Private Equity-Backed Acquisitions in Minnesota

Kava Equity Partners, the direct private equity investment arm of the Southern Ute Indian Tribe Growth Fund, has acquired The Berg Group, a Minnesota-based specialty contractor focused on industrialized construction, prefabrication and modular systems. The Berg will retain its existing management team and operate with added resources from Kava and the Southern Ute Indian Tribe Growth Fund to expand nationwide capabilities in high-performance environments such as data centers, cleanrooms and advanced manufacturing facilities.

Vanguard Renewables has acquired E‑Z Recycling, a St. Paul, Minnesota depackaging and food & beverage waste recycling facility, to expand its Midwest organics recycling network. The acquisition adds critical depackaging capabilities and additional processing capacity to Vanguard's anaerobic digestion and renewable natural gas (RNG) operations; E‑Z Recycling owner Andy Rausch will remain involved as Principal Operations Manager.

United Aesthetics Alliance (UAA), a platform of plastic surgery practices and medspa brands, has partnered with/acquired LivSkin MedSpa | Laser, a Minneapolis-area medical spa with locations in Minnetonka and Excelsior. The deal expands UAA's non-surgical aesthetics capabilities and strengthens its presence in the Minneapolis–St. Paul market.

Marketplace-focused agency Podean has acquired Ad Advance, a Duluth, Minnesota–based retail media agency, from Permanent Equity. The deal—facilitated by Podean's private equity partner Mountaingate Capital—adds Ad Advance’s Streamline technology and retail-media/DSP capabilities to Podean’s global marketplaces platform and was announced as creating a combined business with ~260 staff across 17 countries.

Polaris has completed the separation of Indian Motorcycle into a standalone business and sold a majority stake in the brand to Carolwood LP, an independent private equity firm based in Los Angeles. Financial terms were not disclosed; Polaris said the divestiture allows it to sharpen focus on core powersports businesses while Indian Motorcycle will operate independently under new majority ownership.

Thoma Bravo has completed its acquisition of Dayforce, Inc., a global AI-powered human capital management (HCM) platform, for approximately $12.3 billion. Dayforce stockholders will receive $70.00 per share in cash as the company becomes a private portfolio company to accelerate growth and AI-led product development.

OnePoint BFG Wealth Partners has acquired Minneapolis-based Voyage Wealth Architects, a wealth management firm overseeing $700 million in AUM. The deal, supported by strategic capital partner Rise Growth Partners, expands OnePoint BFG's planning-led platform, broadens its Midwest presence and will transition Voyage to the OnePoint BFG brand over time.

Francisco Partners completed a take-private acquisition of Jamf for $13.05 per share in cash, valuing the Apple device management and security company at an enterprise value of approximately $2.2 billion. The deal, approved by Jamf stockholders, will delist Jamf from NASDAQ and positions the company to accelerate its product roadmap and expand its offerings under private ownership.

Ridgeline Roofing & Restoration, a Bertram Capital-backed roofing platform, has acquired Bold North Roofing and Contracting, a roofing and exterior services provider serving the Twin Cities and western Wisconsin. The add-on expands Ridgeline's Midwest footprint; founders Erik McLaughlin and Ryan Emmerich will continue to lead Bold North and are reinvesting in the platform. Financial terms were not disclosed.

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.

Charter Impact, a national provider of back-office financial and operational services for charter schools, has acquired EdFinMN, a Minneapolis-based school finance and back-office firm. The deal brings EdFinMN’s local team and client relationships into Charter Impact’s platform to expand capacity, technology, and service offerings for Minnesota charter schools as part of Charter Impact’s national expansion strategy.

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.

Avkha Equity Holdings, a San Francisco-based private investment firm, has acquired Minnesota-based Dart Transit Company (including Dart Express and related subsidiaries), ending 90 years of Oren family ownership. The transaction (effective Jan. 1) preserves the Dart brand and day-to-day operations while Avkha plans to expand service offerings — including additional lanes, intermodal solutions, and dedicated fleets — and installs a new CEO as part of the leadership transition.

CohnReznick acquired Minneapolis-based Smith Schafer & Associates effective January 1, 2026, marking the firm's entry into Minnesota and expanding its Midwest footprint. Smith Schafer brings three local offices, 12 partners and 89 employees, and expertise across professional services firms, construction, manufacturing, and transportation to strengthen CohnReznick's advisory, assurance, and tax capabilities.

Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) completed a cash acquisition of ALLETE, Inc., acquiring all outstanding common shares for $67 per share after Minnesota regulatory approval. The buyers committed roughly $200 million in customer and community benefits and pledged funding for ALLETE’s five-year plan to strengthen transmission infrastructure and advance the company’s energy transition while leaving local management and headquarters in Duluth, Minnesota.

SK Capital Partners has completed the acquisition of LISI Group's Medical division and launched the business as Precera Medical, a precision medical device CDMO headquartered in Big Lake, Minnesota. LISI Group retained a minority stake; SK Capital plans to invest in capacity and capabilities and pursue organic growth and M&A to expand the new platform's service offerings to global medical device OEMs.

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.

DUOS, an AI-powered digital health platform, raised $130 million in a strategic growth equity round led by FTV Capital with participation from Forerunner Ventures. The capital will accelerate national expansion, deepen DUOS' AI capabilities, and scale its member activation and benefits-execution platform across Medicare Advantage, Medicaid and ACA plans; FTV partners joined DUOS' board and Jenn Kerfoot was promoted to President of Market Operations.

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.

Smith System, a MidOcean Partners portfolio company, has acquired Utilimarc, a Minneapolis-based fleet analytics and benchmarking provider, to create an integrated driver safety and fleet analytics platform. The combination unifies Smith System's driver training and behavior-based risk management with Utilimarc's telematics and fleet BI capabilities to deliver a closed-loop solution for safer, more efficient fleet operations.

Redwood Family Care Network, a multi-state provider of services to individuals with intellectual and developmental disabilities and a portfolio company of Webster Equity Partners, has acquired Minnesota-based Eagles Wing. The acquisition expands Redwood's geographic footprint into the Midwest and augments its residential and day support services for individuals with developmental disabilities.

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.

SI Solutions, LLC (backed by MidOcean Partners) has acquired Integrity Specialists, LLC, a provider of advanced non-destructive examination (NDE) and pipeline inspection services based in Annandale, Minnesota. The acquisition expands SI Solutions' NDE and pipeline integrity capabilities and scales its services to the natural gas midstream market as part of its platform growth.

Metronet has acquired US Internet (USI), a Minnetonka-based pure-play fiber provider whose network reaches more than 140,000 homes and businesses in the greater Minneapolis area. Terms were not disclosed; the deal follows Metronet’s recent acquisition by a T‑Mobile and KKR joint venture and results in an exit for investor Everside Capital Partners.

HistoSonics, a University of Michigan spin-out developer of the Edison Histotripsy System, sold a majority stake to a consortium led by K5 Global, Bezos Expeditions and Wellington Management in a transaction valuing the company at $2.25 billion. Other investors included Alpha JWC Ventures, Alpha Wave Ventures and Johnson & Johnson’s JJDC; proceeds will be used to accelerate clinical programs and expand the company’s indications and commercial rollout (CEO Mike Blue will become chairman).

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.

PCM Companies has made a platform investment in TMI Coatings, a specialty painting, coating and restoration contractor headquartered in Eagan, Minnesota. Northstar Capital provided junior debt and an equity co-investment to help finance the transaction alongside PCM.

Greenix Pest Control (a Riata Capital Group portfolio company) has acquired Rove Pest Control's operations in multiple northern U.S. markets, including Madison, Wisconsin, and additional operations in Minnesota, Michigan and Massachusetts. The deal expands Greenix's footprint to 19 states and over 250,000 households served, while allowing Rove to focus on growth in its remaining markets.

Victory Tire & Auto, a Straightaway Tire & Auto brand, acquired AutoPro Auto Service in Brooklyn Park, Minnesota, in a deal finalized June 11, 2025. The acquisition is an add-on to Straightaway’s regional network, increasing Victory’s location density in the Brooklyn Park market and preserving the AutoPro team under the Straightaway/Victory platform.

GFL Environmental Services, the newly spun-off environmental services division controlled by Apollo Global Management and BC Partners, has acquired OSI Environmental, a Minnesota-based hazardous and non-hazardous waste services provider. The add-on expands GFL Environmental Services' footprint across the Midwest and adds capabilities such as used-oil recycling, roll-off services and emergency spill response to its platform.

Buske Logistics, a portfolio company of Fourshore Partners, has acquired Strategic Warehousing, LLC, a contract logistics provider based in Eagan, Minnesota. The add-on expands Buske's food-and-beverage warehousing capabilities—particularly in confectionery—and grows its network in the Twin Cities with three sites totaling 225,000 square feet.

Brookfield Asset Management, together with its institutional partners including Brookfield Renewable Partners, completed the acquisition of National Grid Renewables from National Grid plc and will operate the business under the Geronimo Power brand. The Minneapolis-headquartered company develops and operates utility-scale solar, wind and energy storage (about 2 GW operating, 1 GW under construction and ~20 GW in development) and will continue scaling Brookfield’s U.S. renewables platform.

Safe Life, a Stockholm-based group focused on AEDs and first-aid training, has acquired HeartCert, a Minnesota-based provider of AED distribution, CPR, First Aid and CNA training. The acquisition gives Safe Life a physical presence in the U.S. Midwest, strengthens its national training capabilities, and expands its reach across the United States.

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.

Blue Point Capital Partners has completed a recapitalization of Restoration Systems (RSI), a Minneapolis-based provider of facade, masonry and concrete repair and waterproofing services. RSI founder/owner Blake Dronen will remain in his leadership role as the partnership provides capital to support organic growth, geographic expansion across the Midwest and add-on acquisitions.

Patient Square Capital, a healthcare-focused private equity firm, has completed the acquisition of Patterson Companies for $31.35 per share (transaction value approximately $4.1 billion). The deal closed April 17, 2025, taking Patterson private; Robert Rajalingam was named CEO and Patterson will continue to be headquartered in St. Paul, Minnesota.

Bertram Capital has acquired Applied Products, Inc. (APPLIED Adhesives) from Arsenal Capital Partners; terms were not disclosed. Bertram intends to use APPLIED as a new industrial distribution platform to drive organic growth and add-on acquisitions while APPLIED's existing management, led by CEO John Feriancek, will remain in place.

Medical Manufacturing Technologies (MMT), a portfolio company of Arcline Investment Management, has acquired Mayer Engineering, the maker of the FEPeeler line of heat-shrink removal and braided catheter cutting tooling. The add-on deal expands MMT’s catheter manufacturing tooling and cutting capabilities to improve production efficiency, safety, and throughput for medical device customers.

U.S. Compliance, a national EHS provider and platform backed by Susquehanna Growth Equity, has acquired OSHA/Environmental Compliance Systems (OECS), a St. Louis Park, Minnesota-based EHS consulting firm. The add-on expands U.S. Compliance's presence and service density in the Upper Midwest; terms were not disclosed and Troutman Pepper and Hennepin Partners served as advisors.

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.

Veltris, a digital product engineering services provider backed by Trive Capital and BayLink Capital, has acquired BPK Technologies to expand its digital engineering, data and AI capabilities and deepen vertical healthcare expertise. The acquisition enhances Veltris’ offerings for Dental Service Organizations, health systems and other healthcare-adjacent markets while scaling BPK’s services across Veltris’ platform.

S5 Equity, a Southern California private investment firm, has acquired Heartland America, a discount catalog and online direct-to-consumer retailer based in Chaska, Minnesota. The deal is a strategic bolt-on to S5 Equity’s portfolio company Hammacher Schlemmer to capture synergies across distribution, marketing and sales; financial terms were not disclosed.

The Cook & Boardman Group LLC, a Platinum Equity–backed provider of integrated access and security solutions, has acquired Building Material Supply Inc. (BMSI), an architectural specialty building products distributor headquartered in Edina, Minnesota. The acquisition expands Cook & Boardman's Division 10 product offering and Midwest/Southwest footprint; terms were not disclosed.

New Charter Technologies, a portfolio company of Oval Partners, has added Element Technologies to its MSP platform. The transaction expands New Charter's national IT services footprint and brings Element's cybersecurity, automation & AI, and document management expertise — with a strong focus on the legal sector — into the platform.

Aldaron Partners and True Wind Capital have partnered to acquire DCM Services, a Minneapolis-area leader in estate and specialty receivables recovery. The private equity-backed partnership will support DCMS's growth and scale its proprietary Probate Finder technology and outsourced account resolution services across financial services, healthcare and other end markets.

Crestview Partners has completed the acquisition of Smyth Companies, a leading provider of pressure sensitive labels, shrink sleeves, in-mold labels and flexible packaging, from Novacap. Crestview is investing alongside members of Smyth's founding family and the company's management team and plans to allocate additional equity to support organic investments and M&A as Smyth pursues tuck-in and transformational acquisitions.

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.

Grovecourt Capital Partners, a West Palm Beach, Florida-based private equity firm, has acquired IMRIS Imaging, Inc., the Chaska, Minnesota-headquartered provider of intraoperative MRI suites. Financial terms were not disclosed; Grovecourt said it will partner with IMRIS management to expand the company's product and service offerings and pursue new intraoperative applications.

Service Express, a data center and infrastructure solutions provider, has acquired Top Gun Technology, a Greater Minneapolis-based data center maintenance and mission-critical support services provider. The acquisition expands Service Express' multivendor maintenance and managed infrastructure capabilities—particularly in mainframe and complex enterprise storage support—and integrates Top Gun's specialized workforce and ITAD capabilities into Service Express' global service portfolio.