Acquisitions in South Carolina in 2023

Tangram Insurance Services, a national managing general agency and program manager, acquired Preferred Reinsurance Intermediaries effective December 31, 2023. The deal expands Tangram's capabilities into the reinsurance brokerage market and brings Preferred Re's reinsurance placement, specialty program development, and alternative risk capacity sourcing expertise into Tangram's platform; terms were not disclosed.

Bridgestone HosePower, a subsidiary of Bridgestone Corporation, has acquired Greenville, South Carolina-based Cline Hose & Hydraulics, a family-owned hydraulic and industrial hose service business founded in 1948. The acquisition expands HosePower's mobile service and retail footprint in the Southeast U.S., increasing capacity to serve more customers and enhancing its hydraulic and industrial hose capabilities.

EQT Private Equity (via its EQT X fund) has entered into an agreement to acquire Zeus Company, Inc., a global leader in advanced polymer components for medical devices, from the Tourville family. EQT plans to support Zeus with investments in production capacity, R&D, and operational improvements to accelerate growth in minimally invasive medical device markets.

NOVA Infrastructure completed the acquisition of A&R Bulk-Pak, a Moncks Corner, South Carolina provider of contract packaging, transloading, rail-served warehousing and logistics services to petrochemical producers and traders. As part of the transaction A&R entered a strategic partnership with Harbor Logistics (a NOVA portfolio company) to broaden service offerings and pursue growth across North American port-centric logistics markets.

Woodings Industrial Corporation and affiliated company Munroe Inc., with financing from Ironwood Capital, acquired 100% of Superior Machine Company of South Carolina, Inc., a Florence, South Carolina-based provider of melt‑shop equipment manufacturing and field services. The deal adds electric arc furnace and continuous casting capabilities to Woodings’ portfolio and will allow Superior to operate independently under the Woodings Industrial group while supporting accelerated growth and expanded North American market coverage.

Savant Wealth Management has acquired Clinton, South Carolina–based Peay & Associates, LLC (a CPA firm) and its affiliated RIA, SwaimBrown Wealth Management (AUM ~ $146 million). Owners Jay Peay and Ashley Tate will join Savant as member owners and several employees will transition to Savant as part of the deal, supporting Savant’s strategy to expand CPA-led capabilities and its presence in South Carolina.

Paladin Holdings LLC, a portfolio company backed by Makai Capital Partners (with equity from Capital For Business, Inc. and Konza Valley Capital, Inc.), has acquired Texize, Inc., a Greenville, South Carolina-based manufacturer of industrial and commercial cleaning products. The deal is an add-on to Paladin's industrial products portfolio intended to strengthen product offerings and increase production capacity across Texize's regional customer base.

Rely Technology (Charleston) has acquired Carolina Custom Security & Sound, a Mount Pleasant, South Carolina provider of alarm and camera systems, custom audio/video and smart home solutions. The sale, advised by Generational Equity, closed on October 11, 2023 and expands Rely’s local capabilities and footprint in the Charleston market.

Kept Companies, a national facility maintenance platform, has acquired Pressure Pros, a provider of pressure washing services for commercial, industrial and multi-family properties. The acquisition is an add-on to Kept's portfolio and expands its exterior cleaning and facility maintenance capabilities across its service offering.

Pye-Barker Fire & Safety has acquired Adroit Systems Company, a Greenville, South Carolina-based provider of commercial fire alarm, intrusion detection, access control and video surveillance with 24/7 monitoring. The acquisition expands Pye-Barker's life safety and security capabilities and presence in South Carolina as part of its ongoing national growth strategy.

Makai Capital Partners, together with Capital For Business, Inc. and Konza Valley Capital, has acquired New Life Chemical & Equipment, Inc. of Greenville, South Carolina. The transaction is the first add-on to Makai's specialty chemical manufacturing platform, Paladin Holdings, and includes subordinated debt and equity from CFB and Konza while management remains with the company.

Klöckner & Co, through its U.S. subsidiary Kloeckner Metals Corporation (KMC), has acquired Industrial Manufacturing Services (IMS), a Lancaster, South Carolina-based metal fabricator. IMS, which operates a single facility with about 100 employees and annual sales around USD 30 million, will expand KMC’s fabrication, welding and just-in-time warehousing capabilities across North America; financial terms were not disclosed.

GFL Environmental has acquired Capital Waste Services (CWS), a Columbia, South Carolina-based regional waste hauler and Kinderhook Industries portfolio company. The tuck-in deal expands GFL’s Waste Industries footprint across the Southeast (Georgia, South Carolina and Tennessee), adding landfills, transfer stations and over 200 collection vehicles to accelerate organic growth and margin expansion.

United Homes Group, Inc. (UHG) has acquired Rosewood Communities, a private homebuilder operating in the Upstate South Carolina markets of Greenville and Clemson. The acquisition expands UHG's footprint in the Upstate and adds Rosewood's cottage-style home designs to UHG's product offering; Mark Nyblom, Rosewood's former owner, will remain as Division Manager - Rosewood.

L Catterton has completed its acquisition of Thorne HealthTech, Inc. through a tender offer and subsequent second‑step merger, paying $10.20 per share and taking Thorne private. Thorne's common stock will be delisted from the Nasdaq and L Catterton intends to support Thorne's growth and execution of its clinically backed personalized testing and supplement offerings.

Bowman Consulting Group Ltd. has acquired Dennis Corporation, a Columbia, South Carolina-based civil engineering, surveying and construction management firm. The deal brings all 40 Dennis employees into Bowman, is financed with cash, seller notes and equity, and is expected to be immediately accretive with an initial annualized net service billing run rate of approximately $4.5 million.

Steadfast Group has acquired ISU Insurance Agency Network (ISU Group) for US$55 million to establish a foothold in the United States. ISU, one of the largest independent agency networks in the US with ~220 member agencies across 40+ states, will retain its management team and be rebranded ISU Steadfast to combine local scale with Steadfast's international capabilities.

Vestar Capital Partners has joined Tech24 as a new investor alongside existing shareholder HCI Equity Partners and the company's management team in a sponsor recapitalization. The investment will fund Tech24's continued organic and acquisitive growth across new and existing geographies and end markets; Tech24 is a Greenville, South Carolina-headquartered leader in commercial foodservice equipment repair and preventive maintenance.

Allergy Partners has acquired Charleston Allergy and Asthma, adding the three-location Charleston, South Carolina practice to its national network. The acquisition expands Allergy Partners' southeast footprint and brings six board-certified allergists and 38 team members into the Allergy Partners platform.

Construction Partners, Inc. (NASDAQ: ROAD) has acquired Hubbard Paving & Grading, Inc., a Walhalla, South Carolina-based paving and grading contractor. The deal adds a hot-mix asphalt plant and related operations to CPI's South Carolina platform King Asphalt, Inc., expanding CPI's service footprint in the Upstate/Greenville metro region.

The JF Petroleum Group has acquired the assets of Star Construction Inc. and SCI Petroleum Inc., relocating those assets to its Charleston, South Carolina Dykstra Construction branch. The deal brings former owner Brian Starer and licensed master electrician Brett Barnes into JF's Dykstra Construction leadership team and expands JF's installation, construction, and electrical capabilities in the Southeast.

Netsmart Technologies has acquired Netalytics, a Greer, South Carolina-based provider of electronic health records (EHR) and practice management software for substance use disorder (SUD) clinics, from Prairie Capital VI. The purchase extends Netsmart's CareFabric platform and expands its SUD-focused capabilities, enabling improved interoperability, e-prescribing, telehealth and analytics for opioid treatment program providers.

PolyQuest, Inc., a privately held thermoplastic resin distributor based in Wilmington, North Carolina, has agreed to acquire Baker Transportation, Inc., an asset-based regional carrier headquartered in Lake City, South Carolina. The deal (expected to close October 1, 2023) gives PolyQuest direct transportation and logistics capabilities while the Baker family will remain involved in operations.

Easy Ice has acquired the ice machine leasing division of OBCO Chemical Corporation, transferring OBCO's ice machine leasing customers to Easy Ice while OBCO continues its janitorial, restaurant, and dishwasher businesses. The deal strengthens Easy Ice's presence in the Charleston, South Carolina market and supports its broader Southeast expansion; Easy Ice currently manages over 30,000 ice machines across 47 states.

Ci Design has acquired Compounding Workflow, a laboratory design and compounding pharmacy consulting practice owned by Bryan Prince, and opened a new office in Greenville, South Carolina. Prince joins Ci as an Associate and Senior Lab Planner to expand Ci's compounding pharmacy and USP-compliant lab design expertise across the firm's Science & Technology practice.

Watsco, Inc. completed the acquisition of Gateway Supply Company, a Columbia, South Carolina-based distributor of plumbing and HVAC products with approximately $180 million in annual sales and 16 locations across South Carolina and North Carolina. The transaction expands Watsco's footprint in core Sunbelt markets and brings Gateway into Watsco's technology and scale while Gateway's leadership (the Williams family) will continue to run the business.

Artisan Design Group (a portfolio company of The Sterling Group) has acquired KB Kitchen & Bath, a South Carolina-based cabinet installer and distributor. The add-on strengthens ADG's cabinet offering and expands its coverage of the single-family housing market in the Carolinas. Terms were not disclosed.

MSouth Equity Partners, an Atlanta-based private equity firm, completed the acquisition of Engineered Products (EP), a Greenville, South Carolina-based designer, manufacturer and installer of structural storage and racking solutions that support Automated Storage and Retrieval Systems (ASRS). MSouth will partner with EP's management team, led by CEO Tommy Sinclair, to support continued growth and investment in infrastructure to capitalize on automation trends in warehousing and distribution.

Cold Core Group, a Menomonee Falls, Wisconsin-based full-service industrial and commercial refrigeration provider, has acquired South Carolina-based Aircor Refrigeration, LLC and Arctic Consulting, LLC. The acquisition expands Cold Core Group's east‑coast presence and adds specialized industrial refrigeration services, energy management and PSM/RMP compliance consulting capabilities.

Pye-Barker Fire & Safety has acquired Excel Fire Sprinkler Company, Inc., a full-service fire sprinkler contractor based in Roebuck, South Carolina. The acquisition strengthens Pye-Barker’s capabilities and market presence in the greater Greenville area as part of its roll-up strategy to become the nation’s single-source provider for fire protection, life safety and security services.

Coastal Waste & Recycling, a Macquarie Asset Management portfolio company, has acquired Ridgeland, South Carolina-based Pro Disposal USA, a vertically integrated solid waste management provider serving the Lowcountry region. The add-on expands Coastal's footprint across high-growth southeastern U.S. markets; terms were not disclosed and Brown Gibbons Lang & Company served as financial advisor to Pro Disposal.

Cantey Tech Consulting, a Charleston-based IT managed service provider, has acquired the assets of Unified Network Group (UNG), an MSP based in Boiling Springs, South Carolina. The deal expands Cantey Tech's presence in South Carolina and adds UNG's client base and capabilities—particularly around security—into Cantey Tech's larger MSP platform.

Kleen-Tech Services, a nationwide janitorial and custodial services provider based in Denver, has acquired IFS Group, a Charleston-based janitorial and facilities services firm founded in 2002. The acquisition expands Kleen-Tech’s operations into Eastern markets and adds local operational resources and client relationships in the Charleston area.

Verdantas, a private-equity-backed sustainable infrastructure engineering and environmental science firm, has acquired Clemson Engineering Hydraulics (CEH) to expand its capabilities in physical hydraulic modeling and water resources engineering. The acquisition broadens Verdantas' geographic footprint and strengthens its service offerings to pump manufacturers, A/E firms, municipalities, and government clients.

Hub International Limited acquired the assets of Golden Green, Inc. d.b.a. Golden Corner Wealth Advisors, a Seneca, South Carolina-based financial advisory firm. The Golden Corner founder Jim Charbonneau and his team will join Hub Carolinas as part of Hub's effort to strengthen its Retirement and Private Wealth capabilities; terms were not disclosed.

Compass Group Equity Partners has invested in Anderson UnderBridge, a York, South Carolina-based manufacturer and rental operator of mobile bridge inspection trailers and trucks. The partnership establishes Anderson as a platform in Compass Group's Fund II and will fund expanded manufacturing, a larger rental fleet, certification services, geographic expansion, and potential bolt-on acquisitions.

Retina Consultants of America (RCA) has acquired East Coast Retina, PA, a retina specialty practice led by Dr. Stephen Phillips in the Myrtle Beach, South Carolina area. FOCUS Investment Banking advised East Coast Retina on the transaction; RCA will integrate the practice into its physician-centered practice management network to support day-to-day operations and future growth.

Arlington Capital Partners, a Washington, D.C.-area private equity firm, has acquired Pegasus Steel LLC, a heavy steel fabricator that supplies large-scale structures for U.S. Navy submarines and aircraft carriers. Pegasus will serve as a new platform for Arlington as management, led by Founder & CEO Tony Deering, remains in place to scale the business to meet naval shipbuilding demand.

48forty Solutions, a national pallet management provider and portfolio company of Audax Private Equity and Summit Partners, has acquired Taylor Pallets & Recycling, a South Carolina-based pallet management and recycling company. Taylor operates four locations across South Carolina and Georgia, employs more than 180 people, and will expand 48forty's presence in the Southeast; terms were not disclosed.

Probo Medical, a provider of diagnostic imaging equipment and services backed by Avista Capital Partners, has acquired Ultra Select Medical, a Charleston-based provider of ultrasound sales, service, maintenance, repair and training. Terms were not disclosed; the deal expands Probo's ultrasound distribution, service and OEM partnership capabilities across the U.S.

Techniplas US, LLC completed the acquisition of Proper Group International's Anderson, South Carolina manufacturing operation (Proper Anderson). The 86,000 ft2 injection-molding and assembly facility — founded in 1996 with over 120 employees — produces Tier I and Tier II automotive exterior components as well as consumer and industrial components; Techniplas said the purchase expands its capabilities in Class A surface components.

Heidelberg Materials (North America) has entered into a definitive agreement to acquire The SEFA Group, Inc., the largest recycler of harvested fly ash sold for use in concrete products in the United States. Based in Lexington, South Carolina, The SEFA Group operates 20 locations with five business units and more than 500 employees, and the acquisition strengthens Heidelberg's cementitious footprint and sustainable product offerings in the Southeastern U.S.

The Innovative Foodservice Group (IFG) has acquired Foodservice & Restaurant Supply (FRS), a 50‑year regional distributor of commercial kitchen equipment and supplies with four showrooms across the Carolinas. The acquisition brings FRS’s local sales, showroom and distribution capabilities into IFG’s national foodservice distribution platform, and was led for the sellers by Viking Mergers & Acquisitions.

Clayens Group, an OEP-backed contract manufacturer, agreed to acquire precision plastics manufacturer Parkway Products LLC and completed the carve-out and transfer of a Crystal Lake, Illinois injection-molding manufacturing business from a global healthcare company. The transactions expand Clayens' North American footprint, add manufacturing scale and technical capabilities (notably in healthcare), and consolidate a combined business with roughly €600 million in revenues and an expanded facility network across three continents.

Air Conditioning Specialist, Inc. (ACS), a Hidden Harbor Capital Partners portfolio company, acquired Palmetto Heating & Air of the Low Country, a Hardeeville, South Carolina provider of residential and light-commercial HVAC services. The deal expands ACS’s geographic footprint into South Carolina and broadens its service and replacement capabilities; financing was provided by Capital Southwest and Generational Equity advised the seller.

ProSource, LLC, a Blue Sea Capital portfolio company and value-added wholesale distributor of plumbing and building products, has acquired Huber Supply, a two-location plumbing and electrical supplier serving the South Carolina Lowcountry. The acquisition will rebrand Huber Supply to ProSource Supply and expand ProSource's product availability and geographic footprint in South Carolina.

Columbus-based Codex IT has acquired Practical Systems, LLC, a computer infrastructure support company headquartered in Cayce, South Carolina. The acquisition expands Codex IT's national footprint in healthcare-focused managed IT services and strengthens its presence and support capabilities in South Carolina.

SAM, a leading provider of geospatial and inspection solutions, has acquired Carolina Surveying Services, Inc. (CSS), a Lexington, South Carolina–based professional geomatics and land surveying firm. The acquisition expands SAM’s presence and client solutions in the Carolinas and Southeastern U.S.; the entire CSS team, including President Dennis Johns, will join SAM.

McGrath RentCorp (Nasdaq: MGRC) acquired the assets of Dixie Temporary Storage, a regional provider of portable storage solutions in South Carolina, adding ~800 assets and a new branch to its portable storage operations. The transaction was financed with borrowings from McGrath’s revolving credit facility and is intended to expand McGrath’s regional presence in the South Carolina market.

Construction Partners, Inc. (NASDAQ: ROAD) acquired Pickens Construction, Inc., a hot‑mix asphalt producer and contractor headquartered in Anderson, South Carolina. The bolt‑on acquisition — which includes one hot‑mix asphalt plant and about 20 employees — will be integrated into CPI’s South Carolina platform, King Asphalt, Inc., and expands CPI’s service footprint in the greater Greenville, South Carolina metro area.