July 2021

Access to the Knowledge-base and other materials is limited to Red Forest Capital search funds. 

Happy Canada Day And Happy Independence Day! 

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. 

SEARCH FUND SPOTLIGHT and topics for specifically search funds; 

• A Record-Breaking ‘Frenzy’ Of M&A Activity Is Underway

• The Search Project’s LOI & Purchase Agreement session

• Notable Q22021 Asset Backed Loan Transactions

• What Happens to a Business in a Family Law Dispute?

TIPS & TRICKS 

• How to find and qualify leads faster as a complement to the RFC Marketing & Sales guides

• Getting Warm Intros and Referrals

• How to NOT Sound like a Washing Machine Salesperson on LinkedIn

• Insight selling vs solution selling and using both

• No Code solutions for landing pages; Unicorn Platform, Umsohq or Carrd

• Obtain data and automate; Integromat, Zapier, Parabola or Automate

• Understanding Earnouts

IDEAS

• Hybrid Office Solutions like reservation software for desks and conference rooms or low touch displays and directories

• With vacant retail spaces, designers are pivoting to pop-up shops

• Investing in the Circular Economy (reusing, repairing, and recycling)

• Order Fulfillment (i.e. Instacart) Software

• Digital Language Learning and English is a growth area with a 25% CAGR 

• AgTech Investment Thesis from Dipalo Ventures

INTERESTING

• Women Considering a Search Fund by A. J. Wasserstein

• GAAP v non-GAAP for Investors

• Tim Berner-Lee is selling a web source code NFT

• Cincinnati’s Seed Commons cooperative released a $3MM search fund program to support historically disenfranchised business owners

• Google is ending Chrome support for third-party cookies that track people around the web

• Panasonic has offloaded its entire stake in Tesla, which dominates its battery business

• Questions Concerning Bitcoin’s Growing Balance Sheet Presence

• Search Fund Lender, BankProv Offers Financing for Ethereum-Backed Line of Credit

• 3 Mistakes To Avoid Now For A Smooth Exit Later

• At a summer camp, juice boxes and bitcoin mining

• Structured Analytic Techniques for Improving Intelligence Analysis

• Wyss Institute, MIT develop a mask to detect Covid

INDUSTRY AND M&A UPDATES

AEROSPACE & DEFENSE

• The US Navy set off a 40,000-pound explosive to see how its new supercarrier would hold up

• Magnaghi Aeronautica USA Acquires Airmarine Electroplating Corporation And Airlift Hydraulics

• TEVET acquired LibertyGT, a developer of a system for warfare and 5G applications

AGRICULTURE & FOOD

• Four Facts about Soaring Consumer Food Prices from the IMF

• Since March, wholesale beef prices have increased 40%-70%

• 10% of adults are experiencing food scarcity according to the Census Bureau’s Household Pulse Survey

• Food Companies Say Combating Climate Change Comes With Costs

• How PB2 Disrupted The Peanut Butter Category

• Accelerant Holdings Acquires Agribusiness Risk Underwriters

• Acosta to Acquire Impact Group, a Sales and Marketing Agency for Natural, Specialty, Ethnic and Emerging Brands

• Brenntag to acquire JM Swank, a maker of food ingredients including spices

• The Cannabis Depot acquires Credex

• Cannabis Growth Operator, Schwazze, Announces Agreement to Acquire Southern Colorado Growers

• Digitally Native Winery Winc Acquires Natural Merchants Assets

• DoorDash acquires food robotics company Chowbotics

• Global AgTech leader Semios acquires Altrac to deliver more value to growers through control and automation

• Good Hemp Enters Into Agreement To Acquire Sacred Leaf

• GrubMarket Acquires Sierra Produce, Provider of South American Fruits 

• Hickory Farms acquired Wicked Good Cupcakes, a Shark Tank in 2013 participant and online mason jar cupcake shop

• Once Upon a Farm Acquires Leading Organic Baby Food Meal Delivery Company, Raised Real

• Quench acquires Chicago’s Magic Pure, a sparkling water specialist

• Quench acquires Rhode Island’s Eastern Pure Water

• Semios acquires Centricity to advance mission of simplifying the grower's experience

AUTOMOTIVE

• Car dealers are selling more vehicles above sticker price

• Self-driving cars: A full explainer on the road to autonomy

• Porsche looks to new battery tech for an edge

• Ferrari unveiled its second plug-in hybrid

• An inflatable motorcycle?!

• Apollo Acquires ABC Tech, a maker of plastics for the automotive industry

• Dorman Products acquires Dayton Parts for $338MM

• Ideanomics Acquires US EV Tractor Maker Solectrac

• Lithia & Driveway Acquires Toyota of Jackson

• TSG Consumer Partners to acquire Rough Country, seller of truck accessories

B2B 

• Accenture acquires Sentor, a cyber defense and managed security services firm

• Broadstep Acquires Bethesda Residential and Support Programs, professional services firms serving nonprofits and associations

• ConvergeOne acquires NuAge Experts, a Salesforce Integrator

• Core BTS acquired Aptera Software, a software development company specializing in the Microsoft stack, particularly on Microsoft Azure

• Deloitte Acquires CloudQuest and Terbium Labs to Expand Threat Intelligence Offerings

• Eagle Tree Capital acquires Integreon, a MSP serving professional sectors

• ELYON acquired Azimuth Group, a business optimization & IT infrastructure consulting firm

• EQT Acquires Pro Unlimited, a firm that assists companies in managing their contingent workforce

• Foreside Fund Services acquires Hardin Compliance Consulting

• Hitachi Vantara Acquires Io-Tahoe, a Smart Data Management Company 

• Integrity Acquires Data-Driven Call Center Unified Health to Expand Services for Medicare Beneficiaries

• JHNA Acquires Pax River-Based Technology Security Associates

• Oak Hill Capital acquired Trinity Consultants, an engineering and science consultancy serving the industrials and healthcare

• Resolve Acquires Ayehu, An Intelligent Automation Adoption Firm

• Roboyo has acquired AKOA, an Intelligent Automation professional services company

• Smart Care Equipment Solutions acquired Total Building Services, a commercial foodservice equipment company

• Smart Source Acquires Cornerstone Media, provider of document management, printed materials and promotional products

• Symphony acquired Cloud 9 Technologies, a cloud communications service provider

• Synopsys has acquired Code Dx, an application security risk management company

• Syntax Acquires Illumiti to Expand Global SAP Functional Practice 

• VntCap Technologies Acquires Bubblebox, a Leading Provider of Salesforce Marketing Cloud Solutions

• Xebia Group acquires Appcino to accelerate digital transformation with powerful low-code competencies

CONSUMER 

• Consumers are going back to the gym

• Amyris To Acquire OLIKA’s Clean Consumer Brands

• Lapels Dry Cleaning and Greybull Acquired Martinizing Dry Cleaning, 1 800-DryClean, Pressed4time, Dry Cleaning Station and Bizziebox

EDUCATION

• Dakota State University is now offering a Bachelor of Science in Artificial Intelligence in Organizations

• Why SPACs are eyeing the education technology sector

• Cheating at School Is Easier Than Ever—and It’s Rampant

• How colleges can be proactive about the ransomware threat

• California's $49B higher ed budget proposal prioritizes worker training

• 2U acquires edX assets for $800M

• Course Hero Acquires Leading Literature Resource for Teachers and Students

• Edmentumt to acquire Apex Learning, a digital curriculum and virtual learning company

• Global Grid For Learning acquired Stackup, developer of a documentation platform designed to keep track of formal and informal online learning

• Modern Campus acquired Presence, a premiere campus engagement and learning platform for higher education institutions

• Moodle acquires three companies to launch LMS services business

• SchoolMint acquired Schoolrunner, a student data system

• Southern New Hampshire buys Kenzie Academy

• Stash acquired PayGrade, a financial literacy platform helping students build healthy financial habits

ENERGY

• Oil posted the best first half since 2009 with WTI up $0.49 to $73.47 and Brent for August up $0.37 to $75.13 a barrel. OPEC forecasts a supply for the rest of this year with existing production levels 

• Amazon will build new solar farms in Arkansas, Mississippi, Pennsylvania, and at least 8 other states

• Traders invest into renewable power and carbon trading as well as new oil projects in the expectation of a supply gap

• Artera completes acquisition of Feeney Utility Services Group, a natural gas utility service provider in the Northeast and Mid-Atlantic

• ECP has acquired Pivot Energy

• Harris has acquired the Consumer Analytics Solutions, a consumer engagement platform serving utilities

• Hy-Tek Holdings has acquired BP Controls and Nogol Electric

• IURC approves AES Indiana agreement to acquire 195-megawatt solar project 

• Partners Group to acquire Dimension Renewable Energy

• Philippine Metals to acquire ReVolve Renewable Power

• Southwest Gas acquire Riggs Distler in $855M deal

• Surge Energy buys Astra Oil in C$160M deal

ENGINEERING & SCIENTIFIC SERVICES 

• Artemis Acquires Maury Microwave, a RF calibration, measurement, and modeling solution provider

• LTI to Acquire Digital Engineering Firm Cuelogic

• McKim & Creed Acquires GSA Consulting Engineers

• Solvias Acquires Chemic Laboratories, A Laboratory and Testing Services Provider 

ENVIRONMENT & RELATED

• Environmental Investing Frenzy Stretches Meaning of ‘Green’

• Core & Main Signs to Acquire L & M Bag & Supply Co., a supplier of geotextile fabrics and geogrids, turbidity barriers and control fabric

• Universal Engineering Sciences Acquires McGinley & Associates, A Leading Environmental Engineering And Consulting Firm

FINANCE & INSURANCE

• JPMorgan wealth management searching for add-ons in financial services

• Atlantic Pacific Processing Systems acquires Clique Payments

• Arthur J Gallagher & Co Acquires Excess Underwriting Company

• Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency

• BlockTower Capital acquires Gamma Point Capital

• Cantor Fitzgerald Acquires Flippin, Bruce & Porter

• CI Financial acquires Radnor Financial Advisors

• Cornerstone Home Lending to acquire The Roscoe State Bank

• Fentura Financial to acquire Farmers State Bank for $15.5M

• Farmers National Banc to acquire Cortland Bancorp for $124M

• First Bancorp to Acquire Select Bancorp Gemini Acquires Leading Crypto Custody Technology

• Hub International Acquires Salvatore Insurance Brokers Ltd, EnterMedicare, and Epstein Financial Group

• JPMorgan to buy ESG-focused fintech startup OpenInvest

• Mercer Advisors Acquires AFI Wealth Strategies

• Nicolet Bankshares To Acquire County Bancorp

• Pegasus Tech Ventures Acquires Silicon Valley VC Fund Garage Technology Ventures

• Propel Insurance Acquires South Risk Management

• ResMan Acquires Investor Deal Room

• StartupFuel acquired Uncrowd, a venture capital fundraising platform  

• Tradeweb Markets acquired Nasdaq’s U.S. fixed income electronic trading platform for $190MM

• United Bankshares to Acquire Community Bankers Trust Corporation

• USAA Announces Plans to Acquire Insurtech Company Noblr

• Virtus Investment Partners to acquire Stone Harbor Investment  

• Wealth Enhancement Group acquired Hoover Advisors, Lighthouse, MACRO Consulting Group, Fitzgerald Asset Management

GOVERNMENT, CIVIC & SOCIAL ORGANIZATIONS 

• ArchiveSocial Acquires FOIA Software Provider NextRequest

• OpenGov Acquires ProcureNow, A Procurement Software Company

• Kofile Acquires Data Preservation Solutions, provider of document management and imaging services for local governments throughout Texas

HEALTH CARE

• Mental-health cases are ending up in emergency rooms, flooding an already taxed system

• Founders Are Tackling Addiction: Here’s Where The Money Is Going

• Despite demand kids used ~35% less and adults used ~22% fewer mental health services YoY

• Access to care struggles to meet demand with ~27% behavioral healthcare organizations reporting lay-offs

• Retailers are also moving to address access with CVS expanded HealthHUB to include mental health in-store and through telehealth

• Doximity a “Linkedin for Doctors” IPOd

• How cells recover and new insights into Alzheimer’s and ALS

• Akumin to acquire Alliance HealthCare Services, a radiology provider

• Arcline Investment Management Acquires Resolution Medical asTech Acquires Mobile Tech RX

• BioIVT Acquires Serum, a Plasma and Reagent Producer and IVD Manufacturer Valley Biomedical Products & Services

• Boston Scientific to acquire Farapulse and its electrophysiology portfolio of systems to treat atrial fibrillation (AF) and other cardiac arrhythmias

• Cano Health Acquires University Health Care

• CVC Capital Partners to acquire ExamWorks

• DFP Healthcare Acquisitions acquires The Oncology Institute

• eAssist Dental Solutions Acquires Dr Charles Blair & Associates, Practice and Coding Company

• Eden Home Health has acquired WEL-Home Health of Bozeman

• Eurofins to Acquire DNA Diagnostics Center

• Elanco Announces Agreement to Acquire Kindred Biosciences

• Excelitas Technologies Acquires PCO, a designer, developer and manufacturer of cameras for biomedical and industrial imaging

• Explora BioLabs Acquires Novalex, A Vivarium Biotech Research Service Provider 

• Fifth Third Bancorp will acquire Provide, a digital platform for healthcare practices

• Grant Avenue Capital Acquires QHR Health

• Griffin-American Healthcare REIT to Acquire American Healthcare Investors

• Health Union Acquires WEGO Health

• Hospice Source has acquired Respiratory Therapy Home Care 

• Iodine Software has acquired ChartWise Medical Systems

• LFB Plasma Acquires ImmunoTek Bio Center, developer of plasma derived products for patients with chronic and serious diseases

• MAP Health Management Acquires CARMAhealth to Deliver First Peer-led, Behavioral Health Home

• Mission Healthcare Enters Into Agreement to Acquire Silverado Hospice 

• Oncodisc Inc Acquired by PAVmed Digital Health Company Veris Health

• Overjet Acquires American Dental Examiners, A Clinical Review on Its Artificial Intelligence Platform

• Paragon 28 Acquires the Assets of Additive Orthopaedics

• Priority Ambulance acquired software company Randseco and StatCall, its digital patient procurement and logistics solution

• Select Medical to acquire Acuity Healthcare

• Skylight Health acquires primary care group Doctors Center

• Tegria Acquires KenSci, A Healthcare Data Insights Company

• Twist Acquires NGS Library Prep Tools Developer iGenomX for $35MM

• UniQure to acquire Corlieve Therapeutics, a gene-therapy company

• Vios Fertility Institute Acquires Center for Reproductive Health

• Vynca Acquires Virtual Palliative Care Provider ResolutionCare, Introduces Serious Illness Management Platform

• Vyne Dental Acquires Operabilityand Its Patient Communications and Engagement Platform, OperaDDS

• WELL Health to Acquire MyHealth, an Outpatient Medical Clinic Owner-Operator and Leading Multi-disciplinary Telehealth Service Provider 

• ZS is acquiring Medullan, a digital health and digital medicine strategies company

HOSPITALITY, TRAVEL & TOURISM

• United Nations Conference on Trade and Development report suggests the pandemic cost to the tourism could hit $4T by the end of this year

• The Biggest Summer Travel Headaches and How to Avoid Them

• Delta Is Selling Packable COVID Tests for Return Flights to the US

• Braemar Hotels & Resorts Announces Agreement To Acquire The Mr C Beverly Hills Hotel

• Dynamic City Capital Acquires Element by Westin 

• FM:Systems Acquires WizzPass, Gaining Best-in-Class Visitor Management Technology

• ICM Mobility Group Acquires Unwire, a Mobile Ticketing and Payment Specialist

• Paradigm Hotels to acquire At Mine Hospitality for $8.4MM

• Slinger Bag acquired Foundation Tennis, a provider of tennis club business operations software solutions for $3.44MM

• TA Associates acquired AutoQuotes, a developer of supply chain software maker for the foodservice industry

INDUSTRIALS & MANUFACTURING

• Air conditioning shortage ahead of hot summer causes price spike

• CITIC to acquire Quanergy Systems, a provider of a high-performance AI-powered LiDAR automation platform  

• Hyundai acquired Boston Dynamics, manufacturer of dynamic robots and software for human simulation, for $880MM

• Ingersoll Rand acquires Maximus, provider of digital controls and IoT production management systems for the agtech for C$135.4M

• Kolene Acquires Chemical Division of Park Thermal International

• Komline-Sanderson Acquires Barnes International, manufacturer of coolant filtration solutions

• NexTech AR Solutions acquired threedy AI, provider of a 3D visualization platform intended to turn a 2D photo into a 3D object for $9.5MM

• Madison-Kipp Acquires Omen Castings, manufacturer aluminum components primarily for the automotive industry

• Platinum Equity To Acquire SVP Worldwide, A Sewing Machine Manufacturer

• Siemens acquires proFPGA an IC verification portfolio

LEGAL & RELATED

• Litify acquired LegalStratus, developer of Legal Management tools and the premier e-billing solution built on the Salesforce platform

MARKETING & ADVERTISING

• YouTube monthly viewers 2B. 1+B hours daily and $30B in revenue

• 40% YouTube ads are viewed on TVs 

• Acosta to acquire Impact Group, a sales and marketing agency with expertise in natural, specialty, ethnic, and emerging brands

• Butler/Till has acquired Digital Hyve, a digital marketing agency

• Constant Contact will acquire SharpSpring, an automation platform that improves the effectiveness of small business's (SMBs) marketing strategy

• Influence Mobile Acquires Blind Ferret, A Reward Engagement Platform 

• Oak Leaf Productions acquired o1-agency, an agency that helps brands make fully integrated campaigns, content marketing, and social media

• QYOU Media Inc to Acquire Chtrbox, an Influencer Marketing Company 

• SmartBug Media Acquires Worth eCommerce

• Vungle to Acquire JetFuel, an Influencer Marketing Platform

MEDIA & ENTERTAINMENT

• Mobile game downloads remained at around one billion a week and app spending reaches all time high of $34B in Q2 2021

• A TikTok user going viral with videos of restocking products (?)

• Amazon Music is acquiring Art19, developer of a podcast platform

• Ballantyne Strong acquires Curb Taxi Media

• BuzzFeed to acquire Complex Networks for $300MM

• Catapult Acquires SBG Sports Software providing video and data analysis to elite sports teams and motorsports

• Cybernetic Technologies has acquired World Gaming Group

• Electronic Arts to acquire game studio Playdemic for $1.4B

• Euclid Media Group acquired LEO Weekly, a local newsweekly publication

• GAC Media has acquired the Great American Country Network

• Leadstar Media acquired Vendor Minor sports betting license in Colorado

• Media and Games Invest acquired Smaato, a mobile advertising platform

• Playdemic was acquired by Electronic Arts for $1.4B

• Songtradr Acquires Global Creative Music Agency MassiveMusic

• Sony acquires Returnal developer Housemarque

• Togetherwork has acquired Acceptd, an audition platform for the arts

RAW MATERIALS, MINING, ETC. 

• American Construction Source acquires Tanco Lumber

• JP acquired Campbell Global, a timberland management company

• Spahn & Rose Lumber Co to Acquire Metro Building Products

REAL ESTATE & RELATED

• April home prices: +14.6% YoY, according to the S&P CoreLogic Case-Shiller National Home Price Index

• New foreclosure protections approved by the Consumer Financial Protection Bureau

• Real estate tech is seeing renewed interest from VC with deal activity at an annual record of $6.2B

• Building design, city design, cooling strategies are needed so the A/C doesn’t have to work so hard

• 420Propertycom Acquires 420Propcom Domain

• Artera To Acquire KR Swerdfeger Construction

• Best in Class Technology acquired Thayer Corporation and Dyer Service

• Enverus Acquires Integrity Title and its Land Title Services

• Fencing Supply Group acquires Fence Supply Inc.

• Hardwoods Distribution acquires Novo Building Products for $303MM

• Newlook Capital acquired Mack Fire Protection, a fire sprinkler contractor

• Nucor to acquire Cornerstone Building Brands' insulated

• PrimeSource Brands to acquire Wolf Home Products, a provider of residential kitchen and bath, outdoor living, and exterior building products

• Sweeping Corporation of America has acquired Sunset Property Services 

• TK Elevator acquires Accurate Elevator

• US LBM To Acquire JP Hart Lumber And Hart Components

• VESTA Acquires BD Modular, provider of modular buildings

• Vulcan To Acquire US Concrete

• WhereiPark acquired MonkeyParking, a mobile app that connects people looking for parking with driveway-owners

RETAIL, TRADE & WHOLESALE

• Delic to Acquire Ketamine Infusion Centers, A Physical Retail Chain

• Etsy Acquires Elo7, a marketplace for handmade items focused on wedding, party and home decor

• FleetPride Acquires All Pro Truck & Trailer of Rockford, Illinois

• High Tide acquires Daily High Club, an e-commerce company for $10MM

• InMarket has acquired Out of Milk, the popular shopping list app

• Lazydays Holdings To Acquire Burlington RV Superstore

• Ultra Commerce Acquires Vesta eCommerce, An eCommerce and Product Data Management Solution

TECHNOLOGY

• DARPA is offering up to $1M per project as part of a new Artificial Intelligence Exploration Opportunity

• Investors Eye Emerging Cybersecurity Space As APIs Explode

• MSFT market cap over $2T with Windows 11 due this winter

• ArchiveSocial Acquires FOIA Software Provider NextRequest

• Amazon acquired Wickr, an encrypted messaging platform

• Autodesk to Acquire Electronic Design Software Leader Altium Limited

• Clearlake Capital and Constant Contact to Acquire SharpSpring

• Clearlake Capital to Acquire Confluence from TA Associates

• Cloudera Agrees to Acquire SaaS Companies Datacoral and Cazena

• Coalfire Acquires Denim Group To Transform DevSecOps Programs

• Core BTS Acquires Aptera Software

• CTSI Acquires Collaborative Technology Solutions

• HP acquired Determined AI, an their deep learning management platform

• JFrog to acquire Vdoo, developer of an AI-based platform for fixing vulnerabilities in IoT software systems, for $300M

• Rambus to Acquire AnalogX, Data Center Interface Solutions

• Rambus to Acquire PLDA, Cutting-Edge and PCI Express Digital IP

• Siemens acquires Nextflow Software, and its meshless simulation tech

• Sighthound acquires Boulder AI, a smart camera developer

TELECOMMUNICATIONS

• BAI Communications to acquire Mobilitie, a wireless infrastructure firm

• FORM Acquires Rodio Mobile Communication Technology for Field Teams

• Vivacity Acquires Terra Consulting Group, Expands Wireless and Telecommunications Infrastructure Capabilities

TRANSPORTATION & LOGISTICS

• The US is the sixth most expensive country to build rapid-rail transit

• The New York Fed and Brown found that the cost a new mile of interstate increased 5x between 1984 and 2008

• FedEx dropped 1,400+ freight customers due to an overburdened workload from backlogged supply chain

• The US will need 330+MM FT2of warehouse space by 2025

• ASG acquired Trucker Tools, a digital freight management platform

• Ford Acquired Electriphi, developer of commercial fleet operations software

• Kamps to Acquire Buckeye Diamond Logistics and its Subsidiaries

• MPC Container Ships to Acquire Songa

• Soteria Flexibles Acquires Redi-Bag, a Flexible Packaging Producer

• Thoma Bravo to Acquire QAD, a provider of manufacturing and supply chain solutions

• Wix Acquires Modalyst, an eCommerce Supplier Marketplace and Dropshipping Solution

VETERINARY 

• Americans spent a record $103.6B on pets last year, up 7% from 2019

• As pet ownership surges, we need to strengthen the veterinary profession

WASTE MANAGEMENT & RECYCLING

• Big tech firms move to tackle the e-waste explosion, but is it enough?

• Alpek, Indorama, Evergreen acquire a CarbonLite facility

• Battle Motors acquires Carrier Crane Co.

• Biffa acquires Viridor assets

• Domtar to be acquired by Paper Excellence

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