Acquisitions in Ohio in 2023

Pavlov Media has acquired iZone Broadband, a small regional ISP serving parts of Central Ohio (SW Knox, NW Licking and NE Delaware counties). The acquisition expands Pavlov Media's residential and business service footprint into Central Ohio and brings iZone customers onto Pavlov's national broadband backbone and customer support resources.

Heritage Distribution Holdings, the U.S. platform for Beijer Ref AB, has agreed to acquire the assets of Webb Supply, a family-owned HVAC wholesale distributor headquartered in Cleveland, Ohio. Webb will continue to operate under its brand and management will roll over equity as the business becomes part of Heritage Distribution's Northern Region to expand the platform's footprint in Northeastern Ohio and Western Pennsylvania.

Pennsylvania Steel Company, Inc., a veteran‑owned full-line metals service center, has acquired Stark Metal Sales, a full-line steel service center based in Alliance, Ohio. Heritage Capital Group served as exclusive financial advisor to Stark; transaction terms were not disclosed. The deal expands Pennsylvania Steel's service center footprint and processing capabilities in the Ohio/Pennsylvania region.

ACT Entertainment has acquired tvONE, a Cincinnati-based video processing, signal distribution, and media playback solutions manufacturer. The deal brings video-equipment manufacturing capabilities into ACT's entertainment product portfolio and expands its reach into professional AV, broadcast, and live-event markets.

The JF Petroleum Group has acquired Buckeye Oil Equipment and Reliable Construction Services, two Dayton, Ohio–based petroleum equipment distribution, installation, and construction businesses. The acquisition expands JF's capabilities and Midwestern footprint and was funded by JF's current shareholders; terms were not disclosed.

First Onsite Property Restoration, a North American disaster recovery and restoration provider and subsidiary of FirstService Corporation, has acquired DryPatrol LLC, a Dayton, Ohio-based commercial mitigation and reconstruction services provider. The acquisition expands First Onsite's footprint and capabilities in the Midwest, adding DryPatrol's water mitigation, mold, fire and environmental remediation services; financial terms were not disclosed.

Frontline Road Safety, a portfolio company of The Sterling Group, has completed the acquisition of The Aero-Mark Company, a Streetsboro, Ohio-based pavement marking contractor with an additional location in Cincinnati. The deal is an add-on to Frontline’s platform (its twelfth acquisition since July 2020) and is intended to expand the platform’s Midwest footprint and service capabilities in road safety and infrastructure maintenance.

PennSpring Capital, a Lancaster, Pennsylvania-based lower middle market investment firm, has acquired Zirtual, a Columbus/Powell, Ohio-based provider of U.S.-based virtual assistant services, from accelerator Startups.com. The acquisition expands PennSpring's BPO capabilities and complements its existing holding Mobiniti, positioning the firm for additional add-on activity in the business process outsourcing space.

OneDigital has acquired RiskSOURCE Clark-Theders, a Cincinnati-based property & casualty (P&C) insurance firm. The 25-person RiskSOURCE team will join OneDigital’s Mid-Atlantic region, expanding OneDigital’s P&C capabilities and providing RiskSOURCE clients access to OneDigital’s employee benefits, HR consulting, wealth management and retirement services.

Clayton, Dubilier & Rice (CD&R) has completed its acquisition of Shearer's Foods, a leading North American contract manufacturer and private‑label snack supplier, from Ontario Teachers' Pension Plan Board. Shearer's, headquartered in Massillon, Ohio with 17 manufacturing facilities across the U.S. and Canada, will partner with CD&R to scale operations and accelerate growth; terms were not disclosed.

Dallas-based private equity firm Crossplane Capital completed a recapitalization of Hynes Industries alongside CEO Rick Organ and the company's leadership team. Hynes, a Youngstown, Ohio-headquartered manufacturer of precision roll-formed metal parts with additional facilities in Painesville, Ohio and Kokomo, Indiana, will receive investments to expand capacity and capabilities to support growth across automated material handling, truck trailer, solar and other industrial end markets.

Oak View Group (OVG) announced a strategic growth investment in Family Entertainment Holdings (FEH), a diversified live-events holding company behind Hot Wheels Monster Trucks Live and Magic of Lights. The partnership will accelerate FEH’s international touring and seasonal programs while enhancing sponsorship and venue partnership capabilities through OVG’s global platform.

Great Lakes Grounds Management, a Lorain-based commercial landscaping company, has acquired Raymond's Landscaping of Amherst. The deal expands Great Lakes' presence in Northeast Ohio, adding Raymond's customer base and service capabilities including seasonal landscape maintenance and snow/ice removal.

WTWH Media, a Cleveland-based digital-first B2B media and marketing company, has acquired the digital B2B media assets of Engineering.com. The acquisition expands WTWH Media's engineering-focused portfolio and audience reach, and follows WTWH's partnership with Mountaingate Capital to support growth and strategic acquisitions.

CertaSite, a commercial fire protection and life safety company headquartered in Indianapolis, acquired Copp Systems, a Dayton, Ohio-based security and fire protection business. The deal brings all Copp employees into CertaSite and is intended to expand CertaSite's technology capabilities (access control, video surveillance, cloud-based monitoring) and its footprint in Ohio and the broader Midwest.

LCNB Corp. (the holding company for LCNB National Bank) agreed to acquire Eagle Financial Bancorp, Inc. (the holding company for EAGLE.bank) in a stock-and-cash merger that will expand LCNB's presence in the Cincinnati market. EFBI operates three full-service banking offices and reported $175.8 million in assets and $135.0 million in deposits as of September 30, 2023; the deal is expected to close in Q2 2024 and to be accretive to earnings with a tangible book value earn-back of approximately 2.1 years.

Main Street Capital Corporation provided $24.7 million in senior secured debt and a direct equity investment to recapitalize Compass Systems & Sales, LLC. The funding, made alongside an unnamed co-investor and the company's existing owner and management team, will support Compass's operations and long-term growth in material handling systems and services.

North American Kitchen Solutions (NAKS), a portfolio company sponsored by Valesco Industries, acquired Stainless Specialties, Inc., a custom stainless‑steel fabricator based in Eastlake, Ohio. The add‑on expands NAKS' custom fabrication capacity and adds a third production facility to its operating footprint to better serve the commercial foodservice market.

CCS (Custom Computer Specialists) announced the acquisition of Net Activity, Inc., a Midwest-based technology services provider. The deal expands CCS’s cloud, communications/collaboration, security, consulting, and managed services capabilities while strengthening its geographic presence in the Midwest.

Panther Equity Group, alongside Corbel Capital Partners, has completed an investment in Switchbox, Inc., a Columbus, Ohio-based software development and digital IT transformation firm. Founder and CEO Joel Stephens remains a co-owner and will continue to lead the company as the investors provide growth capital and operational support to expand Switchbox's service offerings.

VC3, a Columbia, South Carolina-based managed service provider, has acquired GO Concepts, a Lebanon, Ohio-based provider of managed IT, cybersecurity, business continuity, and cloud services. The acquisition expands VC3's Midwestern footprint and strengthens its capabilities serving government, financial services, and other commercial clients.

Nicus Software, a provider of enterprise IT Financial Management (ITFM) and Technology Business Management (TBM) software, has acquired Proven FM, an IT finance consulting firm, to expand its consulting and managed-services capabilities. As part of the deal, Proven FM founding partner Craig Hollenbeck becomes Senior VP of ITFM Strategy and Bryan Morland becomes Senior VP of Professional Services, and Nicus will offer expanded ITFM/TBM services including managed ITFM/TBM, strategy, and data management.

Ajinomoto Co., Inc. will acquire Forge Biologics in an all-cash transaction valued at $620 million, expanding Ajinomoto's gene therapy and plasmid/AAV manufacturing capabilities. Forge, a Columbus, Ohio–based viral vector and plasmid CDMO with a 200,000 sq ft cGMP facility and ~300+ employees, will become a consolidated subsidiary to accelerate global gene and cell therapy manufacturing capacity.

Sikich LLP has signed an agreement to acquire the operating assets of Thornhill Financial, LLC, a Cleveland-based accounting firm that provides tax, audit and financial advisory services. The deal expands Sikich's presence in the Northeast Ohio market and will allow the Thornhill team to continue operating from the Cleveland-Akron area while integrating with Sikich's local resources.

Verdantas, a private-equity-backed sustainable engineering and environmental services firm, has acquired Watcon Consulting Engineers to strengthen Verdantas' civil engineering, surveying, and water/waste capabilities in central Ohio. The deal expands Verdantas' local leadership and resources in Ohio; RTC Partners (Verdantas' financial sponsor) commented on the strategic fit and supports continued add-on activity.

Fecon LLC has acquired TREEfrogg LLC, a Lebanon, Ohio-based manufacturer of tree-trimming saw attachments for skid steers and compact track loaders. The acquisition expands Fecon's right-of-way clearing and vegetation-management product offerings — Fecon will rebrand TREEfrogg saw attachments as Trim Ex and integrate the product line into its dealer/distributor network.

Health Catalyst (Nasdaq: HCAT) has acquired Electronic Registry Systems, Inc. (ERS), a Cincinnati-based provider of cancer registry software and services, to strengthen its data abstraction and oncology registry management capabilities. The acquisition integrates ERS’s CRStar platform with Health Catalyst’s ARMUS and expands the company’s Tech-Enabled Managed Services (TEMS) offering in chart abstraction and registry management.

KLH Capital has partnered with the management team of Selinsky FORCE to complete a management buyout of the Canton, Ohio-based industrial services provider. The deal, completed in November 2023, makes Selinsky part of KLH Capital Fund V while management remains as shareholders to support continued growth and succession planning.

Hub International Limited acquired the assets of OH-INS, LLC, d/b/a Overmyer Hall Associates, a Columbus, Ohio-based property & casualty insurance agency. The acquisition strengthens Hub's commercial insurance, construction and real estate capabilities in Central Ohio; terms were not disclosed.

Iron Mountain completed the acquisition of Regency Technologies, a U.S. IT asset disposition (ITAD) and electronics recycling provider, for an initial purchase price of $200 million (approximately $125 million at close, remainder due in 2025) plus a potential performance-based earn-out. The deal expands Iron Mountain’s asset lifecycle management platform with eight additional U.S. locations and strengthens its IT asset remarketing and recycling capabilities, adding a business with trailing four-quarter revenues in excess of $100 million.

Gentiva completed its acquisition of ProMedica’s home health, palliative, and hospice business after receiving required regulatory approvals. The deal brings more than 4,000 ProMedica associates into Gentiva, expanding Gentiva’s hospice, palliative and home-health footprint and rebranding many locations under Gentiva/Heartland brands.

Closed Loop Partners, via its Closed Loop Leadership Fund, has acquired a majority stake in Sage Sustainable Electronics, a Columbus, Ohio–based IT asset disposition (ITAD) provider. The investment will provide Sage with capital and access to Closed Loop's circular-economy ecosystem to accelerate growth, expand reuse-and-recovery services, and strengthen its position in North America.

Isos Technology has acquired the Atlassian practice of Stack Intelligence to deepen its IT Service Management (ITSM) and Atlassian migration capabilities. The deal advances Isos’s Atlassian growth strategy backed by investor Acacia and increases Isos’s pool of Atlassian-accredited specialists to over 170.

Cincinnati-based Panoptica Financial has joined regional accounting and advisory firm Brixey & Meyer, effective October 30, 2023. The acquisition expands Brixey & Meyer’s Cincinnati market presence and augments its accounting, CFO and advisory capabilities for growth-oriented clients.

CPL has acquired Cleveland-based Makovich & Pusti Architects (MPA), adding the firm’s healthcare, higher-education and public-sector expertise and opening CPL’s first office in Ohio. The transaction expands CPL’s geographic footprint into the Midwest and strengthens its sector capabilities across healthcare and institutional markets.

Fairbanks Morse Defense (an Arcline portfolio company) has acquired American Fan, a Fairfield, Ohio-based maker of axial and centrifugal fans. The add-on expands FMD’s OEM product and service capabilities for naval and marine customers, integrating American Fan’s fans (specified in 30 U.S. Navy shipbuilding programs) into FMD’s turnkey marine solutions.

Core & Main Inc. has entered into a definitive agreement to acquire substantially all assets of Enviroscape ECM, Ltd., a Deshler, Ohio-based provider of geosynthetics and erosion control products. The acquisition expands Core & Main's geosynthetics and erosion-control product capacity and broadens its product offering for municipal, contractor and construction end markets.

Boyne Capital, through one of its affiliates, has made a platform investment in ProFusion Industries, a Fairlawn, Ohio-based designer, engineer and manufacturer of polymer-based film and sheet products. The investment will support ProFusion's R&D, new product development, and expansion of plant capacity and capabilities as the company pursues growth across hospitality, transportation, military and industrial end markets.

CNL Strategic Capital, LLC acquired a majority equity stake (with a concurrent debt investment) in Alex N. Sill Company (Sill Public Adjusters), partnering with Sill's management. The seller was Weinberg Capital Group, which completed an exit of its interest; CNL said it will work with management to expand Sill's geographic footprint, broaden services and pursue acquisitions in the fragmented public adjusting market.

Sixth Street Growth, the growth investing platform of Sixth Street, made a significant minority investment in Keyfactor at an enterprise value of approximately $1.3 billion. The capital will support Keyfactor’s continued rapid growth in machine identity and PKI solutions, and Sixth Street Growth representatives will join Keyfactor’s board to help accelerate expansion.

Simplicity Group Holdings, Inc. has entered into an agreement to acquire Aptus Marketing, an Ohio-based agency focused on annuity and life insurance sales. Jeff Hutchison will continue to lead the Aptus office and become a Partner at Simplicity as the firm integrates Aptus’ lead-generation, training and advisor support capabilities.

ACU-Serve Corp., a provider of end-to-end revenue cycle management for post-acute and home-based healthcare providers, received a majority growth investment from Lovell Minnick Partners LLC. The partnership will keep ACU-Serve’s management team in place and support expansion of its technology platform, service offerings, and continued acquisitions to drive growth.

Trades Holding Co., LLC (a CPC company) has acquired the assets of TWD Plumbing Inc., which does business as Mr. Rooter Plumbing of Mid-Ohio, in Mansfield, Ohio. The add-on expands Trades' Ohio footprint and connects its Northeast, Northwest and Central service areas to improve service efficiency and technician career development.

KPA, a PE-backed provider of EHS and Sales F&I compliance solutions, has acquired ComplyNet, a dealer compliance software company based in Columbus, Ohio. The acquisition brings ComplyNet’s ABLE compliance suite and Guided Compliance Assistance process into KPA’s platform to broaden capabilities for automotive, RV, powersports and marine dealers; TD Cowen advised KPA and Presidio Technology Partners advised ComplyNet.

Arcline Investment Management, a growth-oriented private equity firm, has signed a definitive agreement to acquire Hartzell Aviation from Tailwind Technologies. Hartzell, headquartered in Piqua, Ohio, designs and manufactures aircraft propellers and engine accessories through its Hartzell Propeller and Hartzell Engine Tech business units; Arcline said the acquisition fits its strategy of investing in critical suppliers and will support the company's next phase of growth.

Pittsburgh-based automotive retailer #1 Cochran has acquired the Flynn Automotive Group, adding four dealerships (two in Boardman, one in East Liverpool and one in Columbiana) and a collision center. Most of Flynn Group’s approximately 225 employees are joining #1 Cochran, expanding the buyer’s footprint in eastern Ohio and increasing its store count and brand offerings in the Boardman/Youngstown market.

Chicago-based integrated marketing communications agency Motion is acquiring Cincinnati-based strategic communications firm Rick Miller Communications, effective January 1, 2024. The deal expands Motion's Midwest footprint and adds public relations, content and crisis communications capabilities to its service offering.

ALP Overseas' U.S. subsidiary ALP USA Inc has acquired SoffSeal, Inc., a U.S.-based manufacturer of rubber weatherstripping and molded auto parts. The acquisition strengthens ALP Group's manufacturing and distribution footprint in the United States and supports expanded supply and exports of SoffSeal products into other geographies.

Volaris Group has acquired Squirrels LLC, a North Canton, Ohio-based developer of wireless audio and video transmission software (products include Ditto, AirParrot and Reflector). Squirrels will join Volaris' education vertical, with co-founder and CEO Andrew Gould remaining as Volaris Business Unit Manager to help grow the business within the K-12 and higher education market.

Short Elliott Hendrickson Inc. (SEH) has acquired the assets of RAM USA; RAM Companies, LLC will operate as a wholly owned subsidiary of SEH. The acquisition brings RAM's patented non-destructive facility and infrastructure assessment technologies into SEH's service offerings, expanding SEH's roof, pavement, and lighting assessment capabilities and strengthening its planning, engineering, and architectural services.