NepFin DealWatch as of February 22, 2021

Feb 22, 2021

NepFin DealWatch is the definitive source for the latest deals in the lower middle market. For the week preceding February 22, here are some of the most recent transactions. To see one of your deals featured, please submit the details here.

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Business Services

  • Heritage Sustainability Investments invested in ClimeCo, a Boyertown, PA-based advisor, facilitator, and trader of environmental commodity market products
  • ALL4, backed by JMH Capital, acquired Env Holding Corp, a Rancho Cucamonga, CA-based provider of environmental, health, and safety consulting services
  • Mission Critical Partners, backed by Egis Capital Partners, acquired MTG Management Consultants, a Seattle, WA-based provider of IT, management, and organizational services
  • Bonne Santé Group, backed by Trilogy Capital Group, acquired Nexus Offers, a Tampa, FL-based provider of digital affiliate marketing services
  • Teachers of Tomorrow, backed by Gauge Capital, acquired The Learning Liaisons, a Longwood, FL-based provider of teacher exam preparation services
  • PTS Advance, backed by HUDDL3 Group, acquired UP Professional Solutions, a Kenner, LA-based provider of staffing services
  • Additional transactions


  • Authority Brands, backed by Apax Partners, acquired DoodyCalls, a Charlottesville, VA-based provider of pet waste removal services; Boxwood Partners advised on the transaction
  • The Chernin Group invested in Goldin Auctions, a Runnemede, NJ-based provider of marketplace services for buyers and sellers of collectibles and memorabilia
  • Riata Capital Group acquired Greenix, an Orem, UT-based provider of residential pest control services
  • AH Equity Investments acquired Hickory Park Furniture Galleries, a Hickory, NC-based furniture retailer; Generational Equity advised on the transaction
  • LNC Partners invested in Kaizen Collision Center, a Yuma, AZ-based provider of collision repair services; Harris Williams advised on the transaction
  • Metropoulos & Company and One Rock Capital Partners acquired Nestlé Waters North America, a Stamford, CT-based provider of bottled water products
  • VMG Partners invested in [solidcore], a Washington, DC-based operator of fitness studios; VMG joins Peterson Partners, who invested in [solidcore] in 2017 and continues to hold a meaningful stake in the company; Piper Sandler advised on the transaction
  • GSM Outdoors, backed by Gridiron Capital, acquired TRUGLO, a Richardson, TX-based provider of recreational shooting sports and hunting products; Brown Gibbons Lang & Company advised on the transaction
  • Enthusiast Auto Holdings, backed by Cortec Group, acquired Z1 Motorsports, a Carrollton, GA-based retailer of automotive aftermarket parts
  • Additional transactions

Financial Services-1

  • High Street Insurance Partners, backed by Huron Capital, acquired Badge Agency, a Woodbury, NY-based independent insurance agency
  • New Heritage Capital acquired FMS Solutions, a Ft. Lauderdale, FL-based provider of accounting and business process outsourcing services
  • AssuredPartners, backed by GTCR and HarbourVest Partners, acquired Kainos Partners, a Jersey Village, TX-based independent insurance agency
  • World Insurance Associates, backed by Charlesbank Capital Partners, acquired LCL Insurance, a Charlotte, NC-based independent insurance agency
  • Corcentric, backed by Bregal Sagemount, acquired Vendorin, an Omaha, NE-based provider of business payments software and services; U.S. Bancorp Investments and BofA Securities advised on the transaction
  • Additional transactions

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  • RoundTable Healthcare Partners acquired DDS Lab, a Tampa, FL-based manufacturer of orthodontic products; Capital One Healthcare financed the transaction
  • Spire Orthopedic Partners, backed by, acquired Orthopaedic Associates of Manhasset, a Great Neck, NY-based provider of orthopedic services
  • ICV Partners acquired Total Access Urgent Care, a St. Louis, MO-based provider of urgent care and emergency department services
  • Additional transactions


  • Concours Technologies, backed by Crestview Partners, acquired Active Industrial Solutions, a Windsor, ON-based manufacturer of plastic injection molds and lighting reflex components, from Parkview Capital Partners
  • Pixelle Specialty Solutions, backed by Lindsay Goldberg, acquired the carbonless rolls and security papers division of Appvion Operations, an Appleton, WI-based manufacturer of paper products
  • Vance Street Capital acquired (i) Calculex, a Las Cruces, NM-based manufacturer of airborne data recording and routing systems, (ii) Argon Corporation, an Alpharetta, GA-based manufacturer of computing and display products for the defense industry, and (iii) FDS Avionics Corp, an Alpharetta, GA-based provider of aircraft cabin management products; the companies will be combined to form Spectra A&D Holdings, a designer and manufacturer of engineered avionics and electronics solutions for the aerospace and defense technology market; Janes Capital Partners advised on the transaction; Fidus Investment financed the transaction
  • Motion & Control Enterprises, backed by Frontenac, acquired (i) Diversified Air Systems, a Cleveland, OH-based distributor of air compressors and related products, and (ii) Swanson Flo, a Plymouth, MN-based distributor of process instrumentation, flow control valves, actuators, and related equipment; LBC Credit Partners financed the transaction
  • Superior Environmental Solutions, backed by Rosewood Private Investments, acquired Hydro Technology, a Dundee, MI-based provider of industrial and environmental cleaning services
  • American Industrial Partners invested in Ingersoll Rand, a Davidson, NC-based provider of industrial products; Simmons Energy advised on the transaction
  • TPC Wire & Cable, backed by Audax Private Equity, acquired Integrated Cable Systems, a Longmont, CO-based supplier of cables, harnesses, electro-mechanical assemblies, and industrial panels
  • Integrated Polymer Solutions, backed by Arcline Investment Management, acquired IRP Group, an Ontario, CA-based manufacturer of elastomeric sealing components; William Blair advised on the transaction
  • Revolution, backed by Arsenal Capital Partners, acquired Jadcore, a Terre Haute, IN-based provider of post-industrial plastic recycling services
  • Fabcon Precast, backed by Platinum Equity and Solace Capital Partners, acquired the building services division of Oldcastle Infrastructure, an Atlanta, GA-based manufacturer of precast building products
  • Gamber-Johnson, backed by Main Street Capital, acquired Premier Mounts, a Corona, CA-based manufacturer of audiovisual mounting products
  • Oaktree Capital Management acquired a significant minority stake in Rand Logistics, a Jersey City, NJ-based provider of marine transportation services in the Great Lakes, from American Industrial Partners
  • Industrial Magnetics, backed by DNS Capital, acquired Walker Magnetics Group, Boyne, MI-based manufacturer of industrial magnetic products
  • Additional transactions


  • New Mountain Capital invested in Accolite Digital, a Addison, TX-based provider of cloud and digital product engineering services; EY and O3 Capital advised on the transaction
  • Georgia Oak Partners invested in Aditi Consulting, a Bellevue, WA-based provider of technology consulting and digital transformation services
  • TransACT Communications, backed by Polaris Growth Fund, acquired App-Garden, a Hickory, NC-based provider of K-12 transportation and operations administrative software
  • Newforma, backed by Battery Ventures, acquired BIM One, a Lévis, QC-based provider of construction management software
  • Applied Insight, backed by The Acacia Group, acquired Bridges, a Hanover, MD-based provider of cyber security, network engineering, and data analytics services; Baird advised on the transaction
  • Banyan Software acquired Dominion Leasing Software, a Powhatan, VA-based provider of accounting and asset management software to the equipment finance industry
  • Apps Associates, backed by BV Investment Partners, acquired Ethos, a Phoenix, AZ-based provider of Salesforce consultancy services; Tequity advised on the transaction
  • Propertybase, backed by Providence Strategic Growth, acquired Unify, a Roseville, MN-based provider of business growth software for the residential mortgage industry
  • DaySmart Software, backed by LLR Partners and Parthenon Capital Partners, acquired Vetter Software, a Redwood City, CA-based provider of veterinary practice management software
  • Additional transactions


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Deal information described in DealWatch is obtained from publicly available sources or as communicated to NepFin without restrictions on confidentiality. NepFin makes efforts to ensure the information provided is accurate as of the date of its collection, but NepFin cannot guarantee that there will be no errors. NepFin makes no claims, promises or guarantees about the accuracy, completeness, or adequacy of the contents of the newsletter and expressly disclaims liability for errors and omissions in the contents of this newsletter.

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