It’s been many months since we shared our outlook on market conditions. A good starting point is what is plaguing the global economy. The global economy is not in a great place. China’s economy is in trouble. They have introduced between $3 and $4 trillion monetary stimulus into their economy to try to jump start growth, but it’s not working. Meanwhile Germany is leading Europe’s slide into a recession. Back here in the US, for the past 14 months in a row, leading economic indicators have suggested that a recession is on the way. However, it still officially hasn’t arrived. We continue to have a tight labor market. Small business optimism remains strong, and consumer sentiment very strong.
Many economists argue that a recession will land sometime in the fall. The inverted yield curve has signaled this for quite a while. So why hasn’t a recession started yet? Back in March when Silicon Valley Bank failed, along with several other banks, the government stepped in with a tremendous amount of liquidity. The Federal Home Loan Bank bought between $600 to $800 billion. The Treasury balance sheet expanded again by $400 billion. Therefore, the US had between $1.0 and $1.25 trillion come into the financial system between March and May. Stocks soared during the summer months. When there is a lot of liquidity, the good times will roll.
But are these good times? Well, look at the NASDAQ: up 42% year to date! How then is it possible for the profits of some companies like Micron Technologies to have taken a beating like they have in 2023, with MT suffering losses of $4.21Bn off $7.44Bn in Revenues through the first half of the fiscal year? Has their stock price suffered? No. It’s up near 52-week highs currently at $70 a share. So, stock prices are trending up even as fundamentals are deteriorating.
And then there is the debt ceiling. National debt is now above $33 trillion. The United States is on track for a $1 trillion dollar interest payment this year, and an ever-increasing percentage of our total budget annually. The deficit for 2023 is landing at $2 trillion. If you add a recession on top of all that, economic growth slows to a halt.
The word we are hearing is that a government shutdown is probable at the end of September. If this happens, and if the duration is longer than the 1-month December-2018- January-2019 shutdown, the stock market could get rattled and fall from its current levels. This will negatively impact business valuations to varying degrees, influencing the M&A marketplace in the negative.
To top this all off, the US Dollar as the world’s reserve currency is under attack. Many underestimate the competitive advantage that we have lived under since 1944 because of the Bretton Woods agreement. The BRICS nations (Brazil, Russia, India, China, and South Africa) recently met in Durban, South Africa to solidify a plan to move away from the US Dollar. If the US loses reserve currency status some estimate that the middle class and upper middle class will experience a 25% to 30% haircut. Meaning everything you purchased today will cost 30% more tomorrow. This effort has been underway for over 50 years now, going back to when the US got off the gold standard and moved entirely to fiat currency. Dark forces are accelerating this effort today to our detriment.
Turning to the M&A market, according to Mergerstat, there has been a retreat across all deal sizes in both volume and deal value. Overall, the number of deals closed on a trailing 12 months basis ending July 31st was down 28.3%. Aggregate deal value was down 38.2% year over year. Middle market data is shaded in grey in the tables below.
M&A Deal Volume Drops 28% Year over Year
| Deal Size | 7/31/2022 | 7/31/2023 | Change |
|---|---|---|---|
| $1 Billion + | 450 | 280 | -37.8% |
| $500M to $999.9M | 310 | 201 | -35.2% |
| $250M to $499.9M | 460 | 283 | -38.5% |
| $100M to $249.9M | 774 | 411 | -46.9% |
| $50M to $99.9M | 683 | 321 | -53.0% |
| $25M to $49.9M | 744 | 353 | -52.6% |
| $10M to $24.9M | 928 | 445 | -52.0% |
| Under $10M | 1,744 | 1,201 | -31.1% |
| Undisclosed | 16,218 | 12,491 | -23.0% |
| 22,311 | 15,986 | -28.3% |
M&A Deal Value Down 38%
| Deal Size | 7/31/2022 | 7/31/2023 | Change |
|---|---|---|---|
| $1 Billion + | $1,705.5 | $1,080.1 | -36.7% |
| $500M to 999.9M | 217.5 | 137.6 | -36.8% |
| $250M to 499.9M | 164.0 | 98.5 | -39.9% |
| $100M to 249.9M | 122.8 | 64.0 | -47.9% |
| $50M to 99.9M | 48.0 | 22.7 | -52.7% |
| $25M to 49.9M | 26.4 | 12.4 | -53.0% |
| $10M to 24.9M | 15.3 | 7.2 | -53.0% |
| Under $10M | 5.8 | 3.3 | -42.9% |
| Undisclosed | N/A | N/A | N/A |
| $2,305.5 | $1,425.9 | -38.2% |
Most industries have seen EBITDA multiples retreat from 2022 to 2023, as exhibited below in information sourced from GF Data. Two exceptions have been in business services and healthcare.
M&A Deal Volume Drops 28% Year over Year
| EBITDA Multiples by sector (2019-2023) | YTD | ||||
|---|---|---|---|---|---|
| INDUSTRY | 2019 | 2020 | 2021 | 2022 | 2023 |
| Manufacturing | 6.5x | 6.7x | 7.1x | 7.3x | 6.4x |
| Business Services | 7.2x | 7.1x | 7.3x | 7.5x | 7.8x |
| Health Care | 8.0x | 7.6x | 8.1x | 8.4x | 8.7x |
| Retail | 9.3x | 6.5x | 8.3x | 8.0x | 5.7x |
| Distribution | 7.0x | 7.5x | 7.2x | 7.2x | 6.5x |
| Media & Telecom | 9.4x | 8.3x | 6.3x | 9.1x | N/A |
| Technology | 10.0x | 7.6x | 10.3x | 8.1x | 7.8x |
| Other | 6.5x | 6.2x | 7.3x | 6.7x | 7.0x |
In addition to macroeconomic conditions, there are other factors affecting the M&A marketplace. The debt markets tend to be a very strong leading indicator for M&A, including high yield lending. These indicators have improved but aren’t as supportive for the M&A market as 2021 or early 2022. Both tighter lending and volatile markets have caused headwinds in the deal marketplace resulting in buyers, in some cases, acting more conservatively.
The elevated cost of capital has pushed valuations lower, but only marginally. At the end of the day, no one thinks the era of M&A has come to an end. As I’ve mentioned in recent videos, the M&A marketplace has decoupled from economic volatility to a significant degree. What this means is that when the economy falls into a recession, the M&A marketplace retreats, but often not as sharply as the economy. As the economy recovers, there is a lag time in seeing the M&A deal volume return to higher levels seen previously.
So, what does this mean for business owners thinking about selling their company? First, I encourage this group to fine tune their strategy for a recession. The strategy exercise should include thoughtful ground up assumptions in building five-year projections. Create a base case, an optimistic case, and a downside case. How recession resistant will your business be? Will it easily sustain competitive advantages that would be valuable for acquirers in the coming years? Then, consider the personal front. Is it time to exit? One indicator that may signal success in timing a sale is the level of interest you have received over recent months, unsolicited, from financial and strategic acquirers. These actions should help shape your decision as to timing.
For acquirers, it should not come as news to you that this is a buyers’ market. Buyers’ markets have been far less frequent than sellers’ markets in recent decades. Vast research shows that the probability of ROI capture from acquisition efforts increases when acquirers purchase companies in “cool or cold markets.” Before embarking on acquisitions, however, you should be confident that your core business will remain healthy if recessionary conditions persist. We don’t know when we will hit bottom in valuations, as there’s more room for the stock market to drop. It’s safe to say prepare for more, and greater, uncertainty in 2024. While doing so, remember those that can execute a sharp M&A strategy in tough market conditions often outperform in value creation. Invest in robust due diligence, synergy analysis, and integration planning resources. Those that do have the odds more stacked in their favor. Carpe diem.
Spotlight on Acquisitions of Buyers Headquartered in SC, NC, GA & TN 2023
| M&A Closed Date | Acquirer | Acquirer Headquarters | Seller | Seller Short Business Description | Total Transaction Value $ in MMs | Implied Enterprise Value/Revenues | Implied Enterprise Value/EBITDA (x) |
|---|---|---|---|---|---|---|---|
| 8/18/23 | Ingersoll Rand Inc. (NYSE:IR) | North Carolina | Howden Group Limited | Howden Group Limited designs and manufactures air and gas handling equipment. | $300 | 2.61x | - |
| 8/1/23 | Security Life of Denver Insurance Company | Georgia | Life insurance business of FNWL | Farmers New World Life Insurance Company provides quotes for auto, home, and life insurance | $1,800 | - | - |
| 8/1/23 | Kloeckner Metals Corporation | Georgia | National Material de Mexico, S. de R.L. de C.V. | National Material de Mexico, S. de R.L. de C.V. processes hot rolled, cold rolled, grain oriented, and non-oriented steel products. | $340 | 0.56x | - |
| 7/25/23 | OMNIA Partners, Inc. | Tennessee | Non-Healthcare GPO Operations of Premier, Inc. | Non-Healthcare GPO Operations of Premier, Inc. comprises non-healthcare group purchasing business. | $800 | - | - |
| 7/24/23 | Laboratory Corporation of America Holdings (NYSE:LH) | North Carolina | Clinical Laboratory Division of Enzo Biochem, Inc. | Enzo Biochem is a Global Life Sciences Company providing innovation and product development to support biomedical research and healthcare | $113 | - | - |
| 7/1/23 | RPC, Inc. (NYSE:RES) | Georgia | Spinnaker Oilfield Services LLC | Spinnaker Oilfield Services LLC provides oilfield cementing services. | $79 | - | - |
| 7/1/23 | United Community Banks, Inc. (NasdaqGS:UCBI) | Georgia | First Miami Bancorp, Inc. | First Miami Bancorp, Inc., together with its subsidiaries, provides various financial services to individuals and small businesses. | $114 | - | - |
| 6/30/23 | RPC, Inc. (NYSE:RES) | Georgia | Spinnaker Oilfield Services LLC | Spinnaker Oilfield Services LLC provides oilfield cementing services. | $79 | - | - |
| 6/8/23 | NET Power Inc. (NYSE:NPWR) | North Carolina | Rice Acquisition Corp. II | Rice Acquisition Corp. II does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. | $1,391 | - | - |
| 6/7/23 | GPM Southeast, LLC | North Carolina | Retail, Wholesale and Fleet Fueling Assets of WTG Fuels, Inc. | Retail, Wholesale and Fleet Fueling Assets of WTG Fuels, Inc. comprises convenience stores that provide fuel. The asset is located in the United States. | $140 | - | - |
| 5/31/23 | Fortress Investment Group LLC; Petro-Hunt, L.L.C.; Cain Capital L.L.C.; A.G. Hill Partners, LLC; Wincoram Asset Management LLC; HF Capital, LLC; Eaglebine Capital Partners, LP | Tennessee (HF Capital, LLC) | PureWest Energy, LLC | PureWest Energy, LLC is an independent exploration and production company focused on developing natural gas reserves in Wyoming. | $1,840 | - | - |
| 5/17/23 | Alimera Sciences, Inc. (NasdaqGM:ALIM) | Georgia | YUTIQ® | YUTIQ® comprises a treatment of chronic, non-infectious uveitis affecting the posterior segment of the eye. The asset is located in the United States. | $83 | 2.91x | - |
| 5/2/23 | Louisiana-Pacific Corporation (NYSE:LPX) | Tennessee | Substantially All Of The Assets Of Wawa Osb Inc | Substantially All Of The Assets Of Wawa Osb Inc engages in oriented strand board manufacturing activities. The asset is located in Canada. | $59 | - | - |
| 5/1/23 | SPX Technologies, Inc. (NYSE:SPXC) | North Carolina | ASPEQ Heating Group LLC | ASPEQ Heating Group LLC designs and manufactures electric heating and thermal management equipment. | $418 | 3.48x | - |
| 4/26/23 | Covenant Logistics Group, Inc. (NasdaqGS:CVLG) | Tennessee | Lew Thompson & Son Trucking, Inc. | Lew Thompson & Son Trucking, Inc. provides poultry feed and live haul freight transportation services. | $130 | 2.03x | 5.20x |
| 4/3/23 | SPX Technologies, Inc. (NYSE:SPXC) | North Carolina | T. A. Morrison & Co. Inc. | T. A. Morrison & Co. Inc. manufactures dampers and air control products for commercial, industrial, and institutional markets. | $125 | 2.48x | - |
| 4/1/23 | Rollins, Inc. (NYSE:ROL) | Georgia | FPC Holdings, LLC | Fox Pest Control, Inc. provides pest control services to residential and commercial clients. | $350 | 2.92x | - |
| 3/30/23 | United Homes Group, Inc. (NasdaqGM:UHG) | South Carolina | DiamondHead Holdings Corp. | DiamondHead Holdings Corp. intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses. | $604 | - | - |
| 3/24/23 | Global Payments Inc. (NYSE:GPN) | Georgia | EVO Payments, Inc. | EVO Payments, Inc. operates as an integrated merchant acquirer and payment processor worldwide. | $2,376 | - | - |
| 3/17/23 | Chart Industries, Inc. (NYSE:GTLS) | Georgia | Howden Group Limited | Howden Group Limited designs and manufactures air and gas handling equipment. | $4,400 | 2.50x | 12.87x |
| 3/3/23 | FOX Factory, Inc. | Georgia | Custom Wheel House LLC | Custom Wheel House LLC, designs, markets, and distributes branded automotive aftermarket wheels, performance tires, and accessories. | $132 | - | - |
| 3/1/23 | GPM Transportation Company, LLC; GPM Southeast, LLC; GPM Investments, LLC; GPM Empire LLC; GPM Petroleum, LLC | North Carolina | Assets of Transit Energy Group, LLC | Assets of Transit Energy Group, LLC comprises automobile convivence store. The asset is located in the United States. | $383 | - | - |
| 3/1/23 | Domtar Corporation | South Carolina | Resolute Forest Products Inc. | Resolute Forest Products Inc., together with its subsidiaries, operates in the forest products industry in the United States, Canada, Mexico, and internationally. | $2,909 | 0.70x | 3.04x |
| 2/28/23 | SURTECO North America, Inc. | South Carolina | Laminates, Films and Coated Fabrics Businesses of Synthomer plc | Laminates, Films and Coated Fabrics Businesses of Synthomer plc comprises laminates, films, and coated fabrics business. The asset is located in the United States. | $255 | 1.0x | 7.73x |
| 2/15/23 | PDI Technologies, Inc. | Georgia | Blue Cow Software, Inc. | Blue Cow Software, Inc. develops Ignite, a suite of software solutions, for the fuel oil, propane, and HVAC (heating, ventilation, and air conditioning) industries. | $41 | - | - |
| 2/12/23 | HomeTrust Bancshares, Inc. (NasdaqGS:HTBI) | North Carolina | Quantum Capital Corp. | Quantum Capital Corp. holds or owns secrurities of banks for the sole purpose of exercising some degree of control over the activities of bank companies whose securities they hold | $68 | - | - |
| 2/7/23 | LifePoint Health, Inc. | Tennessee | Springstone Health Opco, LLC | Springstone Health Opco, LLC operates inpatient and outpatient behavioral health facilities in Arizona, Colorado, Indiana, Kansas, North Carolina, Ohio, Oklahoma, Texas, and Washington. | $205 | - | - |
| 2/1/23 | Ingersoll Rand Inc. (NYSE:IR) | North Carolina | Paragon Tank Truck Equipment, LLC | Paragon Tank Truck Equipment, LLC designs and supplies dry bulk and liquid bulk on and off-loading equipment and solutions for trucks. | $40 | 1.6x | - |
| 2/1/23 | Eastman Chemical Company (NYSE:EMN) | Tennessee | Ai-Red Technology (Dalian) Co., Ltd. | Ai-Red Technology (Dalian) Co., Ltd. operates as a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region. | $75 | - | - |
| 2/1/23 | Mohawk Industries, Inc. (NYSE:MHK) | Georgia | Elizabeth Revestimentos Ltda. | Elizabeth Revestimentos Ltda. engages in production of porcelain tiles and ceramic tiles | $217 | - | - |
| 1/31/23 | Graphic Packaging International, LLC | Georgia | Tama Paperboard, LLC | Tama Paperboard, LLC owns and operates a recycled paperboard mill. | $100 | - | - |
| 1/31/23 | Forward Air Corporation (NasdaqGS:FWRD) | Tennessee | Assets of Land Air Express, Inc. | Land Air Express, Inc. is primarily engaged in furnishing air delivery of individually addressed letters, parcels, and packages. | $57 | - | - |
| 1/31/23 | Sealed Air Corporation (NYSE:SEE) | North Carolina | Liqui-Box Corporation | Liqui-Box Corporation manufactures flexible liquid packaging solutions for applications in beverage, dairy, bulk food, non-food, water, wines, edible oils, liquid eggs, paints, and motor oils industries. | $1,150 | 3.23x | 13.53x |
| 1/4/23 | CAIRE, Inc. | Georgia | MGC Diagnostics Corporation | MGC Diagnostics Corporation, a medical technology company, designs, markets, and sells non-invasive cardiorespiratory diagnostic products in the United States, the Americas, Europe, the Middle East, Africa, and the Asia Pacific. | $170 | - | - |
| 1/3/23 | Ingersoll Rand Inc. (NYSE:IR) | North Carolina | Air Treatment business of SPX FLOW, Inc. | Air Treatment business of SPX FLOW, Inc. comprises the manufacturing business of reliable and energy efficient desiccant and refrigerated dryers, filtration systems, and purifiers for dehydration in compressed air. The asset is located in the United States. | $519 | - | - |
| 1/3/23 | United Community Banks, Inc. (NasdaqGS:UCBI) | Georgia | Progress Financial Corporation | Progress Financial Corporation operates a 14-branch network of banks in Alabama markets. | $260 | - | - |
Spotlight on Sellers Headquartered in SC, NC, GA & TN - 2023
| M&A Closed Date | Seller | Industry Classifications - Seller | Short Business Description Seller | Seller Headquarters | Acquirer | Total Transaction Value ($ in MMs) | Transaction Comments |
|---|---|---|---|---|---|---|---|
| 08/04/2023 | Wencor Group, LLC | Aerospace and Defense | Wencor Group, LLC provides design, distribution, and repair solutions for airlines, repair stations, OEMs, personal aircraft, and militaries worldwide. | Georgia | HEICO Corporation (NYSE:HEI) | $2,050 | HEICO Corporation (NYSE:HEI) entered into an agreement to acquire Wencor Group, LLC from Warburg Pincus Private Equity XI, L.P. managed by Warburg Pincus LLC and Wencor's management for $2.1 billion on May 15, 2023. |
| 08/01/2023 | Greenspeed Energy Solutions, LLC | Construction and Engineering | Greenspeed Energy Solutions, LLC engages in designing, installing, and maintaining EV charging infrastructure, solar, energy storage, and other sustainable energy. | Georgia | NextRidge, Inc. | $15 | NextRidge, Inc. acquired Greenspeed Energy Solutions LLC from Paul M. Williams for $14.9 million on August 1, 2023. |
| 08/01/2023 | Tennessee Valley Home Care, LLC | Health Care Services | Tennessee Valley Home Care, LLC provides home health, hospice, and private duty nursing services. | Tennessee | Addus HomeCare Corporation (NasdaqGS:ADUS) | $106 | Addus HomeCare Corporation entered into a definitive agreement to acquire Tennessee Quality Care for approximately $110 million on June 28, 2023. |
| 08/01/2023 | Spectrum Plastics Group, Inc. | Health Care Equipment and Supplies | Spectrum Plastics Group, Inc. manufactures specialty packaging products for food and industrial markets in the United States and internationally. | Georgia | DuPont de Nemours, Inc. (NYSE:DD) | $1,750 | DuPont de Nemours, Inc. (NYSE:DD) entered into a definitive agreement to acquire Spectrum Plastics Group, Inc. from AEA Investors LP for $1.8 billion on May 2, 2023. |
| 07/13/2023 | FM:Systems Group, LLC | Application Software | FM:Systems Group, LLC develops integrated workplace management systems, employee experience, and workplace services software. | North Carolina | Johnson Controls International plc (NYSE:JCI) | $610 | Johnson Controls International plc (NYSE:JCI) acquired FM:Systems Group, LLC for $610 million on July 13, 2023. The base purchase price for the transaction was $455 million, plus up to $155 million in payments to be made subject to the achievement of post-closing earn-out milestones over the next two years |
| 07/05/2023 | Diversey Holdings, Ltd. | Specialty Chemicals | Diversey Holdings, Ltd., through its subsidiaries, provides hygiene, infection prevention, and cleaning solutions in Europe, North America, the Asia Pacific, the Middle East, Africa, and Latin America. | South Carolina | Solenis LLC | $4,721 | Solenis LLC entered into a definitive merger agreement to acquire Diversey Holdings, Ltd. (NasdaqGS:DSEY) from Bain Capital Fund XI, L.P., managed by Bain Capital Private Equity, LP and others for $2.6 billion on March 8, 2023. |
| 07/01/2023 | U.S. Xpress Enterprises, Inc. | Transportation | U.S. Xpress Enterprises, Inc. operates as an asset-based truckload carrier primarily in the United States. | Tennessee | Knight-Swift Transportation Holdings Inc. (NYSE:KNX) | $838 | Knight-Swift Transportation Holdings Inc. (NYSE : KNX) U.S. entered into an agreement and plan of merger to acquire U.S. Xpress Enterprises, Inc. (NYSE : USX) from a group of shareholders for approximately $350 million on March 20, 2023 |
| 06/09/2023 | OneOncology, LLC | Health Care Services | OneOncology, LLC operates as a community oncology care provider through a patient-centric, physician-driven, and technology-powered model. | Tennessee | AmerisourceBergen Corporation (NYSE:ABC); TPG Inc. (NasdaqGS:TPG) | $2,100 | TPG Inc. (NasdaqGS:TPG), AmerisourceBergen Corporation (NYSE:ABC) and the management team of OneOncology, Inc. agreed to acquire OneOncology, Inc. from General Atlantic Service Company, L.P. and others in a transaction valued at $2.1 billion on April 20, 2023. |
| 06/01/2023 | Home Medical Products, Inc. | Health Care Equipment | Home Medical Products, Inc. is a health care distributors company. | Tennessee | Viemed, Inc. | $28 | Viemed, Inc. entered into a definitive agreement to acquire Home Medical Products, Inc. from Kevin Atkins and David Steele for $28 million on April 18, 2023. |
| 05/31/2023 | Southern Hydraulic Cylinder, Inc. | Industrial Machinery and Supplies and Components | Southern Hydraulic Cylinder, Inc. manufactures and supplies custom-built, welded hydraulic cylinders for a variety of industries. | Tennessee | Miller Industries, Inc. (NYSE:MLR) | $18 | Miller Industries, Inc. (NYSE:MLR) acquired Southern Hydraulic Cylinder, Inc. for $17.5 million on May 31, 2023. |
| 05/02/2023 | Ardent Health Partners, LLC | Health Care Facilities | Ardent Health Partners, LLC owns and operates as a network of hospitals and clinics that provides a range of healthcare services. | Tennessee | Pure Health LLC | $500 | Pure Health LLC entered into a definitive purchase agreement to acquire an unknown minority equity investment in Ardent Health Partners, LLC from Equity Group Investments for approximately $500 million on September 2, 2022. |
| 04/21/2023 | Surrey Bancorp | Regional Banks | Surrey Bancorp operates as the bank holding company for Surrey Bank & Trust that provides various banking products and services for individuals and small to medium sized businesses. | North Carolina | First Community Bankshares, Inc. (NasdaqGS:FCBC) | $116 | First Community Bankshares, Inc. (NasdaqGS:FCBC) entered into an agreement and plan of merger to acquire Surrey Bancorp (OTCPK:SRYB) for approximately $120 million on November 17, 2022. |
| 04/03/2023 | Truist Insurance Holdings, Inc. | Insurance Brokers | Truist Insurance Holdings, Inc., through its subsidiaries, provides insurance brokerage services in the United States and internationally. | North Carolina | Stone Point Capital LLC; Mubadala Investment Company PJSC | $1,950 | Funds managed by Stone Point Capital LLC along with Mubadala Investment Company PJSC and other co-investors agreed to acquire a 20% stake in Truist Insurance Holdings, Inc. from Truist Financial Corporation (NYSE:TFC) for $1.95 billion on February 15, 2023. |
| 04/01/2023 | Macro Integration Services Inc. | IT Consulting and Other Services | Macro Integration Services Inc. provides technology deployment services to food service, grocery, lodging and hospitality, and retail markets. | North Carolina | Decisionpoint Systems, Inc. (NYSEAM:DPSI) | $11 | Decisionpoint Systems, Inc. (NYSEAM:DPSI) acquired Macro Integration Services Inc from Durwood Wayne Williams Revocable Trust and the Collins Family Living Trust for $10.5 million on April 1, 2023. |
| 03/31/2023 | Thompson Industrial Services, LLC | Environmental and Facilities Services | Thompson Industrial Services, LLC provides industrial cleaning and maintenance services to the central and southeastern United States. | South Carolina | Clean Harbors, Inc. (NYSE:CLH) | $112 | Clean Harbors, Inc. (NYSE:CLH) signed a purchase and sale agreement to acquire Thompson Industrial Services from Five Points Capital Inc and Reynolda Equity Partners for $100 million recently. |
| 03/24/2023 | EVO Payments, Inc. | Transaction and Payment Processing Services | EVO Payments, Inc. operates as an integrated merchant acquirer and payment processor worldwide. | Georgia | Global Payments Inc. (NYSE:GPN) | $2,376 | Global Payments Inc. (NYSE:GPN) entered into a definitive agreement to acquire EVO Payments, Inc. (NasdaqGM:EVOP) from a group of shareholders for $3.5 billion on August 1, 2022. |
| 03/24/2023 | Tactical Medical Solutions, LLC | Health Care Supplies | Tactical Medical Solutions, LLC manufactures pre-hospital medical kits, tools, and gear for defense and civilians. | South Carolina | TM Strategic Capital EquityCo, LLC; TM Strategic Capital DebtCo, LLC | $106 | TM Strategic Capital EquityCo, LLC and TM Strategic Capital DebtCo, LLC acquired 95.5% indirect equity ownership interest in Tactical Medical Solutions, Inc. from Guardian Capital Partners Investment Management, L.P. and others for approximately $110 million on March 24, 2023. |
| 03/15/2023 | Immucor, Inc. | Health Care Supplies | Immucor, Inc. develops, manufactures, and sells transfusion and transplantation diagnostics products for hospitals, donor centers, and reference laboratories worldwide. | Georgia | Werfen, S.A. | $2,000 | Werfen, S.A. agreed to acquire Immucor, Inc. from TPG Capital, L.P. for approximately $2 billion on November 3, 2022. |
| 03/06/2023 | Tennessee Industrial Electronics, LLC | Technology Distributors | Tennessee Industrial Electronics, LLC supplies new and refurbished parts for computer numerical control machine tools. | Tennessee | Diploma PLC (LSE:DPLM) | $92 | Diploma PLC (LSE:DPLM) acquired Tennessee Industrial Electronics, LLC from Summit Park II, LP managed by SPP Management Services, LLC for £76 million on March 6, 2023. |
| 02/28/2023 | FleetNet America, Inc. | Diversified Support Services | FleetNet America, Inc. provides fleet repair and maintenance services for private and for-hire commercial fleets. | North Carolina | Cox Automotive Mobility Solutions, Inc. | $100 | Cox Automotive Mobility Solutions, Inc. entered into a stock purchase agreement to acquire FleetNet America, Inc. from ArcBest Holdings, Inc. for $100 million on February 28, 2023. |
| 02/21/2023 | Paya Holdings Inc. | Transaction and Payment Processing Services | Paya Holdings Inc., through its subsidiaries, operates as an independent integrated payments platform. | Georgia | Nuvei Corporation (TSX:NVEI) | $1,311 | Nuvei Corporation (TSX:NVEI) entered into a definitive agreement to acquire Paya Holdings Inc. (NasdaqCM:PAYA) from GTCR-Ultra Holdings, LLC and others for $1.3 billion on January 8, 2023. |
| 02/17/2023 | Isolere Bio, Inc. | Biotechnology | Isolere Bio, Inc. develops technology for the manufacturing of antibodies and adeno-associated viruses. | North Carolina | Donaldson Company, Inc. (NYSE:DCI) | $62 | Donaldson Company, Inc. (NYSE:DCI) acquired Isolere Bio, Inc. on February 17, 2023. |
| 02/16/2023 | GeoConex Corporation | Diversified Support Services | GeoConex Corporation provides public safety and homeland security systems to government agencies in U.S. municipalities, counties, and states. | Tennessee | Zetron, Inc. | $23 | Zetron, Inc. acquired GeoConex Corporation from founders for $22.7 million on February 16, 2023. |
| 02/12/2023 | Quantum Capital Corp. | Regional Banks | Quantum Capital Corp. holds or owns secrurities of banks for the sole purpose of exercising some degree of control over the activities of bank companies whose securities they hold | Georgia | HomeTrust Bancshares, Inc. (NasdaqGS:HTBI) | $68 | HomeTrust Bancshares, Inc. (NasdaqGS:HTBI) entered into a definitive merger agreement to acquire Quantum Capital Corp. for $67.6 million on July 24, 2022. |
| 02/10/2023 | Adara Acquisition Corp. | Asset Management and Custody Banks | Adara Acquisition Corp. is a special purpose acquisition corporation engaged in effecting mergers, capital stock exchanges, asset acquisition, and stock purchases | North Carolina | Alliance Entertainment Holding Corporation (NasdaqCM:AENT) | $1,061 | Alliance Entertainment Holding Corporation entered into a business combination agreement to acquire Adara Acquisition Corp. from Adara Sponsor LLC and others for $1.1 billion in a reverse merger transaction on June 22, 2022. |
| 02/01/2023 | Paragon Tank Truck Equipment, LLC | Industrial Machinery and Supplies and Components | Paragon Tank Truck Equipment, LLC designs and supplies dry bulk and liquid bulk on and off-loading equipment and solutions for trucks. | Georgia | Ingersoll Rand Inc. (NYSE:IR) | $40 | Ingersoll Rand Inc. (NYSE:IR) acquired Paragon Tank Truck Equipment, LLC for $40 million on February 1, 2023. |
| 01/31/2023 | Financial Resources Group Investment Services, LLC | Investment Banking and Brokerage | Financial Resources Group Investment Services, LLC is an investment banks, brokers and capital markets company. | South Carolina | LPL Financial Holdings Inc. (NasdaqGS:LPLA) | $140 | LPL Financial Holdings Inc. (NasdaqGS:LPLA) entered into a definitive purchase agreement to acquire Financial Resources Group Investment Services, LLC for $140 million on November 2, 2022. |
| 01/31/2023 | Pilot Travel Centers LLC | Automotive Retail | Pilot Travel Centers LLC, doing business as Pilot Flying J, operates travel centers and travel plazas in North America. | Tennessee | Berkshire Hathaway Inc. (NYSE:BRK.A) | $8,200 | Berkshire Hathaway Inc. (NYSE:BRK.A) acquired an additional 41.4% interest in Pilot Travel Centers LLC for $8.2 billion on January 31, 2023. |
| 01/26/2023 | Sonoco Sustainability Solutions, LLC | Environmental and Facilities Services | Sonoco Sustainability Solutions, LLC is an asset-light managed service provider of customized waste diversion programs | South Carolina | Northstar Recycling Company, Inc. | $15 | Northstar Recycling Company, Inc. acquired Sonoco Sustainability Solutions, LLC from Sonoco Products Company (NYSE : SON) on January 26, 2023. |
| 01/24/2023 | Benefitfocus, Inc. | Application Software | Benefitfocus, Inc. offers cloud-based benefits management technology solutions for employers and health plans in the United States. | South Carolina | Voya Financial, Inc. (NYSE:VOYA) | $583 | Voya Financial, Inc. (NYSE:VOYA) entered into a definitive agreement to acquire Benefitfocus, Inc. (NasdaqGM:BNFT) from a group of shareholders for approximately $580 million on November 1, 2022. |
| 01/20/2023 | Guardian Protection Products, Inc. | Specialty Chemicals | Guardian Protection Products, Inc. manufactures furniture protection products for fabric and leather upholsteries, wood furniture, and bedding. | North Carolina | OnPoint Warranty Solutions LLC | $57 | OnPoint Warranty Solutions LLC acquired Guardian Protection Products, Inc. on January 24, 2023. |
| 01/04/2023 | OncoBay Clinical, Inc. | Life Sciences Tools and Services | OncoBay Clinical, Inc. operates as a contract research organization that provides research in immuno-oncology and cellular therapy. | North Carolina | Neuca Clinical Trials Investments Sp Z O O | $52 | Neuca Clinical Trials Investments Sp Z O O signed a conditional agreement to acquire a 72.6% stake in OncoBay Clinical, Inc. for $51.5 million on December 28, 2022. |
| 01/03/2023 | Endura Products, Inc. | Building Products | Endura Products, Inc. manufactures and sells performance door components. | North Carolina | Masonite Corporation | $375 | Masonite Corporation entered into an agreement to acquire Endura Products, Inc. from Cyprium Investors V LP, a fund managed by Cyprium Investment Partners LLC, Cyprium Parallel Investors V LP, 1492 Capital, LLC, Bruce E. Procton, Walter Hammond, Greg McGehee and Lawrence P. Repar for $380 million on November 2, 2022. |
| 01/01/2023 | Heritage Southeast Bancorporation, Inc. | Regional Banks | Heritage Southeast Bancorporation, Inc. operates as the bank holding company for Heritage Southeast Bank that provides a range of commercial and consumer banking products and services. | Georgia | The First Bancshares, Inc. (NasdaqGM:FBMS) | $207 | The First Bancshares, Inc. (NasdaqGM:FBMS) executed non-binding indication of interest to acquire Heritage Southeast Bancorporation, Inc. (OTCPK:HSBI) for approximately $210 million on June 16, 2022. |
| 01/01/2023 | GrandSouth Bancorporation | Regional Banks | GrandSouth Bancorporation operates as the bank holding company for GrandSouth Bank that provides banking services to individuals and businesses. | South Carolina | First Bancorp (NasdaqGS:FBNC) | $181 | First Bancorp (NasdaqGS:FBNC) entered in a definitive merger agreement to acquire GrandSouth Bancorporation (OTCPK:GRRB) for approximately $160 million on June 21, 2022. |