Acquisitions in Rhode Island in 2020

CAI Software, LLC has acquired Radley Corporation, a developer of electronic data interchange (EDI) and data collection software for manufacturers and distributors. Radley will operate as a subsidiary of CAI and will continue to maintain its sales, support and development operations; financial terms were not disclosed and the transaction closed on December 23, 2020.

Vehicle Accessories, Inc. (a portfolio company of Kinderhook Industries) acquired HV Industries (Hope Valley), a manufacturer of precision all-weather floor mats for automotive OEMs. The deal is VAI's fifth add-on under Kinderhook and expands VAI's product portfolio and OEM relationships in the pickup truck and SUV markets; financial terms were not disclosed.

Lynx FBO Network, a portfolio company of The Sterling Group, acquired the FBO assets of Northstar Aviation at Theodore Francis Green State Airport (PVD) in Providence, Rhode Island. The deal is an add-on that expands Lynx's Northeast / East Coast footprint, marking the company's ninth FBO location and continues Sterling-backed network consolidation in general aviation services.

Boston-based private equity firm Nonantum Capital Partners has acquired Rhode Island-based direct-to-consumer jeweler Ross-Simons. The deal will keep founder Darrell Ross and CEO Jim Speltz as owner-partners while Nonantum supports the company's next stage of growth and omnichannel expansion.

Royal Power Solutions, an Industrial Growth Partners (IGP) portfolio company, acquired certain business assets and product lines from Wieland Rolled Products North America in two transactions (October 8 and December 9, 2020). The assets—including busbars, terminals, eyelets and shields—bolster Royal's capabilities in electrical connectivity for automotive, EV and power electronics platforms and add new manufacturing technologies and customers in mobility markets.

An affiliate of Paceline Equity Partners, a Dallas-based private equity manager, was the successful bidder to acquire substantially all assets of Quick Fitting, Inc. as part of a receivership process, with closing anticipated on December 16, 2020. Quick Fitting, headquartered near Providence, Rhode Island, manufactures push-to-connect fittings used across plumbing, electrical, HVAC and fire suppression end markets; Paceline plans to continue operating the business in Rhode Island and support its growth.

Arcline Investment Management, a growth-oriented private equity firm, has acquired Evans Capacitor Company, a designer and manufacturer of high-reliability, power-dense capacitors based in East Providence, Rhode Island. Arcline said Evans will be the first of several acquisitions as it builds a specialty electronic components platform and has named Kevin Perhamus as CEO of the platform; Houlihan Lokey served as financial advisor to Arcline.

Vesey Street Capital Partners completed a recapitalization of QualityMetric, a provider of patient-reported outcome (PRO) surveys, enabling technology and health outcomes analytics. VSCP funds provided equity while First Eagle Alternative Credit and Morgan Stanley Credit Partners provided debt financing to support QualityMetric’s next phase of growth; terms were not disclosed.

Spiro Health Services, a PE‑backed home medical equipment and respiratory care platform, has acquired Absolute Respiratory Care (ARC), a Johnston, Rhode Island-based provider of sleep therapy solutions and respiratory equipment. The add-on expands Spiro’s geographic footprint across eight New England states and the District of Columbia and brings ARC’s wireless monitoring and telehealth capabilities into Spiro’s platform.

TrueCommerce, a portfolio company of Accel‑KKR, has acquired B2BGateway, a global provider of managed cloud EDI and API data connectivity. The deal expands TrueCommerce’s connectivity and unified commerce capabilities and broadens its global footprint, particularly serving small and mid-sized businesses.

Behavioral Health Group (BHG) has acquired the Center for Treatment & Recovery (CTR), LLC in Pawtucket, Rhode Island; the clinic will operate as BHG Pawtucket Treatment Center. The outpatient opioid treatment program employs 23 clinicians and staff and expands BHG's network (now 71 locations across 15 states) to Rhode Island to increase access to Medication Assisted Treatment and behavioral health services.

CyberRisk Alliance (CRA), a business intelligence company serving the cybersecurity market, has acquired Security Weekly, an influential cybersecurity podcast and video network, from Defensive Intuition, LLC and its founders Paul Asadoorian and Matt Alderman. The acquisition expands CRA's content and mobile-optimized delivery capabilities as part of its growing portfolio of cybersecurity brands.

AUA Private Equity Partners has acquired Westminster Pet Products, a family-owned developer and marketer of pet treats, chews, supplies and shoe care products operating from a 240,000 sq. ft. BRC-AA certified facility in Cumberland, Rhode Island. AUA said Westminster will serve as its first platform investment in the pet industry and the firm plans to grow the business through product development, increased channel penetration, and future tuck-in acquisitions.

Starkweather & Shepley Insurance Brokerage Inc. has acquired Newport Insurance Agency Inc., an independent agency based in Middletown, Rhode Island with 13 associates. Newport Insurance will operate as a division of Starkweather & Shepley and continue servicing clients from its Middletown location.

Main Street Capital Corporation completed a $19.9 million follow-on investment in CAI Software, LLC to support CAI’s acquisition of a complementary business in the supply chain and warehouse management systems industry. The financing (approximately $19.5 million of first-lien senior secured term debt and $0.4 million of equity) aims to expand CAI’s customer base and service offering in ERP, MES and WMS solutions.

Charlotte's Web Holdings, Inc. completed a plan of arrangement to acquire all outstanding shares of Abacus Health Products, bringing Abacus brands (CBD MEDIC, Harmony Hemp and CBD CLINIC) into Charlotte's Web and expanding the combined company's distribution to more than 21,000 retail doors. The transaction was an all-stock exchange (0.85 Charlotte's Web share per Abacus share) that creates cross-selling opportunities between Charlotte's Web's ingestible CBD products and Abacus's OTC topical medications and professional practitioner lines.

World Insurance Associates LLC (WIA), a nationally ranked insurance brokerage headquartered in Tinton Falls, New Jersey, acquired Bentsen Combies Insurance Inc. of East Greenwich, Rhode Island on June 1, 2020. The acquisition expands WIA’s national footprint and broadens coverage options and support for Bentsen Combies’ personal and commercial insurance clients; financial terms were not disclosed.

Kalibrate Technologies Limited has acquired Trade Area Systems (TAS), a Providence-based real estate analytics and site-selection SaaS provider. The deal, executed by Kalibrate (a portfolio company of Hanover Investors), expands Kalibrate's retail and convenience store planning capabilities and will allow TAS to leverage Kalibrate's global sales presence to accelerate product development and market reach.

HealthpointCapital, a private equity firm focused on musculoskeletal healthcare, acquired a majority stake in IlluminOss Medical, a commercial-stage medical device company that makes the Photodynamic Bone Stabilization System for fracture repair. HealthpointCapital said it will partner with IlluminOss to accelerate commercialization, expand regulatory approvals, and drive growth in the orthopedic trauma and geriatric fracture markets. Transaction terms were not disclosed.

Altair Acquisitions, LLC acquired all material assets of Wildtree (Wildtree, Inc./Wildtree Holdings, LLC), a maker of organic and allergen-sensitive spices, sauces and meal solutions headquartered in Lincoln, Rhode Island. Altair said it will invest to expand Wildtree's product offerings, accelerate subscription and online retail channels, and enter new markets focused on gluten‑free, low‑sugar, vegetarian, kosher and organic options.

Century Boats has acquired luxury boatmaker Vanquish Boats and will reintroduce the line under the Century Coronado name. Production will be moved to Century’s main facility in Zephyrhills, Florida; Vanquish owner Morgan Huntley will remain on staff as Chief Operating Officer to lead production and product development. The deal expands Century’s model portfolio, dealer distribution and service network.

Bessemer Investors LLC completed a majority acquisition of Leonard Valve Company, partnering with Leonard's management team who retain a minority stake. The investment provides liquidity to selling shareholders and capital to support Leonard's future growth initiatives; financial terms were not disclosed.

World Insurance Associates LLC (WIA), a nationally ranked full-service insurance brokerage based in Tinton Falls, New Jersey, acquired Mazzotta Insurance Agency of Providence, Rhode Island on March 1, 2020. The acquisition expands WIA's New England footprint and brings the long-running, family-owned Mazzotta agency into WIA's network to provide clients access to additional markets and services.

Cranston-based Delta Electro Power acquired electrical contractor JJ McNamara & Son effective March 1, 2020. The acquisition brings a team of licensed electricians into Delta to expand its electrical service capabilities and support the company's strategic growth and diversification plan across the New England market.

The Hilb Group, LLC acquired certain assets of Newport, Rhode Island-based D. F. Dwyer & Associates, LLC effective February 1, 2020. The small property & casualty insurance agency and its team (led by Dan Dwyer) joined THG New England to strengthen the firm’s P&C capabilities in the region; THG is a PE-backed platform controlled by The Carlyle Group.