio rationalization.

Pye-Barker Fire & Safety has acquired ABC Burglar Alarm Systems, a family-owned security and alarm systems provider headquartered in Bowie, Maryland. The acquisition strengthens Pye-Barker's Mid-Atlantic footprint — integrating ABC's team into Pye-Barker's Washington, D.C. and Baltimore-area branches to support service, maintenance, inspections and 24/7 monitoring for primarily commercial customers.

The Cook & Boardman Group LLC has acquired Bunting Door & Hardware Co., Inc. and Loktek, LLC, expanding its commercial doors, frames, hardware and access-control installation footprint in the Mid-Atlantic. The deal (terms undisclosed) will keep the Bunting and Loktek names in operation and represents an add-on acquisition for Cook & Boardman under its PE-backed ownership.

Canopy Capital Partners, a Tampa-based private equity firm, has acquired Pet Palette Distribution, a Sykesville, Maryland-based national wholesale distributor of pet products, marking the launch of Canopy's pet-product distribution platform. Canopy named Chris Miller as CEO, said it will pursue growth and complementary product verticals (including pet grooming) and is positioned to pursue bolt-on acquisitions for the new platform.

Pay Ready has acquired EvictionAssistant, an eviction management software provider based in Rockville, Maryland. The deal integrates EvictionAssistant's eviction and case-management capabilities into Pay Ready's post-resident recovery platform to provide a more complete move-out and delinquency workflow for multifamily owners and operators.

Enterprise AI investor SAIGroup has acquired digital patient engagement company Get Well (formerly GetWellNetwork). SAIGroup plans to integrate its predictive and generative AI capabilities into Get Well's platform to build a precision care solution for hospitals and ambulatory centers; financial terms were not disclosed.

Prometric has completed the acquisition of EdPower, a cloud-based K-12 education solutions provider. The deal combines Prometric's AI item generation and assessment capabilities with EdPower's K-12 assessment, analytics and professional-development tools to expand Prometric's footprint in the K-12 market.

AirX Climate Solutions, a Gryphon Investors-backed platform, has acquired AboveAir Technologies, a Frederick, Maryland-based OEM of precision cooling solutions for data centers. AboveAir will operate as a new division of ACS with founder Matt Miller named President of the AboveAir division and becoming a shareholder; ACS will invest in manufacturing capacity at AboveAir's 100,000-square-foot facility and expand its Mid-Atlantic footprint.

Cal-Maine Foods Inc. has acquired virtually all assets of Galena, Maryland–based ISE America Inc. for approximately $110 million in cash. The deal adds ISE’s commercial shell-egg production and processing capacity (about 4.7 million laying hens, including 1 million cage-free), feed mills, roughly 4,000 acres, pullets, inventories and an egg-products breaking facility, expanding Cal‑Maine’s footprint into the Northeast and Mid‑Atlantic.