Acquisitions in North Dakota, United States

Continuous (formerly SMA Technologies) acquired Sycorr, Inc., the maker of the Permission Assist identity and access management solution for banks and credit unions. The deal strengthens Continuous’s security, access management automation, and compliance capabilities for financial institutions; the transaction closed on August 7, 2025. Continuous is a portfolio company of Thoma Bravo, and Generational Group advised Sycorr on the sale.

Legacy Ventures Group, a Minneapolis-based private equity investment group, acquired Fargo Engineering Inc., an engineering solutions and technology services firm headquartered in Fargo, North Dakota. Fargo Engineering provides automated test systems and services for manufacturers of complex industrial goods with sophisticated electronics and electro-mechanical devices. True North Mergers & Acquisitions and Sunbelt Business Advisors advised Fargo Engineering on the sale.

AG Pollen acquired Gunter Honey, Inc., a family-owned honey production, bee sales, and pollination services business based in Towner, North Dakota. The transaction closed on May 30, 2025, and positions AG Pollen to expand its honey and pollination operations and become one of the largest providers in North Dakota.

Wealth Enhancement acquired the Wealth Services Division of First International Bank & Trust (FIBT), which is headquartered in Watford City, North Dakota. The acquired team oversees more than $581 million in client assets and will transition to affiliate Wealth Enhancement Trust Services, LLC, expanding Wealth Enhancement’s trust and estate planning and related asset management capabilities and marking its first location in North Dakota.

FarmQA announced the acquisition of Farm Dog, an agricultural data platform previously wholly owned by Deveron Corporation. The deal expands FarmQA’s digital agronomy capabilities by integrating Farm Dog’s data technology to improve agronomic intelligence, supply chain transparency, and decision-making across the crop production cycle.

World Insurance Associates LLC acquired the business of First International Insurance (FI Insurance), the insurance division of First International Bank & Trust of Watford City, with the transaction effective October 1, 2024. FI Insurance operates from 12 locations across North Dakota, Minnesota, and Arizona and provides specialty insurance services including contractors, contractor bonds, trucking, oil and gas manufacturing, hospitality, and agricultural lines. Financial terms were not disclosed.

Gevo, Inc. entered into a definitive agreement to acquire the ethanol production plant and carbon capture and sequestration (CCS) assets of Red Trail Energy, LLC for $210 million. The assets include a 65 million gallon-per-year low-carbon ethanol facility and an operating CCS site in North Dakota, which Gevo plans to continue operating and potentially expand as a future net-zero sustainable aviation fuel (SAF) site. The transaction is expected to close by the first quarter of 2025, subject to customary conditions and approvals.

Cyber Advisors, a portfolio company of private equity firm Goldner Hawn, acquired S&L Computer Services, Inc., an IT services provider for small businesses based in Fargo, North Dakota. The transaction closed on March 1, 2024, and supports Cyber Advisors’ expansion of its managed services practice and its first physical expansion into North Dakota.

Mayfair Capital Partners, a division of Oxford Financial Group, acquired Baseline Fitness LLC, a Planet Fitness franchisee headquartered in Fargo, North Dakota. The deal closed on February 2, 2024, with terms undisclosed, and was completed as Freeman Spogli sold its majority interest while Freeman Spogli and Baseline’s management team retained significant minority equity stakes.

Advanced Business Methods (ABM), an employee-owned office products and solutions company, has acquired Central Business Systems, Inc. (CBSI), an office equipment and document solutions provider based in Jamestown, North Dakota. The deal adds a central North Dakota location for ABM and expands ABM’s offerings to include services such as document and electronic hardware destruction and additional dealer coverage in certain markets.

Sovos, a global compliance technology solutions and services provider, acquired North Dakota-based Aatrix Software, a provider of payroll tax forms and e-filing solutions. The deal expands Sovos’ capabilities across 1099, ACA 1095, and W-2/payroll reporting to help small and mid-sized businesses manage evolving tax and regulatory compliance requirements. Financial terms were not disclosed.

LongWater Opportunities announced a strategic investment in Midland Garage Door, a manufacturer of commercial and residential garage doors. The partnership is intended to support Midland Garage Door’s continued growth while maintaining its culture, products, and service.

In November 2022, Renodis, a telecommunications and mobility management services company, acquired 12 Points Consulting, a Fargo-based hospitality telecommunications equipment and management services provider. The acquisition expands Renodis into the hospitality industry and strengthens its ability to provide telecom hardware, installation, and wireline management services to hotel customers. Cherry Tree & Associates served as buy-side M&A advisor to Renodis on the transaction.

Rental Equipment Investment Corp. (REIC), a portfolio company of Kinderhook Industries, acquired Blackout Energy Services, Inc., LLC (Blackout Energy/BOE). Headquartered in Williston, North Dakota, Blackout Energy provides specialty rental equipment including flameless heaters and light towers; the deal is REIC’s third add-on acquisition under Kinderhook’s ownership. Financial terms were not disclosed.

Lateral Industries Holdings, LLC and a group of private investors acquired Aaseby Industrial Machining, a precision machining services provider based in Wahpeton, North Dakota. Aaseby will continue to operate independently under its current management team; transaction terms were not disclosed.

Hub International Limited acquired the assets of Great North Insurance Services, LLC, an independent insurance agency based in West Fargo, North Dakota. Great North provides commercial, employee benefits, and personal (home, auto, and life) insurance products and services, and its leadership and team will join Hub Great Plains. Financial terms were not disclosed.

SNH Capital Partners acquired North Dakota-based Global Safety Network (GSN), a provider of corporate risk mitigation and employment screening services. GSN will be integrated into SNH’s background screening portfolio and will operate under the Universal Background Screening brand, expanding geographic reach and service offerings.

AGCO entered into an agreement to acquire Appareo Systems, LLC, a provider of custom electronics, software engineering, and electronic manufacturing for off-highway and airborne equipment. The deal is expected to close in January 2022 and is intended to expand AGCO’s engineering, manufacturing, and software development capabilities for end-to-end technology solutions in precision agriculture.

Knight-Swift Transportation Holdings Inc., through a wholly owned subsidiary, acquired 100% of RAC MME Holdings, LLC and its subsidiaries Midwest Motor Express, Inc. and Midnite Express, Inc. for $150 million in cash. Prior to the transaction, the company was owned by an investor group led by Red Arts Capital alongside Prudential Capital Partners, Brightwood Capital Advisors, and several family offices; the acquisition expands Knight-Swift’s less-than-truckload (LTL) footprint across the Upper Midwest and Great Northwest.

Marsh McLennan Agency (MMA), the middle-market agency subsidiary of Marsh, acquired Vaaler Insurance, Inc., a large independent insurance agency in North Dakota. The deal expands MMA’s Upper Midwest footprint; financial terms were not disclosed. Vaaler CEO Bruce Vaaler will continue to lead operations across the company’s North Dakota and Minnesota locations.

Danaher Corporation entered into a definitive agreement to acquire privately held Aldevron for approximately $9.6 billion in cash (enterprise value/cash purchase price). Aldevron, a manufacturer of plasmid DNA, mRNA and recombinant proteins used in genetic medicine applications, will operate as a standalone operating company and brand within Danaher’s Life Sciences segment. EQT VIII (EQT Private Equity), which acquired a majority stake in 2019 alongside TA Associates, founders and management, agreed to sell its stake as part of the transaction.

Summit Fire Protection Co., a subsidiary of SFP Holding, Inc. (Summit Companies), has completed the acquisition of Protection Systems, Inc. Protection Systems provides low-voltage life-safety and security systems (including fire alarm, CCTV, nurse call, and access control) and operates in Fargo, North Dakota and St. Cloud, Minnesota.

Enerplus Corporation entered into a definitive agreement to acquire all outstanding shares of Bruin E&P HoldCo, LLC for US$465 million in cash. The deal adds 151,000 net acres and roughly 24,000 BOE/d of production in North Dakota’s Williston Basin and is expected to be immediately accretive to Enerplus’ free cash flow and per-share metrics. The acquisition is expected to close in early March 2021 and will be funded through a new US$400 million term loan and a $115 million bought-deal equity financing.

Omni Workspace Company, parent of Atmosphere Commercial Interiors, purchased a minority interest in Hannaher's Workplace Interiors, a Steelcase dealership headquartered in Fargo, North Dakota. A separate group of women investors from Hannaher's and Atmosphere Commercial Interiors purchased the majority stake, and the business will operate under the name Connect Interiors.

Loffler Companies acquired MinnDak Computer Services, an IT and business technology services provider based in Fargo, North Dakota. The acquisition expands Loffler’s capabilities for MinnDak customers across offerings such as managed IT services, unified communications, physical security, and cloud services, while integrating MinnDak’s team into Loffler.

Red Arts Capital partnered with Prudential Capital Partners and Brightwood Capital Advisors to acquire MME Inc. and its wholly owned subsidiaries Midwest Motor Express Inc. and Midnite Express Inc. Midwest Motor Express is a North Dakota-based less-than-truckload carrier, and Midnite Express provides truckload and brokerage services across the continental United States. Financial terms were not disclosed.

Tower Arch Capital completed a recapitalization of Creedence Energy Services, LLC in partnership with the company’s founders. Creedence provides oilfield production chemicals, acidizing services, and related scale and corrosion prevention solutions for oil and gas operators in the Bakken and Permian basins; financial terms were not disclosed.

SureWerx USA, a portfolio company of The Riverside Company, acquired Sure Foot Corporation, the company behind the Due North brand of winter footwear traction aids. The deal adds a leading traction-aid product line to SureWerx’s global portfolio of safety products, tools, and equipment; terms were not disclosed.

EQT VIII Fund entered into an agreement to acquire a majority interest in Aldevron, a global supplier of plasmid DNA and related biologics used in cell and gene therapies. After closing, EQT will control a majority stake while Aldevron’s founders/management and existing investor TA Associates will retain a minority stake, with EQT supporting capacity expansion, R&D, and growth initiatives.

Perficient, Inc. acquired Sundog Interactive, Inc., a marketing and technology consulting firm focused on delivering Salesforce solutions, particularly for industrial manufacturers. The acquisition expands Perficient’s Salesforce consulting and digital marketing capabilities and adds Sundog’s ~100-person team and manufacturing-focused client relationships. 7 Mile Advisors served as the exclusive sell-side advisor to Sundog on the transaction.

Ranch Creek Partners, together with Hillstar Capital, announced an equity investment in OneCor Services, LLC, an environmental services and acid blending provider serving the Bakken oil and gas industry. True West Capital Partners also participated by providing both debt and equity capital. The investment is intended to accelerate OneCor’s growth while the company continues under existing leadership.

Akoya Capital Partners, in partnership with Marquette Capital Partners, Merion Investment Partners, and Indigo Signworks' management, acquired Indigo Signworks. Indigo is a Fargo-based manufacturer of custom exterior and interior signage providing design, manufacturing, installation, and maintenance services. Bayview Capital Group initiated the transaction and served as exclusive financial advisor to Indigo.

Marsh & McLennan Agency LLC (MMA) acquired Dawson Insurance Agency, a family-owned insurance agency based in Fargo, North Dakota; financial terms were not disclosed. Founded in 1917, Dawson Insurance provides commercial and personal insurance, surety bonds, safety and loss control programs, and employee benefits services across North Dakota and Minnesota, and will continue operating under its existing leadership within MMA's Upper Midwest region.

Sunland Field Services, Inc. acquired the business of Black Horse Construction, Inc., expanding Sunland’s oilfield construction service capabilities. The deal extends Sunland’s operations into tank battery, pump unit, roustabout, and related services in the Bakken Shale area of North Dakota and Montana, with Black Horse operating going forward as Sunland Field Services – Bakken Operations.

BNSF Logistics, LLC acquired Pro-Am Transportation Services, Inc., a third-party logistics (3PL) company headquartered in Jamestown, North Dakota. Pro-Am will operate within BNSF Logistics’ Transportation Execution Services (TES) unit, and financial terms were not disclosed.