Manufacturing Acquisitions in Indiana

L Squared Capital Partners has acquired Functional Devices, Inc., a Sharpsville, Indiana–headquartered maker of RIB relays, current sensors, power supplies and other field devices for building automation and emergency lighting. Management (led by President & CEO Mark Fernandes) invested alongside L Squared, which plans to invest in product development, commercial expansion and pursue add-on acquisitions to build out a platform in peripheral components for building automation.

An affiliate of Lone Star Funds has completed the previously announced all-cash acquisition of Hillenbrand, Inc. for an enterprise value of approximately $3.8 billion. The transaction takes Hillenbrand private (its common stock will be delisted) and Lone Star will partner with Hillenbrand's management to execute strategic growth and operational plans.

Littlejohn & Co., a Greenwich-based private investment firm, has acquired 80/20, a Columbia City, Indiana-headquartered maker of configurable modular framing solutions, from MPE Partners. The transaction (terms undisclosed) is a platform investment aimed at expanding 80/20's capabilities, geographic reach, and position in automation, robotics, and modular industrial design markets.

National Manufacturing Group, a multi-plant OEM supplier based in Troy, Michigan, has acquired J.M. Hutton & Co., a Richmond, Indiana metal fabricator with a 275,000-square-foot production facility. The deal expands National's metal stamping, laser cutting, and powder-coating capabilities and advances its vertical-integration strategy to better serve OEM customers in vocational truck, medical, food service and casket markets.

National Safety Apparel (NSA), a Blue Point Capital Partners-backed platform, has acquired NASCO Industries, Inc., a U.S. manufacturer of flame-resistant rainwear and protective outerwear headquartered in Washington, Indiana. The add-on expands NSA's flame-resistant rainwear portfolio and strengthens its coverage in the electric utility PPE segment as part of the platform's continued roll-up strategy.

Americo Chemical Products, a Harbour Group company, has acquired Fusion Chemical, a Huntington, Indiana-based maker of specialty metalworking fluids. The deal brings Fusion's founder Matt East and his team into Americo and expands Americo's product portfolio with next-generation lubricants and coolants; terms were not disclosed.

Junto Holdings Group, Inc., a Minneapolis-based permanent-capital investment holding company, has acquired SensorTec, LLC, a Fort Wayne, Indiana manufacturer of precision temperature sensors. SensorTec will continue to operate independently from its Fort Wayne facility with the existing management and team remaining in place; the deal provides a long-term ownership structure and supports future growth while enabling the founder's succession.

Mission Critical Group (MCG) has acquired Leman Engineering and Consulting (LEC), a Brookston, Indiana–based manufacturer of switchgear, control systems, and power distribution equipment. The acquisition strengthens MCG’s Midwest manufacturing footprint, expands its engineering capabilities, and establishes LEC as MCG’s R&D hub for power generation engineering and switchgear innovation.

Solve Industrial Motion Group has acquired B&B Manufacturing, a U.S. maker of power transmission and precision mechanical components headquartered in La Porte, Indiana. The deal expands Solve's domestic manufacturing footprint and broadens its drive train product capabilities, enabling faster lead times and increased made-to-order capabilities for industrial customers across North America.

StenTech, an Align Capital Partners portfolio company, has acquired Advanced Metal Etching, Inc. (AME), a precision photochemical etching and laser-cutting specialist based in Ligonier, Indiana. The add-on expands StenTech's Parts Division capabilities — adding AME's Hybrid Etch-Laser Process and two facilities to strengthen precision parts manufacturing and broaden end-market exposure (aerospace, medical, automotive, defense and energy).

Quad Innovations LLC has acquired Stoutco, Inc., a Bristol, Indiana-based metal fabricator serving bus, cargo trailer and RV OEM markets. The purchase transfers ownership from co-owners Ron Mason and Brian Conwell to Quad, which expects to expand geographic coverage, operational capacity and product capabilities to better serve existing and new customers.

Cornerstone Building Brands, a leading North American manufacturer of exterior building products, has acquired Metal Sales Manufacturing Corporation, a Sellersburg, Indiana–based manufacturer of metal building systems and components. The acquisition (Metal Sales: ~900 employees) expands Cornerstone's footprint to more than 100 plants and distribution locations and increases its participation in the high-growth residential metal building and components market.

Winsert, an advanced alloy components manufacturer based in Marinette, Wisconsin, has acquired Mack Tool & Engineering, a precision machining firm headquartered in South Bend, Indiana. The deal expands Winsert’s manufacturing capabilities and strengthens its presence in aerospace and medical end markets by adding Mack’s NADCAP- and AS-9100-certified machining expertise.

Winsert, a specialty-alloys manufacturer backed by Altus Capital Partners, has acquired Mack Tool & Engineering, a precision machining firm based in South Bend, Indiana. The add-on bolsters Winsert's machining capabilities and expands its exposure to aerospace and medical end markets.

Kimura Foundry America, the U.S. subsidiary of Japan's Kimura Group, has acquired VIP Tooling, a precision tooling and CNC machining company based in Shelbyville, Indiana. The acquisition integrates VIP's machining capabilities with Kimura's 3D-printed casting technology to offer streamlined, full-service manufacturing solutions and improved lead times for customers in automotive, energy, and industrial manufacturing.

Star Plastics, the Akoya Capital Partners-backed engineered thermoplastics compounder, has merged with Trivalence Technologies, LLC, a custom thermoplastic compounder based in Evansville, Indiana. The merger is an add-on to the Star Plastics platform intended to expand technical capabilities, product offerings, geographic reach, and tolling services for OEM and molder customers.

Charger Investment Partners has partnered with Versa-Drill's management to acquire the Indianapolis-based manufacturer of mid-sized drilling rigs. Charger will provide growth capital to accelerate new product development and expand aftermarket parts and service offerings while founder and management retain significant ownership.

Kennametal Inc. completed the sale of its Goshen, Indiana subsidiary, Kennametal Stellite, L.P., to a Chicago-based private equity firm for $19 million in cash at closing plus an EBITDA-based earn-out opportunity over three years. The seller characterized the transaction as a portfolio action to improve sales mix, reduce material cost volatility and better focus on long-term strategic priorities; the buyer was not named in the announcement.

Cincinnati-based specialty chemical company Kodiak LLC acquired Sunocs LLC, including its large grease and silicone manufacturing facility in Valparaiso, Indiana. The purchase expands Kodiak’s manufacturing capacity and product portfolio (notably greases and silicones), broadening its customer reach across metalworking, automotive/aerospace, packaging and energy end markets.

Graycliff Partners has acquired Boss Industries, a LaPorte, Indiana-based manufacturer of power take-off and engine-driven air systems, from Wynnchurch Capital. The transaction represents a sponsor-to-sponsor exit for Wynnchurch and positions Graycliff to support Boss’ continued growth in utility, municipal water and service-truck end markets.

Graycliff Partners has acquired Boss Industries, LLC, a La Porte, Indiana manufacturer of power take-off and engine-driven air compressors, generators, spray coating systems and vapor recovery units. Graycliff will partner with Boss management to pursue organic and inorganic growth and new product development to expand the company's capabilities and market reach.

MultiTech Industries, a portfolio company of Argonaut Private Equity, has acquired Sandin Manufacturing in a strategic add-on transaction. Dresner Partners served as sell-side advisor; the acquisition expands MultiTech’s manufacturing footprint and capabilities in wire rope, cable and coated metal products.

Micronics Engineered Filtration Group, a portfolio company of Vance Street Capital, has acquired Action Filtration, an aftermarket manufacturer of pleated and cartridge filters for dust collection and air pollution control. The add-on expands Micronics’ engineered filtration portfolio and manufacturing footprint to better serve industrial end markets requiring environmental and emissions control expertise.

Crane Company (NYSE:CR) completed the acquisition of Technifab Products, Inc., a Brazil, Indiana–based manufacturer of vacuum‑insulated pipe systems and cryogenic valves, for $40.5 million on a cash‑free, debt‑free basis. Technifab will join Crane's Process Flow Technologies segment, extending Crane's cryogenics capabilities into high‑growth semiconductor, medical and pharmaceutical end markets and expanding the company's geographic footprint.

Acacia Research Corporation (Nasdaq: ACTG) acquired Deflecto Acquisition, Inc. (Deflecto), a specialty manufacturer serving the commercial transportation, HVAC and office markets, for $103.7 million. Deflecto — headquartered in Indianapolis, Indiana and operating nine manufacturing facilities globally — generated roughly $131 million of trailing twelve-month revenue and will continue to be led by its existing management team under Acacia's ownership.

Philadelphia-based D.C. Humphrys has acquired Gosport Manufacturing, an 80-year-old Gosport, Indiana maker of tarpaulins and industrial textiles. The acquisition preserves local manufacturing operations and employees, with Humphrys planning to add capacity and begin producing some athletic products at the Gosport facility following Joseph King’s retirement.

MITAR Private Capital, an Indianapolis-based private equity firm, has acquired Micromatic LLC, a Berne, Indiana manufacturer of rotary vane actuators, waste tippers and automation assembly systems, from Forest Hill Partners. Financial terms were not disclosed; Forest Hill Partners had owned Micromatic since 2005 and nearly tripled its revenues and earnings during its 19-year ownership.

Sandvik AB, through its Walter division, has acquired PDQ Workholding LLC, a U.S.-based specialist in custom workholding fixtures and tooling. The deal strengthens Sandvik/Walter's machining solutions offering—particularly in the Americas—by adding workholding capabilities that provide earlier access to component projects and complement its cutting-tool business.

Poseyville-based Nix Industrial acquired majority ownership of New Albany-based Huncilman Sheet Metal Fabrication in a deal completed Aug. 12; financial terms were not disclosed. The combination creates a workforce of more than 200 employees, retains Parker Huncilman in a leadership/ownership role while outgoing owners Gordon and Jeffery Huncilman transition away, and is intended to expand capabilities and scale in metal fabrication across Indiana and the broader Midwest.

Lincoln Electric Holdings, Inc. has acquired Vanair Manufacturing, LLC, a Michigan City, Indiana-based maker of vehicle-mounted mobile power solutions including compressors, generators, welders, hydraulics and chargers. The deal (Vanair ~ $100M revenue) expands Lincoln Electric's product and channel capabilities into the service-truck market and will be reported in its Americas Welding segment.

Blue Point Capital Partners-backed National Safety Apparel (NSA) has acquired Indiana-based Tri-Star Glove (TSG), a manufacturer of high-performance personal protective apparel and gloves serving automotive, foundry, fabrication and glass end-markets. The transaction is an add-on to NSA's platform and expands its hand-protection and custom PPE capabilities as NSA pursues continued M&A-driven growth under Blue Point's ownership.

Fayat Group acquired a controlling interest in Asphalt Drum Mixers LLC (ADM), effective July 1, 2024. ADM will join Fayat's Mixing Plants business unit while the Boyd-Devine family remains a minority owner and Mike Devine stays on as ADM president; the deal strengthens Fayat's road-construction equipment position in North America and creates product and distribution synergies with existing Fayat brands.

Ennis, Inc. (NYSE: EBF) has acquired Printing Technologies, Inc. (PTI), a manufacturer of labels, thermal printer rolls and other printing media based in Indianapolis, Indiana. Ennis said the acquisition will expand its product capabilities and enhance its printed media and labeling offerings to customers and distributors across multiple end markets.

Main Street Capital Corporation invested $36.9 million (a mix of first‑lien senior secured term debt and direct equity, plus a revolving credit facility) to support a management‑led buyout of Nello Industries, LLC. The capital package was provided alongside an unnamed co‑investor and the company's founding management team to support ownership transition and future growth initiatives at the South Bend, Indiana manufacturer of engineered steel poles and towers.

An investor group led by Arsenal Capital Partners, in partnership with BayPine LP, has acquired Poly-Wood, LLC (POLYWOOD) from Mayfair Capital Partners (a division of Oxford Financial Group). POLYWOOD is a vertically integrated manufacturer of recycled HDPE outdoor living products headquartered in Syracuse, Indiana, employing about 1,650 people; Arsenal and BayPine plan to invest in organic and inorganic growth and further develop the company's digital capabilities.

Aurora Material Solutions, a Nautic Partners-backed polymer compounds manufacturer, has acquired EnCom Polymers, a specialty engineered thermoplastics manufacturer based in Evansville, Indiana. The add-on expands Aurora’s engineered thermoplastics capabilities and product offering—grouping EnCom with Enviroplas to strengthen Aurora’s Engineered Thermoplastics business segment and pursue synergies and growth.

Acerinox, through its wholly owned U.S. subsidiary North American Stainless, has agreed to acquire Haynes International in an all-cash transaction valuing Haynes at approximately $798 million equity ($970 million enterprise value) at $61.00 per share. The deal strengthens Acerinox's high-performance alloys capabilities, expands its presence in the U.S. and aerospace markets, and includes a planned ~$200 million investment in the combined U.S. operations over four years.

Dalton Corporation, a U.S. iron casting and foundry business based in Warsaw, Indiana, has been sold by Speyside Equity to an undisclosed strategic buyer. Angle Advisors served as exclusive investment banking advisor to Dalton and Speyside Equity on the divestiture.

Innovative Certified Metal Plating & Anodizing (INCERTEC) has acquired Circle City Heat Treating, Inc., a heat-treating, black oxide and cryogenics services provider headquartered in Indianapolis, Indiana. The transaction, advised by Generational Equity, closed on January 12, 2024 and expands INCERTEC's metal finishing capabilities and geographic footprint.

DBW Holdings, parent of Diamond Blade Warehouse, acquired Peak Toolworks in a deal completed with private investors Granite Creek Capital Partners and Canterbury Ventures, with financing from Hidden River Strategic Capital and Muzinich BDC, Inc. Peak Toolworks will join DBW under the DBW Holdings umbrella and continue to operate as a separate business, expanding DBW's product and service offerings across infrastructure, construction, automotive and manufacturing end markets.

Cooper Machinery Services, a portfolio company of Arcline Investment Management, has acquired Terrecorp, LLC, a manufacturer of aluminum, bronze and steel-backed bearing shells and bushings based in Indianapolis, Indiana. The acquisition expands Cooper's product offering and manufacturing capabilities for reciprocating engines and compression systems, strengthening its position in the mission-critical compression and engine systems market.

OTR International, a market-leading supplier of off-the-road tires and wheels, has acquired Hoosier Wheel, a manufacturer of pneumatic and semi-pneumatic wheel assemblies based in Evansville, Indiana. The acquisition, closed October 1, expands OTR's U.S. manufacturing footprint and product portfolio for OEM and aftermarket customers and is supported by OTR's majority owner, Owner Resource Group.

Atlas Holdings has acquired the Herff Jones Graduation Business (Scholastic and Collegiate brands and manufacturing facilities) from Varsity Brands, with the transaction closing on October 2, 2023. Varsity Brands will retain its Yearbook business, while Atlas will operate Herff Jones as a standalone company within its LSC Communications family and has promoted Ron Stoupa to CEO.

Monument MicroCap Partners completed an investment in EarthWay Products, a Bristol, Indiana-based manufacturer of precision lawn and garden spreaders, tools and ice-control equipment. Monument will partner with EarthWay's management to expand the company's product platform, grow across commercial and consumer sales channels, and pursue add-on acquisitions to accelerate growth.

CenterGate Capital's affiliate has made a growth investment in Poseidon Barge, a Berne, Indiana-based manufacturer and rental provider of sectional barges for marine infrastructure. Founder Donnie Fain and President Mary Habegger-Fox will remain with continued ownership and management as Poseidon pursues growth and capability expansion across its North American operations.

HNI Corporation has completed the acquisition of Kimball International in a cash-and-stock transaction valued at approximately $485 million. The deal combines two commercial furnishings businesses to create a larger platform with broader product offerings and expected cost synergies.

DexKo Global Inc. completed the acquisition of Horizon Plastics & Engineering, Inc., a plastic injection molding company based in Osceola, Indiana. The purchase brings Horizon's molding capabilities and ~15,000 sq. ft. facility (nearly 20 employees) into DexKo to strengthen supplier capabilities and expand manufacturing flexibility.

The Middleby Corporation has acquired Flavor Burst LLC, a Danville, Indiana–based maker of automated flavoring and dispensing systems for soft serve, shakes, slushes and other frozen beverages. Flavor Burst, which generates roughly $5 million in annual revenue, will expand Middleby’s beverage and soft-serve product offerings and integrate with its existing Taylor equipment distribution relationships.

Braskem acquired taulman3D, a Linton, Indiana-based manufacturer of advanced 3D printing filaments and polymers, expanding its portfolio of materials for additive manufacturing. The deal strengthens Braskem's capabilities in 3D printing materials and positions the company to better serve aerospace, automotive, healthcare and industrial customers globally.

AGS Automotive Solutions, a portfolio company of private equity firm 3 Rivers Capital, has acquired BluDot Manufacturing, a South Bend, Indiana-based manufacturer of trailer brake systems and hydraulic brake kits. The acquisition is an add-on to AGS's strategy to expand its OEM and aftermarket braking product capabilities and broaden its footprint in the trailer and recreational vehicle markets.