Acquisitions in Michigan in 2022

Argosy Private Equity, alongside Stone River Capital Partners, acquired Unisorb Installation Technologies, a Michigan-based maker of engineered installation products for machinery. Argosy said the investment will support product development, strategic initiatives and expansion into end markets such as power generation as part of its sixth lower middle market fund.

Lawrenceville, Georgia-based Majors Management, LLC acquired the assets of Davis Oil Co., adding 21 convenience store locations across West Michigan and fuel supply relationships with 11 commission marketers. The transaction marks Majors' first entry into Michigan and expands its retail fuel and convenience footprint in the region.

Torque Capital Group, a middle-market private equity firm, has acquired Metal Forming & Coining Corporation (MFC / Netform), a manufacturer of advanced flow-formed and cold-formed components serving automotive and truck powertrain markets. The acquisition will support investment in technology, people and capabilities to expand MFC / Netform’s product offerings and address evolving powertrain needs including electrification.

LaSalle Capital, in partnership with Lightspring Capital I, LP, has completed the acquisition of Great Lakes Potato Chips, a Traverse City, Michigan-based kettle-cooked potato chip manufacturer founded by Ed and Chris Girrbach. The founders remain involved (Chris Girrbach will stay on as CEO) and the buyers intend to accelerate growth into new states and accounts across retail, foodservice distributors and direct-to-consumer channels.

Union Home Mortgage (UHM) has acquired Kalamazoo-based Amerifirst Home Mortgage, bringing Amerifirst’s network of more than 300 licensed loan consultants into UHM’s national mortgage platform. The deal expands UHM’s presence in key markets — including Florida, Michigan, Ohio, North Carolina and California — and strengthens combined capabilities in USDA rural lending programs.

Duke's Root Control, a Comvest Partners-backed platform, has acquired Pipetek Infrastructure Services, a Midwest-based sewer, utility and underground infrastructure services provider headquartered in Plymouth, Michigan. The add-on expands Duke's inspection, assessment and repair capabilities and extends its geographic footprint into the Midwest and into gas and water utility markets.

Geocycle LLC, a subsidiary of Holcim (US) Inc., has acquired CM Rubber Technologies, Inc. in Coleman, Michigan. The acquisition (13 employees, 21 acres, processing equipment and trucks) will enable Geocycle to process used tires into tire-derived fuel for Holcim's Alpena cement plant and expand sustainable waste management services in Northern Michigan.

Coral Tree Partners, a Los Angeles-based private equity firm, acquired AMI Entertainment Network from The Gores Group. AMI operates a network of over 30,000 digital jukeboxes and video systems serving bars, restaurants and hospitality venues and is headquartered in Grand Rapids, Michigan.

Tiugo Technologies, a PSG portfolio company, has acquired ButterCMS, a headless CMS provider, to expand its collection of API-first developer platforms. The add-on strengthens Tiugo's content management capabilities and broadens its offerings to digitally native enterprises, mid-market firms and SMBs; financial terms were not disclosed.

Prime Capital Investment Advisors (PCIA) has acquired substantially all of the assets of Liberty Wealth Advisors, a $1.75 billion wealth planning and investment management firm led by James S. Gladney. The deal brings Liberty's leadership and approximately 15 employees (including five advisors serving ~725 clients across 45+ states) into PCIA and closed on December 9, 2022.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Vintage Financial Services, LLC, a wealth management firm based in Ann Arbor, Michigan. Vintage serves over 500 clients with more than $850 million in AUM and its full team will join Mercer as part of the firm’s expansion of its Michigan footprint.

Cloud Equity Group-backed Brightworks IT has acquired Key Technology Solutions, a Michigan-based managed service provider (MSP). The deal is an add-on acquisition as part of Cloud Equity Group and Brightworks IT's roll-up strategy to consolidate managed IT services firms, expand geographic coverage, and strengthen technical capabilities.

Lincoln Electric Holdings, Inc. completed the acquisition of Fori Automation, LLC and closed a $400 million senior secured term loan to partially fund the purchase. The deal expands Lincoln Electric's automation and engineering capabilities and increases its annualized automation portfolio revenue to over $850 million, supporting its Higher Standard 2025 strategy.

ARC Health, a Thurston Group portfolio company, has acquired Lotus Consulting, PLLC, a mindfulness-focused mental health practice in Ann Arbor, Michigan led by Ilona Phillips, LMSW. The deal adds Lotus Consulting's multidisciplinary therapy and group-training capabilities to ARC Health's national platform as part of continued roll-up of provider practices.

Walbro LLC, a portfolio company of Nova Capital Management and Landon Capital Partners, has acquired the Powersports business and assets of Cascade Engineering's South facility in Grand Rapids, Michigan. Walbro will continue operations at the 50,000-square-foot site and retain the existing team; Cascade sold the unit to focus on its large-tonnage business.

Simfoni has acquired Michigan-based Xeeva, a provider of AI-powered indirect spend management and procurement solutions, to expand its capabilities in tail-spend management, spend analytics, eSourcing and payments automation. The deal strengthens Simfoni's composable procurement offering and aims to accelerate growth, scale operational infrastructure, and deliver expanded technology options and service levels for both companies' customers.

Lear Corporation has acquired InTouch Automation, a Novi, Michigan–based supplier of Industry 4.0 technologies and automated end-of-line testing equipment for automotive seats. The acquisition advances Lear's Industry 4.0 strategy by enhancing automated testing, real-time data collection, and standardization of testing procedures across its just-in-time seating production.

Forged Solutions Group (a portfolio company of Arlington Capital Partners) has acquired Steel Industries, Inc., a Redford, Michigan-based manufacturer of open die forgings and seamless rolled rings. The acquisition expands FSG's forging capabilities, metals expertise and customer relationships across aerospace, defense, space and industrial end markets and will keep Steel Industries' existing management team in place.

Barrington Media Group, a portfolio company of Fort Point Capital, has completed the acquisition of The SEO Department to bolster BMG's digital practice and expand its SEO capabilities. The deal serves as an add-on to BMG's platform and is intended to diversify service offerings and drive additional value for customers and employees.

Digital Intelligence Systems (DISYS) has acquired a controlling interest in Grand Circus, a virtual coding bootcamp and upskilling provider. The acquisition adds training and talent-pipelining capabilities to DISYS's staffing and managed-services portfolio, enabling expanded custom upskilling programs for clients and historically underrepresented communities.

Advance Local has acquired Search Optics, a provider of digital marketing services and advertising technology focused on the automotive industry. The acquisition expands Advance Local’s automotive vertical and aims to combine Search Optics’ capabilities with Advance’s ZeroSum unit to develop new products and reach new customers in the automotive market.

Xebia has acquired Netlink Digital Solutions Group (NDS) from Netlink Software Group America to strengthen its low-code and OutSystems capabilities. The deal expands Xebia's end-to-end digital transformation, managed services and OutSystems practice to support enterprise customers globally.

Monomoy Capital Partners' pool and spa platform acquired Nordic Hot Tubs, adding the Grand Rapids-based manufacturer of HDPE hot tubs to its existing Artesian Spas and Marquis Hot Tubs portfolio. The add-on expands the platform's product mix in the value hot-tub category and aims to leverage combined brand strengths and dealer relationships to scale the business across North America and Europe.

Authority Brands has acquired DRYmedic Restoration Services; terms were not disclosed. DRYmedic, founded in 2014 and serving the Detroit region with over 40 trucks, will join Authority Brands' portfolio to support national growth and expand the franchisor's restoration service offerings; Greenwich Capital Group served as DRYmedic's exclusive financial advisor.

Colony Hardware Corporation, a portfolio company of Audax Private Equity, has acquired Michigan-based value-added distributor B&L Bolt, Inc. and Slip-On Lock Nut, LLC. The add-on expands Colony's direct-to-jobsite distribution footprint in Michigan (Grand Rapids and Kalamazoo), broadens its product offering for contractors and manufacturers, and keeps management involvement with Dave Vander Ploeg retaining a stake.

SavATree has merged with West Michigan Tree Services (part of Grand Arbor Group), expanding its branch footprint in Michigan. Owners Dan Klaver and Larry Pfeifer will remain with the business as SavATree integrates the company's residential and commercial tree and shrub care operations.

Marubeni-Itochu Steel Inc., through its North American subsidiary Marubeni-Itochu Steel America Inc. (MISA), has acquired the Jackson, Michigan processing facility from Worthington Specialty Processing (a joint venture of Worthington Industries and United States Steel). The plant will be renamed MISA Specialty Processing, Inc.; the acquisition is an all-cash transaction intended to expand MISI/MISA's steel processing capacity to serve the North American automotive and related end markets.

RōBEX LLC, an Angeles Equity Partners portfolio company, has acquired Vantage Corporation, a Livonia, Michigan-based industrial robotics manufacturer and systems integrator. The acquisition (terms undisclosed) will expand RōBEX’s manufacturing and systems-integration capacity and support its strategy to grow in key global markets; Vantage CEO Tim White will remain in place during integration.

Prospect Partners has invested alongside management in Fontanesi & Kann (including Architectural Building Components) and established Central States HVAC Solutions, a commercial HVAC distribution and services platform led by CEO Joe Fontanesi. SharpVue Capital provided a subordinated debt financing and equity co-investment while Byline Bank provided senior debt; Prospect and management plan to pursue add-on acquisitions to expand the platform's geographic footprint and capabilities.

Jasper Holdings, Inc., a 100% associate-owned ESOP based in Jasper, Indiana, has acquired Jer-Den Plastics of St. Louis, Michigan. The transaction, advised by Calder Capital, transfers ownership from longtime owner Jeff Stahl to Jasper Holdings to expand Jasper's manufacturing capabilities in rotational molding; terms were not disclosed.

An investor group led by Littlejohn & Co. acquired Lipari Foods, a leading specialty food distributor and value-added manufacturer headquartered in Warren, Michigan. The Lipari family, management, H.I.G. Capital and Sterling Investment Partners remain minority investors; Littlejohn said it will support Lipari's next phase of growth and accelerate its acquisition program.

Color (Color Health) has acquired Mood Lifters, a clinically validated group-based mental health program developed at the University of Michigan, to launch a new behavioral healthcare solution aimed at public and population health customers. The acquisition adds scalable, peer-led group mental health capabilities to Color’s platform to support public health departments, school districts, and managed care organizations in expanding access to behavioral health services.

BICO Steel, a portfolio company of Validor Capital, has acquired Integrity Fab and Machine Inc. (IFABM), a Breckenridge, Michigan-based precision machining and fabrication business. The deal, which closed on September 30, 2022, expands BICO's steel processing and fabrication capabilities to offer a broader one-stop service to tool-and-die, metal stamping, agricultural and other industrial customers; terms were not disclosed.

BBTV Holdings Inc. acquired the assets of Outloud Media, a Detroit-based creator-economy business, to expand its Multi-Platform Partnership distribution and creator monetization capabilities on platforms such as Facebook and Snapchat. The deal is primarily structured as a five-year performance-based earn-out of up to US$5.0 million; Outloud Media generated US$4.0 million of revenue in the prior 12 months.

IRIS Software Group has acquired Thomson Reuters myPay Solutions to expand its CPA-focused payroll and tax services in the Americas. The deal adds outsourced payroll processing, banking and tax reporting capabilities—serving CPA firms and their SMB clients across the United States—to IRIS' existing accountancy and payroll portfolio.

Fenix Parent LLC (operating as Fenix Parts) has completed its acquisition of the assets of American & Import Auto Parts in Sterling Heights, Michigan. The deal expands Fenix Parts' Midwest footprint, bringing its total to 22 full-service and 4 self-service locations and strengthening its distribution presence in the metro Detroit market.

Webster Equity Partners and Gurnet Point Capital have acquired Corium's manufacturing business (now Corium Pharma Solutions) in a transaction valuing the CDMO at more than $400 million, while Webster also made a concurrent $100 million equity investment in Corium's neuroscience commercialization business. The deal splits Corium into two independent companies — a CDMO and a neuroscience therapeutics commercialization company — with Gurnet Point and Webster jointly owning the CDMO and holding board representation in both businesses.

WebFX, a tech-enabled digital marketing services provider based in Harrisburg, Pennsylvania, has acquired Nutshell, an Ann Arbor-based CRM and email marketing platform. The acquisition expands WebFX’s software capabilities to offer an integrated CRM and marketing solution for SMB and B2B customers, enabling deeper revenue-generation services for clients.

BioIntelliSense, a continuous health monitoring and clinical intelligence company, has acquired AlertWatch, an FDA-cleared clinical intelligence and triage system. The acquisition combines AlertWatch’s multi-parameter decision support and centralized triage dashboard with BioIntelliSense’s medical-grade BioButton wearable and DaaS platform, and AlertWatch will be distributed to U.S. hospitals through Medtronic’s Patient Monitoring business as part of BioIntelliSense’s HealthCast portfolio.

Celerity Solutions Group, a clinical documentation and healthcare transcription provider, has acquired NetMed Transcription Services, a Midwest medical transcription firm headquartered in Cadillac, Michigan. Kruse Acquisitions, LLC served as the sell-side advisor; the acquisition expands Celerity’s clinical documentation capabilities and geographic footprint in the Midwest.

Smart Data Solutions (SDS), a Parthenon Capital–backed healthcare automation provider, has acquired JMS and Associates, a Farmington Hills, Michigan provider of tech-enabled outsourced solutions for TPAs and other healthcare organizations. The acquisition expands SDS's claims processing, data capture and plan-building capabilities and brings JMS's leadership team and clients into the SDS organization.

Parallel ENT & Allergy Partners has added Grand Rapids ENT of Michigan to its network, expanding Parallel’s footprint into a second state. The physician-led practice — which staffs six board-certified physicians and offers ENT, allergy, audiology and facial plastic services — will be supported by Parallel, a platform backed by private equity firm Trinity Hunt Partners.

Glenview, Illinois-based Envoy Solutions agreed to acquire seven Michigan-based companies from The Enterprises Group — KSS Enterprises, Sideline Sports, BBC Distributing, Energyst Solutions, Rapid Supply & Sales, EMack Manufacturing, and Star Flooring. The acquisition expands Envoy Solutions' product offerings in janitorial, foodservice, packaging and commercial flooring and marks the company's entry into Michigan, with the deal expected to close in Q4 2022 pending customary approvals.

Epicor has acquired eFlex Systems, a provider of cloud-based Manufacturing Execution System (MES) technologies, to expand its Industry 4.0 and advanced MES capabilities. The acquisition will add eFlex's Manufacturing Integrated Platform (MIP) and IIoT/connectivity features to Epicor's portfolio; financial terms were not disclosed.

Hidden Harbor Capital Partners, a Boca Raton-based private equity firm, has acquired Dayco, LLC, a global manufacturer of engine drive systems and aftermarket products. Financial terms were not disclosed; the transaction closed in Q3 2022 and positions Dayco for a next phase of growth under Hidden Harbor's ownership.

Quickparts, a portfolio company of Trilantic North America, has acquired Xcentric Mold & Engineering to expand its on-demand manufacturing capabilities. The acquisition brings Xcentric's injection molding, CNC machining and rapid prototyping capacity (nearly 100 employees and ~60,000 sq ft in Clinton Township, Michigan) into Quickparts' platform; terms were not disclosed.

The Riverside Company has added Commonwealth Heritage Group, Inc. (CHG), a Michigan-based cultural resource management firm, as an add-on to its PaleoWest platform. The acquisition expands PaleoWest’s geographic footprint and service capabilities—adding maritime/underwater archaeology—and creates a coast-to-coast cultural resources platform to better serve public- and private-sector clients on infrastructure and land-development projects.

Axar Capital Management LP has completed its acquisition of Pavonia Life Insurance Company of Michigan. Axar has partnered with insurance executive Mark Zesbaugh, who will serve as Executive Chairman as the firm looks to stabilize the company for policyholders and pursue longer-term growth opportunities across the U.S. and Canada.

Stonehenge Partners’ pavement maintenance platform, True North Asphalt, acquired Orion Construction Company as an add‑on to expand its paving maintenance and parking lot services footprint in Michigan. The deal strengthens True North’s service offering across commercial, municipal and residential end markets as the platform continues to pursue further add‑on acquisitions.

Chicago-based healthcare investor BPOC (Beecken Petty O’Keefe & Company) made a strategic minority/majority investment in Praxis Packaging Solutions, a Grand Rapids-based contract packaging provider for OTC/Rx pharmaceuticals, medical devices, animal health and health & beauty products. Huizenga Group will retain a minority stake; proceeds will fund expanded sales and marketing and broadened service capabilities, and John Lowry will join Praxis as Executive Chairman.