Acquisitions in Tennessee in 2022

IT Voice, a multi-location MSP and portfolio company of Baymark Partners, has acquired (b:ok) Network Infrastructure Services LLC (also known as Bytes of Knowledge), a longtime MSP based in Nashville, Tennessee. The transaction, advised by Viking Mergers & Acquisitions, is an add-on to expand IT Voice's regional footprint and capabilities while preserving the target's management legacy.

Certified Group, a PE-backed North American laboratory testing and regulatory consulting provider, announced an investment in the Knoxville, Tennessee hemp and CBD testing laboratory business of Kaycha Labs. The facility will operate under the Labstat name and expands Certified Group's hemp/CBD testing capabilities in the U.S., complementing its existing food, cosmetics and supplement testing services.

Fortified Health Security, a managed security service provider focused on healthcare, received a majority growth investment led by Silversmith Capital Partners and Health Velocity Capital with participation from Nordic Consulting. The capital will be used to accelerate Fortified's technology roadmap (including a unified cybersecurity platform), expand sales, and scale operations to better serve hospital systems and other healthcare providers.

LUXIT Group, a portfolio company of New Water Capital, acquired Proper Group International's Pulaski, Tennessee manufacturing operation — an 88,000 sq ft facility employing 140 people that produces polymer automotive lighting products. The acquisition expands LUXIT's U.S. manufacturing footprint and capabilities (injection molding, anti-fog/hard coating, assembly) to support growth, vertical integration, and improved service to OEM and Tier 1 customers.

Vi Labs has acquired Motus Consumer Insights to combine Motus's member-acquisition analytics, site selection, and marketing BI capabilities with Vi's AI-powered member engagement and retention platform. The deal creates an end-to-end solution for digital health enterprises to identify high-value prospects, optimize site selection, and drive engagement and lifetime value.

BayMark Health Services has acquired Nashville Recovery, an office-based opioid treatment (OBOT) clinic in Nashville, Tennessee. The deal brings Nashville Recovery’s in-office and telemedicine Suboxone services into BayMark’s national network to expand access to medication‑assisted treatment in the region.

Universal Engineering Sciences (UES) has acquired Dan Brown and Associates (DBA), a geotechnical and foundation engineering firm headquartered in Tennessee. The acquisition expands UES's geotechnical capabilities and Southeast footprint while DBA's leadership will continue to operate day-to-day business.

Link Media Outdoor, a wholly owned subsidiary of Boston Omaha Corporation, has purchased the outdoor advertising assets of Elevation Outdoor Advertising in Knoxville, Tennessee, adding over 265 billboard faces (including eight digital displays). Elevation founder Martin Daniel will remain in an advisory role and Donna Jarnigan will remain in sales; the acquisition expands Link's footprint in the southeastern U.S. and is the company's largest acquisition of 2022.

Construction Partners, Inc. (CPI) acquired three hot‑mix asphalt (HMA) plants and related construction operations in the Nashville, Tennessee metro area from Blue Water Industries. The assets will be integrated as bolt‑on additions to CPI’s Alabama‑based platform Wiregrass Construction Company; the transaction also included a cash consideration and the transfer of CPI’s Daurity Springs Quarry to Blue Water Industries with aggregate sourcing rights retained by CPI.

Rural Healthcare Group (RHG), a Nashville-based rural primary care platform backed by Kinderhook Industries, acquired four primary care clinics located in Pleasant View, Springfield, Greenbrier, and White House, Tennessee. The acquisition is a follow-on add-on to RHG's platform as it expands its footprint in Northern Middle Tennessee and increases its clinic count to eight, with planned investments in technology and service expansion.

ID Images, a portfolio company of Sole Source Capital, has acquired Lebanon, Tennessee-based Hickman Label. The add-on expands IDI’s omnichannel presence and on-demand inkjet label capabilities through Hickman’s online ordering platform and customer base of over 2,000 active customers.

CNSI and Kepro announced a merger to combine CNSI's health technology capabilities with Kepro's clinical services and care management expertise. The combined company will be backed by funds advised by The Carlyle Group, while Apax Partners' funds will exit their investment in Kepro; the new entity will retain headquarters in McLean, VA and Nashville, TN and rebrand in early 2023.

MercuryGate International, Inc. has acquired ClearTrack Information Network to extend its ocean freight procurement, real-time shipment visibility and trade compliance capabilities. ClearTrack, founded in Brentwood, Tennessee, brings container-, order- and item-level tracking and compliance monitoring to MercuryGate's end-to-end transportation management platform; financial terms were not disclosed.

Marsh McLennan Agency (MMA), a subsidiary of Marsh, has acquired Bradley Insurance Agency, a commercial insurance broker based in Knoxville, Tennessee. The transaction expands MMA's presence in eastern Tennessee; all Bradley Insurance employees, including owners Kendall and Kevin Bradley, will join MMA.

Atlanta-based private equity firm Eagle Merchant Partners completed a majority equity investment in Eskola Roofing & Waterproofing, a commercial roofing and waterproofing contractor with locations in Tennessee and Kentucky. Founders Jon and Ben Eskola will remain in leadership roles and the partnership will support Eskola's expansion of services across the Southeast; Carl Franseen was named CFO as part of the transaction.

AGS Automotive Solutions, a portfolio company of private equity firm 3 Rivers Capital, has acquired BrakeQuip LLC, a manufacturer of DIY hose and tube systems for automotive applications. The deal is an add-on acquisition that expands AGS's aftermarket product offering and adds OEM/high-performance customers, engineering capabilities and hose manufacturing expertise.

Geistlich Pharma North America, Inc. has acquired Lynch Biologics, LLC, the developer and sole provider of GEM 21S, to strengthen Geistlich's regenerative dentistry product portfolio and expand capabilities in oral regenerative surgery. Dr. Sam Lynch will continue to support customers and training efforts following the integration; pH Partners served as exclusive financial advisor to Lynch Biologics.

Aspen Surgical Products, a portfolio company of Audax Private Equity, has acquired Symmetry Surgical from RoundTable Healthcare Partners. The add-on acquisition (terms not disclosed) expands Aspen's portfolio with Symmetry's surgical instrument, electrosurgery and minimally invasive device brands and adds direct-sales capabilities across acute and non-acute care settings.

MedRisk has acquired Sedgwick's specialty physical therapy network, a transaction completed on October 24 for an undisclosed sum. The acquisition expands MedRisk's specialty physical services footprint and strengthens its position in managed physical rehabilitation within the U.S. workers' compensation market.

Heritage Distribution Holdings, the Gryphon Investors-backed HVAC/R distribution platform, has acquired Coastal Supply Company Inc., a 40-year-old, family-owned HVAC/R distributor based in Knoxville, Tennessee with six branch locations. Coastal will operate under HDH’s Ed’s Supply division and remain led by General Manager David Kennedy as part of HDH’s continued geographic expansion in the Southeast.

Radiation Business Solutions (RBS), an oncology billing and practice-management operator based near Nashville, has acquired Apollo Healthcare LLC, a Nashville-based provider of proton therapy administrative services. Apollo will become a wholly owned division of RBS with co-founder Christopher Gonzalez leading the division, while former Apollo CEO Ben Frank will serve as CEO of RBS sister company Wheelhouse and remain an advisor.

Osceola Capital-backed Revelation Pharma has acquired the non-ophthalmic compounding business of NASDAQ-listed Harrow Health as the twelfth add-on to the Revelation platform. The deal lets Revelation expand its national footprint of 503A and 503B compounding pharmacies while Harrow focuses solely on ophthalmic medications.

Rentokil Initial plc completed its acquisition of Terminix Global Holdings, Inc., creating the world’s leading pest control company with approximately 4.9 million customers and ~57,700 employees combined. As part of regulatory/closing steps, Terminix divested its U.K. and Norway pest-management businesses to Norvestor (a Nordic private equity fund) prior to closing; those divested businesses generated ~ $60 million of expected 2022 revenue.

ERM, the global sustainability consultancy, has acquired Shelton Group, a Knoxville-based sustainability-focused marketing and communications agency. Shelton Group will join ERM’s Change & Transformation team to strengthen ERM’s sustainability storytelling, ESG reporting and communications capabilities for corporate clients across sectors.

Murry's Inc., a portfolio company of Encore Consumer Capital, has acquired Bake Crafters Food Company, a McDonald, Tennessee-based manufacturer and distributor of baked goods that sells primarily into K-12 foodservice and other institutional channels. The transaction closed on April 1, 2022; Encore said the deal is a strategic add-on to expand Murry's capabilities and presence in the K‑12 and institutional foodservice market, and Murry's also hired Jeff Ahlers as CEO to support integration and growth.

Pacific Lake Partners led a growth investment round in IntellaTriage, a Brentwood, Tennessee-based provider of after-hours nurse triage services for hospice, home health and other healthcare organizations. Other investors in the round included Trilogy Search Partners, TTCER Partners, The Nashton Company, Aspect Investors and Granite Point Partners; proceeds will fund hiring and technology/platform investments (including EMR integrations) as the company scales.

Pritzker Private Capital agreed to invest in Kenco Logistics, a Chattanooga-headquartered third-party logistics (3PL) provider, alongside members of Kenco's management team. The investment will provide growth capital to scale Kenco's offerings, support geographic and vertical expansion, accelerate automation and data initiatives, and enable strategic add-on acquisitions; terms were not disclosed.

Optum, part of UnitedHealth Group, has completed its combination with Change Healthcare. The deal integrates Change Healthcare’s health information technology and payment/claims capabilities into Optum to simplify clinical, administrative and payment processes for providers and payers.

SPB Hospitality, a Fortress-owned restaurant operator, completed the acquisition of J. Alexander's Holdings, Inc. for approximately $220 million in cash, adding 47 polished-casual restaurants to its portfolio. The transaction was approved by J. Alexander's shareholders and expands SPB's full-service dining footprint across the United States.

Rosewood Private Investments' holding company StationServ Holdings acquired The Southern Co., Inc. (SoCo), a Memphis-based petroleum equipment distributor; SoCo will operate as a subsidiary of StationServ and the Scott family (Eric and Jason Scott) will remain involved in day-to-day operations. The add-on expands StationServ's service capabilities and densifies its Mid-South footprint across sales, construction, service, electrical and environmental compliance testing for petroleum and industrial customers.

Tech24, the HCI Equity Partners-backed national provider of foodservice and commercial HVAC repair and maintenance, acquired Allied Service Group on September 23, 2022 as its twelfth add-on. Allied, based in Jackson, Tennessee, provides repair, preventative maintenance and installation services to restaurants, grocery stores and institutions across Southwest Tennessee and Northern Mississippi, expanding Tech24's footprint in the Southeastern U.S.

Evolve Capital led a growth investment into Global Behavior Education Alliance, Inc. (GBE), joined by Patriot Capital, IBC Funds, Mickey Atkins and GBE founder Dr. Tonia Ryan. GBE is an Applied Behavior Analysis (ABA) therapy provider operating five clinics across Tennessee; the investors will support the company’s continued growth and expansion of services and footprint while Dr. Ryan and Mickey Atkins remain in senior leadership roles.

Interprise Partners (the predecessor to FVLCRUM) led a minority recapitalization of Parking Management Company, LLC (PMC), a Nashville-based parking services provider operating in over 90 U.S. cities. The recapitalization preserves management governance, expands the partnership with FVLCRUM, and positions PMC to add capabilities and enter new markets.

TSG Consumer Partners and Leon Capital Group finalized a growth partnership with Specialty Dental Brands (SDB), a Nashville-based dental support organization. SDB management and its doctor partners will continue to lead the business and retain significant ownership and clinical autonomy while the new partnership supports accelerated growth across SDB's network of more than 211 supported practices in 20 states.

Compass Group Equity Partners has made an anchor investment in Mays & Schnapp Neurospine and Pain, a Memphis-based interventional pain management practice, to launch an interventional pain management platform. The partnership will provide capital, operational support, and acquisition assistance as Compass seeks add-on physicians and practices to build a regional Mid‑South platform.

HarbourView Equity Partners has acquired Big Loud Mountain Music's publisher share of select songs from Florida Georgia Line's catalog. The deal expands HarbourView's growing music-catalog portfolio as the firm continues to purchase rights across genres; terms were not disclosed.

Charlesbank Capital Partners' Technology Opportunities Fund has made a majority investment in Titan Cloud, with existing investor M33 Growth also making a significant follow-on investment. The funding will support Titan Cloud's organic growth, product and GTM expansion, and M&A-driven scale; Lincoln International advised on the transaction.

Driven Brands Holdings Inc. acquired Auto Glass Fitters to bolster its U.S. auto glass repair, replacement, and calibration capabilities, expanding its East Coast footprint and mobile service capacity. The deal further densifies Driven Brands' glass portfolio and provides Auto Glass Fitters access to shared services including data analytics, marketing, procurement, and insurance/fleet customer relationships.

Blattner Technologies has acquired BOSS AI, integrating the enterprise AI platform and federated machine learning capabilities into its Predictive Transformation services. The acquisition brings BOSS AI's AI/ML expertise to Blattner's data management, engineering and analytics offerings to support customers across healthcare, manufacturing, e-commerce and financial services.

Gryphon Investors made a majority investment in Techmer PM, a Clinton, Tennessee-based designer and producer of engineered materials and color/additive masterbatch solutions. SK Capital Partners and Techmer founder/management will remain significant investors; the recapitalization is intended to support Techmer's continued growth and capability expansion (terms were not disclosed).

Ocala-based eResources LLC has acquired Computers & Networks (Software, Inc.), a Memphis-based managed IT services provider. The deal closed on September 7, 2022; the acquisition expands eResources' managed IT, hosted infrastructure and cybersecurity capabilities and footprint in the Mid-South.

ImageFIRST, the largest national provider of linen and laundry services specializing in healthcare, has acquired Tennessee-based Allegiant Linen Services. The acquisition gives ImageFIRST its first processing plant in Tennessee and expands its service and processing capabilities in Central Tennessee; terms were not disclosed.

Pharos Capital Group made a significant growth investment in Renal Care 360°, a nephrology practice and chronic kidney disease management company led by founder Joe Cashia. The capital (terms undisclosed) will support scaling the RC360° Connected Care Program, geographic expansion through acquisitions, and development of value-based care capabilities while Mr. Cashia remains Chairman and CEO.

Rains Insurance, Inc., a wholly owned subsidiary of SmartFinancial/SmartBank, acquired the operating assets of Chattanooga-based Sunbelt Group, LLC (Sunbelt Insurance), effective September 1, 2022. The acquisition expands Rains' footprint in Tennessee and adds Sunbelt’s personal, commercial, life/health and transportation insurance capabilities to Rains' platform.

Carousel Capital partnered with Reliance Partners' management and existing investor Lamp Post Group to recapitalize Reliance Partners, a Chattanooga-based commercial insurance broker focused on the transportation industry. The recapitalization will provide capital and strategic support to help Reliance scale its premium volume (nearly $500 million today) and pursue its goal of exceeding $1 billion in gross written premiums.

LFM Capital completed a control investment in IronCraft, LLC (formerly Titan Implement) in November 2021, acquiring the East Tennessee manufacturer of agricultural implements and skid-steer attachments. Northstar Capital provided junior debt and an equity co-investment to help finance the transaction; founders Mike Turner and Baily Turner are stepping away from day-to-day roles.

Thompson Distribution of Nashville, Tennessee has acquired Landmark Trucks, a Knoxville-based authorized International truck dealership with locations in Knoxville, Morristown, and Cookeville. The acquisition expands Thompson's portfolio of dealership and distribution businesses, adding sales, leasing/rental and a service capability that complements existing premium brands represented by Thompson companies.

Aptitude Health, a portfolio company of Linden Capital Partners, has acquired Targeted Medical Education (TME and TME Research) and its Breast Care Network (BCN) to expand Aptitude's oncology capabilities and clinician network. The acquisition brings TME's breast surgery specialty expertise and physician network into Aptitude Health's broader oncology Axess Network to accelerate multidisciplinary collaboration and improve cancer patient outcomes.

Gun.io, a Nashville-based talent marketplace for software developers, raised $5.2 million from Ballast Point Ventures in August 2022. The growth equity investment will be used to accelerate product and platform improvements to enhance the hiring experience for Gun.io's developer community and hirers.

Montrose Environmental Group (NYSE: MEG) acquired TriAD Environmental Consultants, Inc., a Nashville-based environmental consulting firm founded in 1996. TriAD's founders and principals will join Montrose's Assessment, Permitting & Response (AP&R) segment to strengthen permitting, compliance and remediation capabilities across the Southeast; terms were not disclosed.