Consider- M-&-A in 2022

Is 2022 a Good Time to Consider M&A?

M&A Had a Banner Year in 2021
There is no question that 2021 was a year for the record books in the M&A marketplace. In the US, over 18,500 M&A transactions closed vs. 14,800 in 2020. After a dramatic drop in M&A volume in 1H’20 due to COVID-19 rearing its’ ugly head, the M&A market proved resilient and healthy. Multiple stimulus packages propped up the domestic economy; however, as the experts say “past performance is not an indicator of the future.”

For owners and acquirers that are considering M&A, the primary question they are likely asking is…”should we proceed in 2022 or hold off until 2023 or later?” In this article, I will share my opinion.

Stagflation, Supply Chain Crisis Will Not Help M&As
Several macroeconomic trends portray a picture of storm clouds on the horizon. The American Cares Act of 2020 injected $2.2 trillion into the economy, the Stimulus & Relief Bill injected $900 billion in 2021 and the American Rescue Plan injected $1.9 trillion into the money supply in 2021. $5 trillion in stimulus is massive. With too much money chasing too few goods, (M2 money supply grew from $16.01 trillion in March ‘20 to $21.4 trillion in November ‘21), inflation was stoked. December ’21’s 7.12% increase in the Consumer Price Index was the highest 1-year spike recorded since June 1982! November ’21’s Producer Price Index (a leading indicator of future inflation) showed a 22.63% increase over November ‘20, the highest PPI increase since 1974!

Meanwhile, while the preliminary Real GDP growth rate in 4Q’21 was 1.7%, for an annualized basis, the increase for the quarter was 6.9%, and for 2021, real GDP grew by 5.7%. The Federal Reserve Board had forecasted a 5.5% change in real GDP, therefore actual GDP was slightly higher. However, while 2021 GDP growth is solid, it is calculated off of 2020, which was a year heavily impacted by COVID, with a -3.41% GDP. What is perhaps more significant is that in December 2021, the Federal Reserve Board established projections for 2022’s GDP growth to decelerate to 4.0%, 2023 to further decelerate to 2.2%, 2024 to 2.0% and 1.8% for the long run.

Federal Reserve Board Projected GDP Growth

2021202220232024Long Run
Change in real GDP5.5%4.0%2.2%2.0%1.8%

A slowing economy combined with rising inflation means the US may be faced with a season of stagflation. Stagflation was an ugly word from the 1970s and early 1980s, eliminated and not to be heard from since through Fed Chairman Paul Volcker’s leadership. Stagflation and M&A don’t mix well together. According to ITR’s Monthly Report in December, “the US economy is shifting gears for 2022 from very high growth to decelerating growth. The projected slowing growth trend is depicted in the US Industrial Production Chart. The year-over-year growth rate diminishes but remains positive. We refer to this as a ‘soft landing’ for the economy. Of concern is that cyclical decline in the economy in 2022 will mean that it is more susceptible to negative pressures.” Of note, the Federal Reserve Board is not projecting a lingering inflationary period. Instead, they shared a 2.7% inflation rate in 2022, followed by 2.3% and 2.1% core PCE inflation in 2023 and 2024. However, Washington has been stuck on the fact that inflation is “transitory” so I am unconvinced, due to the supply chain crisis, that inflation will retreat.

Turning to that supply chain crisis, this also has negative implications for a healthy M&A market, affecting a multitude of industries. Sentiment is that this crisis could take 9-15 months to resolve itself. What could be more troubling is the fact that China currently has enacted a hard lockdown of between 20 million to 70 million of its’ citizens since mid-December. This is not being broadly reported on in the media. Of the 8 Chinese cities in hard lockdown currently, 3 are major ports. If their lockdown persists and perhaps spreads, its’ impact on the supply chain crisis could worsen the US’s stagflation.

Multiple Geopolitical Threats
The world stage is as volatile as any time of my professional life. Let me mention 3 international crises that are real threats to stability: 1) China invading Taiwan, 2) Russia invading Ukraine and/or 3) an Israeli attack. These 3 threats each have a probability of escalating into real conflicts. According to International Crisis Group’s December 2021 report, an Israeli attack has the greatest probability of escalation, followed by a Russia-Ukraine conflict, while a Chinese invasion of Taiwan is predicted to be less likely. Any of the 3 becoming a reality could be a shock to M&A markets due to the potential counter actions and effects on trade partners and supply chains, not to mention the safety threat to humans in the crossfire.

Conclusion
The health of the M&A market is dependent on healthy, growing economic conditions, along with geopolitical stability. Presently, I see these foundations are not as stable as in previous years. So, while we can look back into the rear view mirror and report on the huge year M&A had in 2021, it would undermine the macro threats to M&A that we see just over the dashboard. Stagflation, coupled with a global supply chain crisis, will likely result in lowered business valuations. Lowered valuations are likely to be combined with increasing interest rates as the Fed changes its monetary policy, resulting in higher costs of capital for business valuations. This means that valuations will retreat, just as acquirers will have higher hurdle rates to accomplish their much-needed ROIs.

What does this all mean? Pulling the trigger to cross the “M&A Bridge” in 2022 may be a very wise decision as opposed to a “wait and see” attitude. Why? Because we are still in highly favorable market conditions to transact M&As. However, if any combination of these concerns raised in this article come to fruition, M&As will become more difficult to close. Stagflation will have a macro effect of lowering valuations. Higher costs of capital will increase hurdle rates for buyers. Both buyer and sellers will face more headwinds. We are still in an attractive window however for those who know M&A is important. My advice is to make your decision in a timely fashion.

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Sources:
S&P Global Capital IQ
Federal Reserve
JP Morgan
CNBC
The Thinking Conservative
New York Times
International Crisis Group
ITR Monthly Report
Federalreserve.gov

Southeast USA Closed M&A Transactions in 2021

The following table includes 158 M&A transactions closed in 2021 where the buyer or seller was headquartered in the Carolinas or Georgia. All transactions are greater than $25MM in enterprise value. Real estate transactions are not included in the table.

M&A Closed DateBuyersPrimary Industry - BuyersGeographic Location - BuyersBusiness Description - BuyersTargetPrimary Industry - TargetGeographic Location - TargetBusiness Description - TargetTotal Transaction Value ($USDmm)Implied Enterprise Value/Revenues (x)Implied Enterprise Value/EBITDA (x)
01/01/2021Builders FirstSource, Inc. (NYSE:BLDR)Building ProductsTexasBuilders FirstSource, Inc. manufactures and supplies building materials, manufactured components, and construction services.BMC Stock Holdings, Inc.Trading Companies and DistributorsNorth CarolinaBMC Stock Holdings, Inc. provides various building products and services.$3,038.92 0.74x9.40x
05/05/2021Cardlytics, Inc. (NasdaqGM:CDLX)AdvertisingGeorgiaCardlytics, Inc. operates an advertising platform within financial institutions' digital channels.Bridg Inc.Application SoftwareCaliforniaBridg Inc. develops customer relation management (CRM) solutions for restaurants and retail chains.$578.89--
03/05/2021Cardlytics, Inc. (NasdaqGM:CDLX)AdvertisingGeorgiaCardlytics, Inc. operates an advertising platform within financial institutions' digital channels.DOSH Holdings, Inc.Data Processing and Outsourced ServicesTexasDOSH Holdings, Inc. operates a cash reward platform that provides offers attached to any credit/debit card.$274.15--
11/29/2021Mercury Systems, Inc. (NasdaqGS:MRCY)Aerospace and DefenseMassachusettsMercury Systems, Inc. engages in the manufacture and sale of components for aerospace and defense industries. Atlanta Micro, Inc.Electronic ComponentsGeorgiaAtlanta Micro, Inc. designs and manufactures broadband RF and microwave electrical components.$90.00--
11/17/2021Sterling Jewelers Inc.Apparel RetailOhioSterling Jewelers Inc. operates jewelry stores.Diamonds Direct USA Inc.Specialty StoresNorth CarolinaDiamonds Direct USA Inc. operates retail stores for diamond jewelry.$490.0026.49x-
07/12/2021AvidXchange Holdings, Inc. (NasdaqGS:AVDX)Application SoftwareNorth CarolinaAvidXchange Holdings, Inc. provides accounts payable (AP) automation software and payment solutions.Payments Business of FastPay Partners LLC-CaliforniaAs of July 12, 2021, Payments Business of FastPay Partners LLC was acquired by AvidXchange, Inc.$90.00--
04/29/2021Digital Turbine Media, Inc.Application SoftwareNorth CarolinaDigital Turbine Media, Inc. operates an online on-device media platform that powers frictionless application and content discovery.AdColony Inc.AdvertisingCaliforniaAdColony Inc. operates a mobile video advertising and monetization platform that plays crystal-clear high-definition videos.$375.00--
05/14/2021Wolters Kluwer TAA NAApplication SoftwareGeorgiaWolters Kluwer TAA NA develops software solutions and provides resources and analysis to corporate tax and accounting departmentsVanguard Software CorporationApplication SoftwareNorth CarolinaVanguard Software Corporation develops forecasting and planning solutions.$110.0015.28x-
07/07/2021Black Knight, Inc. (NYSE:BKI)Application SoftwareFloridaBlack Knight, Inc. provides integrated software, data, and analytics solutions.Top of Mind Networks, LLC.Application SoftwareGeorgiaTop of Mind Networks, LLC. develops customer relationship management (CRM) and marketing automation software.$250.00--
11/01/2021Intuit Inc. (NasdaqGS:INTU)Application SoftwareCaliforniaIntuit Inc. provides financial management and compliance products and services for consumers.The Rocket Science Group, LLCApplication SoftwareGeorgiaThe Rocket Science Group, LLC, doing business as MailChimp, operates an online marketing platform for small businesses around the world.$11,755.65 14.69x-
10/28/2021NextNav Inc. (NasdaqCM:NN)Application SoftwareVirginiaNextNav Inc. provides next generation GPS and 3D geolocation services.Spartacus Acquisition CorporationAsset Management and Custody BanksGeorgiaSpartacus Acquisition Corporation operates as a special-purpose acquisition company.$690.87--
06/21/2021NCR Corporation (NYSE:NCR)Application SoftwareGeorgiaNCR Corporation provides software and services worldwide.Cardtronics plcData Processing and Outsourced ServicesTexasCardtronics plc provides automated consumer financial services through its network of ATMs and multi-function financial services kiosks.$2,699.26 2.31x9.49x
12/31/2021Blackbaud, Inc. (NasdaqGS:BLKB)Application SoftwareSouth CarolinaBlackbaud, Inc. provides cloud software solutions to nonprofits, foundations, companies, education institutions, and healthcare organizations.EverFi, Inc.Education ServicesWashington D.C.EverFi, Inc. operates a digital learning and education platform.$750.00--
12/24/2021Sourcepoint, Inc.Application SoftwarePennsylvaniaSourcepoint, Inc. offers technology and fulfillment services to lenders.Stonehill Group Inc.Thrifts and Mortgage FinanceGeorgiaThe Stonehill Group, Inc. provides exceptional loan quality and mortgage process outsourcing services.$27.00--
12/31/2021Victory Capital Holdings, Inc. (NasdaqGS:VCTR)Asset Management and Custody BanksTexasVictory Capital Holdings, Inc., together with its subsidiaries, operates as an asset management company worldwide.WestEnd Advisors, LLCAsset Management and Custody BanksNorth CarolinaWestEnd Advisors, LLC is an employee owned investment manager.$800.00--
06/01/2021Platinum Equity, LLCAsset Management and Custody BanksCaliforniaPlatinum Equity, LLC is a private equity firm specializing in investments in distressed markets.Club Car, LLCAutomobile ManufacturersGeorgiaClub Car, LLC manufactures golf, utility, and transportation vehicles.$1,680.00 -12.10x
03/03/2021ArdianAsset Management and Custody BanksFranceArdian is an investment firm specializing in direct, fund of funds, and secondary indirect investments.PRGX Global, Inc.Data Processing and Outsourced ServicesGeorgiaPRGX Global, Inc. provides recovery audit services to businesses having payment transactions and procurement environments.$235.021.29x8.70x
05/28/2021Caymus Equity Partners LLCAsset Management and Custody BanksGeorgiaCaymus Equity Partners LLC is a private equity firm specializing both direct and fund of investments.Colorado Barricade CompanyHighways and RailtracksColoradoColorado Barricade Company provides traffic control/management services and equipment for events and construction sites in Colorado.$32.50--
12/31/2021Variant Equity Advisors, LLCAsset Management and Custody BanksCaliforniaVariant Equity Advisors, LLC is a private equity firm specializing in Middle Market transactions.CompuCom Systems, Inc.IT Consulting and Other ServicesSouth CarolinaCompuCom Systems, Inc. provides information technology (IT) managed services, infrastructure solutions, consulting, and products to companies.$305.00--
10/21/2021Sun Capital Partners, Inc.Asset Management and Custody BanksFloridaSun Capital Partners, Inc. is a private equity firm specializing in equity and debt investments.Select Interior Concepts, Inc. (NasdaqCM:SIC)Specialized Consumer ServicesGeorgiaSelect Interior Concepts, Inc. installs and distributes interior building products for residential interior design services markets.$413.400.66x11.74x
01/21/2021The Jordan Company, L.P.Asset Management and Custody BanksNew YorkThe Jordan Company, L.P. is a private equity firm specializing in later stage capital transactions of middle market companies.Specialty Building Products, LLCTrading Companies and DistributorsGeorgiaSpecialty Building Products, LLC distributes building materials.$1,100.00 --
11/30/2021OneWater Marine Inc. (NasdaqGM:ONEW)Automotive RetailGeorgiaOneWater Marine Inc. operates as a recreational boat retailer in the United States.T-H Marine Supplies, LLCConstruction Machinery and Heavy TrucksAlabamaT-H Marine Supplies, LLC manufactures boat parts and boat accessories.$185.31--
08/26/2021Humacyte, Inc. (NasdaqGS:HUMA)BiotechnologyNorth CarolinaHumacyte, Inc., a clinical-stage biotechnology platform company, develops and manufactures off-the-shelf bioengineered human tissues.Alpha Healthcare Acquisition Corp.Asset Management and Custody BanksNew YorkAlpha Healthcare Acquisition Corp. is a special-purpose acquisition company.$993.70--
01/07/2021Chimerix, Inc. (NasdaqGM:CMRX)BiotechnologyNorth CarolinaChimerix, Inc. focuses on accelerating the advancement of various medicines.Oncoceutics, Inc.BiotechnologyPennsylvaniaOncoceutics, Inc. operates as a clinical-stage drug discovery and development company.$442.44--
02/23/2021Beam Therapeutics Inc. (NasdaqGS:BEAM)BiotechnologyMassachusettsBeam Therapeutics Inc. develops precision genetic medicines.Guide Therapeutics, LLCBiotechnologyGeorgiaGuide Therapeutics, Inc. discovers and develops nanoparticles to deliver therapeutics for gene therapy.$440.00--
08/02/2021Gray Television, Inc. (NYSE:GTN)BroadcastingGeorgiaGray Television, Inc., a television broadcast company, owns and/or operates television stations and digital assets in the United States.Quincy Media, Inc.BroadcastingIllinoisQuincy Media, Inc. provides television news broadcasting, newspaper publishing, and interactive services.$925.00-6.90x
12/01/2021Gray Television, Inc. (NYSE:GTN)BroadcastingGeorgiaGray Television, Inc., a television broadcast company, owns and/or operates television stations and digital assets in the United States.Meredith CorporationPublishingIowaMeredith Corporation operates as a diversified media company primarily in the United States.$2,825.00 --
06/07/2021Janus International Group, Inc. (NYSE:JBI)Building ProductsGeorgiaJanus International Group, Inc. manufacturers and supplies turn-key self-storage, and commercial and industrial building solutions.Juniper Industrial Holdings, Inc.Asset Management and Custody BanksNew JerseyJuniper Industrial Holdings, Inc. manufacturers and supplies turn-key self-storage, and commercial and industrial building solutions$1,235.20 --
04/30/2021Cornerstone Building Brands, Inc. (NYSE:CNR)Building ProductsNorth CarolinaCornerstone Building Brands, Inc. designs, engineers, manufactures, markets, and installs external building products.Prime Window Systems, LLCBuilding ProductsColoradoPrime Window Systems, LLC manufactures and sells vinyl window and door products.$95.001.57x-
08/17/2021Janus International Group, Inc. (NYSE:JBI)Building ProductsGeorgiaJanus International Group, Inc. manufacturers and supplies turn-key self-storage, and commercial and industrial building solutions.Doors & Building Components Inc.Building ProductsGeorgiaDoors & Building Components Inc. manufactures, sells, and installs steel curtain roll-up doors, components, and accessories.$169.171.99x12.07x
08/20/2021Cornerstone Building Brands, Inc. (NYSE:CNR)Building ProductsNorth CarolinaCornerstone Building Brands, Inc. Designs, engineers, manufactures, markets, and installs external building products.Cascade Windows, Inc.Building ProductsWashingtonCascade Windows, Inc. designs, manufactures, and installs windows and doors for home or commercial building projects.$243.721.51x-
11/18/2021Reliance Worldwide Corporation Limited (ASX:RWC)Building ProductsGeorgiaReliance Worldwide Corporation Limited engages in the design, manufacture, and supply of water flow, control, and monitoring products.EZ-FLO International, Inc.Building ProductsCaliforniaEZ-FLO International, Inc. manufactures and distributes plumbing products.$325.001.92x12.04x
08/02/2021Reliance Worldwide Corporation Limited (ASX:RWC)Building ProductsGeorgiaReliance Worldwide Corporation Limited engages in the design, manufacture, and supply of water flow, control, and monitoring products.Assets of LCL Pty LtdDiversified Metals and MiningAustraliaLCL Pty Ltd processes, manufactures, distributes, and supplies bronze brass copper alloys. $26.85--
07/01/2021Builders FirstSource, Inc. (NYSE:BLDR)Building ProductsTexasBuilders FirstSource, Inc. manufactures and supplies building materials, manufactured components, and construction services.Cornerstone Building Alliance SW, LLCTrading Companies and DistributorsNorth CarolinaCornerstone Building Alliance SW, LLC supplies building materials in Arizona.$408.901.24x-
05/03/2021Cable One, Inc. (NYSE:CABO)Cable and SatelliteArizonaCable One, Inc. provides data, video, and voice services in the United States.Hargray Communications Group, Inc.Alternative CarriersSouth CarolinaHargray Communications Group, Inc. provides communications and entertainment services to residential and large enterprise customers.$2,117.87 -19.46x
06/10/2021DAK Americas LLCCommodity ChemicalsNorth CarolinaDAK Americas LLC manufactures and supplies specialty polymers for customers in the United States and internationally.Recycled Polyethylene Terephthalate Plant In ReadingCommodity ChemicalsPennsylvaniaRecycled Polyethylene Terephthalate Plant In Reading comprises food grade recycled polyethylene terephthalate flake products.$98.10--
08/31/2021AirBoss of America Corp. (TSX:BOS)Commodity ChemicalsCanadaAirBoss of America Corp. develops, manufactures, and markets rubber-based products.Ace Elastomer CorporationCommodity ChemicalsSouth CarolinaAce Elastomer Corporation manufactures custom mix rubber compounds for roller industry, belting and printing industries, and molding applications.$42.50--
09/15/2021Extreme Networks, Inc. (NasdaqGS:EXTR)Communications EquipmentNorth CarolinaExtreme Networks, Inc. provides software-driven networking solutions worldwide.Ipanema Technologies S.A.Application SoftwareFranceIpanema Technologies S.A. provides software solutions for enterprises to guarantee ERP, CRM, and business application performance.$70.35--
11/29/2021CPI Satcom & Antenna Technologies Inc.Communications EquipmentNorth CarolinaCPI Satcom & Antenna Technologies Inc. designs, develops, manufactures, and installs satellite and wireless communications products.L3 ESSCO, Inc.Electronic ComponentsMassachusettsL3 ESSCO, Inc. designs, manufactures, installs, and services ground, marine, and airborne radomes, antenna systems, and related products.$55.00--
08/02/2021Haivision Systems Inc. (TSX:HAI)Communications EquipmentCanadaHaivision Systems Inc. provides infrastructure solutions for the video streaming market.CineMassive Displays, LLCTechnology Hardware, Storage and PeripheralsGeorgiaCineMassive Displays, LLC designs, develops, and manufactures visualization solutions for mission-critical environments.$31.971.60x-
04/13/2021Orbital Energy Group, Inc. (NasdaqCM:OEG)Construction and EngineeringTexasOrbital Energy Group, Inc. provides electric power and solar infrastructure and integrated energy infrastructure solutions and services.Gibson Technical Services, Inc.Alternative CarriersGeorgiaGibson Technical Services, Inc. provides technology services and equipment for cable system operators and equipment manufacturers.$57.411.42x10.33x
03/25/2021NV5 Global, Inc. (NasdaqCM:NVEE)Construction and EngineeringFloridaNV5 Global, Inc. provides professional and technical engineering and consulting services to public and private sector clients.Geodynamics LLCConstruction and EngineeringNorth CarolinaGeodynamics LLC offers research-based marine geology and coastal science consulting.$38.86--
05/17/2021Blue Ridge Power, LLCConstruction and EngineeringNorth CarolinaBlue Ridge Power, LLC operates as an independent solar energy engineering, procurement, and construction company.Solar Division of Horne Brothers Construction, Inc.Construction and EngineeringNorth CarolinaHorne Brothers Construction, Inc. provides engineering, construction and operational management of solar energy assets services.$60.00--
07/30/2021Martin Marietta Materials, Inc. (NYSE:MLM)Construction MaterialsNorth CarolinaMartin Marietta Materials, Inc. supplies aggregates and heavy-side building materials to the construction industry.Southern Crushed Concrete, LLCConstruction MaterialsMississippiSouthern Crushed Concrete, LLC manufactures recycled concrete and asphalt for construction projects in the Houston area.$140.00--
10/06/2021General Shale Brick, Inc.Construction MaterialsSouth CarolinaGeneral Shale Brick, Inc. manufactures and supplies building materials in North America.Meridian Brick LLCConstruction MaterialsGeorgiaMeridian Brick LLC manufactures and supplies brick and masonry products.$250.000.63x-
05/28/2021Wirepath Home Systems, LLCConsumer ElectronicsNorth CarolinaWirepath Home Systems, LLC manufactures and distributes AV, security, networking, and remote management products for professional integrators.Access Networks, Inc.Internet Services and InfrastructureCaliforniaAccess Networks, Inc. provides networking solution services.$40.10--
12/27/2021CURO Group Holdings Corp. (NYSE:CURO)Consumer FinanceKansasCURO Group Holdings Corp. provides consumer finance products to a range of underbanked consumers.Heights Finance CorporationConsumer FinanceSouth CarolinaHeights Finance Corporation offers consumer loans, as well as credit and non-credit insurance products and services.$360.00--
06/10/2021Global Payments Inc. (NYSE:GPN)Data Processing and Outsourced ServicesGeorgiaGlobal Payments Inc. provides payment technology and software solutions for card, electronic, check, and digital-based payments.PayLease, LLCApplication SoftwareCaliforniaPayLease, LLC develops and operates a mobile-centric residential experience management platform.$932.82--
06/15/2021Repay Holdings Corporation (NasdaqCM:RPAY)Data Processing and Outsourced ServicesGeorgiaRepay Holdings Corporation provides integrated payment processing solutions to industry-oriented markets.Electronic Payment Providers, Inc.Application SoftwareArizonaElectronic Payment Providers, Inc., doing business as BillingTree, provides payment processing solutions.$494.35--
09/17/2021Priority Technology Holdings, Inc. (NasdaqCM:PRTH)Data Processing and Outsourced ServicesGeorgiaPriority Technology Holdings, Inc. provides merchant acquiring, integrated payment software, and commercial payment solutions.The Finxera, Inc.Application SoftwareCaliforniaThe Finxera, Inc. develops applications for non-financial institutions to collect, store, and send money.$425.00--
11/02/2021Global Payments Inc. (NYSE:GPN)Data Processing and Outsourced ServicesGeorgiaGlobal Payments Inc. provides payment technology and software solutions for card, electronic, check, and digital-based payments.MineralTree, Inc.Application SoftwareMassachusettsMineralTree, Inc. develops an account payable (AP) and payment automation software solution.$500.00--
06/01/2021FLEETCOR Technologies, Inc. (NYSE:FLT)Data Processing and Outsourced ServicesGeorgiaFLEETCOR Technologies, Inc. provides digital payment solutions for businesses to control purchases and make payments.Associated Foreign Exchange, Inc.Consumer FinanceCaliforniaAssociated Foreign Exchange, Inc. provides global payment, foreign currency, and risk management services.$450.00--
04/23/2021Paya Holdings Inc. (NasdaqCM:PAYA)Data Processing and Outsourced ServicesGeorgiaPaya Holdings Inc. provides integrated payment and commerce solutions.Blue Parasol Group, LLCData Processing and Outsourced ServicesArizonaParagon Solutions, Inc. designs and develops payment processing solutions.$32.50--
08/03/2021Nuvei Corporation (TSX:NVEI)Data Processing and Outsourced ServicesCanadaNuvei Corporation provides payment technology solutions to merchants and partners.Mazooma Technical Services Inc.Data Processing and Outsourced ServicesGeorgiaMazooma Technical Services Inc. provides account-to-account payments technology for online gaming and sports betting markets.$315.00--
09/01/2021FLEETCOR Technologies, Inc. (NYSE:FLT)Data Processing and Outsourced ServicesGeorgiaFLEETCOR Technologies, Inc. provides digital payment solutions for businesses to control purchases and make payments.ALE Solutions, Inc.Diversified Support ServicesIllinoisALE Solutions, Inc. provides lodging, hotel, and housing services to families displaced due to damage and catastrophe.$426.47--
09/03/2021Eastern Band Of Cherokee IndiansDiversified Support ServicesNorth CarolinaEastern Band Of Cherokee Indians is a government institution that operates an Indian reservation tribe.Operations of Caesars Southern IndianaCasinos and GamingIndianaOperations of Caesars Southern Indiana comprises casino operating business.$250.00--
12/30/2021Driven Brands Holdings Inc. (NasdaqGS:DRVN)Diversified Support ServicesNorth CarolinaDriven Brands Holdings Inc. provides automotive services to retail and commercial customers in North America and internationally.Auto Glass NowDiversified Support ServicesCaliforniaAuto Glass Now offers windshield repair and replacement, rear windshield replacement, and side window replacement services.$170.00--
02/24/2021Solar Integrated Roofing Corporation (OTCPK:SIRC)Electrical Components and EquipmentCaliforniaSolar Integrated Roofing Corp. operates as an integrated, single-source solar power, HVAC, and roofing systems installation company.Cornerstone Construction, LLCConstruction and EngineeringSouth CarolinaCornerstone Construction, LLC offers residential and commercial roofing construction services.$62.404.16x-
04/30/2021AMETEK, Inc. (NYSE:AME)Electrical Components and EquipmentPennsylvaniaAMETEK, Inc. manufactures and sells electronic instruments and electromechanical devices.Nearfield Systems Inc.Electronic Equipment and InstrumentsGeorgiaNearfield Systems Inc. designs, manufactures, and delivers antenna measurement and test systems.$230.002.56x-
10/20/2021Mirion Technologies, Inc. (NYSE:MIR)Electronic Equipment and InstrumentsGeorgiaMirion Technologies, Inc. provides detection, measurement, analysis, and monitoring solutions to the nuclear end markets in the United States.GS Acquisition Holdings Corp IIAsset Management and Custody BanksNew YorkGS Acquisition Holdings Corp II operates as a special-purpose acquisition company.$1,700.00 --
09/13/2021Gilbarco Inc.Electronic Equipment and InstrumentsNorth CarolinaGilbarco Inc. manufactures and sells fueling and convenience store (C-store) equipment, and site management systems.DRB Systems, Inc.Electronic Equipment and InstrumentsOhioDRB Systems, Inc. manufactures and sells automated management systems, POS terminals, and self-pay stations.$965.00--
10/22/2021Ouster, Inc. (NYSE:OUST)Electronic Equipment and InstrumentsCaliforniaOuster, Inc. designs and manufactures digital lidar sensors for industrial automation, smart infrastructure, robotics, and automotive markets.Sense Photonics, Inc.Electronic Equipment and InstrumentsNorth CarolinaSense Photonics, Inc. designs and deploys scalable 3D vision systems for automotive and industrial applications.$170.50--
12/02/2021Mirion Technologies, Inc. (NYSE:MIR)Electronic Equipment and InstrumentsGeorgiaMirion Technologies, Inc. provides detection, measurement, analysis, and monitoring solutions.Computerized Imaging Reference Systems, Inc.Health Care EquipmentVirginiaComputerized Imaging Reference Systems, Inc. manufactures phantoms and simulators.$54.00--
04/27/2021Halma plc (LSE:HLMA)Electronic Equipment and InstrumentsEnglandHalma plc provides technology solutions in the safety, health, and environmental markets.PeriGen, Inc.Health Care TechnologyNorth CarolinaPeriGen, Inc. designs and develops perinatal and fetal monitoring software solutions and clinical decision support systems.$58.002.90x-
12/21/2021Sisecam Chemicals USA IncFood DistributorsGeorgiaSisecam Chemicals USA Inc engages in the trading and distribution of soda products.Ciner Resources CorporationDiversified Metals and MiningGeorgiaCiner Resources Corporation mines, refines, produces, and supplies soda ash, sodium percarbonate, and hydrogen peroxide.$300.00--
11/22/2021Franchise Group, Inc. (NasdaqGM:FRG)General Merchandise StoresOhioFranchise Group, Inc. operates as a retailer, franchisor operator, and acquirer of franchised and franchisable businesses.W.S. Badcock CorporationHome furnishing RetailSouth CarolinaW.S. Badcock Corporation operates home furniture retail stores.$581.400.65x4.17x
10/01/2021Zomedica Inc.Health Care EquipmentMichiganZomedica Inc. manufactures TRUFORMA, a diagnostic biosensor platform for the detection of thyroid disorders in dogs and cats.Pulse Veterinary Technologies, LLCHealth Care EquipmentGeorgiaPulse Veterinary Technologies, LLC provides non-invasive shock wave therapy treatment devices for the veterinary industry.$71.90--
02/01/2021Novant Health, Inc.Health Care FacilitiesNorth CarolinaNovant Health, Inc. operates an integrated health care network of physician clinics, outpatient facilities, and hospitals.New Hanover Regional Medical Center, Inc.Health Care FacilitiesNorth CarolinaNew Hanover Regional Medical Center, Inc. provides health care facilities to families in Southeastern North Carolina.$1,500.00 --
04/16/2021Aveanna Healthcare Holdings Inc. (NasdaqGS:AVAH)Health Care ServicesGeorgiaAveanna Healthcare Holdings Inc. provides private duty nursing, adult home health, home-based pediatric therapy, and enteral nutrition services.Doctor's Choice Holdings, LLC-FloridaDoctor's Choice is a service advocate for Medicare, delivering service to seniors before, during and after their transition to Medicare.$115.001.79x-
09/13/2021Laboratory Corporation of America Holdings (NYSE:LH)Health Care ServicesNorth CarolinaLaboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide.Autoimmune's Vectra Testing BusinessBiotechnologyLouisianaAutoImmune develops products for the treatment of autoimmune and cell-mediated inflammatory diseases and conditions. $150.00--
09/01/2021LHC Group, Inc. (NasdaqGS:LHCG)Health Care ServicesCaliforniaLHC Group, Inc., a health care provider, specializes in the post-acute continuum of care primarily for Medicare beneficiaries.Heart of Hospice, LLCHealth Care FacilitiesSouth CarolinaHeart of Hospice, LLC owns and operates hospice centers.$277.10--
08/09/2021Fulgent Genetics, Inc. (NasdaqGM:FLGT)Health Care ServicesCaliforniaFulgent Genetics, Inc. provides COVID-19 testing and genetic testing services to physicians with clinically actionable diagnostic information.CSI Laboratories, Inc.Health Care ServicesGeorgiaCSI Laboratories, Inc. operates as a cytometry laboratory that offers cancer diagnostic services to pathologists and clinicians.$53.36--
12/01/2021Aveanna Healthcare, LLCHealth Care ServicesGeorgiaAveanna Healthcare provides pediatric home care services for medically fragile children and adults in the United States.Dunn & Berger, Inc.Health Care ServicesCaliforniaDunn & Berger, Inc. doing business as Accredited Nursing Services, provides home health care services.$225.001.96x-
07/20/2021WCG Clinical, Inc.Health Care ServicesNew JerseyWCG Clinical, Inc. provides solutions to enhance the quality and efficiency of clinical research.NCT Holdings, Inc.Life Sciences Tools and ServicesNorth CarolinaNCT Holdings, Inc. offers endpoints and clinical outcome assessments, eClinical software, HEOR consulting, and language and translation services.$330.00--
03/30/2021Bioventus Inc. (NasdaqGS:BVS)Health Care SuppliesNorth CarolinaBioventus Inc. focuses on developing and commercializing clinical treatments that engage and enhance the body’s natural healing process.Bioness Inc.Health Care EquipmentCaliforniaBioness Inc. designs, develops, and distributes medical devices.$110.002.67x-
06/04/2021DENTSPLY SIRONA Inc. (NasdaqGS:XRAY)Health Care SuppliesNorth CarolinaDENTSPLY SIRONA Inc. designs, develops, manufactures, distributes, and sells various dental products and technologies.All Assets Of Propel Orthodontics LLCHealth Care EquipmentNew YorkPropel Orthodontics LLC comprises business of manufacturing orthodontic devices.$132.00--
10/29/2021Bioventus Inc. (NasdaqGS:BVS)Health Care SuppliesNorth CarolinaBioventus Inc. focuses on developing and commercializing clinical treatments that engage and enhance the body’s natural healing process.Misonix, Inc.Health Care EquipmentNew YorkMisonix, Inc. designs, develops, manufactures, and markets minimally invasive surgical ultrasonic medical devices.$573.727.33x-
07/01/2021Sharecare, Inc. (NasdaqGS:SHCR)Health Care TechnologyGeorgiaSharecare, Inc. operates as a digital healthcare platform company.Falcon Capital Acquisition Corp.Asset Management and Custody BanksNew YorkFalcon Capital Acquisition Corp. is a special purpose acquisition corporation.$4,412.16 --
12/13/2021Phreesia, Inc. (NYSE:PHR)Health Care TechnologyNorth CarolinaPhreesia, Inc. provides an integrated SaaS-based software and payment platform for the healthcare industry in the United States and Canada.Insignia Health, LLCHealth Care ServicesOregonInsignia Health, LLC provides patient activation measure assessments.$35.00--
04/01/2021Instem plc (AIM:INS)Health Care TechnologyEnglandInstem plc, together with its subsidiaries, provides information technology applications to the life sciences healthcare market.d-Wise Technologies, Inc.Health Care TechnologyNorth Carolinad-Wise Technologies, Inc. provides software solutions and IT consulting services to healthcare and life sciences industry.$30.95--
05/12/2021Computer Programs and Systems, Inc. (NasdaqGS:CPSI)Health Care TechnologyAlabamaComputer Programs and Systems, Inc. provides healthcare information technology solutions and services.TruCode LLCHealth Care TechnologyGeorgiaTruCode LLC develops medical coding software.$77.505.88x12.45x
07/27/2021Datavant, Inc.Health Care TechnologyCaliforniaDatavant, Inc. aggregates and analyzes biomedical data through machine learning to lower the time, cost, and risk of drug development.CIOX HealthHealth Care TechnologyGeorgiaCIOX Health facilitates and manages the movement of health information.$7,000.00 --
08/11/2021Sharecare, Inc. (NasdaqGS:SHCR)Health Care TechnologyGeorgiaSharecare, Inc. operates as a digital healthcare platform company.CareLinx IncorporatedHealth Care TechnologyCaliforniaCareLinx Incorporated operates an online platform that enables families to find and manage caregivers.$65.0013.00x-
08/16/2021Streamline Health Solutions, Inc. (NasdaqCM:STRM)Health Care TechnologyGeorgiaStreamline Health Solutions, Inc. provides health information technology solutions and associated services for hospitals and health systems.Avelead Consulting, LLCHealth Care TechnologyGeorgiaAvelead Consulting, LLC develops technology solutions that automate and improve the hospital revenue cycle.$30.783.02x-
09/02/2021Waystar, Inc.Health Care TechnologyKentuckyWaystar, Inc. develops integrated cloud-based healthcare payments solutions.Patientco Holdings, Inc.Health Care TechnologyGeorgiaPatientco Holdings, Inc. develops and provides an integrated suite of communication and payment tools.$450.00--
12/17/2021nThrive, Inc.Health Care TechnologyGeorgianThrive, Inc. provides patient-to-payment healthcare solutions that solve healthcare organizations’ challenging problems.TransUnion Healthcare, Inc.Health Care TechnologyIllinoisTransUnion Healthcare, Inc. provides revenue protection solutions for the healthcare industry.$1,735.00 --
10/01/2021Toshiba America Energy Systems CorporationHeavy Electrical EquipmentNorth CarolinaToshiba America Energy Systems Corporation manufactures and sells steam turbines and generators.EtaPRO® business of GP StrategiesApplication SoftwareMarylandGP Strategies Corporation provides performance improvement and learning solutions worldwide.$44.00--
06/04/2021Floor and Decor Outlets of America, Inc.Home Improvement RetailGeorgiaFloor and Decor Outlets of America, Inc. retails hard surface flooring products in the United States.Spartan Surfaces, Inc.Building ProductsMarylandSpartan Surfaces, Inc. designs, manufactures, and provides commercial flooring solutions.$90.001.13x-
02/28/2021Champion Home Builders, Inc.HomebuildingMichiganChampion Home Builders, Inc. designs and builds manufactured, modular, mobile homes, park models, and commercial modular buildings.Scotbilt Homes, Inc.HomebuildingGeorgiaScotbilt Homes, Inc. manufactures homes.$53.000.67x-
06/11/2021Skillsoft Corp. (NYSE:SKIL)Human Resource and Employment ServicesNew HampshireSkillSoft Corp. provides corporate digital learning services in the United States and internationally.Global Knowledge Training LLCEducation ServicesNorth CarolinaGlobal Knowledge Training LLC offers information technology (IT) training and learning solutions.$247.40--
09/30/2021Randstad North America, Inc.Human Resource and Employment ServicesGeorgiaRandstad North America, Inc. provides human resources and staffing services.Cella, Inc.Human Resource and Employment ServicesMarylandCella, Inc. is a creative staffing and consulting company.$130.00--
11/01/2021Korn Ferry (NYSE:KFY)Human Resource and Employment ServicesCaliforniaKorn Ferry, together with its subsidiaries, provides organizational consulting services worldwide.Lucas Associates, Inc.Human Resource and Employment ServicesGeorgiaLucas Associates, Inc., doing business as Lucas Group, offers executive recruiting services.$90.00--
10/01/2021ManpowerGroup Global Inc.Human Resource and Employment ServicesWisconsinManpowerGroup Global Inc. provides global workforce solutions.ettain Group, LLCIT Consulting and Other ServicesNorth Carolinaettain Group, LLC provides recruitment and managed services in the areas of information technology (IT), healthcare IT, and digital creativity.$925.00-11.50x
07/08/2021Oglethorpe Power CorporationIndependent Power Producers and Energy TradersGeorgiaOglethorpe Power Corporation operates as an electric cooperative in the United States.Effingham Energy Facility in Savannah, GARenewable ElectricityGeorgiaEffingham Energy Facility operates as a natural gas-fired electric generating facility.$232.51--
02/12/2021Honeywell International Inc. (NasdaqGS:HON)Industrial ConglomeratesNorth CarolinaHoneywell International Inc. operates as a diversified technology and manufacturing company worldwide.Sparta Systems, Inc.Application SoftwareNew JerseySparta Systems, Inc. develops and delivers on-premise and cloud based enterprise quality management software (EQMS) solutions.$1,303.00 --
08/02/2021SPX Corporation (NYSE:SPXC)Industrial MachineryNorth CarolinaSPX Corporation supplies infrastructure equipment serving the heating, ventilation and cooling, and industrial markets.Enterprise Control Systems LtdAerospace and DefenseEnglandEnterprise Control Systems Ltd. designs coded orthogonal frequency division multiplexing and mission critical radio frequency inhibition systems.$56.204.69x-
02/16/2021Flex-Tek Group, Inc.Industrial MachineryTennesseeFlex-Tek Group, Inc. manufactures and supplies engineered components that heat and move fluids and gases.Royal Metal Products LLCDiversified Metals and MiningGeorgiaRoyal Metal Products LLC offers residential and light commercial sheet metal HVAC products.$107.581.39x-
08/02/2021Ingersoll Rand Inc. (NYSE:IR)Industrial MachineryNorth CarolinaIngersoll Rand Inc. provides various mission-critical air, fluid, energy, specialty vehicle and medical technologies.Maximus AG SystemsElectronic Equipment and InstrumentsCanadaMaximus AG Systems designs, develops, and manufactures farm building management systems.$109.813.39x-
07/01/2021Chart Industries, Inc. (NYSE:GTLS)Industrial MachineryGeorgiaChart Industries, Inc. manufactures and sells engineered equipment for the energy and industrial gas industries worldwide.L.A. TurbineHeavy Electrical EquipmentCaliforniaL.A. Turbine designs and manufactures application-specific turboexpanders.$80.00--
12/27/2021The Middleby Corporation (NasdaqGS:MIDD)Industrial MachineryIllinoisThe Middleby Corporation services a range of foodservice, food processing, and residential kitchen equipment.Masterbuilt Holdings LLCHousehold AppliancesGeorgiaMasterbuilt Holdings LLC manufactures outdoor residential cooking appliances.$385.00--
02/16/2021Chart Industries, Inc. (NYSE:GTLS)Industrial MachineryGeorgiaChart Industries, Inc. manufactures and sells engineered equipment for the energy and industrial gas industries.Cryogenic Gas Technologies, Inc.Industrial MachineryPennsylvaniaCryogenic Gas Technologies, Inc. provides custom engineered process systems to separate, purify, refrigerate, liquefy, and distribute industrial gases.$55.60--
05/12/2021SPX FLOW, Inc. (NYSE:FLOW)Industrial MachineryNorth CarolinaSPX FLOW, Inc. designs, delivers, and services process technology solutions that perform mixing, blending, fluid handling, and other activities. Philadelphia Mixing Solutions, Ltd.Industrial MachineryPennsylvaniaPhiladelphia Mixing Solutions, Ltd. engages in the design, development, manufacture, and marketing of fluid mixing equipment and process solutions.$66.201.29x-
08/31/2021Ingersoll Rand Inc. (NYSE:IR)Industrial MachineryNorth CarolinaIngersoll Rand Inc. provides various mission-critical air, fluid, energy, specialty vehicle and medical technologies.SEEPEX GmbHIndustrial MachineryGermanySEEPEX GmbH develops, manufactures, and markets progressive cavity pumps.$514.062.70x-
10/29/2021Ingersoll Rand Inc. (NYSE:IR)Industrial MachineryNorth CarolinaIngersoll Rand Inc. provides various mission-critical air, fluid, energy, specialty vehicle and medical technologies.Air Dimensions, Inc.Industrial MachineryFloridaAir Dimensions, Inc. designs, manufactures, and sells vacuum diaphragm pumps for environmental applications.$70.50--
12/01/2021Ingersoll Rand Inc. (NYSE:IR)Industrial MachineryNorth CarolinaIngersoll Rand Inc. provides various mission-critical air, fluid, energy, specialty vehicle and medical technologies.Assets of Tuthill Pump GroupIndustrial MachineryIllinoisTuthill Corporation designs and manufactures pumps, meters, vacuum pumps, blowers, and plastics. $84.60--
12/01/2021Electrolux Professional AB (publ) (OM:EPRO B)Industrial MachinerySwedenElectrolux Professional AB (publ) provides food service, beverage, and laundry solutions.Unified Brands, Inc.Industrial MachineryGeorgiaUnified Brands, Inc. designs, manufactures, and services commercial kitchen equipment.$244.00--
12/14/2021Chart Industries, Inc. (NYSE:GTLS)Industrial MachineryGeorgiaChart Industries, Inc. manufactures and sells engineered equipment for the energy and industrial gas industries worldwide.Earthly Labs Inc.Industrial MachineryTexasEarthly Labs Inc. develops carbon capture technology that captures carbon dioxide waste from businesses, homes, and transportation.$62.00--
12/16/2021SPX Corporation (NYSE:SPXC)Industrial MachineryNorth CarolinaSPX Corporation supplies infrastructure equipment serving the heating, ventilation and cooling (HVAC), and industrial markets.Cincinnati Fan and Ventilator Company, Inc.Industrial MachineryOhioCincinnati Fan and Ventilator Company, Inc. manufactures and supplies industrial fans and blowers.$145.00--
12/29/2021OPW Fueling Components IncIndustrial MachineryOhioOPW Fueling Components Inc. manufactures fluid handling equipment and components for retail and commercial fueling applications.Engineered Controls International, LLCIndustrial MachineryNorth CarolinaEngineered Controls International, LLC develops, manufactures, and supplies specialty valves and control products.$631.00--
04/19/2021SPX Corporation (NYSE:SPXC)Industrial MachineryNorth CarolinaSPX Corporation supplies infrastructure equipment serving the heating, ventilation and cooling, and industrial markets.Sealite Pty LtdMarineEnglandSealite Pty Ltd, trading as Sealite and Avlite, designs and manufactures navigation equipment for marine and aviation applications.$83.90--
12/17/2021EnPro Industries, Inc. (NYSE:NPO)Industrial MachineryNorth CarolinaEnPro Industries, Inc. engages in the design, development, manufacture, marketing, and service of engineered industrial products worldwide.NxEdge, Inc.Trading Companies and DistributorsIdahoNxEdge, Inc. supplies coating solutions for industrial thin-film, semiconductor, and solar energy applications.$850.00--
08/27/2021BlueInGreen, LLCIndustrial MachineryArkansasBlueInGreen, LLC, a water treatment company, manufactures machinery for delivering dissolved oxygen, carbon dioxide, and ozone into water.Adedge Holdings, LLCWater UtilitiesGeorgiaAdedge Holdings, LLC operates as a water treatment technology and solution provider.$40.00--
08/23/2021Crawford & Company (NYSE:CRD.B)Insurance BrokersGeorgiaCrawford & Company provides claims management and outsourcing solutions for carriers, brokers, and corporations.e-djuster Inc.Application SoftwareCanadae-djuster Inc. offers contents claims handling solutions for insurer internal contents claims to handle.$33.43--
10/04/2021Crawford & Company (NYSE:CRD.B)Insurance BrokersGeorgiaCrawford & Company provides claims management and outsourcing solutions for carriers, brokers, and corporations.Substantially all of the assets and certain liabilities of Praxis Consulting, Inc.Diversified Support ServicesIndianaPraxis Consulting Inc. provides recovery services for the property and casualty insurance industry, self insureds, and municipalities.$55.50--
06/30/2021GameSquare Esports Inc. (CNSX:GSQ)Interactive Media and ServicesCanadaGameSquare Esports Inc. operates as a gaming and esports company in Canada.compLexity Gaming, LLCMovies and EntertainmentGeorgiacompLexity Gaming, LLC operates as a prolific gaming company which creates and owns a team of professional gamers.$27.915.47x-
08/10/2021Shutterfly, LLCInternet and Direct Marketing RetailCaliforniaShutterfly, LLC manufactures and retails personalized products.Spoonflower IncTextilesNorth CarolinaSpoonflower Inc operates in the textiles industry.$225.00--
04/09/2021Twilio Inc. (NYSE:TWLO)Internet Services and InfrastructureCaliforniaTwilio Inc. provides a cloud communications platform that enables developers to build, scale, and operate customer engagement.Ionic Security Inc.Systems SoftwareGeorgiaIonic Security Inc., a cybersecurity company, develops and delivers a distributed data protection platform.$30.20--
03/31/2021Endava plc (NYSE:DAVA)IT Consulting and Other ServicesEnglandEndava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals.Levvel LLCIT Consulting and Other ServicesNorth CarolinaLevvel LLC operates as a technology strategy, consulting, and engineering firm.$63.93--
10/05/2021Persistent Systems Limited (BSE:533179)IT Consulting and Other ServicesIndiaPersistent Systems Limited provides software products, services, and technology solutions.Software Corporation InternationalIT Consulting and Other ServicesNorth CarolinaSoftware Corporation International engages in developing, implementing, and managing payments solutions and services.$46.372.71x-
12/21/2021Speedway Motorsports, LLCLeisure FacilitiesNorth CarolinaSpeedway Motorsports, LLC, through its subsidiaries, promotes, markets, and sponsors motorsports activities in the United States.Dover Motorsports, Inc.Leisure FacilitiesDelawareDover Motorsports, Inc. markets and promotes motorsports entertainment in the United States.$131.652.10x10.20x
04/30/2021AMMO, Inc. (NasdaqCM:POWW)Leisure ProductsArizonaAmmo, Inc. designs, develops, manufactures, markets, and sells ammunition and ammunition component products.GunBroker.com, LLCInteractive Media and ServicesGeorgiaGunBroker.com, LLC operates an online gun auction platform.$255.004.25x6.38x
09/13/2021Syneos Health, Inc. (NasdaqGS:SYNH)Life Sciences Tools and ServicesNorth CarolinaSyneos Health, Inc. provides biopharmaceutical outsourcing solutions company.StudyKIK, LLCInteractive Media and ServicesCaliforniaStudyKIK, LLC operates a website where patients and volunteers can find and sign up for clinical trials.$203.90--
04/01/2021IQVIA Holdings Inc. (NYSE:IQV)Life Sciences Tools and ServicesNorth CarolinaIQVIA Holdings Inc. provides advanced analytics, technology solutions, and clinical research services to the life sciences industry.Q2 Solutions LLCLife Sciences Tools and ServicesNorth CarolinaQ2 Solutions LLC provides bioanalytical, genomics, vaccines, flow cytometry, anatomic pathology, and immunoassay services.$760.00--
07/01/2021Q2 Solutions LLCLife Sciences Tools and ServicesNorth CarolinaQ2 Solutions LLC provides bioanalytical, genomics, vaccines, flow cytometry, anatomic pathology, immunoassay, and companion diagnostics.Myriad RBM, Inc.Life Sciences Tools and ServicesTexasMyriad RBM, Inc. provides multi-analyte profile MAP technology platform based protein biomarker products and services.$198.00--
07/01/2021ICON Public Limited Company (NasdaqGS:ICLR)Life Sciences Tools and ServicesIrelandICON Public Limited Company provides outsourced development and commercialization services.PRA Health Sciences, Inc.Life Sciences Tools and ServicesNorth CarolinaPRA Health Sciences, Inc. provides outsourced clinical development and data solution services.$12,783.70 3.86x26.18x
10/14/2021BioAgilytix Labs, LLCLife Sciences Tools and ServicesNorth CarolinaBioAgilytix Labs, LLC develops therapeutic biologics and biosimilars.360biolabs Pty LtdLife Sciences Tools and ServicesEngland360biolabs Pty Ltd provides laboratory services for the development of new therapeutics, vaccines, and diagnostics.$293.47--
12/08/2021Thermo Fisher Scientific Inc. (NYSE:TMO)Life Sciences Tools and ServicesMassachusettsThermo Fisher Scientific Inc. offers life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products.PPD, Inc.Life Sciences Tools and ServicesNorth CarolinaPPD, Inc., together with its subsidiaries, provides drug development services to the biopharmaceutical industry worldwide.$21,709.41 4.19x22.63x
08/17/2021Humana Inc. (NYSE:HUM)Managed Health CareKentuckyHumana Inc., together with its subsidiaries, operates as a health and well-being company.Kindred At HomeHealth Care ServicesGeorgiaKindred at Home Hospice provides home healthcare services to patients.$5,700.00 --
09/14/2021EZRaider Co. (OTCPK:EZRG)Motorcycle ManufacturersWashingtonEZRaider Co. manufactures, imports, and distributes electric vehicles.E-Waste Corp.Asset Management and Custody BanksNorth CarolinaE-WASTE Corp. recycles a type of refuse involving electronic devices and peripherals that are dumped into landfills.$251.24--
05/31/2021Dominion Energy, Inc. (NYSE:D)Multi-UtilitiesVirginiaDominion Energy, Inc. produces and distributes energy.Birdseye Renewable Energy, LLCConstruction and EngineeringNorth CarolinaBirdseye Renewable Energy, LLC develops utility-scale solar environmental facilities and projects.$46.00--
12/22/2021UFP Technologies, Inc. (NasdaqCM:UFPT)Paper PackagingMassachusettsUFP Technologies, Inc. designs and custom manufactures components, subassemblies, products, and packaging.DAS Medical Holdings, LLCHealth Care EquipmentGeorgiaDAS Medical Holdings, LLC designs and manufactures surgical equipment covers, robotic draping systems, and fluid control pouches.$95.00--
04/04/2021Hood Container CorporationPaper PackagingGeorgiaHood Container Corporation manufactures and supplies semi-chem corrugating medium products for boxes and other packaging.Display and Packaging Business of Sonoco Products CompanyPaper PackagingSouth CarolinaSonoco Products Company manufactures and sells industrial and consumer packaging products.$80.000.59x-
05/10/2021Graphic Packaging Holding Company (NYSE:GPK)Paper PackagingGeorgiaGraphic Packaging Holding Company provides paper-based packaging solutions to food, beverage, and foodservice companiesAmericraft Carton, Inc.Paper PackagingKansasAmericraft Carton, Inc. manufactures and supplies paperboard folding cartons and packaging products.$280.00--
04/06/2021Neenah, Inc. (NYSE:NP)Paper ProductsGeorgiaNeenah, Inc. produces and sells performance-based technical products and fine paper and packaging products.Industrias de transformación de Andoain S.A.Paper ProductsSpainIndustrias de transformación de Andoain S.A. manufactures release liners.$247.462.05x-
05/13/2021Glatfelter Corporation (NYSE:GLT)Paper ProductsNorth CarolinaGlatfelter Corporation manufactures and sells engineered materials worldwide.Georgia-Pacific Mt. Holly, LLCPersonal ProductsNorth CarolinaGeorgia-Pacific Mt. Holly, LLC manufactures nonwoven materials for hygiene and personal care products.$175.001.75x8.75x
04/15/2021Schweitzer-Mauduit International, Inc. (NYSE:SWM)Paper ProductsGeorgiaSchweitzer-Mauduit International, Inc. provides engineered solutions and advanced materials for various industries.Scapa Group plcSpecialty ChemicalsEnglandScapa Group plc manufactures and sells bonding products and adhesive components.$642.111.60x14.44x
08/27/2021Alora Pharmaceuticals, LLCPersonal ProductsGeorgiaAlora Pharmaceuticals, LLC manufactures prenatal vitamins, nutraceuticals, and dermatologics.Portfolio of Legacy Products and Manufacturing FacilityPharmaceuticalsIowaPortfolio of Legacy Products and Manufacturing Facility of Osmotica Pharmaceutical plc comprises branded and generic pharmaceutical products.$171.00--
08/01/2021Colony Bankcorp, Inc. (NasdaqGM:CBAN)Regional BanksGeorgiaColony Bankcorp, Inc. provides various banking products and services.SouthCrest Financial Group, Inc.Regional BanksGeorgiaSouthCrest Financial Group, Inc. operates as the bank holding company for SouthCrest Bank.$83.23--
10/01/2021United Community Banks, Inc. (NasdaqGS:UCBI)Regional BanksGeorgiaUnited Community Banks, Inc. operates as a bank holding company for the United Community Bank.Aquesta Financial Holdings, Inc.Regional BanksNorth CarolinaAquesta Financial Holdings provides commercial banking products and services in North Carolina.$105.37--
10/15/2021First Bancorp (NasdaqGS:FBNC)Regional BanksNorth CarolinaFirst Bancorp operates as the bank holding company for First Bank.Select Bancorp, Inc.Regional BanksNorth CarolinaSelect Bancorp, Inc. operates as the bank holding company for Select Bank & Trust Company.$314.27--
12/06/2021Truist BankRegional BanksNorth CarolinaTruist Bank provides personal and business banking products and services.Service Finance Company, LLCSpecialized FinanceFloridaService Finance Company, LLC. provides financing solutions to home improvement dealers and healthcare professionals.$2,000.00 --
12/30/2021Heliogen, Inc. (NYSE:HLGN)Renewable ElectricityCaliforniaHeliogen, Inc., a clean energy company, develops a renewable energy technology that uses sunlight to produce hydrogen and syngas fuels.Athena Technology Acquisition Corp.Asset Management and Custody BanksGeorgiaAthena Technology Acquisition Corp. operates as a special-purpose acquisition company.$1,800.05 --
11/02/2021Verisk Analytics, Inc. (NasdaqGS:VRSK)Research and Consulting ServicesNew JerseyVerisk Analytics, Inc. provides data analytics solutions in the United States and internationally.Data Driven Safety, LLCInternet Services and InfrastructureNorth CarolinaData Driven Safety, LLC collects, aggregates, manages, and deploys public record data.$93.20--
02/11/2021Equifax Inc. (NYSE:EFX)Research and Consulting ServicesGeorgiaEquifax Inc. provides information solutions and human resources business process outsourcing services.Kount Inc.Systems SoftwareIdahoKount Inc. develops fraud prevention solutions.$640.00--
07/22/2021FAT Brands Inc. (NasdaqCM:FAT)RestaurantsCaliforniaFAT Brands Inc. acquires, develops, and markets quick-service, fast casual, and casual dining restaurant concepts.Global Franchise Group, LLCRestaurantsGeorgiaGlobal Franchise Group, LLC owns and manages a portfolio of franchise brands of quick service restaurants.$443.49--
04/05/2021Qorvo, Inc. (NasdaqGS:QRVO)SemiconductorsNorth CarolinaQorvo, Inc. develops and commercializes technologies and products for wireless and wired connectivity.NextInput, Inc.Electronic ComponentsCaliforniaNextInput, Inc. provides a micro-electro-mechanical system (MEMS) based sensing and touchless sensing solutions.$173.37--
10/19/2021Qorvo, Inc. (NasdaqGS:QRVO)SemiconductorsNorth CarolinaQorvo, Inc. develops and commercializes technologies and products for wireless and wired connectivity worldwide.United Silicon Carbide, Inc.SemiconductorsNew JerseyUnited Silicon Carbide, Inc., a semiconductor company, develops and manufactures silicon carbide products.$258.40--
11/01/2021The Coca-Cola Company (NYSE:KO)Soft DrinksGeorgiaThe Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide.BA Sports Nutrition, LLCSoft DrinksNew YorkBA Sports Nutrition, LLC produces and sells sports drinks.$5,600.00 --
08/11/2021Danimer Scientific, Inc. (NYSE:DNMR)Specialty ChemicalsGeorgiaDanimer Scientific, Inc. develops, produces, and provides bioplastic replacements for traditional petrochemical-based plastics.Novomer Inc.Commodity ChemicalsNew YorkNovomer Inc. manufactures Polyhydroxyalkanoate (PHA)-based resins and other biodegradable materials.$152.00--
08/20/2021Nucor Corporation (NYSE:NUE)SteelNorth CarolinaNucor Corporation manufactures and sells steel and steel products.Hannibal Industries, Inc.SteelCaliforniaHannibal Industries, Inc. manufactures carbon steel tubing and pallet racking systems.$370.00-6.90x
11/01/20213D Systems Corporation (NYSE:DDD)Technology Hardware, Storage and PeripheralsSouth Carolina3D Systems Corporation, through its subsidiaries, provides 3D printing and digital manufacturing solutions.Oqton, Inc.Application SoftwareCaliforniaOqton, Inc. develops artificial intelligence powered manufacturing software to manage, optimize, and automate their manufacturing workflows.$189.68--
12/01/20213D Systems Corporation (NYSE:DDD)Technology Hardware, Storage and PeripheralsSouth Carolina3D Systems Corporation, through its subsidiaries, provides 3D printing and digital manufacturing solutions.Volumetric, Inc.Life Sciences Tools and ServicesTexasVolumetric, Inc. develops and manufactures 3D printing bioprinters.$400.00--
08/31/2021Novanta CorporationTrading Companies and DistributorsMassachusettsNovanta Corporation supplies laser systems.ATI Industrial Automation, Inc.Industrial MachineryNorth CarolinaATI Industrial Automation, Inc. engages in designing, manufacturing and selling robotic end-effectors.$172.00--
07/01/2021GMS Inc. (NYSE:GMS)Trading Companies and DistributorsGeorgiaGMS Inc. distributes wallboards, suspended ceilings systems, and complementary building products in the United States and Canada.Substantially all the assets of Westside Building MaterialTrading Companies and DistributorsCaliforniaWestside Building Material is an interior building products distribution business.$135.00--
10/15/2021U.S. Lumber Group, LLCTrading Companies and DistributorsGeorgiaU.S. Lumber Group, LLC distributes specialty building materials.Reeb Millwork CorporationTrading Companies and DistributorsPennsylvaniaReeb Millwork Corporation operates as a building products distributor in the United States.$577.001.51x-
12/01/2021GMS Inc. (NYSE:GMS)Trading Companies and DistributorsGeorgiaGMS Inc. distributes wallboards, suspended ceilings systems, and complementary building products in the United States and Canada.Axia Acquisition CorporationTrading Companies and DistributorsGeorgiaAxia Acquisition Corporation provides automatic taping and finishing tools, supplies, and training to the professional drywall finishing industry.$212.50--
02/01/2021Knight-Swift Transportation Holdings Inc. (NYSE:KNX)TruckingCaliforniaKnight-Swift Transportation Holdings Inc. provides truckload transportation services.Eleos Technologies, LLCIT Consulting and Other ServicesSouth CarolinaEleos powers driver apps and in-cab solutions for some of the world's largest trucking fleets.$43.74--
09/30/2021KORE Group Holdings, Inc. (NYSE:KORE)Wireless Telecommunication ServicesGeorgiaKORE Group Holdings, Inc. provides Internet of Things (IoT) services and solutions worldwide.Cerberus Telecom Acquisition Corp.Asset Management and Custody BanksNew YorkCerberus Telecom Acquisition Corp. operates as a special-purpose acquisition company.$621.55--

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