Acquisitions in Oklahoma in 2023

Praesidian Capital, a private equity firm based in Oklahoma City, announced a strategic equity investment in Reel Power International, a manufacturer of capital equipment for material handling and control serving industrial, marine, and energy markets. The investment is intended to support Reel Power's growth initiatives and product development while partnering with management to expand the business.

USA DeBusk LLC has acquired Nitro-Lift (Nitro Lift Technologies LLC, Nitro-Lift Fabrication LLC, and Nitro-Chem Solutions LLC), a family-owned provider of nitrogen services, fabrication and chemical sales serving upstream, midstream and downstream oil & gas markets. The deal expands USA DeBusk’s turnkey service offering and geographic footprint, with Nitro-Lift’s operations to be branded as Nitro-Lift, A USA DeBusk Company.

Soaak Technologies, an AI-enabled health-tech company based in Tulsa, Oklahoma, has acquired Thermography Tulsa, a provider of thermal imaging services for over seven years. The acquisition integrates thermography into Soaak's holistic wellness offerings—including services at its RenuYou Clinics—and positions the company to expand thermography services across the United States.

CraneTech, a Steel River portfolio company headquartered in Stockton, California, acquired Ameracrane & Hoist of Tulsa, Oklahoma to expand its geographic footprint and scale. Balance Point provided a follow-on financing solution that facilitated the acquisition and supports CraneTech's continued organic and inorganic growth.

Alliant Insurance Services has acquired 3000 Insurance Group (3IG), a retail property & casualty and employee benefits agency based in Oklahoma City, Oklahoma. The acquisition expands Alliant’s presence in Oklahoma; 3IG will join Alliant Americas and operate as Alliant Insurance Services in Oklahoma City.

Alliant Insurance Services has acquired Commercial Risk Group (CRG), a retail property and casualty insurance agency headquartered in Broken Arrow, Oklahoma. The acquisition expands Alliant’s presence in Oklahoma and brings CRG’s risk management expertise and local team into Alliant’s Alliant Americas division; CRG will operate as Alliant from its Broken Arrow headquarters.

Alliant Insurance Services has acquired The Arrow Group, a retail property and casualty insurance agency based in Broken Arrow, Oklahoma. The acquisition expands Alliant's presence and local capabilities in Oklahoma and surrounding areas and the Arrow Group will operate as Alliant Insurance Services from its Broken Arrow headquarters.

American Health Staffing Group (AHSG), a Littlejohn & Co.-backed healthcare staffing platform, has acquired PediaStaff, a provider of pediatric therapy and educational staffing services. The add-on expands AHSG's specialized pediatric and K-12 staffing capabilities and broadens access to pediatric therapists and educational staff across AHSG's national footprint.

Physical Therapy Central (PTC), a member of the Confluent Health family, has acquired FirstCare Rehabilitation, an outpatient physical therapy practice in Clinton, Oklahoma. The acquisition expands PTC’s Oklahoma footprint to 37 clinics and brings FirstCare’s clinical team access to Confluent Health’s management services, advanced education and musculoskeletal care resources.

Love's Travel Stops has acquired TVC Pro-Driver from Gauge Capital. TVC, headquartered in Oklahoma City, provides subscription-based commercial driver's license (CDL) legal protection, roadside assistance and other driver benefits; the deal expands Love's customer offerings for professional drivers.

Centre Technologies, a Texas-based managed IT services provider, has acquired NetLink Solutions, a Broken Arrow/Tulsa-area IT services firm. The transaction expands Centre's footprint into Oklahoma and brings NetLink's team and local customer base into Centre's managed services, cybersecurity, and cloud offerings.

Edelman Financial Engines has acquired Align Wealth Management, a Registered Investment Advisor headquartered in Oklahoma City that manages approximately $425 million for nearly 360 clients. The deal expands Edelman Financial Engines' advisor network and planner capacity in the Oklahoma and Florida markets while giving Align's team access to broader back-office support and national capabilities.

Bowman Consulting Group Ltd. entered into a definitive purchase agreement to acquire Tulsa-based Excellence Engineering, LLC, a multi-discipline engineering firm serving petrochemical, hydrogen, industrial and electric vehicle industries. The deal (expected to close in early October 2023) will bring Excellence's staff into Bowman and is financed with cash, seller notes and equity; Bowman said the acquisition is immediately accretive and will initially operate at an annualized net service billing run rate of about $4.0 million.

Gryphon Investors has agreed to acquire AirX Climate Solutions (ACS), a specialty HVAC designer, manufacturer, distributor, and servicer headquartered in Oklahoma City, from private equity firm L Catterton. Gryphon will partner with ACS management, who are reinvesting, to expand geographic footprint, grow aftermarket and service offerings, and pursue add-on acquisitions; the deal is expected to close in Q4 2023 and financial terms were not disclosed.

Heritage Distribution Holdings, the U.S. platform for Beijer Ref AB, has agreed to acquire the assets of AMSCO Supply, a family-owned wholesale HVAC distributor headquartered in Tulsa, Oklahoma. AMSCO, which has roughly $45 million in annual sales and about 50 employees, will continue to operate under its own brand with existing management rolling over an ownership stake; the deal expands Heritage Distribution's U.S. footprint into adjacent Midwest and Southwest territories.

White Cap, a distributor of specialty construction supplies, has signed a definitive agreement to acquire BrownCo Manufacturing & Sales, a distributor of specialty concrete products serving commercial and highway/bridge contractors across Oklahoma. The deal expands White Cap’s product and service footprint in Oklahoma and brings BrownCo’s customer relationships and local capabilities into White Cap’s branch network.

Sherwood Companies has acquired Traffic & Lighting Systems, Inc. (TLS) to expand its footprint and capabilities in the transportation infrastructure sector. Infinity Capital Partners served as Sherwood's buy-side advisor on the transaction, supporting structuring and due diligence.

Bain Capital Ventures and Insight Venture Partners completed a recapitalization of SolarWinds.net, a privately held network management and systems software developer headquartered in Tulsa, Oklahoma. The equity transaction gave Bain and Insight a majority stake while preserving management and granting equity to key personnel to support continued growth and product expansion.

BlueThread Services, a roofing and exterior services platform backed by Seaside Equity Partners, has partnered with Turner Roofing LLC, a Tulsa-area roofing provider with more than 50 years of history. The deal is an add-on acquisition that expands BlueThread's geographic footprint into Oklahoma; Turner owner Chris Meyer will continue to lead operations.

Soaak Technologies, a health-technology provider based in Tulsa, Oklahoma, has acquired RenuYou Clinics, a 15-year-old board-certified neurofeedback and therapy clinic. The acquisition brings RenuYou’s qEEG brain mapping, neurofeedback and other therapeutic services into Soaak’s portfolio to expand its clinical capabilities in mental and physical well-being.

Sidetrade has acquired CreditPoint Software, a Tulsa-based provider of real-time B2B credit risk management solutions, in a cash deal reported at approximately €3 million (including earn-outs). The acquisition strengthens Sidetrade's Order-to-Cash platform with instant credit decisioning capabilities and expands its footprint in North America as part of the Group's Fusion 100 strategic plan.

RPC, Inc. (NYSE: RES) acquired Spinnaker Oilwell Services, LLC, a provider of oilfield cementing services headquartered in Oklahoma City, effective July 1, 2023, for $79.5 million in total consideration. The purchase expands RPC's cementing capabilities and geographic footprint into the Permian and Mid-Continent basins, where Spinnaker operates two facilities and 18 full-service cementing spreads.

Financial Services Holdings, LLC (parent of Thurston Springer) acquired independent broker-dealer T.S. Phillips Investments and RIA Phillips Capital Advisors, effective April 1, 2023. The deal brings over twenty financial advisors across six branch locations in Oklahoma and New Mexico and roughly $1 billion in client assets to Thurston Springer's national wealth-management platform as it expands into the U.S. Southwest.

Canerector Inc. announced the acquisition of Prescor LLC; Prescor will join the Conrex Steel Ltd. group of companies. The deal expands Conrex Steel's footprint into the United States (Prescor is based in Tulsa, Oklahoma), adding ASME-code tank and pressure-vessel head manufacturing capacity and improving regional delivery and operational efficiencies.

Risk Strategies, a national specialty insurance brokerage, has acquired International Insurance Brokers, Ltd. (IIB), a Tulsa-based full-service retail agency focused on commercial property & casualty and employee group benefits. Terms were not disclosed; the deal expands Risk Strategies' Central region presence and capabilities across Oklahoma, Kentucky and Texas.

Brickell L&A Holdings LLC, a portfolio company of the Brickell Insurance Group and an affiliate of PE firm 777 Partners, has entered into a definitive agreement to acquire Tulsa-based First Trinity Financial Corporation. The deal values First Trinity at 1.17x GAAP shareholders' equity at closing (excluding AOCI), is expected to close in Q4 2023 subject to regulatory and shareholder approvals, and will keep First Trinity operating from its Tulsa headquarters under existing management and employees.

SP Investor Holdings LLC, a vehicle jointly owned by OPTrust and Partners Group, acquired Unit Corporation's 50% interest in Superior Pipeline Company, resulting in SP Investor owning 100% of the business and rebranding it as Superior Midstream, LLC. The move consolidates ownership under the SP Investor group and positions the company to grow its natural gas gathering, processing, compression, and dehydration services.

CARDS Holdings, Inc. acquired Johns Refuse, LLC, a residential and commercial waste services provider based in Chelsea, Oklahoma, expanding CARDS' footprint into the greater Tulsa market. The deal — enabled by a recent capital investment from Kinderhook Industries — adds over 7,000 customers, 5,000 containers, 10 trucks and 12 employees and expands CARDS' frontload commercial, industrial roll-off and portable restroom offerings.

CARDS Holdings (CARDS Recycling), a PE-backed regional waste and recycling services provider, has acquired Whittinghill Disposal Services, a commercial and industrial waste hauler based in Muskogee, Oklahoma. The deal adds roughly 7,000 customers, 8 trucks and 15 employees and brings construction & demolition recycling, wood grinding and composting capabilities while increasing CARDS' market density across eastern Oklahoma and bridging its Arkansas, Oklahoma and Texas operations. The acquisition was enabled by a recent capital investment from Kinderhook Industries.

Element8 (E8), a Fort Worth–based next‑generation ISP, secured a $200 million strategic investment from Digital Alpha to fund national expansion and network buildout. As part of its growth strategy E8 moved to acquire Oklahoma City–based fixed‑wireless provider AtLink Services (deal value undisclosed) as an initial platform add‑on to expand rural broadband coverage.

Congruent Investment Partners, a Dallas-based private investment firm, has acquired Swanda Aerospace, a fourth-generation, family-owned manufacturer of jet engine test cells headquartered in Oklahoma City, Oklahoma. Waypoint Private Capital served as the exclusive sell-side M&A advisor to Swanda; Congruent said it will work with management to grow the business.

Boyne Capital (through an affiliate) has partnered with McKee Utility Contractors' management and founding family in a platform investment to acquire McKee Utility Contractors, a water and sewer pipeline and utility infrastructure services provider. The investment will support McKee's growth across municipal water, wastewater, and stormwater projects in Texas, Oklahoma and Arkansas and help the company capitalize on increased public water/sewer infrastructure spending.

95 Percent Group, a portfolio company of Leeds Equity Partners, announced the acquisition of Tools 4 Reading, a provider of Science of Reading-aligned professional learning and classroom resources. The add-on expands 95 Percent Group's phonics ecosystem and professional development offerings to support schools' transition to structured literacy; terms were not disclosed.

Summit Steel Fabricating Group has acquired Laser Specialties, Inc. (LSI), a Tulsa-based custom and contract metal manufacturer. The deal is an add-on to Summit's PE-backed manufacturing platform (backed by Lorraine Capital) and will expand Summit's capacity, capabilities and end-market exposure across OEM, military and energy customers; terms were not disclosed.

The 20 MSP has acquired Oklahoma-based managed service provider Integrated Business Technologies (IBT) and will fold IBT into its national MSP growth platform. The acquisition builds on an existing partnership to expand The 20's footprint in the Tulsa/Oklahoma City market and enhance service capabilities for small and medium-sized business clients.

Praesidian Capital announced an anchor/growth investment in Care+ Pediatric Urgent Care to support the chain’s launch and expansion, backing the opening of its first location in Oklahoma City in January 2023. The private equity firm said the investment will help scale the pediatric urgent care concept across Oklahoma and surrounding markets.

Healthcare Linen Services Group (HLSG), a York Private Equity-backed platform, acquired Linen King, the largest independent provider of healthcare laundry services in the South Central U.S. The deal expands HLSG's geographic footprint into Arkansas, Oklahoma, Missouri, Kansas and Tennessee, adds seven processing facilities (≈100 million pounds annually) and roughly 460 customers to HLSG's network.