Acquisitions in West Virginia in 2022

5th Century Partners has acquired Radon Medical Imaging, a provider of medical imaging equipment service, sales, and distribution, with unitranche debt and a minority equity investment provided by Avante Capital Partners to support the transaction. The deal positions Radon as the platform for growth in medical imaging services and will leverage Avante’s flexible capital to support the company’s expansion.

Choice Financial Group, backed by Northlane Capital Partners, has acquired Mountaineer Insurance Services, a five-branch insurance agency based in Beverly, West Virginia. The Mountaineer leadership team will remain in place as Choice expands its geographic footprint into West Virginia; the transaction closed November 1, 2022 and represents Choice's 11th acquisition since partnering with Northlane.

Denver-based private equity firm Santiago Investment Group acquired a majority ownership position in Sprouse Windows and Doors, a 37-year-old family-owned manufacturer of energy-efficient vinyl windows and doors headquartered in New Martinsville, West Virginia. Santiago plans to invest in modernizing equipment, employee engagement and support continued growth while Sprouse will continue to operate under its existing name.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Lehi, Utah, has acquired Infuse Insurance, a community-based agency headquartered in Beckley, West Virginia. The deal (terms undisclosed) expands PCF's geographic footprint into West Virginia and brings Infuse access to PCF's back-office resources and partner network to support growth.

H.I.G. Capital’s infrastructure arm, H.I.G. Infrastructure, has acquired a controlling interest in Northern Biogas, a Morgantown, West Virginia–based waste-to-renewable natural gas company that develops, builds, owns and operates anaerobic digester and RNG facilities. The investment will support Northern Biogas’ development pipeline of dairy, landfill and food-waste RNG projects across the U.S. as the company scales its construction, operations and service capabilities.

Hearthstone Holdings, a portfolio company of Ullico Infrastructure Fund (UIF), closed the acquisition of 100% of Hope Gas, Inc. from Dominion Energy. Hearthstone will move its headquarters to Morgantown, West Virginia, plans to hire roughly 100 additional employees, and intends to leverage local natural gas resources to expand service to more customers across the state.

Whitecap Waste, a regional waste management company formed in partnership with Florida-based private equity firm Mollitiam Holdings, has acquired Dave's Sanitation, Inc. of Lookout, West Virginia. The acquisition is an add-on to Whitecap's growing West Virginia platform (following its Oak Hill acquisition) and expands its residential, commercial and industrial waste collection footprint in the state.

Solenis has entered into a definitive agreement to acquire Clearon Corp., a South Charleston, West Virginia-based specialty chemical manufacturer that produces trichloroisocyanuric and dichloroisocyanuric acids and finished pool and disinfectant products. The acquisition expands Solenis' pool and spa water treatment portfolio and is expected to close in 2022 subject to regulatory approvals; financial terms were not disclosed.

Whitecap Waste, a PE-backed regional waste management platform, has acquired Oak Hill Garbage Disposal, a 50-year-old family-owned waste hauler in Oak Hill, West Virginia. The deal expands Whitecap's footprint in West Virginia as part of a roll-up strategy supported by Mollitiam Holdings, LLC.

Groundworks, the Cortec-backed national foundation and water management platform, has acquired Basement Systems of West Virginia, which will operate as Basement Authority of West Virginia. The add-on expands Groundworks' footprint into West Virginia and strengthens its residential and commercial foundation repair and waterproofing capabilities; terms were not disclosed.

Casago, a vacation rental management and franchise operator, has acquired the vacation rental assets and operations of Mountain Valley Realty in Snowshoe, West Virginia, effective July 1, 2022. The deal expands Casago's Snowshoe footprint and adds additional lodging options for visitors while Mountain Valley founder Debbie Goodwin will continue offering real estate services locally.

Pathways Health and Community Support, a portfolio company of Atar Capital, completed the acquisition of Psychological Assessment & Intervention Services, Inc. (PAIS), expanding Pathways' footprint into West Virginia. The bolt-on deal brings PAIS's home- and community-based behavioral health, IDD and outpatient therapy services into Pathways' national platform to broaden service offerings across additional counties and communities.

Energy Services of America Corporation (Nasdaq: ESOA) formed a wholly owned subsidiary to acquire substantially all assets of Tri-State Paving & Sealcoating, LLC for $7.5 million in cash, a $1.0 million seller note, and $1.0 million in ESOA common stock. The asset purchase, which is expected to close April 29, 2022, will expand Energy Services' capabilities and presence in the water distribution utilities market; Tri-State's president David Corns will continue with the new subsidiary.

Argano, a Trinity Hunt portfolio company, has acquired Mountain State Software Solutions (MS3), a Charles Town, West Virginia-based IT consulting firm specializing in multi-cloud, API integration and DevOps. MS3 will be rebranded as ArganoMS3 and the acquisition expands Argano's integration, middleware and cloud engineering capabilities to better serve commercial and federal clients.

Knack Global, a Florida-based provider of revenue cycle management (RCM) services, has acquired The Billing Center, a Charleston, West Virginia-based medical billing firm that serves durable medical equipment (DME) suppliers. The deal — completed with support from investors LKCM Headwater Investments and Weave Growth Partners — expands Knack's RCM capabilities in the DME market as an add-on to its platform.

Akoya Capital Partners acquired Star Plastics, a Ravenswood, West Virginia-based custom plastics compounder, as the anchor investment for a new compounds buy-and-build platform. The transaction was supported with mezzanine subordinated debt and common equity from NewSpring Mezzanine and involved Trinity Investors as a partnering investor; Star Plastics (≈140 employees) will pursue organic growth and M&A to expand its capabilities and geographic reach.

The Armstrong Group has acquired The Ziegenfelder Company, a private, family‑owned frozen novelty manufacturer known for its Budget Saver Twin Pops brand and production facilities in Wheeling, West Virginia; Chino, California; and Denver, Colorado. Harris Williams served as advisor on the transaction. The acquisition expands Armstrong Group’s portfolio into frozen novelty and water‑ice manufacturing.

U.S. Foot & Ankle Specialists (USFAS), a portfolio company of NMS Capital, has acquired Foot & Ankle Clinic of the Virginias, adding the practice's 10-location network across Southern West Virginia and Southwestern Virginia (plus a vein clinic in Boardman, OH). The deal expands USFAS's regional footprint and brings the Practice access to USFAS' administrative, IT, revenue-cycle and clinical support services.