Industrial Services Acquisitions in Indiana

APi Group Corporation completed the acquisition of CertaSite, an inspection-first provider of fire and life safety services operating in the Midwest. The deal strengthens APi's recurring, regulatory-driven safety services platform by adding inspection-focused capabilities, an asset-light business model, and expanded Midwest presence.

American Elevator Group (AEG) has merged with Mid‑America Elevator, a long‑standing Indianapolis-based provider of elevator maintenance, repair and modernization services. Maven Group advised Mid‑America; terms were not disclosed. The transaction brings Mid‑America into AEG’s national platform to expand capabilities, access advanced technologies and accelerate growth in Indiana while preserving local leadership and the Mid‑America brand.

LFM Capital has invested in Systems Engineering and Sales Co. (SESCO), bringing the Fort Wayne, Indiana-based supplier of power transformer installation and maintenance equipment into its electric grid reliability platform. CP Energy Holdings participated as a minority investor; SESCO will join LFM’s existing platform partnership with ZTZ Services International to provide complementary diagnostic and remediation equipment and services for power utilities and transformer manufacturers across North America.

FalconPoint Partners has acquired SMS (a carve-out of Scrap Metal Services LLC), a provider of outsourced steel mill services and marine vessel decommissioning, and has committed $500 million to support the business's growth, technology modernization, and acquisition pipeline. The deal positions FalconPoint to scale SMS's commercial capabilities and expand operations across the United States, Europe and South America while preserving SMS's management team and safety-first service model.

Foundation Investment Partners (FIP) has acquired AAA Industrial Supply, a Garrett, Indiana-based distributor of industrial supplies and safety equipment. The business will be integrated with Spartan Tool Supply under CEO Derek Elbaor to expand product lines, add nationwide e-commerce capabilities, and reach new markets.

American Welding & Gas (AWG) has acquired Grant Hagberg Co., a Griffith, Indiana distributor of bulk and cylinder carbon dioxide and dry ice that also provides hydrotesting and fire extinguisher services. The acquisition expands AWG’s Midwest distribution footprint and complements its existing gas and welding supply operations across the region.

Banneker Partners’ portfolio company XBE acquired Gauge, a telematics hardware and software provider, in a deal that closed March 26, 2025. The acquisition integrates Gauge’s device fleet and Smart Hub platform into XBE’s operations management offering to expand telematics, maintenance, and analytics capabilities for heavy construction, bulk logistics, and bulk materials customers.

Industrial Inspection & Analysis (IIA), a portfolio company of SRM Equity Partners, has acquired Tribologik Laboratories to expand its geographic footprint and add lubricant, fuel and coolant analysis capabilities. Tribologik, founded in 1984 with ISO/IEC 17025:2017 accreditation and lab locations in the Greater Chicago and Montreal areas, will join IIA’s network of 18 locations (including 11 laboratories).

RF Investment Partners, a lower-middle-market growth capital firm, has acquired S&K Building Services, an Indianapolis-based provider of commercial window washing, pressure washing, and metal/glass restoration services. RF will partner with founder and CEO Scott Spidel to support organic growth and a buy-and-build M&A strategy to expand S&K's geographic footprint across the U.S.

Commercial Contracting Corporation (CCC), an employee-owned general contractor based in Auburn Hills, Michigan, has acquired Industrial Maintenance Specialists (IMS), a millwright and rigging contractor in Gas City, Indiana. The deal expands CCC's Indiana presence and adds specialized millwright and rigging capabilities to its self-performing services; prior owner Dan Soultz will support the transition.

CIH (Central Indiana Hardware), part of the APTURA Group, has acquired Haley's Lock, Safe & Key Service, Inc., a family-owned locksmith and electronic security integrator with locations in Lafayette and Crawfordsville, Indiana. The deal preserves Haley's brand and local operations while providing additional resources from CIH/APTURA to expand service capabilities and market reach.

Relevant Industrial, LLC has acquired Loy Instrument, Inc., a Indianapolis-based provider of process control and combustion solutions. The acquisition strengthens Relevant's combustion, process control and automation capabilities and expands its geographic footprint in the U.S. Midwest.

Rhino Tool House, a PE-backed value-added distributor headquartered in Concord, North Carolina, has acquired Columbus, Indiana-based automation controls firm UWBA Design. Backed by Blue Sea Capital, the acquisition expands Rhino Tool House's controls and programming capabilities and is the fifth add-on completed during Blue Sea Capital's partnership with the platform.

EVI Industries, a Miami-based commercial laundry distributor, has acquired Jeffersonville, Indiana-based O'Dell Equipment and Supply. O'Dell will continue to operate under its existing name and facility with all 25 employees; for the 12 months ended June 30 it generated approximately $10.5 million in revenue. Terms were not disclosed and the acquisition is part of EVI's ongoing buy-and-build growth strategy.

Relevant Industrial, LLC has acquired Control Specialists, LLC (CSI), a process instrumentation, control systems and specialized industrial services provider based in Evansville, Indiana, effective November 6, 2024. The transaction expands Relevant's capabilities in combustion, process control, automation and calibration/repair services while extending its geographic footprint in the Midwest and Western Kentucky.

POLARIS Laboratories has received a strategic growth investment from Riverspan Partners to accelerate product and service development and expand into new markets. The investment will support POLARIS's AI-enabled testing platform and help the company scale its predictive fluid analysis and reliability services globally.

Acieta, a robotics integration platform backed by Angeles Equity Partners, has acquired Capital Industries (Banks Machine & Engineering Inc. dba Capital Industries), a Shelbyville, Indiana-based custom robotics system integrator. The add-on expands Acieta's capabilities in material handling, assembly, test and control systems and broadens its end-market coverage across medical/pharmaceutical, aerospace & defense, and energy storage sectors.

CertaSite, a Riverside portfolio company, acquired Allied Safety Services, a commercial fire protection and life safety business in Indianapolis, Indiana. The deal is the 22nd add-on to Riverside's CertaSite platform and expands CertaSite's local footprint and service capabilities in the Midwest.

CertaSite, a commercial fire protection and life safety platform headquartered in Indianapolis, has acquired Allied Safety Services, a local fire extinguisher and kitchen suppression systems business in Indianapolis. The deal expands CertaSite's local Indianapolis footprint and retains Allied's employees as part of CertaSite's growing platform.

Huizenga Group Automation, part of the privately held Huizenga Group, has acquired Fort Wayne, Indiana-based Adaptek Systems and API Alliance. The transactions add an automation systems design/build firm and an electronics/electro-mechanical manufacturer to Huizenga Group Automation's platform to expand capabilities and support larger projects across automotive, medical, pharmaceutical and consumer end markets.

Rhino Tool House, a PE-backed value-added distributor based in Concord, North Carolina, has acquired BoMar Pneumatics, Inc., a provider of assembly tool and material handling solutions based in Indianapolis, Indiana. The acquisition expands Rhino Tool House's geographic footprint in central Indiana and strengthens its ability to serve local manufacturing and OEM customers; Blue Sea Capital is the platform sponsor backing Rhino Tool House.

Motion & Control Enterprises (MCE), a Frontenac‑backed fluid power and automation distributor, has acquired Nova Hydraulics, an Indianapolis‑based hydraulics repair, remanufacture and parts supplier. The add‑on strengthens MCE's full‑lifecycle hydraulics capabilities and expands its ability to serve OEMs, resellers, repair houses and end‑users; Nova's owner Greg Christy sold the business to MCE.

Safety Management Group (SMG), a portfolio company of NMS Capital, has acquired Trinity Safety Group, a provider of on-site safety services, strategy and training based in Indianapolis, Indiana. The add-on expands SMG's safety services capabilities and client base across end markets including insurance, municipalities and manufacturing; financial terms were not disclosed.

D&S Car Wash Supply, a portfolio company of Lometa Capital Partners, has acquired certain assets of Chapman's Car Wash Sales, the exclusive distributor of Warsaw Chemical in Indiana and Michigan. The asset purchase extends D&S's Field Sales & Service footprint northward, adding a service hub to expand distribution of chemicals, equipment and related services to neighborhood car washes, regional c-store chains and commercial customers.

CertaSite, a Riverside-backed commercial fire protection and life safety platform headquartered in Indianapolis, acquired Lafayette-based Ace Fire Protection as its 20th add-on in Indiana. The deal retains owners Bob and Bryan Thomas during the transition, keeps Ace's employees, and expands CertaSite’s service footprint and capabilities in the greater Lafayette commercial market.

Belt Power, LLC, a Platte River Equity portfolio company, has completed the acquisition of Dunham Rubber & Belting Corporation. Dunham — a fabricator and distributor with locations in Greenwood, Shelbyville and Fort Wayne, Indiana — expands Belt Power's fabrication capabilities and geographic footprint to better serve food processing, material handling, pharmaceutical and other industrial customers nationwide.

Aggreko has signed a definitive agreement to acquire Resolute Industrial from AE Industrial Partners for $440 million on a cash-free, debt-free basis. Resolute is a U.S.-based provider of temporary HVAC&R rental services, compressor remanufacturing and refrigerant storage operating from ~38 locations across North America; Aggreko says the deal expands its temperature-control capabilities and access to high-return capital equipment.

TJC, L.P. (The Jordan Company) has acquired Industrial Service Group Holdings, LLC (The Industrial Service Group) in a sale from KCM Capital Partners, with PNC Mezzanine Capital, Five Points Capital, and ISG management among the sellers. The transaction represents the exit of KCM's buy-and-build investment in ISG, a provider of recurring outsourced MRO services and rotating equipment repair, service and distribution for industrial end markets.

Pearlman Group, a portfolio company of The Stephens Group, acquired Advantage Marketing, Inc. (dba Advantage Experts in Clean), a Midwest distributor of professional cleaning and restoration chemicals, supplies, and equipment. The Bonwell family will continue to lead Advantage in partnership with Pearlman; terms were not disclosed. The deal expands Pearlman's specialty distribution footprint and service/education capabilities in the Midwest.

Easy Ice, a national provider of full-service commercial ice machine subscriptions, has acquired Polar Ice Systems, a regional ice machine leasing and service company based in DeMotte, Indiana. The acquisition expands Easy Ice’s service footprint in the Midwest and adds a branch/service facility to support its growing customer base and machine fleet.

The Bostwick-Braun Company’s Industrial Business Division has acquired Mill Supplies, Inc. (MSI), a regional distributor of power tools, abrasives, MRO and safety products operating in Fort Wayne and Indianapolis. The deal brings MSI into Bostwick-Braun’s industrial group to expand its Midwest footprint and serves as a succession plan for owners Andy and Karen Beckstein, who will remain in key management roles.

H&E Equipment Services, Inc. agreed to acquire One Source Equipment Rentals, Inc. for $130 million in cash, adding 10 branch locations and approximately $138 million in fleet to H&E's network. The acquisition expands H&E's geographic footprint into the Midwest (Illinois and Indiana) and supplements its presence in the southern U.S.; One Source is employee‑owned and generated roughly $59 million in revenue over the twelve months ended July 31, 2022.

Hitachi, Ltd acquired Flexware Innovation, a manufacturing systems integrator and Industry 4.0 consultancy, to strengthen its MES, SCADA, software development, BI and ERP implementation capabilities and accelerate shop‑floor-to‑enterprise digitalization in North America. Flexware founder Scott Whitlock will remain President & CEO, and 7 Mile Advisors acted as exclusive sell‑side advisor to Flexware.

Municipal Emergency Services (MES), a Platte River Equity portfolio company, has acquired Code 4 Fire & Rescue (Hagersville, Ontario) and The Uniform House (Indianapolis, Indiana). The add-ons expand MES's geographic footprint and product/service offering for fire, law enforcement and emergency medical services customers as part of a broader buy-and-build strategy.

Imperial Dade has acquired Tepe Sanitary Supply, a family-owned janitorial and industrial products distributor headquartered in Elkhart, Indiana. The undisclosed private transaction — Imperial Dade's 49th acquisition — expands Imperial Dade's Midwest footprint and gives Tepe customers access to a broader product offering and the company's market-leading platform.

Concentric, LLC, a national leader in DC power management and part of OnPoint Group, has acquired Power Grid, a Midwestern industrial power specialist headquartered in Indianapolis, Indiana. The acquisition expands Concentric's forklift power and critical power service capabilities and strengthens its presence across key Illinois and Indiana markets.

Singer Equities, a wholly owned subsidiary of SBP Holdings (now Singer Industrial), has acquired OB&E Rubber Company, a Jeffersonville, Indiana provider of heavy‑duty conveyor belt accessories and field services. Financial terms were not disclosed; OB&E's owners Nathan and Joe Endris will remain in management and the deal expands Singer's North American footprint in the industrial distribution and service market.

Transcat, Inc. (Nasdaq: TRNS) purchased all of the stock of privately-held Tangent Labs, LLC effective December 31, 2021 for $9.0 million (subject to customary holdbacks). Tangent, founded in 1995 and headquartered in Indianapolis with an additional lab in Huntsville, Alabama, provides ISO/IEC 17025-accredited calibrations to life science, aerospace and other regulated industries and will be led by owner Kevin Broderick who joined Transcat after the sale.

Engineered Specialties, LLC d.b.a. RapidAir (a Pfingsten portfolio company) has acquired Alpha-Pure Corporation, a Michigan City, Indiana-based distributor of compressed air treatment and condensate management products. The add-on deal expands RapidAir's product portfolio and customer reach across distributors, contractors, automotive and farm & ranch retailers; the transaction closed November 19, 2021.

APPLIED Adhesives completed the acquisition of ADQ Inc., a regional supplier of adhesives and dispensing equipment based in Whitestown, Indiana. The purchase expands APPLIED's distribution footprint and equipment/technical-service capabilities, and brings ADQ's product portfolio and customer relationships into APPLIED's North American platform. ADQ co-owners Fritz Woerner and Mike South are named in the announcement.

Center Rock Capital Partners has recapitalized Flanders Electric Motor Service, Inc., a global provider of electric motor repair, automation, and control systems for heavy industrial applications. The transaction establishes FLANDERS as a platform investment for Center Rock to support growth initiatives, operational improvements, and expanded aftermarket services across its global footprint.

Midwest Growth Partners led a transaction to acquire Incorp Holdings, LLC, with subordinated debt and equity provided by NewSpring Mezzanine (NewSpring Capital), Parkway Capital (Calvert Street), Lowe Capital, Spring Capital, Pete Vrettakos, and Incorp's senior management team. Incorp, an Evansville, Indiana-based specialty contractor providing insulation, scaffolding and multi-craft industrial services, will use the proceeds to expand service lines and geographic coverage to support organic and acquisitive growth.

MFG Partners, in partnership with Merit Capital Partners and Storage Solutions' management team, has completed an acquisition of Storage Solutions, Inc., a Westfield, Indiana-based material handling and industrial storage systems integrator. The transaction transitions the company from an ESOP structure and positions Storage Solutions to expand its service lines and capitalize on growth in e-commerce and warehouse demand.

Cleveland-based private equity firm CapitalWorks completed a majority investment in Electromechanical Research Laboratories, Inc. (ERL) of New Albany, Indiana, alongside ERL President and CEO Stephen Wilkins and the ERL management team. ERL is a long-established manufacturer and repair-service provider of pumps, valves, gauging and overfill protection for the inland marine (tank barge) and rail markets; the deal includes ERL’s subsidiary Law Valve of Texas, a Houston-area on-barge repair and support business.

Lowe Capital Management LLC and Construction Safety Group have acquired Incorp Holdings, LLC, a specialty insulation, scaffolding and multi-craft industrial services provider headquartered in Evansville, Indiana. The transaction, for undisclosed terms, positions Incorp to continue its growth strategy with support from a strategic partner and financial sponsor.

Alta Equipment Group (NYSE: ALTG) has entered into a definitive agreement to acquire Howell Tractor and Equipment, a long-standing heavy equipment dealer serving Northern Illinois and Northwest Indiana. Howell Tractor, which operates facilities in Gary, Indiana and Peru, Illinois, generated approximately $33.1 million in revenue and $5.0 million of adjusted EBITDA in the trailing twelve months through July 2020; the deal expands Alta's presence in the Illinois/Northwest Indiana construction market.

Potomac Testing, a TechPro Power Group company, has acquired Electrical Maintenance & Testing, Inc. (EMT), a NETA-accredited independent electrical testing firm based in Carmel, Indiana. The deal expands Potomac's service footprint and technical capabilities—particularly for union project work and power distribution testing—while enabling shared best practices and back-office synergies across the combined teams.

CertaSite has acquired the assets of Approved Safety and Security, a family-owned fire and life-safety company serving the Michiana region for nearly fifty years. The deal is an add-on to CertaSite’s platform (backed by Riverside) and marks the eighth company operating under the CertaSite family of brands, expanding its footprint and service capabilities in Indiana.

Mill Rock Capital affiliates made a strategic investment in Venture Metals and, in connection with that investment, Venture Metals acquired Versatile Processing Group (VPG) from Insight Equity. The transaction combines two U.S. metal recycling providers to form a larger platform with an expanded processing footprint (six facilities) and combined annual revenues in excess of $700 million, supported by more than 200 associates.

Eckhart, Inc., a Warren, Michigan-based Industry 4.0 automation leader and a portfolio company of LFM Capital, has acquired Gasper Engineering, a factory automation systems integrator and specialty machine builder based in North Vernon, Indiana. The acquisition expands Eckhart's local presence in a key Midwest manufacturing region and broadens its capabilities in automated assembly, conveyance, labeling, and sortation systems across aerospace, automotive, life sciences, packaging, and power generation end markets.