Acquisitions in North Carolina in 2023

MDWerks, Inc. (OTC: MDWK) has acquired RF Specialties, LLC, a provider of radio-frequency energy systems, engineering and equipment manufacturing used in wood, adhesives and food & beverage processing. MDWerks said the acquisition brings in-house technical expertise and manufacturing capability for its Sustainably Matured liquid maturation method (used by its Two Trees Beverage subsidiary), will increase capacity to meet demand, and will enable diversification and out-licensing opportunities across multiple industries; RF Specialties' founder Keith A. Mort will join MDWerks to continue overseeing the business.

BWT Logistics, a Bluejay Capital portfolio company, has acquired International Express Trucking (IET), a regional 3PL in North Carolina. The add-on expands BWT’s contract logistics and warehousing footprint in the state; IET’s president Howard Shope will join BWT as Senior Vice President of Operations and retain a meaningful ownership stake. Bluejay Capital financed the transaction with participation from Argosy Private Equity, Southfield Mezzanine, Spring Capital Partners and KeyBank; terms were not disclosed.

Chaney Enterprises, a construction material supplier based in Gambrills, Maryland, has acquired Concrete Solutions, LLC, a ready-mix concrete operator with plants in Raeford and Goldston, North Carolina. The purchase expands Chaney's footprint into central North Carolina and brings its planned total of three North Carolina ready-mix locations (Raeford, Goldston and an expected Powells Point site).

Pye-Barker Fire & Safety has acquired two Greensboro, North Carolina-based security and alarm companies: Alarmguard Security, Inc. and Sentry Watch. The acquisitions expand Pye-Barker’s North Carolina footprint and add local teams that will continue to serve residential and commercial customers under the Pye-Barker platform.

Custom Computer Specialists (CCS) has acquired Raleigh-based managed services provider Clarity Technology Group and hosted VoIP provider Local Stratus, expanding CCS's footprint in the Mid-Atlantic. The deals add cloud and communications capabilities and broaden CCS's presence and service offering across healthcare, biotech, defense and AEC end markets.

CES Power LLC, backed by private equity firm Allied Industrial Partners, acquired Roundrock Technology, an IT services provider for the entertainment industry. Roundrock will integrate into CES Technologies (CES Power's technology division) to expand connectivity, network infrastructure and event IT capabilities while the company's co-founders remain with the business.

Thoma Bravo has completed a strategic growth investment in BlueMatrix, a cloud-based content creation and distribution platform for investment research providers. The investment (debt financing provided by Golub Capital) will support BlueMatrix’s global growth and continued product innovation while founder and CEO Patricia Horotan remains in her leadership role with a significant ownership stake.

MDWerks, Inc. (OTC: MDWK) has acquired Two Trees Beverage Company, a Fletcher, North Carolina-based spirits producer that uses a proprietary accelerated aging technology. The transaction brings Two Trees' portfolio of more than 30 spirit brands, associated patents and distribution across 29 states into MDWerks as part of the buyer’s strategy to expand its sustainable beverage technology and product offerings.

CrestPeak, a Boathouse Capital‑sponsored company, has acquired Millennium Health and Fitness. The deal places Millennium under new executive leadership and aims to expand the company's footprint in population health management, human performance and health & wellness services for corporate and government clients.

Thayer Infrastructure Services, LLC completed the acquisition of Dynetek Solutions, LLC, a Charlotte-based provider of horizontal directional drilling and underground utility installation services. Dynetek's founder Shenar Wood will continue to oversee the business as it is integrated into the TIS platform, which is owned by private equity firm Calera Capital; the deal expands TIS's capabilities in the utility, telecommunications, and renewable energy markets in the Southeastern U.S.

Young Innovations, a portfolio company of TJC, announced the acquisition of Salvin Dental Specialties, a Charlotte-based supplier of regenerative biomaterials, surgical instrumentation and implant dentistry supplies. The deal will integrate Salvin's product portfolio and clinical support into Young Innovations’ global dental platform to expand its oral surgery and implant-agnostic offering.

BradyIFS + Envoy Solutions, a merged distributor of janitorial/sanitation, foodservice disposables and industrial packaging, has acquired PFS Sales Company to expand its footprint in the Carolinas and the broader Southeast. Terms were not disclosed; the acquisition will strengthen BradyIFS + Envoy Solutions' foodservice disposables and JanSan presence and provide PFS with additional resources to grow.

Alpine Investors launched Cobalt Service Partners, a new platform focused on access solutions, and Cobalt announced the acquisition of Piedmont Door Solutions, a commercial doors design, installation and maintenance provider founded in Charlotte, North Carolina. Piedmont's leadership will remain in place under Cobalt ownership as the business joins the platform to accelerate organic growth and expand its geographic reach.

Integrated Power Services (IPS) has acquired Wind Solutions LLC, a Sanford, North Carolina-based specialist in repair upgrades, accessory components, and patent-protected yaw system components for utility-scale wind turbines. The acquisition expands IPS’s renewables capabilities by adding in-house design, engineering, manufacturing and IP to support owner-operators and utilities across North America.

InCompass, a platform company of TJM Capital Partners, has acquired Newman Machine Company, a long-established manufacturer of woodworking machinery. Financial terms were not disclosed; the deal expands InCompass’s woodworking machinery portfolio and strengthens its capabilities and global presence.

Econolite (part of Umovity) has acquired the operational business of its distribution partner RAI Products (Charlotte, NC) to expand its One-Stop-Shop intelligent transportation systems (ITS) portfolio and strengthen distribution and vendor relationships in the U.S. Southeast. RAI, a family-owned distributor founded in 1954, will integrate into Econolite's distribution network to support municipalities, state DOTs, and contractors with traffic signal hardware, ITS software, and related services.

Carpenter Co., a Richmond, Virginia–based manufacturer of polyurethane foams, has agreed to acquire the flexible foam assets of NCFI Polyurethanes' Consumer Products Division in Mount Airy, North Carolina. The deal expands Carpenter's engineered-foams capacity and complements its existing operations in Conover, North Carolina, while adding product lines serving furniture, mattress, aerospace, marine and medical markets.

Astellas Pharma, through its U.S. subsidiary Astellas US Holding, agreed to acquire privately held biopharmaceutical company Propella Therapeutics for approximately US$175 million. The acquisition gives Astellas ownership of PRL-02, a next-generation long-acting abiraterone prodrug for prostate cancer currently in Phase 1, and is expected to close within Astellas' fiscal year 2023 (ending March 31, 2024).

Amwins Group completed a $1.0 billion recapitalization in which Dragoneer Investment Group, Genstar Capital, SkyKnight Capital and participating employee shareholders purchased equity from more than 375 employee shareholders and the Public Sector Pension Investment Board (PSP). PSP rolled roughly 80% of its position forward and the Amwins employee shareholder group will remain the largest single owner with approximately 40% ownership, providing liquidity while preserving long-term employee ownership.

Arch U.S. MI Holdings (Arch MI), a subsidiary of Arch Capital Group Ltd., has signed a definitive agreement to acquire RMIC Companies, Inc. and its subsidiaries, the run-off mortgage insurance business of Old Republic International Corporation. RMIC's approximately $1.0 billion risk-in-force portfolio will be integrated into Arch MI's U.S. primary mortgage portfolio; the transaction is expected to close in the first half of 2024, subject to regulatory approval.

Workplace Options (WPO), a global provider of holistic employee wellbeing solutions, has acquired The Diversity Movement (TDM), a technology-led DEI consulting and employee experience platform. The acquisition expands WPO's capabilities in diversity, equity, and inclusion programming and enables broader delivery of TDM's subscription-based learning and analytics platform to WPO's global client base.

The Building Center, Inc., a privately held building materials supplier based in Pineville, North Carolina, has acquired Contractors Building Supply, Inc., which operates locations in Monroe and Ocean Isle Beach, North Carolina. The acquisition expands The Building Center's reach into central and coastal North Carolina; financial terms were not disclosed.

Lumin8 Transportation Technologies, a portfolio company of Crest Rock Partners, has acquired the Traffic Signal division of Watson Electrical Construction Co. LLC in an asset divestiture. The deal — executed as an add-on to Lumin8's platform — expands Lumin8's ITS and traffic-signal capabilities and more than doubles its presence in North Carolina, creating a combined organization of over 450 employees serving government agencies and contractors.

Quality Collision Group (QCG), a PE-backed consolidator of OEM-certified collision repair centers, has acquired three Relentless Collision locations operating in Raleigh, Cary and Durham, North Carolina. Relentless founder Todd McGowan will join QCG as Chief Development Officer as the shops are integrated into QCG's platform to expand its OEM-certified footprint and EV repair capabilities in the Triangle.

Element451, the AI-powered student engagement platform, has acquired Enrollify, a media and content brand focused on higher education marketing and enrollment. The acquisition brings Enrollify's research, podcasts, and educational content into Element451's Engage content brand to expand thought leadership, content production, and AI-focused training for higher education marketers.

CAPTRUST Financial Advisors has acquired Normann Financial Group, a 10-member advisory team that oversees more than $1.3 billion in assets, expanding CAPTRUST’s footprint in North Carolina. The deal adds local wealth-management and retirement-plan advisory capabilities to CAPTRUST’s national RIA platform.

Limbach Holdings, Inc. (Nasdaq: LMB) has acquired Industrial Air, LLC, a Greensboro-based specialty mechanical contractor, for an initial enterprise value of $13.5 million in an all-cash transaction with up to $6.5 million of contingent earn-outs. Industrial Air, founded in 1964, provides engineered air handling, air filtration and controls to industrial and textile customers and is expected to contribute roughly $30 million of revenue and $4 million of EBITDA annually; the deal expands Limbach's geographic footprint in the Carolinas and strengthens its industrial/institutional capabilities.

Nexus Capital Management will acquire a 65% majority stake in Dollar Shave Club from Unilever, with Unilever retaining a 35% minority holding. Financial terms were not disclosed; the transaction is expected to close this year subject to customary conditions. Nexus said it will invest in marketing, product innovation and use Dollar Shave Club as a platform for additional brands.

WEX has signed a definitive agreement to acquire Payzer, a Charlotte-based field service management SaaS and payments platform, for approximately $250 million plus up to $11 million of contingent consideration. The acquisition expands WEX's product suite and cross-sell opportunities into the field service contractor market (HVAC, plumbing, roofing) and is expected to close by the end of 2023.

ETI Precision (Electrical Test Instruments, LLC) has acquired Accuserve, Inc., an ISO/IEC 17025:2017-accredited calibration laboratory in Huntersville, North Carolina. The deal deepens ETI Precision's presence in the Charlotte/Southeast US market and expands its accredited calibration capabilities and technician capacity across multiple instrument types, including new disciplines such as biomedical test equipment.

TWFG Insurance (The Woodlands Financial Group) acquired The Jeff Kincaid Insurance Agency, Inc. in October 2023, adding an $18.2 million book of business and five branch offices across Hickory, Shelby, Morganton, Forest City and Marion, North Carolina. The acquisition expands TWFG's footprint in the eastern U.S. and brings a longtime local agency and its customers into TWFG's national branch network.

Plexus Capital has acquired Southern Elevator Group, a provider of elevator installation, maintenance, modernization and repair services, with financing support from Brightwood Capital Advisors. Brightwood provided debt financing to back the transaction, which Plexus says will position Southern to accelerate growth and enhance its service offerings across commercial, residential and institutional end markets.

Ridgemont Equity Partners led a recapitalization of National Power, LLC to support the company's growth and M&A strategy. Financing for the transaction was provided by Churchill Asset Management and Oaktree Capital Management's U.S. Private Debt Group; financial terms were not disclosed.

Mercer Global Advisors acquired Kingfisher Capital, LLC, a Charlotte-based wealth management and family office-style advisory firm that manages roughly $630 million in client assets across about 210 clients. The deal expands Mercer's presence in the South/Southeast and brings Kingfisher's founders and team into Mercer’s national RIA platform, which is majority-owned by Oak Hill Capital and Genstar Capital.

Ryder System, Inc. entered into a definitive agreement to acquire all outstanding equity of IFS Holdings, LLC (Impact Fulfillment Services), adding contract packaging, contract manufacturing and warehousing capabilities across 15 U.S. operations. The deal is expected to add about $250 million of annual revenue, retain roughly 1,000 IFS employees, and close in early November 2023 subject to customary approvals.

Keswick Partners, a Tampa-based private equity firm, has acquired Metal Tech of Murfreesboro, a family-owned custom metal fabrication and industrial equipment maintenance provider based in Murfreesboro, North Carolina. The transaction, which closed in August, was advised by Bundy Group and represents a liquidity / succession outcome for the Felton family while positioning Metal Tech for growth under new ownership.

Havencrest Capital Management’s homecare platform, Avid Health at Home, has acquired Well Care Home Care (WCHC), the home care division of North Carolina-based Well Care Health. WCHC — which operates in five cities and 23 counties — will serve as Avid's flagship in North Carolina as the platform expands further across the southeastern United States.

McKim & Creed, an employee‑owned engineering and surveying firm, has acquired Matchpoint Water Asset Management, the largest U.S. water loss/recovery and leak detection company. The acquisition, finalized October 16, will integrate Matchpoint's monitoring, leak detection, GIS and UAV‑based assessment capabilities into McKim & Creed's engineering, modeling and instrumentation services to offer turnkey water infrastructure solutions.

Brenntag Specialties, the life-sciences division of Brenntag SE, has acquired Colony Gums, Inc., a family‑owned Monroe, North Carolina manufacturer of stabilizer systems and hydrocolloids. The deal will give Colony access to Brenntag’s global distribution network while strengthening Brenntag’s position in the nutrition and specialty ingredients market through Colony’s formulation expertise.

Lumifi has acquired Castra Managed Security to expand its SIEM and managed detection and response (MDR) capabilities, combining Lumifi's ShieldVision SOC platform with Castra's Exabeam expertise. The deal strengthens Lumifi's 24/7 SOC offerings and aims to scale Castra's services to a broader customer base across regulated industries.

VSS Capital Partners has made a growth capital investment to form and scale Eximia Research Network, a multi-therapeutic clinical research site network led by CEO Dr. Ella Grach. The investment establishes Eximia as a platform company that will leverage centralized services and a strategic partnership with Sundance Clinical Research to expand clinical trial delivery and access.

The Bone Health and Osteoporosis Foundation (BHOF) announced that, effective October 1, 2023, American Bone Health has joined forces under the BHOF umbrella. The consolidation transfers American Bone Health’s educational programs (including its Fracture Risk Calculator) to BHOF to expand reach, improve efficiency, and strengthen combined patient education, advocacy, and clinician resources.

Platinum Equity has signed a definitive agreement to acquire a majority interest in The Cook & Boardman Group from Littlejohn & Co., with Littlejohn remaining a significant minority shareholder. Cook & Boardman, based in Winston-Salem, North Carolina, is a leading distributor of commercial doors, frames, hardware and electronic security integration solutions with more than 70 locations across 21 states; Platinum Equity said it will support the company's continued growth and expansion in safety and security capabilities.

Docufree, an Atlanta-based enterprise information management provider, has acquired the document and records management assets of Advanced Imaging Systems (AIS), a Pineville, North Carolina information-management company founded in 1972. The deal expands Docufree’s service offerings and customer footprint across education, law enforcement, healthcare, finance and manufacturing markets while integrating AIS customers into Docufree’s ScanCloud and nationwide fulfillment capabilities.

CAPTRUST has received a minority growth investment from funds managed by Carlyle, with existing investor GTCR remaining a minority partner. The capital will fund CAPTRUST's inorganic growth strategy (add-on acquisitions and capability expansion); financial terms were not disclosed.

Tysinger Acquisitions has acquired RidgeRock Retaining Walls Systems, a Charlotte, North Carolina-based maker of engineered concrete retaining wall systems. Boutique investment bank 7 Mile Advisors served as exclusive sell-side advisor; the deal transitions the company founded by Jim Martin and Curtis Shillingbur to new ownership as the founders move to the next phase.

Cerberus Capital Management has acquired Stanadyne LLC and led an investor group that provided a $35 million capital infusion to strengthen the company's balance sheet. Stanadyne, a global designer, manufacturer and remanufacturer of engine fuel and air management systems, will use the capital and Cerberus' backing to invest in engine innovation, expand capabilities, and pursue strategic growth opportunities.

Aspirion, a Columbus, Georgia-based technology-enabled healthcare revenue cycle management provider, has acquired Infinia ML, an AI and machine learning company focused on intelligent document processing. The acquisition makes Infinia ML Aspirion’s R&D engine to accelerate AI-driven automation and improve revenue cycle outcomes for healthcare provider clients.

Pest & Termite Consultants announced the acquisition/strategic partnership with NC Pest Control to expand its service footprint in the Raleigh–Durham area. The deal brings NC Pest Control's Fuquay‑Varina operations and owner Mike Fillion into the Pest & Termite Consultants platform to increase geographic coverage and operational efficiency for residential and commercial pest services.

Exceleration Music has acquired Redeye, the US-based digital and physical distribution and music services company, in a deal that also includes Redeye’s in-house labels Yep Roc and Sundazed and publishing company Riff City Sounds. Redeye founders Glenn Dicker and Tor Hansen remain shareholders and will continue to lead the business, while Exceleration provides additional resources to expand distribution, label and publishing services globally.