Acquisitions in Ohio in 2022

Atwell has entered into a definitive agreement to acquire Dempsey Surveying Company, a land surveying firm based in Lakewood/Cleveland, Ohio. The acquisition expands Atwell’s surveying capabilities and presence in Ohio and the Midwest; the deal was expected to close by Dec. 31, 2022.

Level Equity Management has made a majority investment in TeamDynamix, a Columbus-based provider of ITSM, PPM and iPaaS software, while existing investor K1 Investment Management exited but rolled a material portion of proceeds back into the business and will remain a significant equity holder. The recapitalization is intended to provide growth capital to accelerate product innovation and expand TeamDynamix's market share across industries such as financial services, healthcare and the public sector.

Power Grid Components, Inc., a Shorehill Capital portfolio company, completed the acquisition of Meister International in November 2022. The add-on transaction expands Power Grid’s distribution of high- and medium-voltage insulators, bushings and related utility hardware and broadens its national product and customer reach; terms were not disclosed.

Bluewave Technology Group, a Parsippany, New Jersey-based technology advisory and lifecycle management firm, has acquired Compass Solutions, an IT and telecom advisory agency headquartered in Cuyahoga Falls, Ohio. The acquisition expands Bluewave's technology advisory and multi-location retail capabilities and brings the Compass team and founder Marty Lyman into Bluewave as an Ambassador and equity partner.

River Associates Investments acquired Caster Connection, a Columbus, Ohio-based supplier and manufacturer of industrial casters, in a transaction that closed on December 19, 2022. River funded the deal from its River VIII fund with financing from Abacus Finance and plans to grow Caster Connection as a platform and pursue add-on acquisitions.

Dallas-based Arcis Golf has acquired TPC River's Bend, a private golf club near Cincinnati, Ohio. The acquisition expands Arcis’s portfolio of premium clubs in Ohio and will keep TPC River's Bend operating as a licensed TPC property while Arcis invests in food, beverage, programming, and clubhouse enhancements.

Sunvera Group, a Michigan-based management services organization and portfolio company of Ridgemont Equity Partners, has formed a partnership with Ophthalmic Physicians Incorporated (OPI) and its affiliates — Lasik Vision Centers of Cleveland and Surgical Care Center in Painesville, Ohio. The agreement expands Sunvera's Midwest / Ohio footprint and brings OPI's clinical practice and ambulatory surgery capabilities into Sunvera's network of ophthalmology practices and ASCs.

Smart Care, a Wind Point Partners portfolio company, has acquired Finley's Facilities Services, a family-owned commercial kitchen equipment repair business based in Mt. Gilead, Ohio. The deal expands Smart Care's Equipment Solutions footprint in Ohio and strengthens its emergency repair, preventative maintenance and installation capabilities across hot- and cold-side kitchen equipment, refrigeration and HVAC.

Rosser Capital Partners completed a growth investment in Kitchen Social, a three-unit, small-box, bar-centric full-service restaurant concept based in Ohio. The funding will be used to accelerate Kitchen Social's expansion into new and existing markets; financial terms were not disclosed.

Mariner Wealth Advisors has agreed to acquire Canton, Ohio–based McGervey Wealth Management, adding approximately $105 million in assets under advisement and establishing Mariner’s fourth office in Ohio. The deal, announced December 13, 2022, will close on December 28, 2022; McGervey’s team (all five associates) will remain with the firm and the office will take the Mariner name.

RealTime Software Solutions, a San Antonio–based eClinical software provider, has acquired Complion, a Cleveland-based eRegulatory/eISF software vendor. The deal adds Complion's electronic regulatory capabilities to RealTime's integrated Site Operations Management suite, expanding its offerings to academic medical centers, hospitals, sponsors and CROs.

Weaver Leather, a Blue Point Capital Partners–backed platform, has acquired Ohio Travel Bag (OTB), a Solon, Ohio–based distributor of specialty hardware, fittings and supplies serving leather goods, pet/equine, handbags and crafts markets. The add-on expands Weaver's product portfolio and strengthens local customer relationships with support from Blue Point.

Silversmith Capital Partners led a majority growth investment in Proven Optics, a Columbus, Ohio-based IT financial management SaaS company founded by William Miller and Ben Perkins. The capital will be used to accelerate product development and expand sales and marketing; Silversmith has joined the company's board.

Specialty Program Group, LLC (SPG) has acquired the assets of Business Underwriters Associates, LLC (BUA), a Northeast Ohio-based brokerage general agent specializing in life, annuities, disability and health insurance. The deal is the second acquisition in SPG's strategy to build a BGA-driven life and annuity wholesale platform alongside its prior acquisition of Brokers' Service Marketing Group (BSMG).

Meduit, a Charlotte-based healthcare revenue cycle solutions company, announced that JP Recovery Services (JPRS) has joined the Meduit organization. The merger adds JPRS’s accounts receivable management, billing and extended business office capabilities to Meduit’s suite of RCM services; JPRS owners John Beirne and John Murray are transitioning into consulting roles ahead of retirement.

Omni Fiber completed the acquisition of Port Clinton–based Ohio Telecom, Inc. on November 30, 2022 to accelerate its FTTP expansion across Northern Ohio. The deal brings Ohio Telecom employees and customers into Omni Fiber, enables upgrades to Omni's 100% fiber network (up to 2 Gbps) in existing and adjacent markets, and positions Omni to speed planned construction in Sandusky, Perkins Township and Fremont.

Charles Taylor has acquired The Matrix Companies, an Ohio-based third-party administrator (TPA) specializing in workers' compensation claims management and risk/workplace safety services. The acquisition expands Charles Taylor's U.S. footprint in the Midwest and broadens its claims, TPA and data analytics capabilities for national clients.

Valesco Industries, a Dallas-based private equity firm, acquired North American Kitchen Solutions, Inc. (dba Hoodmart), a factory-direct manufacturer of commercial kitchen ventilation and fire suppression systems headquartered in Elyria, Ohio. The transaction represents Weinberg Capital Group's exit after owning Hoodmart since 2016, during which the company nearly tripled sales and was positioned for continued growth under new PE ownership.

Ex Populus, a Web3 gaming studio and publisher, has acquired LAMO, a multimedia IP that includes a PC game, augmented reality experiences, and a collectible toy line. The acquisition brings LAMO's IP and development talent into Ex Populus' Web3 ecosystem to expand its gaming portfolio and phygital/Metaverse capabilities.

Valesco Industries completed a majority buyout of North American Kitchen Solutions (NAKS) on November 10, 2022, partnering with Centerfield Capital Partners and the existing management team. Valesco will support NAKS' growth through new product development, strategic location expansion, and customer acquisition while providing subordinated debt alongside co-investors.

MFG Partners has completed an investment in Chuck's Septic Tank and Drain Cleaning, Inc., CST Utilities, LLC, and I-Bore, LLC (collectively "CST"), in partnership with PNC Mezzanine Capital and Centerfield Capital Partners. CST, founded in 1969 and headquartered in Grove City, Ohio, is a turnkey underground infrastructure services provider offering excavation, boring, drain cleaning and related pumping services to public utilities, telecom providers and other businesses; the deal is positioned as a platform investment to support the company's long-term growth.

Hidden Harbor Capital Partners, a Boca Raton-based private equity firm, has acquired Avtron Power Solutions — the global market leader in load bank design and manufacturing — in a carve-out from Schneider Electric's ASCO Power Technologies division. The transaction closed September 30, 2022, and was financed in part by Czech Asset Management; terms were not disclosed.

Invictus Growth Partners led a $36 million growth equity investment in Binary Defense Systems to accelerate the company's go-to-market, expand machine learning capabilities, and build a Managed Open XDR offering. Binary Defense, a Cleveland-area managed detection and response provider founded by David Kennedy and Mike Valentine, will use the capital to scale sales and marketing, broaden partnerships, and enhance its technology-enabled security services.

IT Voice, an IT services platform backed by Baymark Partners, acquired The Jaekle Group, a managed IT services provider based in Macedonia, Ohio; the transaction closed on November 1, 2022. Generational Equity advised The Jaekle Group on the sale, which Baymark/IT Voice described as a strategic tuck‑in to expand managed services capabilities and regional presence.

Motion & Control Enterprises (MCE) has acquired Cleveland-based Nightwine Valves & Actuation, Inc., a full-service distributor of flow control products and valve automation services. MCE — a Frontenac-backed platform — said the acquisition expands its flow control capabilities and provides entry into new geographies across Ohio, Pennsylvania and Kentucky.

Quanex Building Products Corporation acquired substantially all assets of LMI Custom Mixing, LLC from Lauren International for $92.0 million ($79.0 million net of present value tax benefits). The Cambridge, Ohio-based custom polymer mixer is expected to generate about $80 million of revenue and ~15% EBITDA margin in fiscal 2023; Quanex financed the deal with cash on hand and borrowings on its existing revolver and expects modest near-term synergies while expanding its materials science and vertical integration capabilities.

ScaleCo Management LLC has made a platform investment in Total Procurement Intelligence (TPI Efficiency), a Cleveland-based energy procurement and utility consulting firm founded in 2009 by Roger Zona. The investment (ScaleCo's 22nd platform and third from Fund IV) will provide capital and operational support to expand TPI Efficiency's energy procurement, efficiency services, and LED lighting offerings nationwide.

Mac Steel GSC Inc., a subsidiary of McDonald Steel Corp., has acquired the assets of Cleveland-based General Steel Corp., a steel service center specializing in precision plate processing. The acquisition expands McDonald Steel's plate-processing capabilities and is expected to help the company better serve rail, construction and agriculture customers; financing was provided by Huntington Bank's Commercial Banking Group.

Republic Bancorp, Inc. agreed to acquire Cincinnati-based CBank and its wholly owned leasing subsidiary, Commercial Industrial Finance, Inc. (CIF), in an all-cash merger valued at approximately $51 million. The deal expands Republic Bank's Cincinnati footprint and significantly broadens its equipment leasing capabilities and national leasing footprint; the transaction closed after customary approvals and integration planning.

UPSTACK, a New York–based digital infrastructure advisory platform, has acquired NPG Solutions, an independent technology and communications solutions advisor headquartered in New Albany, Ohio. The deal—UPSTACK's 25th partner investment—adds NPG's network, data center, cloud and security advisory capabilities and its proprietary SmartSpendIT supplier management tool to UPSTACK's platform; terms were not disclosed.

Wakefield & Associates acquired the debt collection business of Choice Recovery, Inc., expanding Wakefield's geographic presence in the Great Lakes region and strengthening its healthcare revenue cycle capabilities. The acquired business adds more than 90 employees and bolsters Wakefield's ability to provide comprehensive revenue cycle management services to healthcare providers.

Tecum Capital Management, through its Tecum Equity control strategy, has acquired J&D Home Improvement, Inc. d/b/a The Basement Doctor with strategic support from Centerfield Capital Partners, BPEA, and Crane Group. The investment establishes The Basement Doctor as Tecum's platform to expand regionally and nationally across residential waterproofing, foundation repair, and mold remediation services.

San Francisco-based Valeas Capital Partners has committed more than $200 million to acquire a minority stake in Akron, Ohio-based Sequoia Financial Group, joining existing minority investor Kudu Investment Management. Sequoia — which will remain majority employee-owned — will use the capital to accelerate organic and inorganic growth, invest in technology and expand client services.

Alta Equipment Group Inc. has entered into a definitive agreement to acquire Ecoverse Industries, a North American distributor of environmental processing equipment headquartered in Avon, Ohio. The asset purchase (expected to close Q4 2022) includes $42.5 million cash, $2.5 million in Alta stock, a $6.0 million seller note and contingent earn-outs; Ecoverse reported roughly $64.3 million in revenue and $10.1 million of adjusted EBITDA for the trailing twelve months through July 2022.

Jones Fish Hatcheries & Distributors, a Fort Point Capital portfolio company, has acquired Advanced Technical Aquatic Control (A.T.A.C.), a Cincinnati‑area provider of pond and lake management services. The deal deepens Jones Fish's presence in the Ohio Valley and adds recurring lake management programs, fountain/aerator sales and service, and local technical expertise to its platform.

Custom Health, a Mountain View–based digital medication management company, has acquired Ohio-based Health in Motion Network and its Parawell software platform. The acquisition adds Parawell’s patient-centered health-data aggregation and pharmacist-facing tools to Custom Health’s medication management, remote monitoring, and pharmacist-led care offerings to enhance clinical oversight and in-home care.

Gamber-Johnson LLC (a holding of Main Street Capital Corporation) acquired InfoCase, Inc., a designer and manufacturer of protective cases and accessories for mobile devices. The deal closed on September 16, 2022 and expands Gamber-Johnson’s product offering for public safety, enterprise, military and warehouse fleet customers.

BBG, a national commercial real estate valuation firm headquartered in Dallas, has acquired Columbus-based VSI Appraisal Group. The deal (terms undisclosed) expands BBG's affordable housing appraisal capabilities and establishes a second Columbus office led by David Ross, Jr., who joined as Managing Director along with seven VSI professionals.

Crownpeak has acquired ilumino, a digital accessibility services and consulting firm, to expand its automated accessibility scanning technology with ilumino's subject-matter expertise. The acquisition (terms not disclosed) integrates ilumino's accessibility consulting and managed-services capabilities into Crownpeak's cloud-native Digital Experience Platform to better serve enterprise customers across business services, insurance, and CPG.

Core Support Partners, a Medina, Ohio-based provider of outsourced HR, accounting, legal and back-office services, acquired New Vision Bookkeeping & Payroll, an Ohio-based bookkeeping and payroll services firm that also provides accounting and software implementation services. New Vision will operate as a Core Support subsidiary and continue to be led by founder Jacque Nuske, expanding Core Support's service offering to franchises, entrepreneurs, and small- to mid-market clients.

Mercer Global Advisors (Mercer Advisors) has acquired The Asset Advisory Group, Inc. (TAAG), a Cincinnati-based wealth management firm managing about $370 million in AUM across roughly 160 clients. The deal expands Mercer’s presence in Ohio and provides TAAG’s founders a succession solution while adding TAAG’s advisory team and capabilities to Mercer’s national RIA platform.

Healthcare Linen Services Group (HLSG), a York Private Equity–backed provider of healthcare laundry services, has acquired Reino Linen Service, expanding HLSG's footprint into Ohio and Michigan and adding automated facilities and processing capacity. Reino, founded in 1943 and based in Gibsonburg, Ohio, employs more than 400 people and can process over 150 million pounds of laundry annually.

Fenix Parent LLC (operating as Fenix Parts) has completed the acquisition of the assets of Reno Auto Parts, a full-service automotive recycler in Hillsboro, Ohio. The deal expands Fenix's Midwest footprint and production capacity, growing its network of full-service and self-service locations.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Lehi, Utah, has acquired Lawrence Victoria, Inc., a Solon, Ohio-based national program administrator that provides lender-placed insurance, insurance tracking, and blanket insurance to banks, credit unions, mortgage servicers, and investors. The acquisition (terms not disclosed) expands PCF's capabilities into the lender-placed insurance space and gives Lawrence Victoria access to PCF's agency partner network and resources to support growth.

Axcel, the Alpine Investors-backed professional education platform, has partnered with and acquired EduMind (parent of School of PE). Terms were not disclosed; Axcel said it will invest in technology, personnel and course development while Christopher Lam becomes EduMind CEO and founders Vinod and Radhika Dega transition from day-to-day roles.

Chicago-based private equity firm Frontenac has completed a recapitalization of Zipline Logistics to accelerate organic growth initiatives and pursue strategic acquisitions. Zipline's management team will remain in place and retain a significant ownership stake; industry veteran Don Maltby is joining the board to support growth in the consumer-packaged goods logistics market.

Wealth Enhancement Group has acquired Bohmer Kilcoyne Wealth Management, a Cincinnati-based hybrid RIA that oversees approximately $677 million in client assets. The addition of the Bohmer Kilcoyne team (three advisors and five support staff) brings Wealth Enhancement Group's total client assets to more than $57.3 billion and expands the firm's presence in a key Midwest-to-East Coast market.

Prescott's, Inc., a portfolio company of Atlantic Street Capital, has acquired Preventive Maintenance Medical, Inc. (PMM), a Mount Vernon, Ohio-based specialist in sterilizer and washer preventative maintenance, service, refurbishments and parts sales. The add-on expands Prescott's service capabilities into the medical and laboratory sterilizer & washer sector and broadens its national service footprint for hospitals, surgery centers and research facilities.

Choice Financial Group, a Northlane Capital Partners‑backed insurance roll‑up based in Virginia Beach, has acquired Schlather Insurance Agency, Inc., a full‑service insurance agency with locations in Wellington, Oberlin and Elyria, Ohio. The deal extends Choice’s presence in Ohio and surrounding markets; Dave Schlather will remain to oversee operations and support the integration and growth efforts.

Houston-based private equity firm Milton Street Capital formed ProVeyance Group by acquiring Ohio-based Woodsage and Ashland Conveyor Products and named Tim Carpenter CEO. The combined platform creates a North American manufacturer of conveyor components and subsystems to expand manufacturing capabilities, reduce supply-chain risk, and pursue further strategic acquisitions.