Acquisitions in South Dakota, United States

Fresh Produce, LLC acquired Midwest Marketing, a long-established marketing agency in Rapid City, South Dakota. The deal is intended as a strategic expansion in the South Dakota market, with both agencies continuing to operate independently under their existing brands and leadership. The transaction follows the retirement decision of Midwest Marketing’s longtime owner, Dawn Claymore.

Thompson Fabrication LLC, a manufacturer and distributor of waste equipment containers, acquired Midwest Dakota Dumpsters (MDD), a Castlewood, South Dakota-based manufacturer of waste containers serving waste and hauling companies across the Midwest. The deal closed on October 1, 2025 and will integrate MDD’s operations into Thompson Fabrication’s platform, with MDD continuing under its brand in the near term. Thompson Fabrication is majority owned by Seneca Partners, Mellon Stud Ventures, and other strategic investors.

GTCR acquired Innovative Systems, a provider of mission-critical OSS/BSS operating and billing software and payments/bill processing solutions for regional broadband providers, utilities, cooperatives and municipalities. Innovative Systems was acquired from Alpine Investors, and technology executive Scott Alcott joined the company as CEO to lead its next growth phase.

PGW Auto Glass, LLC acquired Dakotaland Autoglass (DAG), the largest independent distributor of automotive replacement glass, paint, and related supplies in the Upper Midwest. The transaction closed effective May 30, 2025, representing an exit for DAG’s private equity owner West Edge Partners; terms were not disclosed.

Inszone Insurance Services acquired Kouri & Associates Inc., an independent insurance agency based in the Sioux Falls area, expanding Inszone’s presence in the South Dakota market. Following the acquisition, Kouri & Associates’ leadership and team, including Bryan Kouri and partner Sheldon Koski, will continue serving clients from the Sioux Falls-area office with access to Inszone’s broader carrier network and resources.

Paws Pet Resort was sold to Best Friends Pet Care, a portfolio company of Mosaic Capital Partners, with Peakstone serving as exclusive M&A advisor to Paws Pet Resort. Paws Pet Resort is a pet resort and services provider offering boarding, daycare, training, and related services and is based in Sioux Falls, South Dakota. Financial terms were not disclosed.

Harbour Group acquired Senproco, LLC and Groomer's Choice Pet Products, LLC (together referred to as “Senproco”); financial terms were not disclosed. Senproco is a manufacturer and one-stop-shop provider of pet grooming supplies and operates a wholesale distribution division under Groomer's Choice. Founder Dan Dressen will retain a meaningful ownership position and continue family involvement.

Arcadea Group acquired Complete Flight, a provider of Part 135 operational software solutions serving the aeromedical sector. The deal will combine Complete Flight with Arcadea portfolio company Flight Vector to create a broader end-to-end platform spanning dispatch/OCC, communications, and maintenance workflows. Founder Bernie Berg will transition to Chief Product Officer as part of the transaction.

Landwehr Construction, Inc. announced the acquisition of Jerke Construction, a crane and rigging services provider based in Sioux Falls, South Dakota. The deal expands Landwehr Construction’s Midwest footprint and supports its ability to serve customers in construction and wind-energy projects. Jerke Construction will operate as a division of Landwehr Construction while retaining its name.

Platinum Equity made a significant investment in TAK Communications, a national provider of communications and broadband infrastructure services headquartered in Sioux Falls, South Dakota. TAK’s current shareholders and management team, led by founder and CEO Micah Mauney, will remain in place and retain a significant ownership stake as equity partners. Financial terms of the transaction were not disclosed.

FleetPride, Inc. acquired the assets of Wheelco Truck & Trailer Parts and Service, a family-owned heavy-duty truck and trailer parts distributor and service provider based in Sioux Falls, South Dakota. The deal expands FleetPride’s footprint across the Upper Midwest and adds Wheelco’s retail locations, service centers, distribution operations, and its Wheelco Manufacturing Components OEM division.

Titan Machinery Inc. acquired the assets of Scott Supply Co., a full-line combined Case IH and New Holland Agriculture dealership located in Mitchell, South Dakota. Scott Supply generated approximately $40 million in revenue in the trailing twelve months ended December 31, 2023, and the transaction closed on January 10, 2024.

World Insurance Associates LLC acquired the business of American Trust Insurance, LLC (ATI) on December 1, 2023; financial terms were not disclosed. ATI is an insurance agency with eight offices in South Dakota providing personal, commercial, health and life insurance, with a specialization in crop/agricultural/farm coverage.

Emko Capital recapitalized Scotchman Industries and Steelmax Tools and combined the two metal fabrication equipment brands under a newly formed holding company, SMX Industrial Solutions. Tecum Capital provided debt and equity capital to support Emko in the transaction, and Woodforest National Bank also partnered in financing. SMX is intended to expand the combined portfolio of steel fabrication tools and solutions through product development and future acquisitions while maintaining each brand’s identity.

Lynx Equity Limited, a Toronto-based private equity firm, acquired Creative Surfaces, Inc. (CSI), a Sioux Falls, South Dakota-based manufacturer, distributor, and installer of commercial casework/cabinetry, countertops, fixtures, and signage. Jud Pins (CEO and former owner) and the existing executive team will continue to manage the business under Lynx’s ownership; financial terms were not disclosed. Infinity Capital Partners served as exclusive investment banking advisor to Creative Surfaces.

World Insurance Associates LLC acquired Providence Financial, Inc., an insurance agency serving clients in South Dakota and Nebraska, effective September 1, 2023. The deal expands World's presence into South Dakota and Nebraska; transaction terms were not disclosed.

Standex International Corporation acquired privately held Minntronix, a South Dakota-based designer and manufacturer of magnetics components, for approximately $30 million in cash. The deal was financed from Standex's existing cash balance and is expected to be accretive in the first year of ownership. The acquisition expands Standex's presence in end markets such as 5G, smart grid, and industrial automation and adds complementary products and engineering capabilities.

Arthur J. Gallagher & Co. announced it has acquired Hagan Insurance Group, an insurance member benefits and financial management provider to professional associations and affinity groups. The acquired business will continue operating from Sioux Falls under Gallagher’s Affinity North America retail property/casualty brokerage leadership. Financial terms were not disclosed.

Inovar Packaging Group, LLC, a portfolio company of Kelso & Company (KIA XI), completed the acquisition of Cimarron Label and Western Printing (together referred to as Cimarron Label). The acquired business is a national supplier of innovative labels—particularly extended content and booklet labels—serving end markets including agricultural chemicals and lawn & garden, with operations in Sioux Falls and Aberdeen, South Dakota.

Sonic Automotive, Inc. announced the acquisition of Black Hills Harley-Davidson, a full-service Harley-Davidson dealership in Rapid City, South Dakota. The deal expands Sonic Automotive’s newly created powersports segment and adds to its growing portfolio of powersports retail locations.

PumpTech LLC, a portfolio company of Pike Street Capital, acquired Dakota Pump Inc, a supplier of packaged pump stations and automated systems for water and wastewater markets. The acquisition expands PumpTech’s product line (including controls/automation and SCADA capabilities) and extends its geographic reach and distribution network.

Bansk Group entered into a definitive agreement to acquire a majority interest in Red’s All Natural ("Red’s"), a clean-label frozen burrito and breakfast sandwich brand in the United States; financial terms were not disclosed. Following closing, founder and CEO Mike Adair will continue to lead the business and retain a significant minority stake. Stellus Capital Management affiliates provided senior debt financing and an equity co-investment to support Bansk’s acquisition.

Fort Point Capital completed the sale of its investment in Sullivan Holding Company ("Sullivans"), a designer and distributor of seasonal, all-occasion, and outdoor home décor products. Sullivans, founded in 1968 and headquartered in Sioux Falls, South Dakota, serves independent gift and décor retailers, national accounts, and e-commerce/direct-to-consumer channels; the buyer/new partner was not disclosed.

Frontier Growth announced a strategic growth investment in Property Meld, a property maintenance software platform headquartered in Rapid City, South Dakota. Frontier Growth will support Property Meld’s continued growth and product expansion as it scales its maintenance workflow, scheduling, billing, and communications tools for property managers.

Pye-Barker Fire & Safety acquired Justice Fire & Safety, a fire protection and life safety services provider operating five locations across South Dakota and Iowa. The acquisition strengthens Pye-Barker’s presence in South Dakota and provides entry into the Iowa market, with Justice continuing to be operated by its president, Mark Brenneman, and existing staff with support from Pye-Barker.

West Edge Partners acquired Dakotaland Autoglass (DAG), a Midwest regional distributor and service provider of aftermarket automotive replacement glass and paint & body equipment, partnering with existing management to support continued growth. Financing for the transaction included subordinated debt and equity investment from First Capital Partners and support from O2 Sponsor Finance (a division of Old Second National Bank). Terms were not disclosed.

First Interstate BancSystem, Inc., parent of First Interstate Bank, completed its previously announced merger with Great Western Bancorp, Inc., parent of Great Western Bank, with Great Western Bank merged into First Interstate Bank. Following systems conversion, Great Western branches were rebranded/converted to First Interstate Bank, expanding First Interstate’s footprint into eight new states and bringing the network to more than 300 branches. The all-stock transaction implied an approximate total value of $2.0 billion (based on September 15, 2021 closing prices), with Great Western shareholders receiving 0.8425 shares of First Interstate Class A common stock per share.

Industrial Opportunity Partners (IOP) acquired the Raven Engineered Films Division (Raven EFD), a Sioux Falls, South Dakota-based manufacturer of engineered polymer films and sheeting, from CNH Industrial N.V. The transaction was structured as a carve-out of the former Raven Industries business unit and was announced at a $350 million purchase price (subject to customary post-closing adjustments).

Exeter Image Holdings, backed by Exeter Street Capital Partners (Patriot Capital Group affiliate) and a syndicate of financing partners, made a majority investment in Persona Signs. The deal pairs Persona with Exeter’s existing platform Triangle Sign & Service to operate side-by-side as “Persona-Triangle,” creating a larger national signage, lighting, and facility services provider in the United States. NewSpring Mezzanine provided subordinated debt and equity to support the transaction, with Enterprise Bank & Trust providing senior debt financing.

Aquiline Capital Partners completed the carve-out of Avera eCare from Avera Health, creating a new standalone telemedicine company called Avel eCare. Comvest Credit Partners provided a senior secured credit facility (as administrative agent) to support the transaction.

CNH Industrial N.V. announced it has completed the acquisition of Raven Industries, Inc., a U.S.-based leader in precision agriculture technology. The deal builds on the companies’ long-standing partnership and supports CNH Industrial’s digital transformation and precision agriculture strategy, with integrated products expected in 2022.

Avel eCare announced the closing of its ownership transition from Avera Health to Aquiline Capital Partners. The deal, previously announced in July 2021, involved Aquiline carving out Avera eCare from Avera Health and renaming the business Avel eCare.

Behrman Capital acquired Shur-Co, LLC, a Yankton, South Dakota-based manufacturer of cargo covering and cargo control systems and related accessories for transportation end markets. Shur-Co, previously a subsidiary of PCM Companies, LLC, will continue to be led by CEO Terry Tennant as it pursues its growth strategy under Behrman’s ownership; financial terms were not disclosed.

Pye-Barker Fire & Safety acquired Rapid Fire Protection Group, Inc. (RFPG), a Rapid City, South Dakota-based provider of fire sprinkler/suppression design, installation, and inspection/testing/maintenance services. The business was previously owned by Boyne Capital, which had acquired RFPG in June 2019 and exited via the sale to Pye-Barker, strengthening Pye-Barker’s presence in the Mountain States and adding entry into South Dakota and California.

MacQueen Equipment, through its MacQueen Emergency division and as a portfolio company of Rotunda Capital Partners, acquired Allegiant Emergency Services Inc., a personal safety and firefighting equipment dealer in South Dakota. Allegiant will continue operating from Sioux Falls and will be rebranded as MacQueen Emergency, expanding MacQueen’s offering of fire apparatus, parts/service, and firefighting equipment across the state.

Salona Global Medical Device Corporation announced it has closed its acquisition of South Dakota Partners, Inc. The company also disclosed that its Form S-1 Registration Statement was declared effective by the U.S. Securities and Exchange Commission in connection with the broader transaction process.

WILsquare Capital announced that its portfolio company, Crown Products, Inc., has acquired Tri-State Wholesale Flooring, LLC, a flooring products distributor headquartered in Sioux Falls, South Dakota. The deal adds Tri-State’s distribution capabilities and regional presence to Crown’s flooring distribution platform in the Upper Midwest. Financial terms were not disclosed.

Alpine Investors announced a strategic partnership and growth investment in Innovative Systems, a provider of mission-critical enterprise software for independent telecommunications service providers. The investment will support continued product development and operations to meet increasing demand driven by broadband expansion and rural fiber deployments. Terms of the investment were not disclosed, and Innovative Systems will continue with leadership involvement from the Musick family alongside a new CEO appointed through Alpine’s CEO-in-Residence program.

Takkion Holdings LLC, a portfolio company of Apollo Global Management affiliates, acquired Renew Energy, Inc. (RENEW) and its subsidiaries. Based in Sioux Falls, South Dakota, RENEW provides operations and maintenance services to the renewable energy market, particularly supporting wind (and broader wind/solar) infrastructure. The acquisition expands Takkion’s ability to deliver integrated logistics, transportation, supply chain, and O&M solutions alongside its existing businesses TP&L and GSS.

Fortune Brands Home & Security, Inc. signed an agreement to acquire LARSON Manufacturing, a leading North American brand of storm, screen, and security doors, for approximately $660 million net of tax benefits. LARSON, headquartered in Brookings, South Dakota, will join Fortune Brands’ renamed “Outdoors & Security” segment following the expected closing (subject to regulatory approval).

Vast Broadband has signed an agreement to be acquired by GI Partners, in partnership with industry veteran Rich Fish. Vast Broadband provides high-speed broadband, video, and voice services in South Dakota and Minnesota and is currently owned by Pamlico Capital and Oak Hill Capital. The transaction is expected to close following customary conditions and regulatory approvals.

Numotion, a leading provider of Complex Rehab Technology (CRT), acquired Northland Rehab Supply to expand into Sioux Falls, South Dakota and deepen its Midwest presence. Northland’s founder, Bill Donat, will join Numotion and continue serving mobility customers across the region.

One Equity Partners (OEP) completed the acquisition of Spartronics from Sparton Corporation in a corporate carve-out; financial terms were not disclosed. Headquartered in Watertown, South Dakota, Spartronics provides electronics manufacturing services including engineering, contract design, manufacturing, and aftermarket repair for OEMs across aerospace, medical, and industrial markets. OEP intends to support Spartronics as a standalone platform for growth and future transformational acquisitions.