Acquisitions in New Jersey in 2019

Verisk Analytics has agreed to acquire Flexible Architecture & Simplified Technology, LLC (FAST) from NexPhase Capital (co-managed with Moelis Capital Partners) for $193.5 million. FAST is a New Jersey–based provider of SaaS policy administration, new business and distribution management software for life insurers; NexPhase partnered with FAST in 2015 and helped transition the business to a recurring revenue model.

Excel Orthopedic Rehabilitation, a portfolio company of Caymus Equity Partners, has acquired Heart & Soul Rehabilitation, a New Jersey-based physical therapy clinic specializing in orthopedic and cardiopulmonary care. The acquisition, which closed on December 2, 2019, expands Excel's presence in New Jersey and is the company's second strategic add-on since its majority recapitalization in 2016.

Wind Point Partners portfolio company STG Logistics has acquired Veeco Holdings to expand STG's container freight station (CFS) and contract logistics capabilities on the U.S. East Coast. Veeco's management will remain and join STG's operations team, and STG plans to consolidate the majority of its New Jersey operations into Veeco's North Bergen footprint.

An affiliate of Sun Capital Partners has completed a control investment in National Tree Company, a Cranford, New Jersey-based e-commerce wholesaler of seasonal and holiday décor. Sun Capital said it will work with the Puleo family management team to invest in growth, leveraging National Tree's sourcing, dropship fulfillment and retailer relationships to expand product range organically and via strategic acquisitions.

MFG Partners and Merit Capital Partners, alongside Elgen's management team, have acquired Elgen Manufacturing Company, a Closter, New Jersey-based maker of ductwork accessory products for the HVAC industry. Merit provided subordinated debt and equity as part of the Fund VI platform investment (Elgen is Merit’s 13th platform), and the buyers plan to support product-line and geographic growth initiatives.

Capital Partners (through Capital Partners Private Equity Income Fund III, LP) completed a growth investment in Allentown, Inc. on October 22, 2019. John Coiro will remain CEO and Chairman as the investment is intended to support Allentown’s continued organic growth and acquisition-driven expansion of its lab animal housing and life‑science product offerings.

One Rock Capital Partners, through an affiliate, acquired Innophos Holdings, Inc. for $32.00 per share in a transaction valued at approximately $932 million including assumed debt. Innophos will become a privately held company under One Rock, which plans to drive growth in food, health & nutrition end markets and strengthen Innophos' operations and commercial capabilities.

Konexial acquired the complete roster of ELD and fleet management customers from Axle Technologies (based in Jersey City, New Jersey) to expand its ELD customer base and convert AOBRD devices to telematics ahead of the FMCSA deadline. The deal will migrate Axle customers onto Konexial’s telematics-enabled My20 Tower platform and enable access to its GoLoad dynamic load-matching features.

Lynx FBO Network, a portfolio company of The Sterling Group, has acquired the assets of FTC FBO and will operate a second full-service FBO at Morristown Airport (MMU) near New York City. Stellus Capital Management provided unitranche financing and an equity co-investment to support the transaction as Lynx expands its national FBO network.

Cornell Capital LLC has acquired Spectrum Automotive Holdings Corp. from Southfield Capital; terms were not disclosed. Spectrum, headquartered in Fairfield, New Jersey, is an agent, marketer and administrator of finance and insurance (F&I) products serving more than 1,400 dealers, OEMs and administrators across the U.S. Southfield Capital had owned Spectrum since 2015 and the management team will remain as significant shareholders alongside Cornell Capital.

Atar Capital has completed the acquisition of Keypoint Intelligence, a Fairfield, New Jersey-based provider of SaaS tools, advanced data analytics, laboratory testing and market intelligence for the digital imaging industry. Financial terms were not disclosed; Atar says Keypoint will serve as a new platform to accelerate growth and expand its capabilities in data-driven services.

Converge Technology Solutions Corp. acquired Essex Technology Group, Inc. (Essextec), a Northeast U.S.-based cloud, cognitive and cybersecurity solutions provider. Converge said it will integrate Essextec's AI, cybersecurity and data analytics capabilities into its Software-Enabled Hybrid IT platform to expand capabilities for both companies' customer bases.

Medicus IT, a healthcare-focused managed services provider based in Alpharetta, Georgia, acquired PriorityOne Group, a healthcare managed IT services provider headquartered in Rutherford, New Jersey. The acquisition expands Medicus IT’s national presence—adding a New Jersey location and healthcare IT capabilities—and Nelson Gomes of PriorityOne will join the combined company as SVP of Business Development and General Manager of New Jersey.

Northstar Travel Group has acquired travAlliancemedia, a marketing services, digital media, events and information business serving the retail travel advisor community and owner of brands such as TravelPulse, Agent at Home and Agent Studio. The deal expands Northstar's portfolio of marketing services, online media, events and SaaS tools for travel advisors; travAlliancemedia founder Mark Murphy will become an advisor to the combined business.

Evergreen Services Group has taken an investment stake in Tech-Keys, a Howell, New Jersey–based managed service provider (MSP). Tech-Keys will continue to operate independently under founder and CEO Michael Fried; the MSP reported roughly $11.7 million in 2018 revenue and about 62 employees.

Court Square Capital Partners recapitalized J. Knipper and Company, Inc. and its affiliate KnippeRx, with the Knipper family selling majority shares and remaining minority owners. The transaction installs Michael Laferrera as CEO and elevates Frank McNicholas to COO (in addition to CFO) and is intended to accelerate growth and strengthen the company's position across pharmaceutical sample management, specialty pharmacy and 3PL services.

AVALT acquired Ned Stevens, a leading provider of residential gutter cleaning and exterior home services, from Pittsburgh-based private equity firm Incline Equity Partners. The transaction continues Ned Stevens' expansion across multiple states and transitions ownership following Incline's 2016 investment.

Greatland Corporation, a Grand Rapids–based provider of W-2, 1099 and 1095 reporting solutions, has acquired Bridgewater Township, New Jersey–based JAT Software, a year-end reporting software and print services provider. The acquisition adds roughly 150 enterprise-level customers to Greatland's base and brings all 15 JAT employees into Greatland's organization, expanding its product portfolio and market share in enterprise wage and information reporting.

Fitness Holdings Northeast, a leading Crunch Fitness franchise operator, acquired the Crunch Paramus location in Paramus, New Jersey, closing the deal on October 1, 2019. The acquisition expands Fitness Holdings' portfolio to 22 clubs and supports the group's stated 50-club growth strategy to increase membership and market share in the Northeast.

PG Dental Holdings, with affiliate Dental Health Associates, P.A. and backing from private equity firm TriSpan Opportunities, acquired Bergen Family Dental in Bayonne, New Jersey. The add-on expands PG Dental's multi-specialty dental platform and strengthens its presence in Hudson County; financial terms were not disclosed.

Ruder Finn has acquired SPI Group, a Fairfield, New Jersey-based corporate communications agency that specializes in employee/internal communications, digital storytelling and web/application development. The acquisition adds SPI Group's ~30 employees to Ruder Finn and strengthens Ruder Finn’s internal communications, technical capabilities and healthcare communications offerings.

The Beekman Group made a capital investment in Twin Boro Management, LLC (Twin Boro Physical Therapy Associates, P.A.) to create a management services organization (MSO) supporting the company’s network of 23 outpatient physical and occupational therapy clinics across New Jersey. The investment, completed August 28, 2019, is Beekman’s first platform investment from its Beekman Investment Partners IV fund and is intended to accelerate geographic expansion and operational growth.

The Execu|Search Group, a portfolio company of New Heritage Capital, acquired TechLink, a New Jersey-based provider of temporary technology staffing solutions. The add-on expands Execu|Search's technology staffing capabilities and scale in the New York tri-state area to better serve clients nationwide.

Zenith American Holding, Inc. has completed the acquisition of Innovative Software Solutions, Inc. (ISSI) from Advanced Solutions International, Inc. ISSI will operate as a wholly owned, independently managed subsidiary of Zenith American to expand its benefit-administration technology capabilities for Taft-Hartley/multi-employer funds and third-party administrators.

Centers Laboratory LLC acquired Medical Laboratory Diagnostics, LLC (MedLabs) from Caymus Equity Partners; the transaction closed on September 16, 2019. MedLabs, headquartered in Cedar Knolls, New Jersey, operates 26 patient service centers and provides clinical diagnostic testing to thousands of physician customers.

Sound Seal, a portfolio company of The Stephens Group, has acquired Flemington, New Jersey-based Acoustical & Tackable Surfaces, Inc. (ATS). The add-on strengthens Sound Seal’s architectural division by adding ATS’s acoustical wall and ceiling panel manufacturing and installation capabilities, with ATS founder Scott Randolph joining Sound Seal in a business development role.

Protos Security, backed by Southfield Capital, has completed the acquisition of Security Resources (SRI), a Cherry Hill, New Jersey-based managed security services and manned guard provider. The deal combines Protos' tech-enabled managed security capabilities with SRI's in-house guard operations to expand service offerings and deepen client relationships.

SPS Commerce, a Minneapolis-based retail cloud services provider, acquired the MAPADOC business (an operating unit of SWK Technologies/SilverSun Technologies) for $11.5 million in cash. The purchase adds MAPADOC’s EDI system automation capabilities and deeper ERP integrations for the Sage and Acumatica markets to SPS Commerce’s retail trading network and cloud platform.

New State Capital Partners acquired a majority stake in CDS (Computer Data Source), a provider of multi-vendor data center hardware maintenance and support. New State will back CDS' growth and pursue service diversification and add-on acquisitions while CDS' management team (including several senior executives) remain involved; terms were not disclosed.

Knack Systems, an SAP-focused digital transformation and consulting firm, acquired Bridge-X Technologies, a New Jersey-based provider of eCommerce and sales solutions, to broaden its eCommerce and customer engagement offerings. The deal brings Bridge-X's commerce products and expertise into Knack's service portfolio to strengthen end-to-end digital commerce and customer experience capabilities.

Chicago-based private equity firm May River Capital formed a new platform, Advanced Material Processing (AMP), and concurrently acquired Kason Corporation to be part of the platform alongside existing portfolio company Marion Process Solutions. Northstar Capital provided subordinated debt and an equity co-investment to finance the transaction. The deal aims to consolidate complementary material-processing equipment businesses to expand engineering capabilities and accelerate organic and acquisitive growth in hygienic process end markets.

Linden Capital Partners, a Chicago-based healthcare private equity firm, has acquired Collagen Matrix, Inc., a New Jersey-based developer and manufacturer of collagen-based medical products used in tissue and bone repair across orthopedic, sports medicine, dental, and neurosurgery markets. The transaction (financing provided by Golub Capital and Northwestern Mutual) supports Linden's focus on medical products, contract/private-label manufacturing and expansion in dental and orthopedic end markets; Metalmark Capital was the prior owner.

Akoya Capital Partners and Tecum Capital Partners acquired Primetac Corporation in partnership with the company's founders and management. The private equity investors plan to grow Primetac — a distributor of industrial packaging materials — by expanding sales coverage, service and product offerings and pursuing add-on acquisitions to build a national platform.

Gauge Capital has partnered with the owners and management of Schlesinger Global, LLC to recapitalize the market research firm. The investment will support Schlesinger's growth, expansion of capabilities, innovation and talent acquisition while Gauge partners join the company's board.

Interpace Diagnostics Group, Inc. acquired assets and certain liabilities comprising the Biopharma Services business of Cancer Genetics, Inc. for approximately $23.5 million, with the business continuing to operate from labs in Rutherford, New Jersey and Research Triangle Park, North Carolina. In conjunction with the transaction Ampersand Capital Partners invested $27 million in Interpace via convertible preferred stock to support the acquisition and Interpace’s growth in the clinical diagnostic and biopharma services markets.

ID Global Corporation (IDGC) completed a strategic investment to acquire a majority stake in Noveda Technologies, an IoT leader in cloud-based real-time energy and water management systems. IDGC said it will integrate Noveda's monitoring platform into its Smart Grid and Microgrid solutions to expand capability and deliver advanced energy and water management services worldwide.

E2open, an Insight Partners portfolio company, completed an all-cash tender offer and merger to acquire Amber Road for $13.05 per share, taking the formerly public global trade management software provider private. The deal, which integrates Amber Road's GTM capabilities into E2open's cloud-based supply chain platform, was supported by a $950 million one-loan debt facility arranged by Golub Capital.

Dunes Point Capital (DPC) has made a controlling equity investment in Unified Door and Hardware Group, a value-add distributor of doors and hardware headquartered in Pennsauken, New Jersey. Dunes Point Capital Fund II provided the controlling equity while debt financing was provided by funds managed or advised by GSO Capital Partners LP and M&T Bank; Unified operates 15 locations across 10 states and employs approximately 500 people.

Health Monitor Network, a Montvale, New Jersey–based direct-to-patient (DTP) and point-of-care patient engagement company, received a growth capital investment led by private equity firm WestView Capital Partners. Stellus Capital Management provided senior debt financing and an equity co-investment in support of the transaction, with additional senior debt provided by BBVA Compass and Evolution Credit Partners to help scale Health Monitor's digital point-of-care offerings.

W. R. Grace & Co. completed the acquisition of the business and assets of Rive Technology, Inc., including Rive's Molecular Highway zeolite technology. Several Rive research, technical services, and commercial employees joined Grace as the company integrates the technology to expand its FCC catalyst capabilities and petrochemical-conversion offerings.

Anser Advisory has acquired Cambridge Construction Management, a program and construction management services firm based in Clinton, New Jersey. The acquisition expands Anser's Northeast presence (New Jersey, Pennsylvania and New York) and deepens its higher education and K-12 expertise; Anser operates as a portfolio company of RTC Partners, which advised on the transaction.

Garland Industries Inc. has acquired Merchant & Evans Inc., a long-established manufacturer of ZIP-RIB metal roof systems. The acquisition adds Merchant & Evans’ metal roofing product line and manufacturing capability to Garland’s building-products portfolio to strengthen its metal solutions and support future product development.

Bain Capital Private Equity has completed the acquisition of Imperial Dade, a leading U.S. distributor of disposable foodservice and janitorial supplies, from Audax Private Equity. Imperial Dade's management (the Tillis family) and Audax will remain meaningful investors as Bain partners with management to accelerate the company's buy-and-build strategy and national expansion.

Hudson Hill Capital acquired majority stakes in Global Transport Logistics, Inc. (GTLi) and Am Trans Expedite, Inc. and combined them into a new holding company, Fusion Transport LLC, to create a national logistics platform focused on retail consolidation, LTL shipping and multimodal brokerage. The founders and senior executives of both companies retained meaningful equity and continue in leadership roles while Ally Financial provided acquisition financing.

EPTAM Precision Solutions, a portfolio company of New Heritage Capital, has acquired Micro Molding Inc. and MedConnection LLC, a Phillipsburg, New Jersey-based provider of precision plastic injection molding and catheter tipping solutions. The add-on broadens EPTAM's plastic injection molding capabilities to create a one-stop-shop for precision plastic and metal components serving medical device, aerospace & defense, and semiconductor customers.

Gold Medal Group, a portfolio company of Kinderhook Industries, has acquired Earthtech Contracting, a Woodbine, New Jersey-based provider of trash and recycling collection services. The acquisition expands Gold Medal's operations in southern New Jersey and is the sixth add-on for Gold Medal under Kinderhook's ownership.

Francisco Partners, with co-investor IGP Capital, has acquired a majority stake in LiveU from its existing shareholders to accelerate the company's global expansion. LiveU, headquartered in Hackensack, New Jersey, provides live IP video devices and cloud services to broadcasters, sports organizations and digital media platforms; previous investors named include Canaan Partners, Viola Ventures, Pitango and Lightspeed.

CherryRoad Technologies Inc. acquired Superb Internet Corp., a provider of cloud hosting and Infrastructure-as-a-Service (IaaS) solutions. The acquisition expands CherryRoad's cloud and hosting capabilities and brings Superb's enterprise-grade hosting, colocation and CDN services to CherryRoad's client base, including the public sector.

USI Insurance Services has acquired Chernoff Diamond & Co., LLC, a retirement, benefits and risk management advisory firm, in a transaction where terms were not disclosed. The deal expands USI's retirement and employee benefits consulting capabilities and brings Chernoff Diamond's clients and professionals into USI's national platform.

RF Investment Partners SBIC has made a growth capital investment in True Talent Advisory, a Haddonfield, New Jersey–based, tech-enabled human capital platform. The funding will support True's platform investments and expansion to meet growing market demand across technology, consumer, healthcare and financial services clients.