Follow the Money: Honeywell and Cisco Invest in Theatro, Satori Makes $30M Investment; SWK Buys Enteris BioPharma

You’ll also find news about Stack Sports, Cambium Learning Group, Addus, AZZ, MEI Rigging, and Allied Universal in this roundup of funding, merger, and acquisition activity involving North Texas companies.

What companies are finding funding or having a big exit? From startup investments to grants and acquisitions, Dallas Innovates tracks what’s happening in North Texas money every Thursday. Sign up for our e-newsletter to stay in the loop.

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Honeywell Ventures and Cisco invest in Theatro

Richardson-based Theatro has secured investments from Honeywell Ventures and Cisco Investments. The amounts of the investments have not been disclosed.

Theatro is the developer of the “world’s first” voice-controlled mobile platform that connects hourly workers to enterprise resources, according to a statement. The Richardson company expects its relationship with Honeywell and Cisco to help it transform the future of retail, hospitality, manufacturing, and other industries with substantial deskless workforces.

The investments are said to be the foundation for Theatro’s expanding platform interoperability and market footprint.

“Companies across a wide variety of industries are recognizing the significant customer experience and productivity benefits of a connected and engaged workforce,” Chris Todd, Theatro’s CEO, said in the statement. “Our collaborations with Cisco and Honeywell ensure that Theatro will remain at the cutting edge of both networking and mobile standards and help us bring these benefits to more organizations, in a seamless and comprehensive manner.”

Satori Capital invests $30M in Cicero Capital Partners

Dallas-based conscious capitalism investment firm Satori Capital has invested at total of $30 million in Cicero Capital Partners, LLC.

Satori, a firm with more than $1 billion in assets under management, completed the $20 million investment on April 1, then through Aug. 1, increased the allocation to roughly $30 million, according to a statement.

The investment is part of the Satori XL Partnership Program, which forms strategic partnerships with investment managers that usually have at least a three-year track record and less than $100 million in assets under management.

Columbia, Maryland-based Cicero manages a portfolio of commercial mortgage-backed securities and other real estate related opportunities. As of July 1, its assets under management was roughly $77 million. 

Satori Capital also recently announced in a filing that it has raised $92.75 million for a third fund with no target listed.

MERGERS & ACQUISITIONS

SWK Holdings acquires Enteris BioPharma in $21.5M deal

SWK Holdings Corp., a Dallas-based life science-focused finance company, has acquired Enteris BioPharma, Inc. from Victory Park Capital of Chicago in a deal valued at $21.5 million.

According to a statement, Boonton, New Jersey-based Enteris will operate as an independent, wholly-owned subsidiary of SWK led by its existing management team.

“With Enteris, we have secured, on very favorable terms, a revenue-generating company with a platform technology, development pipeline and manufacturing capabilities that have yet to realize their full economic potential,” Winston Black, SWK’s CEO, said in a statement. “As a result, we have the opportunity to become more operationally oriented, actively building a wholly-owned portfolio of milestones and royalties throughout-licensing activities.”

Enteris, which was founded in 2013, is expected to still focus on the advancement of the external partnerships built around Peptelligence, as well as its drug development pipeline. Both have the potential to deliver shorter and longer-term licensing opportunities. 

Stack Sports acquires Affinity and Blue Sombrero for $45M

Plano-based Stack Sports has acquired Southlake’s Affinity Sports and Atlanta-based Blue Sombrero from Dick’s Sporting Goods in a deal totaling $45 million.

Stack Sports is the largest and fastest-growing global provider of sports technology, according to a statement. The companies have entered into a long-term strategic partnership in connection to the deal for retail promotion, live event scores, and team management technologies.

The deal is said to create the largest customer base in the sports technology market and in the industry’s most comprehensive suite of cloud-based sports administration, communication, and other related solutions.

Cambium Learning Group agrees to buy AIR Assessment

Dallas-based Cambium Learning Group has entered into an agreement to buy AIR Assessment, the student assessment division of the American Institutes for Research, according to a statement.

The acquisition comes a little under a year since Cambium was taken private. No details were released on the acquisition.

Cambium provides software and learning products for children and educators, while the American Institutes for Research is a behavioral and social science research organization. Cambium has roughly 800 employees and AIR Assessment has about 600, according to the Dallas Business Journal

Addus to buy Alabama hospice service provider for $130M

Frisco-based Addus HomeCare Corp., a provider of comprehensive home care services, has agreed to buy Hospice Partners of America, LLC, an Alabama-based multi-state provider of hospice services, in a cash deal valued at $130 million.

Hospice Partners of America serves an average of roughly 1,000 patients daily throughout 21 locations across Texas, Idaho, Kansas, Missouri, Oregon, and Virginia.

Addus  will fund the purchase through its revolving credit facility, according to a statement.

AZZ acquires Garland-based NuZinc

AZZ Inc., a Fort Worth-based global provider of metal coating solutions, welding solutions, specialty electrical equipment, and highly engineered services, has acquired NuZinc, LLC, a privately held Garland plating company.

No financial terms of the deal were released.

NuZinc provides electroplating services to the markets of aerospace, defense, telecommunications, medical, transportation, and commercial industries, AZZ said in a statement. 

MEI Rigging acquires Hutchins-based Hanks Machinery Movers

Plano-based MEI Rigging & Crating, LLC, a provider of machinery moving, millwrighting, installation, crating, and export packing services, has acquired substantially all of the assets of Hanks Machinery Movers, Inc.

Hutchins-based Hanks is a provider of rigging and machinery moving services to commercial and industrial customers in and around Dallas-Fort Worth. 

The addition of the Hanks facility is said to give MEI it a third Dallas-Fort Worth location, bolstering MEI’s presence in the North Texas market.

Allied Universal buys Midstate Security

Allied Universal has acquired Midstate Security, a fully integrated electronic security and monitoring systems company headquartered in Wyoming, Michigan.

No financial details of the acquisition were released.

The acquisition is expected to expand Allied Universal’s Dallas-based Allied Universal Technology Services division. The Dallas unit provides electronic access control, video surveillance, fire/life-safety, alarm monitoring, emergency communications, hosted/managed services, and a variety of global security operating center (GSOC-as-a-Service) offerings, Security Sales & Integration reported.

“Midstate’s ability to expand our geographic reach into the Midwest, as well as their enterprise-class delivery capabilities are both strategically important additions to our business,” Carey Boethel, president of Allied Universal Technology Services, said in the report. “We are excited to be partnering with such a great team as we continue to grow and expand across the U.S.”

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