Upstate Deals and Doings – November 1, 2018
Deals, news and events for the investment community across Upstate New York.
Published online and emailed to members on the first Thursday of each month.
Under the Hood: Multisorb
Eric Armenat had spent decades building a successful career in aerospace manufacturing when he got a job offer he couldn’t refuse: Would he be interested in running a struggling home healthcare business?
Armenat was intrigued by the challenge, and took the job, embarking on a corporate turnaround that standardized best practices across offices, lowered costs and improved the company’s bottom line. Three years after he took the job, Summer Street was able to sell their stake in Willcare at a profit. Read Eric’s story.
- BeerBoard, a Syracuse-based developer of integrated draft management and guest display software designed to manage bar operations, raised $425,000 of convertible debt funding
- One Stone Technology, a Cazenovia-based developer of a patient engagement software designed for activating patients through personalized messaging, raised $500,000 of angel funding
- NOHMs Technologies, a Rochester-based developer of lithium-sulfur batteries designed to offer energy storage materials, raised $1.85 million of convertible debt funding
- Relish, a Mamaroneck-based developer of a relationship training application designed to help users have successful relationship, raised $2.2 million of angel funding
- CleanFiber, a Buffalo-based producer of cellulose-based insulation material, raised $4.93 million of venture funding
- Qwire,a Sleepy Hollow-based developer of a cloud-based data and media management platform intended to streamline royalty reporting and licensing for music-for-picture, raised $2 million of venture funding
- Specified Air Solutions, a Buffalo-based manufacturer of commercial and industrial heating, ventilation and air conditioning equipment, was acquired by Madison Industries
- SI Group, a Schenectady-based developer and manufacturer of performance additives and intermediates, was acquired by Addivant, via its financial sponsor SK Capital Partners
- Crossfuze, a Buffalo-based provider of software implementation, integration and consulting services, was acquired by RLJ Equity Partners
- Cadaret Grant & Company, a Syracuse-based operator of a broker-dealer firm, was acquired by Atria Wealth Solutions, via its financial sponsor Lee Equity Partners
- Advanced Care Physical Therapy, a Buffalo-based provider therapeutic treatment services, was acquired by Health Plus Management, via its financial sponsor Alpine Investors
- York Analytical Laboratories, a Nyack-based provider of full-service, independent laboratory services intended for environmental contaminants, was acquired by TerraNova Partners
- WeCare Waste & Recycling, a Weedsport-based provider of waste management services for residential, commercial, and industrial customers, was acquired by Casella Waste Systems
- Valley Sanitation, a Morrisonville-based provider of waste recycling services for the roll-off, commercial and residential customers in Plattsburgh, NY, was acquired by Casella Waste Systems
- Harris, Chesworth, Johnstone & Welch, a Rochester-based Provider of legal services for individuals, businesses, municipalities, and other industries, was acquired by Tully Rinckey
- Fanthropic, an Armonk-based operator of a community for athletes and their loyal fans created to raise funds and awareness for worthy causes and charities, was acquired by Guard Dog
- Photo File, a Mount Kisco-based provider of photography and printing services intended to produce licensed sports and celebrity prints, was acquired by Globe Photos
- The Engineered Products Division of RotaDyne, a Spencerport-based business that offers repair, installation, replacement and heat treating of products including cargo trailers, home electronics, refrigerated trucks, fasteners, residential equipment, and other related products, was acquired by Jrlon
*Have a deal you'd like to share? Submit your deal here.
- NYSERDA announced the three award-winning colleges and universities that won the Energy to Lead Competition 2017, which spanned the 2017-2018 academic year. These teams proposed the best solutions for reducing or mitigating greenhouse gas (GHG) emission using energy efficiency, energy conservation, and renewable energy opportunities. Each winner will receive up to $1 million to help implement their plans. The three winners are Rochester Institute of Technology, Suffolk County Community College, and the University of Rochester.
- Summer Street Capital Partners' latest investment is in a Southeast Florida waste and recycling company. The Buffalo-based private equity firm focuses on low- to middle-market companies in the environmental services sector. The firm is currently investing out of its third fund, which totaled $279 million
- Kathryn Cartini, of Chloe Capital, and Tyler Wrightson, of Leet Cyber Security and Stacks Espresso Bar, have been selected to a national list of influential young executives. The Business Journals’ Influencers: Rising Stars spotlights 100 people in business across the country who are having an impact relatively early in their careers on their companies and their communities. And, because they’re still early in their careers, these executives could be shaping how business gets done in cities across the country for years to come.
Upstate capital events
- November 7 - New York City - Upstate Capital is hosting a members-only reception following NYSERDA’s Green Innovation Showcase. The event will bring together Upstate Capital members and board directors to network with executives, business leaders, entrepreneurs and investors interested in the green energy space.
- November 15 - Buffalo - We’re exploring the inner workings of private equity at Under the Hood: Multisorb and Summer Street. Join us to hear from both the CEO, Eric Armenat, and the investor, Mike McQueeney, about the investment thesis, strategy, execution and working together leading Multisorb to become one of Summer Street’s best exits this year.
- December 5 - Rochester - Together, we are celebrating the Upstate New York investment community for a our 3rd Annual Awards Celebration. Join the dealmakers as we celebrate the success of the Upstate New York investment ecosystem. Nominations are open until November 5. Categories include: Investment of the Year, Dealmaker of the Year and the Lifetime Achievement Award. Submit your nomination today and get your tickets!
*Members can contact Bailey for discount registration codes.
- November 7 - 8 - Albany - Commericalization Competition 2018 - Fuzehub's $350,000 competition is a two-day event that will feature a pitch competition showcasing innovative early-stage companies, panel discussions and networking opportunities.
- November 13 -14 - Syracuse - MedTech 2018 - New York’s premier bio/med conference is bigger and better than ever, with new features like an expanded Tech Showcase with the vendors and partners who will move your business forward and value-packed educational programs that will bring you up to speed on the latest in regulation & policy, innovation & technology and startups and business acceleration.
- December 4 - Rochester - Chloe Capital pitch event for women-led companies - Chloe Capital is on a mission to advance solutions to the diversity gap in entrepreneurship, focusing on frontier technologies and rapidly growing markets. Ready to make our next five investments during pitch events across the U.S. — Chloe Capital is kicking things off in Rochester.