Tracked deals
15
15 tracked deals across 2021-2025.
Construction Buyers & Acquisitions in Indiana
Buyer mix
Mixed buyer set
13 strategic · 12 pe
Top trend
Volume peaked in 2025
4 tracked deals announced in 2025.
Primary Insight
What Stands Out
- Trade contractors and multi-trade platforms are prominent, including acquisitions that expand electrical, plumbing, and mechanical/exterior service offerings in Indiana.
- Buyers frequently describe the transactions as add-ons supporting local expansion and broader growth across the Midwest.
- Several deals reinforce a capability deepening theme—such as electrical construction/maintenance, coatings and polished concrete installation, plumbing services for existing HVACR customers, and flooring/resinous polymer work.
- Construction support services and enabling software also appear, including FleetWatcher (fleet + materials management) and labor/control capabilities added via Comfort Systems USA.
- Recurring buyer names include Restoration Builders, Inc., O2 Investment Partners, Stronghouse, Apollo Global Management, The State Group, UMB Capital Corporation, Concentric Investment Partners, and Petra Capital Partners.
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Restoration Builders, Inc. | 2 | Residential and commercial exterior building services com... | Strategic |
| ACI Holdings Group | 1 | Commercial paving platform offering asphalt and concrete ... | Strategic (PE-backed) |
| Align Technologies | 1 | Operator of a construction operations management platform... | Strategic (PE-backed) |
| Amethyst Capital Group, LLC | 1 | Independent sponsor / private investment firm focused on ... | Investor |
| Apollo Global Management | 1 | Global alternative investment manager with funds investin... | PE |
| Blue Point Capital Partners | 1 | Private equity firm managing over $1.8 billion in committ... | PE |
| Bow River Capital | 1 | Private alternative asset manager focused on lower-middle... | PE |
| Cairngorm Capital Partners LLP | 1 | Specialist private investment firm focused on mid-market ... | PE |
| Centerfield Capital Partners | 1 | Provider of junior/subordinated capital to lower middle‑m... | Investor |
| Comfort Systems USA, Inc. | 1 | Leading provider of commercial, industrial, and instituti... | Strategic |
Acquisition Volume in Construction in Indiana by Year
Last 5 years
Supporting Data
Recent Transactions
-
December 22, 2025
- Buyer
- The State Group, Apollo Global Management
- Target
- J&J Electric of Indiana, Inc.
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
The State Group, a portfolio company of funds managed by Apollo, has acquired Kokomo-based electrical contractor J&J Electric of Indiana, expanding its footprint in Central and Northern Indiana. J&J Electric brings over 200 union electricians and capabilities in electrical construction, maintenance, fire, security, communications, utility and safety systems to The State Group's multi-trade platform.
-
- Buyer
- New State Capital Partners, Amethyst Capital Group, LLC
- Target
- Harrell-Fish Inc.
- Seller
- Existing owners
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
New State Capital Partners has completed a majority investment in Harrell-Fish Inc., a Bloomington, Indiana-based mechanical contractor, in partnership with Amethyst Capital Group. The existing owners retained significant equity and will remain with the company as New State positions HFI as a platform for organic growth and add-on acquisitions to expand geographically across the Midwest and beyond.
-
July 16, 2025
- Buyer
- Stronghouse, O2 Investment Partners
- Target
- Centurion Exteriors
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Stronghouse, a national exterior home-services platform backed by O2 Investment Partners, has acquired Centurion Exteriors, a Fort Wayne, Indiana-based provider of roofing, windows and exterior remodeling services. The add-on expands Stronghouse's footprint into Indiana and Northwestern Ohio and will provide Centurion with centralized operations, capital and technology support to scale locally.
-
January 16, 2025
- Buyer
- Sunflower Industrial, KCN Companies
- Target
- Desco Floor Systems
- Seller
- Lee Reasor
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Sunflower Industrial, a coatings platform majority owned by KCN Companies, has acquired a controlling interest in Desco Floor Systems, a Fortville, Indiana-based commercial and industrial resinous polymer and polished concrete installer. Desco's leadership (Lee Reasor and Mark Verry) will remain in place and will partner with Sunflower's Epoxy Coating Specialists (ECS) to expand the combined company's national installation footprint.
-
November 12, 2024
- Buyer
- Pinnacle MEP, Blue Point Capital Partners
- Target
- Bell Plumbing Services
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Blue Point Capital Partners’ platform Pinnacle MEP has acquired Bell Plumbing Services, a Greenwood, Indiana commercial plumbing provider. The add-on expands Pinnacle’s footprint in central and eastern Indiana and enhances its plumbing capabilities for existing HVACR customers to increase market density and service offerings.
-
August 1, 2024
- Buyer
- Align Technologies, The Riverside Company
- Target
- FleetWatcher
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Align Technologies has acquired FleetWatcher, an Indianapolis-based fleet and materials management software provider serving heavy civil construction and asphalt paving customers. The deal, funded with additional capital from majority investor The Riverside Company, expands Align's construction operations platform to include telematics, materials management, and enhanced asset tracking capabilities.
-
March 12, 2024
- Buyer
- Landmark Aquatic, Bow River Capital
- Target
- Spear Corporation
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Landmark Aquatic, a national commercial pool services platform backed by Bow River Capital, has acquired Indiana-based Spear Corporation to expand its Midwest footprint and strengthen renovation, design, construction, and maintenance capabilities. The deal adds Spear's technical expertise and customer relationships (education, municipal and private club developers) to Landmark's platform, which is supported by Bow River Capital.
-
- Buyer
- Six Pillars Partners, Centerfield Capital Partners, Petra Capital Partners, Concentric Investment Partners, UMB Capital Corporation
- Target
- Royalty Roofing, Majestic Facility Experts
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Recapitalization
Six Pillars Partners led a recapitalization of Royalty Roofing and sister company Majestic Facility Experts to support national growth and pursue add-on acquisitions. Capital for the transaction was provided by Centerfield Capital Partners, Petra Capital Partners, Concentric Investment Partners, and UMB Capital Corporation; founder Andy Royalty remains as President and the Company completed a strategic bolt-on at closing.
-
- Buyer
- Soundcore Capital Partners, LP, ACI Holdings Group (ACI)
- Target
- Asphalt Solutions, Inc.
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Soundcore Capital Partners, through its commercial paving platform ACI Holdings Group, acquired Asphalt Solutions, Inc., a provider of asphalt and concrete maintenance and repair services based in Indianapolis. The deal is the third add-on to Soundcore's ACI platform and is intended to expand ACI's commercial paving footprint in the Midwest and accelerate organic and acquisitive growth.
-
July 20, 2022
- Buyer
- Infinity Home Services (IHS), North Branch Capital
- Target
- Cochran Exteriors
- Seller
- Ross Cochran, John Cochran
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Infinity Home Services (IHS), a portfolio company of North Branch Capital, acquired Cochran Exteriors, a residential roofing, siding, window and gutter replacement contractor based in Indianapolis. The purchase is an add-on to IHS’s national consolidation strategy in the non-insurance, retail residential exterior market and expands IHS’s presence in the Indianapolis area.
-
- Buyer
- Cairngorm Capital Partners LLP, SageHome Inc.
- Target
- New Bath Today Inc.
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Cairngorm Capital Partners has partnered with Atlanta-based SageHome to acquire New Bath Today Inc., an Indianapolis-headquartered bathroom renovation specialist focused on aging-in-place solutions. The acquisition is SageHome's first add-on and expands its national footprint and capability to provide accessibility and mobility home modifications for seniors and people with disabilities.
-
- Buyer
- Comfort Systems USA, Inc.
- Target
- MEP Holding Co., Inc. (including Edwards Electrical & Mechanical, Inc.), Thermal Service, LLC and TES Controls, LLC (together, Thermal), Kodiak Labor Solutions, LLC
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
Comfort Systems USA (NYSE: FIX) acquired MEP Holding Co., Inc. and its subsidiaries including Edwards Electrical & Mechanical, Inc., a Richmond, Kentucky-based service and controls business (Thermal Service, LLC and TES Controls, LLC), and Kodiak Labor Solutions, LLC, a temporary staffing firm based in Indiana. The additions expand Comfort Systems USA's Midwest footprint, add specialized clean-room and controls capabilities, bolster HVAC service and chiller maintenance capacity in Kentucky, and augment skilled labor resources for project staffing.
-
January 3, 2022
- Buyer
- Fred Weber Inc.
- Target
- General Drilling
- Seller
- Owners of General Drilling (Boatman family)
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
Fred Weber Inc., a St. Louis-based construction materials and services provider, has acquired General Drilling, an Indiana-based blast hole drilling company. The deal brings specialized drilling capabilities and skilled employees into the Fred Weber organization and expands its presence in the Midwest and South; General Drilling will remain headquartered in Indiana and its president Matt Boatman will stay in that role.
-
September 9, 2021
- Buyer
- Restoration Builders, Inc.
- Target
- Palazzo Restoration, LLC
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
Restoration Builders, Inc. completed an asset purchase of Palazzo Restoration, LLC, acquiring Palazzo's online roofing sales business and bringing founder Tim Rimedio and his web-based sales process into Restoration Builders. The deal is intended to kick-start Restoration Builders' online sales efforts and expand that capability into additional geographic territories beginning in Q4 2021.
-
- Buyer
- Restoration Builders, Inc.
- Target
- Jagg, LLC
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
Restoration Builders, Inc., a Scottsdale-based restoration contractor network, has acquired Jagg, LLC, a Clayton, Indiana metal roofing fabrication and installation business. The deal expands Restoration Builders' service offering into metal roofing specialty services to support growth in the insurance restoration and roofing market.
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Frequently Asked Questions
What kinds of construction companies are being acquired in Indiana?
Deals include contractors across trades (electrical, mechanical, plumbing, roofing/exterior remodeling, paving, and coatings/floor systems) as well as related construction enablement such as fleet tracking and materials management software.
Are these acquisitions mostly add-ons or stand-alone purchases?
The page facts repeatedly frame transactions as majority investments, platform expansions, or add-on acquisitions intended to broaden geographic presence and capabilities.
Which Indiana locations show up in recent deals?
Several transactions reference specific Indiana cities and service areas, including Kokomo, Bloomington, Fort Wayne, Greenwood, Indianapolis, and Fortville.
Who are some recurring acquisition buyers in the Indiana construction space?
Recurring names listed across the page include Stronghouse, O2 Investment Partners, Apollo Global Management, The State Group, UMB Capital Corporation, Concentric Investment Partners, and Petra Capital Partners.
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