Acquisitions in Virginia in 2019

Care Advantage, a Richmond-based home healthcare provider and portfolio company of BelHealth Investment Partners, has acquired Team Nurse Inc., a South Boston, Virginia home health and personal care provider operating 17 locations with over 400 caregivers. The add-on expands Care Advantage's footprint to more than 40 branch locations across Virginia, Maryland, Delaware and Washington, D.C., increasing regional density and coverage across roughly 90% of Virginia.

Corrona, LLC has acquired HealthiVibe, LLC, a patient experience and patient-insights firm based in Arlington, Virginia. The acquisition adds HealthiVibe's global patient engagement expertise and online analytic platforms to Corrona's real-world evidence and disease-registry capabilities to better support pharmaceutical clients across the product lifecycle.

Tech Data completed its acquisition of DLT Solutions, a software and cloud solutions aggregator focused on the U.S. public sector, adding public-sector contract vehicles and expertise to Tech Data's channel offerings. The deal (reported purchase price ~$205 million) makes DLT a wholly owned subsidiary and expands Tech Data's capabilities across cloud, cybersecurity, analytics and IT infrastructure for government customers.

The Hilb Group, LLC (THG), a Richmond-based middle-market insurance brokerage and portfolio company of The Carlyle Group, acquired Bristol, Virginia-based Kerr-Boswell, Inc., effective December 1, 2019. Kerr-Boswell's staff will continue operating from their Bristol location under THG's Abingdon, VA operations as part of THG's strategy to expand its regional footprint in Virginia.

Bluestone Investment Partners’ portfolio company Intrepid Solutions and Services has completed the acquisition of BWM Outcomes, a provider of cybersecurity and intelligence analysis services for U.S. defense and intelligence customers. BWM founder Jacqueline Bahe will join Intrepid as BWM President to continue running the business, which expands Intrepid's cyber and intelligence analytic capabilities and customer relationships.

Allegiance Fundraising Group, a portfolio company of 424 Capital, has acquired Beaconfire RED, an Arlington, Virginia–based digital marketing agency serving U.S. nonprofit organizations. The acquisition expands Allegiance's digital fundraising and advocacy capabilities — adding digital strategy, social media, digital media, UX/visual design, and web and mobile development to its offerings. The transaction is an add-on to Allegiance's platform backed by 424 Capital.

FoodChain ID, a Paine Schwartz Partners portfolio company, has acquired Diversified Laboratories, an analytical testing lab based in Chantilly, Virginia. The deal expands FoodChain ID’s contaminants testing capabilities — adding Diversified’s USDA-accredited and ISO 17025-certified pesticide, PCB, antibiotic and mycotoxin testing to its food safety, quality and sustainability platform.

Bluestone Investment Partners completed an investment in Intrepid Solutions and Services, a Sterling, Virginia-based provider of enterprise IT, data analytics, and operational training to the U.S. Intelligence Community. The transaction included a co-investment from Route 2 Capital Partners (an SBIC), and Bluestone said the capital will support Intrepid’s organic growth and M&A-led expansion as a platform in the government services market.

Gores Holdings III, a SPAC sponsored by The Gores Group, completed its acquisition of Platinum Equity portfolio company PAE and the combined company was renamed PAE Incorporated and began trading on Nasdaq under PAE and PAEWW. The transaction valued PAE at an approximate $1.55 billion enterprise value and was funded with Gores Holdings III trust cash plus a $220 million private placement led by Alec Gores, with Platinum Equity affiliates retaining a meaningful stake in the new public company.

The Carlyle Group has signed a definitive agreement to acquire a majority interest in The Hilb Group from Abry Partners; financial terms were not disclosed. Hilb, a Richmond-based insurance brokerage with more than 900 associates and 91 branch offices, will retain significant ownership by its management team and employee shareholders as Carlyle supports further organic growth and targeted M&A.

Unanet, a SaaS project-based ERP provider, has acquired Clearview Software, a developer of project-based ERP (InFocus) for architecture and engineering firms. Clearview will operate as a division of Unanet in Lynchburg, Virginia, with Clearview CEO Matt Pantana joining Unanet’s management team to help expand Unanet’s offerings for AE and other professional services firms.

Warburg Pincus has made a minority growth investment in Softeon, a Reston, Virginia-based provider of supply chain and warehouse management software. The investment will fund Softeon’s expansion of sales and marketing, geographic presence, and product innovation; financial terms were not disclosed.

Whitney, Bradley & Brown, Inc. (WBB), a portfolio company of H.I.G. Capital, has acquired BRTRC Federal Solutions, a Vienna, Virginia-based provider of support services to the U.S. Army, Department of Defense and Intelligence Community. The deal expands WBB's capabilities in systems and vehicle integration, prototyping, strategic communications and cybersecurity as an add-on to its federal government services platform.

Marlin Equity Partners completed a majority investment in Whitlock, a Richmond, Virginia–based systems integrator specializing in audiovisual (AV) and video collaboration (VC) solutions. The investment positions Whitlock to scale its national footprint and expand its AV/VC strategy, implementation, managed services and support for enterprise customers.

Elastic N.V. (Elastic) completed the acquisition of endpoint protection vendor Endgame in October 2019. The transaction, with a total purchase price of approximately $234 million (shares plus cash to repay debt and transaction expenses), brings Endgame's endpoint protection capabilities into Elastic’s security portfolio to integrate with Elastic SIEM and expand Elastic’s security product offering.

CORA Physical Therapy, a Gryphon Investors-backed outpatient rehabilitation operator, has acquired Blacksburg Physical Therapy Associates, which operates three clinics in Blacksburg, Christiansburg and Radford, Virginia. The acquisition expands CORA's Virginia footprint to 11 clinics; Blacksburg PT Principal Cindy Henderson will remain involved in management. Terms were not disclosed.

Framatome has acquired FoxGuard Solutions, a U.S.-based provider of industrial cybersecurity, computing and regulatory compliance solutions headquartered in Christiansburg, Virginia. FoxGuard will become Framatome's center of expertise for cybersecurity in North America, expanding Framatome's consulting, implementation and managed cybersecurity offerings for the energy and critical infrastructure sectors.

Sev1Tech, a PE-backed IT modernization and cybersecurity firm, has acquired Engineering Solutions and Products (ESP), a Chantilly-based provider of C4ISR systems engineering, logistics, and mission support for the U.S. Army. The deal expands Sev1Tech's defense-focused capabilities and federal contract footprint, and serves as an add-on to its PE-backed platform.

Dovel Technologies, a McLean, Virginia-based federal IT services firm, has acquired Ace Info Solutions to diversify its client base and expand its technical capabilities in cloud engineering, DevSecOps, and data analytics. The combined company will expand Dovel's market presence in the federal sector and bring the combined headcount to more than 2,200 technologists, scientists, and support staff.

Edlio, a K-12 website and community engagement platform, has acquired OSMS, a cloud-based provider of online payments and student receipting for the K-12 market. The deal brings OSMS’s PCI-compliant payment and receipting capabilities into Edlio’s product suite to deepen its K-12 digital ecosystem and address rising demand for online payments and student receipting.

Aimbridge Hospitality and Interstate Hotels & Resorts entered into a definitive agreement to merge, creating a global third-party hotel management leader that will operate more than 1,400 properties across 49 states and 20 countries. Advent International, which acquired a majority stake in Aimbridge earlier in 2019, will assume majority ownership of the combined entity; Kohlberg & Company, which owned Interstate, will relinquish its stake as part of the transaction.

West Street Capital Partners VII, a fund managed by Goldman Sachs Merchant Banking Division, agreed to acquire Capital Vision Services, LP (the manager of MyEyeDr. optometry practices) from Altas Partners and Caisse de dépôt et placement du Québec (CDPQ). The transaction (announced June 2019 and expected to close Q3 2019) expands Goldman Sachs' healthcare-services portfolio and aims to scale CVS' network of affiliated MyEyeDr. practices nationwide.

ePlus inc. acquired certain assets and liabilities of Innovative Technology Systems & Solutions, Inc. (dba ABS Technology), closing the transaction on August 23, 2019 for undisclosed terms. The deal expands ePlus' consultative technology and managed services footprint in the Mid-Atlantic region and adds customers and capabilities across healthcare, education and government verticals.

NuMSP has acquired NTConnections, a Reston, Virginia–based managed service provider, marking NuMSP’s entry into the Virginia market. NTConnections provides full-service IT and cybersecurity solutions for small and mid-sized businesses; the deal is part of NuMSP’s roll-up strategy (its 13th acquisition) to build a nationwide MSP platform.

Zuken Inc. completed the acquisition of Vitech Corporation, a Blacksburg, Virginia-based provider of Model-Based Systems Engineering (MBSE) software and services. The deal — which received approval from the U.S. Department of Defense and CFIUS — expands Zuken's portfolio into systems engineering and MBSE capabilities to support customers in aerospace, transportation and defense markets.

ManTech International Corporation completed the acquisition of H2M Group, a Manassas, Virginia-based provider of geospatial and intelligence analysis services. The deal (funded with cash and existing credit) adds roughly 180 employees and strengthens ManTech's GEOINT, imagery/FMV analysis and cartography capabilities to better serve the U.S. intelligence community, including the National Geospatial-Intelligence Agency.

Jones & Frank, a provider of fueling system solutions, has acquired M.L. Leonard, a Virginia-based petroleum equipment distributor and service provider. The deal expands Jones & Frank's sales, installation and maintenance capabilities in Virginia and the greater Mid-Atlantic region; MidOcean Partners, the sponsor behind Jones & Frank, said the acquisition aligns with its strategy to build a leading petroleum equipment solutions platform.

Perspecta Inc. completed the acquisition of Knight Point Systems, LLC for approximately $250 million, strengthening Perspecta’s cloud, cybersecurity, digital transformation and enterprise IT capabilities for U.S. government customers. The deal adds Knight Point’s managed services, DevSecOps and cyber offerings to Perspecta’s portfolio and is expected to be accretive to fiscal 2020 adjusted EPS.

Applied Insight, a government-focused technology services company backed by The Acacia Group, acquired Digital Age Experts LLC (DAE) in a transaction completed in August 2019. The acquisition brings DAE's SHIFT cloud emulation platform and cleared engineering team into Applied Insight to expand its cloud-native development, DevSecOps and air-gapped/cloud emulation capabilities for federal customers.

McNally Capital led a platform investment in Altamira Technologies, a provider of analytics, engineering and cyber services to the U.S. national security community, with participation from ClearSky and Nio Advisors. The investment will support Altamira’s continued organic growth, investment in new solutions and pursuit of strategic acquisitions; Ward McNally will join Altamira’s board.

Parsons Corporation has agreed to acquire QRC, LLC (QRC Technologies) from private equity firm DC Capital Partners for $215 million in cash. The acquisition brings RF spectrum survey, signals intelligence and electronic warfare hardware and IP into Parsons’ portfolio to expand its defense and intelligence capabilities and accelerate actionable intelligence offerings.

Systems Planning and Analysis, Inc. (SPA) acquired Veracity Forecasting and Analysis, Inc.; the transaction closed on July 21, 2019 and terms were not disclosed. The deal brings Veracity’s operations research, modeling & simulation, and predictive analytics capabilities into SPA to broaden the firm’s data science and software development offerings for national security and defense clients.

Houston-based merchant bank Braes Capital has acquired Siege Technologies, a Chantilly, Virginia cybersecurity research and development firm focused on the federal market. The acquisition positions Braes to build broader cyber capabilities to protect critical infrastructure across federal, energy and financial services markets; Siege was divested by Nehemiah Security to allow Nehemiah to focus on its Risk Quantifier SaaS.

Firan Technology Group Corporation (FTG) has completed the acquisition of 100% of the shares of Virginia-based printed circuit board manufacturer Colonial Circuits, Inc. FTG paid approximately $4M CAD in cash (subject to adjustments); Colonial reported annual sales of CAD 7–9M and the transaction received CFIUS approval to add U.S. manufacturing capacity for FTG's aerospace and defense customers.

A-TEK, Inc. has completed the acquisition of Mackson Consulting, LLC; Mackson will operate as a wholly-owned subsidiary and be branded as Mackson, an A-TEK Company. The purchase expands A-TEK's federal health IT capabilities and customer footprint (including FDA, NIH, CMS and VA) while broadening its technology offerings in areas such as DevOps, data management and systems integration.

TELEO Capital Management acquired the onboard services and supply chain software business from e-gatematrix LLC; the business will operate as Paxia, Inc. Paxia provides enterprise cloud-based SaaS solutions for inflight catering and galley planning used by major airlines and catering partners, and TELEO plans to grow the business via product innovation and customer expansion.

CEI Vision Partners, a Revelstoke Capital Partners–backed ophthalmology management platform, has completed a partnership/acquisition of Virginia Eye Consultants, a 17-provider ophthalmology group with four clinic locations and an ambulatory surgery center serving the Norfolk–Virginia Beach–Chesapeake region. Financial terms were not disclosed; the deal serves as an add-on to expand CVP's Mid‑Atlantic footprint as its fifth partner practice.

Charlotte-based private equity firm Falfurrias Capital Partners signed a definitive agreement to acquire the food business of Richmond-based The C.F. Sauer Company. The sale transfers the company's branded and private-label food operations (including Duke's Mayonnaise and The Spice Hunter) to the buyer — the retained real estate portfolio remains with the shareholders — and the business will be known as Sauer Brands Inc. upon closing.

Peraton, a Veritas Capital portfolio company, has entered into a definitive agreement to acquire Solers, Inc., a provider of software development and systems integration for space situational awareness, satellite ground systems, cybersecurity engineering, and cloud solutions. The acquisition expands Peraton's space and communications capabilities and strengthens its mission-critical offerings to defense, intelligence and civilian federal customers.

Sheridan Capital Partners made a growth investment in Atlantic Vision Partners (AVP), a Richmond, Virginia-based vision practice management company that serves ophthalmology and optometry clinics across Virginia. Sheridan invested alongside AVP's founders and management (who retain a meaningful ownership stake); Twin Brook Capital Partners provided debt financing. Terms were not disclosed.

Logi Analytics, a Marlin Equity Partners portfolio company, has acquired Zoomdata, a real-time big data and streaming analytics platform, to strengthen Logi's embedded analytics capabilities. The deal merges Zoomdata's streaming and big-data visualization technology into Logi's developer-grade platform, expanding capabilities for IoT, cybersecurity, financial services and healthcare applications. Terms were not disclosed.

Reveal Data Corporation, a Chicago-based provider of cloud-based eDiscovery SaaS, acquired Mindseye Solutions to integrate its advanced processing and early case assessment capabilities into Reveal's platform. The transaction was supported by a significant investment from Gallant Capital Partners, which will help capitalise Reveal for growth and further add-on activity.

US Foot & Ankle Specialists (USFAS), a PE-backed podiatry platform affiliate of NMS Capital, has acquired Affiliated Podiatrists, P.C., a three-location podiatry practice based in Newport News, Virginia. The acquisition is an add-on to expand USFAS's presence in Virginia while Dr. Howard Roesen will continue to lead the practice and benefit from USFAS's administrative and clinical support.

Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, has made a strategic growth investment in ThreatConnect, an Arlington, Virginia-based provider of an intelligence-driven security operations platform. The funding will be used to accelerate ThreatConnect's go-to-market strategy, product development and international expansion as the company plans to increase staff by more than 50% over the next 12 months.

CertiPath and ZEVA jointly acquired SAFE-BioPharma, a provider of high-assurance digital identity and cryptography standards for the pharmaceutical, biotechnology, and healthcare industries. The buyers intend to refresh and expand SAFE-BioPharma's policies, specifications, and services to strengthen digital identity trust across regulated health and life-science organizations.

Frontier Capital has made a strategic growth investment in Phone2Action, a Washington, D.C.-area digital advocacy and civic engagement platform. The investment (from Frontier Fund V) will support Phone2Action’s continued product development and market expansion while Frontier partners join the company’s board.

Hoffman Southwest (HSW), a PE-backed provider of underground infrastructure and water flow services, acquired Accumark, Inc., Pipe Vision, LLC and Benchmark VA LLC Subsurface Utility Services (collectively “Accumark”). The add-on acquisition expands HSW’s subsurface utility engineering, utility locating, pipe inspection and pipe cleaning capabilities across the Mid-Atlantic and supports nationwide footprint expansion for its underground infrastructure services.

DivvyCloud, a provider of cloud security and compliance automation, raised $19 million in a growth round led by Providence Strategic Growth with follow-on investments from MissionOG and RTP Ventures. The funding (bringing total raised to $29M) will be used to accelerate product innovation—extending policy enforcement into CI/CD, container and serverless support—and to expand sales, marketing and customer success efforts.

Anne Arundel Dermatology Management (ADM), a portfolio company of NMS Capital, announced an affiliation with Laser Skin & Vein Center of Virginia, P.C. (LSVC), a single-location cosmetic dermatology practice in Virginia Beach led by Dr. David McDaniel. LSVC will remain physician-led while receiving ADM's administrative and operational support as part of ADM's strategy to expand its Mid-Atlantic footprint and cosmetic dermatology capabilities.

Chevy Chase-based private investment firm Enlightenment Capital has acquired McLean-based government IT contractor Trowbridge & Trowbridge LLC as the initial investment in a new Enlightenment platform focused on government IT modernization. The deal — terms undisclosed — gives Enlightenment a foothold in cloud computing, cybersecurity and IT modernization for federal customers; Trowbridge's COO Cass Panciocco was promoted to president and CEO while founder Karen Trowbridge remains on the board as an adviser.