Acquisition History / Search Funds / 2021
Search Fund Acquisitions in 2021
34 publicly known companies acquired by search funds in 2021.
- 1Apexacquired by Heritage Operating Partners · Business Services · United StatesNo public report of the acquisition of Apex Leadership Co. was found. A podcast summary describes Jamie Krasnov as CEO and says he founded Heritage Operating Partners, a PE firm focused on franchisors, before joining Apex; a PR Newswire release reports 30% year-over-year growth in Q3 and campaigns at roughly 200 schools. Seller, sourcing, financing and price are not publicly disclosed.
- 2AQC Traffic Controlacquired by BlackRiver Growth Partners (per search fund case-study listing) · Building Services · United StatesA search-fund case-study site lists AQC Traffic Control as acquired by BlackRiver Growth Partners, and a PE directory places AQC in Atlanta serving the Southeast with a search fund owner. The case-study page itself was not readable, so the seller, sourcing, price, financing and co-investors are not publicly disclosed in what we found. ESP's page names Marcus Rush (Stanford GSB) as CEO; no independ
- 3Axero Solutionsacquired by West Fourth Partners (per ESP's partner listing) · Software · United StatesAdam Ilowite and Michael Upex, two search fund entrepreneurs, took over Axero Solutions, an Austin-based intranet and digital workplace software company, in mid-2021. A podcast summary says they began searching in April 2020, searched about 14 months and closed around the end of June 2021 after signing two letters of intent. Axero's August 9, 2021 announcement described the funding as growth inves
- 4Business Software Groupacquired by Ventura · Software · SpainSoftware company Source: https://searchfundsnews.com/spain-surpasses-75-sf-acquisitions-and-is-on-track-to-reach-100-by-the-end-of-2027/
- 5Canyonlands Campsacquired by Canyonlands Fund · Travel & Entertainment · United StatesESP lists Canyonlands Camps, an operator of youth summer camps in North America, as a 2021 investment. ESP's Partners page names Caroline Matthews and Connor McCarthy, both Stanford GSB, as Co-CEOs through their search fund, Canyonlands Fund. I searched for press, case studies or announcements about the acquisition and found nothing that describes it: no seller, price, financing, lenders or sourci
- 6CarDataacquired by Spruce Grove Capital (Toronto, founded 2019) · Business Services · United StatesCarData Consultants is an Oakville, Ontario provider of vehicle reimbursement program management for commercial customers. ESP lists a 2021 investment and shows Michael Levine and Sheret Ross, of the Toronto search fund Spruce Grove Capital, as former CEOs. Aggregator sites report that Spruce Grove made a growth investment in CarData in March 2021, amount undisclosed, to fund expansion in North Am
- 7Central Storage & Warehouseacquired by Thomas Street Partners · Business Services · United StatesCentral Storage & Warehouse, a provider of temperature-controlled warehousing in Wisconsin, is held by the Thomas Street Partners search fund, per a Searcher Insights listing that names Sam Krieg and Hill Hamrick. ESP lists its investment as 2021. A 2024 Refrigerated Frozen Foods article identifies Krieg as co-CEO. Older articles from around 2009 show a different CEO, John Winegarden, so the busin
- 8Cinergiaacquired by Sotavento Capital · Test & measurement equipment · SpainBarcelona designer of AC/DC power-electronics test equipment for EVs, renewables and smart grids, sold to R&D labs worldwide Backed by Itaca Capital Partners, ALZA Capital Partners, Promax Capital Investments. Source: https://itaca.capital/companies/
- 9Cinergia Power Solutionsacquired by Sotavento Capital · Power electronics · SpainBarcelona custom power-electronics solutions maker (founded 2008) Backed by Inversiones Cabiedes, Itaca Capital, Marc Bartomeus (Albira Investments), Marion Equity Partners (Mark and Bill Egan), AI Global (José Moreno), Simon Webster, Tom Hendrickx, Will Thorndike. Source: https://capital-riesgo.es/en/articles/dla-piper-asesora-al-search-fund-sotavento-capital-en-la-compra-de-cinergia-power-solutions/
- 10Demarka S.A.acquired by Lemuy Group · Distribution · ChileLemuy Group acquired 80% of Demarka, an industrial labelling and office supplies company.
- 11DriveSafeacquired by Alnes Capital LLC (per ESP partner listing); a Preqin preview instead names Trilogy Search Partners as acquirer (unverified) · Consumer Services · United StatesESP lists DriveSafe, which calls itself Colorado's largest driving school, as a 2021 investment, and its partner page names Tariro Goronga (Harvard Business School, Alnes Capital, since 2020) as CEO. DriveSafe operates under Baron Education / Baron Investments, LLC in Greenwood Village, CO, with roughly a dozen locations; a Preqin preview says the company was acquired by Trilogy Search Partners, w
- 12DSD Partnersacquired by Parkhill Capital (per ESP partner listing) · Business Services · United StatesESP lists DSD Partners, a technology solutions and services provider to retailers, distributors and manufacturers, as a 2021 investment, and its partner page names Mark Devooght (Dartmouth, Parkhill Capital, since 2021) as CEO. The company's site confirms Devooght as CEO and says a 2024 merger with GlobalWorx (the page says the company 'Tactiq' completed it) combined two technology providers, reac
- 13Earth Development, Inc.acquired by Crosswalk Capital · Business Services · United StatesVendor procurement company providing commercial facilities management with a specialization in supporting multi-site organizations
- 14Ennoble Careacquired by Circa Health · Healthcare Providers · United StatesHome health and hospice care
- 15Falcon Security Hubacquired by Africa Search Capital · Electronic Security · South AfricaAcquired via Africa Search Capital (ASC), backed by Ambit Partners.
- 16Farmacia de Daltacquired by Jan Nikolaisen (NCA entrepreneur) · Healthcare · SpainPharmacy / healthcare Backed by Novastone Capital Advisors (NCA). Source: https://searchfundsnews.com/spain-surpasses-75-sf-acquisitions-and-is-on-track-to-reach-100-by-the-end-of-2027/
- 17Gesinflot (TDI Técnicas de Ingeniería)acquired by Eon Partners · Transport software · SpainFleet-management SaaS for long-distance freight transport; >25,000 connected devices Backed by José Cabiedes, Daniel Escanciano, Fernando Herrero, Enrique Locutura. Source: https://www.merca2.es/2021/10/07/eon-partners-tdi-liderar-mercado-europeo-gestion-flotas-transporte-762318/
- 18Grabalfaacquired by D'Ella Capital · Printing services · SpainPre-press services for packaging / graphic supply chain Source: https://searchfundsnews.com/spain-surpasses-75-sf-acquisitions-and-is-on-track-to-reach-100-by-the-end-of-2027/
- 19Grupo Espiral MSacquired by Tilden Capital · Software · SpainSoftware company Backed by Relay Investments. Source: https://searchfundsnews.com/spain-surpasses-75-sf-acquisitions-and-is-on-track-to-reach-100-by-the-end-of-2027/
- 20Grupo Espiral MS (Proactivanet / Prosafety)acquired by Tilden Capital · Software · SpainAsturias software group: ProactivaNet IT asset/service management and Prosafety EHSQ software Backed by Istria Capital, JB46, Relay Investments, ALZA Capital Partners. Proactivanet: 'In 2021, Tilden Investments, headed by its new CEO Alvaro de Rivera, made an important investment'. Registry (empresia.es/empresa/espiral-microsistemas/) shows Tilden Investments SL as sole shareholder. Source: https://www.proactivanet.com/en/about-us/
- 21IESMATacquired by Signatus Capital · Scientific Instrumentation · SpainAcquired by Signatus Capital (led by Enrique Sales), backed by ITACA Capital Partners and Arada Capital Partners
- 22IML (Instituto Médico Láser)acquired by Arista Partners · Healthcare · SpainMadrid aesthetic-medicine and laser clinic (founded 1996) Source: https://searchfundsnews.com/spain-surpasses-75-sf-acquisitions-and-is-on-track-to-reach-100-by-the-end-of-2027/
- 23Kapalua Tradingacquired by Navega Capital · Consumer products · SpainConsumer products company Source: https://www.elespanol.com/invertia/mis-finanzas/fondos-de-inversion/20240521/alaluz-capital-mueve-fondo-search-funds-captar-millones-euros-comprar-pymes/856664791_0.html
- 24Lion Industrial Resourcesacquired by Seneca Trails Capital · Waste Management · United StatesEnvironmental services and industrial waste management
- 25maxRTEacquired by Northern Pine Partners, LLC · Software · United StatesSelf-pay and revenue cycle management services
- 26Meridian Titleacquired by Armatage Capital · Business ServicesTitle and escrow services for the real estate industry
- 27NortConsulting (Norconsulting)acquired by Bogo Inversión · Technology · SpainTechnology consulting Backed by Juan Cuesta. Source: https://searchfundsnews.com/spain-surpasses-75-sf-acquisitions-and-is-on-track-to-reach-100-by-the-end-of-2027/
- 28OneSourceacquired by Search Fund Accelerator · Business Services · United StatesOutsourced IT services for small and medium businesses
- 29PrecisionMed, Inc.acquired by West-Atlantic Partners · Healthcare Services · United StatesPremier biobank and supplier of human biological material for biomedical research
- 30Salvavidas Cardio (Anek S3)acquired by Vesta Capital Partners · Healthcare · SpainAED / cardio-protection-as-a-service and training; EUR5-6M revenue Backed by ALZA Capital Partners, Alza Capital Partners, Cabiedes Capital, Istria Capital, JB46, Juergen Rilling, Pacific Lake Partners, Relay Investments. Source: https://searchfundsnews.com/another-exit-in-spain-salvavidas-cardio-acquired-by-safe-life/
- 31Semifyacquired by Broadtree Partners · SEO/Digital Marketing Agency Services · United StatesAcquired by Broadtree Partners, backed by Dellin Investments
- 32Softripacquired by Forest Park Capital · Software · United StatesBusiness software for tour operators
- 33Sunscape Landscapingacquired by Parkland Field Management · Property Management · United StatesCommercial and residential landscaping services
- 34Tortorella Groupacquired by Big Branch Capital LLC · Property Management · United StatesPool construction and maintenance