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June 26, 2020
CMU’s Lynn Banaszak: Priorities are shifting, but innovation interest remains strong
Despite the uncertainty, investors are still very interested in preserving their deal pipelines — continuing to build on the promise of the portfolio of ideas already in development, says Lynn Banaszak, executive director of the Digital Transformation and Innovation Center at Carnegie Mellon University....
By Jayne Gest
June 23, 2020
GNC to restructure or be sold
GNC Holdings Inc., and certain of its North American entities, secured lenders and key stakeholders have agreed to pursue a dual-path process that will allow the company to restructure its balance sheet and accelerate its business strategy through Chapter 11 of the U.S. Bankruptcy Code. The company could be restructured or sold....
By Jayne Gest
June 22, 2020
WESCO completes Anixter merger
WESCO International Inc., a Pittsburgh-headquartered provider of business-to-business distribution, logistics services and supply chain solutions, has completed its merger with Anixter International Inc., creating a global B2B distribution and supply chain solutions company....
By Jayne Gest
June 17, 2020
Equitrans Midstream, EQM complete merger
Equitrans Midstream Corp. and EQM Midstream Partners LP have completed the acquisition of all of the outstanding common units representing limited partner interests in EQM that it did not already own....
By Jayne Gest
June 15, 2020
The Pittsburgh Steelers have new minority owners
The owners of the Philadelphia 76ers and New Jersey Devils, Josh Harris and David Blitzer, have reportedly acquired small stake of less than 5 percent in the Pittsburgh Steelers, according to Bloomberg News....
By Jayne Gest
June 12, 2020
Peca Labs raises venture funding
Peca Labs Inc. recently raised $587,465 of venture funding from undisclosed investors, PitchBook reports. The Carnegie Mellon University spin out has raised $5.69 million through five rounds and is developing synthetic cardiovascular devices intended to improve the treatment of cardiac defects....
By Jayne Gest
June 11, 2020
Incline’s LYNX buys FRSTeam
Pittsburgh-based private equity firm Incline Equity Partners’ portfolio company, LYNX Franchising has further expanded its commercial services brand offering through the acquisition of FRSTeam. FRSTeam focuses on disaster recovery, specializing in damage from smoke, fire, water and mold....
By Jayne Gest
June 10, 2020
Othot raises $1.32M in funds
Othot Inc. recently raised $1.32 million of venture funding in the form of convertible debt from undisclosed investors, according to PitchBook. The Pittsburgh developer of cloud-based software designed for predictive analytic services has raised $8.83 million to date....
By Jayne Gest
June 2, 2020
Volkswagen’s $2.6B investment in Argo AI closes
Volkswagen AG’s investment in Argo AI has closed, which solidifies the Pittsburgh-headquartered business’s capital position and differentiates it as the only self-driving technology platform company with partnerships and commercial agreements, via Ford and Volkswagen, for deployment across the U.S. and Europe....
By Jayne Gest
June 1, 2020
ALung closes $18.52M funding round
ALung Technologies Inc. recently completed its sixth round of venture funding, which resulted in $18.52 million from Audrey’s Kitchen and other undisclosed investors, PitchBook reports. The transaction included $2.26 million in total new debt. ALung has raised $112.6 million to date....
By Jayne Gest
May 29, 2020
Innovatus Imaging assets sold to 626
Delray Beach, Florida-based 626 Holdings LLC, a third-party company in the health care technology management market, has acquired the CR and DR business of Innovatus Imaging, which is headquartered in Pittsburgh....
By Jayne Gest
May 21, 2020
Jay Katarincic shares the methods behind early stage VC investing
With early stage investing, it’s not about hitting every single time in order to have a successful fund, says Jay Katarincic, managing director of venture capital firm Draper Triangle. That's because it's often more art than science....
By Jayne Gest
May 20, 2020
Babst Calland’s Chris Farmakis: The deal picture should be clearer by summer
While deals are still getting done, many have been pushed backed. However, we likely won't know until summer whether those delayed transactions come back to life, says Babst Calland's Chris Farmakis....
By Dustin S. Klein and Jayne Gest
May 19, 2020
Infectious Disease Connect merges with Merck company
Infectious Disease Connect Inc., a UPMC Enterprises telemedicine-enabled company, has combined with Merck’s ILÚM Health Solutions. UPMC will retain a majority stake in the combined company....
By Jayne Gest
May 18, 2020
Team Scotti sold to NFP
NFP has acquired LFG Inc., DBA Team Scotti. The Pittsburgh-based company is a national insurance broker offering insurance solutions and employee benefit programs to Major League Baseball and Minor League Baseball and their affiliates....
By Jayne Gest
May 15, 2020
UNFI’s Retail Accounting Services Division sold
FMS Solutions Inc. has agreed to acquire United Natural Foods Inc.’s Retail Accounting Services Division, where retail accounting teams in Pittsburgh, St. Louis, Anniston, Alabama, Champaign, Illinois, and Hopkins, Minnesota, will become FMS subsidiaries....
By Jayne Gest
May 14, 2020
Net Health buys Tissue Analytics
Net Health, a Pittsburgh-based provider of cloud-based electronic health record software for specialized care settings, has acquired Tissue Analytics. The transaction is expected to expand Net Health’s leadership position within the wound care market....
By Jayne Gest
May 11, 2020
PNC intends to sell BlackRock investment
The PNC Financial Services Group Inc. plans to sell its investment in BlackRock Inc. through a registered offering and related buyback by BlackRock. PNC currently holds shares that represent 22.4 percent ownership....
By Jayne Gest
May 11, 2020
Edge Case Research Raises VC Funding
Edge Case Research Inc. recently raised $8 million in venture funding from undisclosed investors, PitchBook reports. The Pittsburgh company is developing vehicle safety systems intended to make autonomous vehicles safe....
By Jayne Gest
May 8, 2020
Conco sold to Rising Point Capital
Chicago-based Rising Point Capital has acquired Conco Holdings, which is located in the Pittsburgh area. Tecum Capital Partners and UMB Capital Corp. provided subordinated debt and equity. The investor group also partnered with the Saxon-Godish Family and existing management team, who will remain with Conco and retain a significant stake....
By Jayne Gest
May 6, 2020
Voci Technologies sale complete
San Francisco-based Medallia Inc. has completed the acquisition of the speech-to-text platform, Voci Technologies....
By Jayne Gest
May 4, 2020
Shell to sell Appalachia assets to National Fuel
A Royal Dutch Shell plc subsidiary has agreed to sell its Appalachia shale gas position for $541 million to National Fuel Gas Co. The transaction includes approximately 450,000 net leasehold acres across Pennsylvania, with approximately 350 producing Marcellus and Utica wells in Tioga County and associated facilities....
By Jayne Gest
May 1, 2020
ESS NexTier merges into IMA Financial Group
IMA Financial Group, a Denver-headquartered national insurance brokerage firm, completed its acquisition of ESS NexTier Insurance Group, a similarly structured practice with four offices throughout Pennsylvania....
By Jayne Gest
April 30, 2020
U.S. Steel sells option in Minnesota iron ore mine
Stelco has entered an option agreement with U.S. Steel, granting Stelco a long-dated option to purchase a 25 percent ownership interest in a to-be-formed joint venture that will own 100 percent of U.S. Steel’s iron ore mine in Mt. Iron, Minnesota, and related infrastructure including the pellet plant....
By Jayne Gest
April 29, 2020
Niche raises $35M in Series C funds
Niche — a Pittsburgh-based school search platform connecting people to the right K-12 school or college — has raised $35 million in Series C funding led by Radian Capital, with additional participation from Salesforce Ventures, as well as existing investors Allen & Company LLC and Tim Armstrong....
By Jayne Gest
April 27, 2020
MWE Sales recapitalizes with funding from Provariant, Tecum
Midwest Equipment Sales has taken on investment partners in order to grow the Columbus-headquartered business. The funding was led by Provariant Equity Partners, with investment from Tecum Capital Partners, the existing CEO and Centerfield Capital Partners....
By Jayne Gest
April 27, 2020
Intervala buys Princeton Technology
Intervala LLC has acquired Princeton Technology Corp. in Hudson, New Hampshire. The acquisition further expands Intervala’s manufacturing presence in the Northeast region, while adding new capabilities and customers....
By Jayne Gest
April 24, 2020
Jake Loosararian bets on himself — and Gecko Robotics
Jake Loosararian turned down an offer for Gecko Robotics in 2015 and stuck with the principles of why he started the company. He shares how that decision has paid off....
By Jayne Gest
April 24, 2020
Metz Lewis’ John Lewis: Caution is the new normal
John Lewis expects employers to remain cautious in terms of deal activity, long-term commitments and employee compensation during this unprecedented time....
By Dustin S. Klein and Jayne Gest
April 22, 2020
Voci Technologies sold to Medallia
Medallia Inc., a global provider of experience management, has agreed to acquire Pittsburgh-based Voci Technologies, the real-time speech to text platform, for $59 million in cash....
By Jayne Gest
April 22, 2020
Conservation Labs raises venture funding
Conservation Labs Inc. recently raised $725,000 of venture funding from undisclosed investors, according to PitchBook. The business is developing smart water meter technology designed to monitor water consumption in the built environment....
By Jayne Gest
April 14, 2020
Duolingo adds $10M in funding
Duolingo Inc. recently raised an additional $10 million in venture funding from undisclosed investors, according to PitchBook. This brings the total funding raised to date to $148.3 million....
By Jayne Gest
April 6, 2020
KPA buys MTS
KPA, a provider of environment, health and safety and workforce compliance software, consulting and training, has acquired Multimedia Training Systems, a Pittsburgh safety training company....
By Jayne Gest
April 6, 2020
Innovu raises venture funding
Innovu LLC recently raised $4.58 million in venture funding from undisclosed investors, PitchBook reports....
By Jayne Gest
March 25, 2020
Seegrid raises $25M in venture funding
Seegrid Corp. recently raised $25 million of venture funding in a deal led by G2VP, PitchBook reports. The company intends to use the funds to accelerate new product introductions, as well as support growth and hiring plans....
By Jayne Gest
March 20, 2020
Levin Furniture deal is reportedly off
Pittsburgh-based Levin Furniture former President and owner Robert Levin’s agreement to come out of retirement to save the company has reportedly been called off....
By Jayne Gest
March 18, 2020
Vivek Gupta: A deliberate deal process will pay off for buyers
The more time you spend selecting the right acquisition and utilizing a thorough diligence process, the more likely you are to get better returns down the line, says Mastech Digital President and CEO Vivek Gupta. Based on his past experience, he provides advice for other buyers....
By Jayne Gest
March 17, 2020
RoadRunner Recycling closes $28.6M Series C funding round
RoadRunner Recycling has raised a $28.6 million Series C financing round. The round was co-led by e.ventures and Greycroft, with additional participation from Franklin Templeton and existing investors, Adams Capital Management in Pittsburgh and FJ Labs....
By Jayne Gest
March 17, 2020
Dealer Venom purchases WebKite tech
Dealer Venom has acquired the technology from WebKite Inc. With this transaction, Dealer Venom further extends its reach in the digital automotive retail space and lays the foundation to expand its offerings....
By Jayne Gest
March 16, 2020
Liberty Tire Recycling buys Lakin Tire
Liberty Tire Recycling, a Pittsburgh-based provider of tire recycling services, has acquired Lakin Tire, with support from its majority equity sponsor The Carlyle Group. The merger unites two complementary businesses....
By Jayne Gest
March 16, 2020
Peoples acquisition completed by Essential Utilities
Essential Utilities Inc. has successfully completed the acquisition of Peoples, a Pittsburgh-based natural gas distribution company, in an all-cash transaction that reflects an enterprise value of $4.275 billion, including the assumption of approximately $1.1 billion of debt....
By Jayne Gest
March 12, 2020
nanoGriptech raises $6M in capital funding
Pittsburgh-based nanoGriptech, a commercial manufacturer of micro-structured dry adhesives and surfaces, has received $6 million in capital funding, which it plans to use to scale its manufacturing operations and strengthen its commercialization activities....
By Jayne Gest
March 10, 2020
Containership assets acquired by Hitachi Vantara
The assets of Pittsburgh-based startup Containership have been acquired by Hitachi Vantara, an information technology and services firm in Santa Clara, California....
By Jayne Gest
March 9, 2020
WESCO updates financing plan for Anixter merger
Pittsburgh-headquartered WESCO International Inc. expects to fund the cash portion of its merger with Anixter with debt and cash-on-hand because of current market conditions. WESCO previously anticipated issuing WESCO common stock or other equity or equity-linked securities, in addition to issuing debt....
By Jayne Gest
March 9, 2020
Acusis buys Woodham HIM Solutions
Acusis LLC, a Pittsburgh-based provider of clinical documentation and revenue cycle management solutions since 2001, has acquired Woodham and Associates of Florida LLC....
By Jayne Gest
March 6, 2020
PNC’s Gus Faucher doesn’t see a U.S. recession in the near future — even with global concerns
A recession isn’t on the horizon, thanks to factors like consumer spending, PNC Chief Economist Gus Faucher predicts. The U.S., though, may see slower growth in 2020. The X factor, however, could be an external shock like the coronavirus....
By Jayne Gest
March 6, 2020
Pittsburgh 2020 Dealmaker of the Year Awards
Smart Business Dealmakers recognized some top deals and dealmakers in the Pittsburgh region at the Smart Business Dealmakers Conference on March 5. Here are the 2020 Dealmaker of the Year Award winners....
By Jayne Gest
March 5, 2020
Robert Levin Makes Deal To Save Levin Furniture From Closing
Levin has reached an agreement to acquire the Pennsylvania and Ohio assets of Levin Furniture and Wolf Furniture through a court restructuring of the parent company Art Van Furniture LLC....
By Mark Scott
March 5, 2020
Ansys to buy Vancouver’s Lumerical
Ansys has agreed to acquire Lumerical Inc., which develops photonic design and simulation tools. The acquisition will add photonics products to the Ansys multi-physics portfolio....
By Jayne Gest
March 5, 2020
Knopp Biosciences raises debt financing
Knopp Biosciences LLC recently raised $1 million of convertible debt financing from an undisclosed investor, PitchBook reports. The company has raised $179.29 million to date and is valued at $200 million....
By Jayne Gest
