PE Weekly: Deloitte Acquires ERP Software; Food and Beverage Deals Return

Dealmaking activity rose this week with M&A reaching the energy, industrials, healthcare and logistics spaces. Notably, Deloitte announced an acquisition of an ERP SaaS provider, while the food and beverage space saw several transactions driven by both private equity and strategic investors. Read more below.

Platform Investments

Stellex Capital Acquires Power Infrastructure Services Business. Stellex Capital Management announced its acquisition of Rokstad Holdings Corporation, a provider of transmission and distribution services for power infrastructure. Stellex is acquiring the company from its previous owner FTI Consulting Canada and made the investment in partnership with Catalyst Utility Partners.

Fusion Capital Backs Industrial Automation Company. Tavoron, an industrial automation systems and services company, has been acquired by lower middle-market private equity firm Fusion Capital Partners, a recent press release said. Tavoron is comprised of multiple operating companies in the U.S. and Canada, and specializes in electrical and air automation components, robotic systems and compressed air technology.

ICV Partners Takes Stake Environmental Remedies. ICV Partners, a lower middle-market private equity firm, has acquired a stake in asbestos abatement service provider Environmental Remedies. The company operates in California and services residential customers; ICV plans to grow the company through geographic expansion and strategic add-on acquisitions.

Alvarez & Marsal Acquires Majority Stake in East Coast Power. Middle-market private equity firm Alvarez & Marsal Capital Partners, the PE strategy of Alvarez & Marsal Capital, has acquired a majority stake in East Coast Power, an electric utility services provider. The firm plans to expand the platform into territories beyond the northeast, where it currently operates.

Lead Capital, Petra Capital Back Lieberman. Lower middle-market private equity firm Lead Capital Partners, which focuses on the healthcare sector, and PE firm Petra Capital Partners have announced a joint platform investment in Lieberman. The company provides market research and analytics solutions for the pharmaceutical, healthcare and consumer sectors, according to an announcement provided to Middle Market Growth.

Add-Ons

Huron Capital’s Exigent Acquires Premier Mechanical. Commercial HVAC and mechanical services company Premier Mechanical has been acquired by The Exigent Group and its operating company Smith-Boughan Mechanical, a recent press release said. Exigent is backed by lower middle-market private equity firm Huron Capital.

Ridgemont Equity’s eShipping Acquires IL2000. Logistics company eShipping, backed by middle-market private equity firm Ridgemont Equity Partners, has acquired IL2000. The company provides managed transportation services throughout North America to support small and medium-sized shippers.

Shore Capital’s Sweetmore Bakeries Acquires Azteca Bakeries. Sweetmore Bakeries has acquired Mexican pastry manufacturer Azteca Bakeries, according to a press release. Sweetmore is a platform company of Sore Capital Partners, which previously acquired Main Street Gourmet, Biscotti Brothers and Meurer Brothers Bakery.

PE-Backed Aptean Takes AI Supply Chain Software Business Private. Enterprise software provider Aptean has acquired Logility Supply Chain Solutions, taking the AI supply chain management software provider private. Aptean is backed by a consortium of investors that includes TA Associates, Insight Partners, Charlesbank Capital Partners and Clearlake Capital Group.

Allied Industrial’s Waste Eliminator Acquires FC Sanitation. Waste Eliminator, a waste solution provider backed by Allied Industrial Partners, has acquired FC Sanitation, a municipal solid waste collection and construction and demolition waste hauling company. The investment strengthens Waste Eliminator’s presence in Georgia and South Carolina.

HCAP- and Hamilton Lane-Backed PAX Health Announces Add-on. PAX Hleaht, backed by HCAP Partners and Hamilton Lane, has acquired Harris Psychiatric Services. Harris provides outpatient psychiatric services with a specialization in supporting patients recovering from workplace injuries and motor vehicle accidents.

HGGC’s Aspire, WPCG Take Minority Stake in RIA. Aspire Holdings, the registered investment advisors (RIA) platform company backed by middle-market investment firm HGGC, has partnered with Wealth Partners Capital Group (WPCG), a financial services holding company, to acquire a minority stake in The Wealth Alliance. An RIA, The Wealth Alliance will use the backing to grow via M&A.

Grove Mountain-Backed Hills Distribution Acquires Two Cos. Hills Distribution, a wholesale HVAC and plumbing equipment distribution business, has acquired Coastal Supply Group and RJ Murray Company, according to a recent press release. Coastal Supply provides plumbing and HVAC supplies, while RJ Murray offers heating and air conditioning equipment. The acquisitions are backed by Grove Mountain Partners, a middle-market private equity firm.

Littlejohn’s Sunbelt Modular Acquires BUSA. Sunbelt Modular, which produces modular building solutions, has acquired BRITCO Structures, USA (BUSA), a manufacturer of commercial modular structures. Sunbelt Modular is backed by Littlejohn & Co.

Strategics

Deloitte Acquires SaaS Company SimplrOps. Audit, consulting and advisory firm Deloitte has acquired SaaS technology company SimplrOps, an announcement said this week. SimplrOps provides human capital management and cloud enterprise resource management and automation solutions. Deloitte will integrate SimplrOps solutions into its own offerings, the announcement noted.

Ferrerov Acquires Power Crunch. Food manufacturer Ferrero Group has signed an agreement to acquire protein snack brand Power Crunch, according to recent reports. The company is acquiring Power Crunch from its previous owner Bio-Nutritional Research Group.

GrubMarket Acquires Sally Produce. GrubMarket, an AI-powered food supply chain solution provider and food eCommerce business, announced its acquisition of Sally Produce, a wholesaler of Asian produce. A press release said the investment strengthens GrubMarket’s market presence on the West Coast.

Exits

JMH Capital Exits ALL4 to LLCP. All4, a provider of environmental, health and safety regulatory compliance consulting services, has been sold from its previous sponsor JMH Capital Partners. Levine Leichtman Capital Partners acquired the company.

Monomoy Capital Exits Astro Shapes to Wynnchurch. Monomoy Capital Partners has sold Astro Shapes, an aluminum extrusion manufacturer, according to a recent announcement. Wynnchurch Capital has acquired the company. Monomoy first invested in the company in 2020.

Fundraising

Insights

Middle Market Growth is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.