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November 13, 2019
Tom Lombardo: Invest in your exit strategy upfront
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....
By Jayne Gest
November 13, 2019
UPMC buys second hospital in Ireland
As part of its continued expansion of health care services in Ireland, UPMC has acquired Clane General Hospital in County Kildare, in partnership with the Institute of Eye Surgery, and is renaming the facility UPMC Kildare Hospital...
By Jayne Gest
November 13, 2019
Conservation Labs raises $1.7M in seed funding
Conservation Labs Inc., maker of smart water monitor H2know™, has raised a $1.7 million seed round investment. The round was led by Chicago-based IrishAngels, with additional investment from the Amazon Alexa Fund, Serra Ventures as well as Pittsburgh investors Mountain State Capital and Innovation Works....
By Jayne Gest
November 8, 2019
Arsenal Resources works through bankruptcy with recapitalization
As part of its Chapter 11 bankruptcy, Arsenal Resources Development LLC will pursue a recapitalization transaction that includes a $100 million new equity investment made by Chambers Energy Capital and Mercuria Energy Co., two of the company’s most significant lenders, and a substantial deleveraging of ARD’s balance sheet....
By Jayne Gest
November 7, 2019
Atkins Cos buys West Mifflin medical office building
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....
By Jayne Gest
November 5, 2019
Air-Scent buys California-based Sani-Air
Air-Scent International has acquired California-based Sani-Air Associated Products to further its global position in the commercial air freshener market....
By Jayne Gest
November 5, 2019
Confluence’s Mark Evans builds trust to gain backing to take over a larger company
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....
By Jayne Gest
November 4, 2019
Broadridge completes Fi360 acquisition
Fintech company Broadridge Financial Solutions Inc. has completed its previously announced acquisition of Fi360 Inc., a Pittsburgh provider of fiduciary-focused software, data and analytics for financial advisers and intermediaries across the retirement and wealth ecosystem....
By Jayne Gest
November 1, 2019
GT Entrepreneurs closes deal for Service-Tech Corp.
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....
By Jayne Gest
October 31, 2019
Thar Process’ Lalit Chordia: How to find the right investors or buyer
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....
By Jayne Gest
October 31, 2019
Alpha Capital Partners purchases Memphis apartment complex
Alpha Capital Partners, a Pittsburgh-based real estate investor, has acquired Number 10 Main Apartments, a 182,392 square foot mixed-use multifamily property in Memphis’ downtown area....
By Jayne Gest
October 31, 2019
U.S. Steel completes Big River investment
United States Steel Corp. has completed its acquisition of a 49.9 percent ownership interest in Big River Steel for approximately $700 million, which implies an enterprise value of $2.325 billion. The transaction finalizes U.S. Steel’s first step toward full ownership and consolidation....
By Jayne Gest
October 29, 2019
Cannabis business Flowhub gets raise from Kraft Heinz-backed venture capital fund
Flowhub, a cannabis retail management software vendor, has raised $23 million from a consortium of investors including Evolv Ventures, the Kraft Heinz-backed venture capital fund....
By Adam Burroughs
October 29, 2019
Confluence purchases StatPro for $207M
Pittsburgh-based Confluence Technologies has acquired StatPro Group plc, a global provider of cloud-based portfolio analytics, asset data services and data management tools for the global asset management industry and asset management service providers. The acquisition provides Confluence a global expansion opportunity, broader range of solutions and advancement into the cloud....
By Jayne Gest
October 29, 2019
Northwest Bank to enter Indiana through MutualFirst merger
Northwest Bancshares Inc. has agreed to acquire MutualFirst, the Muncie, Indiana-based holding company and parent of MutualBank, in an all-stock transaction valued at $39.89 per share, or approximately $346 million. The transaction is expected to increase Northwest’s standalone earnings per share and give the bank access to an attractive new region of prospective customers....
By Jayne Gest
October 28, 2019
Target Freight Management Buys NTS
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....
By Jayne Gest
October 24, 2019
Gabriel Performance Products Buy Deltech Portfolio
Gabriel Performance Products, an Akron-based specialty chemicals company serving the coatings, adhesives and composite end markets, has agreed to acquire a select portfolio of alkyd resins from Deltech Resin Co. The products are created in Harrison City, Pennsylvania....
By Mark Scott
October 24, 2019
ANSYS to buy German-based Dynardo
ANSYS has agreed to acquire Dynardo, which provides simulation process integration and design optimization (PIDO) technology. The acquisition should help ANSYS customers identify optimal product designs faster and more economically....
By Jayne Gest
October 22, 2019
Fifth Season expands its vertical farming, stays focused on capital efficiency
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....
By Jayne Gest
October 21, 2019
LyGenesis Closes $4M Convertible Debt Financing
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....
By Jayne Gest
October 21, 2019
Expedient is under new ownership
Global investment management firm AMP Capital, which is headquartered in Australia, has agreed to acquire Expedient from its current parent, Landmark Media Enterprises LLC. The new investment sponsor should help the Pittsburgh cloud computing and data center infrastructure as a service provider continue to grow and expand its data center and enterprise cloud platforms....
By Jayne Gest
October 18, 2019
Buddy Flerl on today’s hectic and fatiguing deal market
Veteran dealmaker Buddy Flerl talks about what he’s seeing in the market and his approach to dealmaking....
By Jayne Gest
October 18, 2019
VoIP Innovations purchased by Sangoma
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....
By Jayne Gest
October 18, 2019
Vorteq buys Western Metal Decorating
Vorteq Coil Finishers LLC has made a strategic acquisition of the assets of Western Metal Decorating, in order to broaden its processing capabilities and geographic reach. In addition, Vorteq is relocating its corporate headquarters from Oconomowoc, Washington, to Pittsburgh, to more centrally locate Vorteq to its footprint of assets....
By Jayne Gest
October 16, 2019
Image Architects purchased
CPL, a Rochester, New York-headquartered architecture, engineering and planning firm, has expanded its footprint with the acquisition of Image Associates Inc. The strategic transaction should allow CPL to better serve its current clients while establishing new relationships in the Pittsburgh region....
By Jayne Gest
October 16, 2019
Tecum Equity buys Pinnacle Cranes
Pinnacle Cranes, a Link-Belt and Manitex dealer in North Carolina and South Carolina, has been purchased by Western Allegheny Capital LLC, and Tecum Equity, a Pittsburgh-based family office investment partnership....
By Jayne Gest
October 15, 2019
NEP Group buys SOS Global Express
NEP Group has acquired SOS Global Express, an independent international freight forwarding and logistics company that specializes in broadcast, entertainment, music and professional sports teams and leagues. The transaction is consistent with NEP’s strategy of becoming the world leader in broadcast services and live events....
By Jayne Gest
October 14, 2019
Fitts raises investment round
Pittsburgh startup Fitt has completed an investment round. Mountain State Capital led the round with participation from Riverfront Ventures and MINDBODY, as well as continued support from previous investor TNC Ventures, which includes Bob and Bill Nutting as partners....
By Jayne Gest
October 10, 2019
Tecum Capital’s Matt Harnett: Investors should work on the business, not in it
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....
By Jayne Gest
October 10, 2019
Neuro Kinetics purchased by Neurolign
Toronto-headquartered Neurolign Technologies Inc. has acquired Neuro Kinetics Inc., which delivers neurofunctional assessments through clinical eye-tracking and non-invasive neurofunctional diagnostic testing. The acquisition of the Pittsburgh company accelerates Neurolign’s mission to improve the lives of patients suffering from neurological disorders like concussions....
By Jayne Gest
October 10, 2019
Fi360 to be sold to Fintech Broadridge
Broadridge Financial Solutions Inc., a $4 billion Long Island, New York-based Fintech company, has agreed to acquire Pittsburgh’s Fi360 Inc. The transaction will help enhance Broadridge’s existing retirement solutions and further strengthen the firm’s data and analytics tools and solutions....
By Jayne Gest
October 9, 2019
Penguin Evgeni Malkin invests in Pittsburgh Knights
Hockey superstar Evgeni Malkin, who is an avid gamer, has invested in the Pittsburgh Knights, an esports company. This partnership exemplifies the Knights business model of taking the best practices from traditional sports and translating them into esports....
By Jayne Gest
October 8, 2019
Evoqua buys majority stake in Frontier Water
Evoqua Water Technologies has acquired a majority investment in San Diego-based Frontier Water Systems LLC, which develops equipment packages for high-rate treatment and removal of selenium, nitrate and other metals from complex waste streams. The strategic investment follows Evoqua’s strategy to grow its portfolio of advanced wastewater treatment technologies and commit to sustainable solutions....
By Jayne Gest
October 7, 2019
Cohen & Grigsby to combine with Dentons US, Bingham Greenebaum
Dentons US, Bingham Greenebaum and Cohen & Grigsby have proposed a combination and new partnership, with the goal of building national law firm capable of serving clients from coast to coast as well as around the world. The transaction would make it the 10th largest law firm in the U.S....
By Jayne Gest
October 7, 2019
Fairfield Inn & Suites Pittsburgh Downtown sold
Woodmont Lodging, a Maryland hotel company, and Milestone Companies, a Baltimore real estate development company specializing in hotel assets, have completed acquisition of the newly constructed, 98-room Fairfield Inn & Suites Pittsburgh Downtown....
By Jayne Gest
October 7, 2019
LegalSifter raises $1.2M seed round
LegalSifter Inc. raised $1.20 million of Seed 1C funding from undisclosed investors on Oct. 2, 2019, according to PitchBook, putting the company’s post-money valuation at $16.2 million....
By Jayne Gest
October 7, 2019
Ocugenix raises venture funding
Ocugenix Corp. has raised $350,000 of venture funding in the form of convertible debt from undisclosed investors, according to PitchBook. The Pittsburgh startup, which was founded in 2015 and spun out of the University of Pittsburgh, is developing a cancer immunotherapy drug intended to treat eye diseases....
By Jayne Gest
October 3, 2019
Evoqua to divest Memcor product line
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....
By Jayne Gest
October 2, 2019
TPC Wire & Cable buys Pittsburgh Wire and Cable
Macedonia, Ohio-based TPC Wire & Cable Corp. has completed the purchase of Pittsburgh Wire and Cable Inc. The acquisition allows TPC to further penetrate new end user markets and expand its current portfolio of high-performance wire and cable solutions....
By Jayne Gest
October 2, 2019
Berkshire Hathaway HomeServices firms merge
Southwestern Pennsylvania real estate company Berkshire Hathaway HomeServices The Preferred Realty has acquired Berkshire Hathaway HomeServices Kovack Realtors in Ohio. Joining forces will allow the combined company to leverage the power of the Berkshire Hathaway HomeServices name even more....
By Jayne Gest
October 2, 2019
Second purchase by Allen Tate Realtors, a Howard Hanna sister company
Howard Hanna Real Estate Services’ sister company, Allen Tate Realtors made its second acquisition since partnering with Howard Hanna. Allen Tate acquired Realty One, an independent residential brokerage firm based in Winston Salem, North Carolina, serving the greater Triad region....
By Jayne Gest
October 2, 2019
Angel Investing: The Power Of Group Intelligence
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....
By Jayne Gest
October 1, 2019
U.S. Steel takes stake in Big River Steel
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....
By Jayne Gest
October 1, 2019
Ampco-Pittsburgh completes divestures
Ampco-Pittsburgh Corp. has completed the sale of its Canadian specialty steel subsidiary, ASW Steel Inc., to Valbruna Canada Ltd., a subsidiary of Acciaierie Valbruna S.p.A., of Vicenza, Italy. The Carnegie-headquartered company also completed the sale of its Avonmore, Pennsylvania cast roll manufacturing facility, Akers National Roll, to an affiliate of WHEMCO Inc....
By Jayne Gest
October 1, 2019
Thar Process raises $10M mezzanine financing
Thar Process, a Pittsburgh manufacturer of CO2 extraction and purification equipment and Pennsylvania’s largest extractor of hemp, has completed a $10 million round of convertible debt financing. Thar Process will use the capital for its planned expansion of its cGMP and Certified USDA Organic facility in Pittsburgh and new facilities in New York and Colorado....
By Jayne Gest
October 1, 2019
Incline Equity sells Ned Stevens
Incline Equity Partners, a Pittsburgh-based private equity firm, has exited Ned Stevens, a provider of full-service residential gutter cleaning and essential exterior services. Incline invested in the New Jersey-based company in 2016....
By Jayne Gest
October 1, 2019
PNC Bank’s franchise finance sale closes
Maryland-headquartered MidCap Financial has closed its acquisition of substantially all of PNC Bank’s franchise finance loan portfolio. The transaction further establishes MidCap Financial’s strong position in the middle market lending space....
By Jayne Gest
September 30, 2019
Tecum invests in Ace Hardware franchisee
Tecum Capital Partners has invested in The Helpful Hardware Co., an Ace Hardware franchisee. Tecum provided subordinated debt and equity to support Maryland-based JPB Partners’ acquisition. HHC is poised for continued growth given management’s deep experience and proven strategy in acquiring and continuously enhancing locations....
By Jayne Gest
September 30, 2019
DICK’s to sell eight locations
Sportsman’s Warehouse Holdings Inc. has agreed to acquire eight Field & Stream locations from DICK’S Sporting Goods Inc. for $28 million. The deal is consistent with Sportsman’s strategy to return to a more typical store growth pattern, following investment in omni-channel capabilities, technology and debt reduction over the last two years....
By Jayne Gest
September 27, 2019
Pitfalls And Best Practices For A Successful Acquisition
S&T Bank's Brian Dobis shares his perspective on three pitfalls and best practices when acquiring companies....
By Jayne Gest
