Acquisitions in Virginia in 2021

World Insurance Associates LLC, a Top 100 insurance brokerage headquartered in Tinton Falls, New Jersey, acquired Steve Love Insurance Agency of Virginia Beach, Virginia on December 31, 2021. Terms were not disclosed; the target provides personal (auto, home, life) and business insurance and will continue operating as part of WIA.

Regions Financial Corporation has completed the acquisition of Clearsight Advisors, an M&A and capital-raising advisory firm. The deal brings Clearsight into Regions Bank’s Capital Markets division to expand Regions’ M&A advisory and technology-sector capabilities; Clearsight will retain its McLean, Virginia headquarters and existing offices in New York and Dallas.

World Insurance Associates LLC, a Top 100 insurance brokerage based in Tinton Falls, New Jersey, acquired Mid Atlantic Insurance Group, a Richmond, Virginia-based commercial wholesaler specializing in workers' compensation, on December 31, 2021. Terms were not disclosed; WIA said the acquisition will expand its carrier relationships and workers' compensation capabilities.

CACI International acquired Ashburn, Virginia–based ID Technologies, a mid-tier provider of enterprise IT, CSfC-compliant cybersecurity products, and managed services to U.S. federal customers. The acquisition, which closed on December 29, 2021 for $225 million, expands CACI's secure network modernization, remote-access, and cloud/IaaS capabilities for defense, intelligence, and federal civilian markets.

Pacteon, a portfolio company of GenNx360 Capital Partners, has acquired ESS Technologies, a provider of carton and packaging line design, equipment manufacturing, integration and automation solutions. The acquisition expands Pacteon's packaging line integration capabilities and strengthens its presence in the pharmaceutical, diagnostic and cosmetic end markets.

Chicago-based private equity firm Xyresic Capital acquired Tele-Town Hall LLC, a mass-communications services provider. Dallas-based Capital Southwest Corporation backed the transaction by providing a senior secured first-lien term loan and a second-lien term loan and will act as administrative agent on the facility.

NearU Services, a Charlotte-based home services platform, acquired Robertson Electric Company, a 50-year electrical, HVAC and plumbing contractor based in Charlottesville, Virginia. The deal is an add-on to NearU's national expansion strategy and supports the sellers' succession plan while keeping Robertson Electric's local management and brand in place.

Bonaventure acquired two luxury multifamily properties in Virginia—Messenger Place in Manassas and Magnolia Run in Virginia Beach—in separate off-market transactions financed via an $85 million Fannie Mae credit facility arranged by KeyBank. Messenger Place was purchased from owner/developer The Rector Companies for $25.5 million; Magnolia Run (200 units) was acquired for $52.1 million as part of Bonaventure's ongoing portfolio expansion in the Mid-Atlantic.

Galway Holdings has acquired Simatree, a Virginia-based strategic advisory firm specializing in data, analytics, technology consultation and digital transformation. The deal brings Simatree’s data and analytics capabilities into Galway’s financial-services-focused platform to support digital transformation work across insurance, wealth management and related businesses.

SPARC Research, an aerospace propulsion company based in Warrenton, Virginia, announced it will acquire Design Integrated Technology (DIT), a Warrenton-based manufacturer of high-viscosity industrial mixers and propellant testing equipment. The deal is intended to expand SPARC Research’s manufacturing capabilities and commercial presence, with the acquisition expected to close in early 2022.

Analytic Services Inc (ANSER), a Falls Church, Virginia-based public service research institute, has acquired Fairfax-based InTec, LLC, a provider of technical and management expertise to federal Intelligence, Civil and Defense agencies. The acquisition expands ANSER's systems engineering, integration, intelligence operations, and program management capabilities in national and homeland security.

Concentric, LLC, an OnPoint Group company, has acquired Weldex Sales, the largest battery provider in Virginia. The deal expands Concentric's footprint in Virginia and adds Weldex's motive power, environmental and welding capabilities — including lithium and hybrid power solutions — to Concentric's service and distribution network.

Raleigh-based 919 Marketing has acquired Richmond-based NetSearch Digital Marketing to expand its in-house SEO, PPC and web design capabilities for franchise and multi-location brands. The deal deepens 919 Marketing's local marketing services and complements its prior acquisition of Ceralytics to strengthen analytics-driven content and digital offerings.

Unisys Corporation acquired cloud solutions provider CompuGain for $87.3 million on a cash‑free, debt‑free basis. The deal expands Unisys' cloud, application modernization and data management capabilities and adds a team of more than 400 engineers with strong presence in financial services.

DispatchHealth has acquired Dynamic Mobile Imaging (DMI), a leading provider of portable diagnostic imaging services, expanding its mobile diagnostics capabilities and footprint across the eastern United States. The deal builds on DispatchHealth's strategy to create a comprehensive in-home care platform and follows its earlier acquisition of Professional Portable X-Ray (PPX).

Lightview Capital made a growth investment in CyberSheath, a Reston, Virginia–based managed security and CMMC services provider, to help the company scale its offerings for the Defense Industrial Base. The capital will fund product and service expansion, support potential acquisitions, and enable CyberSheath to reach more DoD contractors needing compliance and cybersecurity solutions.

Dynata has acquired 0ptimus Analytics, an AI/ML data science and technology company, to strengthen its advertising solutions by making first‑party data more actionable for audience discovery, activation and measurement. The deal adds 0ptimus’ predictive modeling and people‑based audience capabilities to Dynata’s connected data platform, expanding Dynata’s end‑to‑end advertising offering.

ICF (NASDAQ:ICFI) has entered into a definitive agreement to acquire Creative Systems and Consulting, a provider of IT modernization and digital transformation services for U.S. federal agencies. The deal adds Creative’s ~270-person team and platform expertise (Salesforce, Microsoft, ServiceNow) to ICF’s federal digital capabilities and is expected to be slightly accretive to GAAP EPS in 2022.

The Master Group Inc., Canada’s largest private HVAC/R distributor, has acquired Value Added Distributors (VAD), a Midlothian, Virginia–based HVAC solutions and distribution platform with 19 branches and nearly 200 employees. The acquisition establishes The Master Group’s entry into the United States and positions VAD as the platform for future U.S. growth.

Modus Create, a digital transformation and product development services firm headquartered in Reston, Virginia, received a strategic growth investment from private equity firm JLL Partners. The minority investment — Modus Create's first outside financing — will fund growth initiatives to expand capabilities, grow the team, and extend the company's global footprint.

Booz Allen Hamilton has completed the spinout of its commercial AI platform Modzy into a new independent company, Modzy, Inc., with Booz Allen retaining a minority ownership stake. Modzy provides a ModelOps/MLOps software platform to help enterprises and federal customers deploy and monitor production-ready AI; financial terms were not disclosed.

L2 Capital Partners recapitalized YakAttack, a vertically integrated designer and U.S. manufacturer of kayak fishing accessories headquartered in Farmville, Virginia. Salem Investment Partners and Oxer Capital provided debt financing and co-invested; terms were not disclosed. L2 said it will partner with founder Luther Cifers and management to expand product development, sales channels and distribution.

Systems Planning and Analysis, Inc. (SPA) has acquired Arena Technologies LLC, a systems-engineering and advisory firm serving the space and national intelligence community. The deal expands SPA’s capabilities and customer access in the space domain and Intelligence Community, supporting SPA’s strategic inorganic growth plans.

HealthEquity entered into a definitive agreement to acquire the HSA portfolio of Health Savings Administrators, L.L.C. (HealthSavings) for $60 million. The transaction transfers custody of nearly $1.3 billion in HSA assets across approximately 87,000 accounts to HealthEquity.

United Bankshares, Inc. completed its acquisition of Community Bankers Trust Corporation, the parent company of Essex Bank, adding an organization with approximately $1.7 billion in assets and headquarters in the greater Richmond, Virginia region. The deal expands United’s Mid‑Atlantic footprint into additional Virginia and Maryland markets; former Community Bankers Trust President and CEO Rex L. Smith III was retained as a Regional President for the former Essex Bank locations.

Affiliated funds managed by Carlyle have agreed to acquire CNSI from Alvarez & Marsal Capital Partners. CNSI is a provider of healthcare technology and services to state and federal clients (Medicaid/Medicare systems, claims processing, provider enrollment, analytics); Carlyle said it will partner with CNSI's management to expand and invest in the company's market-leading solutions.

MPF Products, Inc. acquired Blue Ridge Optics, a precision optical component manufacturer, in a deal finalized in December 2021. The acquisition creates an in-house optics division for MPF Products and enables vertical integration of R&D, manufacturing and testing to better serve aerospace, medical, OEM and research customers.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Precipio Wealth Management LLC, a McLean, Virginia-based wealth management firm with approximately $250 million in assets under management serving clients in 19 states. The deal brings Precipio's team into Mercer Advisors as part of the founders' succession planning and expands Mercer’s presence in the Washington, D.C. / Mid-Atlantic region.

Boathouse Capital completed a growth capital investment in Sandboxx, a military-focused digital platform that connects service members with families, career content, and lifestyle utilities. The funding will help Sandboxx expand beyond basic training with new products (digital wallet, career tracker, secure unit communications) and support planned hiring to scale the platform across the U.S. military.

Tailwind Capital has acquired a majority stake in Brightspot, a Reston-based content management system (CMS) provider, from Carrick Capital Partners. The investment will support Brightspot's next phase of growth, including expanding its developer community, partner network and product capabilities.

TransUnion agreed to acquire Neustar for $3.1 billion in cash to expand its identity-resolution, marketing and fraud capabilities. Neustar's security business was excluded from the sale and has been spun out as Neustar Security Services, now a standalone portfolio company backed by Golden Gate Capital and GIC.

BayWa r.e. has acquired Beacon Solar, the solar distribution division of Beacon Roofing Supply (Nasdaq: BECN), and will integrate it into BayWa r.e. Solar Systems LLC to expand its U.S. distribution footprint. The deal increases BayWa r.e.'s U.S. warehouse network from six to 16 locations, supporting faster deliveries and cross-selling of solar and roofing products.

Choice Financial Group, a portfolio company of Northlane Capital Partners, acquired Norfolk, Virginia-based Ashley & Associates Insurance Agency. The acquisition adds a partner agency to Choice's portfolio to expand its presence in southeastern Virginia and provide Ashley & Associates with Choice's resources, carrier relationships, and technology; Chris Miles has been named President of Ashley & Associates.

HSI, a Frisco, Texas-based provider of EHS, compliance and professional development solutions (majority-owned by Waud Capital Partners), has acquired microlearning provider Blue Ocean Brain. The acquisition expands HSI's employee learning and professional development capabilities by adding Blue Ocean Brain's daily microlearning content and platform to HSI's integrated training and software offerings.

H.I.G. Capital (through an affiliate) made a strategic growth investment in 3Pillar Global, a global software product development firm. The investment will support 3Pillar's continued scaling, talent attraction and development, and expansion of its digital product engineering capabilities.

NearU Services, a founder-led home services platform based in Charlotte, North Carolina, has acquired American Mechanical, Inc., a Virginia Beach-based provider of HVAC, plumbing, and electrical services. The acquisition will allow NearU to expand its Virginia footprint, retain local management and employees, and bring NearU's training and technology to American Mechanical's operations.

Godspeed Capital Management LP has acquired Ascent Engineering Group, Inc., a Roanoke, Virginia-based MEP engineering and consulting firm. Ascent will join Godspeed's Prime ABA growth platform and continue to operate as a standalone business under existing management, which co-invested in the transaction.

NearU Services, a founder-led home services platform based in Charlotte, acquired Premium Home Services, a Warrenton, Virginia-based HVAC, plumbing, and electrical contractor, to expand its service footprint into Virginia. Premium will continue operating under its local brand with Tom Noland remaining in management while NearU applies its operations, technology, and training resources to grow the business.

Buchanan & Edwards Inc. (BE) has completed its acquisition of RenXTech (formerly Renegade Technology), merging the firm with BE subsidiary R2C under the RenXTech brand. The deal expands BE’s cyber, analytics, and operational support capabilities for federal and commercial national-security customers and consolidates leadership with Daniel Smith as President of Intel Operations.

OneWater Marine Inc. has reached an agreement to acquire Norfolk Marine Inc., expanding OneWater’s presence in the Mid-Atlantic and establishing its first dealership in Virginia. Norfolk Marine is a third-generation, family-owned full-service boat dealer that generated over $20 million in sales in the prior twelve months and offers new and pre-owned boat sales, parts, finance and service; the deal was expected to close in Q4 2021.

EMERGE Commerce Ltd. acquired all issued and outstanding shares of Retail Store Networks, Inc. (dba WholesalePet.com), a profitable U.S.-based B2B e-commerce marketplace serving independent pet retailers. The transaction, announced November 16, 2021, was for up to US$25 million (combination of cash, shares, deferred consideration and earn-out) and expands EMERGE’s portfolio into the B2B pet vertical while adding a recurring, asset-light marketplace expected to be immediately accretive to EBITDA.

Advanced Mission Solutions, LLC (AMS) has acquired Innovative Management & Technology Services, LLC (IMTS). IMTS is a federal IT services provider with a long history of supporting the FBI and law enforcement; the acquisition is intended to combine complementary capabilities and accelerate growth in the federal/law-enforcement IT services market. Excendio Advisors advised IMTS on the transaction.

Mirion Technologies, Inc. (NYSE: MIR) has signed a definitive agreement to acquire Computerized Imaging Reference Systems, Inc. (CIRS), a Norfolk, Virginia–based maker of medical imaging and radiation therapy phantoms. CIRS (≈80 employees) will be integrated into Mirion's Medical segment; the transaction is expected to close in Q4 2021 for approximately $54 million and is intended to expand Mirion's medical product and services capabilities and drive margin synergies.

West Shore Home, a Pennsylvania-based technology-enabled home improvement company, has acquired Skyline Windows of Richmond, a Richmond, Virginia window replacement business. The acquisition expands West Shore Home’s Virginia footprint and adds Skyline’s $4.5 million in 2020 sales and 24 employees to the platform as an add-on to accelerate geographic growth.

Ansys acquired Phoenix Integration, Inc., the developer of the ModelCenter platform for model-based engineering and model-based systems engineering (MBSE), to expand its process-integration and MBSE capabilities. The acquisition, announced May 17, 2021, will broaden Ansys' solution offering by enabling multi-tool workflows and tighter integration between engineering analysis and systems models; financial terms were not disclosed.

Oxford, Mississippi-based Security Credit Services (SCS) has acquired Jormandy, LLC, a receivables purchaser and collector headquartered in Norfolk, Virginia. Jormandy’s existing leadership (including Diane Manning) and staff will remain in place as SCS continues the Jormandy brand and Virginia operations; SCS is owned by privately held EquiPro Holdings.

Northlane Capital Partners (NCP) has made an investment in Choice Financial Group, a Virginia Beach–based insurance agency, partnering with founder and president Richard Braun. The capital will support Choice’s acquisition-driven growth strategy and add operating resources (including the addition of industry executive Bob Hilb); Madison Capital Funding provided debt financing for the transaction.

AE Industrial Partners’ affiliate AE Industrial Partners Structured Solutions I, LP made a significant equity and debt investment in Fire Team Solutions, a Reston, Virginia-based provider of cloud, cyber, and software development services to the U.S. intelligence community. Financial terms were not disclosed; Fire Team’s founder and CEO Nicholas Harscher will remain in place as AEI provides operational support and industry relationships to accelerate growth and capability development.

Synalloy Corporation (Nasdaq: SYNL) acquired DanChem, a specialty-chemicals contract manufacturer based in Danville, Virginia, for $32.95 million, closing October 22, 2021. DanChem operates three production plants on a 55-acre campus with over 120 employees, and is expected to generate approximately $30 million of 2021 revenue (c.18% adjusted EBITDA); the deal was funded through Synalloy's existing credit facility and DanChem was an Edgewater Capital Partners portfolio company.

Anodyne Pain & Wellness Solutions, Inc. has acquired Virginia-based Insight Physician Associates, a behavioral health practice group with expertise in diagnosis and treatment of mental, addictive, and emotional disorders and telemedicine services. The acquisition expands Anodyne's pain and wellness offering to include behavioral health and will enable a behavioral health telemedicine pilot across select Anodyne clinics before wider rollout.