Industrial Services Acquisitions in Minnesota

Legacy Cleaning, a Minnesota-based commercial cleaning company, has acquired Oriole, Inc., which does business as Advantage Structure Valet, to expand its local footprint across suburban Minnesota. The buyer plans to introduce technology and quality-control systems, deepen client relationships, and pursue regional expansion into nearby states.

SI Solutions, LLC (backed by MidOcean Partners) has acquired Integrity Specialists, LLC, a provider of advanced non-destructive examination (NDE) and pipeline inspection services based in Annandale, Minnesota. The acquisition expands SI Solutions' NDE and pipeline integrity capabilities and scales its services to the natural gas midstream market as part of its platform growth.

Relevant Industrial, LLC has acquired Lindberg Process Equipment, a provider of industrial heating and combustion systems. The acquisition expands Relevant's Midwest footprint and thermal solutions capabilities by combining Lindberg's operations with Relevant's New Brighton, Minnesota location to improve local inventory, responsiveness, and sales support for industrial customers.

PCM Companies has made a platform investment in TMI Coatings, a specialty painting, coating and restoration contractor headquartered in Eagan, Minnesota. Northstar Capital provided junior debt and an equity co-investment to help finance the transaction alongside PCM.

Bertram Capital has acquired Applied Products, Inc. (APPLIED Adhesives) from Arsenal Capital Partners; terms were not disclosed. Bertram intends to use APPLIED as a new industrial distribution platform to drive organic growth and add-on acquisitions while APPLIED's existing management, led by CEO John Feriancek, will remain in place.

Los Angeles-based private equity firm Fusion Capital Partners has acquired Tavoron Holdings, Inc., an Eagan, Minnesota–based leader in industrial automation components, robotic systems and compressed air technologies. Monroe Capital provided a senior credit facility to support the acquisition; Tavoron will remain headquartered in Eagan and continue to be led by its current management team.

Thermal Technology Distribution Solutions (TTDS), a Gryphon Investors–backed distribution platform, has acquired Applied Thermal Systems, a Minneapolis-area value-added distributor of electric heaters, controls, thermocouples and related engineering services. The add-on expands TTDS's footprint in the Upper Midwest and strengthens its product and technical capabilities; terms were not disclosed.

Transcat, Inc. acquired Martin Calibration Inc., an ISO-17025 accredited calibration laboratory network, effective December 10, 2024, for $79 million (approximately $69M cash and $10M stock). The deal expands Transcat's Midwest service footprint — including a flagship Minneapolis lab and six additional locations — and strengthens capabilities serving medical, life sciences, aerospace, and nuclear customers; Martin brings nearly 150 employees.

Pye-Barker Fire & Safety has acquired General Sprinkler Corporation, a Blaine, Minnesota-based fire sprinkler services provider that serves Minnesota and western Wisconsin. The acquisition expands Pye-Barker's fire sprinkler inspection, testing, maintenance and installation capabilities in the Midwest and brings General Sprinkler's local team into Pye-Barker's nationwide platform.

Centurion Group, a portfolio company of SCF Partners, has acquired Minnesota-based Althoff Crane Service, Inc. and Buffalo Ridge Transport Inc., closing on October 29, 2024. The acquisition expands Centurion’s onshore wind and heavy-lift capabilities in the U.S. Midwest by adding crane rental, wind-turbine repair/maintenance and heavy-transport capabilities.

Integrated Power Services (IPS), a Greenville, South Carolina-based provider of power management and electromechanical services, acquired B&B Transformer, a remanufacturer and repairer of oil-filled distribution transformers based in Farmington, Minnesota, effective August 13, 2024. The deal expands IPS's power management portfolio and service capabilities for industrial, commercial, utility, and renewable energy customers.

Pelican Energy Partners, a Houston-based private equity firm, has acquired Electrical Builders Industries (EBI), a St. Cloud, Minnesota-based industrial electrical and welding services provider that specializes in bus duct installation, replacement and repair for power generation facilities. The deal positions Pelican to expand its capabilities in the nuclear energy services supply chain and support increased baseload power needs for customers including datacenter facilities.

Fox Innovation & Technologies (a PE-backed platform backed by Bluewater) has acquired Cotter Holdings Group, including S.T. Cotter Turbine Services, Axis Mechanical Group and Axis Industrial Repair, to add field project execution capabilities to its turbomachinery platform. The deal brings the combined Fox platform to over $100 million in proforma LTM revenue and adds ~500 peak-capacity field personnel to expand service coverage across the United States; terms were not disclosed.

Motion & Control Enterprises (MCE), a Frontenac-backed industrial automation platform, has acquired Air Automation Engineering (AAE), a Fridley, Minnesota-based distributor and service provider of automation products and tooling. The add-on expands MCE’s automation capabilities, product offerings and served geographies across the Upper Midwest while AAE will continue to operate under its existing leadership.

Summit Fire Protection Co., a subsidiary of SFP Holding, Inc., acquired Gopher State Fire Equipment and Fairmont Fire Systems effective June 1, 2023. The acquisitions expand Summit's fire and life-safety services footprint across Minnesota and Iowa and fold the two local service teams into Summit's existing Minnesota/Iowa operations.

APPLIED Adhesives, a PE-backed custom adhesive solutions provider, has completed its acquisition of Heigl Adhesives, a Minnesota-based supplier of industrial adhesives and dispensing equipment. The deal brings Heigl’s technical expertise and customer relationships into APPLIED’s platform to expand product offerings and service capabilities for manufacturers across multiple end markets.

Soundcore Capital Partners, through its ACI Holdings Group platform, acquired ACS Asphalt Concrete Solutions and combined it with previously acquired ACI Asphalt & Concrete to create a larger commercial paving platform in the Minneapolis / Upper Midwest market. O2 Sponsor Finance (a division of Old Second National Bank) acted as administrative agent and lead arranger on more than $44 million of senior secured financing to support Soundcore’s acquisitions; Old National Bank and Northstar Capital provided additional financing and subordinated debt. Terms were not disclosed.

Applied Industrial Technologies (NYSE: AIT) has acquired Automation, Inc., a Minneapolis-based provider of automation products, engineered solutions, and value-added assembly services. The acquisition expands Applied's automation capabilities and geographic footprint in the U.S. Upper Midwest, adding a team of more than 50 associates and established customer relationships across pharmaceutical, manufacturing, life sciences, and consumer products markets.

Anderson Process, a Brookfield, Wisconsin-based supplier of process equipment and services, has acquired Neil Dornbusch & Associates, a pump distributor and custom fabricator headquartered in New Prague, Minnesota. The acquisition expands Anderson Process’s Midwest footprint and complements its product and service offerings across food processing, wastewater, aggregate and mining end markets.

Motion & Control Enterprises (MCE), a provider of fluid power, automation and flow control solutions, has acquired Quest Engineering Inc., a Plymouth, Minnesota–based distributor of hydraulic hose, fittings and instrumentation. The acquisition expands MCE's fluid power offering and provides entry into new upper-Midwest geographies; Quest operates four locations and has 37 employees.

Smart Care, a portfolio company of Wind Point Partners, has acquired Espresso Partners, a Minneapolis-based specialty coffee and espresso equipment service provider. The add-on expands Smart Care's Specialty Coffee & Beverage Equipment footprint into the Midwest and complements its coast-to-coast capabilities.

PNC Mezzanine Capital has acquired RIE Coatings, LLC — a Minnesota-based industrial coatings applicator — from Brass Ring Capital in a management-partnered transaction. PNC MC will provide capital and resources to support RIE's growth initiatives and position the business as a platform for expansion in industrial coatings and metal finishing.

Evoqua Water Technologies has closed the acquisition of the renal business historically operated by Mar Cor Purification and Cantel Medical, subsidiaries of STERIS Plc. The acquired business, expected to generate approximately $180 million of annualized revenue and $27 million of adjusted EBITDA (pre-synergies), expands Evoqua’s service footprint in North America and furthers its reach into the healthcare vertical.

Relevant Industrial, LLC (Houston, TX) acquired J&W Instruments, Inc. (New Brighton, MN) in a transaction that closed on December 21, 2021. The acquisition adds J&W's instrumentation sales, process control engineering and metrological calibration capabilities to Relevant's portfolio, expanding service offerings for food & beverage and industrial customers.

John Henry Foster Minnesota, a portfolio company of High Road Capital Partners, has acquired Sensors Inc. and Sensors Integration Corp., a distributor and integrator of industrial sensing products and systems. The acquisition, completed December 2, 2021, is the second add-on for JHFoster under High Road's ownership and is intended to expand technical capabilities, supplier relationships and support growth initiatives for the combined businesses.

Installed Building Products, Inc. (IBP) has acquired AMD Distribution, Inc., a Spring Valley, Minnesota-based distributor of insulation and related accessories that generates approximately $71 million of annual revenue across eight locations. The acquisition provides IBP with a new distribution platform, broadening its supply-chain capabilities, diversifying revenue and end-markets, and is expected to be immediately accretive to earnings.

BlackRock Long Term Private Capital (LTPC) acquired a majority interest in Summit Companies, a national fire and life safety services provider, from CI Capital Partners. LTPC will partner with Summit's management to scale capabilities and expand the company's geographic footprint across the Midwest, South and Southwest.

The Manitowoc Company, Inc. completed the acquisition of substantially all the assets of Aspen Equipment Company for approximately $51 million. The purchase expands Manitowoc's direct-to-customer footprint in Iowa, Nebraska and Minnesota and adds Aspen's crane dealership, parts & service capabilities and final-stage work-truck upfitting expertise to complement Manitowoc's National Crane boom truck and aftermarket businesses.

Pathfinder Companies acquired a majority interest in Jasper Engineering & Equipment Company, a Hibbing, Minnesota-based industrial distributor and manufacturer's representative. The transaction (closed June 21) is a recapitalization in which Jasper's owners — including Jeff Jamar and Jason Janisch — retained a stake in the business.

PT Holdings, LLC has acquired General Parts, LLC, a long-established distributor and field-service provider of OEM commercial foodservice equipment parts. General Parts will continue to operate under its brand and leadership as a separate business within the PT Holdings group; Encore One will participate as an investor in PT Holdings.

SFP Holding, Inc. (Summit Companies), a CI Capital Partners-backed fire and life safety services platform, announced the completion of ten add-on acquisitions across its Summit Fire & Security and Summit Fire Protection subsidiaries. The transactions expand Summit's geographic footprint (now operating in 18 states) and broaden its inspection, testing, installation and life-safety service capabilities in commercial, industrial, government, healthcare and multi-family end markets.

Amphenol Corporation completed its acquisition of MTS Systems Corporation for $58.50 per share (approximately $1.7 billion including assumed debt). Amphenol said the deal expands its sensor and sensor-based product portfolio (MTS Sensors expected to add ~ $350 million in sales in the first twelve months) and plans to sell MTS's Test & Simulation business to Illinois Tool Works for $750 million subject to regulatory approvals.

Motion & Control Enterprises (MCE), a Frontenac-backed supplier of fluid power and lubrication solutions, has acquired Swanson Flo, Co., a regional distributor of process instrumentation, flow control valves, actuators and related services. Swanson Flo (92 employees) will continue to operate under its name and leadership from its Plymouth, Minnesota headquarters with four warehouse locations; the deal expands MCE's flow control capabilities and geographic footprint in the Upper Midwest.

Pye-Barker Fire & Safety has acquired Nardini Fire Equipment Company, a multi-generational fire protection contractor headquartered in Saint Paul, Minnesota (with a second HQ in Fargo, North Dakota). The acquisition, formalized on December 31, 2020, expands Pye-Barker's Midwest footprint into five additional states (Minnesota, North Dakota, South Dakota, Wisconsin and Iowa) and preserves jobs by integrating Nardini's team into Pye-Barker's national platform.

John Henry Foster Minnesota (a portfolio company of High Road Capital Partners) has acquired the distribution segment of Motion Tech Automation (Motion Tech Distribution, MTD). The add-on deal, JHFoster's first under High Road's ownership, closed on December 14, 2020 and will consolidate MTD into JHFoster's Eagan, Minnesota operations to broaden product offerings in motion control, automation and compressed air solutions.

Sole Source Capital-backed portfolio company Supply Chain Services has acquired Coridian Technologies, a provider of labeling, barcoding, data collection, and RFID solutions headquartered near Chanhassen, Minnesota. The transaction is the third add-on for Supply Chain Services and expands the platform's AIDC product and services capabilities across healthcare, manufacturing, and warehouse/distribution end markets.

Gryphon Investors, a San Francisco-based middle-market private equity firm, has acquired Vessco Holdings, a Minneapolis-based value-added distributor and systems integrator for water and wastewater treatment, from O2 Investment Partners. Vessco's management will remain significant owners and the company will pursue organic growth and add-on acquisitions to expand its product offerings and geographic reach.

Daikin North America LLC, a subsidiary of Daikin Industries, Ltd., has acquired Stevens Equipment Supply, a wholesale distributor of HVAC and commercial food service equipment based in Eagan, Minnesota. The acquisition expands Daikin's distribution footprint across roughly a dozen states, with Stevens continuing to operate under its existing name and management to support growth of its contractor customer base.

MacQueen Emergency, a fire apparatus dealer within the MacQueen Group (a portfolio company of Rotunda Capital Partners), has acquired Emergency Response Solutions (ERS), a Minnesota-based fire equipment supplier headquartered in East Bethel. The transaction expands MacQueen's product and service offerings in Minnesota—adding premier brands and ERS personnel to its local footprint—and strengthens its ability to provide turnkey firefighting solutions to Minnesota fire departments.

Sole Source Capital’s portfolio company Supply Chain Services has acquired Dasco Label, a Blaine, Minnesota–based provider of custom labels, imprinting, serialization and barcoding services. The add-on expands Supply Chain Services’ product and distribution capabilities across manufacturing, healthcare, laboratory, retail and warehouse/distribution end markets; financial terms were not disclosed.

Therma Holdings, a Gemspring Capital portfolio company, has acquired Gilbert LLC, a Minneapolis-area provider of mechanical, electrical, plumbing, controls and fire protection services. The deal is Therma's fourth add-on since partnering with Gemspring and is intended to expand Therma's capabilities and presence in the Twin Cities market, particularly for mission-critical facilities such as healthcare.

Sole Source Capital, an industrial-focused private equity firm, has acquired Supply Chain Services, a North American provider of automatic identification and data capture (AIDC) and factory automation solutions. Dave Green (former COO) was appointed CEO as owner Chip Emery retires; SSC plans to use Supply Chain Services as a platform to pursue additional industrial services acquisitions. Terms were not disclosed.

Morwest Group of Companies, through its subsidiary Advance Triwest Equipment, Ltd., acquired Advance Equipment Company, a Saint Paul-based tower crane, hoist and concrete pump rental and service business, effective April 30, 2020. The deal expands Morwest’s equipment portfolio and service area across North America by integrating two family-owned construction equipment rental businesses.

Carlson Private Capital Partners made an investment in Street Smart, a Lino Lakes, Minnesota–based rental provider of traffic safety equipment and smart work zone services. The investment is intended to support Street Smart's growth and technology-enabled service expansion as the company transitions from a family-owned business.

Goldner Hawn, LP has partnered with Concept Machine Tool Sales, Inc.’s management in a recapitalization to provide capital and resources for growth. Concept, a Plymouth, Minnesota-based value-added distributor and service provider of machine tools, automation and measuring equipment, will pursue add-on acquisitions and expand its service and automation capabilities across medical, aerospace & defense and industrial end markets.

High Road Capital Partners completed the acquisition of John Henry Foster Minnesota (JHFoster), a value-added distributor of motion control, compressed air systems, robotics and electrical automation products headquartered in Eagan, Minnesota. The deal closed May 24, 2019; JHFoster's president Jan Hawkins will continue to lead the company and joined the board, and management participated alongside High Road to support growth, geographic expansion and future add-on activity.

Nautic Partners, LLC has completed the acquisition of LindFast Solutions Group in partnership with LindFast management. LindFast, headquartered in Blaine, Minnesota, is a master distributor of specialty fasteners offering a deep virtual inventory (~130,000 SKUs) and value‑added services; Nautic plans to support organic growth, cross‑selling and selective add‑on acquisitions. Financing for the transaction was provided by Ally Financial and GSO Capital Partners.

Carlson Private Capital Partners closed its first investment by acquiring LindFast Solutions Group, a master distributor of specialty fasteners headquartered in Blaine, Minnesota. LindFast (formerly Lindstrom), which includes the Stelfast imperial fasteners business and a deep inventory of ~130,000 SKUs across North America, will serve as Carlson’s platform in the specialty fastener distribution market.

Eckhart, Inc. acquired PRI Robotics & Automation, a Plymouth, Minnesota-based robotic systems integrator, to expand its Industry 4.0 capabilities and local service footprint in the Twin Cities. The acquisition strengthens Eckhart's systems integration, automation and service offerings for automotive, medical device and industrial customers.

ASRC Industrial Services (AIS), a Concord, California-based industrial and environmental services provider and subsidiary of Arctic Slope Regional Corporation, has acquired Mavo Systems, a White Bear Lake, Minnesota-based environmental and specialty services contractor. Mavo will become the foundation of AIS's Remediation and Response operating group, expanding AIS's remediation, abatement, demolition and emergency response capabilities in the Upper Midwest.