February 19, 2020
By Jayne Gest
While there's a level of unawareness of how employee stock ownership plans truly work, grassroots efforts and education are starting to pay off with business owners. Kevin McPhillips of the Pennsylvania Center for Employee Ownership explains how.
February 18, 2020
Gregory D. Cessna wonders if the ease of information sent through digital portals can bog down deal due diligence. He provides some tips for right sizing the due diligence for your next deal.
February 13, 2020Local Deals Pittsburgh
February 5, 2020
New York PE firm V&A Capital has partnered with the management team of SinterMet LLC to acquire the company, which is headquartered near Pittsburgh. The firm plans to support SinterMet’s growth through increased product offerings, entering new end-markets and searching for complementary add-on acquisitions.
February 5, 2020
Maven Machines has raised $7 million in Series A funding, led by Allos Ventures, with additional participation from Hearst Ventures, Pittsburgh-based Riverfront Ventures, which is an affiliate of Innovation Works, Great Oaks Venture Capital and existing private investors.
February 4, 2020
The market for technology companies and disruptive startups remains red hot in Pittsburgh. Innovation Works' Rich Lunak shares what he's seeing in terms of valuations and deal flow.
January 22, 2020
Jamie Van Buren estimates he’s bought about 20 businesses over the course of his career, but today he truly enjoys mentoring young presidents and CEOs on buying companies and strategic initiatives to help the acquired company grow.
January 21, 2020
Incline Equity Partners has closed Incline Equity Partners V, L.P. and Incline Equity Partners V-A, L.P. on $1.165 billion of capital commitments. The fund was oversubscribed above its initial target of $850 million.
January 16, 2020
John Roppo has found preparation critical to the sale process. The long-time CFO, who recently started his own consulting firm, gives some tips to help companies prep for sale and focus on what they can control.
January 15, 2020
Digital Dream Labs has acquired Anki Robotics and Artificial Intelligence assets without taking on any liabilities, effective immediately. The Pittsburgh company plans to relaunch the product line, deploy new features and develop new robots.
January 8, 2020
Wabtec Corp. has acquired RELCO Locomotives Inc., a player in the locomotive overhaul and maintenance industry. The acquisition expands Wabtec’s freight services capabilities and capacity to support growth in the remanufacturing and repair business.
January 8, 2020
PPG has agreed to acquire Industria Chimica Reggiana S.p.A., a manufacturer of paints and coatings for the automotive refinish and light industrial coatings industries. The strategic deal will complement PPG’s current product offering and add specialized, value-added products.
January 7, 2020
Until a decade ago, MSA Safety hadn’t been very successful with its acquisitions. But that changed when the safety equipment manufacturer started taking an intentional approach to integration that's spearheaded by the right deal quarterback.
January 2, 2020
Smart Business Dealmakers spoke with Tecum Capital’s Stephen Gurgovits Jr., S&T Bank’s Brian Dobis and Innovation Works' Rich Lunak about what they anticipate for the 2020 dealmaking climate.
December 17, 2019
Pittsburgh’s efforts to grow its regional health-tech and life science startup sector haven’t paid off as much or as quickly as city and business leaders would like. But Ariel Precision Medicine CEO and co-founder Jessica Gibson believes there’s still a path forward with more collaboration.
December 16, 2019
Gecko Robotics, which develops and operates robots to automate infrastructure inspections, has raised a Series B funding round of $40 million, led by Columbus-based Drive Capital. The Pittsburgh startup and Y-Combinator alum plans to use the funds to support its quickly scaling business operations.
December 10, 2019
Buddy Flerl acts as an investor and limited partner in institutional funds in the secondary market, providing liquidity to PE firms. He also has experience investing overseas. In both scenarios, he says, it comes down to people.
December 6, 2019
Colorado Springs-based Century Casinos Inc. has completed the acquisition of the operations of New Cumberland, West Virginia’s Mountaineer Casino, Racetrack and Resort, as well as two Missouri casinos, from Eldorado Resorts Inc. for approximately $107 million.
December 5, 2019
Entrepreneurship through acquisition or search fund can be less risky than starting a company from scratch, and GT Entrepreneurs is one of a handful of firms that help experienced operators find successful businesses. VP of Operations Robert Septak shares how the firm works.
December 4, 2019
Duolingo has reached a $1.5 billion valuation after closing a $30 million Series F funding round from CapitalG, Alphabet’s growth equity investment fund and an existing investor in the company. This brings Duolingo’s total venture funding to $138 million.
December 4, 2019
Aspirant, a Pittsburgh-based global management consulting and technology firm, has acquired HR Imagined, an outsourced HR solution organization in Pittsburgh. As part of the deal, HR Imagined President Cheryl Paxton-Hughes will join Aspirant.
November 27, 2019
In Gary DeJidas' mind many acquisitions are overpriced today, which is why GAI Consultants buys cautiously in an uncertain economy. The chairman and CEO also gives his perspective on ESOPs after 27 years under that ownership structure.
November 21, 2019
Hayden Cardiff approaches raising capital the same way he approaches building a product — with a lean startup methodology of build, measure and learn. The Idelic CEO discusses the company's growth and how he's applying what he's learned.
November 13, 2019
Prior to a sale, it’s critical to professionalize your company, whether that means planning, education or just a better understanding of its value. And as with any strategy, that may require an investment to bear fruit, says Adams Manufacturing President and CEO Tombardo.
November 7, 2019
Atkins Companies has acquired a 26,174-square-foot medical office building in West Mifflin. The outpatient facility is fully leased by Allegheny Health Network and bolsters the New Jersey firm's portfolio in the rapidly growing Pittsburgh metropolitan area.
November 5, 2019
Mark Evans has found transparency to be his most powerful tool when working with private equity owners. That's how he was able to convince his new PE firm to help Confluence buy the larger, publicly traded StatPro.
November 1, 2019
Pittsburgh’s GT Entrepreneurs has closed its third deal, as Gabriel Chick, a GTE operator-in-residence, has completed the final paperwork to acquire Service-Tech Corp., a Cleveland-based HVAC and industrial cleaning company.
October 31, 2019
With growth comes the need for funding, says Lalit Chordia. The CEO of Thar Process, who sold two of his other companies in 2009 and 2016, shares his philosophies for raising capital and exiting a business.
October 28, 2019
Target Freight Management has acquired National Traffic Service Inc., a freight auditing and payment service. The strategic acquisition will better serve the end-to-end logistical needs of TFM’s less-than-truckload, full truckload and parcel freight customers throughout the U.S. and Canada.
October 24, 2019Local Deals Cleveland Pittsburgh
October 22, 2019
Vertical farming is capital intensive, which is why Fifth Season co-founder and CEO Austin Webb relies on his financial analyst and investment banking background to help manage the funding for the startup, which has raised over $35 million to date.
October 21, 2019
LyGenesis Inc., a Pittsburgh biotechnology company focused on organ regeneration, has completed a $4 million in private financing of convertible notes from Juvenescence Ltd. and Longevity Vision Fund. This will enable LyGenesis’s lead program in liver regeneration to transition into clinical development.
October 18, 2019
Veteran dealmaker Buddy Flerl talks about what he’s seeing in the market and his approach to dealmaking.
October 18, 2019
Ontario-headquartered Sangoma Technologies Corp. has acquired VoIP Innovations LLC for $42 million, if certain conditions are reached. The acquisition, Sangoma’s eighth in eight years, should provide the combined company with increased scale, more recurring revenue, a new product category, robust EBITDA margins, and a new sales channel within Sangoma’s broader portfolio.
October 10, 2019
The PE firm’s founding partner shares his insights into how Tecum Capital manages the investments in makes in its more than 40 portfolio companies.
October 3, 2019
Evoqua Water Technologies has agreed to divest its Memcor® membrane product line to DuPont Safety & Construction. The transaction, which includes the product line’s global workforce, its manufacturing site in Windsor, Australia, associated operations and intellectual property, is expected to close by the end of 2019. The sale allows Evoqua to focus on core products and solutions.
October 2, 2019
Former American Eagle President Don Morrison, who now mentors entrepreneurs as chairman of deal flow for BlueTree Allied Angels, talks about angel investing, scaling startups and what entrepreneurs should be looking for when it comes to investors.
October 1, 2019
Under joint venture partnership agreement, United States Steel Corp. has taken first step toward acquiring Big River Steel, purchasing a 49.9 percent ownership interest for approximately $700 million in cash, with a call option to acquire the remaining interest within the next four years. Acquiring Big River, which operates the most advanced, state-of-the-art and sustainable mill in North America, will strengthen the Pittsburgh-headquartered company’s competitive positioning.
September 27, 2019
S&T Bank's Brian Dobis shares his perspective on three pitfalls and best practices when acquiring companies.
September 24, 2019
II‐VI Inc., a global provider of engineered materials and optoelectronic devices, has completed its acquisition of Finisar Corp. The acquisition was first announced Nov. 9, 2018. II-VI, which is headquartered in Saxonburg, expects to achieve $150 million in run rate synergies over the next three years.
September 20, 2019
The CEO of Consumer Fresh Produce says the work that’s done before the deal paperwork is signed is often the most critical to long-term success.
September 19, 2019
Sarah Palya had limited business experience when she started Gus Gear. She’s had to learn as she goes, and now she feels her medical device startup is ready to jump to the next level, including possibly taking on investors.
September 18, 2019
Idelic, a Pittsburgh-based data and analytics startup, closed an $8 million Series A financing round, led by Chicago’s Origin Ventures with participation from TDF Ventures, Birchmere Ventures, Bain Capital Ventures and SaaS Venture Capital. Idelic will use the funds to grow its engineering and sales teams, and pave the way to release a mobile application.
September 16, 2019
The merger is expected to produce a sports, entertainment and media enterprise surrounding the Pro Football Hall of Fame.
September 11, 2019
Mill 19 recently celebrated its grand opening as the new home to key leaders in Pittsburgh’s manufacturing industry, including Carnegie Mellon University’s Manufacturing Futures Initiative, the Advanced Robotics for Manufacturing Institute and Catalyst Connection.
September 11, 2019
Since Chuck Mattera joined II-VI Inc. in 2004, the manufacturer has completed more than 20 acquisitions. And he’s embarking on the largest deal yet as he works to close the acquisition of Finisar Corp. — a similar-sized company with annual revenues of $1.3 billion.
September 10, 2019
New Culture, the San Francisco startup making animal-free dairy cheese, closed $3.5 million in seed round funding. The round was led by Evolv Ventures, the $100 million venture fund backed by Kraft Heinz investing in emerging tech companies transforming the food industry.
September 9, 2019
NEP Group, a Pittsburgh-headquartered outsourced technical production partner supporting content producers of live sports and entertainment, has agreed to acquire Aerial Video Systems. The addition of AVS will complement and build upon NEP’s Broadcast Services, especially its wireless AV capabilities.
September 6, 2019Local Deals Columbus Pittsburgh
August 28, 2019
CEO Krish Krishnan is an experienced biotech executive. But even he didn’t expect to go from self-funding Krystal Biotech to IPO in 18 months.
August 22, 2019
Compass Self Storage, a member of the Amsdell family of companies, has acquired Shaler Self Storage in Allison Park. This transaction marks the Cleveland company’s fourth location in the Greater Pittsburgh area and its 90th location nationwide.
August 21, 2019
Babs Carryer, director of Pitt's Big Idea Center talks about Pittsburgh’s startup ecosystem, raising capital and the Big Idea Center.
August 20, 2019
Indiana-based Elanco Animal Health has agreed to buy Bayer AG’s animal health business in a cash and stock deal valued at $7.6 billion. The transaction creates the second largest maker of medicines for pets and livestock and falls in line with Bayer's strategy to slash debt.
August 20, 2019
PNC Mezzanine Capital recently completed a minority recapitalization of a $15 million preferred stock investment with Mountainside Fitness. PNC Mezzanine Capital and the Mountainside management team plan to continue to expand the company’s leadership position in the Arizona fitness community and beyond.
August 19, 2019
Grove City Medical Center, Allegheny Health Network and Highmark Health have signed an affiliation agreement. Pending government approval of the merger, the organizations expect to close on the affiliation in the next few months, establishing Grove City as AHN’s ninth owned hospital.
August 16, 2019
When Michael Blair and his wife Jennifer founded Deka Lash in 2011, the reaction from Pittsburgh was raised eyebrows and roadblocks. Today, he has 60 franchise locations across the country.
August 7, 2019
Carnegie Mellon President Farnam Jahanian is a glass half full kind of guy. But that doesn’t mean he doesn’t see challenges ahead for those who want to leverage entrepreneurship and innovation to create wealth in the Pittsburgh region.
August 5, 2019
Warrendale, Pennsylvania-based Coeo, which brings people and spaces together, has raised $100,100 of angel funding in the form of SAFE notes from undisclosed investors. Additionally, the company raised $30,000 of angel funding from undisclosed investors on Feb. 22, 2019.
August 1, 2019
As family offices take an increased interest in direct investing, focus and education are keys to success, says Ann Dugan of the Family Office Exchange.
July 29, 2019
Mylan N.V. and Pfizer Inc. have agreed to combine Mylan with Upjohn, Pfizer’s off-patent branded and generic established medicines business, creating a new global pharmaceutical company. The strategic deal puts together Mylan’s pipeline and supply chain and Upjohn’s commercial and medical infrastructure and expertise, in order to serve more than 165 markets.
July 23, 2019
RoadBotics CEO Mark DeSantis shares his experience building RoadBotics from the ground up, including rapid two-year growth since it got its first customers.
July 22, 2019
The Canadian provider of engineering solutions has significant nuclear expertise, which will help diversify the Cranberry Township company’s engineering capabilities.
July 17, 2019
John Erkert has helped IPEG Industrial Group buy three industrial companies and sell another over the course of six years to build a global business in the plastics-processing, waste recycling and industrial heat-transfer markets.
July 11, 2019
Kennametal Inc. plans to close its manufacturing facility in Irwin, Pennsylvania, as well as two manufacturing facilities and a distribution center in Germany. The restructuring actions should facilitate a simplified and leaner structure, while further positioning the company for long-term profitable growth.
July 1, 2019
The Austin, Texas-based company plans to use the startup to expand its remote monitoring and predictive maintenance capabilities.
June 25, 2019
The PE firm's president talks about the importance of staying flexible during dealmaking and why the fewer owners in a deal, the better.
June 20, 2019
Next Tier Connect has acquired a 505,000 square-foot mixed-use campus in Monroeville, Pennsylvania, which served as the former Westinghouse Nuclear headquarters. The property is the first acquisition of a national portfolio that should include select real estate and mission critical properties.
June 20, 2019
Officially created five years ago to create health care innovations that improve the lives of patients in meaningful ways, UPMC Enterprises encompasses the $130 million a year that UPMC lays out for corporate venture investments and R&D.
June 13, 2019
The founder of the oil and gas industry business knew he needed help moving his company forward. But nothing prepared him for what's involved in selling a business.
June 13, 2019
Aurora’s existing partner Hyundai Motor Group has invested in Aurora as part of its Series B financing round. The self-driving technology startup now raised more than $700 million to develop Aurora Driver, strengthen its team and acquire cutting-edge technology.
June 11, 2019
3 Rivers Capital co-founder Dale Buckwalter shares his thoughts on how to make returns in the current market of high valuations.
June 4, 2019
After buying the smaller Hermes Investment Management, the Federated Investors CEO quickly moved to adopt Hermes' investment strategy of factoring in environment, social and governance criteria.
May 29, 2019
The deal continues the relationship between the designer of screw and plating systems for the foot and ankle and Exactech, which had been distributing EPIC's products for the last year.
May 28, 2019
Andrew Wiechkoske has never had the unfortunate experience of having a deal fall apart at or near the finish line, even though he’s worked at PNC since 2008 and completed more than $1 billion
May 21, 2019
CEO C.J. Handron talks about how he brought Diamond Kinetics from the lab to the ball diamond with the help of Pittsburgh’s early-stage community.
May 20, 2019
RE2 Robotics, a developer of humanlike robotic manipulator arms in Pittsburgh, has received $3 million in funding from the Office of Naval Research to develop a dexterous, underwater robotic hand with tactile feedback.
May 16, 2019
A year into the Crazy Mocha acquisition, the benefits of the deal are finally falling into place for the coffee roaster that wanted a growing retail empire.
May 14, 2019
The McKees Rocks company, which initially focused on the sale of new and reconditioned steel drums, has evolved to become the area’s leading IBC re-bottler/reconditioner.
May 7, 2019
Yvonne Campos is an accomplished businesswoman who built and sold a successful market research and strategy firm. In all her experiences, though, she was never asked to participate in a deal or invest
May 7, 2019
The proposed deal includes the reorganization of PNC’s family of liquidity, equity and fixed-income mutual funds into Federated funds; the acquisition of part of PNC’s separate account and separately managed account business; and the transition of a six-person international equity management team.
May 2, 2019
ANSYS has acquired the assets of DfR Solutions, the Maryland developer of Sherlock, the industry’s only automated design reliability analysis software.
April 30, 2019
Michael Krol, head of wealth advisory at Waldron Private Wealth, discusses post-sale changes that catch many business owners off guard.
April 24, 2019
IIP agreed to provide the Southwestern PA medical marijuana company reimbursement of up to $10 million to complete tenant improvements for the building.
April 23, 2019
How CEO George Cook is blending crowd funding and community banking to change the way small businesses get loans.
April 17, 2019
Leon Rubinov doesn’t like to play favorites with Incline Equity Partners investments. “All our kids are cute,” the senior partner says. “We don’t love one any more than the other. They’re all special."
April 9, 2019
Pittsburgh’s tech startups attract the lion’s share of funding and attention, says Innovation Works’ Gary Glausser. We spoke with him about trends in tech investing, including highlights from Investment in Pittsburgh’s technology sector report, and the upcoming the AI & Robotics Venture Fair.
April 3, 2019
The economy may be slowing, but there’s good news for investors who are worried about rising interest rates, says First National Bank’s Boyd Pethel.
April 2, 2019
Sellers who pay lip service to talent development could be leaving millions of dollars on the table, says Solutions21’s Buddy Hobart. This week, Buddy explains why it’s past time for buyers and sellers to take talent development seriously.
March 29, 2019
A look at the challenge of finding skilled workers for today’s highly automated environment, what investors should look for when evaluating companies and how involved investors should be in new technologies.
March 27, 2019
In four years, the CEO of Quick Med Claims has gone through two sales and initiated five acquisitions. Now, he’s interested in passing along that knowledge.
March 22, 2019
It’s been an exciting and unprecedented year for Catherine Mott and BlueTree Capital, including her venture fund's first unicorn holding.
March 14, 2019
After doing nearly 60 deals throughout his career, Bill Baker knows himself. He’s a niche strategist who looks to buy companies where one-and-one makes three.
March 14, 2019
Continental Batteries, a battery distributor and a portfolio company of Pittsburgh private equity firm Incline Equity Partners, is acquiring Battery Sales & Service in its sixth acquisition in just over seven months.
March 13, 2019
Health care companies Highmark Inc. and Geisinger have completed their previously announced clinical joint venture, which will invest more than $100 million to expand health care services and improve access to healthcare in four north-central Pennsylvania counties.
March 13, 2019
The transaction will enable PNC to focus on providing fiduciary investment advice to retirement clients — one of its core businesses — while helping Newport expand through the complementary acquisition.
March 11, 2019
NeuBase Therapeutics Inc., a Pittsburgh biotechnology company developing antisense therapies to address rare genetic diseases, has landed $9 million in financing ahead of the company’s proposed merger with Ohr Pharmaceutical Inc.
March 11, 2019
Carnegie Mellon University, specifically its Combat Capabilities Development Command Army Research Laboratory, is being awarded $72 million from the U.S. Army over five years for fundamental (publishable) artificial intelligence research.
March 7, 2019
The robotics industry remains in flux, especially as methods for fulfilling consumer orders continue to evolve. But Pittsburgh — and companies like IAM Robotics — is at the center of it all.
February 28, 2019
CEO Bob Bauer breaks down L.B. Foster's unique integration approach to three different acquisitions.
February 27, 2019
Managed database and cloud services provider RDX has acquired ClearDB as part of an aggressive strategic expansion of the RDX service portfolio.
February 25, 2019
The medical marijuana company reportedly will use the funds to establish additional dispensaries, an indoor growing facility and the relocate its headquarters.
February 6, 2019
Pittsburgh’s old industrial companies are paying attention to startups and Idea Foundry CEO Mike Matesic thinks the surge in corporate venture funding bodes well for local M&A activity. We spoke with Matesic about how corporations and startups are working together to grow Pittsburgh’s economy.
January 9, 2019
August Carlino talks about what gets his blood pumping, the Rivers of Steel's acquisition of RiverQuest and his advice for other dealmakers.
December 19, 2018
So, you think you know what it takes to buy a business? With the range of available financing options and a red-hot M&A market, there’s a lot to consider. Finance-minded experts and entrepreneurs share their experiences at ASPIRE 2018.
November 9, 2018
It was bittersweet for Charles Walsh to no longer see his family’s name on their construction equipment dealership. But by all accounts, the sale to Stephenson Equipment Inc. in 2017 has been a success.
October 12, 2018
Entrepreneur Suzy Teele has helped at least 50 companies grow into market leaders, either as a consultant, adviser or executive. In this Q&A, she talks about how entrepreneurs can build relationships to create partnerships or find investors to grow their companies.
September 27, 2018
Ideally, there are six stages to selling a business. When a deal isn’t successful, one of those stages was likely derailed. Four experts take a look at those six stages, including their advice on best practices and avoiding pitfalls.
August 28, 2018
When growing through acquisition, it’s imperative that the acquisition is the right company at the right price with the right integration strategy. That way you can make sure the company strengthens your existing business and accelerates your business goals.
July 25, 2018
Howard W. “Hoddy” Hanna III, chairman of Hanna Holdings Inc., has experienced ownership transfer amongst his family, and Audrey Dunning, senior vice president at CGI, facilitated the sale of the company she led. They share their perspectives on the process.
June 25, 2018
Four of Pittsburgh’s prominent business leaders share their experiences on the front lines of M&A in an environment of rising valuations. The higher prices are being driven in part by private equity-backed portfolio companies that buy strategically and do add-ons to other deals, as well as family offices with money to spend and a will to do direct acquisitions.
April 27, 2018
From material science, life science and data centers to energy technology and research on artificial intelligence and social ventures, Pittsburgh is on the cutting edge of technology in many sectors.