Acquisitions in Tennessee in 2023

Corridor Capital has made an investment in Integrity Solutions, LLC, a Nashville-based sales and sales leadership training firm, to support the company’s growth and development of new services. Management, led by CEO Mike Esterday, will remain in place and continue as a material owner while Corridor provides strategic, operational and financial support, with Live Oak Bank providing debt financing.

Concentric Equity Partners (CEP) has made a growth investment in Infusion Marketing Group, a Memphis-based provider of data-driven analytics and marketing services for community banks and credit unions. Infusion's co-founder and CEO Tim Keith will remain in leadership and retain a significant ownership stake as CEP partners to help the company scale and leverage CEP's banking industry network; terms were not disclosed.

TREND Health Partners has acquired Advent Health Partners to integrate Advent’s AI-driven CAVO clinical review platform into TREND’s TRENDConnect payment accuracy and revenue integrity offering. The deal, supported by a follow-on investment from Lone View Capital, expands TREND’s capabilities to serve more payer and provider clients and scale clinical and non-clinical data analytics across the combined customer base.

Housatonic Partners, a San Francisco-based private equity firm, has made a strategic growth investment in eCard Systems, a Brentwood, Tennessee provider of outsourced gift card programs and processing services. The capital will support expansion of eCard's sales, marketing, technology and production capabilities; financial terms were not disclosed. Canaccord Genuity and Kroll Securities acted as financial advisors to eCard Systems.

Pearlman Group, a specialty distributor and portfolio company of The Stephens Group, acquired Power Rental & Sales, a Nashville-based distributor and rental provider of decorative concrete supplies and equipment. The transaction, an add-on to Pearlman Group’s platform, closed on December 14, 2023 and positions Pearlman to expand its decorative and commercial concrete product and rental offerings.

Accel-KKR, a technology-focused private equity firm, made a significant capital investment in Ntracts to support product innovation and accelerate go-to-market growth for the healthcare contract lifecycle management provider. The partnership will fund Ntracts' market expansion and product development; Brentwood Capital Advisors acted as exclusive financial advisor to Ntracts.

Blue Point Capital Partners-backed TAS Environmental Services has acquired Environmental Concepts & Services (ECS), a family-owned waste transportation and non-hazardous waste treatment provider based in Springfield, Tennessee. The acquisition is the fifth add-on for the TAS platform since Blue Point's 2019 investment and expands TAS' wastewater and waste treatment capabilities across the Southern United States.

San Francisco Bay Area-based private equity firm Salt Creek Capital has acquired Pioneer Industrial Sales, a distributor of power transmission, MRO, material handling and packaging products. The founders Chris Price and Jerry Nowlin will transition leadership to incoming CEO Hank Pennington as Salt Creek works with management to expand the business and pursue growth opportunities across its customer base and product portfolio.

Granite Construction Incorporated (NYSE: GVA) has acquired Lehman-Roberts Company and Memphis Stone & Gravel Company, expanding its materials and paving footprint in the Memphis metropolitan market. The deal adds asphalt plants and sand & gravel mines (with substantial reserves) to Granite’s operations and will be financed with a $150 million term loan plus revolver and cash on hand; the acquired companies’ leadership will remain in place.

Alliant Insurance Services, Inc. acquired Acceptance Insurance Agency of Tennessee, Inc. (AITN), the retail agency operations of First Acceptance Corporation, for up to $120 million in cash and contingent payments. The transaction transfers AITN's 288 leased retail locations (operating in 13 states) to Alliant; Confie (an Alliant portfolio company) and certain affiliates will operate as independent agents for First Acceptance Insurance Group's non-standard auto products going forward.

Orlandi, Inc. has acquired the consumer products sampling and fragrance coatings business of Tennessee-based Aroma Release Technology, Inc. The deal transfers ART's sampling and fragrance coatings product line to Orlandi and includes a new Orlandi lease in Chattanooga to support ongoing manufacturing and laboratory operations.

Mobile Communications America, Inc. (MCA) has acquired Communications Services, Inc. (CSI), a Motorola service shop based in Lawrenceburg, Tennessee. The acquisition expands MCA’s service footprint and capabilities in Tennessee, bringing CSI’s local wireless-communications expertise into MCA’s national portfolio.

Seven Hills Capital has made a follow-on investment in its portfolio company Reliable Medical to support the company's continued growth. The additional capital will help Reliable Medical expand into new and existing markets, accelerate recruitment of ATPs, and broaden its service footprint for patients needing complex rehab technology, clinical respiratory products and durable medical equipment.

BlueVoyant has acquired Conquest Cyber and will integrate Conquest's ARMED ATK SaaS risk-management technology into BlueVoyant's internal and external cyber defense platform. The deal is supported by a Series E financing round of more than $140 million led by existing investor Liberty Strategic Capital and ISTARI to accelerate development of comprehensive managed detection, response, and cyber risk posture solutions for regulated and government customers.

Air Conditioning Specialist, Inc. (ACS), a Hidden Harbor Capital Partners portfolio company, has acquired Tri-City Air Conditioning Co., a Johnson City, Tennessee HVAC services provider. The deal expands ACS’s service footprint in Tennessee and strengthens its residential and light-commercial HVAC capabilities as an add-on to its platform.

Leap Partners acquired Patriot Services, a Chattanooga-based plumbing, heating and air-conditioning company. The deal expands Leap Partners' Southeast home-services platform; former owner Terry Morrow will remain to lead the Patriot Services team.

Clean Solutions Group (CSG), a platform backed by private equity firm Branford Castle Partners, acquired HDK Industries and will consolidate the HDK brand into its Fibrix Filtration business. The add-on expands CSG’s nonwoven filtration and specialty medical materials capabilities across air, liquid and medical filtration end markets; terms were not disclosed.

Aya Healthcare has acquired Winnow AI, an AI- and data-science-driven physician recruiting platform created by SwitchPoint Ventures. The technology will operate within Aya's Provider Solutions division to add passive physician sourcing and predictive matching capabilities that complement Aya's existing DocCafe and provider recruitment offerings.

O'Donnell Metal Deck, a Slate Capital Group-backed distributor, has acquired Metal Deck Direct, a Lenoir City, Tennessee-based metal deck and bar joist distributor. The add-on expands O'Donnell's national footprint, strengthening its presence in the Southeast and Mid-South and bringing Metal Deck Direct's regional customer relationships and operations into the O'Donnell platform.

Urology America, an Austin-based urology management services organization, announced a partnership with The Conrad Pearson Clinic, the leading urology practice in the Greater Memphis market. The Conrad Pearson group — which comprises ten urologists and four advanced practice providers across five clinic locations — will join Urology America's national platform to access operational resources and support aimed at enhancing patient care and growth in the Mid‑South.

Dreamliner Luxury Coaches, a Nashville-based provider of upscale tour and executive coaches, has acquired Hemphill Brothers Coach Company, nearly tripling Dreamliner’s fleet to 190 vehicles. The acquisition makes Dreamliner the largest entertainer coach company and expands its ability to service over 50% of large arena and stadium tours across the United States and Canada.

LocumTenens.com, part of the Jackson Healthcare family, has acquired Kimedics, a Nashville-based healthcare workforce management platform provider. The acquisition expands LocumTenens.com's workforce optimization and analytics capabilities; Kimedics will maintain operational autonomy and its brand while integrating with LocumTenens.com's solutions.

Ergotron, a global provider of ergonomic workflow solutions, has acquired Enovate Medical, a manufacturer of nurse-ready workstations and related services. The purchase expands Ergotron’s healthcare capabilities by adding Enovate’s hardware, mobile power systems and cloud-based workstation management software to its product and service portfolio; terms were not disclosed.

Sequoia Financial Group has entered into an agreement to acquire Nashville-based M Capital Advisors, an SEC-registered wealth management firm managing approximately $930 million in assets. The acquisition expands Sequoia's wealth management capabilities and high-net-worth client offerings; the transaction was expected to close by Oct. 31, 2023 and financial terms were not disclosed.

Bluewave Technology Group has acquired Resource Communication Group (RCG), a Franklin, Tennessee-based telecommunications advisory firm. The deal expands Bluewave's nationwide technology advisory footprint into the Nashville metro area and strengthens its telecom lifecycle management capabilities; financial terms were not disclosed.

Kobayashi Pharmaceutical Co., Ltd. (via its subsidiary Kobayashi Healthcare International Inc.) has acquired 100% of Focus Consumer Healthcare, a Chattanooga-based marketer of OTC medicines and dietary supplements. The acquisition gives Kobayashi a foothold in the U.S. supplement market and expands its North American OTC presence by combining Focus's niche brands (GARLIQUE, PAMPRIN, HERPECIN L) with Kobayashi's materials, prescription expertise, and marketing capabilities.

AHF Products, a portfolio company of Paceline Equity Partners, has acquired Crossville, Inc., a U.S. porcelain tile manufacturer headquartered in Crossville, Tennessee, from the Curran Group. The add-on expands AHF's hard-surface product offering into porcelain and tile manufacturing to enhance its design and manufacturing capabilities and better serve residential and commercial customers; terms were not disclosed.

PremiStar has acquired Golding Mechanical Services, a full-service HVAC and controls contractor based in Memphis, Tennessee, to expand its mechanical service offerings and service density in the Southeastern U.S. Golding’s founder Pam Golding will join the PremiStar family (with her son Jonathan Golding named Director of Field Service Operations), and the business will broaden capabilities for PremiStar’s CS3 operations in the region.

Fulcrum Equity Partners, Leavitt Equity Partners and Harpeth Ventures made an initial equity investment in Nashville-based SurgNet Health Partners to fund platform growth. SurgNet — now PE-backed — immediately used the funding to complete two platform acquisitions: Executive Ambulatory Surgery Center (Dearborn, Michigan) and Lippy Surgery Center (Warren, Ohio).

Mews, the hospitality cloud platform, has acquired Nashville-based startup Nomi and will fold Nomi's AI-driven guest personalization and recommendation capabilities into Mews Guest Journey. The acquisition, managed by Mews Ventures, strengthens Mews' ability to deliver hyper-personalized guest experiences and real-time customer insights for hoteliers.

Armada Materials, a Tampa-based infrastructure materials platform led by Rob Duke and backed by Kelso & Company, has acquired Volunteer Materials and affiliated operating companies in Lewisburg, Tennessee. Volunteer is a vertically integrated producer of aggregates, asphalt and ready-mix concrete and a provider of road paving and striping services; the deal is Armada's first platform acquisition to support regional expansion along the I-65 corridor south of Nashville.

Silver Oak Services Partners led a recapitalization of Quality Liaison Services (QLS), partnering with QLS senior management and other co-investors. Headquartered in Hendersonville, Tennessee, QLS provides supplier representation, inspection & containment, repair & rework, and quality engineering services to OEMs and suppliers across North America; management will remain in place and retain a significant ownership stake as Silver Oak provides capital to support growth and service expansion.

Marquis Industries, a subsidiary of Live Ventures Incorporated, acquired the Harris Flooring Group brands (Harris, Kraus, Naturally Aged Flooring and Heritage Mill Wood Flooring) from Q.E.P. Co., Inc. on September 20, 2023 for approximately $10 million. The deal includes inventory and the book of business, and Marquis intends to retain substantially all Harris Flooring Group employees and sales representatives, effectively doubling Marquis' salesforce and expanding its flooring manufacturing portfolio.

Concord has acquired the music publishing catalog of Mojo Music & Media, adding more than 30,000 songs — including works by REO Speedwagon, KISS and Cheap Trick — to its publishing portfolio. The deal expands Concord's catalog and follows Concord's broader strategic accumulation of publishing assets and recent bid activity in the music-rights market.

Integrated Warehouse Solutions (IWS), a Burleson, Texas-based material handling platform backed by Wincove Private Holdings, has acquired Pioneer Dock Equipment of Spring Hill, Tennessee. The deal brings Pioneer’s loading dock manufacturing capabilities and dealer distribution network into the IWS portfolio to expand product breadth and support across North America.

Dallas-based private equity firm CenterOak Partners completed a majority recapitalization of Guardian Access Solutions, a Nashville-headquartered provider of design, installation, maintenance, and repair services for exterior access control systems across the Southeastern U.S. The transaction transfers majority ownership from Brixey & Meyer Capital to CenterOak, with Guardian's management team remaining in place and plans to pursue accelerated organic growth and add-on acquisitions to expand the company's service footprint.

Fidelity Building Services Group (through its Fidelity Energy & Sustainability team) has acquired Power of Clean Energy (PCE), a Nashville-based provider of energy transition planning and project implementation. The deal expands Fidelity’s energy and sustainability capabilities and strengthens its footprint across the southern United States as it scales toward a national platform for energy-efficient building solutions.

Shoreline Equity Partners has acquired American Landscaping Partners, a portfolio company of Cold Bore Capital. The transaction transfers ownership of the landscaping and lawn care platform (six branches serving residential and commercial customers) from Cold Bore Capital to Shoreline as a PE-to-PE secondary sale.

Pinnacle Mergers & Acquisitions brokered the sale of four Kingsport, Tennessee car dealerships formerly owned by the estates of John King and Sam Anderson. Wallace Automotive (the Baker family) acquired the Fairway Ford and Fairway Volkswagen stores, while Andy Dietrich and Tim Copenhaver purchased Courtesy Chevrolet Buick GMC (now Champion Chevrolet Buick GMC); disposition of the Courtesy Subaru point was coordinated with Subaru.

Consortium Brand Partners (CBP), a consumer-focused investment manager, has acquired approximately a 70% majority ownership stake in Draper James, the fashion and lifestyle brand founded by Reese Witherspoon. Reese Witherspoon will remain a partner and board member and Draper James' existing management team will continue to lead operations as CBP supports expansion of product offerings, retail and wholesale distribution domestically and internationally.

The Timken Company has acquired Des-Case Corp., a Nashville-based manufacturer of specialty filtration products for industrial lubricants, from Industrial Growth Partners. Des-Case, which employs about 120 people and expects roughly $40 million of revenue in 2023, expands Timken's industrial motion portfolio with complementary filtration consumables and condition-monitoring solutions and offers cross-selling and international expansion opportunities.

Enlyte has acquired Therapy Direct, a national physical therapy provider network, from Upstream Rehabilitation Inc. The deal expands Enlyte’s provider network and clinical services capabilities across workers’ compensation and casualty lines, integrating Therapy Direct’s team into Enlyte’s network organization.

First Onsite Property Restoration has acquired Case Restoration, a Nashville-based full-service mitigation and general contracting firm. The deal expands First Onsite's mitigation, general contracting and large-loss capabilities in the Mid-Tennessee region and extends its geographic footprint.

Aegion Corporation acquired Portland Utilities Construction Company, LLC (PUCC), a trenchless pipe rehabilitation and underground utility contractor serving municipal clients across the U.S. Southeast and Texas. PUCC will continue operating under its current name with existing leadership and employees in place, and the acquisition expands Aegion's specialized pipeline rehabilitation capabilities and regional presence.

Fastmarkets has acquired Hardwood Market Report, a 101-year-old Tennessee-based price reporting agency serving the hardwood and forest-products industries. The deal brings Hardwood Market Report's pricing intelligence and customers into Fastmarkets' global commodity price reporting platform to deepen forest products coverage and expand product and data capabilities.

Blattner Tech acquired digital transformation consultancy DevDigital to deepen Blattner’s technical bench and strengthen its Predictive Transformation platform. DevDigital founder Peter Marcum will depart after the transaction to focus on equity investing, while DevDigital CFO Debby Sapp will remain and join Blattner Tech as Senior Director of Finance.

LaunchPad Home Group’s subsidiary Residential Inspector of America (RIA) has acquired Nashville Home Inspection (NHI), a Nashville-based residential inspection firm founded in 1999. The deal is an add-on acquisition to expand RIA/LaunchPad’s footprint in middle Tennessee; LaunchPad is backed by private equity firm RFE Investment Partners.

Rasa Floors, a portfolio company of Saw Mill Capital, has acquired Floors First Nashville to expand its multi-family flooring installation footprint into the Nashville market. The acquisition adds a single Nashville branch and local customer relationships to Rasa's network, supporting geographic expansion and accelerated growth across Tennessee and adjacent MSAs.

Aya Healthcare, a leading U.S. healthcare staffing and talent software company, has acquired Polaris AI, a machine‑learning platform that predicts patient volumes and staffing needs to optimize clinical labor. The acquisition expands Aya’s AI capabilities to help health systems reduce labor costs, improve staff retention, and optimize scheduling across high‑variability care areas such as ORs and emergency departments.

Nashville-based Web Services Team Corporation (WST) has acquired Conversion First Marketing (CFM), a Franklin, Tennessee SEO-first web design and digital marketing agency. The acquisition expands WST/JLB's in-house capabilities in SEO, paid media, conversion rate optimization, and analytics to provide centralized branding, web design, and digital marketing services.