Acquisitions in Oklahoma in 2024

Chartwell Investments' CHIEF Capital has led a growth investment in World Water Works (WWW), with Backcast Partners and Source Capital joining as capital partners to fund the company's expansion and innovation initiatives. World Water Works, a U.S.-based provider of water and wastewater treatment systems and services headquartered in Oklahoma City, will use the capital to accelerate growth, develop new solutions for industrial and municipal clients, and solidify its market-leading position.

Vulcan Spring & Manufacturing Co. has acquired Gardner Spring, Inc., a Tulsa-based manufacturer of stock springs and wire forms founded in 1907. The deal expands Vulcan’s product offerings and strengthens its position in both stock and custom spring markets while Gardner Spring will continue to operate as a Vulcan subsidiary in Tulsa.

Big Brand Tire & Service, a Percheron Capital portfolio company, has acquired Robertson Tire’s 14 locations in the Tulsa, Oklahoma area. The Robertson family will remain involved in leadership as Big Brand integrates Robertson’s service centers to expand its multi-state footprint (Percheron noted the company also acquired Tires To You in the same expansion push).

FloWorks International LLC, a Wynnchurch Capital portfolio company, has acquired Applied Controls LLC and AC Systems Integration LLC, both headquartered in Tulsa, Oklahoma. The acquisition expands FloWorks' technical capabilities and product offering to include process controls, heat trace and analyzer systems to better serve industrial end markets.

WSB LLC, a Minneapolis-based infrastructure engineering and consulting firm and portfolio company of GHK Capital Partners, announced the acquisition of Meshek & Associates, a Tulsa, Oklahoma civil engineering firm. The deal brings three offices and more than 50 employees into WSB, strengthening the firm's service capabilities and presence in Oklahoma.

Cards Holdings LLC of Fayetteville, Arkansas has acquired Ken's Trash Service of Tahlequah, Oklahoma as part of its ongoing roll-up of regional waste providers. The purchase expands Cards' residential and commercial collection footprint in northeast Oklahoma and adds route/customer density to its network of waste services.

Arthur J. Gallagher & Co. acquired Oklahoma City-based Scout Benefits Group LLC, an employee benefits consulting firm focused on health plan strategies for clients in Oklahoma. The Scout leadership team (Tiffany and Todd Davis) will remain in place and operate under Gallagher's Central region; terms were not disclosed.

The Black Phoenix Group LLC completed the acquisition of PACCAR Winch from PACCAR Inc. on November 1, 2024; financial terms were not disclosed. Patriot Capital and Bluehenge Capital Partners provided debt and equity co-investment support for the carve-out; PACCAR Winch will continue to operate under its current management and join BPG’s industrial portfolio.

Main Street Capital Corporation (NYSE: MAIN) has acquired Victory Energy Operations, LLC from Saw Mill Capital. Victory Energy, headquartered in Collinsville, Oklahoma, is a designer, manufacturer and service provider of industrial and commercial boilers and related heat-recovery equipment; the transaction expands Main Street’s exposure to industrial manufacturing and aftermarket service capabilities.

Clarion Events, Inc. has acquired Information Forecast, Inc. (Infocast), a producer of renewable energy-focused conferences and dealmaking events. The acquisition strengthens Clarion's Energy portfolio, provides resources for Infocast's growth and international expansion, and enhances Clarion's position in the renewable energy events market.

Crane 1 Services Inc., a PE-backed overhead-crane MRO and equipment provider, acquired Bridge Crane Specialists, LLC and Bridge Crane Express, LLC — two custom overhead crane design, manufacturing and service businesses in the greater Tulsa, Oklahoma area. The add-on expands Crane 1's custom crane fabrication capabilities and service footprint in the south-central U.S., and is supported by Crane 1's sponsor, L Squared Capital Partners.

Pronoss, LLC, an Oklahoma City-based specialty vehicle collision repair and remanufacturing provider, has acquired City Trailer Inc., a full-service truck and trailer sales, service, maintenance and distribution business based in Oklahoma City. The deal brings City Trailer's four-division, 45-acre operation into Pronoss's broader platform (CTPN Operating, LLC) to create a more fully integrated service offering for heavy vehicles and fleets; transaction terms were not disclosed.

Platte River Equity portfolio company Turf Care Supply, LLC has acquired Agri-Nutrients, Inc., a manufacturer and blender of custom granular fertilizers serving the turf & ornamental market. The add-on expands Turf Care's product portfolio, adds manufacturing capacity and establishes an enhanced presence in the south-central United States.

Main Street Capital Corporation invested $74.4 million to support a majority recapitalization of Victory Energy Operations, partnering with an unnamed co-investor and Victory's founder and management team. The transaction included first-lien senior secured term debt and a direct equity investment and facilitated the buyout of an institutional investor.

Ingersoll Rand Inc. acquired Air Power Systems Co., LLC (APSCO), Blutek s.r.l., and UT Pumps & Systems Private Limited in bolt-on transactions for a combined purchase price of approximately $135 million. The acquisitions add more than $50 million of combined revenue and expand Ingersoll Rand's pump, compressor and fluid-handling technologies and aftermarket capabilities across the United States, Italy and India.

ClarkDietrich acquired the assets of Oklahoma City-based Studs Unlimited from Foundation Building Materials, effective October 1, 2024. The deal expands ClarkDietrich's Midwest footprint and manufacturing/fabrication capacity for cold-formed steel framing products.

Summit Midstream Corporation and its subsidiary Summit Midstream Partners, LP completed the acquisition of Tall Oak Midstream Operating, LLC (Tall Oak Midstream III) from an affiliate of Tailwater Capital. Consideration included $155 million in cash, 7.5 million common units/shares (equity consideration) and up to $25 million of contingent cash; the deal expands Summit's natural gas gathering and processing footprint in the Arkoma Basin and rebalances its portfolio toward natural gas.

San Antonio-based Ace Mart Restaurant Supply has acquired Curtis Restaurant Supply of Tulsa, Oklahoma, effective September 28. The acquisition expands Ace Mart's geographic reach and distribution capabilities while Curtis staff will join Ace Mart and continue supporting customers with increased inventory and operational resources.

Agape Care Group, a portfolio company of Ridgemont Equity Partners, has acquired select Crossroads Hospice & Palliative Care locations in Oklahoma, Kansas, Missouri and Georgia. Crossroads will continue to operate independently in Tennessee, Ohio and Pennsylvania; financial terms were not disclosed.

TPG Rise Climate, the climate investing strategy of TPG, has acquired MIRATECH Corp., a North American market leader in aftermarket emissions and noise reduction technology for stationary industrial engines. The seller was BP Energy Partners (portfolio company of BP Natural Gas Opportunity Partners II); TPG plans to leverage MIRATECH's engineering and manufacturing capabilities to expand products, end markets (including data center backup power), and geographic reach to support decarbonization efforts.

Paschal Air, Plumbing & Electric has acquired Patriot Heating & Air, adding Patriot’s Oklahoma City team to Paschal’s operator-owned home services platform and expanding Paschal’s HVAC, plumbing, and electrical service footprint into Oklahoma. The transaction, with Patriot owner Willie Hester exiting, is intended to broaden local service capacity while integrating Patriot’s customers and employees into Paschal’s larger network.

Tulsa-based Heater Specialists (HSI), a subsidiary of Energy Process Technologies Inc., acquired the assets comprising ParFab Industries' fabrication business in Inola, Oklahoma. The deal adds roughly 170,000 square feet of fabrication capacity, expands HSI's footprint in refinery, petrochemical and power-generation equipment manufacturing, and reflects ParFab's strategic decision to reallocate capital toward its Field Services division.

America's Group, parent of America's Auto Auction and AXLE Funding, has acquired Z66 Tulsa Auto Auction from former owner Robert Zoellner. The deal expands America's Group's footprint in Oklahoma and is the company's fourth acquisition since June, bringing its network to 42 auction locations.

PakEnergy LLC has acquired Plow Technologies, the creator of the OnPing cloud SCADA platform, to expand its suite of automation and performance optimization solutions for the energy and renewables industries. The deal integrates Plow's SCADA and workflow automation capabilities with PakEnergy's field-data and production systems to provide end-to-end automation from the oil field to back-office systems.

Wynnchurch Capital has acquired ORS Nasco, the Industrials/MRO wholesale business formerly held by One Equity Partners. Financial terms were not disclosed; Wynnchurch intends to operate ORS Nasco as a standalone platform to support organic growth and strategic M&A. Jefferies advised One Equity Partners and Foley & Lardner acted as legal counsel to Wynnchurch.

Harrington Process Solutions has acquired Cortrol Process Systems, a Tulsa-based distributor and fabricator of non-metallic, corrosion-resistant flow-control products. The acquisition expands Harrington's flow-control product portfolio and fabrication capabilities to better serve chemical processing, municipal water, and industrial customers across the Midwest and Gulf Coast; financial terms were not disclosed.

Cards Holdings LLC, based in Springdale, Arkansas, acquired Harrah Disposal (Harrah, Oklahoma) and Stacy's Trash Service (Tahlequah, Oklahoma). The purchases expand Cards' residential, commercial and municipal waste collection services across central and eastern Oklahoma and add roughly 5,000 customers to its network.

Argonaut Private Equity has partnered with Layco Electric Innovations, a Tulsa-based manufacturer and servicer of electric motors, industrial control and power distribution solutions, to accelerate Layco's growth and operational expansion. Argonaut will support LEI's scaling plans, including a new state-of-the-art manufacturing facility in Tulsa, to serve end markets such as petrochemical, renewable energy and data centers.

Genesis Park (through Genesis Park Partners, LP) made a debt and equity investment in HBI Services to support a minority recapitalization and the company's growth initiatives. HBI Services is a Tulsa, Oklahoma–based full-service metal fabrication company (and maker of Hasty Bake grills) operating two facilities with over 90,000 square feet of manufacturing space.

Cobalt Service Partners, a commercial access solutions platform backed by Alpine Investors, acquired Digi Security Systems, a Tulsa-based commercial security integrator founded in 2003. Digi will remain led by its current executive team as it becomes part of the Cobalt platform; the deal expands Cobalt's footprint in Oklahoma and Texas and marks the platform's seventh acquisition since December 2023.

FreshEdge, a Wind Point Partners-backed super-regional fresh food distributor, acquired Frontier Produce, a three-facility fresh produce distributor based in Oklahoma. The add-on expands FreshEdge's geographic footprint westward (complementing its KT Produce acquisition) and adds capacity to better serve restaurants, hotels, school systems and other foodservice customers across Oklahoma and southwest Missouri.

Falfurrias Management Partners has made growth investments in capSpire and Gravitate (the latter spun out from capSpire). The capital will be used to scale product offerings, expand geographic reach, and accelerate growth while existing leadership teams remain in place.

Quality Heating, Cooling, Plumbing & Electric, a Glenpool, Oklahoma-based home services company, has acquired Tulsa-based Frost Air Services. Frost's owner, Cody Frost, will remain with Quality as a field service manager to provide HVAC expertise and help expand Quality's market share in the Tulsa area.

CNC Flow Control, a Houston-based provider of flow control solutions, has acquired Edmond, Oklahoma-based Mako Products LLC, a master distributor of tube and instrumentation fittings, stainless tubing and high-purity valves. The acquisition expands CNC's product capabilities and opens new end-market verticals such as aerospace and semiconductors; financial terms were not disclosed.

ATWEC Technologies, Inc. completed an acquisition of The Birch Co. in a preferred-stock transaction that resulted in a control change. The deal adds over $6 million of annual revenue and positions the combined company to expand its commercial and residential construction operations, with Josh Ploch named CEO and Angus Martin named COO.

Dow has signed an agreement to acquire Circulus, a North American polyethylene recycler that operates facilities in Ardmore, Oklahoma and Arab, Alabama, adding 50,000 metric tons per year of recycled material capacity. The acquisition strengthens Dow's mechanical recycling capabilities and supports its goal to produce 3 million metric tons of circular and renewable solutions annually by 2030. The transaction is expected to close in the third quarter of 2024, subject to customary regulatory approvals.

Superior Waste Industries, LLC (d/b/a Superior USA Waste), a Red Dog Equity portfolio company, has acquired Shawnee Dumpster Services (SDS) and Sue's Recycling & Sanitation. Monroe Capital acted as sole lead arranger and administrative agent on a senior credit facility to support the add-on acquisitions as Superior expands its density and capabilities across Oklahoma.

Pinnacle Technology Solutions (PTS), a U.S. hybrid IT solutions provider based in Asheville, North Carolina, has acquired Pinnacle Business Systems (PBS) of Edmond, Oklahoma. PBS will operate as a wholly owned subsidiary of PTS, expanding PTS’s managed services, cybersecurity, cloud, and systems-integration capabilities and creating a networked platform of reseller partners.

Tinicum, L.P. and affiliated funds managed by Tinicum Incorporated acquired a controlling interest in KGM from Compass Group Equity Partners, with KGM management retaining a significant ownership stake. Headquartered in Tulsa, Oklahoma, KGM is a value‑added distributor of natural gas meters, regulators, valves and related services; Tinicum intends to invest in the company’s team, product offering, capabilities and facilities to support growth.

Goldman Sachs Alternatives has acquired Xpress Wellness, a physician-led rural urgent care and multi-site healthcare services platform operating across Oklahoma, Kansas and Texas, from Latticework Capital Management. The deal positions Xpress to accelerate geographic expansion and broaden adjacent healthcare services using Goldman Sachs' global resources; financial terms were not disclosed.

Sidereal Capital Group partnered with senior management (led by Micha Alexander) to recapitalize Mike Alexander Company, Inc. (MALCO), a Tulsa-based manufacturer of refractory anchors and custom metal fabrication. Parkway Capital and Farragut Capital Partners provided subordinated debt and equity to support the transaction as part of a generational transition from founder Mike Alexander to his son Micha; terms were not disclosed.

Inszone Insurance Services has acquired Checotah Insurance Agency (Checotah, OK) and Wood Insurance Agency (Stigler, OK), marking the company's first physical presence in Oklahoma. The two community-focused agencies will join Inszone's national insurance brokerage platform as part of its ongoing acquisitive growth strategy.

L2 Capital completed the acquisition of Kosmos Q, a premium barbecue brand founded by Darian Khosravi, and appointed Scott Jensen as CEO. Oxer Capital Partners and Salem Investment Partners provided debt financing and co-invested; Generational Equity advised the seller. Terms were not disclosed.

Diversified Maintenance, a Tampa-based facilities maintenance company, has acquired Superior Maintenance dba First Maintenance, a commercial cleaning and janitorial services provider headquartered in Tulsa, Oklahoma. The acquisition expands Diversified Maintenance's geographic presence in the Tulsa market and broadens its commercial cleaning and facilities maintenance capabilities.

Merichem Technologies, a portfolio company of Black Bay Energy Capital, has closed the acquisition of Chemical Products Industries (CPI), a specialty-chemicals maker based in Oklahoma City known for its SULFURTRAP adsorbents and industrial cleaning chemistries. The acquisition will integrate CPI's products into Merichem's Catalyst Division to expand its sulfur-treatment technology suite and strengthen service across markets including renewable fuels, biogas, midstream and downstream oil & gas.

Chicago-based AiRo Digital Labs has acquired Cloudaction, a cloud solutions provider with capabilities across Salesforce, ServiceNow, BMC and Microsoft Azure, to strengthen its AI and cloud consulting practice and accelerate growth. The acquisition integrates Cloudaction's platform and global delivery capabilities (headquartered in Tulsa, Oklahoma with a delivery center in Pune, India) into AiRo's Cloud practice to create a larger AI & Cloud consulting firm in the U.S.

Mangrove Equity Partners and independent sponsor Hunter Equity Capital have made an investment in NORMco Pump & Power, a Shawnee, Oklahoma-based manufacturer and specialty renter of portable industrial pumps. Founder-CEO Nathan Hanks remains CEO and retains a significant equity stake; the partnership will support NORMco's next phase of growth and pursue additional specialty pump businesses as part of a broader platform strategy.

White Cap has acquired Crimson Steel Supply, LLC, a Tulsa-based value-added distributor and fabricator of engineered rebar and structural steel products. The deal brings Crimson Steel's three Oklahoma locations and 100+ employees into White Cap's national distribution platform, expanding White Cap's rebar and structural steel capabilities in the region; Crimson was previously a portfolio company of Argonaut Private Equity.

Quality Heating, Cooling, Plumbing & Electric, a Glenpool, Oklahoma-based HVAC, plumbing and electrical service provider, has acquired Reed Family Heating & Air Conditioning of Tulsa. The acquisition expands Quality's presence in the Tulsa market and retains Reed founder Marquis Reed as a master technician and comfort advisor to preserve customer relationships and technical expertise.

Kodiak, a specialty process fluids supplier, has acquired Aztech Lubricants, an Oklahoma-based maker of wire-drawing and powdered chemical products. The acquisition expands Kodiak’s product portfolio into powder-based chemistries and increases its manufacturing and blending capacity to better serve industrial end markets such as aerospace, automotive and agriculture.