Acquisitions in Rhode Island in 2021

Symphony Technology Group (STG) completed a majority investment recapitalization of CAI Software, LLC, a provider of ERP, MES and WMS software and related services. Main Street Capital Corporation exited its debt and equity investments as part of the recapitalization and realized a gain while receiving a minority equity stake in the acquirer.

Rohrer Corporation, a portfolio company of Wellspring Capital Management, has acquired Jay Packaging Group, a specialty printing and thermoforming packaging company based in Warwick, Rhode Island. The deal expands Rohrer's East Coast manufacturing footprint and adds high-end printing, thermoforming and folded-carton capabilities to its packaging platform.

Ducommun Incorporated (NYSE: DCO) completed the acquisition of Magnetic Seal Corporation (MagSeal), a Warren, Rhode Island–based maker of proprietary magnetic seals for aerospace and defense applications. The purchase expands Ducommun's engineered products portfolio and recurring aftermarket offerings for critical A&D systems; the deal was financed with cash on hand and a portion of Ducommun's revolving credit facility.

Yamaha Motor Corporation, U.S.A., through its subsidiary Yamaha Marine Systems Company, Inc., acquired Siren Marine, a Newport, Rhode Island–based maker of marine IoT hardware and connected-boat software. The acquisition (terms undisclosed) follows Yamaha's earlier minority investment and is intended to integrate Siren's connected-boat capabilities into Yamaha's product roadmap to deliver more integrated, connected marine products.

Funds managed by Blackstone GP Stakes have acquired a minority ownership interest in Nautic Partners LLC, a Providence-based middle-market private equity firm. The investment creates a strategic partnership intended to provide Nautic with access to Blackstone’s resources as Nautic continues to deploy capital from its newly-closed $3.0 billion fund.

Symphony Technology Group (STG) has made a majority investment in CAI Software, a Rhode Island–based provider of ERP, MES, WMS, EDI and production-oriented software for manufacturing and distribution. STG said the investment will accelerate CAI's product innovation and growth through organic investments and M&A while partnering with CAI's existing owners and management team.

inTEST Corporation acquired substantially all assets of Videology Imaging Solutions Inc. and Videology Imaging Solutions Europe B.V. for $12.0 million in cash. The acquisition expands inTEST's process technology and automation capabilities—broadening its presence in life sciences, industrial and international markets—and is expected to be approximately $0.05 accretive to diluted EPS in the first year.

Premier Needle Arts, a Blue Point Capital Partners portfolio company, has acquired Berroco, Inc., a long-standing family-owned supplier of knitting and crochet yarns, patterns and related products. Berroco will operate as a separate brand within the PNA family, preserving existing management, locations and sales channels to continue serving local yarn shops and e-commerce customers.

UFP Technologies, Inc. (Nasdaq: UFPT) has acquired Contech Medical, Inc., a Providence, Rhode Island–based designer and manufacturer of class III medical device packaging for catheters and guidewires. Contech, founded in 1987 with partner manufacturing in Costa Rica and approximately $18 million in annual sales, will expand UFP's MedTech capabilities and is expected to be accretive to earnings.

Everspan Insurance Company, a subsidiary of Ambac Financial Group, completed the acquisition of Providence Washington Insurance Company from a subsidiary of Enstar Group Limited effective October 1, 2021. The purchase augments Everspan Group's admitted carrier capabilities to launch new admitted programs, expand product offerings, and strengthen relationships with distribution and program partners.

Silver Oak Services Partners has made an investment in Launch Entertainment (Launch Franchising, LLC) to support the family entertainment operator and franchisor’s U.S. expansion. The capital will be used to expand the corporate team, accelerate franchise and corporate park development, and pursue acquisitions of complementary entertainment concepts.

Caterpillar Inc. has acquired Enhanced Energy Group, Inc., which operates as CarbonPoint Solutions, a Rhode Island–based carbon capture technology company. The acquisition brings CarbonPoint's patented CO2 concentration and capture systems into Caterpillar's product portfolio to support emissions reduction across engines, turbines and industrial power applications.

Hilb Group acquired Rhode Island-based Health Quote, Inc., effective July 1, 2021, to expand its Medicare business. The acquisition brings Health Quote’s Medicare-focused clientele into Hilb Group’s growing Medicare practice and strengthens the buyer’s senior/Medicare capabilities.

Day Pitney LLP has completed a merger with Rhode Island-based trusts and estates boutique Howland Evangelista Kohlenberg LLP, adding eight attorneys and retaining the Providence office. The transaction expands Day Pitney’s East Coast footprint and strengthens its Individual Clients/trusts and estates capabilities.

Iodine Software, a healthcare AI and revenue-cycle solutions provider based in Austin, Texas, has acquired ChartWise Medical Systems, a Wakefield, Rhode Island-based clinical documentation improvement (CDI) SaaS company. The acquisition combines ChartWise’s Best in KLAS CDI workflow with Iodine’s clinical AI capabilities to expand Iodine’s clinical predictions and CDI offerings across hospitals, health systems and outpatient settings.

World Insurance Associates LLC (WIA), a Top 100 insurance brokerage headquartered in Tinton Falls, New Jersey, acquired Dacey Insurance Agency Inc. of East Greenwich, Rhode Island on April 1, 2021. The deal expands WIA's presence in Rhode Island and Southern Massachusetts and adds Dacey's commercial contractor insurance and bonding capabilities to WIA's platform; terms were not disclosed.

NWN Corporation, backed by private equity firm New State Capital Partners, has acquired Exeter, Rhode Island–based Carousel Industries to create a combined national cloud communications and infrastructure services leader with an estimated $1 billion run-rate. The deal expands NWN's capabilities across cloud communications, managed services, networking, security and contact center solutions and significantly increases its geographic scale and customer base.

Eldridge has acquired G-Form, a Providence, Rhode Island-based maker of SmartFlex protective gear for sports, industrial, military and law enforcement applications. Eldridge said it will support G-Form's next phase of growth to expand product lines, scale international distribution, enter new sports and non-sports markets, and increase production capacity.

VillageMD, through its Village Medical subsidiary, has acquired Ocean State Healthcare from private equity firm New Harbor Capital. Ocean State Healthcare — a Rhode Island primary care network with 68 clinical providers across 12 locations serving ~200,000 patients annually — will become part of Village Medical as VillageMD expands its value-based primary care footprint in the state.

SavATree has acquired Kaiser Tree Preservation of Exeter, Rhode Island, marking SavATree’s first Rhode Island office and its 52nd branch. Kaiser, a provider of tree, plant health, and tick/mosquito control services since 1974, and its team will join SavATree to broaden service offerings in the state.

Upward Health, a Providence-based in-home medical group focused on high-risk, high-need populations, raised a growth equity financing led by Heritage Group with participation from existing investors Noro-Moseley Partners, the Blue Venture Fund and Windham Ventures. The capital will support Upward Health’s continued growth and national expansion of its risk-bearing, in-home care model integrating physical, behavioral and social services.

The Hilb Group, LLC (THG) acquired Rhode Island-based Compass Planners effective February 1, 2021. Compass Planners is a specialized Medicare Advantage brokerage led by Jim Soucy, who — with three colleagues — joined THG to lead and expand its Medicare retail and wholesale practice. THG, a Richmond-based insurance brokerage and portfolio company of The Carlyle Group, said the acquisition will grow its National Benefits Practice and support expansion of its Medicare offerings.

J.H. Whitney Capital Partners acquired Cooley Group from the Siener family in a take-private buyout; Alantra acted as advisor. Following the transaction, Cooley — now PE-backed — completed an add-on acquisition of Vintex Inc., expanding its coated-textiles and medical/industrial solutions footprint.