Acquisitions in Tennessee in 2021

Funds managed by Oaktree Capital Management have acquired Velocity Risk Underwriters, a Nashville-based catastrophe-focused managing general agent (MGA). Nephila Capital, the firm's founder, will remain a minority shareholder as Oaktree provides capital and support to expand Velocity Risk’s underwriting platform and capabilities.

The Mather Group (TMG), a family- and employee-owned wealth management firm, has acquired Nashville-based registered investment adviser Eugenias Advisory Group (EAG). EAG manages more than $162 million in AUM with a five-person team and will continue operating from its Nashville office as TMG expands its national footprint.

Crown Capital Investments, an Atlanta-based private equity firm, has acquired Climashield, a Clinton, Tennessee-headquartered manufacturer of continuous filament insulation used by military and premium outdoor recreation brands. The acquisition adds a specialty insulation manufacturer to Crown Capital’s industrial and specialty manufacturing portfolio and creates synergy with existing portfolio company Graniteville Specialty Fabrics.

Argos Health, a WCAS-backed revenue cycle platform, has merged with EnableComp, a Franklin, Tennessee-based provider of workers' compensation, Veterans Affairs and other complex claims processing solutions powered by its Enforcer360 software. The deal expands Argos' geographic footprint and technology capabilities to strengthen its position as a market leader in complex claims recovery for hospitals and health systems.

Exchange Income Corporation (EIC) has acquired Crew Training International, Inc. (CTI), a Memphis-based provider of advanced pilot and sensor-operator training for military and commercial customers. CTI, founded in 1992 and headquartered in Memphis, Tennessee, will expand EIC's aerospace and aviation services capabilities and government training footprint.

Consilio has acquired Legility from private equity firm Gridiron Capital, combining Consilio's global eDiscovery and legal consulting platform with Legility's technology-enabled legal services, managed review, and flexible legal talent capabilities. The deal expands Consilio's enterprise legal services, enhances its European footprint, and integrates Legility's talent and technology into Consilio's Complete suite of solutions.

Cedar Recovery, LLC has acquired Occupational Health Services (OHS) East Knoxville, an office-based opioid treatment (OBOT) clinic previously owned by Dr. James "Jake" Harrison. The clinic becomes Cedar Recovery's fifth location and its first presence in East Tennessee, expanding the provider's outpatient medication‑assisted treatment capacity in the Knoxville area.

Vehicle Accessories, Inc. (VAI), a portfolio company of Kinderhook Industries, acquired Remington Global, a manufacturer of floor protection products for automotive OEMs. The acquisition is VAI's sixth add-on and is intended to expand VAI's floor mat and floor protection offering, leverage Remington's OEM relationships, and create cross-selling opportunities across product categories and customers.

APPLIED Adhesives, a Minnetonka-based value-added adhesive distributor, has completed the acquisition of Bird Song Adhesives, Inc., a regional specialty adhesive supplier in Madison, Tennessee. The deal expands APPLIED's regional footprint and technical capabilities, bringing Bird Song's longstanding customer relationships into APPLIED's service network.

Limbach Holdings, Inc. (Nasdaq: LMB) completed the acquisition of Chattanooga-based specialty mechanical contractor Jake Marshall, LLC for an enterprise value of $20 million in an all-cash transaction. Jake Marshall, which generated average revenues of more than $45 million and approximately $4.5 million in EBITDA (2014–2020), expands Limbach’s owner-direct industrial and institutional capabilities and southeastern U.S. presence.

Imperial Dade, a Bain Capital-backed distributor of foodservice packaging and janitorial supplies, has acquired American Paper & Twine (APT), a Nashville-based distributor of janitorial, packaging, food service and office products. The transaction is an add-on to Imperial Dade's platform that strengthens its presence in the Southeast; financial terms were not disclosed.

Fast Pace Health, a Revelstoke Capital Partners portfolio company, completed a partnership to bring Rural Health Alliance's 15 primary-care focused walk-in clinics in rural western Tennessee into its network. The combination expands Fast Pace's rural footprint and value-based care capabilities across six states, creating a multi-specialty rural provider platform with 170 clinics and enhanced care coordination and payor relationships.

SSW Advanced Technologies, a portfolio company of Trive Capital, has acquired Schott-Gemtron Corporation, a North American manufacturer of specialty glass parts and systems for the appliance and HVAC markets. The deal expands SSW's product portfolio and manufacturing capacity across the United States, Mexico and Canada and adds product development capabilities to better serve appliance OEM customers.

Installed Building Products, Inc. (NYSE: IBP) acquired CFI Insulation, Inc., a Knoxville, Tennessee-based installer of fiberglass and spray foam insulation. The acquisition (CFI reported ~ $10 million of annual revenue) expands IBP’s footprint in Tennessee and its presence in residential, multifamily and commercial construction end markets.

AppleGate Recovery, a service brand of BayMark Health Services, has acquired East West Family Care, an office-based opioid treatment (OBOT) program in Southeast Nashville, Tennessee. The acquisition expands AppleGate’s outpatient medication‑assisted treatment (MAT) footprint in Tennessee and will continue providing buprenorphine/Suboxone treatment, counseling and case management services to local patients.

Sabrosura Foods, a Bloomington, Minnesota-based marketer of Hispanic food brands and a portfolio company of Centre Partners, has acquired Pancho's Mexican Foods, the Memphis-origin refrigerated queso dip brand founded in 1956. The add-on expands Sabrosura's snacking and Hispanic cheese portfolio and aims to broaden Pancho's nationwide distribution across mass, club and grocery channels; terms were not disclosed.

Princeton Equity Group made a strategic growth investment in D1 Training to accelerate the fitness franchisor's nationwide expansion and support its franchise network. D1 Training, an athletic-based training concept with 61 locations open and more than 125 in development, will leverage Princeton's franchising expertise to scale operations and bolster the brand.

Quad‑C Management has closed an investment in U.S. Endodontics Partners, a doctor‑led endodontics specialty services organization that has grown to more than 80 offices across 28 states. Quad‑C will partner with the company's doctor-owners and management to accelerate growth and operational scale; terms of the investment were not disclosed.

Main Street Capital Corporation fully exited its debt and equity investments in J&J Services, Inc. following the sale of the Nashville-based roll-off dumpster and portable toilet rental operator to a strategic acquiror (buyer name not disclosed). Main Street originally invested $24.8 million in a 2019 recapitalization and realized an $11.0 million gain on the exit.

ConvergeOne has acquired WrightCore, a Franklin, Tennessee-based technology solutions provider that delivers cloud, managed and professional services across healthcare, education, manufacturing, utilities and financial services. The acquisition expands ConvergeOne's presence in the southeastern United States and strengthens its cloud, managed and professional services capabilities.

E Source has acquired Water Systems Optimization (WSO), a Nashville-based water-loss analytics and consulting firm, as a strategic add-on to expand E Source’s water market capabilities. The acquisition, announced by E Source’s owner Align Capital Partners, integrates WSO’s analytics, leak-simulation models, and program management services into E Source’s Technology Planning and Implementation unit to better serve utilities and municipalities.

Investment funds managed by Morgan Stanley Infrastructure Partners (MSIP) have acquired SpecialtyCare, a U.S.-based provider of outsourced clinical services for hospital operating rooms, from Kohlberg & Company. MSIP said it will support SpecialtyCare’s growth and further invest in the company’s team and capabilities across its perfusion, ECMO, intraoperative neuromonitoring, sterile processing and surgical support services.

BayPine LP has entered into a definitive agreement to acquire Pinnacle Dermatology Management, the largest female‑founded multi‑state dermatology management platform in the U.S. Pinnacle's management team and founder will partner with BayPine while existing sponsor Chicago Pacific Founders will roll a portion of its ownership; the deal supports Pinnacle's continued organic and inorganic growth and the incorporation of BayPine's digital capabilities.

Chicago-based private equity firm Rock Gate Partners led a recapitalization of Perimeter Security Partners (PSP) in partnership with True West Capital Partners, The Agnew Company and PSP founders Wes Foss and Ken Grant. The transaction provides capital to support PSP’s continued organic growth and a platform for selective add-on acquisitions and capability expansion in perimeter and physical security.

Netherlands-based contract packager Tjoapack has acquired Clinton, Tennessee-based Pharma Packaging Solutions (PPS). The deal, funded by Ampersand Capital Partners (Tjoapack's PE backer), gives Tjoapack a major U.S. facility and cold-chain / supply‑chain capabilities to accelerate its global expansion in pharmaceutical packaging and related services.

The Cranemere Group has acquired majority ownership of Outpatient Imaging Affiliates (OIA) from ICV Partners; OIA management retains a meaningful ownership stake. Headquartered in Nashville, Tennessee, OIA operates 56 outpatient imaging centers across 18 markets and will be supported by Cranemere's permanent capital for long-term growth and partnership with health systems.

Spark Orthodontics, a multi-location orthodontic group backed by minority investor Rock Mountain Capital, has acquired Cumberland Pediatric Dentistry & Orthodontics, which operates eight offices in the Nashville, Tennessee area. Cumberland will retain its name and its four founder‑doctors will join Spark's management team as the combined business expands into multi‑specialty pediatric dental and orthodontic services.

Silicon Ranch Corporation, Shell's U.S. solar platform, has acquired clean tech pioneer Clearloop. The acquisition will allow Silicon Ranch to expand its corporate decarbonization and carbon-offset offerings by integrating Clearloop's model of funding solar projects that benefit economically distressed U.S. communities.

ILUS International Inc. (Ilustrato Pictures International Inc.) has acquired Bull Head Products Inc., an aluminum truck bed manufacturer based in Kodak, Tennessee. The acquisition secures US manufacturing capacity for ILUS’s FireBug rapid-response vehicles, electric utility vehicles and other vehicle bodies, and ILUS expects to scale production and revenue by expanding facilities and sales efforts.

Komline-Sanderson, a New Jersey-based designer and manufacturer of wastewater and environmental control equipment, has acquired AquaShield, Inc., a Chattanooga, Tennessee manufacturer of stormwater filtration and runoff control products. The acquisition expands Komline's stormwater product portfolio, manufacturing capacity, and geographic reach to better serve municipal and corporate customers.

Ardurra Group, Inc., a portfolio company of RTC Partners, has acquired and merged with Fulghum, MacIndoe & Associates, Inc. (FMA), a Knoxville-based water/civil engineering and construction management firm. The deal expands Ardurra's Southeast footprint by adding a Tennessee office and integrates FMA into the Ardurra platform as FMA, an Ardurra Group Company.

Heritage Pool Supply Group, a subsidiary of SRS Distribution, acquired Pool Contractors Supply, Inc. (PCS), a Memphis-based wholesale distributor of pool and spa products, with the transaction completed on October 8, 2021. PCS leadership (Ed Flemmons and Sam Rogers) will remain in place as Heritage expands its footprint into the Midsouth market.

Ambition, a Chattanooga-based sales coaching and gamification SaaS provider, received a growth investment from Primus Capital as part of a Series B financing to accelerate product and go-to-market expansion. The funding will support Ambition's continued growth after hiring 26 employees in 2021 and expanding its footprint with integrations like Microsoft Teams and a growing Fortune 500 client base.

Pinnacle Dermatology, a Chicago Pacific Founders portfolio company, has acquired Loven Dermatology + Aesthetics, adding four clinics across middle Tennessee (Goodlettsville, Hendersonville, Gallatin and Springfield). The deal expands Pinnacle's regional footprint and brings Loven's 33-year legacy practice into Pinnacle's multi-location dermatology platform while maintaining existing patient insurance coverage and operations.

Sixeight, a Knoxville-based growth equity firm, has acquired US Machine & Tool, a Murfreesboro, Tennessee precision CNC machining and fabrication company. Sixeight said the acquisition will enable capital investment and operational support to grow revenue and profitability while expanding regional manufacturing capabilities.

Agility Recovery has acquired BOLDplanning Inc., a Nashville-based provider of web-based continuity planning tools and consulting for COOP, EOP, BCP, and hazard mitigation. The deal adds BOLDplanning's public-sector planning software and subject-matter experts to Agility's Agility Central suite, expanding Agility's capability to serve government, education, healthcare, and business customers.

Great Hill Partners completed a $100 million Series F minority growth investment in IVX Health to fund the outpatient infusion provider's expansion into new markets. The capital will be used to accelerate market entry and broaden IVX Health's network of infusion and injection centers across the United States.

Care Hospice, a multi-state hospice provider, has assumed operations of Hospice of Chattanooga and its four-state Alleo Health network. The Hospice of Chattanooga Foundation (the Foundation) is transitioning to pursue new community health initiatives while patient services will continue under Care Hospice's stewardship.

Retina Consultants of America, a portfolio company of Webster Equity Partners, acquired Tennessee Retina — the largest retina practice in Middle Tennessee and Southern Kentucky with eight clinics and 10 physicians. The transaction closed on September 9, 2021; terms were not disclosed. Tennessee Retina will continue clinical operations and research in partnership with RCA as the group expands its regional footprint.

ML Utilities, a subsidiary of ML Holdings Company, has acquired Spring Hill, Tennessee–based Utility Equipment Service, Inc. (UES) to expand its footprint and service capabilities in Middle Tennessee. The acquisition adds UES's shop repair, sales, rentals, parts and upfitting capabilities to ML Utilities' existing mobile and shop offerings, enabling broader support for utility fleet owners across the region.

FleetPride, Inc. has acquired the assets of Truck Service Company, Inc., a Chattanooga-based heavy-duty truck repair and service center. The acquisition adds a service location that will complement FleetPride's nearby parts branch and expand its parts-and-service offering for fleets and drivers in southern Tennessee and northern Georgia.

Patient Square Capital has acquired Summit BHC, a Franklin, Tennessee–headquartered provider of behavioral health and addiction treatment services that operates 24 facilities across 16 states. Summit was sold by private equity owners FFL Partners and Lee Equity Partners; financial terms were not disclosed and the deal was announced in September 2021 and closed in November 2021.

Fencing Supply Group (FSG), a platform backed by The Sterling Group, has acquired Capitol Wholesale Fence Company, a full-service fencing supplier based in Nashville, Tennessee with more than 80 employees and multiple regional branches. The deal is the seventh add-on for the FSG platform and expands its distribution and manufacturing footprint across the southeastern United States.

Bradford Health Services, a Birmingham-based addiction treatment provider backed by Centre Partners, has acquired Cornerstone of Recovery, a Tennessee-based substance use disorder treatment provider operating two Knoxville-area inpatient facilities. The acquisition expands Bradford's inpatient addiction treatment footprint into Tennessee and increases its continuum of care across the Southeast.

Salt Lake City-based private investment firm Black Cliffs Partners has made a strategic investment in Orion Haus, a Nashville-based homesharing-friendly apartment brand. The capital will support Orion Haus’s expansion of its homesharing offering—leveraging its $200 million assets under management and a waitlist of over 30,000 apartments—to scale across the U.S. and internationally.

Qualus, LLC acquired Patterson Power Engineers, LLC, a Chattanooga-based power system protection engineering firm, to strengthen Qualus’s protection engineering capabilities and technical services offering for utilities. The deal brings Patterson’s specialized engineering team into Qualus’s network of field service and engineering offices, providing expanded capabilities and opportunities for employees.

Pritzker Private Capital has acquired a significant stake in Monogram Foods, a founder-led prepared foods manufacturer headquartered in Memphis, Tennessee, with HF Capital joining as a co-investor. The founders and management remain significant owners and will continue to lead the business; the capital is intended to support long-term growth, strategic acquisitions, nationwide facility expansion and R&D investment.

Pritzker Private Capital partnered with Monogram Foods in an investment transaction announced August 31, 2021, with HF Capital participating as a co-investor. The transaction comprised a dividend recap and merger that enabled WP Global Partners (and affiliated COREalpha co-investment fund) to exit, while providing Monogram with new investor backing to pursue further growth and M&A.

Frontline Managed Services has acquired LOGICFORCE, a legal IT consulting firm with over 23 years of experience. The acquisition adds approximately 50 IT professionals, over 100 law-firm clients and LOGICFORCE's proprietary Synthesis E-IT Secure (SEITS) service to Frontline's legal managed-services platform to expand capabilities and scale in the legal market.

Revolution, a Little Rock-based sustainable plastics manufacturer, has acquired Five Points Films, a Shelbyville, Tennessee manufacturer of cast hand and machine stretch film. The add-on expands Revolution’s national footprint and stretch-film manufacturing capacity and will enable the application of Revolution’s recycled-content, circular manufacturing capabilities to the stretch film market.