Acquisitions in Indiana, United States

Lee's Famous Recipe Chicken franchisee Jack Omer acquired five existing Lee's restaurants across Indiana, expanding his multi-unit presence in the system. The acquired locations (including sites in Connersville, Muncie, and Richmond) are planned for remodels to align with current brand standards and support continued local growth.

An affiliate of Lone Star Funds completed the previously announced all-cash acquisition of Hillenbrand, Inc. The transaction valued Hillenbrand at approximately $3.8 billion in total enterprise value, and the company’s shares will be delisted from the New York Stock Exchange while it continues operating under the Hillenbrand name.

Bain Capital Double Impact announced a new investment in American College of Education (ACE), following CIC Partners’ successful realization and exit from its investment that began in 2020. The transaction, completed in the fourth quarter of 2025, marks a transition to ACE’s next growth phase; financial terms were not disclosed.

Littlejohn & Co., a private investment firm based in Greenwich, Connecticut, acquired 80/20 from MPE Partners (Morgenthaler Private Equity). 80/20, headquartered in Columbia City, Indiana, provides premium configurable modular framing solutions used in automation, productivity, and safety applications across diverse industrial end markets; financial terms were not disclosed.

Simplicity Group, a holistic financial planning firm, acquired Indianapolis-based Source Brokerage, LLC, a disability-insurance specialist brokerage general agency (BGA). The deal expands Simplicity’s national disability insurance (DI) platform and adds institutional-market expertise, including Graduate Medical Education (GME) and Guaranteed Standard Issue (GSI) programs. Source Brokerage founder Steve Crowe joins Simplicity as a partner as part of the transaction.

Matt Bowers Automotive Group acquired the Bill Estes Chrysler Dodge Jeep Ram dealership in Brownsburg, Indiana from Asbury Automotive Group, with Hacman Financial serving as exclusive buy-side advisor. The transaction closed on February 2, 2026, and the dealership will operate as Indy Chrysler Dodge Jeep Ram. The deal marks Matt Bowers Automotive Group’s first location in Indiana and expands its multi-state dealership footprint.

Forta Wealth Partners, a newly launched independent wealth management firm based in Indianapolis, received a strategic minority investment from Elevation Point. The investment supports Forta’s launch after the team’s transition from Merrill Lynch Wealth Management’s The Turner Group, providing access to resources and collaboration (including Goldman Sachs Custody Solutions) while Forta maintains control of the business.

Apollon Wealth Management added Indiana-based registered investment adviser Sage Advisors to expand its presence in the Midwest and continue building its national wealth management organization. Sage Advisors, founded in 2021 and led by Principal Mike Surenkamp, will gain access to Apollon’s operational support and resources; financial terms were not disclosed.

National Manufacturing Group announced the acquisition of J.M. Hutton & Co., a Richmond, Indiana–based manufacturer founded in 1863. The deal expands National Manufacturing Group’s metal fabrication and finishing capabilities—adding stamping, laser cutting, in-house fabrication, and automated powder coating—to support its vertical integration strategy in operator cab and structural component manufacturing.

Gryphon Investors acquired Safety Management Group (SMG), a provider of outsourced Environmental, Health, and Safety (EH&S) services, from NMS Capital. Headquartered in Indianapolis, Indiana, SMG will serve as a new platform for Gryphon focused on outsourced safety services, with CEO Randy Gieseking and the management team remaining in place and retaining meaningful ownership. Financial terms were not disclosed.

East Coast Power (ECP), a portfolio company of A&M Capital Partners, acquired United Powerline Solutions (UPS), an Indiana-based provider of overhead electric distribution services. The deal expands ECP’s geographic footprint into the Midwest and strengthens its electric utility distribution capabilities amid increased grid modernization and infrastructure investment.

H3 Partners, a private equity firm, acquired Upper Hand, a software provider for youth sports facilities and training centers headquartered in Indianapolis, Indiana. Upper Hand’s platform supports scheduling, memberships, payments, and facility management, and the deal is intended to accelerate product innovation and expansion in the youth sports market. Financial terms were not disclosed, and H3 Partners co-founders Brad Wills and Brad Greene will assume CEO and COO roles at Upper Hand, respectively.

American Elevator Group (AEG), a national provider of elevator maintenance, repair, and modernization services, announced a merger with Mid-America Elevator, an Indiana-based elevator service and modernization company. The partnership is intended to accelerate growth in Indiana by combining Mid-America’s local market presence with AEG’s national resources; transaction terms were not disclosed.

VMG Health, a healthcare consulting firm and portfolio company of Incline Equity Partners, acquired Burrows Consulting. The acquisition expands VMG Health’s ability to serve community-based healthcare organizations, adding Burrows Consulting’s expertise in FQHC development, grant writing, and reimbursement optimization. The transaction was effective December 23, 2025.

The State Group Industrial (USA) Limited (The State Group), a portfolio company of funds managed by Apollo, announced it has acquired J&J Electric of Indiana, Inc., a Kokomo, Indiana-based electrical contractor. J&J Electric provides electrical construction and maintenance and related systems work across Central Indiana and the Midwest, expanding The State Group’s footprint in Central and Northern Indiana.

National Safety Apparel ("NSA"), a portfolio company of Blue Point Capital Partners, acquired NASCO Industries, Inc., a U.S.-based manufacturer of premium flame-resistant rainwear and protective outerwear. Headquartered in Washington, Indiana, NASCO expands NSA’s portfolio in flame-resistant rainwear and electric utility PPE, marking NSA’s third acquisition in 2025.

Jack Omer, a third-generation Lee's Famous Recipe Chicken legacy operator, acquired the Lee's Famous Recipe Chicken restaurant in New Castle, Indiana. The location was purchased from longtime franchisee Mike Fort, and Omer also signed a development agreement to open six additional Lee’s locations in the greater Indianapolis area over the next five years.

New State Capital Partners completed a majority investment in Harrell-Fish Inc. (HFI), a mechanical contracting provider focused on HVAC and plumbing installation, maintenance, and repair services. The investment was made in partnership with HFI’s existing owners, who retained significant ownership and will continue with the company, and alongside Amethyst Capital Group, LLC. Financial terms were not disclosed.

Inovar Packaging Group, LLC acquired Enterprise Marking Products (EMP), a flexographic label printing company headquartered in Fishers, Indiana. The deal expands Inovar’s Midwest footprint and strengthens its capabilities in durable and industrial labeling, including pressure-sensitive and non-adhesive labels for industrial/container, food and beverage, and consumer durable goods markets.

Wealth Enhancement acquired FPG Private Wealth, a hybrid RIA overseeing more than $532 million in client assets and operating in Carmel and Lafayette, Indiana. The deal expands Wealth Enhancement’s presence in the Midwest—its first office location in the greater Indianapolis market—and increases the firm’s total client assets to more than $127.8 billion. FPG Private Wealth was formerly affiliated with Financial Partners Group and the transaction closed on November 30, 2025.

Americo Chemical Products, LLC, a portfolio company of St. Louis-based Harbour Group, acquired Fusion Chemical, a specialty metalworking fluids manufacturer. Fusion, founded in 2012 by Matt East and based in Huntington, Indiana, formulates and manufactures next-generation lubricants and coolants for machining and stamping applications, and will add products and technical capabilities to Americo. Financial terms were not disclosed.

LawnPRO Partners, a platform majority-owned by HCI Equity Partners, acquired Indiana-based Total Lawn Care, Inc. (TLC). TLC provides organic-based lawn care (fertilization, aeration, seeding) and pest control services in the Indianapolis area, and the deal expands LawnPRO’s footprint into Indiana.

Praesidian Capital completed a strategic follow-on equity investment in Round 2, LLC, a designer, manufacturer, and marketer of collectible models, die-cast vehicles, hobby products, and authentic farm toys. Praesidian originally invested in Round 2 in 2021 and is providing additional capital to support product innovation, supply chain capabilities, digital engagement, and growth initiatives such as product line extensions and international distribution.

Wealth Enhancement, a national independent wealth management firm, acquired/partnered with Guidance Wealth, an independent registered investment advisor (RIA) based in Elkhart, Indiana. Guidance Wealth oversees more than $165 million in client assets, and the transaction brings Wealth Enhancement’s total client assets to more than $125.1 billion. The acquisition closed on October 31, 2025.

Junto Holdings Group, Inc., a Minneapolis-based permanent-capital investment holding company, acquired SensorTec, LLC, a Fort Wayne, Indiana manufacturer of precision industrial temperature sensors used in test, measurement, and control applications. SensorTec will continue to operate independently with its existing team remaining in place. Financial terms were not disclosed and the deal represents Junto’s first platform investment.

Mission Critical Group (MCG) acquired Leman Engineering and Consulting (LEC), a Brookston, Indiana-based manufacturer of switchgear, control systems, and power distribution equipment. The deal expands MCG’s Midwest manufacturing footprint and engineering capabilities and establishes LEC as MCG’s R&D hub for power generation engineering and switchgear innovation supporting onsite generation, microgrids, and related applications.

Delaware Valley Floral Group, LLC (DVFG) acquired Marvin's Flower Gardens, Inc., a family-owned wholesale floral distributor serving the Midwest. The deal expands DVFG’s Midwest footprint and is expected to provide Marvin’s customers access to DVFG’s broader product selection, logistics network, and e-commerce/technology platforms. Marvin’s management team, including the Feldman family, will remain involved to ensure continuity and local leadership.

119th Street Capital, an Indiana-based family office focused on financial services, announced its acquisition of Armada Analytics, a provider of commercial real estate advisory services. Armada will continue its growth trajectory alongside its existing management team, with 119th providing financial and strategic resources to support organic and inorganic expansion.

Solve Industrial Motion Group (Solve) announced it has acquired B&B Manufacturing, a U.S. manufacturer of power transmission and precision mechanical components. Headquartered in La Porte, Indiana, B&B operates five locations and is known as North America’s largest synchronous drive pulley manufacturer; the deal expands Solve’s domestic manufacturing footprint and drive train solution capabilities. B&B also brings its recent acquisitions Diversified Specialties and JJC Associates into the combined business.

Batesville Services LLC announced the sale of its Management Information Systems (MIS) business to PlotBox, a cloud-native software platform for cemetery, crematory, and funeral home management. The transaction is effective immediately and is intended to allow both companies to focus investments in their respective areas, with PlotBox and Batesville coordinating to ensure a seamless transition for MIS customers.

Quad Innovations LLC of Brentwood (Nashville area), Tennessee acquired Stoutco, Inc., a Bristol, Indiana-based metal parts fabricator serving the bus, cargo trailer, and RV OEM markets. The sellers were Stoutco co-owners Ron Mason and Brian Conwell, who engaged Calder Capital as exclusive sell-side advisor to facilitate the transaction.

LFM Capital announced an investment in Systems Engineering and Sales Co. (SESCO), a Fort Wayne, Indiana-based supplier of power transformer installation and maintenance processing equipment. SESCO will join LFM’s electric grid reliability platform launched in partnership with ZTZ Services International, LLC, and CP Energy Holdings also participated in the deal as a minority investor.

Zimmer Biomet Holdings, Inc. has completed the acquisition of Monogram Technologies Inc., an AI-driven orthopedic robotics company. The deal expands Zimmer Biomet’s orthopedic robotics and navigation portfolio by adding Monogram’s surgeon-guided semi- and fully autonomous robotic technologies and provides contingent value rights tied to future milestones.

Collette Health acquired the Virtual Nursing Academy (VNA), an online education program focused on enabling healthcare organizations to build, launch, and optimize virtual nursing and broader virtual care delivery models. The deal expands Collette Health’s virtual care platform by integrating VNA’s on-demand curriculum, implementation guidance, and clinical expertise to help hospitals overcome adoption and change-management barriers. VNA founder Bonnie Clipper will continue to lead VNA operations and serve as a strategic advisor to Collette Health.

Welch Packaging Group completed its 41st acquisition by merging with Elite Packaging, a packaging company based in Jeffersonville, Indiana. The transaction adds Elite to Welch Packaging’s packaging operations; financial terms were not disclosed.

Beary Landscaping acquired Sun Valley Landscape and Snow, a provider of commercial landscape management and snow removal services in the Indianapolis metro market. Beary plans to retain Sun Valley’s existing staff and brand, expanding its recurring commercial services footprint across the Midwest.

Heartland Food Products Group, the manufacturer of SPLENDA BRAND products, has acquired the SLIMFAST US brand from Glanbia PLC. Heartland said the transaction expands its portfolio of nutrition and weight-management offerings alongside SPLENDA, supporting its focus on healthier consumer choices.

Cornerstone Building Brands, Inc., a North American manufacturer of exterior building products, has acquired Metal Sales Manufacturing Corporation, a manufacturer of metal building systems and components. Metal Sales is headquartered in Sellersburg, Indiana, employs about 900 people, and has a nationwide footprint that Cornerstone said is complementary to its existing operations, expanding its participation in the residential building systems market.

Capacity, an AI-powered support automation platform for contact centers, acquired KLaunch, a conversational AI company. The deal strengthens Capacity’s conversational AI capabilities and expands its reach in government, healthcare, nonprofit, and sports and entertainment sectors; financial terms were not disclosed.

Valsoft Corporation Inc., a Canadian acquirer of vertical market software businesses, announced the acquisition of WSI Technologies, a provider of secure video interview recording and evidence-sharing solutions for public safety and child advocacy organizations. The deal is Valsoft's anchor entry into the public safety technology sector, with WSI continuing to operate autonomously under Valsoft's Fluent operating group and Jim Hansen appointed as President and CEO of WSI.

CHA has acquired Midwestern Engineers, Inc., an Indiana-based engineering firm focused on water, wastewater, stormwater, and survey solutions. The deal expands CHA’s water resources and critical infrastructure capabilities across Indiana, with Midwestern rebranding as “Midwestern Engineers, Inc., A CHA Company.”

GEOH, a provider of practice management software and services for home care agencies, raised over $30 million in a growth investment led by Council Capital and its affiliates. Council Capital joins existing investors Boomerang Ventures, First Leaf Capital, and VisionTech Partners, with proceeds intended to accelerate GEOH’s expansion of its end-to-end software and services platform for home care agencies.

EverTrue, a donor engagement and pipeline development company backed by Rubicon Technology Partners, has acquired DonorSearch, a provider of philanthropic data and AI-powered donor discovery. The combination aims to unify DonorSearch’s donor intelligence and prospect research with EverTrue’s engagement tools to help fundraising organizations identify prospects, prioritize outreach, and strengthen donor relationships.

Selerix, a provider of cloud-based benefits administration, compliance, and communications solutions, announced it has acquired Steele Benefits. The deal combines Selerix’s technology platform with Steele’s high-touch benefits engagement, enrollment, and administration services to provide an end-to-end employee benefits experience for employers, brokers, carriers, and employees.

FitzMark LLC acquired Hometown Logistics LLC on September 2, 2025, expanding its freight brokerage and transportation management capabilities. The deal adds enhanced dry van and flatbed offerings to FitzMark’s service portfolio, with financial terms not disclosed. FitzMark noted the acquisition is supported by its private equity partner Calera Capital as part of an ongoing acquisition strategy.

Allied OMS, a doctor-owned and doctor-led management services organization for oral and maxillofacial surgeons, announced a new partnership with Oral Surgery Michiana. Through the partnership, Allied OMS enters Indiana and will support Oral Surgery Michiana’s two surgical centers in South Bend and Elkhart, led by Drs. William Hull and Edward Collins.

Winsert, an advanced manufacturer of specialty alloy components, announced the acquisition of Mack Tool & Engineering, a precision machining company headquartered in South Bend, Indiana. The combination expands Winsert’s engineering and manufacturing capabilities and strengthens its presence in aerospace and medical markets.

Winsert, a specialty alloy components manufacturer backed by Altus Capital Partners, acquired Mack Tool & Engineering, Inc., a precision machining company focused on aerospace and medical markets. The combination is intended to expand Winsert’s capabilities and product offerings, enhance diversification, and support long-term growth initiatives.

Chord Specialty Dental Partners (Chord) announced a strategic acquisition/affiliation with Dr. J Pediatric Dentistry, a pediatric dental group founded by Dr. Juan F. Yepes. Dr. J Pediatric Dentistry operates three practices across the greater Indianapolis area, and the partnership is intended to expand access to pediatric dental care while providing the practice with operational support and preserving clinical autonomy.

LRS, an independent waste diversion, recycling, and environmental solutions provider, acquired GHW, a locally owned waste company based in Indianapolis. The deal expands LRS’s footprint in the Indianapolis market and strengthens its commercial and industrial service capabilities in the Midwest. GHW will continue operating under its existing brand during a transition period, with its local team and leadership remaining in place.

Helix Traffic Solutions, a traffic safety solutions provider majority-owned by Nonantum Capital Partners, acquired Highway Safety Services of Lafayette, Indiana. The deal expands Helix’s footprint in Indiana and adds capabilities including traffic control, pavement marking, flagging, and equipment sales and rentals; financial terms were not disclosed.

Fun Town RV acquired Edmundson RV, an RV dealership in Edinburgh, Indiana. The business was sold by founders Chris and Jeanie Edmundson, with Performance Brokerage Services serving as the exclusive sell-side advisor; the dealership will be renamed Fun Town RV Indianapolis and remain at its current location.

A.S.A.P. Garage Door Repair, a portfolio company of Centerfield Capital Partners, acquired Affordable Garage Doors, Inc. Affordable Garage Doors provides garage door and opener sales plus installation, repair, and maintenance services across Indiana and Illinois, expanding A.S.A.P.'s Midwest footprint.

UES, a national provider of geotechnical engineering, environmental consulting, materials testing and inspection services, acquired GME Testing to expand UES’ Midwest region with its first Indiana-based operation. Founded in 1999 and based in Fort Wayne, Indiana, GME Testing provides geotechnical engineering, construction materials testing, and foundation-related inspections and testing, and will continue to be led by President and Principal Rami Anabtawi.

Sunbelt Modular, Inc. (SMB), a modular building solutions manufacturer and a portfolio company of Littlejohn & Co., acquired Whitley Manufacturing (WMI), a U.S. modular building manufacturer focused on complex commercial structures. The transaction terms were not disclosed, and Whitley’s CEO/owner Simon Dragan will remain involved as an investor in the combined business.

Stronghouse Solutions (Stronghouse), a roofing and exterior home services platform backed by O2 Investment Partners, acquired Centurion Exteriors, a Fort Wayne, Indiana-based provider of roofing, windows, and exterior remodeling services. The deal expands Stronghouse’s footprint into Indiana and Northwestern Ohio, increasing density across the Midwest/Great Lakes and providing an entry point into the broader Ohio Valley. Stronghouse plans to support Centurion with capital investment, technology, and centralized operational processes to help scale the business.

Kimura Foundry America, a Shelbyville, Indiana-based provider of rapid prototype castings and a U.S. subsidiary of Japan’s Kimura Group, acquired VIP Tooling, a precision tooling and CNC machining company also based in Shelbyville. The deal expands Kimura’s U.S. manufacturing capabilities by combining advanced casting (including 3D-printed casting technologies) with precision machining to offer streamlined, full-service manufacturing solutions for customers in industries such as automotive, energy, and industrial manufacturing.

CST Utilities, a portfolio company of private equity firm MFG Partners, acquired Daystar Directional Drilling, an underground utility services provider specializing in horizontal directional drilling in central Indiana. Effective July 15, 2025, Daystar will continue operating from Noblesville, Indiana as a member of the CST family, with founder Jerry Watson III remaining to lead Indiana operations and retaining an ownership stake.

Star Plastics, LLC, a platform company of Akoya Capital Partners, announced the merger of Trivalence Technologies, LLC into Star Plastics to expand its engineered thermoplastics compounding capabilities and market reach. Trivalence’s management team will remain in place, and the combination is positioned to broaden technical expertise, product offerings, and geographic reach. PMCF Investment Banking served as exclusive financial advisor to Trivalence Technologies.

Foundation Investment Partners (FIP) announced the acquisition of AAA Industrial Supply, an industrial supplies and safety equipment distributor headquartered in Garrett, Indiana. Following the transaction, AAA Industrial Supply will be integrated with Spartan Tool Supply under CEO Derek Elbaor, expanding product lines and adding nationwide e-commerce capabilities.

Unison Risk Advisors (URA) announced that Gibson Insurance Agency, Inc. has completed a strategic merger into URA, becoming the seventh platform company to join URA and the 26th transaction since URA’s formation in 2020. Gibson will continue operating under the Gibson name with the same leadership and client service teams, while gaining access to URA’s broader specialty solutions, market access, and technology platform.

Charger Investment Partners completed the acquisition of Versa-Drill, a designer and assembler of premium drilling rigs used in water well, geothermal, and cathodic protection applications. Versa-Drill is headquartered in Indianapolis, Indiana, and its leadership team (including Marcus Laibe and Marty Wright) will continue to lead the business and retain significant ownership alongside founder Mark Laibe. Financial terms were not disclosed.

New Day Healthcare, a home health and hospice provider, acquired Dunes Hospice in Indiana for an undisclosed amount. The transaction is New Day Healthcare’s 16th acquisition and its first entry into the Indiana market, supporting its strategy to expand service density and add complementary care lines in the state.

Allworth Financial announced the acquisition of Indianapolis-based sister firms Salzinger Sheaff Brock and Sheaff Brock Investment Advisors. The deal expands Allworth’s Midwest presence and investment capabilities and brings Allworth’s total assets under management and administration to over $30 billion.

WalkerHughes Insurance announced the addition of McCormick Insurance Agency, Inc. to its network of retail insurance agencies, expanding its presence in Vincennes, Indiana. McCormick will continue operating from its current Vincennes location while gaining expanded market access and resources through the partnership.

EagleStores, a convenience-store and gas station operator owned by fuel distributor R&R Takhar Oil, acquired a location in Princeton, Indiana to enter the state. The site was purchased from Ports Petroleum (also known as Fuel Mart) and EagleStores plans to raze and rebuild it, then rebrand it under a major fuel name as part of its broader Midwest expansion strategy.

Kennametal Inc. completed the sale of its Goshen, Indiana subsidiary, Kennametal Stellite, L.P., to a Chicago-based private equity firm for $19 million at closing. The transaction includes customary post-closing adjustments and a potential EBITDA-based earn-out after three years, with proceeds to be used for general corporate purposes.

Blue Point Capital Partners and its portfolio company Pinnacle MEP acquired Hammans Electric, Inc., a licensed electrical contractor providing commercial and industrial services in the Indianapolis area. The deal adds electrical capabilities and expands Pinnacle MEP’s Indiana presence as part of its broader Midwest trade-services buy-and-build strategy.

American Welding & Gas (AWG) has acquired Grant Hagberg Co., an Indiana-based distributor of bulk and cylinder carbon dioxide and dry ice. The deal expands AWG’s gas and welding supply footprint in the Midwest, adding a long-standing supplier serving Chicagoland and Northwest Indiana.

Cressey & Company LP announced a new partnership and investment in Paradigm Health, a hospice and palliative care provider headquartered in Indianapolis, Indiana. Paradigm Management and existing investor Havencrest Capital Management also invested alongside Cressey to support Paradigm’s next phase of growth and strategic expansion, while Havencrest characterized the transaction as a successful majority exit from its investment.

DHL Supply Chain, a unit of Deutsche Post DHL, acquired IDS Fulfillment to expand logistics and fulfillment services for small and midsize e-commerce businesses. IDS adds approximately 1.3 million square feet of warehouse and distribution space across three states, and financial terms were not disclosed.

Kodiak LLC, a specialty chemicals provider, acquired Sunocs LLC, including its grease and silicone manufacturing facility and customer base. The deal expands Kodiak’s manufacturing platform and product portfolio into silicones and greases, increasing capacity and enabling cross-selling into additional industrial end markets.

Help at Home announced the acquisitions of two Indiana-based home care organizations, LovAbility Home Care and BB's Heaven on Earth Home Care Services. The deals expand Help at Home’s home care footprint in central Indiana and strengthen its capacity to serve the state’s aging-in-place population.

Vertical Vision Financial Marketing, LLC ("V2"), an affiliate of AmeriLife Group, LLC, acquired The Ohlson Group, an annuity-focused insurance field marketing organization (FMO) based in Carmel, Indiana. The acquisition expands V2/AmeriLife’s in-house proprietary and semi-exclusive annuity product portfolios and distribution capabilities; financial terms were not disclosed.

Mobile Communications America, Inc. (MCA) announced the acquisition of Presidio, Inc.’s Physical Security Integration business, known as PhySec. Headquartered in Indianapolis, Indiana, PhySec designs and integrates customized physical security systems for customers across the Midwest and nationally, expanding MCA’s physical security capabilities in the region. Presidio will continue working with MCA as its exclusive partner for physical security products and services following the transaction.

Forward Consumer Partners acquired SerVaas Laboratories, Inc., the maker of Bar Keepers Friend (BKF), with existing BKF shareholders (including President Paul SerVaas) retaining a significant minority stake. Balance Point Capital Advisors, through an affiliated fund, invested alongside the transaction by providing capital to facilitate Forward’s recapitalization of the company. Concurrent with closing, Azania Andrews was appointed CEO of BKF.

One Equity Partners (OEP) has agreed to acquire CraftMark Bakery, a wholesale supplier of bakery products for quick service restaurants and in-store retail bakeries. CraftMark is headquartered in Indianapolis, Indiana and produces a range of frozen dough and baked goods for customers nationwide. The transaction is expected to close in Q2 2025, subject to customary conditions, and financial terms were not disclosed.

3 Boomerang Capital (3BC) announced a strategic growth investment in Bio-Response Solutions, a provider of sterilization and tissue digestion capital equipment used in regulated biomedical waste management. The investment will provide capital and strategic resources to support Bio-Response’s continued expansion across its Aquamation (alkaline hydrolysis) and Scientific waste sterilization segments.

Nonantum Capital Partners acquired MSI Express, a contract food and beverage co-manufacturing and packaging company with 15 locations across six U.S. states. The transaction closed on March 24, 2025 (announced March 26, 2025), with HCI Equity Partners selling its portfolio company; financial terms were not disclosed.

K1 Circuit acquired Whiteland Raceway Park, Indiana’s oldest continuously operating go-kart track. The deal expands K1 Circuit to its second U.S. location following the 2024 opening of K1 Circuit Winchester in Southern California. K1 Circuit plans to invest in and enhance the Whiteland facility while continuing to host karting programs and events.

LCI Industries, through its wholly owned subsidiary Lippert Components, Inc., announced it has acquired RVibrake, a leading flat tow brake system brand. The transaction closed on March 6, 2025, and RVibrake is now part of Lippert’s CURT product portfolio, including the acquired intellectual property and related flat towing braking equipment and accessories.

Dynamic Renewables, BC Organics, and National Organics combined to launch Sagepoint Energy, LLC, a new platform focused on developing and operating renewable waste-to-energy solutions in the United States. Sagepoint Energy is headquartered in Carmel, Indiana and is majority owned by Ares Management Infrastructure Opportunities funds, with a minority investment by an unregulated affiliate of NorthWestern Energy Group.

Celebrity Coaches, backed by private equity firm Allied Industrial Partners, acquired BandWagon RV Rentals, an RV provider focused on mid-level tour transportation for the entertainment industry. The deal expands Celebrity’s fleet to more than 120 vehicles and broadens its touring transportation offering; transaction terms were not disclosed. BandWagon’s leadership team, including founder Marvin Clarke and president Jeremy Clarke, will remain with the combined business.

Redwood Services, a home services platform focused on HVAC, plumbing and electrical contractors, partnered with Indianapolis-based Hope Plumbing in a transaction described as a sale to Redwood. As part of the investment, Hope Plumbing’s owners Jack Hope and Brad Persic will retain a significant minority ownership stake and continue operating the business under the Hope Plumbing name with Redwood providing operational, strategic and financial support.

BS&A Software, a provider of cloud-based municipal ERP solutions, has acquired Boyce Systems and its Keystone municipal finance/ERP software. The deal expands BS&A’s presence in Indiana and the Midwest and adds Boyce’s longstanding municipal and schools customer base, with Boyce leadership continuing in roles post-transaction.

Mobile Communications America, Inc. (MCA) acquired Ra-Comm, Inc., a Motorola Solutions Channel Partner headquartered in Lafayette, Indiana. The deal expands MCA’s presence in Indiana and the Great Lakes region, adding Ra-Comm’s two-way radio and public-safety communications capabilities serving police, fire, emergency services, schools, and industrial customers across central Indiana.

Crystal Clean, Inc., a portfolio company of investment affiliates of J.F. Lehman & Company, announced it has closed the acquisitions of Premium Environmental Services, Inc. (PES) and the combined operations of Worldwide Recovery Systems, Inc. (WRS) and YES Management, Inc. (d/b/a Yuma Environmental Services). The deals expand Crystal Clean’s environmental and waste management capabilities and geographic reach, with PES adding nationwide spill response coverage and WRS/YES strengthening waste collection, transportation, disposal and transfer-station operations primarily in the western U.S.

RF Investment Partners announced the acquisition of S&K Building Services, a commercial building maintenance provider focused on window washing, pressure washing, and metal/glass restoration for multi-story properties. Headquartered in Indianapolis, Indiana, S&K will partner with RF to support continued organic expansion and pursue M&A in the fragmented commercial window washing market as part of RF’s essential services portfolio.

Nanovis sold certain nano surface technology assets and related IP rights to Medtronic for use in developing Medtronic’s next-generation PEEK interbody fusion devices. The acquired rights relate to Sites Medical’s OsteoSync titanium pads. Financial terms were not disclosed.

OneDigital acquired Human Capital Concepts (HCC), an Indianapolis-based IRS-Certified Professional Employer Organization (CPEO) and HR consulting firm. The deal strengthens OneDigital’s Resourcing Edge PEO solution and expands its PEO presence in the north central region and nationwide. HCC’s team and service model will continue, now complemented by OneDigital’s broader benefits, retirement, wealth management, and P&C capabilities.

Hub International Limited acquired the assets of Mayfield Insurance, Inc., an independent insurance agency based in Mooresville, Indiana. Mayfield Insurance’s president Dean Mayfield and team will join Hub Midwest East, and the agency will operate as “Mayfield Insurance, a Hub International company.” Financial terms were not disclosed.

HUB International Limited acquired the assets of John L. Kiley Agency, Inc. dba DAR The Rocchio Agency, an independent insurance agency headquartered in Carmel, Indiana. The Rocchio Agency provides commercial and personal insurance and employee benefits services, and its team (including sole owner David Rocchio) will join HUB Midwest East; terms were not disclosed.

Bain Capital agreed to purchase and subsequently completed the acquisition of an approximately 51% ownership stake in Milacron’s Injection Molding and Extrusion business from Hillenbrand for $287 million (subject to customary/closing adjustments). Bain Capital gains full operational control, while Hillenbrand retains an approximately 49% minority stake as a significant continuing investor to participate in future upside.

Solution Group, a provider of water and wastewater services, consulting, and technology, secured a strategic investment from 424 Capital to accelerate growth and expand its service offering. The partnership is intended to help Solution Group scale its nationwide client base and support expansion initiatives including technology and smart water management capabilities, as well as future strategic acquisitions.

Carr, Riggs & Ingram (CRI), an Alabama-based accounting and advisory firm, acquired CapinCrouse LLP, a nonprofit-focused CPA and consulting firm headquartered in Indianapolis, effective January 17, 2025. The combination—reported as CRI’s largest deal to date—adds approximately 40 partners, 185 professionals, and 15 offices, while CapinCrouse will continue operating under its existing brand. Financial terms were not disclosed.

Resolution Group, Inc. (RGI), a civil engineering firm based in Indianapolis, has acquired Little Red River Consultants LLC, an environmental consulting firm headquartered in Seymour. The acquisition expands RGI’s service offerings and capabilities, and Little Red River Consultants’ founder Rachele Baker will join RGI to lead its new Environmental Services Group.

Sunflower Industrial acquired a controlling interest in Desco Floor Systems, a commercial and industrial resinous polymer system and polished concrete installer headquartered in Fortville, Indiana. Desco leaders Lee Reasor and Mark Verry will continue to lead the company and will partner with Sunflower Industrial’s existing operating company, Epoxy Coating Specialists (ECS), to expand Sunflower Industrial’s national commercial/industrial flooring installation offering.

Commercial Contracting Corporation (CCC), a self-performing general contractor and equipment installation company based in Auburn Hills, Michigan, acquired Industrial Maintenance Specialists (IMS), a millwright and rigging contractor in Gas City, Indiana. The deal expands CCC’s operational presence in Indiana and enhances its self-performing capabilities in millwright and rigging services to better serve Midwest clients.

America's Group announced the acquisition of AuctionVcommerce (AVC), a technology platform for auto auctions and dealer-to-auction interactions. America's Auto Auction plans to integrate AVC’s all-in-one platform to streamline auction operations and improve the digital auction experience for its dealer network.

Huron Capital sold a majority interest in ExperiGreen Lawn Care to funds managed by Wind Point Partners. ExperiGreen, headquartered in Mishawaka, Indiana, provides residential lawn care services across the U.S. and Canada. ExperiGreen’s senior management team and Huron Capital will retain minority equity stakes following the transaction.