Acquisitions in South Carolina in 2022

SCF Solutions, LLC, a CUSO owned by South Carolina Federal Credit Union and headquartered in North Charleston, South Carolina, has acquired the assets of Arthurs Insurance & Risk Management Services, an independent insurance agency in Greenville, South Carolina. The acquisition expands SCF Solutions’ insurance capabilities and client base in the Upstate, particularly among business clients; Capstone Strategic served as M&A advisor on the transaction.

JER HR Group LLC has acquired Willis HR LLC, a small HR consulting firm founded in 2014 that serves SMB and nonprofit clients. The acquisition brings Willis HR’s client portal and consulting capabilities into JER HR Group’s HR Services division and is intended to expand JER’s service offerings and HCM technology footprint nationwide.

Bestpass, a toll-management and payments platform for commercial fleets, acquired ExpressTruckTax, the leading Heavy Vehicle Use Tax (HVUT) e-filing platform, from SPAN Enterprises. The acquisition adds Form 2290 e‑filing and payments capability to Bestpass’s fleet payments offering and expands its compliance services for owner-operators and fleets.

ChromaScape, a specialty colorants and additives supplier backed by Heartwood Partners, has acquired CEL Chemical, a Piedmont, South Carolina-based manufacturer of adhesives, additives and modifiers for the corrugated paperboard packaging industry. The acquisition expands ChromaScape's packaging chemical product line and follows the retirement of CEL Chemical founder Jim Messenger; Heartwood Partners supported the transaction as the sponsor of ChromaScape.

Rockit Pest has acquired Action Pest Control, a family-run pest management business that has served Chester, Lancaster and York counties for more than 35 years. The transaction expands Rockit's footprint into the greater Charlotte, North Carolina market and strengthens its presence across North and South Carolina.

MiddleGround Capital, an operationally focused private equity firm based in Lexington, Kentucky, has acquired SixAxis, LLC, a manufacturer and distributor of engineered loading rack, fall protection and access solutions headquartered in Andrews, South Carolina. MiddleGround said it will partner with SixAxis management to scale operations, expand products and end markets; Piper Sandler served as exclusive financial advisor to SixAxis.

Ara Partners has acquired a majority ownership interest in Lincoln Terminal Holdings, LP, a Greenville, South Carolina-based provider of renewable fuel rail transloading and storage facilities. Ara committed additional capital to support significant expansion of Lincoln's renewable fuel infrastructure footprint across the Southeast and Mid-Atlantic United States.

BrightView Holdings, Inc. (NYSE: BV) has acquired Apex Land Group, LLC, a Myrtle Beach, South Carolina-based commercial landscaping company. Terms were not disclosed; the acquisition expands BrightView's presence in the Myrtle Beach market and adds Apex's maintenance, irrigation, and landscape-installation capabilities.

LPL Financial Holdings Inc. entered into a definitive agreement to acquire Financial Resources Group Investment Services (FRGIS) in an equity purchase that included $140 million paid at closing plus additional earn-outs. FRGIS — a Fort Mill, South Carolina-based advisor and financial institution support business serving roughly $40 billion in assets across ~800 advisors and 85 financial institutions — will continue to operate independently and retain its brand and leadership following the transaction.

Magnate Worldwide, a diversified supply chain management company, has acquired Atlantic-Pacific Express, a mission-critical expedited logistics provider based in Columbia, South Carolina. The deal expands Magnate's expedited and domestic-specialty service capabilities, strengthens its presence in the Southeast, and augments its ASAP Expediting offerings.

CloudScale365 has acquired Priorpoint, a Myrtle Beach-based managed cloud and on-premises IT services provider. The deal expands CloudScale365's regional data center footprint and strengthens its managed cloud, hosting, security, and business continuity offerings for clients in the Southeastern United States.

New Mountain Capital has made a growth investment in ClaimLogiq, a Charleston-based healthcare technology company that provides payment integrity and claims-review solutions via its TrueCost platform. The investment, made alongside ClaimLogiq's management team and existing investor Eir Partners, will fund product development, talent, infrastructure and potential strategic acquisitions to accelerate the company's growth.

Versaterm Public Safety, a Banneker Partners portfolio company, has acquired FivePoint Solutions, a Lexington, South Carolina-based provider of data integration and case management software for courts and public safety agencies. The acquisition adds FivePoint's FocalPoint, StreetSmart and CaseWorX products to Versaterm's CAD and RMS ecosystem to improve interoperability, data exchange and situational awareness for law enforcement and judicial customers.

American Equipment Holdings, a Rotunda Capital Partners portfolio company, has acquired Systems Specialties Incorporated, a Six Mile, South Carolina-based provider of engineered overhead crane systems and MRO field services. The deal is the 13th add-on to the American Equipment platform and expands its national footprint across the Eastern United States.

Sage Park, an operations-focused acquisition group, completed the acquisition of substantially all of the assets of Orian Rugs, Inc., a vertically integrated U.S. manufacturer of woven rugs and specialized yarn products headquartered in Anderson, South Carolina. Sage Park said it will invest to grow Orian's manufacturing capabilities and partner with the existing management team to expand the business and customer relationships; transaction financial terms were not disclosed.

CenterOak Partners completed a majority recapitalization of Palmetto Exterminators, with the selling family retaining an equity stake and the incumbent senior management remaining in place. Palmetto, headquartered in Charleston, South Carolina, operates eight branches providing general pest, termite and mosquito control to residential and commercial customers across the Carolinas and Georgia; CenterOak intends to support the company's organic growth and roll-up strategy through add-on acquisitions.

Charlotte-based Jenkins Electric has acquired Wheeler Bearing Company, a sleeve and fluid film bearing manufacturer in North Charleston, South Carolina. The purchase expands Jenkins’ industrial motor parts, precision manufacturing and rebabbitting capabilities while retaining Wheeler’s technical and customer-service team at the North Charleston facility.

JDM Technology Group has acquired Greenville, South Carolina–based AerieHub, a cloud-based facility/building information app, in a transaction that closed September 29, 2022 with approval from owner Lori Morton. AerieHub will continue to operate as a separate brand and remain based in Greenville while joining JDM's facility management software group to broaden JDM's product offering and strengthen its facility management capabilities.

Blue Sea Capital has acquired ProSource Supply from CID Capital; terms were not disclosed. ProSource, a Greenville, South Carolina-based distributor of plumbing supplies, luxury fixtures, lighting and cabinet hardware with seven showrooms and over 140 employees, will partner with Blue Sea to accelerate organic growth, expand geographically across the Southeast and pursue complementary add-on acquisitions.

The Arena Group (NYSE: AREN), owner of Sports Illustrated, acquired golf publisher Morning Read from Buffalo Groupe, LLC to expand its sports vertical and rebrand its golf coverage as SI Golf. The deal brings Morning Read's editorial team, newsletter audience and e-commerce business into The Arena Group to accelerate audience and revenue growth for its golf coverage.

Comporium, a Rock Hill, South Carolina-based communications company, acquired Chesnee Communications and its 3,400+ customers from Skyline Telephone Membership Corporation in November 2021 and began rebranding the business under the Comporium name in November 2022. The move integrates Chesnee's employees and customer base into Comporium's operations and positions Comporium to upgrade local network facilities and expand services in northeastern Spartanburg and northwestern Cherokee counties.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Lehi, Utah, has acquired Peak Performance Team (PPT), a Surfside Beach, South Carolina–based finance & insurance (F&I) broker that provides extended warranties, vehicle service contracts, GAP and ancillary products to auto dealerships. The deal closed in mid‑July 2022 (terms undisclosed) and is intended to expand PCF's F&I product capabilities and national footprint.

Hub International Limited has acquired the assets of Tilghman Insurance of Myrtle Beach, LLC, bringing the Tilghman team into Hub Carolinas. The transaction expands Hub’s commercial and personal insurance capabilities and geographic footprint in the Myrtle Beach / Grand Strand region of South Carolina; terms were not disclosed.

Marsh McLennan Agency (MMA), a subsidiary of Marsh, has acquired Steinberg & Associates, Inc., an independent insurance and employee benefits agency based in Spartanburg, South Carolina. The acquisition expands MMA's presence in South Carolina and brings Steinberg's client-focused employee health, benefits and private client services into MMA; terms were not disclosed.

Rockit Pest announced the acquisition of Hired Killers Pest Control, a family-owned pest-control business serving Upstate South Carolina for more than 36 years. The deal adds density to Rockit Pest’s footprint in greater Greenville; owner Ross Woodall II sold the business and Rockit says it will support employees and maintain service quality as it integrates the team.

Eir Partners completed a growth recapitalization of ClaimLogiq, a Charleston-based healthcare SaaS platform that provides payment integrity and pre-payment solutions to health plans. Eir intends to use ClaimLogiq as a platform investment to accelerate product development, automation and synergistic acquisitions (including Medliminal and SyTrue) to broaden capabilities and drive savings for payer customers.

Harrington Industrial Plastics, a portfolio company of Nautic Partners, has acquired Commercial Industrial Supply (CIS), a Rock Hill, South Carolina-based distributor of thermoplastic fittings, valves, pipe and filtration products. CIS's strong online sales channel and same-day fulfillment capability will augment Harrington's e-commerce and increase regional density; CIS owner Ron Heisler will join the combined business.

Envoy Solutions, a Glenview, Illinois–based specialized distributor, has acquired York, South Carolina–based Sunbelt Packaging. The add-on strengthens Envoy's packaging footprint in the Southeast, bringing Sunbelt's flexible packaging inventory, automated equipment offerings and four distribution centers into Envoy's national platform; former majority owner SouthPointe Ventures was the selling party.

Alliance Physical Therapy Partners has partnered with Excel Rehab & Sports, adding six outpatient clinics across South Carolina and Tennessee to Alliance's network. The transaction expands Alliance's geographic footprint and gives Excel access to Alliance's centralized support services; the platform is backed by private equity sponsor BPOC (Beecken Petty O'Keefe & Company).

Capital Waste Services, a portfolio company of Kinderhook Industries, acquired the commercial front end-load waste collection assets of PASCON, LLC to expand its commercial presence in the Columbia, South Carolina market. The acquired routes will be serviced through Capital Waste facilities in Columbia and Aiken; the deal is an add-on acquisition financed by a Comerica Bank-led syndicate.

OutSolve, a Metairie, Louisiana-based affirmative action consulting firm, has acquired HudsonMann, a South Carolina-based firm specializing in affirmative action compliance and HR training. The acquisition expands OutSolve’s capabilities and geographic footprint—bringing experienced HudsonMann staff and its roster of roughly 600 client organizations into OutSolve’s platform as the company continues a multi-year roll-up strategy.

Birmingham-based Upstream Rehabilitation acquired Crescent Physical Therapy, a two-clinic outpatient practice founded by Chris and Kelli Kilgus, effective June 17, 2022. The deal brings Crescent into Upstream’s national platform as part of its strategy to expand services in rural and underserved communities in South Carolina.

Donaldson Company, Inc. (NYSE: DCI) has acquired Purilogics, LLC, an early-stage biotechnology developer of membrane chromatography products, for an initial purchase price of approximately $20 million plus milestone-based earnouts. The acquisition brings Purilogics' membrane purification technology into Donaldson's Industrial Filtration Solutions business to accelerate commercialization and expand Donaldson's life sciences capabilities.

Edcetera, a Waukesha-based provider of online continuing education, has acquired DCHours.com, a leading continuing education platform for Doctors of Chiropractic. The acquisition adds chiropractic-focused CE content (DCHours has served more than 40,000 chiropractors since 2008) to Edcetera's healthcare education offering; DCHours founder Dr. Guy Annunziata joins the Edcetera family.

GALLS, a leading supplier to public safety professionals, has acquired U.S. Patriot Tactical, a large multi-channel military and tactical gear retailer. The deal combines GALLS' nationwide distribution and e-commerce capabilities with U.S. Patriot Tactical's on-base and off-base retail footprint (63 stores) and ~270 employees, expanding GALLS' presence in the U.S. military individual market.

ZIPS Car Wash acquired four Islands Car Wash locations in the Hilton Head, South Carolina market (Bluffton, Hilton Head Island and Okatie), making ZIPS the largest express-only car wash chain in South Carolina. The transaction expands ZIPS' footprint in the state to 20 locations and strengthens its coastal market presence to serve both local residents and vacationers.

Riverside Insights, a portfolio company of Alpine Investors, acquired Aperture Education, a provider of research-based social and emotional learning (SEL) assessments for K-12 schools. The deal adds Aperture's DESSA SEL assessment suite to Riverside's portfolio of ability and achievement assessments to expand its K-12 assessment capabilities and reach.

Socotra has acquired Avolanta and will integrate Avolanta's unified agent and customer portal into Socotra's policy core as Socotra Unified Portal. The deal brings frontend experience and agent/broker collaboration capabilities to Socotra's cloud-native insurance platform, enabling faster product development and improved digital distribution.

Allied Universal has acquired American Security, a South Carolina–based regional security services provider founded in 1975. The acquisition adds more than 1,200 employees and strengthens Allied Universal's presence and service capabilities across the Southeastern United States (Alabama, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia).

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of South Carolina-based The Wills Agency. The deal expands Relation’s footprint in South Carolina and strengthens its personal and commercial lines capabilities; financial terms were not disclosed.

PCT LTD (Paradigm Convergence Technologies Corporation) completed an all-cash acquisition of a local South Carolina cleaning fluid company that currently generates about $200,000 in annual revenue. PCT said it will leverage the acquired company's marketing expertise and provide back-office support to expand sales and distribution into schools, healthcare facilities and other local and national customers, expecting combined revenue to ramp in Q3 2022.

Animal Dermatology Group, Inc. (ADG) has signed a definitive agreement to acquire Southeast Veterinary Dermatology & Ear Clinic (SVDEC), expanding ADG’s veterinary dermatology footprint into additional Southeast markets. The acquisition adds the SVDEC clinical team (including eight to nine board-certified dermatologists) and multiple primary and satellite locations, supporting ADG’s national expansion strategy.

Easy Ice, a national provider of full-service ice machine subscription solutions, has acquired Hutto Refrigeration Sales & Service, a Charleston, South Carolina-based refrigeration sales, service and refurbishment business. The acquisition expands Easy Ice's Southeast presence and adds a centralized refurbishment and technical service facility and experienced team to support its lease and maintenance operations.

Lennar Corporation has purchased Executive Construction Homes, LLC, acquiring the company's work-in-progress, finished lots, and land pipeline of more than 3,300 lots to expand its presence in the Columbia, South Carolina market. JTW Advisors served as sell-side advisor; Executive Construction Homes' founder Eddie Yandle and his family will remain involved and continue selling finished lots to Lennar through related-party land development companies.

Comfort Systems USA, Inc. (NYSE: FIX) has acquired Atlantic Electric, LLC, a Charleston, South Carolina–based electrical contractor with operations in South Carolina and western North Carolina. Atlantic brings approximately $50 million of annualized revenue and specialized capabilities including airport runway lighting and industrial electrical services, expanding Comfort Systems USA's presence and capabilities in the Carolinas and the Southeast.

BDV Solutions, a Greenville-based tech-enabled labor solutions provider, has acquired Argo Visa, a consultative visa-services company founded by former U.S. consular officers. The deal expands BDV's immigration and visa-preparation capabilities, enabling it to offer a broader suite of services to employers and individual visa applicants.

Capital Waste Services, a portfolio company of Kinderhook Industries, acquired Pee Dee Environmental Services (the Pee Dee construction & demolition landfill) in Florence, South Carolina. The transaction is an add-on acquisition to expand CWS’s roll-off operations and landfill disposal capability in its core South Carolina market; former owner Richard Bonnoitt sold the asset.

Pearlman Group, a portfolio company of The Stephens Group, has acquired CleanSource, Inc., a Columbia, South Carolina-based distributor of professional cleaning and restoration supplies. Terms were not disclosed; CleanSource’s founders (the Stutts family) will transition ownership while Jonathan Stutts and the CleanSource team continue operating the business as part of Pearlman’s specialty distribution platform.

Funds managed by Wafra Inc. and NOVA Infrastructure acquired Hawthorne Global Aviation Services from Moelis Capital Partners. Hawthorne is a U.S. fixed-base operator (FBO) network with six locations offering fueling, hangaring and ancillary airport services; the investors plan to build a larger FBO platform and expand the company’s geographic footprint in corporate and general aviation.

Hub International Limited has acquired the assets of Midland Agency Insurance Corporation, a Columbia, South Carolina-based insurance agency that specializes in agribusiness insurance. The deal (terms undisclosed) will integrate Midland's team into Hub Carolinas and strengthen Hub's agribusiness and specialty insurance capabilities in the region.