Acquisitions in Arizona in 2022

  • Buyer
    Alimentation Couche-Tard Inc.
    Target
    True Blue Car Wash LLC
    Industry
    Automotive
    Type
    Buyout

    Alimentation Couche-Tard Inc. has entered into a definitive agreement to acquire all membership interests of True Blue Car Wash LLC, an operator of express tunnel car washes under the Clean Freak and Rainstorm brands. True Blue operates 65 locations across Arizona, Texas, Illinois and Indiana, with ~170,000 subscription members and strong proximity (85% within three miles) to Circle K locations, enabling cross-promotional opportunities.

  • Buyer
    Ingenovis Health, Cornell Capital, Trilantic North America
    Target
    Springboard Healthcare
    Type
    Addon

    Ingenovis Health, a PE-backed, technology-enabled healthcare talent platform, has acquired Springboard Healthcare, a specialized cardiovascular travel staffing and education provider. The acquisition strengthens Ingenovis' portfolio of clinician staffing and education capabilities and positions Springboard to pursue strategic growth with access to Ingenovis' resources.

  • Buyer
    Sterling Infrastructure, Inc.
    Target
    Concrete Construction Services of Arizona L.L.C. (CCS)
    Industry
    Construction
    Type
    Buyout

    Sterling Infrastructure, Inc. (NasdaqGS: STRL) acquired Concrete Construction Services of Arizona L.L.C. (CCS) in a tuck-in transaction for a purchase price of $22 million paid in cash and Sterling common stock. CCS, which generates approximately $70 million in annual revenues and provides residential post-tension concrete foundations in the Greater Phoenix area, expands Sterling’s Building Solutions capacity and service offering in Arizona.

  • Buyer
    Avista Capital Partners
    Target
    Spear Education
    Seller
    Linden Capital Partners
    Type
    Buyout

    Avista Capital Partners has acquired Spear Education, a Scottsdale-based provider of digital and in-person clinical training, practice analytics, and consulting solutions for the dental market, from Linden Capital Partners. Transaction terms were not disclosed; Avista said it will leverage its healthcare technology and dental sector experience to accelerate Spear's growth and expand its digital and membership offerings.

  • Buyer
    Lorient Capital, Martis Capital
    Target
    Rise Health

    Rise Health, a technology-enabled primary care platform focused on value-based care, closed a growth equity investment led by Lorient Capital and Martis Capital to support continued market expansion and technology investment. The capital will be used to accelerate growth across the Southwest United States and expand Rise Health’s value-based primary care partnerships with providers serving underserved populations.

  • Buyer
    HighGround Restoration Group, Inc., Trivest Partners LP
    Target
    Rocky Mountain Restoration
    Type
    Addon

    HighGround Restoration Group, a Trivest Partners portfolio company, has acquired Rocky Mountain Restoration, a Mesa, Arizona-based property damage restoration firm. The transaction expands HighGround’s service footprint in the Phoenix metro area and adds water, mold, fire and trauma/biohazard cleanup capabilities to its national restoration platform.

  • Buyer
    AssuredPartners, Inc.
    Target
    Bespoke Insurance Solutions
    Industry
    Insurance
    Type
    Buyout

    AssuredPartners, Inc. has acquired Bespoke Insurance Solutions, a Chandler, Arizona-based insurance brokerage focused on the brewery and winery sector. The Bespoke team will remain under founder and Managing Director Long Tran, and the acquisition expands AssuredPartners’ specialized capabilities and Mountain West footprint.

  • Buyer
    The Acacia Group
    Target
    Isos Technology
    Industry
    IT Services
    Type
    Buyout

    The Acacia Group, a specialist investment firm, has acquired Isos Technology, an Atlassian Platinum and Enterprise Solution Partner headquartered in Tempe, Arizona. Acacia will combine Isos with the Atlassian practice of MajorKey Technologies to form a larger Atlassian-focused platform and plans further acquisitions to build a leading partner in the Atlassian ecosystem.

  • Buyer
    Fogco
    Target
    Snap-Fan Solar National Air Propulsion
    Seller
    Lucien Eddisford
    Industry
    Manufacturing
    Type
    Buyout

    Fogco, a Chandler, Arizona manufacturer of high-pressure fog and misting systems, has acquired Snap-Fan Solar National Air Propulsion, a maker of energy-efficient and solar-powered ventilation equipment for commercial, residential and horticulture markets. The acquisition expands Fogco's product capabilities in ventilation and horticulture-focused airflow solutions and brings Snap-Fan's founder Lucien Eddisford into the Fogco team.

  • Buyer
    i3 Verticals, Inc.
    Target
    Celtic Systems (Celtic Cross Holdings)
    Seller
    Celtic Cross Holdings
    Industry
    Software
    Type
    Buyout

    i3 Verticals, Inc. (Nasdaq: IIIV) acquired Celtic Systems (Celtic Cross Holdings), a provider of enterprise software and services for motor vehicle administrations and motor carriers, for approximately $85 million, effective October 1, 2022. The acquisition expands i3 Verticals' Public Sector capabilities and geographic reach across U.S. states and Canadian provinces and is expected to be accretive to pro forma adjusted diluted EPS.

  • Buyer
    Specialty Products & Insulation (SPI), Incline Equity Partners
    Target
    Intech Equipment & Supply
    Type
    Addon

    Specialty Products & Insulation (SPI), a portfolio company of Incline Equity Partners, has acquired Intech Equipment & Supply. The acquisition adds spray polyurethane foam (SPF) equipment, mobile rigs, parts, and training capabilities to SPI's distribution and fabrication platform as it expands into the spray foam market; Blue River Financial Group served as SPI's M&A advisor.

  • Buyer
    Strata Clean Energy
    Target
    Crossover Energy Partners
    Industry
    Renewable Energy
    Type
    Buyout

    Strata Clean Energy has acquired Phoenix-based Crossover Energy Partners, purchasing 100% of Crossover's assets to incorporate its origination and power-offtake capabilities into Strata's utility-scale solar and storage platform. Senior Crossover leaders will assume roles at Strata and all Crossover employees will merge into the Strata organization to bolster project origination, financing and execution capabilities.

  • Buyer
    Advancing Eyecare, Cornell Capital
    Target
    Veatch Ophthalmic Instruments
    Industry
    Medical Devices
    Type
    Addon

    Advancing Eyecare (AEC), a PE-backed eyecare instrumentation platform, has acquired Veatch Ophthalmic Instruments, a Tempe, Arizona-based distributor of ophthalmic equipment. Financial terms were not disclosed; the deal expands AEC's national footprint and product/service offerings to independent eye care practitioners, national chains, hospitals and teaching institutions.

  • Buyer
    Vincere Capital
    Target
    Phoenix Rising FC

    Scottsdale-based family office Vincere Capital completed a multimillion-dollar investment in Phoenix Rising FC, effective November 9, 2022. As part of the deal Vincere partner Baer Fisher will join the club's board as the investment supports the club's growth plans including a planned stadium relocation and broader expansion efforts.

  • Buyer
    Hub International Limited
    Target
    Priority Insurance Associates, LLC
    Seller
    Priority Insurance Associates, LLC, Victoria Turns, Nancy Vukelich
    Industry
    Insurance

    Hub International Limited acquired the assets of Priority Insurance Associates, LLC, a women‑owned independent insurance agency based in Scottsdale, Arizona. The deal expands Hub’s Southwest footprint and boosts its commercial and personal insurance capabilities in the region; financial terms were not disclosed.

  • Buyer
    Baker Tilly US, LLP
    Target
    Henry+Horne, LLP
    Type
    Addon

    Baker Tilly US, LLP and Henry+Horne, LLP announced their intent to combine effective Dec. 1, bringing Henry+Horne’s Arizona team (about 160 professionals) into Baker Tilly’s national accounting and advisory platform. The combination expands Baker Tilly’s presence in the Southwest—positioning Arizona as an entry point for the region and extending Baker Tilly’s west coast footprint.

  • Buyer
    DuPont de Nemours, Inc.
    Target
    Rogers Corporation
    Industry
    Manufacturing
    Type
    Buyout

    Rogers Corporation shareholders voted to approve DuPont de Nemours’ previously announced acquisition of Rogers, with shareholders receiving $277.00 in cash per share. Subsequently, DuPont issued a notice of termination of the definitive merger agreement, and Rogers said it is evaluating options in response.

  • Buyer
    Heffernan Financial Services
    Target
    Osland Financial Group
    Type
    Buyout

    Heffernan Financial Services acquired Osland Financial Group of Scottsdale, Arizona, effective November 1, 2022. Michael Osland and his team of four employees joined Heffernan as part of the firm's expansion in the Southwest, adding the Osland office as Heffernan's second Arizona location.

  • Buyer
    HCAP Partners
    Target
    IronRod Health

    HCAP Partners, a California-based private equity firm, made a growth investment in IronRod Health to support the company's development of a SaaS remote patient monitoring platform and to expand its sales and marketing efforts. IronRod Health, founded in 2016, provides cardiology-focused remote monitoring services combining trained technicians and software; terms were not disclosed.

  • Buyer
    Cloverleaf Networks
    Target
    Ryver
    Industry
    Cloud & SaaS
    Type
    Buyout

    Scottsdale-based Cloverleaf Networks has acquired Ryver, a workforce collaboration and team messaging platform, in an all-cash transaction to integrate collaboration, AI and IoT functionality into Cloverleaf’s connectivity, cybersecurity and SD‑WAN offerings. The deal makes Cloverleaf the 100% owner of Ryver and aims to create a top-to-bottom "wire-to-workgroup" technology stack for business customers, with planned platform enhancements for voice, video, AI and IoT.

  • Buyer
    GIC, Oak Street (a Division of Blue Owl), Funds managed by Oak Street (affiliates of Oak Street / Oak Street-managed funds)
    Target
    STORE Capital Corporation
    Industry
    Infrastructure
    Type
    Buyout

    GIC, together with funds managed by Oak Street (a division of Blue Owl), agreed to acquire STORE Capital for approximately $14 billion in an all-cash transaction valued at $32.25 per share. The deal is subject to STORE Capital stockholder approval and customary closing conditions, with an expected close in the first quarter of 2023.

  • Buyer
    Savory Fund
    Target
    The Sicilian Butcher
    Seller
    Joey Maggiore, Christina Maggiore
    Type
    Buyout

    Savory Fund has acquired a majority interest in chef Joey Maggiore’s The Sicilian Butcher and its sister concept The Sicilian Baker, committing up to $30 million to support expansion. The Maggiores will remain involved while Savory Fund joins the board and aims to rapidly scale the Arizona-based three-unit brand into new markets (Texas and Las Vegas) with a goal of 20 units over four years.

  • Buyer
    Unical Aviation Inc.
    Target
    CAVU Component Repair LLC
    Seller
    CAVU Aerospace
    Type
    Addon

    Unical Aviation Inc. has acquired CAVU Component Repair LLC, the FAA-approved Part 145 repair-station operations from CAVU Aerospace. The Mesa, Arizona facility (80,000 sq ft) expands Unical's third-party component repair capabilities; financial terms were not disclosed. Unical is PE-backed by Platinum Equity.

  • Buyer
    Choice Health at Home, LLC
    Target
    Instant Care of Arizona, Inc.
    Type
    Addon

    Texas-based Choice Health at Home, LLC has acquired Instant Care of Arizona, Inc., a Phoenix-headquartered non-medical in‑home care provider. The deal, facilitated by M&A adviser VERTESS, gives Choice entry into the Arizona market and expands its attendant/personal care and private‑duty capabilities as part of its Southwestern U.S. growth strategy.

  • Buyer
    Alpine Investors, predictis
    Target
    Ethisphere
    Industry
    Data & Analytics
    Type
    Addon

    Alpine Investors has launched a new data software platform, predictis, and announced a private partnership with Ethisphere to bring Ethisphere into the predictis portfolio; terms were not disclosed. The move positions Ethisphere — a provider of ESG/GRC data, benchmarking and ethics-focused software and services — as an add-on to predictis as Alpine invests to grow the platform's data and governance capabilities.

  • Buyer
    Traverse Pointe Partners
    Target
    The Hope House, LLC
    Type
    Buyout

    Traverse Pointe Partners, a Chicago-based private equity firm, has completed a platform acquisition of The Hope House, LLC, a Scottsdale-based in-patient residential operator providing behavioral health and substance abuse rehabilitation services. Financial terms were not disclosed; Traverse Pointe said it will invest capital and resources to expand the company's service offerings and broaden its geographic reach.

  • Buyer
    NW Natural Water Company, LLC, Northwest Natural Holding Company
    Target
    Far West Water & Sewer, Inc. (water and wastewater utilities, doing business as Foothills Utilities)
    Seller
    Far West Water & Sewer, Inc.
    Industry
    Utilities

    NW Natural Water Company, a subsidiary of Northwest Natural Holding Company, has completed the acquisition of the water and wastewater utilities of Far West Water & Sewer, Inc., serving the Foothills area of Yuma, Arizona. The acquired utilities (doing business as Foothills Utilities) serve roughly 25,000 connections and employ about 40 people; the deal expands NW Natural Water's operations into Arizona.

  • Buyer
    TimePayment
    Target
    QuickSpark Financial
    Type
    Buyout

    TimePayment, a Boston-based FinTech owned by affiliates of Fortress Investment Group, has acquired QuickSpark Financial, an e-commerce-focused equipment financing firm based in Tempe, Arizona. The deal brings QuickSpark’s vendor integrations, active leases (including those held by Briland Capital and QSE Capital), and its team into a new QuickSpark strategic business unit within TimePayment to expand e-commerce capabilities and market reach.

  • Buyer
    L'Oréal
    Target
    Skinbetter Science
    Type
    Buyout

    L'Oréal has signed an agreement to acquire Skinbetter Science, a physician-dispensed U.S. skincare brand known for dermatology-backed, clinical formulations. Skinbetter Science—headquartered in Phoenix, Arizona and reporting nearly $95 million in trailing‑12‑month sales to August 31, 2022—will be integrated into L'Oréal USA's Active Cosmetics Division while its leadership team remains in place.

  • Buyer
    Ardurra Group, Inc., RTC Partners, LP
    Target
    Shephard – Wesnitzer, Inc.
    Type
    Addon

    Ardurra Group, Inc., a Miami-based engineering firm and portfolio company of RTC Partners, has acquired Shephard – Wesnitzer, Inc. (SWI), a public works/civil engineering firm with offices in Flagstaff, Prescott and Sedona, Arizona. The deal expands Ardurra's presence in northern Arizona and brings SWI's local public-works expertise into the Ardurra platform as an Ardurra Group company.

  • Buyer
    NTT DATA
    Target
    Apisero
    Industry
    IT Services
    Type
    Buyout

    NTT DATA has signed a definitive agreement to acquire Apisero, a global MuleSoft and Salesforce consulting firm headquartered in Chandler, Arizona. The acquisition adds roughly 2,100 resources (including over 1,500 certified MuleSoft consultants and ~500 Salesforce consultants) to NTT DATA's digital transformation capabilities to accelerate cloud and data integration services for enterprise clients.

  • Buyer
    P3 Health Partners Inc. (dba P3 Health Partners–Arizona)
    Target
    Practice of Dr. Leonardo Serfino, M.D.
    Type
    Addon

    P3 Health Partners–Arizona (a dba of P3 Health Partners Inc.) has acquired the medical practice of Dr. Leonardo Serfino in Sierra Vista, Arizona. Dr. Serfino and his staff will join the P3 Health Partners Medical Group and continue caring for existing and new Medicare Advantage patients as part of P3’s growing primary care network.

  • Buyer
    NortonLifeLock (NortonLifeLock Inc.)
    Target
    Avast
    Industry
    Cybersecurity
    Type
    Buyout

    NortonLifeLock completed its previously announced acquisition/merger with Avast, creating a combined consumer cyber safety company. The transaction was structured as a merger with Avast shareholders receiving a mix of cash and NortonLifeLock shares, and it resulted in the suspension of trading in Avast shares and delisting from the London Stock Exchange.

  • Buyer
    Executive Home Care, The Riverside Company
    Target
    Assisted Living Locators
    Type
    Addon

    Executive Home Care, backed by The Riverside Company, has acquired Assisted Living Locators, a Scottsdale-based senior living placement franchisor with more than 140 franchises. The add-on strengthens Executive Home Care's senior care offering by adding nationwide senior living advisory and placement capabilities and supports planned franchise growth and marketing investments.

  • Buyer
    Gores Holdings VIII, Inc., Koch Strategic Platforms, Gores Sponsor VIII LLC, The Gores Group LLC, Footprint International Holdco, Inc.
    Target
    Footprint International Holdco, Inc., Footprint
    Industry
    Manufacturing
    Type
    Buyout

    Footprint and Gores Holdings VIII amended the terms of their previously announced definitive merger agreement amid developing market conditions, including revising the combined company’s estimated pro forma enterprise value to $1.0 billion from $1.6 billion. The update provides additional incremental capital sources—including a $300 million standby equity facility available upon closing—targeting approximately $960 million of capital delivered to Footprint for the business combination and future growth.

  • Buyer
    Industrial Truck & Equipment, LLC
    Target
    Balar Holding Corp. (dba Balar Equipment)
    Type
    Buyout

    Generational Equity advised Balar Holding Corp. (dba Balar Equipment) on its sale to Industrial Truck & Equipment, LLC; the transaction closed on September 1, 2022. Balar, based in Phoenix, Arizona, is a dealer and upfitter of refuse truck bodies, hydraulic tools, and customized truck bodies serving municipal and infrastructure customers.

  • Buyer
    Kain Capital
    Target
    MY DR NOW

    Kain Capital completed a growth equity investment in MY DR NOW, a Phoenix-area primary and specialty care provider. Kain is the sole investor in the company’s first external financing; MY DR NOW will use the capital to expand its footprint and service lines while founder Dr. Payam Zamani remains CEO and majority shareholder.

  • Buyer
    Cadence Education, LLC
    Target
    Little Big Minds Spanish Immersion Preschools
    Seller
    Pilar Kelley (founder and former owner)
    Industry
    Education
    Type
    Buyout

    Scottsdale-based Cadence Education, one of North America’s largest early childhood education operators, has acquired Little Big Minds Spanish Immersion Preschools, a four-school Spanish-immersion preschool network in the greater Phoenix area. The deal expands Cadence’s presence in Arizona and adds bilingual immersion capability to its growing portfolio of private preschools.

  • Buyer
    Intel Corporation, Brookfield Infrastructure (infrastructure affiliate of Brookfield Asset Management)
    Industry
    Manufacturing

    Intel and Brookfield Infrastructure (an infrastructure affiliate of Brookfield Asset Management) signed a definitive agreement to co-invest in Intel’s Ocotillo campus manufacturing expansion in Chandler, Arizona. The parties will jointly invest up to $30 billion, with Intel funding 51% and Brookfield funding 49%, while Intel retains majority ownership and operating control of the new leading-edge chip factories. The transaction is expected to close by the end of 2022, subject to customary closing conditions.

  • Buyer
    Harkness Capital Partners
    Target
    Capital Pump & Equipment LLC
    Type
    Buyout

    Harkness Capital Partners completed an investment in Capital Pump & Equipment (CPE), a Chandler, Arizona-based specialty pump rental and services platform. The partnership will support CPE's geographic expansion, additional fleet investment, and growth of its value-added service capabilities to serve large contractors, industrial customers and municipal water/wastewater projects.

  • Buyer
    ARMM Inc. (OTCQB: ARMM)
    Target
    Current Energy and Renewables Corp. (CER)
    Industry
    Energy
    Type
    Buyout

    ARMM Inc. entered into a binding letter of intent to combine with Current Energy and Renewables Corp. (CER), a Scottsdale-based supplier of renewable and traditional energy, in a business combination that will result in CER becoming a publicly traded entity under the name Current Energy and Renewables Corp. The deal is intended to provide CER access to public markets and to help accelerate its expansion of power purchase agreements and energy supply services across deregulated U.S. markets.

  • Buyer
    Frontline Healthcare Partners
    Target
    LivWell Infusions

    Frontline Healthcare Partners completed a recapitalization and growth investment in LivWell Infusions, an outpatient infusion and injection therapy provider founded in Scottsdale, Arizona. LivWell operates ambulatory infusion centers and practice management services across multiple states (Arizona, California, New Mexico, Indiana and Pennsylvania) and will use the capital and Frontline's expertise to accelerate geographic expansion and scale its site-of-care model.

  • Buyer
    TAG - The Aspen Group
    Target
    AZPetVet
    Industry
    Veterinary
    Type
    Addon

    TAG - The Aspen Group (TAG) has reached an agreement to acquire AZPetVet, a network of 22 veterinary hospitals in the greater Phoenix area. The acquisition will add veterinary services to TAG's consumer healthcare platform and support AZPetVet's growth toward a national brand.

  • Buyer
    MSouth Equity Partners
    Target
    Sunbelt Modular, Inc.
    Industry
    Manufacturing
    Type
    Buyout

    MSouth Equity Partners, an Atlanta-based private equity firm, has acquired Sunbelt Modular, a Phoenix-based manufacturer of commercial modular buildings, as its new controlling equity investor. Sunbelt will continue to be led by CEO Ron Procunier and will operate its seven regional brands while MSouth supports the company's growth and potential platform expansion.

  • Buyer
    North Branch Capital, Summit Hydraulics
    Target
    Access Truck Parts
    Type
    Addon

    North Branch Capital’s portfolio company Summit Hydraulics has merged with Access Truck Parts, an Arizona-based designer and distributor of pumps, valves, nozzles, fittings and other mobile equipment aftermarket parts. The deal, which closed July 1, 2022, is an add-on acquisition to expand Summit’s capabilities and scale in the commercial water truck aftermarket and broaden distribution and e‑commerce capabilities.

  • Buyer
    IMG (an Endeavor company)
    Target
    Barrett-Jackson
    Seller
    Craig Jackson and other Barrett-Jackson owners
    Type
    Buyout

    IMG, an Endeavor company, has acquired a majority stake in Barrett-Jackson, the Scottsdale-based collector car auction and live events company. The deal will keep Craig Jackson and his Scottsdale team in leadership while leveraging IMG/Endeavor's global events, media and marketing platform to expand Barrett-Jackson's audience, content and event offerings.

  • Buyer
    Class Valuation, Gridiron Capital
    Target
    Appraisal Tek (ATek)
    Industry
    Real Estate
    Type
    Addon

    Class Valuation, a Gridiron Capital portfolio company, has acquired Appraisal Tek (ATek), a nationwide appraisal management company headquartered in Chandler, Arizona. The add-on expands Class Valuation’s regional footprint and staff-appraiser network to improve service levels, scale operations, and enhance its digital appraisal capabilities.

  • Buyer
    WilliamsMarston LLC, Align Capital Partners
    Target
    Oracle Capital LLC
    Industry
    Accounting & Tax
    Type
    Addon

    WilliamsMarston LLC, a national accounting, tax and valuation advisory firm backed by Align Capital Partners, has acquired Tucson-based Oracle Capital LLC, a provider of complex valuation consulting services. The deal brings Oracle Capital's managing partner Rob Maxfield and his team into WilliamsMarston and expands the firm's valuation capabilities and presence in the Southwest as an add-on to its platform.

  • Buyer
    CenterGate Capital
    Target
    Prisma Graphic, LLC

    Austin-based private equity firm CenterGate Capital (through an affiliate) has made a growth investment in Prisma Graphic, LLC, a Phoenix-headquartered marketing solutions provider. The investment will provide Prisma with capital and strategic resources to scale its technology-enabled marketing logistics platform, while CEO Bob Anderson will remain in leadership and retain an ownership stake.

  • Buyer
    OMERS Private Equity
    Target
    NovaSource Power Services
    Industry
    Renewable Energy

    OMERS Private Equity has acquired a minority stake in NovaSource Power Services through a US$100 million growth capital investment, alongside NovaSource's leadership team and majority owner Clairvest Group. The proceeds will finance NovaSource's continued growth, capability expansion (including recent acquisition of Heliolytics) and international expansion of its solar operations & maintenance and storage services.

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