Acquisitions in Rhode Island in 2022

NMS Capital has partnered with Surplus Solutions’ management in a recapitalization of Surplus Solutions LLC; terms were not disclosed. The investment will support geographic and inventory expansion, strategic M&A, and investments in infrastructure and operations to drive the company's next phase of growth; Twin Brook Capital provided debt financing.

The Hilb Group acquired OceanPoint Insurance, a Rhode Island-based agency, effective December 1, 2022, expanding Hilb's New England footprint. OceanPoint's principal Doug Mayhew and his team joined Hilb Group's New England regional operations to integrate the agency's property & casualty and employee benefits capabilities.

Millstone Medical Outsourcing, an Arlington Capital Partners portfolio company, acquired Ethide Laboratories on November 14, 2022. The acquisition adds Ethide's regulatory testing capabilities (EO residual, microbiology, sterility, package integrity) to Millstone's post-manufacturing service offering, broadening testing services and customer footprint.

Primo Water Corporation, through its wholly owned subsidiary Primo Water North America, acquired substantially all the assets of Crystal Spring Water Company, a bottled water manufacturer and distributor based in Middletown, Rhode Island. The acquisition adds roughly 2,500 customers and strengthens Primo's Northeast footprint.

SinglePoint, Inc. (OTCQB: SING) acquired Frontline Power Solutions (FPS), a multi-state licensed energy services company that provides energy supply agreements, billing, auditing, and efficiency consulting to commercial, industrial, and institutional clients. The acquisition expands SinglePoint’s capabilities in deregulated energy markets and gives the company access to FPS’s client portfolio and expertise in energy procurement and efficiency services.

Orange Tree Employment Screening, a Tonka Bay Equity Partners-backed background screening provider, has acquired Hire Image, a PBSA-accredited background screening specialist. The deal is an add-on that expands Orange Tree's technology-driven screening, drug testing and verification capabilities and represents the second add-on completed under Tonka Bay's ownership.

Venterra Group Plc has acquired INSPIRE Environmental, a Newport, Rhode Island-based marine environmental consultancy, marking Venterra's first acquisition in the United States. The deal adds seabed-data acquisition, interpretation and visualisation capabilities to Venterra's offshore wind services offering and supports the group's expansion into the US market.

Pebblebrook Hotel Trust (NYSE: PEB) acquired the 257-room Gurney's Newport Resort & Marina in Newport, Rhode Island for $174.0 million on June 23, 2022. Pebblebrook plans to reposition and renovate the resort, integrate it into its Curator Hotel & Resort Collection, and evaluate operating and physical enhancements to drive cash flow and higher positioning in the Newport market.

The Riverside Company has made a growth investment in CORE Higher Education Group, a provider of experiential/clinical education and competency management software for higher education institutions. The capital will support CORE’s product development, accelerate growth and enable the company to pursue complementary add-on acquisitions while management remains meaningful shareholders and continues operating the business.

Lab Logistics Management, a portfolio company of Atlantic Street Capital, has acquired The Allied Group from Compass Group Equity Partners. The Allied Group, a Cranston, Rhode Island–based provider of printing, kitting, assembly and fulfillment services for healthcare and life sciences (250+ employees), will expand Lab Logistics' product, kitting and international fulfillment capabilities; terms were not disclosed.

Kids2, Inc. will acquire all outstanding common stock of SUMR Brands (Summer Infant, Inc.) for $12.00 per share in an all-cash transaction, implying a 41.2% premium to the March 15, 2022 closing price. The transaction, unanimously approved by SUMR's board and supported by significant stockholders Wynnefield Capital and Jason Macari, is expected to close in Q2 2022 and is subject to shareholder approval and Kids2 securing debt financing; SUMR will become privately held and delisted from Nasdaq upon closing.

Saalex Corporation has acquired Middletown, Rhode Island-based IT services provider Netsimco, a $30 million company, to broaden Saalex's capabilities in aerospace and Department of Defense markets. Netsimco will become a wholly owned subsidiary, its leadership will remain in place and employees will be eligible for Saalex's employee-ownership plan; the deal increases Saalex's revenue run-rate to approximately $100 million.

AudioEye, a digital accessibility platform provider, has acquired The Bureau of Internet Accessibility (BoIA) to expand its automated testing and human-led accessibility services. The deal will fold BoIA's platform, auditing capabilities, and staff into AudioEye to strengthen custom solutions and provide always-on accessibility monitoring for customers across retail, food & restaurants, transportation and energy sectors.

Water Street Healthcare Partners has made a strategic investment in Alcor Scientific to support the diagnostic- and medical-device maker's product development, geographic expansion and M&A growth strategy. As part of the partnership Alcor appointed diagnostics executive Jim Post as CEO and will leverage Water Street's capital and industry expertise to expand its product portfolio and global reach.

Frontier Growth has made a $31 million minority growth equity investment in Wealthbox, a CRM SaaS platform for financial advisors. As part of the deal, Frontier Growth partners Richard Maclean and Matt Williams will join Wealthbox's board to support product development and scaling.

Dot Family Holdings (DFH), the investment office of the Tracy Family, has made a strategic growth equity investment in Pet Food Experts (PFX), a Pawtucket, Rhode Island-based distributor of pet food and supplies. The capital will support PFX’s growth initiatives — including investments in people, technology, value-add capabilities — and enable pursuit of add-on acquisitions.

Stone-Goff Partners has made a growth investment in MojoTech, a Providence-based onshore software engineering and product development firm. Five Points Capital provided growth capital and an equity co-investment to support the transaction; proceeds will fund expansion of MojoTech's delivery team and opportunistic M&A.

Bay State Physical Therapy has partnered with Rhode Island Rehab Physical Therapy, bringing the Rhode Island practice into Bay State’s regional network and rebranding the clinics under the Bay State name. The partnership expands Bay State’s outpatient physical therapy footprint across Greater Providence and eastern Rhode Island, enabling shared resources, continued local clinical leadership, and expanded patient access to Bay State’s care and education programs.

Payroc WorldAccess, LLC (Payroc) has acquired East Commerce Solutions, a merchant services provider founded in 1994 and based in East Providence, Rhode Island. The deal will expand Payroc's merchant service offerings and technology reach, integrating ECS's nationally distributed client base into Payroc's global payments platform.

Denver-based private investment firm Rallyday Partners made a strategic growth investment in Performance Physical Therapy, a Providence, Rhode Island-based multi-clinic physical therapy platform. The capital will be used to support Performance's expansion across New England, invest in systems and infrastructure, and recruit and develop clinical and operational talent.