April 2021

Access to some materials included in this newsletter may be limited to Red Forest Capital funds.

Happy April which is also Autism Awareness, Financial Literacy, Jazz Appreciation, Mathematics Awareness, and National Volunteer Month! Following are a number of resources to help you in your pursuit of an acquisition. Contact us if and when we can be of help. In the meantime, please find a selection of resources below to support your efforts. 

TIPS & TRICKS

• Evoking a discussion about Values-based goals with Sellers

• Key Factors Driving Owner Readiness to Sell in 2021

• What I Learned During my First (Failed) Attempt to Sell my Business

INTERESTING

• Individual Tax Filing Deadline Extended to Monday, May 17

• Long Live the Family Business published by a family friend and mentor of mine, Les Banwart. The book examines the generational dynamics of family-owned businesses 

• Search Fund Company Boards: How CEOs Can Build Boards to Help Them Thrive

• Business Model Game to train interns

• Why Due Diligence is Important for Entrepreneurs

• The Math of Value and Growth, Return on Capital, and the Discount Rate from Michael Mauboussin

• Consumer Chapter 7 bankruptcies fell 22% in 2020

• Business Ownership Initiative, from the Aspen Institute

• US Census, Small Business Pulse Survey & CV19s impact 

• Underexplored Path to Entrepreneurship: Acquisition the Booth Review

• FASB Reconsiders Goodwill Impairment Triggers – Limited Relief Proposed for Private Companies 

• Valuation in a COVID-19 World 

• The Search Project: Valuation and Deal Structuring with David Dodson 

• 2021 MIT ETA Conference Replay

• SPP Capital Markets Debt Spreads and March Market Update

• Annual Shareholder Letters from Warren Buffett

FUN

• “Not everything that is faced can be changed, but nothing can be changed until it is faced.” - James Baldwin

• The world’s coffee deficit!

• Child tweets gibberish from US Strategic Command nuclear-agency account

• Kyoto cherry blossoms are blooming on the earliest date in 1,200+ years 

M&A, PRIVATE EQUITY & INDUSTRY UPDATES

AEROSPACE & DEFENSE

• AerCap to Acquire GE Capital Aviation Services

• DroneUp Acquires Web Teks, a drone tech provider

• Noble acquires of TSSi to Expand and Enhance Products and Services for U.S. Military and Government Customers

• PCX Aerosystems to Acquire Senior Aerospace Connecticut

• SEACORP Acquired by Roy Kapani, provider of engineering services and technology to the United States Navy

AGRICULTURE & FOOD

• Eteo Goods, The World's Finest Olive Oil Company, is Acquired by Papadopoulos Group

• GrowGeneration Acquires Agron.io B2B Integrated Platform

• GrowGeneration Acquires Char Coir

• GrowGeneration Acquires Orange County's 55 Hydroponics, Establishes Foothold in Southern California

• GrubMarket Acquires RJ Produce

• Nestlé acquires Essentia

• Pepsi Bottling Ventures Acquires Pepsi-Cola Roxboro Bottler

• RoadRunner Holdings Acquires JoJé Bar, an energy bar manufacturer

• The Simple Greek Acquired by WOWorks, Parent Company of Saladworks, Garbanzo Mediterranean Fresh and Frutta Bowls

• The Valens Company Closes Acquisition of LYF Food Technologies Inc. and Enters Edibles Category with Launch of Soft Chews

AUTOMOTIVE

• Keyloop Acquires RAPID RTC and enquiryMAX

• Penske Automotive to Acquire Kansas City Freightliner

• Piezo Motion Acquires DTI, a Line of Piezoelectric Motors

B2B 

• Beekeeper Acquires Lua to tackle trillion-dollar opportunity in the frontline workforce productivity and collaboration space

• Certified Source Acquires Ardmore Branch from Oasis Staffing

• Chicago Capital Partners Acquires Home Sweet Home Services, a corporate relocation service provider 

• DIVERSANT Acquires Atrilogy Solutions Group, an IT Staffing Company

• EPAM to Acquire PolSource, a boutique Salesforce partner

• KnowBe4 Acquires MediaPRO, Expanding its Presence in the Security Awareness Training Market

• MRI Software Acquires WhosOnLocation, Adding Global Workplace Safety and Security Offering

• OneTrust to Acquire Ethics & Compliance Leader Convercent

• Penn Foster Acquires Pioneering Career Discovery Platform

• Performance Personnel Acquires Oasis Staffing

• Raydiant Acquires Market Leader Performance Management and Motivation Platform, Hoopla

• RBA Acquires Saturn Systems

• Thrive Acquires Howard Tech Advisors, an MSP

• Trendline Interactive Acquires LeadMD to Form Buyer Experience Powerhouse

• TRG Screen acquires Of Jordan & Jordan's Market Data Reporting (MDR) Business

• TTEC Has to Acquire Avtex, an End-to-End Digital Customer Experience Solution

• Universal Engineering Sciences Acquires SUMMIT Engineering, Laboratory & Testing, P.C.

CONSUMER 

• AS Beauty Acquires Mally Beauty

• BRS Completes Sale of DTLR Villa to JD Sports Fashion

• ByNext Acquires WashBox, an eco-friendly laundry, dry cleaning and residential home cleaning provider

• CUNA Mutual Group to Acquire Assurant's Global Prearranged Funeral and Final Expense Business

• Waitr acquires Delivery Dudes for $23MM

EDUCATION

• IXL Learning Acquires Rosetta Stone

• McGraw Hill Acquires Kidaptive, an Adaptive and Personalized Learning Company

• Sylogist acquires Municipal Accounting Systems, provider of student information management and accounting solutions for K-12 public schools for $37.8MM

ENERGY

• Ethanol demand increasing with motorists returning to the roadCleanSpark Acquires Solar Watt Solutions

• EG Group to Acquire Nine Mercury Fuel Service Company-Operated Locations

• Hilco Streambank Acquires Varentec Assets by Koch Engineered Solutions Subsidiary Sentient Energy

• Rhythm Acquires Customers of Entrust Energy Inc and Power of Texas Holding

• Southern Power acquires Deuel Harvest Wind Farm

• Tamarack Valley Energy acquires Woodcote Petroleum for $43MM

• Volt Power Acquires DD Grid and One Shot Reliability

ENVIRONMENT & RELATED

• Asset managers are finally taking ESG seriously

• GFL Environmental to Acquire Terrapure Environmental

• Pilot Water Solutions acquires Felix Water

• Woolpert Acquires CivilTech Engineering to Expand Water, Transportation Initiatives in Texas

FINANCE & INSURANCE

• Insurers Creating a Consumer Ratings Service for Cybersecurity Industry

• Accelerant Acquires Commonwealth Insurance Company of America and Announces Introduction of InSightFull Platform 

• Acuity Trading Completes First Acquisition of Signal Centre

• AmeriLife Acquires Insurance 360; Expands Capabilities to Serve Term Life Insurance Market

• Applied Underwriters Acquired Florida Casualty Insurance Company

• Arthur J. Gallagher & Co. Acquires R&R Benefits, Risk Management

• Ascensus Acquires Truist Retirement Recordkeeping

• Beacon Pointe Advisors Acquires Wealth Design

• Betterment Acquires Wealthsimple's U.S. Investment Advisory Business

• Crum & Forster Accident & Health Acquires Monitor Life Insurance Company of New York

• Hub International Acquires The Juban Insurance Group

• Hub International Acquires the Benefit Strategies Agency and Affiliate

• Hub International Acquires Davis Trachtenberg

• Hub International Acquires Incentive Systems

• Hub International Acquires the Wellspring Insurance Agency

• Hub International Acquires Finn & Stone

• Integrity Acquires Brokers International -- An Iconic Leader in Life, Annuities and Wealth Planning

• MoneyLion Acquires Wealth Technologies

• Sino-Global acquires Super Node, a blockchain infrastructure software developer and service provider, for $5MM

• SoFi acquires Golden Pacific Bancorp for $22.3MM

• Enova acquires Pangea Universal Holdings, a Next-Generation Payments Platform

• Euroclear Acquires MFEX Group, a leading global digital fund distribution platform

• Mercer Advisors Acquires Epstein & White Financial

• PayPal to Acquire Curv

• Technisys Acquires Kona To Elevate Digital Banking Experience With Conversational AI

• Tradier Acquires Mobile Trading App Rho

• THE TIFIN GROUP acquires in Risk Profiling and Financial Planning to Further Expand Their Fintech Platform

FRANCHISES

• Franchise Trends And Predictions For 2021

HEALTH CARE

• AG Scientific Announces Agreement of Acquisition by RPI

• Advarra Acquires Bio-Optronics, Maker of Clinical Conductor TrialSuite

• Akerna to Acquire Viridian Sciences

• Appriss Health Acquires PatientPing to Deliver Comprehensive Care Coordination Solutions

• Australis Acquires Green Therapeutics

• Arc Health Acquires Like-Minded Pinnacle Emergency Medical Group

• BD Acquires GSL Solutions, Broadening Medication Management Offerings for Retail, Outpatient Pharmacy Settings

• Bio-Techne to Acquire Asuragen

• Boston Scientific Acquires Lumenis Surgical Business

• Camargo Pharmaceutical Services Acquires Paidion Research

• Cellink acquires MatTek, provider of advanced in-vitro technology for clinical and tissue model innovation, for $68MM

• CenExel Clinical Research Acquires CITrials

• Deca Dental Group Expands into Third State with Acquisition of Reign Dental

• Dental Intelligence Acquires Modento

• DiamiR acquires CLIA Lab from Interpace Biosciences

• Fishawack Health Acquires PRMA Consulting, health economics outcomes research (HEOR) consultancy

• Gale Healthcare Solutions acquires And Services To Meet COVID-19, National Nursing Demands

• Genesis Drug Discovery and Development Acquires Integrated Analytical Solutions

• Glennis Solutions Acquires Medication Management Software Innovator Vita-Stat

• Globant Acquires CloudShift and broadens its digital and cognitive transformation expertise

• Grifols acquires GigaGen, drug discovery, and development of recombinant biotherapeutic medicines, for $80MM

• Gulf Capital acquires Eclat Health, provider of ambulatory surgery and outpatient diagnostic services, for $30MM

• Gulf Capital acquires Hansei Solutions, a third-party billing solution, for $30MM

• EDM Medical Solutions acquires of ERI International

• Everlywell Acquires PWNHealth and Home Access Health Corporation, Forming Everly Health

• Envestnet Enhances Client Portal Experience with Acquisition of Technology Solutions from Apprise Labs

• Health Logic Interactive Acquires Next-Generation Lab-On-Chip Medical Diagnostic Technology

• HMP Global acquires Kestrel Health Information

• Instem acquires d-Wise, provider of analysis and data anonymization technology for $31MM

• Lexitas Acquires Confidential Communications International ("CCI")

• Net Health Acquires Casamba

• NeoGenomics acquires Trapelo Health, a tech company focused on precision oncology, for $65MM

• MRO acquires Cobius Healthcare Solutions

• Omega Healthcare Acquires himagine Solutions

• Optimus HealthCare Services acquires PainScript, a compliance platform, which is focused on creating personalized chronic care, for $4.5MM

• PE GI Solutions and Ambulatory Center for Endoscopy Acquire the Hudson Bergen Medical Center

• Platinum Equity Acquires Healthcare Products Distributor NDC

• Premier acquires Invoice Delivery Services, provider of electronic invoices for the healthcare industry for $80MM

• Premier Health of America acquires Solutions Nursing for $2.18MM

• Relay Medical acquires Cybeats, an IoT cybersecurity, and firmware for $7.18MM

• Tegria Acquires Cumberland To Provide New and Enhanced Offerings for Healthcare Providers and Payers

• The Hilb Group Acquires Compass Planners, a specialized Medicare Advantage practice               

• The Stepping Stones Group acquires EBS Healthcare

• TRC Healthcare Expands Clinician Education Offerings Through Acquisition of NetCE

• Triage Acquires Kamana Health

• Tutor Doctor Acquires Code Wiz, Expands Educational Reach-in the Growing Coding Sector

• Velocity Clinical Research acquires two new sites, signaling commitment to diversifying patient recruitment

• WELL Health Technologies acquires Intrahealth, a healthcare software provider, for $19.25MM

HOSPITALITY, TRAVEL & RECREATION

• Commercial travel might not recover fully until 2025. Business travel may be even slower

INDUSTRIALS & MANUFACTURING

• Robotic Equipment Expenditures from the US Census

• DuPont to Acquire Laird Performance Materials

• Fralock Holdings Acquires Oasis Materials

• LeanIX Acquires Leading US SaaS Management Provider Cleanshelf

• Lynn Electronics Acquires Manufacturer Total Cable Solutions

• Mill Steel Co. Acquires Prassas Metal Products

• MW Industries Acquires Duer Carolina Coil

• Omni Cable acquires Houston Wire and Cable, distributor of wire, cable, and fastener products for $91MM

• Patrick Industries Completes Acquisition of Sea-Dog Corporation and Sea-Lect Plastics

• Reedy Industries Acquires Control Works

• Reedy Industries Acquires Pro-Tek Mechanical

• Reedy Industries Acquires Tessendorf Mechanical Services

• SIS Group Acquires NexGen Fibers As It Expands Portfolio Of Concrete Products

• The Starco Group acquires Chase Products Company, an aerosol producer

• Siyata Mobile acquires ClearRF for $0.7MM

• Trillium Flow Technologies acquires Red Point Alloys

• Wellspring Capital Acquires Rohrer Corporation, a retail-packaging designer and manufacturer

• Würth Industry North America/Northern Safety & Industrial Acquires ORR Safety to Deliver Expanded Safety Solutions

• KPS Capital Partners to Acquire Aluminum Rolling Business from Norsk Hydro

LEGAL & RELATED

• TBY Holding To Acquire IP Brokerage Rights For Erdal Can Alkoclar & Metehan Yesil Patents

MARKETING & ADVERTISING

• AmeriLife Acquires DFS Marketing

• Entercom acquires Podcorn, a self-service marketplace connecting podcasters with advertisers for sponsorship, for $14.6MM

• Operative Acquires Ad-Tech Company STAQ

• Tinuiti Acquires Ortega Group, a performance marketing firm

MEDIA & ENTERTAINMENT

• Bally's Corporation Completes Acquisition Of Monkey Knife Fight

• Bruin Sports Capital Acquires Co-Ownership of Global Sports Technology Company

• Callaway Golf Company Completes Merger with Topgolf

• Corridor Capital acquires Create & Cultivate, a platform for women looking to create & cultivate their career for $22MM

• Digital Turbine to Acquire Fyber, an advertising technology company

• ELEVEN SPORTS To Acquire Global Media Company Team Whistle

• Esports Entertainment Group acquires Lucky Dino Gaming Limited, an online casino operator proprietary casino platform, for $30MM

• Hawke Media Lands Acquires MediaBuyers.com To Extend Its Media Buying Powerhouse

• HUMBL acquires Tickeri, an online event ticketing SaaS platform for $20MM

• Iyuno Acquires SDI Media and Announces New Company As Iyuno-SDI Group

• LEAF Mobile acquires Truly Social Games for $29.26MM

• Playfly Sports Acquires Three Sales Divisions Of Fox Sports

• Songtradr Acquires Award-winning Music & Sound Design Company, Song Zu

• Vungle Acquires GameRefinery, a Leading SaaS Mobile Gaming Analytics Company

• XLMedia acquires Sports Betting Dime for $26MM

MINING

• Cache Exploration Acquires Marmot Precious Metals Project

REAL ESTATE & RELATED

• Airxcel To Acquire Cleer Vision, A Leading Window And Tempered Glass Manufacturer

• Cook & Boardman Acquires James Doorcheck, distributor of commercial door entry solutions

• First National Realty Partners Acquires Aldi-Anchored Center

• Leaf Home Solutions Acquires Storm Tight Windows of Texas

• Mad City Windows & Baths acquires New Windows For America

• LMN Acquires SLICE Technologies, Expands Reach Into Landscape Businesses Across America

• Pye-Barker Fire Acquires United Fire Protection

• Pye-Barker Fire Acquires Fire Alarm Services

• Pye-Barker Fire Acquires LPS

• Sedgwick acquires Construction Services Company

• Senske Services Acquires Sun Pest Management

RETAIL, TRADE & WHOLESALE

• Descartes Systems Group acquires QuestaWeb, provider of integrated solutions for global trade management for $36MM

• Lazydays Holdings Acquires Chilhowee RV Center

• Lightspeed to acquire Vend to power global retail expansion

• Maropost Acquires E-Commerce Platform Neto for $60M 

• Rumford Pet Express Acquires Rhode Island Pet Valu Stores

TELECOMMUNICATIONS

• Alianza Adds Video Conferencing and Mobile Applications with Acquisition of CounterPath

• Spirent Communications acquires OctoScope, product developer in wireless and radio frequency communications, for $55MM

• Crexendo acquires NetSapiens, provider of voice and multimedia services. for $50MM

TECHNOLOGY

• Cybersecurity To Remain Hot In The New Year

• Cybersecurity services to help vulnerable populations with less IT sophistication

• Forbes: Computer Viruses A Bigger Threat With Pandemic

• What's next for business in virtual reality?

• Brave acquires search engine and private alternative to Google

• Cloud Elements Acquired by UiPath

• Crownpeak Acquires Digital Experience Platform Provider e-Spirit

• Controlant Acquires Business Intelligence Solution, BI Manager

• CX Startup Officium Labs Acquires SpreadsheetScheduler.com

• DevSecOps Platform Provider AutoRABIT Acquires Static Code Analysis Solution CodeScan.io

• diacriTech Acquires Flexpub and oLibrary.org

• Digital Turbine acquires of Triapodi, a Programmatic Demand Side Platform ("DSP") Company

• Domainify Group, a leader in domain affiliates, acquired by Game Lounge

• Element Critical Acquires Skybox Datacenters' Houston One, A High-Performance Computing Data Center

• Genesys to Acquire Bold360 from LogMeIn

• Gridcheck Acquires Vineya to Create Cutting Edge Scheduling Platform for American Sign Language Interpreting

• IDnow Acquires identity Trust Management, a Leading Identity Verification Provider

• InMotion Hosting Acquires RamNode

• intelliAgent Acquires Technology Platform Naberly Solutions

• Ironclad Acquires PactSafe and the New Standard for Digital Contracting and Acceptance

• Logiq acquires Rebel AI builds products that protect publisher identity and secure brand spend for $8.1MM

• Lookout Acquires CipherCloud to Deliver Security from Endpoint to Cloud

• Meriplex Acquires HBR Technologies

• NuMSP Acquires Realize Information Technology in Tulsa, OK

• Ocorian Acquires Emphasys Technologies Inc

• Recorded Future acquires Gemini Advisory, which offers ransom negotiations, intelligence-as-a service for $52MM

• Signiant Acquires Lesspain Software to Enhance SDCX SaaS Platform

• Sitecore Acquires Boxever and Four51, a SaaS-based Customer Data Platform (CDP)

• Tequity's SaaS Client, Strongpoint, Has Been Acquired by TA Associates-backed, Netwrix Corporation

• Thoma Bravo to Acquire Calabrio to Accelerate Company's Cloud-first Customer Experience Growth

• Thoma Bravo to Acquire Calypso Technology from Bridgepoint and Summit Partners

• WebPros acquires of NIXStats, an intelligent server performance management platform

• Web Ventures Facilitates InMotion Hosting Acquisition of Cloud Hosting Provider RamNode

• Zapier Acquires Makerpad

TELECOMMUNICATIONS

• Cisco Acquires Acacia Communications

• ConvergeOne Acquires AAA Network Solutions, a public sector service provider

• Crestone Services Group Acquires Diversified Solutions, provider building the next-generation communications network

• Horizon Acquires Infinity Fiber

• Palo Alto Networks Completes Acquisition of Bridgecrew

TRANSPORTATION & LOGISTICS

• ATSG Acquires DatAvail Infrastructure Management Business Unit

• Berlin Packaging Acquires Roma International

• BioLife Solutions to Acquire Stirling Ultracold

• EasyPark Group announces intent to acquire ParkMobile

• JLL Income Property Trust Acquires Southeast Phoenix Distribution Center

• Randall-Reilly Acquires Central Analysis Bureau; Deepens Transportation Data Portfolio

• Rally and OurBus Unite in Acquisition to Accelerate New Era of Mass Mobility

• SambaSafety Transforms Driver Risk Management with Acquisition of Instructional Technologies Inc.

• Scales Sales & Service Acquires First Shot Scale Service

• Scholle IPN Acquires Flexible Packaging Equipment Company, Bossar

• Spireon Acquires CalAmp's LoJack U.S. Stolen Vehicle Recovery Business

• TricorBraun Acquires RODA Packaging

• Via acquires Remix is a platform for planning public transit, designing streets, and managing new mobility, for $100MM