Manufacturing Acquisitions in Illinois

PRO-SET Formulated Resin Systems, LLC (a holding of Iron Path Capital) has acquired Universal Chemicals and Coatings, Inc. (UNICHEM), a family-owned manufacturer of industrial coatings, laminating adhesives and container linings. The deal expands PRO-SET’s formulated coatings and laminating adhesive capabilities as an add-on to its growing resin systems platform; financial terms were not disclosed.

Radial Equity Partners has acquired Cortina, a Franklin Park, Illinois-based manufacturer of traffic and work zone safety products, and will merge it with Radial’s 2024 portfolio company Plasticade. The Giannelli family will retain an ownership stake and Matt Soule has been named interim CEO of the combined business to accelerate growth and expand product and manufacturing capabilities.

Boston-based private equity firm Union Park Capital has acquired GAM Enterprises, a Mount Prospect, Illinois manufacturer of precision gear reducers, couplings, and custom motion control solutions. The deal establishes GAM as the platform for Union Park’s new precision motion control strategy to accelerate growth, expand capabilities, and pursue strategic add-on acquisitions; terms were not disclosed.

Littelfuse, Inc. (NASDAQ: LFUS) completed the acquisition of Basler Electric Company on December 11, 2025 for approximately $350 million in cash. The acquisition brings Basler’s electrical control and protection product portfolio and ~700 employees into Littelfuse to expand high-power application capabilities and deepen presence across mission‑critical industrial end markets such as power generation, grid/utility infrastructure and data centers.

TARAtps, a leading South Korean printing company, has completed the full acquisition of Illinois-based commercial printer Chicago Offset and established TARA USA as its first overseas corporate entity. The deal creates a dual-production system that aligns TARAtps' large-scale capacity in Paju with Chicago Offset's U.S.-based manufacturing to shorten lead times and better serve North American publishers, corporate clients, and K-content partners.

CFS Brands, the Oklahoma City–based foodservice products manufacturer, has acquired Cornerstone Foodservice Group (CFG), the Naperville, Illinois–headquartered owner of Spring USA, LloydPans, Equipex, Astra and Versa‑Gard. The deal brings CFG’s manufacturing footprint and complementary commercial foodservice equipment brands into CFS Brands’ portfolio to broaden product capabilities and deepen its front- and back-of-house offering.

Opus Water, a water infrastructure platform backed by XPV Water Partners, has acquired Yeary Controls, a Chicago-based maker of control valves, actuators, and flow-control accessories. The add-on deal (closed in November 2025) expands Opus Water's engineered flow-control capabilities across water, wastewater and industrial process-fluid markets.

Loparex, a PE-backed global producer of release liners, has acquired Enterprise Coated Products Inc., a Manteno, Illinois-based manufacturer of silicone-based release liners. The acquisition combines Loparex's scale and market reach with Enterprise's narrow-web, small-batch manufacturing expertise to expand capabilities and better serve customers across tape, healthcare, hygiene, graphics and related end markets.

Guardian Capital Partners, alongside co-investor EA Advisors, completed a majority recapitalization of Raptor Power Systems to support the manufacturer’s next phase of growth. The transaction partners Guardian and EAA with Raptor’s founding family (Peter and Evan El Koury) to expand capacity and serve growing demand from data centers and other mission-critical end markets.

Owner Resource Group (ORG), an Austin-based private investment firm, has completed a recapitalization investment in Acme Industries, Inc., a specialty manufacturer of complex precision-machined parts and assemblies headquartered in Elk Grove Village, Illinois. Management, led by CEO John Devine, remains meaningful owners and will continue to lead operations while the capital will be used to support organic growth, invest in equipment and capabilities, and pursue strategic acquisitions.

Arsenal Capital Partners has completed the acquisition of ThermoSafe from Sonoco Products Company. ThermoSafe, headquartered in Arlington Heights, Illinois, is a global provider of temperature-assurance packaging and cold-chain solutions for pharmaceuticals, biologics and vaccines; Arsenal intends to accelerate growth and expand ThermoSafe's technology and product portfolio as part of its specialty packaging investments.

Bradford, a portfolio company of Gemspring Capital, has acquired Solo Laboratories, Inc., a developer and manufacturer of liquid and aerosol personal care products. The deal combines Bradford's solids expertise with Solo Labs' liquids and aerosols capabilities to create a unified personal care manufacturing platform; terms were not disclosed.

LEGEND, a Canadian provider of commercial vehicle upfitting products, has acquired the extrusion plant in Romeoville, Illinois that was previously operated by Corplex. The facility will operate as LEGEND USA and support both Corplex’s existing packaging customers and LEGEND’s expanding North American manufacturing and aftermarket capabilities, reinforcing vertical integration and supply‑chain resilience.

Transom Capital Group completed a take-private acquisition of SigmaTron International, purchasing outstanding shares for $3.02 per share and removing SigmaTron from Nasdaq. The acquisition positions Transom to drive operational improvements, accelerate strategic M&A and support SigmaTron's growth across its global electronic manufacturing services footprint.

Pacific Shoring Products, a portfolio company of Palm Peak Capital, has acquired Prospan Shoring, a Bensenville, Illinois-based maker of aluminum pneumatic vertical shoring and vehicle stabilization products. The deal includes Prospan's patents and trademarks, and Prospan's president and product inventor, James (Jim) Sullivan, will join Pacific Shoring as Safety and Rescue Product Manager to support product and capability expansion.

Family-owned injection molder Adkev of Goodland, Indiana has acquired Winzeler Gear of Harwood Heights, Illinois. The deal brings Winzeler’s ~40+ employees, 42 injection molding machines and precision plastic-gear capabilities into Adkev’s manufacturing platform to expand capabilities across automotive and non-automotive end markets.

LBS, a 100% employee‑owned bookbinding and packaging materials company based in Des Moines, acquired Pilgrim Packaging, a specialty converted‑materials supplier to the floral industry. Pilgrim will continue operating from its Huntley, Illinois location as LBS's third division; terms were not disclosed and LBS said it will invest in additional equipment and material offerings to expand converting capabilities.

Spartan Fastener has acquired American Jebco, a specialty cold-heading fastener manufacturer, to expand its product offering, manufacturing capabilities, and North American market reach. Key leadership at American Jebco will remain in place to ensure continuity; financial terms were not disclosed.

Atlas Holdings has completed the acquisition of EVRAZ Inc. NA and EVRAZ Inc. NA Canada (together, EVRAZ North America) and has formed Orion Steel to operate the acquired businesses. The transaction creates a well-capitalized North American steel platform with ~3,400 employees, significant steelmaking and finished steel capacity, and operations in the United States and Canada.

Wynnchurch Capital has sold Northstar Aerospace, a Bedford Park, Illinois-based manufacturer of flight-critical and non-flight-critical aircraft parts, to GE Aerospace. Northstar produces complex components such as gears, housings, assemblies and shafts for helicopter transmission systems; Vedder Price provided legal counsel to Wynnchurch and Lincoln International and Moelis & Company served as financial advisors.

Pursuit Aerospace has completed the acquisition of Larson Forgings, a 130-year-old provider of seamless rolled rings and open-die forgings that serves OEM and Tier 1 aerospace and defense customers. The deal adds rolled ring forging, heat treat and NDT capabilities to Pursuit's manufacturing platform to expand its ability to supply forged aerospace components.

Boyne Capital has made a platform equity investment in McNish, LLC, the Aurora, Illinois-based designer and manufacturer of wastewater treatment equipment (which operates the Walker Process Equipment, Amwell, and E&I Corporation brands). Capitala Group led a senior debt financing package and provided a minority equity co-investment to support the transaction and McNish's growth in the municipal water and wastewater market.

GNPGraystar, a subsidiary of SurfacePrep, has acquired UK Abrasives, Inc., a Northbrook, Illinois manufacturer and distributor of high-performance abrasives and superabrasive products. The transaction, which closed May 9, 2025, expands SurfacePrep/GNPGraystar's specialty materials capabilities and product offerings across end markets including nuclear, defense, and steel and aluminum production.

Flow Control Management (FCM), a holding company sponsored by The Edgewater Funds, has acquired Aquatrol Inc., a U.S. manufacturer of safety and pressure relief valves headquartered in Elburn, Illinois. The add-on expands FCM's valve product offering and capabilities in safety and pressure relief valves to support its flow-control platform.

Lippert Components, Inc., a wholly owned subsidiary of LCI Industries, has acquired substantially all of the business assets of Freedman Seating Company, a Chicago-based manufacturer of transportation seating solutions. The acquisition expands Lippert’s product offering into seating and vehicle interiors for bus, rail, marine and commercial vehicle markets and preserves Freedman’s Chicago operations.

MPE Partners has completed an investment to acquire Intermatic LLC, a 130+-year-old Libertyville, Illinois-based manufacturer of electrical and mechanical controls for lighting, irrigation, HVAC/R and pool & spa applications. The transaction, from the founding Kinney family, positions Intermatic for accelerated product innovation (including digital and integrated controls), continued penetration of electrical distribution channels, and potential complementary add-on acquisitions.

LFM Capital led a control investment in Marcy Laboratories, a Glendale Heights, Illinois-based contract manufacturer serving fragrance and beauty brands, with Tecum Capital supporting the transaction. Management (Kevin Morton and Mike Buehler) will continue to lead the company and the investors plan to expand Marcy's operations, automation, and manufacturing capabilities; financial terms were not disclosed.

Altus Capital Partners and Centerfield Capital Partners, together with ALM Positioners' senior leadership team, have acquired ALM Positioners, a Rock Island, Illinois-based manufacturer of automated positioning equipment for welding, assembly and fabrication. The transaction is a new platform investment to support ALM's growth and will keep the existing management team in place; financial terms were not disclosed.

SkyMark Refuelers, a Sky Island Capital portfolio company, has acquired Becker and Associates, Inc., a nearly 60-year supplier of aviation and ground fueling equipment based in East Dundee, Illinois. The acquisition is an add-on to SkyMark’s parts and aftermarket capabilities to expand its product offering across aviation, natural gas, oil and chemical processing end markets.

El Paso-based Manufacturing Revitalization Corp. of America (MRCA) has acquired Technical Metals Inc., a Fairbury, Illinois-based metalworking and machining services provider. The deal brings Technical Metals' ~65 employees and 80,000-sq.-ft. facility into MRCA's aggregation strategy to preserve U.S. manufacturing capacity and expand legacy manufacturing capabilities.

Busch Group USA has acquired Total Maintenance Solutions, LLC (TMS), a Milan, Illinois-based maker and servicer of vacuum pumps and blowers, from St. Martin Holdings Company. TMS will continue operating as an independent division with existing staff, and the deal strengthens Busch's capabilities and market position—particularly in the food packaging and protein end markets.

Victor Capital Partners has acquired B-O-F Corporation, a designer and manufacturer of patented gravity-flow and specialty retail shelving, in a transaction with selling sponsor LaSalle Capital. The investment will partner Victor Capital with B-O-F senior management to accelerate product innovation, expand the company’s offerings, and grow its North American footprint; terms were not disclosed.

Techmer PM has acquired Colors for Plastics, a provider of color concentrates and custom color solutions, in a deal that closed January 31, 2025. The acquisition expands Techmer PM's product offerings and color technology capabilities, and brings Colors for Plastics' Elk Grove Village, Illinois and Spartanburg, South Carolina sites and employees into Techmer's organization.

All-State Industries, a portfolio company of Blue Sage Capital, has acquired United Gasket Corp. and its subsidiary Gaskoa, Inc. United Gasket — a Cicero, Illinois–based manufacturer of custom non-metallic components — will remain led by CEO Mark Pahios and the deal expands All-State's die-cutting and non‑metallic component capabilities. The transaction (completed Dec. 31, 2024) is the fourth add-on for the All-State platform since partnering with Blue Sage and was financed with support from TPG Twin Brook Capital Partners.

Houston-based private equity firm Pelican Energy Partners has acquired Skolnik Industries, a Chicago-based manufacturer of customized carbon and stainless steel drums serving commercial and regulated end markets, including the nuclear industry. Skolnik will remain led by its current president, Dean Ricker; Pelican said the company's nuclear business was a key factor in the transaction as the firm continues to invest in nuclear-focused energy equipment and services.

Matrix Adhesives Group, a portfolio company of private equity firm Goldner Hawn, has acquired ROMAN Products, LLC — a Calumet City, Illinois-based manufacturer of wallcovering adhesives — from Salt Creek Capital. The transaction is an add-on acquisition to Matrix’s adhesives platform intended to integrate Roman’s product portfolio, manufacturing and packaging capabilities into Matrix’s broader offerings.

LindFast Solutions Group (LSG), a portfolio company of Nautic Partners, has completed the acquisition of Big Bolt, a Bloomingdale, Illinois-based manufacturer of specialty fasteners. The add-on acquisition expands LSG's manufacturing capabilities and product offering to better serve distributor customers across North America; Lincoln International acted as exclusive financial advisor to Big Bolt.

TE Connectivity has acquired Harger, a U.S. manufacturer of lightning protection, grounding solutions and exothermic welding products. The acquisition expands TE's energy business unit capabilities and broadens its product portfolio for grid reliability across renewable power, utilities and industrial applications.

River Associates Investments completed the acquisition of ID Label, Inc., a Lake Villa, Illinois-based manufacturer of variable-information barcode labels and warehouse signage. The transaction closed on November 15, 2024; River funded the buyout from its eighth fund (River VIII) and will operate ID Label as a platform with plans to pursue complementary add-on acquisitions.

Tecum Equity has made an investment in Kadon Precision and Aerospace, a Rockford, Illinois-based precision machining and contract manufacturing company, with Kadon CEO Justin Franklin remaining in place. The deal includes senior debt from First Financial Bank and mezzanine/equity co-investment from UMB Capital Corporation and LongWater Capital Solutions; Tecum intends to support Kadon's growth through capability investments and add-on acquisitions.

DGS Retail, a portfolio company of San Francisco Equity Partners, acquired SMS Display Group, a Chicago-area designer and manufacturer of retail fixtures and displays. The transaction supports DGS's rebranding to Agility Retail Group and expands its manufacturing and service capabilities across off-price retail, home improvement and other store channels; terms were not disclosed.

Radial Equity Partners announced an investment in Plasticade, a Des Plaines, Illinois-based manufacturer of traffic safety, signage and HVAC louver products. The move coincides with long-time chairman and shareholder Geoff Glass’s retirement and is intended to support Plasticade’s growth and product innovation under CEO David Foy.

ProMach has acquired HMC Products, a manufacturer and service provider of horizontal form fill seal (HFFS) machines based in Machesney Park, Illinois. The acquisition (HMC’s ~45 employees and 60,000 sq. ft. facility) expands ProMach’s flexible packaging capabilities and aftermarket service capacity within its Systems & Process business unit.

Uniphase, LLC, a portfolio company of Sequel Holdings, L.P., has acquired Janler Corporation, a Chicago-based contract mold-making and plastic injection molding business. The deal expands Uniphase's tooling and molding capabilities, doubles toolmakers and engineering capacity across more than 125,000 square feet of manufacturing space, and is being executed as an add-on to the Uniphase platform.

Maxcess International has acquired International Cutting Die Inc (ICD), a Melrose Park, Illinois-based manufacturer of precision cutting solid dies and supporting tools. The acquisition strengthens Maxcess' manufacturing capabilities and product portfolio—particularly in the nonwoven, label and packaging markets—by integrating ICD's die technologies and manufacturing facilities into Maxcess' global web-handling platform.

Tadano Ltd. agreed to acquire all outstanding shares of Manitex International, Inc. in a reverse triangular merger for $5.80 per share, implying an equity value of $122 million and a total transaction value of $223 million (including debt). The deal, announced September 12, 2024 and closed in early January 2025, makes Manitex a wholly owned subsidiary of Tadano and expands Tadano’s product lineup in truck loader cranes and aerial work platforms.

American Roller Company, a portfolio company of Hamilton Robinson Capital Partners, acquired A-Korn Roller, Inc., a Chicago-based manufacturer of rollers founded in 1970. The add-on expands American Roller's capabilities and customer relationships in the graphic arts and converting markets and represents its sixth acquisition since HRCP's initial investment.

Hyperion Materials & Technologies has entered a definitive agreement to acquire the operations of Damen Carbide Tool Co., Inc., a Wood Dale, Illinois-based specialist in carbide and ceramic grinding and EDM finishing. The asset purchase will fold Damen Carbide into Hyperion's Precision Solutions business unit to expand its carbide component manufacturing and finishing capabilities; key Damen leaders will remain in place and the transaction is expected to close in early Q3 2024.

MPE Partners (Morgenthaler Private Equity) has made an investment in LA-CO Industries, a 90-year-old manufacturer of industrial hand-held markers, temperature indicating tools, sterilization inks, plumbing chemicals, and livestock identification products. The transaction positions LA-CO for accelerated organic growth and to pursue complementary add-on acquisitions while CEO Benjamin Kleiman remains in place; terms were not disclosed.

Monomoy Capital Partners acquired Chicago-based Edsal Manufacturing, a family-owned maker of steel shelving, cabinets and storage products, in 2018. Monomoy's operating team worked with Edsal management to redesign product (a weldless, rivet-less shelving system), reshore production to the United States, reduce freight costs and improve supply-chain and environmental outcomes.