Acquisitions in North Carolina in 2020

The Hilb Group, LLC (THG) acquired North Carolina-based Dwayne Wilson Insurance & Financial Services, Inc., a full-service life and health insurance agency, effective December 31, 2020 (per the announcement). Dwayne Wilson and his team will join THG's Southeast region as the acquisition strengthens THG's employee benefits practice and regional presence; THG is a Carlyle Group portfolio company.

Bettcher Industries, a portfolio company of MPE Partners, has acquired ICB Greenline, a Charlotte, North Carolina manufacturer of overhead conveyor systems used primarily in the poultry industry. ICB Greenline was a subsidiary of Rodriguez GmbH and the acquisition is an add-on to Bettcher’s capabilities in food‑processing equipment.

US LBM has agreed to acquire Jennings Builders Supply & Hardware, a four-location building products dealer in western North Carolina. The deal, which US LBM expects to close by year-end, will expand US LBM's footprint in the Carolinas while keeping Jennings' existing leadership in place.

Aptus Group USA, a portfolio company of private equity firm 3 Rivers Capital, has acquired King Electric of Fayetteville, a family-owned bridge utility infrastructure services provider with 30 employees. The add-on expands Aptus' footprint into the Mid-Atlantic, strengthens its bridge-attached utility capabilities, and retains owner Richard W. King as Aptus' President of the Mid-Atlantic Region.

Affiliates of Lindsay Goldberg acquired a majority interest in Pike Corporation, a leading U.S. provider of infrastructure, construction and engineering services to utilities. The transaction supplies Pike with new equity and an incremental term loan B to support growth and strategic initiatives while founder J. Eric Pike and other existing investors remain significant shareholders.

SymphonyAI Group acquired Durham-based medical imaging and advanced visualization software provider TeraRecon in March 2020. The acquisition expands SymphonyAI's healthcare capabilities by adding TeraRecon's AI-powered imaging and visualization technology to its portfolio.

On December 14, 2020 Phoenix Stamping Group (a division of PHX Holdings) acquired Stampsource, a Charlotte, North Carolina metal stamping and fabrication manufacturer. The acquisition adds capacity and redundancy — Stampsource will be integrated as Plant 04 of Phoenix Stamping Group with Michael Pinkerton remaining as General Manager.

SS&C Technologies has agreed to acquire Raleigh, North Carolina-based Millennium Consulting Services and Millennium Seminar Services to expand its insurance-focused consulting and training offerings. The deal adds 13 employees and brings regulatory consulting, statutory outsourcing and insurance accounting training capabilities into SS&C's insurance services lineup.

Medicure Inc., through its wholly-owned U.S. subsidiary Medicure Pharma Inc., agreed to acquire 100% of Marley Drug, Inc., a specialty mail-order pharmacy based in North Carolina, for an upfront USD $6.3 million plus contingent payments. Marley serves over 30,000 customers nationwide, generated approximately $7.0 million of revenue and more than $1.7 million of EBITDA for the 12 months ended October 31, 2020, and the acquisition expands Medicure's direct-to-patient distribution and specialty pharmacy capabilities in the United States.

Syneos Health (NASDAQ: SYNH) has completed the acquisition of Synteract, a full-service contract research organization (CRO) focused on emerging biopharma. The seller was Amulet Capital Partners, which had previously built Synteract through organic investment and add-on acquisitions.

RV Retailer, LLC has acquired Golden Gait Trailers & RVs (Charlotte/Concord, NC) and Camptown RV (Benson/Raleigh, NC) to expand its presence in the Carolinas. Both locations will be rebranded as RV One Superstores (while retaining the GGT specialty trailer brand), adding sales, parts and service capacity as part of RV Retailer's regional growth strategy.

Polycor Inc., the world's largest natural stone quarrier, has agreed to acquire North Carolina Granite Corporation (NCGC), a leading quarrier and producer of White Mount Airy Granite based in Mount Airy, North Carolina. The deal — expected to close before the end of 2020 and subject to closing conditions — expands Polycor's geographic footprint and product portfolio; NCGC operates since 1889 with roughly 80 employees.

Construction Partners, Inc. (NASDAQ: ROAD) has acquired Gelder & Associates, Inc., an asphalt and paving contractor that operates a hot-mix asphalt plant in Raleigh, North Carolina. The acquisition adds a local hot-mix plant and paving capability to Construction Partners' southeastern operations, strengthening its ability to serve customers in the Raleigh metro area and capture synergies with nearby operations.

PPG has agreed to acquire Ennis-Flint, a global leader in pavement markings and traffic safety solutions, from Olympus Partners. Under Olympus' ownership since June 2016, Ennis-Flint completed six acquisitions, expanded manufacturing capacity across North America, Europe and Australia, and employs nearly 1,000 people.

Virtual Medical International Inc. agreed to acquire FarmShare, LLC, an industrial hemp cultivation and CBD processing operation based in La Grange, North Carolina, in a transaction composed of stock and cash. The deal comprises 1.5 million shares of common stock plus purchase of existing inventory for $866,750 via a promissory note; Virtual Medical said the acquisition gives it an immediate presence in the southeast U.S. and additional CBD production capacity.

Valesco Industries (Valesco Fund II) completed a majority buyout of Barrier1 Systems, Inc., a Greensboro, North Carolina-based designer, manufacturer, installer and servicer of crash-rated vehicle barrier systems and perimeter security solutions. Valesco is supporting a control recapitalization and will partner with the founder and management to improve operations, sales/marketing and reporting while pursuing growth in the global physical security market.

Symphony Technology Group (STG), a Palo Alto-based private equity firm, has acquired Warpwire, a Durham, North Carolina-based educational video management platform. The deal is STG's third investment into a unified professional-education platform following its earlier acquisitions of EthosCE and CadmiumCD, expanding the platform's video delivery and content capabilities for associations, healthcare organizations, hospitals, and universities.

RKD Group, a Dallas-based provider of fundraising and marketing solutions for nonprofit organizations, has acquired Data Management, Inc. (DMI), a North Carolina data services company. DMI will operate within RKD Insights to expand RKD’s data management, reporting and analytic capabilities for nonprofit fundraising and marketing, maintaining existing client integrations with CRMs such as Blackbaud and Salesforce.

Quanta Services, Inc. acquired Lee Electrical Construction, LLC in August 2020. Lee Electrical Construction, headquartered in Aberdeen, North Carolina, provides power line construction, transmission/substation and storm restoration services to investor-owned utilities, electric cooperatives, municipalities, and industrial customers across the Southeastern and Mid-Atlantic United States; Founders Advisors advised Lee on the sale.

Refuel Operating Company, LLC, a Charleston-based convenience store and fuel-distribution platform backed by First Reserve, agreed to acquire the operating assets of Holmes Oil, Inc. (Cruizers), including 26 convenience stores and a wholesale fuel distributorship in the Raleigh–Durham, North Carolina market. The undisclosed deal is an add-on to Refuel's platform and expands its store footprint and regional density in North Carolina.

Park Place Technologies has acquired Curvature, Inc., combining the two largest third-party data center maintenance providers to create the largest global TPM provider. The deal (Park Place is a portfolio company of Charlesbank Capital Partners and GTCR) increases field-service capacity and parts inventory, expands Park Place into four international markets, and strengthens its managed services offering.

Halstatt Legacy Partners-backed portfolio company Satterfield Paving has acquired Triangle Traffic Painting, a Durham, N.C.-based striping and pavement maintenance contractor. The add-on expands Satterfield's paving and maintenance capabilities in central North Carolina; terms were not disclosed and operations will be consolidated at Satterfield's Durham headquarters.

Cushman & Wakefield has acquired substantially all of the assets of Triad Commercial Properties, a Winston-Salem and Greensboro-based commercial brokerage specializing in office and industrial advisory. The Triad team — founded by Hap Royster and Tom Townes — will join Cushman & Wakefield to strengthen the firm's presence in the North Carolina Triad and leverage Cushman & Wakefield's global platform for expanded client service.

Circle Graphics, a portfolio company of H.I.G. Capital, has acquired Graphik Dimensions, a High Point, North Carolina-based provider of customized framed wall décor products. The add-on expands Circle's online wall décor and personalized products offering and aims to scale mass-customization capabilities across consumer and commercial channels.

Housatonic Partners, a growth-oriented private equity firm, announced an investment in Aymira, a Charlotte-based behavioral health provider and software company serving individuals with intellectual and developmental disabilities (I/DD). As part of the transaction Dennis Lally and Jenna Whigham will join as CEO and President, founder Lewis Quinn will remain on the board, and financial terms were not disclosed.

Relation Insurance Services acquired Michael Glick Agency, Inc. and Glick Insurance Group (collectively "Glick Insurance") and launched a new business unit called Relation Select to support small commercial and personal lines agencies, including former Nationwide-exclusive agents. The acquisition brings Glick's ~20 North Carolina locations into Relation's platform and aims to expand Relation's presence in the Mid-Atlantic and Southeast markets while offering partner agencies greater carrier access and resources.

Construction Partners, Inc. (NASDAQ: ROAD) has acquired Rose Brothers Paving Company, Inc., an asphalt and paving contractor based in Ahoskie, North Carolina. The transaction adds six hot‑mix asphalt plants in eastern North Carolina, expanding Construction Partners' footprint and market access in the state while retaining Rose Brothers' local leadership under Tim Rose.

Leonard Green & Partners acquired Service Logic from Warburg Pincus. Service Logic, headquartered in Charlotte, North Carolina, operates 76 branches across the United States as a leading provider of commercial HVAC aftermarket maintenance, repair and replacement services; the company will remain led by CEO Craig Steinke and management, and Leonard Green intends to support continued organic growth and strategic acquisitions. Terms were not disclosed; committed debt financing was provided by JPMorgan Chase, Morgan Stanley, Antares Capital, and Crescent Capital.

Bayer AG agreed to acquire U.S.-headquartered Asklepios BioPharmaceutical (AskBio), adding AskBio's AAV-based gene therapy platform, IP and CDMO manufacturing capabilities to Bayer’s emerging cell and gene therapy unit. Bayer will pay $2.0 billion upfront plus up to $2.0 billion in potential milestone payments; existing minority shareholders TPG Capital and Vida Ventures supported the transaction.

SolarWinds has signed a definitive agreement to acquire SentryOne, a provider of database performance monitoring and DataOps solutions for SQL Server and the Microsoft Data Platform. The acquisition expands SolarWinds' database performance management capabilities to better serve Microsoft and Azure environments across mid-market and larger organizations; the transaction is expected to close later this month.

Cognizant has agreed to acquire Bright Wolf, a privately held Industrial Internet of Things (IIoT) systems-integration and technology services provider, to expand its smart products and Industry 4.0 expertise. The Bright Wolf team will form the core of a new IoT innovation lab in the Raleigh–Durham, North Carolina research triangle; financial terms were not disclosed.

GWS Tool Group, a portfolio company of L Squared Capital Partners, has acquired STF Precision, a North Carolina-based manufacturer of precision PCD, SCD and CBN cutting tools. The add-on strengthens GWS's product capabilities in rotary PCD/CBN tooling and expands its manufacturing footprint into the Carolinas; STF's leadership will remain with GWS in operational roles.

Skillsoft (through its business combination with Churchill Capital Corp II) completed the acquisition of Global Knowledge Training LLC in a transaction announced in 2020 and closed June 11, 2021. The deal was reported at approximately $233 million and combines Global Knowledge’s IT and technology training capabilities with Skillsoft’s digital learning platform to expand enterprise learning content and modalities.

Pluribus Technologies completed the acquisition of LogicBay Corporation through its portfolio company The Learning Network. LogicBay, a provider of Partner Relationship Management (PRM), Learning Management System (LMS) and the FUSE digital ecosystem for manufacturers, will be integrated to expand The Learning Network's capabilities and scale Pluribus's B2B software platform in manufacturing and adjacent industries.

Susquehanna Private Capital (SPC) announced an investment in Authority Franchise Systems (Mosquito Authority), a Hickory, North Carolina-based franchisor of mosquito, pest and tick control services. Terms were not disclosed; SPC said it will support growth by building a multi-branded franchisor and expanding services and geographic reach across the U.S., Puerto Rico, and Canada.

HealthStream (Nasdaq: HSTM) acquired ShiftWizard, a Raleigh-based provider of SaaS nurse and staff scheduling solutions, for approximately $32.0 million in cash. The acquisition expands HealthStream's workforce solutions portfolio—adding scheduling, productivity and forecasting capabilities to better serve hospitals and other healthcare providers.

Paladina Health has signed an agreement to acquire Charlotte-based Healthstat, an employer-focused provider of onsite, near-site and virtual primary care, occupational health and wellness programs. The deal more than triples Paladina's clinic network—adding over 230 clinics across 13 states—and expands the company's geographic footprint into the Southeast, creating a national direct primary care platform of about 350 clinics.

Wellspring Capital Management partnered with Cadence Petroleum Group's management to acquire Cadence, a distributor of lubricants, fuels and related products across the eastern and central United States. Tenex Capital Management exited its ownership of Cadence; Wellspring said the investment will be used to accelerate growth through add-on acquisitions and organic initiatives. Financial terms were not disclosed.

Dream Finders Homes has acquired Fayetteville, North Carolina-based homebuilder H&H Homes. The deal expands Dream Finders' footprint into North Carolina and preserves the H&H brand while retaining key leadership to run the Carolinas division.

Integrity Marketing Group, a leading independent distributor of life and health insurance products, acquired The Assurance Group and its affiliated lead generation business, Leads2Success. The deal brings The Assurance Group's 120 employees, 600 career agents and 5,000 brokerage agents onto Integrity's platform to accelerate growth and provide employee ownership and enhanced technology and back-office resources.

St. Cloud Capital announced an investment in Charlotte-based Catawba Research to support the CRO’s next phase of growth. St. Cloud partnered with a second, unnamed financial investor focused on control investments in life sciences and industrial sectors; the deal is being made from St. Cloud’s third fund. Catawba is a vertically integrated contract research organization providing Phase II–IV clinical trial management, data management, biostatistics and medical writing with locations in the U.S. and India.

CORE Industrial Partners completed a platform investment in TCG Legacy, Inc., a Raleigh-based marketing solutions provider specializing in printing and packaging for pharmaceutical, consumer products, technology and higher education clients. CORE said it will augment TCG Legacy's capabilities and geographic reach and use the company as a platform for complementary acquisitions to build a national organization.

MSouth Equity Partners, an Atlanta-based private equity firm, has closed an investment in iBenefit Communication, a Charlotte-based benefits communication, engagement, and enrollment services provider. The partnership is intended to help iBenefit scale its sales, operational, and financial processes and accelerate growth.

Infosys has agreed to acquire Blue Acorn iCi, an award-winning digital customer experience, commerce and analytics firm, from private equity investor Beringer Capital for up to $125 million. The acquisition deepens Infosys' end-to-end customer experience and commerce capabilities across Adobe, Magento, Salesforce Commerce and Shopify ecosystems and expands its digital commerce and analytics offerings in North America.

MBO Partners has acquired MindSumo, an open innovation and crowdsourcing platform based in Durham, North Carolina. The acquisition adds MindSumo's community and crowdsourced innovation capabilities to MBO's independent-workforce platform, enabling expanded services for enterprise clients focused on product development, market research and co-creation.

iPipeline has acquired IFS (Impact Financial Systems), a Charlotte-based provider of service request automation and low-code/no-code workflow solutions for broker-dealers, RIAs, banks and insurance companies. The deal brings IFS's workflow engine and automation capabilities into iPipeline's SSG Digital platform to expand advisor-facing automation, compliance workflows and low-code product offerings.

Branford Castle Partners has acquired Fibrix Filtration, a Charlotte-based manufacturer of high-loft and pleat media air filtration products, in a majority-control buyout that closed on August 13. Financing included senior debt from Byline Sponsor Finance and subordinated debt and an equity co-investment from Brookside Mezzanine Partners; Fibrix CEO Keith White remains in leadership and participated in the transaction.

HelioCampus, a technology-enabled decision-support firm for higher education, has acquired ABC Insights, a higher education benchmarking consortium. The acquisition expands HelioCampus' benchmarking, data analytics and decision-support capabilities and brings ABC Insights' leadership into HelioCampus' management team.

CATO SMS has acquired Wilmington, North Carolina–based Array Biostatistics to expand its biostatistical consulting, analysis and statistical programming capabilities. The acquisition is an add-on to the PE-backed CATO SMS platform and aims to broaden CATO SMS’ biometrics offering for small and emerging biopharmaceutical clients, particularly in oncology, rare/orphan indications and cell & gene therapy.

Sier Capital Partners is supporting the management team of Integrated Laboratory Systems (ILS) in an acquisition of the company. ILS, a Research Triangle Park, North Carolina–based contract research organization that provides pre-clinical toxicology and product safety testing, will leverage Sier’s capital and operating expertise to support future growth.