Acquisitions in North Carolina in 2021

AssuredPartners, Inc. has acquired Pierce Group Benefits, LLC, an employee benefits agency based in Holly Springs, North Carolina. The 80-person firm, which reports approximately $19 million in annualized revenue, will remain led by President Chris Pierce and will expand AssuredPartners' employee benefits footprint and capabilities in the public sector across North Carolina and the surrounding region.

Incline Equity Partners has acquired Specialty Products and Insulation (SPI), a Charlotte-based value-added distributor and fabricator of insulation and complementary products, from Dunes Point Capital, LP. SPI operates 59 distribution branches and 16 fabrication facilities serving commercial, industrial and residential markets across the U.S. and Canada and will expand Incline's footprint in building-products distribution and specialty fabrication.

Waypoint Capital (through an affiliate) acquired a 70% majority stake in Allergy Partners, the largest U.S. group of single-specialty allergy and asthma practices. Allergy Partners — led by CEO David Brown and operating dozens of practice hubs across multiple states — will continue to be led by its current management as Waypoint provides growth capital to expand access and accelerate strategic initiatives; terms were not disclosed.

International private equity firm Cinven has agreed to acquire a majority stake in BioAgilytix through a recapitalization, with current investor Cobepa remaining a significant minority investor. GHO Capital has realised its investment and will exit; the transaction will provide funding to support BioAgilytix’s international expansion, capacity and capability investments, and buy-and-build strategy in large-molecule bioanalytical services. BioAgilytix is headquartered in Durham, North Carolina and employs about 870 staff across the United States, Europe and Australia.

Colony Hardware, a direct-to-jobsite distributor backed by Audax Private Equity, has acquired Jarco Supply, a North Carolina-based distributor of erosion control, geotextile, stormwater, and concrete/masonry products. The acquisition expands Colony's distribution footprint into North Carolina and represents the company's 23rd acquisition overall and ninth since partnering with Audax.

ILC Dover has acquired KSE Scientific, a Durham, North Carolina-based manufacturer of Water for Injection (WFI) and related sterile solutions for biopharma, cell & gene therapy, tissue banking and medical device customers. The acquisition expands ILC Dover’s life-sciences manufacturing capabilities and integrates KSE’s sterile consumable product line into ILC’s broader biopharmaceutical workflow solutions; KSE will continue to operate under its own brand and its founder, James Lally, will remain with the company.

Dover Corporation has agreed to acquire Engineered Controls International, LLC (RegO) from Windjammer Capital for $631 million in cash and has completed the acquisition of Acme Cryogenics, Inc. for $295 million in cash. Both businesses will join Dover's OPW Global operating unit within its Fueling Solutions segment to expand Dover's capabilities in cryogenic, LNG, LPG and other clean-fuel applications.

Donan and CCG IQ have combined to create a unified claims intelligence and forensic engineering platform and have partnered with private equity firm New Mountain Capital, which acquired a majority stake in the combined business. Carousel Capital, CCG IQ's first institutional investor, completed a majority exit but will remain a significant minority investor; the combined company will be headquartered in Louisville, Kentucky and Charlotte, North Carolina and employ more than 500 people.

The Emergency Nurses Association (ENA) has acquired Triage First, a provider of comprehensive triage education and online courses for emergency nurses. ENA said it will integrate and further develop Triage First’s curriculum to expand its triage education offerings for emergency nursing professionals.

Blue Point Capital Partners has made a platform investment in National OnDemand, a Burlington, North Carolina-based communications and utility infrastructure services provider. The founders retain significant ownership and management roles; the investment will support continued organic growth and accelerated add-on M&A to expand National OnDemand's services and geographic footprint.

Veeva Systems acquired Veracity Logic, a provider of cloud software for randomization and trial supply management (RTSM), adding RTSM capabilities to Veeva's end-to-end clinical suite. The Veracity Logic team will join Veeva to operate the product as Veeva RTSM and continue supporting existing customers and integrations with EDC systems.

MAI Capital Management has acquired Queens Oak Advisors, expanding MAI's presence in the Greater Charlotte, North Carolina region and adding roughly $558 million in assets under management. The acquisition brings Queens Oak’s financial planning, estate planning and asset management capabilities into MAI’s platform and moves key advisors (including Leila Evans and Deems May) into MAI leadership roles in Charlotte.

Highland Roofing Company and related sheet-metal business Coastal Fabrication, Inc., both headquartered in Wilmington, North Carolina, were sold to private investors in a transaction that closed on December 10, 2021. The buyer group was undisclosed; the seller engaged Generational Equity as M&A advisor to execute the sale to investors focused on maintaining employee culture and continuity.

Thermo Fisher Scientific completed the acquisition of PPD, Inc. for $17.4 billion in cash, plus the assumption of approximately $3.0–$3.5 billion of net debt. The deal brings PPD's global clinical research and laboratory services into Thermo Fisher's Laboratory Products and Services segment, expanding Thermo Fisher's capabilities in clinical development and expected to generate approximately $125 million of synergies by year three.

Fingerpaint, a biopharma commercialization partner, has acquired MedThink, a North Carolina–based medical communications firm, adding medical education, medical affairs communications, and publication services to its suite of capabilities. Financial terms were not disclosed; MedThink's president Scott Goudy will continue to lead day-to-day operations, and Knox Lane (a strategic investor in Fingerpaint) supported the transaction.

Xcovery Holdings, an oncology-focused biopharmaceutical company, has acquired a majority and controlling stake in Meryx, Inc., a clinical-stage immuno-oncology company based in Chapel Hill, North Carolina. The deal aims to accelerate Meryx's clinical and preclinical drug development programs for small-molecule oncology therapies, with strategic support noted from Betta Pharmaceuticals; financial terms were not disclosed.

HireQuest, Inc. (Nasdaq: HQI) has completed the acquisition of the Dental Power Staffing (DPS) division of Dental Power, a Carrboro, North Carolina–headquartered dental staffing firm. DPS will operate as a corporate-owned subsidiary of HireQuest and will serve as the platform to launch a HireQuest franchise offering tailored to the dental market.

ServiceTrade, a Durham-based SaaS provider for commercial service contractors, received an $85 million growth investment led by JMI Equity with participation from existing investors Frontier Growth and Bull City Venture Partners. The capital will accelerate product innovation and support ServiceTrade’s growth as it serves more than 800 contractor customers and the technicians who manage critical fire, mechanical, and electrical systems.

Guardian Pharmacy Services and its affiliate Southern Pharmacy Services acquired Peak Pharmacy in Kernersville, North Carolina. The location will operate as Southern Pharmacy Services, the transaction increases Southern Pharmacy Services' customer base by about 10% and brings Peak Pharmacy employees into the Southern Pharmacy Services Kernersville team to continue serving long-term care, behavioral health and related communities.

TransPerfect Life Sciences has acquired LMK Clinical Research Consulting, a specialized provider of Trial Master File (TMF) document management, training and consulting services. The acquisition expands TransPerfect's TMF and eTMF capabilities and adds LMK's accredited TMF University training program to TransPerfect's life sciences offerings; financial terms were not disclosed.

Qualfon, a full-service BPO and customer lifecycle provider, has acquired LeadVision Media to add digital demand generation, affiliate network capabilities and owned media (RevenueAds, MyDegree.com) to its service offering. The deal expands Qualfon's lead generation and digital marketing solutions for education, insurance and consumer financial-services clients.

Komar Industries, a Groveport, Ohio-based designer and manufacturer of industrial waste and recycling processing systems, has acquired Charlotte-based BACE, LLC, a manufacturer and national service provider of balers and compactors. The acquisition expands Komar's product portfolio and aftermarket service capabilities while keeping BACE's existing leadership team in place as shareholders.

Shepley Bulfinch, a national architecture firm headquartered in Boston, has acquired PARC design lab, a boutique architecture practice based in Durham, North Carolina. The acquisition expands Shepley's science and technology design capabilities and establishes a physical presence in the Research Triangle; PARC co-founders Jeffery Bottomley and John Jarvis will join Shepley in leadership roles.

US LBM has acquired Professional Builders Supply, a building materials distributor operating 12 locations across North and South Carolina. The acquisition expands US LBM’s footprint in the Carolinas and brings Professional Builders Supply’s installation and commercial capabilities into US LBM’s national platform; Van Isley will continue to lead PBS’s day-to-day operations.

Main Street Capital Corporation provided $27.1 million in first-lien senior secured term debt and a direct minority equity investment to facilitate a minority recapitalization of DMA Sales, LLC, alongside an unnamed co-investor. The transaction supports DMA, a Tabor City, North Carolina-based designer and distributor of ride control and other automotive aftermarket products, and provides liquidity to existing owners while financing continued growth.

BV Investment Partners, a Boston-based private equity firm, made a growth-oriented investment in EMS Management & Consultants (EMS|MC), partnering with the existing management team to support the company's expansion. The investment will fund organic growth, product and technology development, and potential strategic add-on acquisitions to extend EMS|MC's revenue cycle management and analytics capabilities for emergency medical services providers.

NovaQuest Capital Management has acquired TechAccel LLC's ownership stake in Covenant Animal Health Partners, a development and registration partnership focused on revenue-ready animal health products. The move gives NovaQuest full ownership (or increased control) of Covenant to expand its animal health development capabilities and advance new assets into industry partner portfolios.

Total Resource Management (TRM), a cloud-based enterprise asset management and IIoT solutions provider, acquired IDCON Inc, a Raleigh-based reliability and maintenance management consulting and training firm. IDCON becomes a wholly owned independent subsidiary of TRM, with Tor Idhammar remaining CEO and founder Christer Idhammar serving part-time; the deal combines IDCON's reliability expertise with TRM's EAM technology to expand capabilities and international reach.

Marlin Equity Partners has completed a majority-control growth investment in ImagineSoftware, a provider of medical billing automation and revenue cycle management software. The partnership will support investments in product development and growth to strengthen ImagineSoftware's position serving hospitals, medical practices and billing companies.

KeyBank National Association (KeyCorp) has acquired XUP Payments, a Charlotte-based B2B payments and Banking-as-a-Service platform. KeyBank will integrate XUP's onboarding, integrations, and payments technology to enhance its commercial payments capabilities and advance its embedded banking strategy.

Bessemer Investors has made a significant growth investment in Tencarva Machinery Company, a Greensboro-based distributor of pumps, flow control and process equipment. Tencarva's management, led by President Ed Pearce, will remain in place and employee-equity holders will retain meaningful stakes as Bessemer supports the company's next phase of growth.

Signet Jewelers Limited has finalized its acquisition of Diamonds Direct USA Inc. for $490 million in cash. The deal — representing roughly a 1.1x multiple on annualized revenue and a 7.1x multiple on annualized EBITDA — adds 22 Diamonds Direct locations and expands Signet’s presence in the bridal and accessible-luxury jewelry market.

TA Associates and True Wind Capital announced a strategic growth investment in e-Emphasys Technologies, a Cary, North Carolina–based provider of cloud-based ERP and dealer management (DMS) software for equipment dealers and rental companies. Financial terms were not disclosed; representatives from both investors will join e-Emphasys' board to support the company's geographic expansion and product growth.

Baton Rouge-based General Informatics has acquired Charlotte-based managed services provider Versiant, expanding its geographic footprint into the Carolinas and broadening its capabilities in data analytics and security. The deal is an add-on to General Informatics (a portfolio company of Rosewood Private Investments); Versiant CEO Edward Reade will join General Informatics as a senior vice president and regional manager while other principals are retiring.

Great Lakes Rubber & Supply, a third-generation family-owned sealing distributor headquartered in Milwaukee, has acquired Reliant Rubber Company, LLC, a custom molded rubber-products manufacturer based in Wake Forest, North Carolina. The acquisition expands GLR's manufacturing capabilities and gives the company full nationwide coverage to better serve customers in the Southeast and across the United States.

Cornerstone Building Brands, the largest North American manufacturer of exterior building products, has entered into and completed the acquisition of Union Corrugating Company Holdings, Inc., a metal roofing and components manufacturer headquartered in Fayetteville, North Carolina. The deal—funded with cash on hand—adds UCC's ~700 employees and roughly $250 million in trailing twelve-month sales to Cornerstone and expands the company's offerings into the high-growth residential metal roofing market while delivering manufacturing scale benefits.

RV Retailer, LLC (RVR) has acquired Out-of-Doors Mart and Airstream of Greensboro, expanding RVR's store count to 77 and its presence in North Carolina to seven locations. RVR said it will invest in the Greensboro facility to grow sales and service, and that key personnel (Joel and Ben) will remain with the business.

MacNeill Pride Group (MPG), a portfolio company of Centre Partners, has acquired Rightline Gear, an Asheville, North Carolina-based designer and manufacturer of automotive and outdoor gear. The acquisition is an add-on to MPG's outdoor platform and will expand its camping and automotive product offerings; Rightline's founder and CEO Loran Evans will remain with the company.

TrialCard Incorporated has acquired Archer Healthcare, a Wilmington, North Carolina-based telesales and contact center firm that supports pharmaceutical and medical device manufacturers. The acquisition strengthens TrialCard's Engage HCP offering by adding Archer's provider-access and telepromotion capabilities to TrialCard's field, virtual, and hybrid HCP engagement services.

Victory Capital Holdings, Inc. entered into a definitive agreement to acquire 100% of WestEnd Advisors, LLC, a Charlotte-based asset manager that provides ETF-based model allocation strategies and separately managed accounts with approximately $18 billion in assets. The deal was announced November 4, 2021 (upfront consideration of $480 million plus deferred earnouts) and the acquisition closed on December 31, 2021.

Datavalet Technologies Inc. acquired the managed Wi‑Fi / managed services division of Charlotte-based SecurEdge Networks, expanding Datavalet's managed network services and U.S. presence. SecurEdge will retain focus on developing its Network as a Service (NaaS) platform while Datavalet will take over delivery, management and support of the acquired customers and services.

An affiliate of H.I.G. Capital has acquired BECO Holding Company, Inc. from Behrman Capital; financial terms were not disclosed. BECO, headquartered in Charlotte, North Carolina, operates 16 distribution centers and provides fire suppression, life safety and kitchen system products and services; the company's leadership will remain with a significant ownership stake in the recapitalized business.

Tryon Title Agency, a North Carolina-based independent title insurance agency founded in 2007, was acquired in November 2021 by an undisclosed private equity platform with over $5 billion of assets under management. CEO Chris Corchiani will remain as CEO and retain a material ownership stake as the buyer pursues a proprietary roll-up strategy across the title industry.

Private equity firm Blackford Capital, through its Boston Trade Interior Solutions platform, has acquired Greensboro, N.C.-based interior design and FF&E procurement firm ID Collaborative Inc. The add-on deal expands Boston Trade's capabilities and footprint—particularly in the senior living and healthcare end markets—and furthers Blackford's consolidation strategy in commercial interior design and procurement.

Duke's Root Control, a portfolio company of Altamont Capital Partners, has acquired Hydrostructures, P.A., a regional wastewater and sewer services/engineering provider with offices across North Carolina, South Carolina and Virginia. The acquisition expands Duke's service capabilities, regional presence and supports its Duke's360 smart wastewater strategy by integrating Hydrostructures' field services and engineering expertise.

WindRose Health Investors has made an equity investment in Workplace Options to accelerate the wellbeing provider's growth, innovation, and global expansion. Workplace Options' management will remain in place and continue as active shareholders while the investment supports expanded market share and product capabilities.

Martis Capital has made a majority growth recapitalization investment in Lighthouse Lab Services, alongside existing investor NaviMed Capital and the company's management team. Lighthouse, headquartered in Charlotte, North Carolina, provides end-to-end lab build-out, management, staffing, and consulting services to clinical laboratories across the United States; financial terms were not disclosed.

Growth Street Partners has made a minority growth equity investment in PublicInput, a Raleigh-based public engagement SaaS platform. The capital will be used to accelerate product and go-to-market investments and Growth Street will join PublicInput’s board to support the company’s expansion.

Aceragen, Inc. acquired clinical-stage biopharmaceutical company Arrevus, Inc., adding Arrevus' lead oral anti-infective candidate ARV-1801 (renamed ACG-721) and several preclinical programs to Aceragen's rare-disease pipeline. The deal brings additional clinical and regulatory capabilities to Aceragen and is expected to be accretive as the company advances registrational and Phase 2/3 studies in cystic fibrosis and other orphan indications.

Cary Medical Management (CMM) has acquired Managing Care Solutions (MCS), a physician-led care management services provider that delivers non-face-to-face chronic care management using standardized protocols and embedded technology. CMM will deploy MCS's Team Based Care Management protocols and Smartlink Health–integrated platform across its managed primary care clinics to improve outcomes, reduce provider workload, and lower cost of care for Medicare and other vulnerable patient populations.