Acquisitions in Tennessee in 2024

L Squared Capital Partners has acquired Kano Laboratories, the 85-year-old maker of Kroil penetrating oils and Super Lube synthetic lubricants, from Gryphon Investors. The transaction — led by L Squared's Fund IV with co-investment from select limited partners and participation from Kano's executive leadership team — positions Kano as a platform for add-on acquisitions targeted at specialty chemical and industrial MRO businesses.

Triad Service Solutions, a facilities maintenance provider backed by Tide Rock YieldCo, has acquired Brite Solutions, a nationwide facility maintenance specialist for transportation, logistics and warehousing facilities. The add-on expands Triad’s national footprint, subcontractor network and capabilities for 24-hour operations across 46 states, enabling cross-selling of services and accelerated growth.

3Z Brands, a vertically integrated mattress manufacturer and DTC brand portfolio, has acquired Southerland, a 120+-year-old mattress manufacturer with four U.S. production facilities. The deal expands 3Z's nationwide manufacturing footprint (adding East Coast capacity in Nashville), brings Southerland's in-house transportation business into 3Z, and positions the combined company to better serve retail and e-commerce customers across 43 states.

M&D, a U.S.-based aftermarket diesel parts distributor and remanufacturer, has acquired DSS ProDiesel Partners, LLC (ProDiesel), a fuel injector remanufacturer for Class 7 and 8 engines. The deal adds two Tennessee branches (Nashville and Johnson City), expands M&D's national footprint and strengthens its fuel-injection remanufacturing capabilities across North America.

Atlanta-based private equity firm ASH Investment Partners has invested in FortyAU, a Nashville-headquartered digital services firm specializing in custom software engineering, data science, AI, and strategy & design for healthcare and other regulated industries. The investment will support FortyAU's growth and expansion into key end markets; FortyAU will serve as ASH IP's second platform from its $150M digital services fund.

PDI Technologies has acquired the Comdata Merchant Solutions business from Corpay Inc., taking ownership of the POS hardware, software and site-level systems that serve truck stops and unattended commercial fueling locations. Corpay (Comdata) will retain its fuel card and merchant acceptance network, while PDI will become an approved provider of Comdata transactions and invest in expanding the POS capabilities.

Inhabit, a PropTech company providing property management software, secured a preferred equity investment led by Blackstone Tactical Opportunities with an additional investment from Greater Sum Ventures. The funding will support product development, expand capabilities, and accelerate Inhabit's growth across the residential and vacation property management markets.

Subsplash has acquired Pulpit AI and integrated the AI-powered sermon content platform into the Subsplash engagement platform. The deal adds AI-driven content creation capabilities to Subsplash’s mobile SaaS tools for churches, enabling automatic generation of social clips, study guides, newsletters and other repurposed sermon content.

St. Louis-based 4M Building Solutions, backed by O2 Investment Partners, has acquired Hendersonville, Tennessee-based Covenant Building Service, a commercial janitorial provider serving the Nashville area. The add-on strengthens 4M’s presence in the Nashville market and integrates Covenant’s 55-account portfolio and operations into 4M’s platform; financial terms were not disclosed.

Arlington Capital Partners has acquired TEAM Technologies, a Morristown, Tennessee–headquartered medical device manufacturer and strategic supply‑chain solutions provider, from Clearlake Capital Group for an undisclosed sum. Arlington plans to build on TEAM Tech’s vertically integrated manufacturing footprint and accelerate growth through organic investment and strategic add‑on M&A to strengthen healthcare supply chains and customer capabilities.

Court Square Capital Partners closed a single-asset continuation fund for PlayCore Group with Sage Equity Investors acting as the sole lead investor and capitalized primarily by funds managed by Leonard Green & Partners. The transaction provided liquidity options for existing investors while allowing PlayCore management to remain significant equity holders and Court Square to continue as the control investor; the new capital will support PlayCore's organic growth and future M&A.

Quad‑C Management has acquired Flow Service Partners from sellers RLJ Equity Partners and LP First Capital; financial terms were not disclosed. Flow is a commercial HVACR and plumbing services platform headquartered in Nashville, Tennessee, operating across several U.S. states with over 400 employees and built through multiple acquisitions since 2021.

Quad-C Management has made an investment in Flow Service Partners, a multi-region provider of HVACR and plumbing services operating in the Midwest, Southeast and Mid-Atlantic. Quad-C said it will work with Flow's management to scale operations through M&A, expand geographic reach, and add new service offerings; terms were not disclosed.

3 Boomerang Capital completed a majority growth recapitalization of Enjoin, LLC, a Clinical Documentation Integrity (CDI) and mid-revenue cycle solutions provider for hospitals and health systems. The investment will supply strategic resources and capital to expand Enjoin's tech-enabled CDI capabilities and support continued growth across healthcare provider markets.

Evolv, a Newburgh, Indiana-based payment acceptance solutions provider, has acquired Nashville-based Future Payments and rebranded the business as Evolv Nashville. The deal expands Evolv’s distribution capabilities and leadership, integrating Future Payments’ agent network and partnerships to accelerate growth in the payments market.

Stonepeak, a New York-based alternative investment firm, has acquired Fleet Companies, a regional trailer dealership and leasing company headquartered in Memphis, Tennessee. Fleet will serve as the seed asset for a national trailer platform Stonepeak plans to build across the U.S.; terms were not disclosed and the deal has closed.

Funds managed by Apollo's Impact and Clean Transition strategies have acquired a majority stake in The State Group from Blue Wolf Capital, with Blue Wolf and existing management retaining minority ownership. The State Group, headquartered in Franklin, Tennessee, is a multi‑trade industrial services contractor providing electrical, mechanical, robotics and automation services across industrial end markets; Apollo said the investment will support capability expansion and the company's role in the energy transition.

Petauri, a PE‑backed pharmaceutical services platform based in Nashville, has acquired Formulary Insights and merged the business into Petauri Advisors to expand its market access research and strategy capabilities. The acquisition broadens Petauri’s payer and market access offerings for biopharmaceutical clients and is supported by Oak Hill Capital, which is backing the platform with a multi‑hundred million dollar commitment.

MEI Rigging & Crating, a portfolio company of Olympus Partners, has acquired Dalrymple Rigging and Transport, a Chattanooga, Tennessee-based machinery moving and transport specialist. The add-on expands MEI's footprint into Tennessee and strengthens its operations across the Southeast; financial terms were not disclosed.

AFS Group (doing business as America's Floor Source) has acquired the assets and intellectual property of Flooring Solutions, a Memphis, Tennessee-based flooring and tile retailer. The business will operate under the AFS brand, retain its leaders and staff, and remain at its current Memphis location as part of AFS's mid-South expansion.

The Middleby Corporation (NASDAQ: MIDD) has acquired JC Ford, a Columbia, Tennessee-based manufacturer of automated tortilla and tortilla chip production systems. The acquisition expands Middleby's Food Processing Group product portfolio into the growing snack/tortilla segment and is expected to provide synergies and margin opportunities.

InnoCaption has acquired CaptionMate, expanding its mobile call-captioning footprint and multilingual capabilities. CaptionMate will operate as a standalone service supported by InnoCaption's engineering and customer-service teams, with CaptionMate founder Beryl Bucher serving in a temporary advisory role.

Reynolds, Bone & Griesbeck PLC (RBG) has acquired Scott and Pohlman, P.C., with the transaction effective November 1, 2024. The acquisition brings S&P's team into RBG to strengthen RBG's tax, Client Advisory and Accounting Services (CAAS) capabilities and expand its talent pool to better serve businesses and individuals.

Novatech, the Nashville-based nationwide Managed Office provider and a Trivest Partners portfolio company, acquired Carolina Business Equipment (CBE) in July 2023 and completed a full rebrand/operational integration under the Novatech name effective November 1, 2024. The acquisition expands Novatech's managed office footprint and capabilities—adding CBE's managed IT and print offerings and regional customer relationships in the Carolinas.

Integrated Global Services, Inc. (IGS) has acquired the engineered coatings and materials business (the "Coatings and Materials Business") of Liquidmetal Industrial Solutions. The Chattanooga-based business, which specializes in high-performance thermal spray application services and materials (including patented Armacor technologies), will join IGS to expand its asset integrity and surface enhancement capabilities; Liquidmetal will continue to operate its remaining mechanical and inspection services.

Commify, the PE-backed global messaging platform, has acquired Chattanooga-based Text Request to strengthen its U.S. presence. Backed by ECI Partners, the add-on deal brings a fast-growing SaaS business with ~40 employees, ~7,500 customers and nearly $15m ARR into Commify’s portfolio while keeping operations in Chattanooga.

Accenture has acquired Joshua Tree Group (JTG), a Franklin, Tennessee-based supply chain consulting firm focused on distribution center performance, workforce coaching and advanced analytics. The acquisition expands Accenture's capabilities in warehouse optimization and autonomous supply chains by combining JTG's on‑the‑ground operations expertise with Accenture's digital, AI and digital-twin technologies; terms were not disclosed.

Tacoma and Hoyt LLC, a Tennessee-based investment firm, has acquired Jackalope Brewing Company, a craft brewery and taproom in Nashville’s Wedgewood-Houston neighborhood. Steve Barone (CEO of Tacoma and Hoyt) will become CEO of Jackalope while founder Bailey Spaulding remains Chief Beer Officer and Steve Wright shifts to Chief Revenue Officer as the company pursues regional growth and expanded distribution across the Southeast.

Harmony Healthcare IT, a Novacap portfolio company, has acquired Trinisys, a Brentwood, Tennessee-based legacy data management firm. The deal expands Harmony's enterprise data migration, integration, and legacy data management capabilities to better serve healthcare organizations and accelerate product and R&D investment.

Terex Corporation completed the all-cash $2.0 billion acquisition of Environmental Solutions Group (ESG) from Dover Corporation, enhancing Terex’s presence in the waste and recycling equipment market. The deal is expected to be EPS-accretive, deliver roughly $25 million of identified synergies by 2026, and broaden Terex's North American revenue exposure.

Godspeed Capital-backed ICE USA has acquired Robert G. Campbell & Associates (RGC&A), a Knoxville-based civil engineering, surveying, and inspection firm. The add-on expands ICE USA's presence and capabilities in the Tennessee market by adding more than 40 professionals and strengthening its surveying, civil engineering, and construction management services for public infrastructure clients.

The Hardenbergh Group has acquired National Credentialing Solutions (nCred), a technology-enabled payer enrollment and credentialing services provider. The acquisition expands Hardenbergh's CVO and payer/provider enrollment capabilities to support customers' revenue cycle and credentialing needs.

Thriveworks has acquired Synchronous Health to expand integrated behavioral health services within primary care and health system settings. The deal brings Synchronous Health's telehealth offering and AI-enabled platform Karla into Thriveworks' network, broadening access to mental health care and strengthening clinician-supported digital care between sessions.

Cardinal Health has entered into a definitive agreement to acquire Integrated Oncology Network (ION) for $1.115 billion in cash. The acquisition adds more than 50 community-based practice sites and 100+ providers to Cardinal's Navista oncology practice alliance and expands the company's specialty oncology capabilities and practice management offerings.

Fabric, a New York–based healthcare technology company, has acquired TeamHealth VirtualCare—the virtual care service line of TeamHealth—to expand its nationwide virtual care capabilities and provider network. The deal, Fabric's fourth acquisition in 18 months, brings additional multi-specialty clinicians and broadens Fabric's virtual urgent care, behavioral health, and employer/payer offerings; financial terms were not disclosed.

VP Supply Corp, a Rochester, New York-based plumbing and building products distributor, has acquired Exterior Wholesale Supply, LLC (EWS), a Smyrna, Tennessee-based value-add distributor of building products and installation services. Madison Street Capital served as exclusive advisor to EWS; financial terms were not disclosed. The acquisition expands VP Supply's geographic footprint and service capabilities into the Middle Tennessee market.

Sedgwick announced a strategic investment from Altas Partners, with Altas committing $1.0 billion of equity while current investors — led by The Carlyle Group and Stone Point Capital — remain and will make additional investments. The transaction implies a total enterprise value of approximately $13.2 billion, with Carlyle retaining its control position; the deal is expected to close in Q4 2024 and Sedgwick will remain an independent, privately held company.

Bridgenext, a global digital consultancy, has acquired CodeScience, a Salesforce-focused technology consulting firm, to strengthen its product development capabilities across the Salesforce ecosystem. CodeScience CEO Michael Utell will remain with Bridgenext; BNP Paribas Securities Corp acted as financial advisor to CodeScience and deal terms were not disclosed.

BenefitHub, a portfolio company of Philadelphia-based Inverness Graham, has acquired Abenity, a Tennessee-based provider of private perks programs, to expand its employee perks and voluntary benefits offerings. Balance Point provided debt and equity financing to facilitate the transaction; terms were not disclosed and Abenity was advised by Lincoln International.

Perpetual Capital Partners, the direct investing arm of a single-family office, has acquired Novatech, Inc., a Nashville-headquartered provider of Managed Office Solutions offering managed IT, print, cloud, and cybersecurity services. The deal (terms undisclosed) positions Perpetual to support Novatech's growth and capability expansion as the company continues to scale nationwide.

BIDFTA.COM (BidFTA.com), an online auction and reverse logistics platform, has acquired Bargain Hunt Auctions, a division of Bargain Hunt, expanding its footprint into Nashville, Tennessee. The acquisition brings BIDFTA.COM additional auction inventory and a southeastern processing facility to better serve buyers and supply partners.

Cape Electrical Supply, a subsidiary of Graybar, has acquired Power Supply Company, LLC, an electric utility distributor based in Chattanooga, Tennessee. The business will operate as a division of Cape Electrical Supply, with existing employees and supplier relationships retained, expanding Cape Electric's presence into the Tennessee market.

Five Star Breaktime Solutions has acquired Cool Springs Refreshments LLC, a Nashville-based vending and micro-market operator founded in 2004 by Robert Venables. The purchase expands Five Star’s footprint across Middle Tennessee, adding nearly 60 customer locations served by about 130 vending machines and micro-markets and enhancing its breakroom services in the Nashville market.

Kingswood U.S. has acquired Nashville-based Eudaimonia Partners and Eudaimonia Advisors, two registered investment advisory firms representing more than $1 billion in client assets and 17 advisors. The deal, which closed Sept. 1, 2024, expands Kingswood's presence in the southeastern U.S., adds scale to its RIA business and provides access to Eudaimonia's turnkey asset management platform.

Denver-based Avanti Residential acquired The Residence at Old Hickory Lake, a 116-unit Class A multifamily property in the Nashville metropolitan area, marking Avanti's entry into the Nashville market. Avanti purchased the lakefront community from Arnold Companies and plans to operate the asset as part of its expanding multifamily portfolio across the Southeast.

THL Partners has agreed to make a majority investment in YA Group, a Nashville-based professional services firm providing forensic consulting, engineering, and risk mitigation services to insurance and public-sector clients. Current investor CIVC Partners, management and employees will retain significant ownership, and the capital will be used to accelerate organic growth, expand core capabilities and pursue strategic acquisitions.

Valsoft Corporation Inc. has acquired Equinox Information Systems, a Nashville-based software provider specializing in fraud management, revenue assurance, data mediation and network monitoring for the telecommunications industry. Equinox's management will remain in place as Valsoft expands into the telecommunications vertical and looks to grow Equinox's presence in the U.S. and internationally.

Crown Laboratories, a Hildred Capital portfolio company, completed the acquisition of Revance Therapeutics through a cash tender offer that expired February 4, 2025; the transaction closed on February 6, 2025 and Revance will be delisted from Nasdaq. The deal brings together Crown's skincare and consumer brands with Revance's DAXXIFY, RHA dermal fillers and other aesthetics/therapeutic offerings to expand product portfolio and commercialization capabilities across medical, retail and e-commerce channels.

Brightstar Capital Partners, a middle-market private equity firm, has acquired Best Choice Roofing, a national residential roofing provider with more than 85 locations across 24 states and over 60,000 customers. Brightstar said the investment will support continued geographic expansion, scale operations, and enhance systems and infrastructure while partnering with founder and CEO Wayne Holloway.

Extraordinary Brands, a multi-franchisor platform, has acquired Neighborhood Barre, a boutique barre studio brand founded in 2011. The acquisition brings Neighborhood Barre’s ~22 studios into Extraordinary Brands’ portfolio to expand its franchise footprint and add a barre concept to its lineup of boutique fitness brands.