Private Equity-Backed Acquisitions in Iowa

Charcuterie Artisans has acquired La Quercia Cured Meats, including its Norwalk, Iowa production facility and full product portfolio. The PE-backed charcuterie platform (owner: Industrial Opportunity Partners) said it will invest in the brand, expand the plant’s prosciutto capacity by ~50%, and retain La Quercia employees while working with the Lynch family and suppliers to maintain U.S. pork supply.

J.F. Lehman & Company, via an affiliate of JFL Equity Investor VI, L.P., acquired a majority interest in Wellman Dynamics, a Creston, Iowa-based manufacturer of large-scale magnesium and aluminum sand castings. TRM Equity sold the majority stake and will retain a meaningful minority position; the deal is positioned as a platform investment to expand Wellman's manufacturing capacity and pursue new aerospace and defense programs.

Novae, a leading North American trailer manufacturer, has acquired Aluma Trailers to expand its aluminum trailer product offering and strengthen its dealer-distributed platform. Aluma will remain headquartered in Bancroft, Iowa and led by CEO Mike Lloyd and the existing management team; financial terms were not disclosed.

Los Angeles-based private equity firm Fusion Capital Partners has acquired Excel Engineering, a Diagonal, Iowa-based testing and certification firm that provides engine, powertrain, battery and emissions testing services to OEM and industrial customers. The transaction (terms undisclosed) is positioned as a growth-oriented, capability-expanding platform investment to scale Excel's testing capacity, capabilities and talent; Monroe Capital acted as a joint lead arranger on the senior credit facility supporting the deal.

Scorability, a college-recruiting technology company headquartered in Austin, Texas, has acquired Ryzer, the Des Moines-based event registration and management platform for college and youth sports. The deal combines Scorability’s data-driven recruiting and analytics tools with Ryzer’s large events ecosystem to create an integrated platform serving thousands of programs and over a million athletes annually.

Thirty31 Partners, a Huxley, Iowa-based private equity firm, has acquired Jerry Carney & Sons, Inc., a family-owned auto parts and vehicle recycling business headquartered in Ames, Iowa. The company will continue operating under its existing brand and management while Thirty31 provides capital and operational support to drive growth in the automotive aftermarket and recycling sectors; 1st National Bank of Ames supported the transaction.

Apella Wealth announced that Iron Horse Wealth Management, a fee-only RIA led by Dennis Markway, has joined Apella, adding $574 million in AUM and establishing Apella’s first Midwest-based team in Johnston, Iowa. The entire Iron Horse team joined Apella, with Markway becoming Regional Director; the deal closed June 20, 2025 and brings Apella to $6.08 billion in AUM.

Superior Environmental Solutions (SES), a Palladium Equity Partners portfolio company, has acquired Captain Clean, a family-owned industrial cleaning services provider operating in Iowa and Nebraska. The add-on transaction expands SES’s Midwest footprint and enhances its recurring industrial cleaning and vacuum/tank services for agriculture, food processing and other manufacturing customers; financial terms were not disclosed.

The Kleinfelder Group, a Lindsay Goldberg–backed engineering and professional services firm, has acquired Veenstra & Kimm, a multidisciplinary engineering firm headquartered in West Des Moines, Iowa. The deal establishes Kleinfelder's newly created Midwest Division, expands its service capabilities, and accelerates geographic growth in the Midwest.

Pete & Gerry's Organics, LLC has acquired Kalona, Iowa-based Farmers Hen House, a supplier of Certified Humane organic, free-range and pasture-raised shell eggs. The acquisition adds over 90 partner family farms and a modern processing facility in Iowa, increasing Pete & Gerry's packing capacity and supporting growth across the Midwest and West; terms were not disclosed.

Rensa Filtration, a PE-backed manufacturer and distributor of air filtration products, has acquired Air Filtration Co., Inc., a family-owned maker and distributor of spray booth and industrial air filters with production facilities in Lancaster, California and Corydon, Iowa. The deal expands Rensa's geographic footprint in California and Iowa and adds Air Filtration Co.'s spray booth filtration product line to Rensa's portfolio.

Flow Control Management (FCM), a private equity-backed holding company sponsored by The Edgewater Funds, has acquired Master Packing & Rubber Company (MPRC), a Cedar Rapids-based manufacturer and supplier of gaskets and seals serving agricultural transport and processing markets. The add-on expands FCM's MRO gasket and seal offerings and strengthens its presence in the agriculture value chain.

Granite Creek Capital Partners has acquired Ritchie Industries, a century-old manufacturer of automated livestock watering products headquartered in Conrad, Iowa. The transaction is supported by an investment from Rural American Fund and a rollover by Ritchie's management and employees to fund product innovation and expand Ritchie’s presence in existing and international livestock markets.

Waverly Advisors, a Birmingham-based RIA, has acquired Dickinson Investment Advisors of Council Bluffs, Iowa, with the Dickinson team joining Waverly. The deal closed January 10, 2025, and marks Waverly's 21st transaction since its 2021 equity investment from Wealth Partners Capital Group and HGGC's Aspire Holdings platform, increasing Waverly's AUM to approximately $16.4 billion.

Pete & Gerry's Organics (the Butterfly Equity-backed egg platform) has acquired Pasture Brands Holdings — the holding company for Farmers Hen House and Pillars Yogurt — from Benford Capital Partners. The transaction (closed January 9, 2025) expands Pete & Gerry's branded specialty egg and dairy portfolio and continues consolidation in natural/conventional grocery and club channels.

Innovative Fluid Handling Group (IFH Group), a portfolio company of The Mendota Group, has acquired Dynamic Tube, Inc., a Maquoketa, Iowa-based custom tube fabrication and precision-machined parts supplier. The transaction is an add-on acquisition that expands IFH Group's manufacturing capabilities and product offering for off-road, heavy equipment, agricultural and industrial end markets.

Hidden Harbor Capital Partners has acquired Norplex Micarta, a North American producer of thermoset composite materials, from Industrial Dielectrics Holdings, Inc. Stellus Capital Management provided unitranche debt financing to support the transaction. Hidden Harbor plans to provide operational and financial resources to scale Norplex Micarta's operations and execute on growth initiatives across electrification and industrial end markets.

Golden Gate Capital has made a growth investment in Brava Roof Tile to support the company's production capacity expansion and broader growth initiatives. Brava's management, led by CEO Adam Brantman and CMO Andrew Ahrens, will continue to lead the company and remain significant shareholders; financial terms were not disclosed.

Baker Manufacturing Company, a Blue Sage Capital portfolio company, has acquired the Pump Division of A.Y. McDonald Mfg. Co., including the full pump product line of submersible, booster, jet, sump pumps and pressure tanks. The add-on expands Baker’s Water Systems product offerings and market coverage for residential and agricultural end markets, with TPG Twin Brook providing financing and advisors representing both sides.

Corporate Technologies, a Tonka Bay Equity Partners portfolio company, has acquired RSPN, an MSP based in Cedar Falls, Iowa. The deal expands Corporate Technologies' national footprint to 17 markets and is the firm's second acquisition since partnering with Tonka Bay in 2023.

Seattle-based private equity firm Sound Growth Partners acquired Stueve Construction, a leading U.S. designer and builder of bulk fertilizer storage facilities, with capital provided by Brookside Capital Partners, Capitala Group and other investors. The transaction will support Stueve's next phase of growth and innovation as the company continues to serve major fertilizer manufacturers, distributors, retailers and cooperatives.

Consolidated Equipment Group (CEG), a portfolio company of Dominus Capital, has acquired Agile Manufacturing Group, LLC, a Granite, Iowa-based maker of agricultural, industrial and construction attachments marketed under the GrabTec and Miller Loader brands. The deal is an add-on to CEG's platform to broaden its product suite and expand into adjacent material-handling end markets; Agile founder Mike Feilmeier will remain in leadership as Vice President of Agile Products.

EVO Transportation & Energy Services has acquired West Side Transport, a Midwest-based truckload carrier and brokerage that operates 550 trucks, 2,300 trailers and about 700 employees, to diversify EVO's customer mix beyond the U.S. Postal Service and increase density in the Midwest. The deal was financed with debt and equity from WhiteHawk Capital Partners and Antara Capital; Don Vogt will serve as a board adviser and West Side COO Ron Joseph has been promoted to president of the West Side division. Terms were not disclosed.

Midwest Growth Partners' portfolio company, French Gourmet, has merged with Iowa-based ShellsbyDesign to combine complementary frozen tart shells, RTE desserts and artisanal pastry product lines. The merger is intended to expand product offerings and geographic reach for existing customers and to support continued growth under the MGP-backed platform.

Árachas Group has acquired Paladin Group, a trucking-focused insurance agency based in Cedar Falls, Iowa. The add-on strengthens Árachas Group's trucking division, brings approximately 50 employees and new technology, and names Paladin's former CEO Corey Schatz as President of Árachas's trucking division.

Warren Equity Partners has completed the acquisition of MoboTrex, a long-standing provider of traffic and mobility solutions to government agencies across North America. The private equity firm plans to use MoboTrex as a platform for growth and expansion, leveraging the company’s product suite and market position amid infrastructure spending tailwinds.

Inverness Graham's Green Light Fund completed a majority recapitalization of My Yield, a seed treatment and agronomic solutions provider based in Oelwein, Iowa. The investment will support My Yield's expansion of product offerings and capabilities as part of Inverness Graham's AgTech Transition focus within its environmental sustainability strategy; terms were not disclosed.

Technology Acquisition Capital LLC has acquired Seven Verbs LLC, a management consultancy focused on custom software development founded in Iowa. Marcus Kyriakopoulos, Founder of Technology Acquisition Capital, has been named CEO of Seven Verbs while founder Bob Sorensen will step back and remain in an advisory role as the firm implements operational improvements.

Pretium, a specialized investment firm, has agreed to acquire BH Management Services, a leading U.S. property management platform that manages approximately 114,000 homes across 370 communities. The transaction, expected to close in early Q2 2024, will make BH an operating company of Pretium while keeping BH's current leadership and headquarters in Des Moines, Iowa.

Delinea has agreed to acquire Fastpath, a leader in Identity Governance and Administration (IGA), from Pamlico Capital. The deal expands Delinea’s privileged access and identity security capabilities—combining Fastpath’s IGA with Delinea’s PAM and ITDR technologies to deliver a unified, AI-driven authorization platform.

CIVC Partners, a Chicago-based middle market private equity firm, has made an investment in HR Green, a Cedar Rapids-based engineering and infrastructure consulting firm, partnering with the company's management team and current shareholders to support growth. CEO Jason Poppen and the existing management team will continue to lead HR Green as the firm provides capital and resources to expand the company's operations and capabilities across transportation, water, municipal advisory, broadband, and land development markets.

Cyprium Partners provided subordinated debt and minority common equity to OneroRx Inc., an integrated pharmacy services provider headquartered in West Des Moines, Iowa. The growth capital will support OneroRx’s acquisition-driven expansion across the Midwest—where the company operates roughly 65 locations and fills millions of prescriptions annually—and marks Cyprium’s 100th platform investment.

Chicago-based private investment firm Maxwell Street Capital Partners has made a growth investment in The Integration Group (TIG), a Marshalltown, Iowa-headquartered contract logistics and aftermarket supply chain company. Maxwell Street partners Evan Harwood and Paul Loeb will join TIG's board to support the company's capability expansion and pursuit of organic growth and strategic acquisitions.

Groome Industrial Service Group (an Argosy Private Equity portfolio company) acquired W-S Companies, a veteran-owned industrial and mechanical services provider headquartered in Council Bluffs, Iowa. Seacoast Capital and Ironwood Capital provided subordinated debt and co-investment capital to support the acquisition alongside Argosy and existing investors; Bridgepoint advised W-S on the sale.

Veterinary Pharmaceutical Solutions (VPS), a Granite Creek Capital Partners portfolio company, acquired Diamond Animal Health from Mars Corporation. Granite Creek supported the deal with a follow-on investment from its FlexCap II fund, creating an integrated animal health platform combining VPS's compounding capabilities with Diamond's contract manufacturing and vaccine production.

Mercer Global Advisors, a national RIA headquartered in Denver, acquired Veerkloh, LLC d/b/a River Glen Wealth Counselors, a West Des Moines-based wealth management firm serving ~160 clients with $275 million AUM. The deal expands Mercer's presence in the central United States and brings River Glen's advisors and client relationships onto Mercer’s national platform.

Bain Capital Insurance invested $200 million to acquire the operational platform of GuideOne Insurance Company and to launch The Mutual Group, a new insurance services platform focused on mutual insurers. GuideOne will remain an independent mutual and serve as The Mutual Group’s inaugural member while using the capital to strengthen its balance sheet and support growth.

Navigate Wellbeing Solutions, an employee wellbeing technology company based in West Des Moines, partnered with McCarthy Capital in a growth investment to accelerate product development, team expansion, and strategic acquisitions. The partnership provides capital and operational support to expand Navigate's reach—the company reports nearly two million subscribed users.

WF Cabinetry Group, a semi‑custom cabinetry manufacturer backed by HCI Equity Partners, has acquired Woodharbor Molding & Millworks, a family‑founded custom cabinetry and vanities manufacturer based in Mason City, Iowa. Patriot Capital provided subordinated debt and an equity co‑investment to support the add‑on acquisition; Woodharbor founder Curtis Lewerke will remain a shareholder and board member of the expanded WF Cabinetry platform.

Advantive, a mission-critical software provider for specialty manufacturing and distribution businesses, has acquired Proplanner, a provider of assembly-focused Product Lifecycle Management (PLM) and Manufacturing Execution Systems (MES). The acquisition adds Proplanner’s Assembly Planner, Shop Floor MES, and Flow Planner capabilities to Advantive’s ERP, MES and SPC portfolio to strengthen its assembly-focused manufacturing solutions and improve shop-floor planning, work-instruction generation, and traceability for customers across aerospace, automotive and heavy manufacturing.

Modern Wealth Management, a national RIA backed by Crestview Partners, has acquired the assets of Midwest Financial of Glidden, Iowa. The transaction is an add-on to Modern Wealth's platform intended to expand service offerings, accelerate organic growth, and integrate Midwest Financial into Modern Wealth's centralized planning and tax capabilities.

Xylem Kendall — comprised of Kendall Vegetation Services and Xylem Tree Experts and backed by Sterling Investment Partners — has acquired Tom's Tree Service, a regional vegetation-management operator serving Iowa and Missouri. The add-on expands Xylem Kendall's Midwest footprint and adds local operational capacity and storm-response capabilities.

Fairfield, Ohio-based AFC Industries (a Bertram Capital portfolio company) has acquired Muscatine, Iowa-based White Distribution & Supply (WDS) from Slate Capital Group. The add-on purchase expands AFC's distribution footprint and capabilities in MRO, fasteners, packaging and inventory/LEAN solutions; terms were not disclosed.

Chicago-based Redwood Logistics has acquired Rockfarm Supply Chain Solutions and Global Distribution and Logistics to strengthen its modern 4PL and tech-enabled managed services. The deal adds Rockfarm’s freight management, international freight forwarding, trade compliance, customs brokerage, TMS integration experience and data/BI capabilities; Rockfarm’s Dubuque, Iowa operation and leadership will integrate into Redwood.

DCA Partners has made a significant minority growth investment in Smash Park Entertainment Group to accelerate the company’s U.S. venue expansion. Smash Park, an indoor/outdoor eatertainment brand anchored by pickleball and multiple games, currently operates locations in West Des Moines and Pella, Iowa, with additional sites under construction in Minneapolis and Omaha.

accūrō Solutions, a provider of medical bill processing technology and services, has acquired Splashlight Solutions, a West Des Moines-based workers' compensation bill review provider. All Splashlight employees joined accūrō, with Splashlight's CEO Lisa Gran becoming Chief Revenue Officer; the purchase price was not disclosed.

Madison Capital Partners, a Chicago-based investment firm, has made an investment in Global Filter, a Cedar Rapids, Iowa developer and manufacturer of validated filtration solutions. The capital will support Global Filter's continued product and technology development and strengthen its customer responsiveness across end markets including food & beverage, pharmaceutical, and petrochemical.

LFM Capital, a Nashville-based private equity firm, has invested in APQS, a Carroll, Iowa-based designer and manufacturer of longarm quilting machines. LFM said it will partner with APQS management to leverage operational expertise and drive future growth for the premium quilting equipment brand.

Kamps, Inc., a national pallet company backed by Freeman Spogli & Co., has acquired Realm Companies LLC, a Newton, Iowa–based pallet manufacturing, recycling and warehousing platform that also includes WestWind Logistics LLC. Realm — a portfolio company of Great Range Capital — has about 180 employees across nine warehouse and manufacturing locations; all Realm and WestWind employees (including owner Chris Barton) will transition to Kamps following the deal. The acquisition expands Kamps' Midwest capabilities, adding pallet lifecycle management, reverse logistics and on-site TPM services.

Modern Aviation has closed the acquisition of the fixed-base operator (FBO) assets and operations at Des Moines International Airport from Elliott Aviation, expanding Modern's national network to thirteen locations. The Des Moines FBO operates on a 17-acre leasehold with substantial hangar and office space; Elliott will retain and continue to operate its MRO business on the airfield. Modern Aviation is backed by Tiger Infrastructure Partners.