Acquisitions in Minnesota, United States

Justin Nihiser, Barry Gibson, and Matt Rogers announced a majority acquisition of WonderPlay Brands, the parent company of Kidcreate Studio. WonderPlay Brands will continue operating under its existing curriculum and studio model, led by President Mark Nicpon and Founder/Chief Creative Officer Lara Olson, while the new ownership group focuses on accelerating growth, strengthening franchise performance, and enhancing marketing and shared services.

Tactile Systems Technology (doing business as Tactile Medical) acquired LymphaTech Inc. for $6.8 million in upfront cash plus additional milestone-based consideration. The deal expands Tactile Medical’s lymphedema solutions portfolio by adding LymphaTech’s digital 3D body measurement and monitoring platform for lymphedema assessment and longitudinal surveillance.

Vanguard Renewables acquired E-Z Recycling, a Minnesota-based food and beverage waste recycling and depackaging company, to expand its organics recycling and renewable energy footprint in the Midwest. The acquisition adds depackaging capacity and strengthens Vanguard’s anaerobic digestion network in the Minneapolis–St. Paul region, supporting conversion of food waste into renewable natural gas.

United Aesthetics Alliance (UAA), a platform of plastic surgery practices and medical spa brands, announced a partnership with LivSkin MedSpa | Laser, a Minneapolis-based medical spa focused on anti-aging products and procedures. The acquisition strengthens UAA’s presence in the Minneapolis–St. Paul area, complementing Edina Plastic Surgery and its Skin Artisans medspa locations while expanding UAA’s non-surgical aesthetics offerings.

Polaris Inc. completed the separation of Indian Motorcycle into a standalone operating business and finalized the sale of a majority stake (controlling interest) in Indian Motorcycle to Carolwood LP. Following the transaction, Indian Motorcycle will operate independently under its new majority owner while Polaris refocuses on its core global powersports businesses; financial terms were not disclosed.

Homestead Road, a tech-enabled residential real estate company that buys homes “as is,” acquired Twin Cities Home Buyers, a local real estate investment firm serving the Twin Cities metro area. The deal is Homestead Road’s first announced acquisition and the first step in its strategy to roll up and professionalize the fragmented fix-and-flip market; Twin Cities Home Buyers will continue operating locally under the Homestead Road platform. Financial terms were not disclosed.

Thoma Bravo announced it has completed the acquisition of Dayforce, Inc., a global human capital management (HCM) technology provider, for approximately US$12.3 billion. Under the deal terms, Dayforce stockholders will receive US$70.00 per share in cash and the company’s shares will be delisted from the New York Stock Exchange and the Toronto Stock Exchange.

OnePoint BFG Wealth Partners acquired Voyage Wealth Architects, a Minneapolis-based wealth management firm with approximately $700 million in assets under management. Voyage will join OnePoint BFG immediately and transition to the OnePoint BFG brand over time, expanding OnePoint BFG’s Midwest presence and enhancing its financial planning-focused platform. Rise Growth Partners is noted as a strategic capital partner supporting OnePoint BFG’s M&A strategy.

Francisco Partners completed the take-private acquisition of Jamf for $13.05 per share in cash, implying an enterprise value of approximately $2.2 billion. Following shareholder approval on January 8, 2026, Jamf was delisted from NASDAQ and will continue operating as a privately held company focused on Apple device management and security.

Ridgeline Roofing & Restoration, a Bertram Capital-backed provider of residential and commercial roofing solutions, acquired Bold North Roofing and Contracting LLC, a roofing and exterior services company serving Minnesota’s Twin Cities metro area. The acquisition is Ridgeline’s fifth as it continues building its roofing and restoration platform; terms were not disclosed. Bold North founders Erik McLaughlin and Ryan Emmerich will continue to lead the business and are reinvesting in the broader Ridgeline platform.

Tide Rock acquired Analog Technologies to expand its electronics manufacturing services (EMS) platform and deepen capabilities for regulated end markets such as aerospace and defense. Analog Technologies, based in Burnsville, Minnesota, adds A&D-certified manufacturing capacity and specialized PCBA design/engineering and high-performance interconnect capabilities, operating alongside Tide Rock portfolio company Pro-Active Engineering.

Charter Impact, a national provider of financial and operational middle and back-office services for charter schools, has acquired EdFinMN, a Minnesota-based back-office firm serving charter schools, districts, and education support organizations. EdFinMN will retain its local team and client relationships while gaining access to Charter Impact’s infrastructure, technology platform, and national expertise to expand support across Minnesota.

Carson Group fully acquired its Carson Wealth location in Minneapolis, deepening its presence in the Twin Cities market in the firm’s first acquisition of 2026. The Minneapolis practice, led by Managing Partner Jeremy Willner, manages approximately $395 million in advisory and brokerage assets; terms were not disclosed. Carson previously acquired a 30% stake in the practice in 2024, and the transaction completes the buyout to full ownership.

DwyerOmega, a portfolio company of Arcline Investment Management, acquired Burns Engineering to expand its precision temperature measurement product offering. Burns Engineering, founded in 1965 and headquartered in Eden Prairie, Minnesota, provides certified, metrology-grade temperature measurement solutions used in markets including biopharma, food processing, and calibration laboratories; financial terms were not disclosed.

Trinity Logistics completed the full acquisition of Granite Logistics, a longtime freight agent partner of nearly 14 years. The deal adds two Granite locations—Sartell and Minneapolis, Minnesota—as new Regional Service Centers within Trinity’s national third-party logistics network, with operations continuing under Paul Nelson’s leadership and approximately 135 team members joining Trinity.

Avkha Equity Holdings, a San Francisco-based private investment firm, acquired Minnesota-based Dart Transit Company in a deal effective January 1. The transaction includes Dart Transit, Dart Express, and related subsidiaries, ending more than 90 years of ownership by the Oren family. Financial terms were not disclosed, and Dart will continue operating under its existing brand with no expected day-to-day changes.

CohnReznick acquired Minneapolis-based Smith Schafer & Associates in a strategic transaction effective January 1, 2026, expanding CohnReznick’s presence into Minnesota and further extending its Midwest footprint. Smith Schafer adds three Minnesota offices and a team of 12 partners and 89 employees, strengthening CohnReznick’s advisory, assurance, and tax capabilities across multiple industries.

Solventum completed its acquisition of Acera Surgical, a privately held bioscience company focused on fully engineered materials for regenerative wound care. The deal expands Solventum’s MedSurg/advanced wound care portfolio into synthetic tissue matrix technology for acute care settings in the United States.

Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) completed the acquisition of ALLETE, Inc. following final approval from the Minnesota Public Utilities Commission. Under the merger agreement, the buyers acquired all outstanding ALLETE shares for $67 per share in cash, and ALLETE will remain headquartered and locally managed in Duluth, Minnesota.

American Peat Technology (APT) announced it has acquired and reopened DryJect Minnesota, bringing the DryJect turf aeration and topdressing service back to Minnesota. APT plans to relaunch the operation under new leadership and reintroduce the service to golf courses, athletic fields, and municipal properties, with potential expansion to neighboring states.

Graco acquired Red Devil Equipment Company, widely known as Radia, for $69 million. The deal adds Radia’s paint-mixing, shaking, and automated material-handling technologies to Graco’s color solutions portfolio, complementing Graco’s previously acquired Corob tinting and dispensing platform. Radia is headquartered in Plymouth, Minnesota and generates more than $30 million in annual revenue.

CRScube completed its acquisition of Mednet to expand its global eClinical Software-as-a-Service (SaaS) platform and accelerate growth in North America. The combination unites CRScube’s leadership in Asia with Mednet’s U.S. presence and EDC-centric platform, broadening the integrated eClinical suite across EDC, CTMS, RTSM, ePRO, and eTMF for life sciences sponsors and CROs.

Convergint, a global service-based systems integrator, acquired NuSource Financial LLC, a provider of branch transformation, ATM services, and security solutions for U.S. financial institutions. The deal expands Convergint’s financial services security capabilities (including ATMs/ITMs, teller cash recyclers, and remote managed services) and brings over 140 NuSource employees into Convergint. Mosaic Capital Partners announced its exit from NuSource in connection with the sale; financial terms were not disclosed.

SK Capital Partners has completed its acquisition of LISI Group’s Medical division and rebranded the business as Precera Medical, an independent medical device CDMO. As part of the transaction, LISI Group retained a minority stake, and the company relocated its headquarters to Big Lake, Minnesota (while operating four manufacturing sites across Minnesota and France). The transaction closed on October 31, 2025, with Dylan Hushka appointed CEO.

DUOS, an AI-powered digital health platform for health plan member activation and benefits execution, secured a $130 million strategic growth equity investment led by FTV Capital. The round also included participation from existing investor Forerunner Ventures, and proceeds will be used to expand nationally, deepen AI capabilities, and scale go-to-market efforts across Medicare Advantage, Medicaid, and ACA marketplace plans.

Redwood Family Care Network, a multi-state provider of services for individuals with intellectual and developmental disabilities (I/DD) and a portfolio company of Webster Equity Partners, acquired Minnesota-based Eagles Wing. Eagles Wing provides residential and day support services for individuals with developmental disabilities in Beltrami and Polk Counties, expanding Redwood’s geographic footprint into the Midwest.

Hair Restoration Institute of Minnesota (HRI) and Good Look Ink (GLI) announced a strategic merger to form a combined hair restoration provider focused on scalp micropigmentation (SMP) and surgical/non-surgical hair restoration. The combined company aims to expand access to HRI’s hair transplant expertise across GLI’s network and bring GLI’s SMP protocols to HRI’s client base, creating a leading provider in Minnesota and one of the largest in the Midwest.

Smith System, a driver safety training and risk management company and a portfolio company of MidOcean Partners, acquired Utilimarc, a Minneapolis-based fleet analytics and benchmarking provider. The combination brings together driver training and behavior-based risk management with fleet analytics, telematics, and benchmarking data to create an integrated fleet safety and performance platform.

Palm Peak Capital acquired Domaille Engineering, a Rochester, Minnesota-based provider of advanced equipment and accessories used to manufacture pre-terminated fiber optic cables, in a corporate carve-out from ADDMAN Engineering. Stellus Capital Management affiliates provided senior secured/unitranche debt financing and an equity co-investment to support the transaction. Lincoln International advised Domaille, while D.A. Davidson served as Palm Peak’s exclusive financial advisor and assisted in raising acquisition financing.

Blue Sage Capital made an investment in connection with the merger of Skid Pro Attachments Inc. and Accessories Unlimited LLC (AU), forming a vertically integrated platform for skid steer and compact track loader attachments. The combined business will be led by newly appointed CEO Dave Ring, with Blue Sage supporting expansion of product offerings, geographic reach, and future acquisitions.

Affinity Plus Federal Credit Union announced a merger with City & County Employees Federal Credit Union (CCEFCU) of Albert Lea, Minnesota, following approval by CCEFCU members, its board, and the National Credit Union Administration. The combined memberships are expected to be brought together on October 1, expanding product access and branch/ATM availability for CCEFCU members while Affinity Plus adds approximately 1,700 members.

Legacy Cleaning, a Minnesota-based commercial cleaning company, announced the acquisition of Oriole, Inc. DBA Advantage Structure Valet, a commercial cleaning company based in Rosemount, Minnesota. The deal is Legacy Cleaning’s second acquisition since its founding in 2019 and is intended to expand its footprint across suburban Minnesota markets.

Scale Bank acquired Great Plains Transportation Services and Partners Funding, two invoice factoring providers based in Fairmont, Minnesota. The deal expands Scale Bank’s factoring market presence through its Scale Funding and Provident Commercial Finance divisions, strengthening its services to trucking customers and adding Great Plains’ and Partners Funding’s teams and customer base.

America's Auto Auction, part of America's Group, announced the acquisition of America's Auto Auction Minnesota, formerly known as Mid-State Auto Auction in New York Mills, Minnesota. The deal expands America's Auto Auction's footprint to 21 states and strengthens its Midwest presence while keeping the local team in place.

SJE, Inc. acquired AMI Global from Cimbria Capital to expand its Industrial Internet of Things (IIoT) and cloud-connected remote monitoring capabilities for industrial equipment. Following the acquisition, SJE established a new Cloud Connected Solutions division to be led by AMI Global CEO Henrik Laursen, aiming to accelerate delivery of scalable connectivity solutions in pump and water/wastewater end markets.

Windjammer Capital announced it has acquired PDU Cables and Engineered Products Company (EPCO) in partnership with management and the Lee Family. The deal closed in August and financial terms were not disclosed. PDU Cables supplies mission-critical custom power cabling solutions for data centers, while EPCO provides specialty electrical products to electrical distributors and contractors.

HOC acquired MidDel Consulting, a Minneapolis-based consulting firm specializing in energy trading and technology. The deal combines HOC’s enterprise software and AI-driven automation capabilities with MidDel’s consulting expertise across oil, gas, power, and renewables to expand HOC’s service offerings and North American presence.

Arthur J. Gallagher & Co. acquired Bremer Insurance Agencies, Inc., a St. Paul, Minnesota-based property and casualty insurance broker. Bremer Insurance Agencies was a subsidiary of Old National Bancorp following Old National’s acquisition of Bremer Bank; financial terms were not disclosed.

Amivie (formerly Custom Care CBC, LLC) acquired Apex Home Care, LLC, a Minnesota-based home health care provider, in a transaction that closed on September 8, 2025. The deal value was reported as $4.5 million, and Apex’s employees will remain in their roles as the business integrates into Amivie’s home and community-based care platform.

Metronet acquired US Internet Corp (USI), a pure-play fiber internet provider serving residential and commercial customers in the greater Minneapolis area. USI is headquartered in Minnetonka, Minnesota and operates a 100% fiber network accessible by more than 140,000 homes and businesses; financial terms were not disclosed. Everside Capital Partners announced a full exit of its investment in USI as part of the sale, and Metronet is now owned by a T-Mobile and KKR joint venture.

Thermo Fisher Scientific completed the acquisition of Solventum’s Purification & Filtration (P&F) business for approximately $4.0 billion in cash (before customary adjustments). The acquired unit—now Thermo Fisher’s Filtration and Separation business within its Life Sciences Solutions segment—adds bioprocessing, healthcare/industrial filtration and membrane technologies; the drinking water filtration business was excluded from the transaction.

Circet USA, the U.S. entity of global network services provider Circet, completed its acquisition of Gemini Communications and its subsidiaries Blue Streak and CCU. The transaction expands Circet USA’s outside plant (OSP) fiber construction, maintenance, repair, and restoration capabilities for U.S. communications operators.

SI Solutions, LLC acquired Integrity Specialists, LLC to expand its advanced non-destructive examination (NDE) and inspection capabilities for the natural gas pipeline industry. Integrity Specialists’ pipeline and mechanical integrity assessment services will complement SI Solutions’ existing engineering, construction, testing, and maintenance offerings, supported through SI Solutions’ partnership with MidOcean Partners.

Savant Wealth Management, a fee-only registered investment adviser, acquired PrairieView Partners, an RIA headquartered in St. Paul, Minnesota with more than $1.2 billion in assets under management. The deal closed on August 31, 2025, and was facilitated by Alaris Acquisitions; financial terms were not disclosed. PrairieView’s leadership will become member-owners at Savant, with most employees transitioning into Savant’s wealth management and tax & consulting divisions.

Relevant Industrial, LLC acquired Lindberg Process Equipment, a provider of industrial heating and combustion systems. Lindberg’s operations will combine with Relevant’s New Brighton, Minnesota location, expanding Relevant’s thermal solutions capabilities and strengthening its presence and customer support across the U.S. Midwest.

Uptempo, an enterprise marketing performance platform provider, acquired OptiMine Software, which specializes in agile marketing measurement and optimization. The deal adds OptiMine’s advanced Marketing Mix Modeling (MMM) and analytics capabilities to Uptempo’s unified marketing performance management platform to enhance measurement, optimization, and ROI insights for enterprise marketing teams.

The Cottages Group, a family-owned provider of residential and in-home services for people with disabilities, acquired Rochester-based Cardinal of Minnesota. The transaction expands The Cottages Group’s footprint in Minnesota and increases its workforce, while Cardinal will continue operating under its existing name and maintain its Rochester headquarters. The Braff Group served as exclusive financial advisor to Cardinal of Minnesota on the sale.

Cricket Hill Inc., doing business as Archway Pet Food, announced its acquisition of Bright Planet Pet, a U.S.-based maker of plant-based dog treats headquartered in Minnesota. Bright Planet Pet will continue operating under its existing brand name while leveraging Archway’s operational infrastructure and expanded distribution network to scale sustainable, climate-smart pet treats.

Bora Pharmaceuticals Co., Ltd. acquired Upsher-Smith Laboratories in 2024 for $210 million, expanding Bora’s U.S. pharmaceutical manufacturing footprint. Following the finalized split/separation of the Upsher-Smith entity effective August 5, Bora is investing to expand manufacturing and packaging capabilities at the acquired Maple Grove, Minnesota facility to meet rising demand for oral solid dose (OSD) development and commercial supply.

Circet USA, a provider of network infrastructure services, acquired SourceOne, a utility consultant specializing in outside plant (OSP) engineering and design for telecommunications and utility infrastructure. The deal expands Circet USA’s end-to-end telecom infrastructure capabilities and positions the combined organization to support growing broadband and utility modernization demand across the United States. The acquisition was finalized on July 31, 2025, and SourceOne will continue operating under its existing brand as a Circet USA company.

Nystrom & Associates acquired the Minnesota-based operations of Ellie Mental Health, adding 23 clinic locations and expanding its behavioral health footprint. The combined organization will operate 84 locations across five states and plans to unify under a new brand to be announced later in the year. Ellie Mental Health is divesting its Minnesota operations to focus on growing its national franchise network.

LFM Capital announced an investment in Bergari Solutions, LLC, making Bergari the tenth platform company in LFM’s third fund. Bergari designs and manufactures custom engineered exhaust and emissions/aftertreatment systems for genset packagers and industrial engine distributors, serving backup power needs across data center and commercial applications. Bergari is headquartered in Rosemount, Minnesota.

Datasite, a global SaaS provider of AI-powered workflow solutions for M&A and investment projects, acquired agentic AI company Blueflame AI for an undisclosed amount. Blueflame AI (founded in 2023) will join Datasite’s Intelligence Unit and continue to be led by co-founder Raj Bakhru, as Datasite expands its AI-driven intelligence capabilities following CapVest Partners’ $500 million investment commitment to support Datasite’s growth.

SiteOne Landscape Supply, Inc. acquired Grove Nursery, a wholesale distributor of nursery products with a location in northwest Minneapolis, Minnesota. The acquisition expands SiteOne’s nursery product offering in the Minneapolis metro area and supports further expansion in the market.

Leadpages acquired Glorify, a design platform for creating high-performing marketing assets, to unify design, landing page building, and campaign launches in a single no-code workflow. The combined platform will serve more than 300,000 brands, agencies, and entrepreneurs, and is expected to enable future innovations such as AI-powered design automation. Both companies are part of the Redbrick portfolio.

Northstar Capital provided debt financing and an equity co-investment in TMI Coatings, a specialty painting, coating, and restoration contractor. The investment supported PCM Companies in financing its transaction involving TMI Coatings, which is headquartered in Eagan, Minnesota and focuses on industrial and public infrastructure surface preparation and protective coatings.

Victory Tire & Auto, a Straightaway Tire & Auto brand, acquired Pod's Complete Car Care, an established automotive repair shop in White Bear Lake, Minnesota. The deal, finalized on July 9, 2025, expands Victory’s presence in the northeast Minneapolis metro and marks its 19th location in the greater Minneapolis region.

KDI Precision Manufacturing acquired Envision Plastics and Design LLC, with the transaction finalized on June 30, to expand KDI’s plastics manufacturing capabilities serving healthcare and other OEM markets. The deal combines KDI’s electro-mechanical assembly, wire harness, and CNC machining capabilities with Envision’s custom electronic plastics enclosure manufacturing and its proprietary “No Molds Required” technology. The combined business will continue operating out of two Minnesota facilities in Rogers and White Bear Lake, with Envision’s team joining KDI.

Winged Keel Group acquired MBW Group as part of its continued national expansion and to strengthen its high-end life insurance platform. The deal adds a Minneapolis office led by MBW principals Jeffery W. Bird and David A. Wischmeier, expanding Winged Keel’s presence in the Midwest serving ultra-affluent families and business owners.

Limbach Holdings, Inc. acquired Pioneer Power, Inc. for $66.1 million at closing, funded with cash on hand and borrowings under its expanded revolving credit facility. Pioneer Power is a Twin Cities-headquartered mechanical contractor providing industrial and institutional mechanical solutions (including industrial piping, HVAC, and plumbing) across the Upper Midwest, and was previously 100% ESOP-owned.

Modine announced the acquisition of Climate by Design International (CDI), a Minnesota-based manufacturer of desiccant dehumidification technology and critical process air handlers. The deal expands Modine’s Commercial Indoor Air Quality (IAQ) portfolio, adding humidity-control capabilities and additional U.S. manufacturing capacity to serve markets including pharmaceuticals, healthcare, food processing, and industrial applications.

Argano acquired Twelve Consulting Group, an Anaplan Gold Partner specializing in enterprise performance and connected planning solutions. The deal expands Argano’s Anaplan services footprint—building on its earlier 2025 acquisition of Anavate—and increases scale and cross-industry delivery capacity, particularly for Life Sciences and CPG use cases.

Greenix Pest Control, a portfolio company of Riata Capital Group, acquired Rove Pest Control’s operations, expanding Greenix’s footprint in the northern U.S. Sources describe the deal as including Rove’s Madison, Wisconsin operations and additional Rove operations across Minnesota, Michigan, and Massachusetts. The transaction supports Greenix’s continued expansion while allowing Rove to focus on growth in its other markets.

Victory Tire & Auto, a Straightaway Tire & Auto brand, acquired AutoPro Auto Service in Brooklyn Park, Minnesota, with the transaction finalized on June 11, 2025. The deal adds Victory’s second Brooklyn Park location and expands its Minnesota network to 18 locations, strengthening local service capacity and market density.

OSI Environmental, a hazardous and non-hazardous waste services provider headquartered in Eveleth, Minnesota, announced it has become part of GFL Environmental Services. The acquisition is one of the first deals completed by GFL’s recently spun-off environmental services division, which is controlled by private partners including Apollo Global Management affiliate funds and BC Partners.

Buske Logistics, a portfolio company of Fourshore Partners, acquired Strategic Warehousing, LLC. The deal expands Buske’s contract warehousing and 3PL footprint, adding Strategic’s food-and-beverage-focused warehousing capabilities and presence in the Twin Cities region.

Brookfield Asset Management and its institutional partners previously acquired National Grid Renewables. Following the acquisition, National Grid Renewables will operate and transact business under the Geronimo Power brand name.

John Deere (Deere & Company) acquired Sentera, a St. Paul, Minnesota-based provider of remote imagery solutions for agriculture. The deal is intended to integrate Sentera’s drone-based imagery, cameras, and FieldAgent software into the John Deere Operations Center to enhance aerial field scouting and precision agriculture decision-making for farmers and agronomic service providers.

Safe Life acquired HeartCert, a Minnesota-based provider of AEDs and CPR/CNA training, to expand its U.S. footprint and strengthen its training offering. The deal gives Safe Life a physical presence in the Midwest while HeartCert will continue operating under its established brand, with its founders remaining involved in leadership.

Sumitomo Corporation, through Sumitomo Corporation of Americas, acquired full ownership of ActivStyle, LLC in May 2025. ActivStyle is a U.S.-based provider of insurance-covered home medical supplies for chronic conditions, including incontinence care products. Sumitomo plans to pursue cross-selling and other synergies between ActivStyle and Quest (via its stake in Vast Medical Holdings).

Beacon Communications LLC acquired All State Communications, a Minnesota-based provider of communication and security technology solutions. The deal expands Beacon’s presence across the Upper Midwest (including Minnesota, Wisconsin and the Dakotas) and enhances its ability to serve customers in sectors such as healthcare, government, education and commercial markets.

Detectortesters Group, a portfolio company of Inflexion Private Equity Partners, has acquired Global Vision Inc. (GVI). GVI is a Minneapolis, Minnesota-based provider of FM-approved fire pump test meters used to maintain commercial fire pumps in sprinkler systems. The deal adds GVI’s flow meter products and technology to Detectortesters Group’s fire test and measurement platform alongside brands including SDI and Hose Monster.

ENT Partners, LLC, a physician practice management company focused on ENT, sleep medicine, and facial plastics, acquired Currence Physician Solutions. Currence provides revenue cycle management, medical billing, and financial analytics services, and the deal is intended to expand ENT Partners’ service offerings and improve operational efficiency across its physician practices.

Victory Tire & Auto Service, a brand of Straightaway Tire & Auto, acquired Reliable Auto Care in Buffalo, Minnesota, expanding Victory’s presence into the northwest Minneapolis suburbs. The transaction closed on April 30, 2025, and Reliable Auto Care was previously owned and operated by Jeff and Kris Jackson.

ARGO CEO Brad Darling and an investment group have acquired Arctic Cat, the Thief River Falls-based manufacturer of snowmobiles, ATVs, and side-by-sides. Arctic Cat was previously owned by Textron Specialized Vehicles, which had invested in new engine and chassis technology since acquiring the business in 2017. Darling will lead both ARGO and Arctic Cat going forward, with the companies remaining separately owned and operated while pursuing off-road segment synergies.

Blue Point Capital Partners completed a recapitalization of Restoration Systems (RSI), a Minneapolis-based provider of building facade and parking ramp repair and restoration services across the Midwest. RSI will continue under Owner and President Blake Dronen, and the partnership is intended to support organic expansion and future add-on acquisitions.

Patient Square Capital acquired Patterson Companies, a dental and animal health products and services distributor, in an all-cash transaction valuing the deal at approximately $4.1 billion. Patterson shareholders received $31.35 per share in cash, and the transaction closed on April 17, 2025, after which Patterson became privately held and was delisted from the NASDAQ Global Select Market.

Bertram Capital acquired (made a control investment in) Applied Products, Inc., doing business as APPLIED Adhesives, a value-added distributor and manufacturer of adhesive solutions serving industrial end markets across North America. APPLIED Adhesives was sold by its prior owner, Arsenal Capital Partners, which had invested in the business in 2021 and supported significant expansion including 17 acquisitions. Terms of the transaction were not disclosed.

Richelieu Hardware acquired Midwest Specialty Products, LLC, a Shakopee, Minnesota-based distributor of premium countertop and surface materials (including quartz, quartzite, soapstone, and porcelain slabs). The transaction closed on January 13, 2025, with Generational Group advising Midwest Specialty Products on the sale.

Medical Manufacturing Technologies (MMT), a portfolio company of Arcline Investment Management, acquired Mayer Engineering, maker of the FEPeeler catheter manufacturing tooling products. The acquisition expands MMT’s heat shrink removal tooling and braided catheter cutting capabilities, strengthening its medical device manufacturing solutions offering.

U.S. Compliance (USC), a national provider of environmental, health and safety (EHS) services backed by Susquehanna Growth Equity, acquired OSHA/Environmental Compliance Systems (OECS), an EHS consulting firm headquartered in St. Louis Park, Minnesota. The deal expands USC’s presence in the Upper Midwest and strengthens its EHS consulting and compliance service capabilities. Transaction terms were not disclosed.

Corwin Automotive Group acquired Muscatell Subaru, a Subaru dealership located in Moorhead, Minnesota, from dealer principal Ward Muscatell. The transaction was advised by Performance Brokerage Services, which served as the exclusive sell-side advisor. Following the acquisition, the dealership will be renamed Corwin Subaru and will continue operating at its existing location in Moorhead.

Ballymore Safety Products, a portfolio company of One Equity Partners, announced the completed acquisition of Valley Craft Industries, Inc., a manufacturer of material handling, drum handling, and storage solutions equipment. Valley Craft will continue operating under its brand and will serve as Ballymore’s Midwest headquarters, expanding Ballymore’s domestic manufacturing footprint and product portfolio. Financial terms were not disclosed.

Mission Wealth Management, LP merged with Brown Wealth Management, a financial advisory firm based in Eden Prairie, Minnesota, expanding Mission Wealth’s presence in the Midwest. As part of the transaction, Brown Wealth Management founder Timothy Brown will join Mission Wealth as an equity partner, and the Eden Prairie office will serve as a regional hub.

S5 Equity acquired Heartland America, a discount catalog and online direct-to-consumer retailer based in Chaska, Minnesota. The deal is positioned as a strategic bolt-on to S5 Equity’s portfolio company Hammacher Schlemmer, which S5 acquired in August 2024; financial terms were not disclosed.

On March 21, 2025, Mann Lake Bee and Ag Supply was acquired by a coalition of families aligned with the company’s mission to serve North American beekeepers and backyard chicken farmers. The transaction returns Mann Lake to family ownership, leaving the company debt-free and with access to significant capital to support long-term growth.

The Cook & Boardman Group LLC (Cook & Boardman) announced the acquisition of Building Material Supply Inc (BMSI), an architectural specialty building products supplier focused on Division 10 products. BMSI is headquartered in Edina, Minnesota and also operates a location in Phoenix, Arizona; financial terms were not disclosed. The deal represents Cook & Boardman’s twelfth acquisition since Platinum Equity acquired a majority interest in Cook & Boardman in 2023.

Aldaron Partners and True Wind Capital partnered to acquire DCM Services, LLC (DCMS), a provider of estate and specialty account recovery solutions. DCMS’s executive team invested alongside the sponsors and will continue to lead the business as it pursues growth in estate recovery, bankruptcy, and specialty receivables services.

Crestview Partners completed the acquisition of Smyth Companies, a provider of pressure sensitive labels and flexible packaging solutions, from private equity firm Novacap. Crestview is investing alongside Smyth’s founding family members and the existing management team led by CEO Scott Fisher, and plans to provide additional equity to support organic investment and future acquisitions. Financial terms were not disclosed.

Arthur J. Gallagher & Co. announced it has acquired Dyste Williams, a retail insurance agency based in Minneapolis, Minnesota; financial terms were not disclosed. Dyste Williams’ leadership team, including Ted Dyste and Nels Dyste, will remain with the business as it joins Gallagher Agency Alliance under Gallagher Select.

Victory Tire & Auto, a Straightaway Tire & Auto brand, acquired Burnsville Auto Repair, an established auto repair shop in the Burnsville community. The transaction closed on February 27, 2025, and adds additional market density for Victory/Straightaway in the Minneapolis area as it expands through strategic acquisitions.

Kinzie Capital Partners LP, a Chicago-based private equity firm, acquired Fraser Steel, LLC, a manufacturer of value-added steel tubular products. Fraser Steel, founded in 1970 and operating from a facility outside Minneapolis, will partner with Kinzie to accelerate growth, expand capabilities, and drive product innovation.

Grovecourt Capital Partners acquired IMRIS Imaging, Inc., a provider of intraoperative MRI suites and advanced neurosurgery operating theatres. IMRIS, founded in 2005 and headquartered in Chaska, Minnesota, designs, manufactures, and services movable intraoperative MRI systems used by hospitals and cancer centers worldwide; financial terms were not disclosed.

Service Express, a global data center and infrastructure solutions provider, announced the acquisition of Top Gun Technology, a data center maintenance provider based in the Greater Minneapolis Area. The deal expands Service Express’ mission-critical support capabilities, adding Top Gun’s expertise in multivendor maintenance, managed infrastructure services, IT asset disposition (ITAD), and mainframe/complex enterprise storage support.

Gemspring Capital Management, LLC, through an affiliate, acquired Creative Labs and United Hair Care in partnership with CEO Brett Simmons. Creative Labs manufactures and develops branded and contract-manufactured haircare and skincare products and is headquartered in Eagan, Minnesota. Financial terms were not disclosed.

Fusion Capital Partners acquired Tavoron Holdings, Inc., a manufacturing automation and industrial systems holding company focused on electrical and pneumatic automation components, robotic systems, and compressed air technologies. Tavoron is headquartered in Eagan, Minnesota and will continue to operate under its existing management team. Monroe Capital provided and arranged a senior credit facility to support the acquisition financing.

Sectigo acquired Entrust’s public certificate business, expanding Sectigo’s enterprise operations and adding Entrust public certificate customers and partners to Sectigo’s Certificate Lifecycle Management platform. Following the purchase, Sectigo completed the full migration of Entrust Certificate Services customers and partners to Sectigo Certificate Manager, transitioning more than half a million certificates. Financial terms were not disclosed.

Sequoia Financial Group, LLC agreed to acquire and subsequently completed the acquisition of Carlson Capital Management, LLC (CCM), a Northfield, Minnesota-based investment advisory and integrated wealth management firm with $3.8 billion in client assets. The deal expands Sequoia Financial’s national footprint and adds internal tax planning and preparation capabilities; financial terms were not disclosed. Gregory Carlson and Jeffrey Carlson became senior strategic advisors, and former CCM CEO Justin Stets joined Sequoia Financial as EVP of integrated wealth services reporting to CEO Tom Haught.

Meridian Behavioral Health, a substance use disorder (SUD) treatment provider owned by private equity firm Renovus Capital, acquired Gateway Recovery Center. The deal adds medical detoxification capabilities to Meridian’s continuum of care through Gateway’s two inpatient facilities in Inver Grove Heights and Brooklyn Park, Minnesota, supporting Meridian’s ongoing acquisition-driven growth strategy.

Kodiak Building Partners acquired Minnesota-based Kendell Lumber to expand its building materials distribution footprint in the region. Following the acquisition, Kendell Lumber’s operations will be fully integrated into Kodiak portfolio company Simonson Lumber and will operate under the Simonson Lumber brand, strengthening service and logistics coverage across Minnesota and nearby markets.