Manufacturing Acquisitions in Minnesota

Tide Rock, an unlevered buyout firm, acquired Analog Technologies, a Burnsville, Minnesota-based electronic manufacturing services (EMS) provider. The deal is an add-on to Tide Rock's EMS platform (working alongside portfolio company Pro-Active Engineering) and expands the platform's PCBA, high-performance interconnect and A&D-certified capabilities.

DwyerOmega, a portfolio company of Arcline Investment Management, has acquired Burns Engineering to expand its precision temperature measurement product offering. Burns Engineering, founded in 1965 and based in Eden Prairie, Minnesota, provides metrology-grade temperature measurement devices for end markets including biopharma, food processing, and calibration laboratories; financial terms were not disclosed.

Astec Industries, Inc. completed the acquisition of CWMF, LLC for $67.5 million in cash, adding roughly $50 million of annual revenue to Astec's Infrastructure Solutions segment. The purchase is expected to be EPS-accretive, improve gross profit and adjusted EBITDA margins, deliver synergies by the end of year one, and expand Astec's capacity and regional customer relationships in the Midwest, South-Central and Great Lakes regions.

Graco has acquired RADIA (formerly Red Devil Equipment Company) for $69 million, adding paint-mixing, shaking and automated material-handling technologies to its color solutions portfolio. RADIA, based in Plymouth, Minnesota, generates more than $30 million in annual revenue and employs roughly 30 people; the acquisition is intended to integrate RADIA's mixing and automation capabilities with Graco's existing tinting and dispensing solutions.

Westbourne Capital Partners acquired Harvey Vogel Manufacturing Co., a precision metal stamping and fabrication company that serves aerospace, medical and industrial markets. Monroe Capital led the debt financing and made an equity co-investment to support the platform buyout and growth plan to professionalize and scale the business.

Palm Peak Capital, a lower‑middle market private equity firm, has acquired Domaille Engineering, a Rochester, Minnesota–based maker of advanced equipment and accessories for producing pre‑terminated fiber optic cables, in a corporate carve‑out from ADDMAN Engineering. Stellus Capital Management provided senior unitranche financing and an equity co‑investment to support the transaction; D.A. Davidson served as Palm Peak's financial advisor and Lincoln International advised Domaille.

Blue Sage Capital has made a control investment to merge Skid Pro Attachments Inc. and Accessories Unlimited LLC into a vertically integrated platform supplying skid steer and compact track loader attachments. The transaction combines Skid Pro’s direct‑to‑customer sales and marketing capabilities with Accessories Unlimited’s engineering and manufacturing, and Blue Sage will back leadership changes and growth through product expansion, geographic reach, and strategic acquisitions.

Windjammer Capital completed the acquisition of PDU Cables and Engineered Products Company (EPCO) in partnership with management and the Lee family; terms were not disclosed. The deal creates a platform positioned to serve accelerating data center power needs and to expand into adjacent product and service offerings for electrical distributors, contractors, hyperscalers and enterprise customers.

Thermo Fisher Scientific completed the acquisition of Solventum's Purification & Filtration business for approximately $4.0 billion in cash. The divested business—now Thermo Fisher's Filtration and Separation business—adds bioprocessing filtration, industrial filtration and membrane technologies to Thermo Fisher's Life Sciences Solutions portfolio and is expected to generate about $750 million in revenue in 2025.

Nashville-based private equity firm LFM Capital has invested in Bergari Solutions, a Rosemount, Minnesota designer and manufacturer of custom engineered exhaust and emissions systems. The transaction establishes Bergari as a platform company in LFM’s third fund and positions the business for growth in data center and other backup power end markets.

KDI Precision Manufacturing has acquired Envision Plastics and Design LLC, completing the transaction on June 30 to expand KDI's plastics manufacturing capabilities for medical and industrial electronics customers. The deal brings Envision's proprietary "No Molds Required" (NMR) technology and its White Bear Lake operations together with KDI's Rogers facility and electro-mechanical assembly, creating an integrated turnkey provider for OEMs.

Modine (NYSE: MOD) has acquired Climate by Design International (CDI), a Minnesota-based manufacturer of desiccant dehumidifiers and critical process air handlers. The acquisition expands Modine's Commercial IAQ capabilities, adding desiccant-based humidity control technology and additional U.S. manufacturing capacity to serve end markets such as pharmaceuticals, food processing, cold storage, and battery manufacturing.

AVPro Global Holdings LLC has entered into a definitive agreement to acquire Remote Technologies Incorporated (RTI), a provider of intelligent home and business control and automation hardware and software. The deal combines AVPro's audio/video connectivity and manufacturing scale with RTI's control processors, remotes, touch panels and automation software to accelerate product development, broaden integration capabilities, and expand offerings for residential and commercial integrators.

Detectortesters Group, a portfolio company of Inflexion Private Equity Partners, has acquired Global Vision Inc. (GVI), a Minnesota-based maker of FM‑approved fire pump test meters. The deal is an add-on to Detectortesters' test & measurement platform and is intended to strengthen its flow meter product offering, innovation capability, and global distribution reach in the commercial fire protection market.

Brad Darling, CEO and President of ARGO, together with an investment group, has acquired Arctic Cat from Textron Specialized Vehicles. The Thief River Falls-based manufacturer of snowmobiles, ATVs and side-by-sides will operate under Darling's leadership with plans to reinvest in the brand, products, people and dealer network.

Ballymore Safety Products, a One Equity Partners portfolio company, has completed the acquisition of Valley Craft Industries, a Lake City, Minnesota-based manufacturer of material handling, drum handling, and storage solutions. The add-on expands Ballymore’s domestic manufacturing footprint and establishes a Midwest headquarters while preserving the Valley Craft brand and workforce of over 100 employees.

Chicago-based private equity firm Kinzie Capital Partners has acquired Fraser Steel, LLC, a manufacturer of value-added steel tubular products operating from an 80,000-square-foot facility outside Minneapolis, Minnesota. Kinzie said it will support Fraser's growth through operational investment, product innovation and market expansion while partnering with the company's existing management team.

Kewaunee Scientific Corporation (NASDAQ: KEQU) completed the acquisition of Minneapolis-based NuAire for $55 million, expanding Kewaunee’s product portfolio and distribution footprint in laboratory and pharmacy equipment. The deal preserves NuAire’s leadership in biological safety cabinets and related airflow and cold-storage products, with Bill Peters remaining as NuAire President; financing was provided by PNC Bank and Carl Marks Securities served as financial advisor.

Luth-AR has purchased all assets of ACRO Machine Inc., a Minnesota-based barrel manufacturing company, bringing barrel machining in-house after a 23-year partnership. The acquisition adds CNC turning and milling capacity and proprietary fixtures/programs to support expanded barrel offerings, new calibers, contours and specialized coatings.

StoneTree Investment Partners, a lower middle market industrials-focused private equity firm, has invested in Viking Engineering & Development, a Blaine, Minnesota-based manufacturer of automated assembly and fastening equipment for the pallet and bed frame industries. The investment will support Viking's growth and operational/technology initiatives; financial terms were not disclosed.

Afinitas has acquired the concrete machinery and forming systems assets and related intellectual property of Elk River Machine Company (ERMC) from ERMC parent Hutchinson Manufacturing, LLC. The deal brings ERMC product lines (wire mesh benders, rollers, cage expanders, wetcast/drycast forms and retaining wall systems) and design talent into the Afinitas platform to expand its concrete equipment and forming systems offering.

Polar Semiconductor has been sold to Niobrara Capital and Prysm Capital following a $175 million equity financing to convert the company into a majority U.S.-owned merchant foundry. The investors and federal/state CHIPS incentives will support a roughly $525 million investment to double wafer capacity, add compound semiconductor, sensor and power semiconductor capabilities, and create 160+ jobs in Bloomington, Minnesota.

Arandell Corporation, a Saothair Capital Partners portfolio company, has acquired the business and assets of the Maple Grove, MN facility from the CJK Group. The deal expands Arandell's printing, bindery and mailing capacity—adding over 200 employees and enabling greater production capability to serve leading brands and retailers.

Emirates Global Aluminium (EGA) has acquired an 80% majority stake in US aluminium recycling firm Spectro Alloys Corporation, with the company’s owner‑managers retaining 20%. The deal expands EGA’s recycling footprint and US domestic production capacity and will support Spectro Alloys’ ongoing Rosemount expansion (approximately +55,000 tonnes/year in phase one).

Sound Growth Partners (SGP) has acquired ATEK Access Technologies, LLC, a Minnesota-based manufacturer of rugged memory keys and industrial safety/access control products, in a transaction announced August 22, 2024. Aethlon Capital advised the selling owners (including co-owner Kay Phillips) on the sale; SGP provided all capital via its One-Stop Buyout structure and said it will support ATEK's growth going forward.

Private equity funds affiliated with Blackstone have entered into a definitive agreement to acquire Trystar, a Minnesota-based designer and manufacturer of critical electrical power and backup power solutions. Blackstone said it will partner with Trystar's management to build a leading platform serving distributed power generation markets and accelerate growth amid energy transition tailwinds.

Nita Inc., a Canadian labeling-systems manufacturer, has acquired Shorewood Engineering LLC, a Minnesota-based rotary labeler manufacturer founded in 1988. The deal adds Shorewood's rotary labeler capabilities to Nita's inline labeling product line; Shorewood's founder Jason Good will remain as President and retain a significant stake in the business.

Kadant Inc. has completed the acquisition of Dynamic Sealing Technologies LLC (DSTI) for approximately $55 million in cash. DSTI, a manufacturer of fluid rotary unions and electrical slip rings based in Andover, Minnesota (approximately 90 employees and ~$25M trailing twelve-month revenue), will join Kadant's Flow Control segment to expand its engineered fluid sealing and transfer capabilities and extend presence into adjacent end markets.

Skyline Global Partners LLC closed a minority growth equity investment in Apex International in June 2024; financial terms were not disclosed. The capital will be used to support Apex’s growth (including pursuit of add-on acquisitions) as the contract manufacturer expands capacity for personal care and OTC products from its Minnesota facilities.

Elevation Labs, a Knox Lane‑backed contract manufacturer of beauty and personal care products, has acquired Boomerang Laboratories, a Spring Park, Minnesota-based formulator and copacker. The deal adds a third production location and additional capacity to Elevation's existing facilities, expanding its formulation, filling and packaging capabilities to better serve brand partners.

P2G Capital partnered with Merit Capital Partners and Circuit Check management to acquire Circuit Check Holdings, Inc., a Maple Grove, Minnesota–based designer and manufacturer of precision test systems and test automation solutions. The investors intend to position Circuit Check as a growth platform to introduce new technologies and expand its offerings across end markets including IT, aerospace & defense, medical and automotive.

CherryRoad Media has acquired Page 1 Printers, a printing and mailing business based in Slayton, Minnesota. The acquisition expands CherryRoad's Midwest production capacity for its newspaper and commercial printing operations and aims to continue servicing local customers while preserving jobs at the Slayton facility.

Koch Equity Development LLC (KED) has made a $400 million strategic equity investment in CPM Holdings, Inc.; proceeds will fund a distribution to CPM’s existing equity holders. Affiliates of American Securities will remain majority owners alongside KED and management, and the investment is intended to accelerate product and capability investment across CPM’s process equipment businesses.

Patrick Industries agreed to acquire Sportech, a Minnesota-based designer and manufacturer of cab components and assemblies for powersports and adjacent OEM markets, for approximately $315 million. The all-cash transaction (funded with Patrick's cash and borrowings) is expected to close on or before January 24, 2024 and will make Sportech a wholly owned subsidiary of Patrick to support growth in the powersports/end markets and realize revenue and cost synergies.

Laars Heating Systems, a subsidiary of Bradford White Corporation, has acquired Electro Industries, Inc., a Monticello, Minnesota manufacturer of electric boilers, heat pumps, duct heaters and controls. The acquisition adds Electro Industries' electric space heating products and Monticello manufacturing facility to Laars' residential, commercial and industrial heating portfolio to support growing electrification demand.

Sentinel Capital Partners has acquired High Bar Brands, LLC, the Owatonna, Minnesota-based manufacturer and distributor of heavy-duty truck and trailer components and branded aftermarket products. Heartwood Partners (Heartwood Partners Fund III, LP) exited its investment; terms were not disclosed. High Bar operates iconic brands including Minimizer, Premier Mfg., Dieter's Accessories, Panelite, and Viking with ~225 employees across six facilities.

Le Sueur Incorporated (LSI), a portfolio company of Delos Capital, completed the acquisition of Craft Pattern and Mold, a Montrose, Minnesota-based rapid prototyping and precision metal and plastics component manufacturer. The transaction was supported by equity from Silverfern and debt/equity from Ironwood Capital and Genesis Park, and is intended to expand LSI's capabilities and provide an end-to-end manufacturing offering.

PCM Companies has made a majority investment in Suburban Manufacturing Group, a Monticello, Minnesota-based maker of fluid-power components and accessories; Suburban's owners (Mary and Brad Barger) are retaining a minority stake. The transaction creates a new platform for PCM in niche manufacturing; financing was provided by Tradition Capital Bank and Aethlon Capital advised the sellers.

Iron Path Capital, a Nashville-based private equity firm, announced a strategic investment in TruTech Servo Motors & Systems as the first platform investment in its industrial automation and motion control build-up strategy. TruTech, a designer and manufacturer of custom permanent magnet servo motors for automation, material handling and medical markets, will receive operational and inorganic support from Iron Path to expand capabilities and enter new end markets.

Wabtec Corporation has acquired L&M Radiator, Inc., a Hibbing, Minnesota–based manufacturer of heavy‑duty equipment radiators and heat exchangers, for $230 million in cash. The acquisition expands Wabtec's thermal management and mining product capabilities and is expected to be immediately accretive to EPS while delivering synergies over the next three years.

MacLean Power Systems has completed the acquisition of Dotson Iron Castings, a century-old ductile iron foundry based in Mankato, Minnesota. The purchase furthers MacLean's vertical-integration strategy to strengthen its U.S. supply chain, increase production capacity and shorten lead times for utility and communications infrastructure products; Dotson CEO Tyson Twait will join MPS as Vice President and General Manager of Mankato Operations.

Canlak Coatings Inc., a portfolio company of SK Capital Partners, has acquired Ceram-Traz Corporation d.b.a. Ceramic Industrial Coatings to expand its North American wood coatings footprint and CASE (coatings, adhesives, sealants and elastomers) capabilities. Financial terms were not disclosed; Ceram-Traz's president Rob Laubscher will continue as U.S. Managing Director to support integration and U.S. operations.

Reed International, the manufacturer of VSS Macropaver and Kasi Infrared, has acquired Stepp Manufacturing, a family-owned maker of asphalt maintenance equipment based in North Branch, Minnesota. The deal expands Reed’s portfolio of asphalt paving and maintenance solutions and brings together complementary product lines; terms were not disclosed.

West Allen Capital and Clarity Capital acquired Stealth Manufacturing, a burner-tube and fabricated metal components manufacturer headquartered in Savage, Minnesota. Midwest Mezzanine Funds and Eagle Private Capital each provided subordinated debt and co-invest equity to support the transaction.

Signify (Euronext: LIGHT) has acquired Intelligent Lighting Controls, Inc. (ILC), a U.S. manufacturer of wired lighting control systems, to expand its connected lighting and energy-saving solutions portfolio. ILC will remain headquartered and continue manufacturing in Edina, Minnesota, and its products will be sold under Cooper Lighting Solutions within Signify's Digital Solutions division.

Cohu, Inc., a global supplier of semiconductor test, automation, inspection and metrology products, acquired MCT Worldwide, LLC, a provider of semiconductor test handler automation equipment. MCT joins Cohu’s test handler group, adding strip, film-frame and laser marking capabilities to accelerate development in the advanced package test market; the deal is expected to be neutral to near-term results and accretive beginning in 2024 after synergies.

Gamber-Johnson, a Stevens Point, Wisconsin manufacturer of rugged mounting solutions, acquired Minnetonka-based Lind Electronic Design Company to expand its mobile power product offerings. Main Street Capital Corporation and an unnamed co-investor provided a $40.0 million first-lien, senior secured term debt follow-on investment to support the acquisition.

Delos Capital and The Silverfern Group partnered with Le Sueur Incorporated's management team to complete a buyout of the family-owned manufacturer LSI, with Ironwood Capital and Genesis Park providing supporting debt and equity. The transaction secures continuity after a third-generation ownership period and positions LSI to pursue growth through manufacturing and technology investments.

Afinitas has acquired Haala Industries, a Sleepy Eye, Minnesota-based manufacturer of steel-fabricated products used in precast concrete and drainage applications. The deal expands Afinitas' concrete accessories portfolio and manufacturing capabilities as part of its strategy to build a leading platform of concrete technologies.

Nordson Corporation has completed its acquisition of CyberOptics Corporation, a developer and manufacturer of high-precision 3D optical sensing and inspection systems. The deal strengthens Nordson’s test and inspection platform and expands its product offerings in the semiconductor and electronics markets.