Acquisitions in Tennessee in 2019

IZI Medical Products, LLC, a Shore Capital Partners-backed interventional radiology device platform, acquired RadioMed Corporation and its VISICOIL fiducial marker product family from IBA S.A. The purchase is an add-on to IZI’s portfolio—its fourth add-on in 24 months—and is intended to expand IZI’s imaging marker and interventional oncology offerings through RadioMed’s distribution channels and IZI’s direct sales force.

VendEngine, a Nashville-based cloud FinTech provider for the corrections industry, has acquired Murfreesboro software development firm Sherrod Computers. The cash transaction expands VendEngine's software development capabilities and adds Sherrod's client book across corrections, fintech, healthcare and logistics; Sherrod's founder Chris Sherrod joins VendEngine as CIO. Terms were not disclosed.

Primus Capital led a major growth investment and recapitalization in Trilliant Health, a healthcare analytics company based near Nashville, Tennessee. Existing investors — Providence Ventures, Martin Ventures, Noro-Moseley Partners, and Nashville Capital Network — also participated to support Trilliant’s product development, data science hiring, and national expansion of its analytics platform for health systems.

Brighton Park Capital acquired a majority stake in Relatient as part of a recapitalization and provided significant growth capital to accelerate the company's product development and customer growth. The investment positions Relatient to hire additional employees, expand its patient-engagement platform, and includes Eric A. Spiegel joining Relatient's board as chairman.

Fortive Corporation has acquired Censis Technologies, a Franklin, Tennessee-based provider of SaaS surgical instrument tracking and sterile processing workflow solutions, from The Riverside Company. Riverside said it executed a value-creation plan during its ~5-year hold—growing the sales team, completing an add-on (Applied Logic) and materially expanding hospital penetration—before selling the business to Fortive.

Greenrise Technologies, a Boyne Capital portfolio company, has acquired Southern Nurseries, a Nashville-area manufacturer and supplier of engineered biofiltration soils branded as Holy Cow! Soils. The add-on expands Greenrise's product portfolio and manufacturing capability for green roof and stormwater-management applications and will support geographic expansion in the Central Tennessee region.

Davies, the HGGC-backed U.K. operations management and digital solutions provider, has acquired Alternative Service Concepts (ASC), a Nashville-based workers' compensation and property & casualty claims administration firm. The acquisition — Davies' 15th under HGGC ownership — expands its North American Claims Solutions capability and further strengthens its end-to-end claims processing and adjusting services.

An affiliate of Platinum Equity has acquired TruckPro Holding Corporation from Harvest Partners. TruckPro, headquartered in Memphis, Tennessee, is a leading distributor of heavy-duty truck and trailer parts with more than 150 locations across the United States and Canada; Platinum Equity said it will pursue organic growth and potential acquisitions to expand the business.

Cinven, the international private equity firm, has agreed to make an investment in National Seating & Mobility (NSM), a leading North American provider of complex rehabilitation mobility and accessibility solutions. The partnership will support NSM’s next phase of growth — both organically and via strategic acquisitions — with Cinven providing significant investment and working with management to expand the business.

New Mountain Capital has acquired a controlling interest in emids, a Nashville-based provider of digital engineering and healthcare technology services, with prior investors Baird Capital and Council Capital exiting. emids management and select stakeholders remain invested; the investment will support continued organic and inorganic growth, including capability expansion in digital transformation, data engineering and analytics for healthcare payers, providers and life sciences clients.

Warburg Pincus has acquired Qualifacts, a Nashville-based provider of cloud-based electronic health record (EHR) software for behavioral health and human services, from prior investor Great Hill Partners. The investment will support accelerated product development, expanded sales and marketing, and pursue strategic relationships and acquisition opportunities to grow Qualifacts' market presence.

Allison Transmission acquired Walker Die Casting Inc. (Lewisburg, TN) and C&R Tool and Engineering, Inc. (Muscle Shoals, AL) in September 2019 to bring critical die-casting and tooling capabilities in-house. The purchases strengthen Allison's supply chain and manufacturing capabilities for transmission and powertrain components; the combined deal value was reported at approximately $103 million.

EBSCO Capital has acquired Bailey International, a Knoxville-based manufacturer and distributor of fluid power components, from Pfingsten Partners. Bailey, founded in 1976 with more than 200 employees, makes hydraulic cylinders, pumps, valves, motors, hoses and related components for OEMs and repair/distribution channels; Pfingsten had owned Bailey since 2012.

Blue Point Capital Partners completed a recapitalization of SASE Company, Inc., a U.S.-based manufacturer and supplier of concrete polishing equipment, tooling and consumables. The partnership positions Blue Point as SASE’s first institutional investor and aims to support the company’s growth by leveraging Blue Point’s sourcing, supply chain, data analytics and digital capabilities.

American AllWaste LLC, a NewHold Enterprises platform, acquired the assets of Onsite Environmental, a Tennessee-based provider of non-hazardous liquid waste hauling and treatment services. The asset purchase expands AllWaste's non-hazardous liquid waste platform in the Southeast and adds capabilities such as brown grease recovery; financial terms were not disclosed.

Hub International Limited acquired Crichton, Brandon, Jackson & Ward, Inc. (d/b/a The Crichton Group), a Nashville-based commercial and employee benefits insurance agency. The deal creates a new regional Hub Mid‑South operation covering Tennessee and Kentucky and strengthens Hub's specialty capabilities in construction, real estate, healthcare and nonprofit markets.

Cumming, a portfolio company of Tailwind Capital, has acquired Nashville-based CAPEX Project Management LLC. The add-on expands Cumming’s project management and building consultancy resources across the Southeast and Central U.S., bolstering its ability to serve developers, REITs, private equity investors and government clients.

Ithaca Holdings LLC, led by Scooter Braun, has acquired Big Machine Label Group from founder Scott Borchetta. The deal, supported by an additional equity investment from The Carlyle Group, transfers BMLG's artist roster, distribution deals, publishing assets and owned masters to Ithaca while Borchetta remains BMLG President and CEO and takes a minority stake in Ithaca.

Integrated Oncology Network (ION), a platform backed by Silver Oak Services Partners, has acquired e+CancerCare, a Nashville-based operator of outpatient cancer care centers. e+CancerCare operates 21 centers across ten states; the acquisition, together with ION’s prior Gamma West deal, creates a combined oncology platform with 51 locations across 17 states and expands ION’s capabilities in medical and radiation oncology and diagnostic services.

Arco Distributing & Heating & Cooling, a Greenleaf Capital Partners portfolio company, has acquired Northgate Parts, Inc., a manufactured housing and recreational vehicle parts distributor that also provides air conditioning servicing. The add-on acquisition expands Arco’s distribution reach and HVAC service capabilities in the manufactured housing and RV markets; terms were not disclosed.

Chicago-based CC Industries, Inc. has acquired Southern Towing Company, LLC, an inland tank barge operator based in Memphis, Tennessee, from Trive Capital. The transaction represents a strategic consolidation/expansion of CC Industries' industrial/marine transportation capabilities and a successful exit for Trive Capital.

Tooling Tech Group, a GenNx360 Capital Partners portfolio company, has acquired Alpha Integration, a Murfreesboro, Tennessee-based developer and manufacturer of automated assembly, material handling, dispensing, sorting, testing, welding and fastening solutions. The deal is an add-on to TTG's platform intended to expand its automation and assembly capabilities and help TTG reach new end markets such as medical and cosmetics.

HealthpointCapital has acquired a controlling (majority) stake in CrossRoads Extremity Systems, a Memphis-based developer and manufacturer of foot & ankle implants, procedure-specific sterile-packed instrumentation, and the EcoSMART instrument recovery service. HealthpointCapital will partner with CrossRoads' co-founders and management, providing additional equity to fund organic growth, expand the company's portfolio and market presence, and pursue bolt-on acquisitions.

EyeSouth Partners has completed affiliations with Cumberland Eye Care and Plateau ASC (Crossville, TN) and Cookeville Eye Specialists and Perimeter ASC (Cookeville, TN), establishing EyeSouth's initial presence in Tennessee. EyeSouth, a Georgia-based eye care MSO backed by Shore Capital Partners, will support the practices and ASCs while the practices continue to operate under their existing brands and staff.

Marlin Equity Partners completed a majority recapitalization and growth investment in Skuid, a Chattanooga-based no-code, cloud application development platform. The investment will support Skuid’s expansion of web and mobile application development capabilities and accelerate its growth with enterprise customers.

Freeman Spogli & Company acquired a majority interest in Five Star Food Service, Inc., partnering with Five Star management and other investors. The private equity investment will support Five Star’s growth strategy across the Southeast — including organic expansion and add-on acquisitions — while financing was provided by Ares Capital Corporation and Varagon Capital Partners.

Continental Batteries, a platform backed by Incline Equity Partners, has acquired Battery Sales & Service (BSS), a Memphis-based aftermarket battery distributor. The acquisition adds eight branch locations to Continental’s network—expanding the platform to 42 branches across 15 states—as part of a strategy to consolidate the fragmented aftermarket battery industry and expand geographic coverage.

Huron Capital-backed platform Ronnoco Coffee has acquired Beverage Solutions Group, a Tennessee-based provider of beverages and foodservice/convenience-store equipment. The add-on expands Ronnoco’s national footprint and distributor relationships, deepening its presence in convenience stores, foodservice locations and offices across the U.S.

Dallas-based holding company Anchor Partners has acquired Quality Industries, a metal fabrication and contract manufacturing business headquartered in La Vergne, Tennessee. The acquisition adds capacity and capabilities to Anchor's family of manufacturing companies (including Anchor Fabrication), expanding its footprint across the southern United States.

ECP-PF Holdings Group, Inc., a Planet Fitness franchisee backed by Exaltare Capital Partners, acquired seven Planet Fitness locations in the Knoxville and Chattanooga, Tennessee markets from Meridian Enterprises. The deal expands ECP-PF’s footprint in the Southeast and keeps the locations open and operational under the Planet Fitness brand.

Altus Capital Partners has acquired Thermal Solutions Manufacturing, Inc. (TSM) from Resilience Capital Partners. TSM is a Nashville-headquartered manufacturer and distributor of heat-exchange and thermal management products serving heavy‑duty on-highway and off-highway truck aftermarkets and industrial OEMs; Altus and TSM senior management will continue to grow the business (terms not disclosed).

GuideWell Connect, the consumer engagement arm of GuideWell Mutual Holding Corporation, has acquired Onlife Health Inc. from Blue Cross Blue Shield of Tennessee and Cambia Health Solutions. The acquisition adds Onlife’s digital member engagement, wellness and chronic condition management capabilities — serving roughly 11 million members — to GuideWell Connect’s platform to expand its consumer engagement and health & wellness offerings.

Sharp Business Systems, the direct sales division of Sharp Imaging and Information Company of America, has acquired Saratoga Technologies to expand its direct regional sales coverage for document systems and managed network services in Eastern Tennessee and Southwest Virginia. Employees of Saratoga will join the SBS team and Saratoga's president, David Temple, will remain to help ensure a smooth transition.

LimaCorporate, an EQT portfolio company and global orthopaedics leader, acquired TechMah Medical LLC to expand its digital orthopaedics capabilities. The acquisition (announced as milestone-based) brings TechMah’s bio-wireless electronics, biomechanics and reconstructive software into Lima’s offering to accelerate in-hospital additive manufacturing and digital care solutions in orthopaedics.

Harvey & Company, a private investment firm, has initiated a new platform investment in Engineered Medical Systems (EMS), a Memphis-area contract manufacturer of machined metal instruments and implants for spinal and orthopedic surgery. The investment will support EMS's organic growth, operational improvements and enable the pursuit of complementary add-on acquisitions.

Westshore Capital Partners has acquired Reliant Account Management, LLC, a Knoxville-based third-party payment processor and trust accounting company. Capitala Group provided $30.0 million of senior secured debt and equity to support Westshore’s acquisition, financing the transaction to enable the sponsor buyout and capability expansion into payment and trust accounting services for debt relief, legal and medical industries.

Cubic Corporation acquired GRIDSMART Technologies, Inc. for approximately $87 million in cash to strengthen its Intelligent Traffic Management portfolio. GRIDSMART, based in Knoxville, Tennessee, provides single-camera video detection and analytics and was expected to contribute about $35 million in revenue and $8 million of adjusted EBITDA for full-year 2019.