Acquisitions in Michigan in 2019

Riveron, a national business advisory firm, has acquired Conway MacKenzie, a turnaround, restructuring, and operational improvement consultancy. The combination expands Riveron's restructuring and operational capabilities and creates a combined organization with over 500 employees across 13 U.S. offices.

High Street Insurance Partners, the insurance brokerage platform formed by Huron Capital's ExecFactor initiative, has acquired InPro Insurance Group, a full-service independent insurance agency based in Troy, Michigan. The transaction is an add-on to High Street's buy-and-build strategy, expanding the platform into Southeast Michigan while InPro's president Dave Goodman remains active in his role.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired SD Financial Pathways, LLC, a Dearborn, Michigan-based wealth management firm serving about 85 households with roughly $100 million in AUM. SD Financial will consolidate into Mercer Advisors' Detroit office and founder Steven Deceuninck will join Mercer as part of the transaction.

Guardian Capital Partners (Guardian) invested in Flat River Group, a Belding, Michigan–based eCommerce distributor, partnering with the company's executive management team in a majority recapitalization. Centerfield Capital Partners provided additional financing and minority equity, with CIBC Bank USA providing senior financing; Guardian and management plan to grow the business through investments in infrastructure, capabilities and add-on acquisitions.

HighGrove Companies, a private investment firm, has acquired All Star Driver Education, Inc., a multi-state provider of driver education services founded by the Wall family and headquartered in Ann Arbor, Michigan. HighGrove said it will partner with management to expand All Star’s geographic footprint and online course offerings to drive future growth.

Laguna Tools, Inc. has completed the acquisition of Dake Corporation from parent company JSJ Corporation. The purchase expands Laguna's metalworking product line—adding Dake's presses, bandsaws, and other machine tools—and extends Laguna's manufacturing footprint into Michigan.

Trelleborg Sealing Solutions (part of Trelleborg AB) acquired U.S.-based TRITEC Performance Solutions, a manufacturer of engineered PTFE seals, billets and assemblies, in a bolt-on acquisition announced November 27, 2019. The deal — with TRITEC majority owned by Edgewater Capital Partners prior to the sale — expands Trelleborg's PTFE capabilities, manufacturing capacity and service offerings for rotary seals and MRO/OEM customers.

Funds managed by Harvest Partners have acquired Service Express, a Grand Rapids-based provider of post-warranty data center equipment maintenance services, from Pamlico Capital. Service Express' management, led by CEO Ron Alvesteffer, will remain significant owners as Harvest provides capital and strategic resources to accelerate geographic expansion and market penetration.

Holland, Michigan-based Performance Plus Quick Lubes acquired Farmington, Michigan-based Colonial Car Wash and Oil Exchange, Inc. The acquisition adds a car wash division and an oil distribution operation to Performance Plus's existing network of quick-lube locations, supporting the company's geographic expansion and product/service capability growth in Michigan.

Connectria has acquired WSM International to expand its cloud migration and professional services capabilities, enabling an end-to-end cloud offering that combines Connectria’s managed services and TRIA platform with WSM’s migration, DevOps and CCOE expertise. WSM brings nearly 250 employees, roughly $60 million in annual revenue and extensive experience across North America and Europe, accelerating Connectria’s ability to migrate and onboard customers to AWS and Azure securely and compliantly.

ACProducts, Inc. (acpi), a PE-backed cabinet manufacturer, has agreed to acquire Masco Cabinetry, a division of Masco Corporation. The add-on purchase expands acpi's product offering and manufacturing capabilities—bringing approximately 4,000 Masco Cabinetry associates into the acpi organization—and is expected to close by the end of Q1 2020.

Global Graphics PLC (Euronext: GLOG) acquired Xitron, LLC, a prepress workflow and RIP software provider headquartered in Ann Arbor, Michigan, for $4.5 million in cash. The acquisition expands Global Graphics’ digital print and industrial inkjet capabilities and complements its Harlequin RIP-based product family and digital front-end offerings.

ICV Partners made a significant investment in JK&T Wings, a leading Buffalo Wild Wings franchisee that owns 42 restaurants across Michigan with additional locations in Massachusetts and Louisiana. The capital will support facility remodels, additional store openings and potential acquisitions of other franchisees, with JK&T management (Kent Ward and Brian Carmody) remaining as investors.

Seaport Capital, a New York-based private equity firm, has made a strategic growth investment in Rutherford & Associates to support expansion of its eoStar route-accounting and warehouse management software. As part of the investment, Jim Clishem was named CEO and founder Mike Rutherford will transition to full-time CTO to focus on product development and scaling the business.

IHS Markit has acquired Novation Analytics, an Auburn Hills, Michigan–based provider of full-vehicle simulation software and modelling for light-vehicle energy efficiency and CO2 emissions compliance. Greenwich Capital Group served as exclusive financial advisor to Novation on the transaction. Terms were not disclosed.

LLR Partners and Parthenon Capital completed a growth-oriented recapitalization of DaySmart Software, acquiring the Ann Arbor-based provider of vertically-focused business management software for salons, pet care, spas and tattoo studios from SFW Capital Partners. The recapitalization is intended to fund product investment, accelerate organic growth and enable complementary acquisitions while DaySmart remains led by CEO Jeff Dickerson.

Computer Aided Technology (CATI), a portfolio company of CIVC Partners, acquired Fisher Unitech from The Riverside Company. Fisher Unitech is a provider of 3D design software, additive manufacturing hardware and related training, maintenance and consulting services; the deal expands CATI's scale and geographic footprint across the Midwest, Mid-Atlantic and New England.

Denver-based private equity firm Revelstoke Capital Partners has completed a recapitalization of The Care Team, a Farmington Hills, Michigan-based home health and hospice provider. The investment will provide capital and strategic support to accelerate TCT's growth, pursue multi-state expansion and participate in industry consolidation while founder Jason Laing remains CEO and a significant shareholder.

Hunter Fan Company, a portfolio company of MidOcean Partners, acquired Entrepreneurial Pursuits, Inc. (d/b/a Jan Fan), a Michigan-based manufacturer and distributor of fixed and rolling-mount caged fans for commercial and industrial workspaces. The acquisition expands Hunter's industrial product portfolio, creates cross-sell opportunities with its HVLS and commercial ceiling fan lines, and broadens the company's addressable market in North America.

Carroll Capital LLC has acquired Elevator Service, Inc. (ESI), a Grand Rapids-based independent elevator services provider, from owner Nate McFadden in partnership with ESI management. Carroll Capital will support ESI’s growth strategy, including expanding market share across Michigan and pursuing add-on acquisitions to build a regional elevator services platform.

Detroit-based private equity firm Rockbridge Growth Equity announced an investment in White Glove, a seminar marketing, social media management and seminar-planning services provider for financial, insurance, legal and real estate professionals. The deal (closed October 1, 2019) will support White Glove's growth and expansion of service offerings across North America; White Glove is a 115+ person company that has delivered more than 10,000 seminars.

Convenient Payments Holdings LLC, a Beekman Investment Partners III portfolio company, has acquired Mainstreet Computers, a Belleville, Michigan-based provider of cloud-based business software for the auto and flat glass industries. The deal is an add-on to Convenient Payments’ software and payments platform, intended to integrate Mainstreet’s Glas-Avenue product with Convenient Payments’ IntelliPay processing and accelerate growth through shared resources.

Funds managed by Gamut Capital Management agreed to acquire American Axle & Manufacturing's U.S. iron casting operations, Grede, for an aggregate purchase price of $245 million. AAM sold the business as a divestiture to streamline operations and accelerate debt reduction; Grede operates 10 U.S. foundry/manufacturing facilities serving automotive, commercial vehicle and industrial markets.

Valicor Environmental Services, a portfolio company of Pritzker Private Capital, has acquired Strength Environmental, LLC, a non-hazardous waste and centralized wastewater treatment provider headquartered in Inkster, Michigan. The acquisition expands Valicor’s treatment footprint and adds Strength Environmental’s PFAS/PFOA treatment and disposal capabilities in Southeast Michigan.

High Street Insurance Partners, the ExecFactor insurance brokerage platform created by Huron Capital, has acquired Ottawa Kent Insurance Agency, a West Michigan independent insurance agency with four offices. The acquisition is an add-on to High Street’s platform to expand its presence in the Grand Rapids market, retain existing principals, and grow services for Ottawa Kent’s roughly 10,000 customers and ~64 employees.

Boston-based private equity firm JMC Capital Partners has acquired PRO-VISION Video Systems, a Michigan-based designer and manufacturer of vehicle video systems, body-worn cameras, and video management software. JMC plans to partner with PRO-VISION's management to accelerate growth and expand the company's safety and video technology offerings across commercial, transit, and law enforcement markets.

EyeCare Partners LLC completed the acquisition of Associated Retinal Consultants, P.C., a leading retina subspecialty ophthalmology practice headquartered in Royal Oak, Michigan. The transaction adds ARC's team of retina specialists — roughly 21 physicians across 16 locations — to ECP's network and strengthens ECP's retina clinical capabilities and market position in Michigan; financial terms were not disclosed.

First Capital Partners completed a mezzanine debt investment in BTM Company to support a management-led recapitalization. BTM, founded in 1966 and based in Marysville, Michigan, supplies clinching and piercing tools, inserted fastener and work-holding equipment, and fully automated assembly systems to global OEMs in automotive, appliance, furniture, garage door and general industrial markets; Peakstone Group represented BTM in the transaction.

Greenwich-based Pillsman Partners and Detroit-based Peninsula Capital Partners completed a majority recapitalization of PowerVac of Michigan (PVM), a Novi, Michigan provider of hydro-excavation, jet/vac, sewer inspection, plumbing, electrical and facilities maintenance services. The transaction, which included participation from PVM management and provided partial founder liquidity, will fund organic growth and targeted acquisitions to expand the company's service footprint.

LINQ, a Wilmington, North Carolina-based K-12 administrative software provider, acquired SchoolFinance — the Michigan-based K-12 financial management system developed by Optimal Solutions, Inc. The deal brings SchoolFinance's finance, payroll and HR capabilities into LINQ's integrated K-12 platform to expand product capabilities and geographic reach.

Sea Link International, a New Water Capital portfolio company, has acquired Hicks Plastics Company, a Tier II supplier of injection-molded and metallized automotive forward lighting components headquartered in Macomb, Michigan (with a secondary facility in Knoxville, Tennessee). The add-on expands Sea Link's domestic manufacturing and assembly capabilities to better serve OEM and Tier 1 customers; Tim Hicks will join Sea Link as a vice president while remaining president of Hicks Plastics.

Continental Services, a Michigan-based food management company and portfolio company of New Heritage Capital, has acquired Northern Vending Company of Ann Arbor, Michigan. The deal brings Northern Vending’s staff into Continental, expanding Continental’s refreshment client base and increasing service density in the western part of its market as part of an ongoing add-on acquisition strategy.

Autokiniton Global Group (AGG), a KPS Capital Partners portfolio company, agreed to acquire Tower International for $31 per share in cash, representing an approximate $900 million enterprise value including debt and pension liabilities. The all-cash tender offer (70% premium to the prior close) was set to commence between August 14-19, 2019, with the transaction expected to close in September or October 2019.

Audax Private Equity has entered into a definitive agreement to acquire Aspen Surgical, a Hillrom business unit that manufactures branded and private-label single-use surgical consumables. Aspen Surgical is headquartered in Caledonia, Michigan with operations in Caledonia and Las Piedras, Puerto Rico, and employs approximately 500 people; the transaction is a divestiture of the surgical consumables business from Hillrom to Audax.

Spell Capital Partners has made a private equity investment in Complete Packaging, partnering alongside the company’s senior management. Complete Packaging, headquartered in Monroe, Michigan, is a supplier of precision engineered corrugated and wood packaging solutions serving automotive and industrial end markets; Spell Capital said it will work with management to expand the business.

A&R Logistics, a Wind Point Partners–backed dry bulk logistics operator, has acquired Blue Water Plastic Transport, a St. Clair, Michigan-based provider of specialty dry bulk transportation, logistics and warehousing for the plastics and chemical industries. The add-on expands A&R’s Midwest presence, increases its specialized tractor/trailer fleet and preserves BWP’s operations in St. Clair under A&R's ownership.

WorkForce Software, a Livonia, Michigan-based provider of cloud workforce management solutions, received a significant equity investment from affiliates of Evergreen Coast Capital, which will become an equal partner with existing majority investor Insight Partners. The growth investment is intended to accelerate international expansion, product innovation, and scale the company’s customer experience; terms were not disclosed.

Ideal Tridon Holdings, a Snow Phipps portfolio company, completed the acquisition of ZSi‑Foster from Pfingsten Partners; terms were not disclosed. The deal combines Ideal Tridon's specialty clamp and fitting portfolio with ZSi‑Foster's engineered pipe, hose and conduit support products to expand product capabilities and deepen customer relationships.

High Street Insurance Partners has acquired the assets of Tompkins Insurance Agency, a Traverse City, Michigan independent insurance firm. Tompkins will join KorthaseFlinn Insurance & Financial Services (a High Street company) and its employees will report to Randy Flinn; terms were not disclosed.

Sound Physicians, a national physician-led medical group, acquired iNDIGO Health Partners, a Michigan-based provider of hospitalist, telemedicine, and post-acute services. The deal (closed June 18, 2019) adds programs across nine hospitals, ten skilled nursing facilities, and 12 assisted living facilities and brings nearly 150 clinicians and staff into Sound Physicians as it expands services in the Great Lakes region.

Investment funds managed by Morgan Stanley Capital Partners completed a majority investment in Impact Fitness, a Planet Fitness franchisee operating 29 clubs across the United States and Canada. MSCP partnered with Impact's management team led by CEO Adam Willaeys, acquiring the company from Bain Capital Double Impact and Bridges Fund Management to support further growth and expansion of the franchise footprint.

Huron Capital’s insurance platform High Street Insurance Partners has acquired KorthaseFlinn Insurance & Financial Services, an independent insurance and financial services firm based in Boyne City, Michigan. The add-on expands High Street’s regional presence in northern Michigan and deepens its capabilities in commercial, employee benefits and personal insurance services; terms were not disclosed.

Atairos has acquired an ownership position in ProQuest, with ProQuest using proceeds to repurchase most shares held by entities affiliated with the Goldman Sachs Merchant Banking Division. Cambridge Information Group remains the majority owner and Goldman Sachs will retain a minority interest; the investment from Atairos is intended to support ProQuest's continued product innovation and global growth.

Dallas-based private equity firm Sky Island Capital made a majority investment in Material Sciences Corporation (MSC), a Canton, Michigan-headquartered producer of advanced materials and specialty coated metals. Sky Island said the investment will support organic growth and add-on acquisition activity as MSC serves end markets including transportation, building products, and packaging.

Allworth Financial has acquired Michigan-based investment firm Blueprint Financial, which manages approximately $80 million of client assets. The deal expands Allworth's footprint in the Midwest as it continues a string of acquisitions that have added over $1.1 billion in acquired assets in just over a year.

Commodity Blenders, a portfolio company of High Street Capital, has acquired a feed production mill in Jonesville, Michigan, adding a second location to its West Salem, Ohio operation. The acquisition expands Commodity Blenders' production footprint and ability to serve dairy, swine and poultry customers across Michigan, western Ohio and Indiana as an add-on to its platform.

Parker Holding, Inc. acquired C.N.C. Products LLC, a Niles, Michigan-based sheet metal fabricator, in April 2019. Calder Capital served as exclusive M&A advisor to the target; Parker Holding said it will retain existing teams and invest to improve efficiency, profitability and market share.

Mosaic Capital Partners led the creation of an Employee Stock Ownership Plan (ESOP) to acquire Custom Profile Holdings, a Grand Rapids-based manufacturer of plastic profile extrusions. Graycliff Partners provided $12.5 million of subordinated debt and structured equity to support the ESOP transaction, which transferred ownership from prior investor Blackford Capital and provides liquidity and growth capital to the business and employee-owners.

MiddleGround Capital, a Lexington-based private equity firm, has acquired Peterson Spring, a Southfield, Michigan-based designer and manufacturer of engineered springs, wire forms and related components with facilities across North America and the United Kingdom. The investment is a control buyout intended to support operational improvements and future growth of Peterson's manufacturing platform.

BayView Industries of Green Bay, Inc. acquired certain assets from Alphi Manufacturing LLC, a Jonesville, Michigan-based supplier of stainless and carbon steel tubing components and assemblies to tier‑1 automotive suppliers. The transaction, advised on by Angle Advisors for Alphi, transfers Alphi’s manufacturing capabilities (tube bending, fabrication, piercing, perforating and welding) and its 100,000-square-foot facility to BayView’s group of industrial subsidiaries.