Acquisitions in Rhode Island in 2023

Rudolph Capital has acquired Chemart Company, a Lincoln, Rhode Island-based custom manufacturer of premium brass Christmas ornaments. Chemart, known as the exclusive maker of the White House Christmas ornament and with over 150 employees, will be supported by Rudolph Capital to pursue its next stage of growth.

Edelman Financial Engines (EFE) has acquired New England Pension Plan Systems (NEPPS) and its affiliate New England Investment Consultants (NEIC), a Providence, Rhode Island–based retirement-plan consulting and RIA business that manages roughly $1.5 billion for more than 500 clients. The deal expands EFE's retirement-plan consulting capabilities and strengthens its presence in the Northeastern U.S., particularly among small and medium-size employer clients.

Marco Technologies, a St. Cloud, Minnesota-based integrated technology services provider, has acquired INNOVEX, a copier/printer and business IT services provider with locations in Lincoln, Rhode Island and Norwood, Massachusetts. The acquisition expands Marco's East Coast footprint into Rhode Island and Massachusetts and brings INNOVEX employees and clients into Marco's national service network.

Novvia Group, a national rigid container and life sciences packaging platform backed by Kelso & Company, has acquired Ocean State Packaging, a Rhode Island supplier of plastic bottles, caps and value‑added decoration services. The deal expands Novvia's footprint into New England and supports the platform's Northeast growth strategy; financial terms were not disclosed.

Peru-based Océano Seafood has acquired Sea Fresh USA, a Rhode Island-based seafood processor, marking Océano's first U.S. acquisition. The deal gives Océano direct access to Sea Fresh's BRC-certified processing facility, fishing vessels and U.S. sourcing capabilities and supports the company's planned expansion across North America.

Hexure, a provider of sales and regulatory automation solutions for the life and annuity industry, has acquired Vive, a quote-and-e-submission platform for term life insurance. The deal combines Hexure's quoting and e-application capabilities with Vive's multi-carrier distribution network (used by more than 20,000 advisors and 55+ BGAs) to create a unified platform for life and annuity distribution.

Machinery Services Co. and Rapid Pump & Meter Service Co. (a Hidden Harbor Capital Partners portfolio company) acquired Delta-Electro Power, Inc., a Cranston, Rhode Island-based provider of motor, pump, controls and electrical contracting services. The transaction is an add-on for Rapid Pump that expands its geographic footprint into Rhode Island and Massachusetts and broadens its service capabilities; Delta's management will remain involved and LBC Credit Partners provided financing.

Praecipio has acquired Gurnet Consulting, an Atlassian-specialized management consulting firm, to deepen Atlassian, DevOps, ITSM, and agile capabilities and expand Praecipio's footprint across the Northeastern United States and Canada. Terms were not disclosed.

American Exchange Group (AXNY Group) has acquired long-standing jewelry maker Danecraft, including its Primavera Italy brand. The acquisition will expand AXNY's jewelry portfolio and leverage its sourcing, logistics and marketing capabilities to broaden Danecraft's product range and distribution — including planned direct-to-consumer channels.

Vesey Street Capital Partners completed the full sale of its portfolio company QualityMetric on August 18, 2023; the buyer was not disclosed in the announcement. Under VSCP's ownership QualityMetric expanded its patient-reported outcomes, real-world evidence and analytics capabilities (including the acquisition of HealthActCHQ) and grew its commercial and scientific teams. Piper Sandler acted as financial advisor to VSCP and Kirkland & Ellis served as legal counsel.

Summit Fire & Security LLC, a subsidiary of SFP Holding, Inc., has acquired Pierce Fire Protection Services, Inc., a family-owned fire protection firm based in Warwick, Rhode Island. The deal, effective July 25, 2023, expands Summit's footprint into Rhode Island and increases its national locations to 69, while Pierce's team will continue to deliver sprinkler, suppression, inspection and maintenance services under the Summit platform.

Gemspring Capital Management (through an affiliate) has acquired Bradford Soap International, a long-established developer and manufacturer of beauty and personal care products. Gemspring said it will partner with Bradford's management to broaden capabilities and product offerings and use the company as a platform to accelerate growth; financial terms were not disclosed.

Elara Caring has acquired Assisted Daily Living, a 50-person skilled home health provider based in Warwick, Rhode Island. The acquisition gives Elara entry into Rhode Island and expands its Northeastern footprint, enabling deployment of its value-based home health, hospice and behavioral health platform into adjacent Connecticut and Massachusetts markets.

Main Street Capital Corporation provided $52.8 million of financing (first‑lien senior secured term debt and a direct equity investment) to back a management‑led buyout of Ira Green, Inc., an industry‑leading manufacturer and distributor of insignia and tactical products. Main Street and an unnamed co‑investor also provided a revolving credit facility to support Ira Green's growth initiatives and working capital needs. The Company, founded in 1943, is headquartered in Providence, Rhode Island and sells branded and private‑label insignia and tactical accessories globally through retailers and eCommerce channels.

Getinge AB has agreed to acquire 100% of High Purity New England (HPNE), a U.S.-based provider of custom single-use solutions for bioprocessing, for approximately SEK 1,300 million (USD 120 million) in cash plus a potential earn-out. The acquisition strengthens Getinge Life Science’s biopharma capabilities and expands its single-use product offering; HPNE is headquartered in Smithfield, Rhode Island and has roughly 150 employees.

Precision Coating has acquired Providence Texture, LLC, a Smithfield, Rhode Island laser services provider specializing in laser nanotexturing, marking and micro-machining. The acquisition brings femtosecond and nanosecond 5-axis laser processing capabilities into Precision Coating's medtech surface-treatment portfolio to expand capabilities for orthopedic, interventional and surgical implant markets.

Marin and Barrett Law Firm and the Law Offices of Stefanie A. Murphy announced a strategic merger to form the Marin, Barrett, and Murphy Law Firm, combining expertise in criminal defense, DUI defense, and personal injury. The new firm will consolidate resources and expand its presence across Rhode Island, Connecticut, and South Carolina to offer a broader range of legal services to clients in the Northeast.

Hygloss Products, Inc. has acquired the Color Fantasy Company, adding Color Fantasy’s arts-and-crafts and educational activity product line to Hygloss’s portfolio. Hygloss said it will lower prices on the Color Fantasy products and introduce group economy packs to make the items more affordable and suitable for schools, camps and other group activities.

Environ, a New York-based energy management firm, has acquired Best Practice Energy (BPE), a Wakefield, Rhode Island energy-management and procurement specialist. The deal was completed with growth capital support from 424 Capital to accelerate Environ's service capabilities and deploy BPE's proprietary data tools across Environ's commercial energy, efficiency, clean energy and ESG offerings.

Installed Building Products, Inc. (NYSE: IBP) has acquired Anchor Insulation Co., Inc., a Pawtucket, Rhode Island-based installer of residential, mechanical and industrial insulation with approximately $39 million of annual revenue. The acquisition expands IBP’s presence and service offering across the Northeastern United States (Rhode Island, Connecticut and Massachusetts) and adds to the company's 2023 acquisition growth.

Global consulting firm J.S. Held acquired Failure Analysis & Prevention, a Rhode Island-based engineering and metallurgical testing firm, to expand its Equipment Consulting practice. The acquisition adds specialized failure analysis, metallurgical laboratory capabilities, and experienced forensic engineers who serve insurance companies and heavy-industry clients across sectors such as power generation, oil & gas, mining, and transportation.

Keswick Partners has completed a recapitalization of Marrinan Group, partnering with management led by Joe Marrinan and Kevin Hearn. Marrinan, based near Providence, Rhode Island, is a value-added distributor of officially licensed products serving collegiate bookstores, fan shops, military bases and related e-commerce channels.

Stronghouse Solutions, a PE-backed national exterior home services platform, has partnered with Rhode Island-based Marshall Building & Remodeling. The transaction adds a regional roofing, siding and exterior services provider to the Stronghouse platform as O2 Investment Partners continues to grow the portfolio and expand its Northeast presence.

Saylite, a CORE Industrial Partners portfolio company, has acquired Vantage Lighting, a U.S.-based manufacturer of specification-grade LED downlights, cylinders and high bays. The add-on expands Saylite's product portfolio and domestic manufacturing capabilities—strengthening Vantage's vHealth healthcare lighting offering and supporting Buy American requirements. The deal closed at the end of 2022; terms were not disclosed.

Praesidian Capital announced it has fully realized its equity investment in Ocean State Innovations, a Portsmouth, Rhode Island-based textile converter and fabric finishing business. The release did not disclose a buyer; Praesidian highlighted the company's management team and multi-year growth through organic initiatives and acquisitions.