Manufacturing Acquisitions in Wisconsin

Terex Corporation has completed its merger with REV Group, combining complementary specialty-vehicle and equipment product lines to form a larger specialty equipment manufacturer. The combined company — which will trade on the NYSE as Terex Corporation — expects $75 million of run-rate synergies by 2028 and anticipates lower capital intensity and strong free cash flow.

LongueVue Capital (LVC) has recapitalized Saelens, a Johnson Creek, Wisconsin-based precision manufacturing platform, partnering with the company’s management to support continued growth and investments in automation and global sourcing. As part of the transaction LVC provided growth capital while related real estate was sold to Royal Oak Realty Trust; Saelens operates under the trade names Diamond Precision Products and Coupling Nut Supply and employs ~230 people.

Value Added Distributors (VAD), a PE-backed distributor and fabricator, has acquired L.T.L. Supply, a family-operated wire harness and electrical-assembly manufacturer based in Green Bay, Wisconsin. The add-on expands VAD's manufacturing capabilities and electrical solutions offering, bolstering its service to specialty vehicle OEMs and other mobile fluid power customers; Rotunda Capital Partners, VAD's private equity backer, supported the platform strategy.

Gerard Daniel Worldwide (a Graycliff Partners portfolio company) has acquired Durex Products, Inc., a Luck, Wisconsin-based manufacturer of urethane wear parts and screening media, from Borgman Capital. The add-on deal will keep Durex operating in Wisconsin and aims to expand GDW's manufacturing capabilities, distribution reach and product portfolio across aggregate, mining, recycling and related industrial markets; terms were not disclosed.

Pelican Energy Partners has acquired Hanna Cylinders, a Pleasant Prairie, Wisconsin-based manufacturer of precision-engineered hydraulic and pneumatic cylinders. Pelican will position Hanna as a strategic platform to scale specialized manufacturing capabilities serving nuclear operators and broader industrial markets, while Hanna will retain its name and current management team.

PaperWorks Industries Inc. has acquired Color Craft Graphic Arts, a folding carton manufacturer founded in 1929 and based in Manitowoc, Wisconsin. Color Craft was a portfolio company of First Capital Partners and was advised by Mesirow; the acquisition adds ~120 employees and expands PaperWorks' integrated folding carton network and mill alignment across North America.

AFM Capital Partners’ portfolio company Pro Products Holdings LLC has acquired Owens Industries, LLC as an add-on to the Pro Products precision machining platform. Owens, based in Oak Creek, Wisconsin, provides ultra-precision CNC machining for aerospace, defense and space markets; Cantor Fitzgerald served as exclusive financial advisor to Owens.

National Manufacturing Group, a multi-plant OEM supplier, has acquired Fiber-Tech Inc, a custom molder of fiberglass composites. The deal expands National's FRP and fiberglass capabilities and adds Fiber-Tech's end-to-end composite molding, prototyping, tooling and production services to National's existing manufacturing footprint.

Agility Retail Group, a partner company of San Francisco Equity Partners (SFEP), has acquired Infinity Retail Services, a Turtle Lake, Wisconsin–based designer and manufacturer of retail fixtures and displays that serves the telecom channel. Infinity's founders Kevin and Wendy Jansen retain significant equity and the existing management team will continue to run the business; terms were not disclosed.

SensorHubb (Fides Food Service Solutions LLC) has acquired OneEvent Technologies, Inc., a Wisconsin-based temperature monitoring hardware provider; the deal closed July 31, 2025. The acquisition brings hardware design and manufacturing expertise to SensorHubb’s AI-driven environmental monitoring platform, expanding its geographic footprint in the Midwest and enabling a vertically integrated, end-to-end predictive environmental intelligence offering.

GreyLion Partners LP has made a strategic equity investment in Torginol, a Sheboygan, Wisconsin–based manufacturer of decorative flakes, quartz and other materials for resinous flooring systems. As part of the investment Torginol founder and chairman Tom Testwuide Jr. will retire; GreyLion will partner with CEO Jason LaBouve and management to scale sales and marketing, accelerate product development, add value‑added services and enhance manufacturing technology.

Ahlstrom Oyj has completed the acquisition of the Stevens Point facility from Pixelle Specialty Solutions (a portfolio company of H.I.G. Capital). The Stevens Point site in Wisconsin brings ~260 employees and advanced finishing and coating capabilities, strengthening Ahlstrom's Food & Consumer Packaging offering and expanding its North American manufacturing footprint.

Lewis & Clark Capital’s acquisition vehicle CMS, LLC has acquired Wisconsin-based ChemRite CoPac, a contract manufacturer that provides formulation, blending, liquid fill, and packaging services from FDA-registered facilities. The deal is an add-on to CMS’s platform as it expands manufacturing capabilities and service offerings in the North American contract manufacturing market; financial terms were not disclosed.

IEWC, a global distributor of wire, cable and wire-management products, has acquired Bevco Engineering Company, Inc., a Wisconsin-based designer and manufacturer of electrical control systems and control panels. The deal adds Bevco’s engineered control-system design and automated manufacturing capabilities to IEWC’s product and value-add solutions offering, expanding IEWC’s capabilities across medical, data center and industrial end markets.

Bradford White Corporation has acquired Universal Technologies of Wisconsin, Inc., Bock Water Heaters, Inc., and Tank Technology, Inc. (collectively known as Bock Water Heaters) to expand U.S.-based manufacturing capacity and broaden its commercial and specialty water heating product offering. The deal formalizes a longstanding supplier/customer relationship and brings Bock's oil-fired and high-input commercial gas-fired water heater capabilities into the Bradford White portfolio.

Merit Capital Partners and Fulton Capital partnered with Carl Markestad to provide equity (and subordinated debt from Merit) in Carl’s Place, a Milton, Wisconsin-based manufacturer and distributor of customizable golf simulator packages. The investment funds are intended to support growth and scale the company’s manufacturing and distribution of simulator enclosures, mats, screens and related products for residential and commercial customers.

Clarion Safety Systems has acquired McLoone Metal Graphics, a La Crosse, Wisconsin-based manufacturer of custom-printed industrial nameplates, labels, and metal identification solutions. The acquisition, effective February 5, 2025, expands Clarion's product and manufacturing capabilities to offer broader safety and identification solutions across industrial, medical, and consumer end markets.

Pexco LLC has acquired Wisconsin Plastic Products, Inc., a Plymouth, Wisconsin-based supplier of custom profile extrusions. The acquisition expands Pexco's custom extrusion capacity and engineering capabilities while increasing its presence in the Midwest.

An affiliate of Peak Rock Capital has completed the acquisition of Traffic and Parking Control Co. (TAPCO), a Brown Deer, Wisconsin-based manufacturer of intelligent transportation systems and traffic safety products. Peak Rock said it will invest in product, service and operational capabilities to accelerate growth and pursue accretive acquisitions while supporting TAPCO's leadership and employees.

Main Street Capital completed a $30.8 million first-lien, senior secured term debt follow-on investment in portfolio company Gamber-Johnson Holdings to support Gamber-Johnson's strategic acquisition of a manufacturer of law enforcement and aftermarket truck accessories. The follow-on represents Main Street's sixth additional investment in Gamber-Johnson since initially partnering with the company's management team in June 2016.

Gryphon Investors has acquired RapidAir, a provider of downstream compressed air solutions headquartered in Auburndale, Wisconsin, from Pfingsten. Gryphon will operate RapidAir as a platform for future investments in compressed air solutions while RapidAir's CEO Mark LeMire and management remain with the company and retain an ownership stake.

ADDEV Materials, a Lyon-based materials converter and distributor, has acquired Ad Tape & Label (dba ATL Corp.), a Menomonee Falls, Wisconsin manufacturer of disposable adhesive medical devices, pharmaceutical labels and converted/die-cut components. The acquisition expands ADDEV Materials' converting and healthcare capabilities in North America and brings ATL's ISO 13485-certified clean-room capabilities into ADDEV's global footprint.

Standard Iron, a heavy metal fabricator majority-owned by Owner Resource Group, has acquired Helgesen Industries, a manufacturer of fluid conditioning tanks and other engineered fabrications. The deal — an add-on to Standard Iron's platform — expands manufacturing capabilities and geographic footprint (Helgesen operates in Wisconsin, Poland and Brazil) and closed on August 2, 2024.

Tightrope Capital Partners led a management-partnered recapitalization of Heiden, LLC and JPF Paint Finishes, LLC, with Parkway Capital and Callodine Strategic Credit providing subordinated debt and equity support. Heiden is a Manitowoc, Wisconsin-based custom metal fabricator (including a crane-attachments division) and, via JPF, offers industrial wet paint, powder coat and media blasting services.

Formlabs has acquired Micronics, a Madison-based developer of the Micron desktop SLS 3D printer. The Micronics founders and team will join Formlabs to expand its SLS capabilities and accelerate access to desktop SLS printing for designers, engineers, and makers.

Revolution Sustainable Solutions, LLC has acquired Norflex, Inc., a producer of high-performance agricultural and industrial films, including the Agriseal silage wrap. The deal expands Revolution's sustainable agriculture, stretch and shrink film capabilities and complements its PCR recycling and film production activities.

nVent Electric plc has acquired the parent of Trachte, LLC for $695 million, subject to customary adjustments. Trachte, a manufacturer of custom-engineered control buildings headquartered in Wisconsin with more than 500 employees and estimated 2024 revenue of ~$250 million, will be operated within nVent's Enclosures segment to expand its systems protection and enclosures capabilities across utilities, data centers and renewables.

CORE Industrial Partners completed a take-private acquisition of Fathom Digital Manufacturing Corporation, resulting in Fathom Class A common stock ceasing to trade on the NYSE. CORE — a Chicago-based industrials-focused private equity firm and long-time partner of Fathom since 2018 — will continue to support the company's growth and development of its on-demand digital manufacturing capabilities across additive, CNC, injection molding and sheet metal services.

Summit Hydraulics, a portfolio company of North Branch Capital, has acquired PowerX International, a Waukesha, Wisconsin-based supplier of high-pressure hydraulic cylinders and pumps. The add-on transaction closed on May 1, 2024 and expands Summit's product offering and access to OEM and distributor end markets (construction, agriculture and other industrial equipment).

Trystar, a Goldner Hawn portfolio company, completed the acquisitions of Macromatic Industrial Controls (Waukesha, WI) and Primax Technologies (Pointe-Claire, Quebec). The add-ons expand Trystar’s manufacturing and monitoring capabilities—adding electronic relays and battery-backed AC/DC power solutions—and broaden its market access, including strengthened utility and industrial reach in Canada.

Fritsch Equipment Corporation, a De Pere, Wisconsin manufacturer of branded farm equipment, was sold to a local group of private investors led by SLK Finance with participation from company principal Ron Fritsch. The transaction, advised by Generational Equity, closed on February 29, 2024 and represents an ownership transition that retains founder involvement while transferring majority ownership to local investors.

Innovance Inc., a 100% employee‑owned holding company based in Albert Lea, Minnesota, has acquired Jorgensen Conveyor and Filtration Solutions of Mequon, Wisconsin. The deal brings Jorgensen’s conveyors, coolant filtration and chip‑processing equipment into Innovance’s portfolio, retains all ~65 employees, and aligns the business with Innovance’s industrial manufacturing capabilities.

Valesco, a Dallas-based private equity firm, completed a majority buyout of Blower Application, LLC (BloApCo), a Germantown, Wisconsin manufacturer of solid waste and scrap handling systems, on February 20, 2024. The investment — Valesco’s first platform investment from Fund III — will partner with existing management to support growth, aftermarket expansion and continuity following the previous ownership group's exit.

Manitowoc Tool & Machining (a portfolio company backed by Summit Equity Group, Midwest Growth Partners and NewSpring Mezzanine) completed the acquisition of Mid Valley Industries, a Kaukauna, Wisconsin-based precision contract manufacturer, on January 17, 2024. The deal is an add-on to MTM's platform and is intended to expand MTM's large turning and milling capabilities and broaden its end-market exposure to heavy equipment, aerospace/defense and energy customers.

AFM Capital Partners has acquired Pro Products, Inc., a Sturgeon Bay, Wisconsin-based precision CNC machining manufacturer with advanced automation capabilities serving aerospace, green energy, off-highway, agricultural and industrial markets. AFM said it will provide capital and operating expertise to accelerate Pro Products’ growth, expand product offerings and further develop the company’s competitive positioning.

Allient Inc. (Nasdaq: ALNT) acquired SNC Manufacturing Co., Inc., a designer and manufacturer of electrical transformers, to expand its power capabilities and add low-cost manufacturing capacity. SNC, headquartered in Oshkosh, Wisconsin, has approximately 440 employees and ~$40 million in trailing twelve-month revenue and will operate as a Technology Unit within Allient's Allied Power pillar.

The Heico Companies, a family-owned industrial holding company, has acquired Insight Vision from Alliance Technology. Insight Vision, headquartered in Saukville, Wisconsin, manufactures sewer inspection push rod and mainline crawler camera systems and provides in‑house service and aftermarket support.

Monomoy Capital Partners has signed a definitive agreement to acquire Waupaca Foundry, Inc., North America's leading supplier of cast and machined iron castings, from Proterial, Ltd.; the transaction closed in early 2024. Headquartered in Waupaca, Wisconsin, Waupaca Foundry employs approximately 4,000 people and serves automotive, industrial machinery, agriculture and construction end markets; Monomoy says it will partner with existing management to drive growth and operational improvements.

The Krones Group acquired R+D Automation (formerly R+D Custom Automation) in 2022, bringing the Wisconsin-based specialist in life‑sciences automation into Krones’ global portfolio. R+D is rebranded as R+D Automation and is leveraging Krones’ international footprint and resources to expand installations, service and sales in the medical, pharmaceutical and biotech markets.

ISCO Industries, Inc. has acquired substantially all of the assets of Infinity Plastics, a Mayville, Wisconsin manufacturer of fabricated HDPE piping products. The asset purchase expands ISCO's U.S. footprint and manufacturing capacity, adding a strategic production location to support increased customer demand across multiple piping end markets.

DwyerOmega, a portfolio company of Arcline Investment Management, has acquired Automation Components, Inc. (ACI), a Middleton, Wisconsin-based designer and manufacturer of sensors and instrumentation for building automation, data centers, and indoor air quality markets. The acquisition expands DwyerOmega's product portfolio and manufacturing capabilities in the building automation and environmental sensing markets.

Ryerson Holding Corporation (NYSE: RYI) has acquired Norlen Incorporated, a full-service metal fabricator based in Schofield, Wisconsin. The acquisition expands Ryerson's value‑added processing and in-house fabrication capabilities in the Midwest, adding stamping, machining and painting services to its network of service centers.

Southwire Company LLC has agreed to acquire the Genesis Wire & Cable business from Resideo Technologies Inc. The divestiture — expected to close within 30 days subject to customary conditions — adds a leading U.S. low-voltage cable manufacturer (187 employees) to Southwire's product portfolio to expand its presence in security, HVAC, residential and commercial channels.

CJK Group, Inc. has completed the acquisition of Worzalla in Stevens Point, Wisconsin, and will rename the facility Sheridan Worzalla as part of its Sheridan family of print facilities. The acquisition adds a 365,000 sq. ft. plant and approximately 340 employees, expanding CJK/Sheridan's capacity and capabilities in children's and trade book printing as well as reinforcing its presence in education, academic, religious and automotive publishing markets.

Ballymore Company, Inc., a portfolio company of Graycliff Partners LP, has acquired Material Handling Holdings, LLC (MHH) from Borgman Capital. MHH, a Wisconsin-based manufacturer and distributor of custom lifting and positioning equipment, was Borgman’s first platform investment (acquired in 2018) and will be integrated into Ballymore’s product offering to expand its material-handling capabilities.

San Diego-based buyout firm Tide Rock has acquired Pro-Active Engineering, an Electronics Manufacturing Services (EMS) provider based in Sun Prairie, Wisconsin. The deal expands Tide Rock's PCB/EMS capabilities—adding design, quick-turn prototyping, box builds and production services—and keeps Pro-Active's management team in place while founder Toby Klusmeyer retires.

Wolverine Capital Partners has acquired Vital Plastics, Inc., a Baldwin, Wisconsin-based injection molding manufacturer and assembly provider, in a transaction announced July 18, 2023. Vital Plastics will continue day-to-day operations under President & CFO Matthew Fish, and Wolverine Capital intends to support the company's next phase of growth and capabilities expansion.

LFM Capital announced the formation of Weller Metalworks, a metal fabrication and precision machining platform, and completed the acquisition of Fond du Lac-based Muthig Industries. Terms were not disclosed; Muthig will serve as the inaugural add-on to the Weller platform as LFM looks to expand fabrication and machining capabilities for OEM customers.

Abracon has acquired NEL Frequency Controls, Inc., a Burlington, Wisconsin-based manufacturer of ultra-low phase noise crystal oscillators and modules. The acquisition expands Abracon's precision timing product offering, adds US-based manufacturing capacity, and aims to accelerate product development and go-to-market capabilities.

Mayville Engineering Company, Inc. (MEC) completed the acquisition of privately held Mid-States Aluminum (MSA) on July 1, 2023. The purchase expands MEC’s capabilities into lightweight aluminum extrusion and fabrication, providing cross-selling opportunities and expected to be immediately accretive to earnings and free cash flow.