Acquisitions in Pennsylvania in 2018

3M has entered into a definitive agreement to acquire the technology business of M*Modal for an enterprise value of $1.0 billion, expanding 3M Health Information Systems' capabilities in conversational AI and clinical documentation. The acquired business, based in Pittsburgh, Pennsylvania, generates approximately $200 million in annual revenue and about 750 employees are expected to join 3M; M*Modal will retain its transcription, scribing and coding services business.

Albireo Energy, a building-automation and energy services platform backed by Huron Capital, has acquired Taylor Consulting and Contracting to expand its energy management, brokerage and procurement capabilities in the deregulated energy market. Taylor will continue day-to-day operations while joining Albireo's platform to enhance energy management, procurement and smart-building integration services.

Radian Group Inc. has acquired Independent Settlement Services, a national appraisal and title management services provider, adding its Vendor Information Bridge (VIBe) technology to Radian’s real estate services. Independent Settlement Services will continue operating under its brand from its Pittsburgh office with existing management remaining in place as it transitions into Radian’s Real Estate Services business.

Two Labs, a Columbus-based pharmaceutical services company, has acquired Pennside Partners Ltd., a Wyomissing-based provider of market insights, benchmarking and competitive intelligence for the pharmaceutical, biotech and medical device sectors. The acquisition expands Two Labs' commercialization and lifecycle services capabilities; Pennside employees will remain at their Wyomissing, Pennsylvania office.

Seemann Composites, Inc. completed the acquisition of Materials Sciences Corporation (MSC), a composites engineering and manufacturing firm based in Horsham, Pennsylvania. The deal integrates MSC's design, testing and manufacturing capabilities with SCI's composite production platform to expand end-to-end capabilities for defense and other high‑performance markets; MSC's leadership will remain in place.

Johnson Controls has acquired the assets of Lux Products Corporation, a maker of residential thermostats and smart-home products, to strengthen its thermostat product and technology portfolio. The deal brings Lux's brands (including Kono and Geo) and US-based development and distribution capabilities into Johnson Controls' Building Technologies & Solutions business to accelerate product development and expand offerings in the residential channel.

Clinigen Group PLC has acquired Clinical Supplies Management (CSM), a Malvern, Pennsylvania–based provider of clinical-trial drug packaging, labeling and logistics, from Great Point Partners. The deal includes an initial $150 million cash consideration (cash-free, debt-free) plus up to $90 million in contingent cash tied to EBITDA performance, and is intended to expand Clinigen's global supply and distribution network, particularly in Continental Europe.

Trinity Partners has acquired TGaS Advisors, a benchmarking and advisory firm serving commercial organizations in the life sciences industry. TGaS will operate as a wholly‑owned division of Trinity, adding benchmarking, vendor insights and comparative intelligence to Trinity’s commercialization, real‑world evidence and market research capabilities.

Houston-based private equity firms Junction Energy Capital and Ara Partners Group announced a joint investment in PURAGLOBE (Puralube, Inc.), a technology-driven base oil producer that uses recycled oil feedstock. Allied Resource Corporation, the founding shareholder, will retain a substantial stake alongside the new investors as PURAGLOBE expands operations in Germany and the United States.

AHT Insurance completed the acquisition of Saul & Associates effective August 1, 2018. The deal brings Saul & Associates’ construction risk management and surety bond expertise into AHT’s platform, expanding AHT’s surety capabilities and adding the Saul team in Pennsylvania and Leesburg, VA to AHT’s operations.

Able Equipment Rental has purchased the aerial equipment assets and service operations of Mobile Lifts of Norristown, Pennsylvania. Mobile Lifts will operate as Able's newest branch (its fifth), with most staff retained and operations positioned to serve the King of Prussia and greater Philadelphia region.

Bacharach, a portfolio company of FFL Partners, has acquired Neutronics, Inc., a provider of refrigerant and gas analysis instrumentation. BDO Capital served as exclusive financial advisor to Neutronics and worked with the company's shareholders and management through the sale process; the acquisition expands Bacharach/FFL's capabilities in gas/refrigerant analysis for HVAC-R, automotive and semiconductor end markets.

Milestone Partners, a private equity firm based in Radnor, Pennsylvania, led the acquisition of RedZone Robotics, Inc., a provider of robotic inspection, sensing and asset-management software for wastewater pipeline systems. The company was acquired from a group of private shareholders including ABS Capital Partners; Monroe Capital provided a senior credit facility to support the transaction.

CORDENTAL Group, a portfolio company of NMS Capital, has affiliated with Drs. Melman, Ravett & Associates, a long-standing Philadelphia dental practice. The affiliation expands CORDENTAL's presence in the Mid-Atlantic as the practice's physicians transition into CORDENTAL's dentist-centric DSO model; financial terms were not disclosed.

Adfinitas Health acquired Advanced Inpatient Medicine (AIM), a regional hospitalist group based in northeastern Pennsylvania, to expand its geographic footprint into additional hospitals and post-acute facilities. AIM’s founder Dr. Boyle will remain a minority owner and continue leading the practice, which has nearly 50 employees; Chesapeake Corporate Advisors served as Adfinitas’s exclusive financial advisor on the transaction.

Private equity firms Cathay Capital, Norwest Mezzanine Partners and ORIX Mezzanine & Private Equity acquired Innovative Office Products, LLC from Corridor Capital. Innovative, based in Easton, Pennsylvania, designs, manufactures and distributes ergonomic office and POS mounting products and will partner with the new investor group to accelerate international growth and expand end-market penetration.

HS2 Solutions, a Mountaingate Capital-backed digital transformation agency based in Chicago, has acquired LunaMetrics, a Pittsburgh-based analytics and digital marketing consultancy. The deal expands HS2's analytics and insights capabilities and establishes a stronger physical presence in Pittsburgh while bringing LunaMetrics' clients and analytics expertise into HS2's broader service offering.