Acquisitions in Vermont in 2024

Stewart's Shops Corp. has acquired the retail convenience-store operations of Jolley Associates LLC and the wholesale petroleum and residential heating oil businesses of S.B. Collins Inc., adding 45 convenience stores across Vermont, New Hampshire and New York. The deal expands Stewart's regional footprint and integrates fuel distribution and heating-oil operations previously owned by the Jolley family; Matrix Capital Markets advised the sellers.

Investment funds managed by Morgan Stanley Capital Partners (MSCP) have acquired FoodScience, a Williston, Vermont-based formulator, manufacturer and marketer of pet and human nutritional supplements, from Wind Point Partners. MSCP said it will work with CEO Sharon Rossi to pursue organic growth and strategic M&A to expand FoodScience's portfolio and capabilities.

ATIS, a portfolio company of Thompson Street Capital Partners (TSCP), has acquired Vermont Elevator Inspection Services (VEIS). The add-on expands ATIS' geographic footprint into Vermont and strengthens its local inspection and regulatory compliance capabilities; terms were not disclosed.

PLACE, the brokerage-inclusive real estate technology and services platform, has acquired Livian, a real estate team servicing platform founded by Adam Hergenrother. Livian will be fully integrated into PLACE's ecosystem to expand PLACE’s capabilities for servicing high-performing real estate teams across the United States and Canada.

Canto, a leading provider of digital asset management (DAM) software, has acquired Image Relay, a Burlington, Vermont–based SaaS vendor that combines DAM and product information management (PIM). The deal brings Image Relay founder and CEO Skye Chalmers into Canto’s team and expands Canto’s product capabilities to offer a unified DAM+PIM solution for industries such as retail, manufacturing and CPG.

ALKEME, a Top 40 insurance brokerage based in Ladera Ranch, California, has acquired North Point Insurance Agency, a family-owned agency with offices in New York, Vermont and Maine. The acquisition expands ALKEME’s Northeast footprint and adds North Point’s specialty expertise in property & casualty and personal insurance, including a strong presence in the maple sugaring industry.

Original Clean Energy, a subsidiary of Clean Royalties backed by Houston-based Siltstone Capital, acquired Williston, Vermont–based iSun and its subsidiaries SunCommon (Waterbury, VT) and Liberty Electric (Salem, NH) following iSun’s bankruptcy. The sale (reported purchase price $10 million) is part of a restructuring and regional growth plan to expand solar, storage and EV charging deployment across northern New England and New York.

HUB International Limited has acquired The Essex Agency, Inc., an independent insurance agency based in Essex Junction, Vermont. The acquisition expands HUB's commercial and personal insurance capabilities in Vermont and strengthens its specialty practices by adding The Essex Agency's team to HUB International New England.

Empowered Ventures, an employee-owned holding company based in Carmel, Indiana, has acquired Benoure Plumbing, Heating & Air Conditioning, a South Burlington, Vermont-based residential and commercial mechanical contractor. The transaction transitions Benoure into Empowered Ventures' ESOP as part of the owner's succession plan and is intended to support continued growth and ongoing employee ownership.

Prince Industries, an HC Private Investments portfolio company, acquired Bradford Machine, a Brattleboro, Vermont-based precision machining firm, to expand Prince’s medical device, aerospace and defense capabilities. The transaction terms were not disclosed; debt financing was provided by Wintrust Financial Corporation, Signature Bank and Midwest Mezzanine Funds, with Winston & Strawn serving as legal counsel and Mirus Capital Advisors advising Bradford.

Dead River Company, a Maine-based heating fuels and propane provider, acquired Bourne's Energy of Morrisville, Vermont effective February 1, 2024. The transaction expands Dead River's service footprint and customer base in Vermont; financial terms were not disclosed.

Bowman Consulting Group Ltd. (Nasdaq: BWMN) has acquired Trudell Consulting Engineers and its wholly owned Vermont Underground Locators subsidiary, a multidisciplinary engineering and utility-locating business based in Williston (near Burlington), Vermont. The acquisition expands Bowman's presence in northern New England and Upstate New York, adds civil/site engineering, surveying and utility locating capabilities, and brings an initial annualized net service billing run rate of roughly $4.5 million.

VC3, a Columbia, South Carolina-based managed IT and cybersecurity services provider, has acquired DominionTech, an IT services provider serving Vermont and New Hampshire. The acquisition expands VC3's presence in New England and adds DominionTech's expertise in fully managed and co-managed IT services, disaster recovery/business continuity, and cybersecurity to VC3's platform.

AMF Holdings, LLC completed a management buyout of US Aircraft Finance, LLC, a national specialist in light aircraft lending and loan servicing. The transaction transfers ownership from the company's shareholders (following the recent passing of founder David Savoie) to AMF Holdings, which will continue USAF's aircraft lending and servicing operations from Richmond, Vermont.