Acquisitions in Pennsylvania in 2024

Wabtec Corporation has acquired Bloom Engineering, Inc., a Pittsburgh-based provider of industrial burners and combustion systems, for $69 million in cash. The purchase expands Wabtec’s heat transfer and energy solutions capabilities and is expected to be immediately accretive to EPS, with synergies to be realized over the next three years.

Altaris, a New York-based healthcare-focused investment firm, acquired the U.S. and U.K. operations of WuXi AppTec's Advanced Therapies unit (including OXGENE). Advanced Therapies will be renamed and headquartered in the United States and Altaris intends to combine it with its recently acquired Minaris Regenerative Medicine to form Minaris Advanced Therapies, expanding cell-therapy CDMO capabilities and global footprint.

An affiliate of Balmoral Funds LLC has acquired R.H. Sheppard Co., Inc. from Bendix Commercial Vehicle Systems LLC (a North American subsidiary of Knorr-Bremse). The transaction establishes Sheppard as an independent, PE-backed platform focused on steering technologies for Class 5-8 trucks, with management and operational investment planned to drive growth and innovation.

Merit Financial Advisors has acquired Zimmermann Investment Management & Planning, adding approximately $739 million of assets and establishing Merit's fourth office in Pennsylvania. The deal, finalized on December 20, 2024, will see Curt H. Zimmermann join Merit as Partner and Wealth Manager and expands Merit's footprint as part of its ongoing roll-up strategy (Merit's 31st acquisition since taking a minority investment from Wealth Partners Capital Group and investors led by HGGC's Aspire platform).

Gladstone Investment Corporation (NASDAQ:GAIN) acquired Nielsen-Kellerman, Inc. on December 19, 2024, providing both equity capital and senior secured debt to complete the transaction. Nielsen-Kellerman, a Boothwyn, Pennsylvania-based designer and manufacturer of rugged environmental measurement and sports performance instruments, will leverage Gladstone's resources to expand market reach and enhance product offerings.

Halifax Group completed an investment in Q-mation, a Horsham, Pennsylvania-based industrial automation software and hardware distributor and services provider. Q-mation’s CEO and founders are investing alongside Halifax and existing management will continue to lead the business; financial terms were not disclosed.

Danforth Advisors, a life-science strategic and operational advisory firm, acquired VPMR, a full-service global market research firm serving life science and healthcare clients. The acquisition expands Danforth’s commercial readiness and market research capabilities; Allison Fuller will remain President of VPMR.

Banyan Software has acquired Gemini Shale Solutions, a provider of water-management metering hardware and digital ticketing software for the oil & gas sector. The acquisition brings Gemini's real-time on-truck monitoring, GPS verification and automated ticketing capabilities into Banyan's portfolio of niche enterprise software businesses to accelerate growth and expand Banyan's energy-focused software offerings.

Sila Services, a PE-backed home services platform, has acquired A-Comfort Service, a Pittsburgh-based heating, cooling and plumbing company founded in 1988. The acquisition expands Sila's presence in Western Pennsylvania and brings A-Comfort's team and founders into the Sila network to support growth and enhanced customer service.

Waverly Advisors has acquired Planning Capital Management Corp., an investment advisory firm headquartered in Paoli, Pennsylvania, expanding Waverly's presence into the greater Philadelphia area. The deal, which closed on December 13, 2024, increases Waverly's AUM to approximately $15.9 billion and brings the entire Planning Capital team into Waverly.

Boston-based private equity firm New Heritage Capital has made a strategic minority investment in JA Moody, a Malvern, Pennsylvania-based maritime supplier of fluid control valves, actuators, strainers, parts and related services. The transaction — completed via New Heritage’s Private IPO solution — preserves JA Moody’s management control, includes the company’s Moody Marine Services division, and provides growth capital to support national expansion and operational scaling.

Union Bay Acquisition LLC, an aggregator of property-casualty insurance agencies, has acquired the assets of Loyalhanna Insurance Group of Latrobe, Pennsylvania. The deal — Union Bay's sixteenth acquisition and seventh in Pennsylvania — expands the buyer's reach into the Pittsburgh and greater Western Pennsylvania insurance markets; terms were not disclosed.

Senior Market Sales (SMS), an Omaha-based insurance marketing organization and part of the Alliant Insurance Services family, has acquired Centurion Senior Services, a Pennsylvania-based Medicare insurance agency. The deal expands SMS' eastern U.S. distribution footprint and gives Centurion access to SMS' technology, back-office support and broader health and wealth product portfolio; Centurion will continue to be managed by its current leaders.

Metrie, North America's largest manufacturer and distributor of millwork solutions, completed the acquisition of eden Inc., a Knox, Pennsylvania-based producer of pre-finished millwork products and pre-hung doors for the manufactured and modular housing industry. The deal expands Metrie’s pre-finished product portfolio and finishing capabilities to better serve modular home builders and strengthen its supply-chain solutions in the U.S.

Carta Healthcare has acquired Realyze Intelligence, a UPMC Enterprises portfolio company. The deal brings Realyze's clinician-trained AI for rapid EHR-based oncology trial matching and data abstraction into Carta's AI-powered clinical data platform to accelerate clinical trial matching and registry abstraction.

Merit Financial Advisors announced that Trinity Financial Partners has merged into Merit, adding approximately $603 million in assets and establishing Merit's third office in Pennsylvania. Robyn E. Jameson will join Merit as Managing Director, Partner and Wealth Manager; financial terms were not disclosed.

RoadBlock Solutions, a division of RSG International, has merged Corbin Highway Products, Laura‑Metaal, Dimensional Products Inc., Summit Rentals US, and Pivot Safety US into a single expanded road-safety division. The consolidation brings together product manufacturing, distribution, rentals, and installation capabilities to broaden RoadBlock Solutions' geographic footprint and service offering in the road-safety infrastructure market.

Pye-Barker Fire & Safety has acquired Security On-Line Systems, a Philadelphia-area provider of security systems, fire detection and alarm services, expanding Pye-Barker’s presence in Pennsylvania and the greater Delaware Valley (including southern New Jersey). Security On-Line’s team will remain in place to continue servicing local customers; owner William Lutz, Jr. sold the business to Pye-Barker.

Align Capital Partners (ACP) has acquired MKB Company, a U.S. manufacturer of erosion control, pollution prevention and stormwater management products. MKB operates 17 facilities across 14 states with over 220 employees; ACP plans to support national expansion and pursue continued M&A to grow the platform.

Barsz Gowie Amon & Fultz LLC (BGA&F), a full-service accounting and advisory firm, has merged with William E. Howe & Co., effective December 2, 2024. The transaction brings William E. Howe's 13-member team into BGA&F, expanding the combined firm's capabilities and geographic reach across the Greater Philadelphia area.

ECRI, an independent nonprofit focused on healthcare safety and quality, has acquired The Just Culture Company to add cultural-transformation, advisory, and training capabilities that promote patient and workforce safety. The acquisition expands ECRI's Total System Safety offerings and enables deployment of Just Culture programs across its global network of healthcare partners.

Motion & Control Enterprises (MCE), a Frontenac-backed supplier of fluid power, automation and flow control solutions, has acquired North East Technical Sales, Inc. (NETS), a Harleysville, Pennsylvania-based distributor of instrumentation and control products. NETS will continue operating under its name with existing leadership, and the acquisition expands MCE's flow control footprint and service capabilities across the Mid-Atlantic.

Sylmar Group has acquired Eastern Technologies, Inc. (ETI), a custom chemical blending and technical-support provider for the industrial water treatment market. ETI will operate under a dedicated Sylmar operating team with Gary Reggiani remaining as president, expanding Sylmar's capabilities in chemical blending and supporting its existing water platforms.

American Industrial Partners (AIP) completed the acquisition of PPG's U.S. and Canadian architectural coatings business for $550 million and has renamed the business The Pittsburgh Paints Company. The newly independent company — a top-three producer of interior and exterior paints, stains, caulks, adhesives and sealants with more than 6,000 employees and 750 company-owned stores — will operate as a focused platform serving professional and DIY end markets across the U.S. and Canada.

Maple Park Capital Partners has made a majority growth investment in Rita's Italian Ice & Frozen Custard, with Argosy Private Equity exiting its investment. The transaction positions Rita's to receive growth capital and operational support to scale its franchise network across the U.S. and internationally.

Avoq has acquired SRA Communications, a Pennsylvania-based public affairs and advisory firm founded by Steve Aaron; Aaron will join Avoq as a Partner. The deal expands Avoq’s geographic footprint and service offerings in Pennsylvania and brings SRA’s experience in public health, banking and energy to Avoq’s platform, which is backed by Coral Tree Partners.

BlueHalo has acquired VideoRay, a Pottstown, Pennsylvania-based maker of small form-factor remotely operated underwater vehicles (ROVs). The acquisition gives BlueHalo an immediate presence in autonomous maritime systems and expands its all-domain defense technology offerings to include unmanned maritime capabilities.

Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), completed the acquisition of the Farmington Township water and wastewater systems in Clarion County, Pennsylvania and signed (and later completed) an agreement to acquire the Corner Water Supply and Service Corporation water system. Combined consideration was reported at roughly $5.8 million (Corner Water was later reported sold for $250,000), and Pennsylvania American Water plans multi‑million dollar investments to upgrade and regionalize the systems to improve reliability and meet regulatory standards.

Helping Hands Family (HHF), a regional provider of Applied Behavior Analysis (ABA) therapy, has acquired Mission Autism Clinics (MAC), a 12-location ABA provider, to expand HHF's footprint and service capacity across the Northeast United States. The acquisition will transition MAC locations to the HHF brand over time while maintaining clinical teams and uninterrupted care for families.

Pye-Barker Fire & Safety has acquired Protect Alarms Security Systems, a family-run security and alarm business based in Allentown, Pennsylvania. The acquisition expands Pye-Barker's fire, life-safety and security service footprint in eastern Pennsylvania and brings Protect Alarms' intrusion, fire detection, access control, CCTV and 24-hour local monitoring capabilities into Pye-Barker's network.

Omegro, a portfolio within Volaris (part of Constellation Software Inc.), has acquired 4R Systems, a Pennsylvania-based provider of cloud-based inventory and supply chain optimization and demand planning software. The business will be integrated as a tuck-in to Omegro's Gaina vertical to expand supply chain, warehousing and logistics capabilities for the retail and consumer goods markets.

Applus+, the global testing, inspection and certification provider, has acquired Keystone Compliance, a U.S.-based testing laboratory with facilities in New Castle, Pennsylvania and Durham, North Carolina. The deal strengthens Applus+ Laboratories' capabilities and U.S. presence by adding EMC/EMI, environmental and packaging testing expertise for electronics, medical devices, aerospace & defense and energy manufacturers.

OneDigital, an Atlanta-based insurance brokerage and HR consulting firm, has acquired GMG Insurance, a Bucks County, Pennsylvania-based property & casualty and employee benefits agency. The acquisition strengthens OneDigital’s P&C capabilities and expands its Mid-Atlantic footprint, with GMG co-owners joining OneDigital’s leadership team.

Cordance, a Raleigh-based software company that acquires and accelerates vertically focused B2B SaaS businesses, made a strategic growth investment in Campus Kaizen. Campus Kaizen — an education software provider of case management and student housing solutions — will operate as an independently managed business unit within Cordance to expand Cordance's EdTech offerings and scale Campus Kaizen's products and services.

Verdantas, a Tampa-based environmental and engineering consulting firm backed by Sterling Investment Partners, has acquired Groundwater Sciences Corporation (GSC). The acquisition expands Verdantas' groundwater, hydrogeology and remediation capabilities and strengthens its local presence in Pennsylvania and New York to better connect its MidAtlantic and New England operations.

Aero Accessories & Repair, a portfolio company of ATL Partners, has acquired Pittsburgh-based AirGroup America. The add-on expands Aero Accessories' engineered solutions footprint in FAA-approved PMA parts and DER repairs, broadening its aftermarket distribution and repair capabilities; terms were not disclosed.

Garnett Station Partners, a New York-based private investment firm, has made a strategic growth investment in Bristol Environmental, a Bristol, Pennsylvania-based provider of environmental remediation, abatement, selective demolition, and disaster recovery services. The capital will support Bristol's expansion of talent, infrastructure, and technology as the firm scales its operations across its five branch locations.

Goldman Sachs Alternatives’ Private Equity business agreed to acquire a majority stake in Sila Services from investment funds managed by Morgan Stanley Capital Partners. Headquartered in King of Prussia, Pennsylvania, Sila is a residential HVAC, plumbing and electrical services platform operating over 30 brands across the U.S. Northeast, Midwest and Mid-Atlantic; Sila management will remain in place and retain a significant minority stake. Financial terms were not disclosed and closing is subject to customary regulatory approvals.

Thoma Bravo has signed an agreement to sell a significant minority stake in Qlik to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), with Thoma Bravo remaining the majority shareholder and making a new equity investment. A consortium of other investors is expected to participate alongside ADIA and Thoma Bravo; the deal is subject to regulatory approvals and is expected to close in Q1 2025.

Global healthcare private equity firm ARCHIMED has acquired SeqCenter, a Pittsburgh, Pennsylvania-based provider of next-generation DNA and RNA sequencing, through its MED Rise fund. ARCHIMED will leverage its MedValue playbook to accelerate SeqCenter's internationalization in Europe and Asia and support further development of advanced sequencing technologies; SeqCenter's founder rolled over a significant portion of his proceeds into the business.

Shrieve Chemical Company, a portfolio company of Gemspring Capital, has acquired Connection Chemical, LP, a Newtown, Pennsylvania-based distributor of industrial chemicals and fine ingredients. Terms were not disclosed; the acquisition expands Shrieve's product portfolio, enhances global sourcing and logistics capabilities, and enables cross-selling between the two businesses.

San Francisco-based private equity firm Cogenuity Partners has acquired United Safety & Survivability Corporation (USSC) from Dubin Clark. USSC is a designer and manufacturer of safety and survivability products for transit, military and first-responder vehicles; the sale follows growth and capability expansion under Dubin Clark including expanded U.S. manufacturing, R&D and multiple integrations.

NewGuard Plastic Cards and independent sponsor Daboosh Investments have acquired Cranberry Township, Pennsylvania-based Allegheny Card Solutions, with investment support from Tecum Capital Partners and senior financing from Dollar Bank. The deal combines NewGuard's large-scale card manufacturing capabilities with Allegheny's expertise in printed gift, loyalty and membership cards to create an expanded, vertically integrated card solutions provider.

Renovus Capital Partners has made a majority (control) investment in Performive, a managed IT services provider focused on cloud, infrastructure, and cybersecurity for mid-market enterprises. The capital will be used to accelerate product innovation, enhance customer experience, build the team, and pursue add-on acquisitions as Performive becomes Renovus' first platform from its Renovus IV fund.

MODE Global has acquired the freight brokerage business of Jillamy, integrating Jillamy's freight team and assets into MODE's 3PL platform. The deal transfers more than 200 employees and adds facilities across multiple U.S. states and Ontario, while Jillamy retains its warehousing, packaging and fulfillment operations.

PACS Group, Inc. (PACS) announced that its independently operated subsidiaries have acquired the operations of eight skilled nursing facilities in western Pennsylvania (Pittsburgh, Bedford, Bethel Park, Monroeville and McMurray), totaling 1,199 skilled nursing beds. Four of the facilities are being leased from an affiliate of CareTrust REIT and PACS subsidiaries acquired the real estate for the remaining four; the deal expands PACS into its 17th state.

Yurconic Agency, a platform partner of Keystone Agency Partners, has acquired WR Sims Agency effective November 1, 2024, expanding Yurconic's footprint to 17 locations. The acquisition strengthens Yurconic's commercial insurance capabilities in central Pennsylvania; WR Sims' owner Jeff Sims and staff will join the Yurconic team and the Williamsport office will remain open.

White Cap has acquired Valley Supply, Inc., a Mechanicsburg, Pennsylvania-based distributor of concrete accessories, fabricated rebar, chemicals and safety products. The acquisition expands White Cap's product offerings and fabrication capabilities across the East Coast and brings Valley Supply into White Cap's branch network and suite of services.

ATSG, a RunTide Capital-backed managed services platform, has completed a combination with Evolve IP, with ATSG retaining a controlling majority. Investment funds managed by Morgan Stanley Private Equity Secondaries, through a vehicle managed by RunTide Capital, provided equity financing for the transaction; the combined company will have more than $230 million in revenue and serve approximately 1,700 customers and 950,000 end-users.

Pennsylvania American Water, a subsidiary of American Water, completed the $230 million purchase of the Butler Area Sewer Authority (BASA) wastewater system in Butler County, Pennsylvania. The acquisition adds more than 15,000 customer connections and Pennsylvania American Water plans to invest over $75 million in system upgrades while BASA will use proceeds to eliminate approximately $49 million in debt.