Tracked deals
17
17 tracked deals across 2016-2026.
Private Equity-Backed Acquisitions in North Dakota
Buyer mix
PE-led
21 pe · 9 strategic
Top trend
Volume peaked in 2024
4 tracked deals announced in 2024.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| LongWater Opportunities | 2 | Alternative asset management firm focused on the lower mi... | PE |
| 360training | 1 | Online regulated training provider offering workforce com... | Strategic (PE-backed) |
| Akoya Capital Partners, LLC | 1 | Sector-focused private investment firm focused on middle-... | PE |
| Brightwood Capital Advisors | 1 | Private credit firm specializing in senior debt and finan... | PE |
| Continuous | 1 | Provides intelligent automation platform and workflow sol... | Strategic (PE-backed) |
| Cyber Advisors | 1 | Managed IT and cybersecurity services provider offering m... | Strategic (PE-backed) |
| Cypress Rail Solutions | 1 | Newly formed railcar services company focused on railcar ... | Strategic (PE-backed) |
| EQT (EQT VIII Fund) | 1 | Global private equity firm investing across healthcare, T... | PE |
| Goldner Hawn | 1 | Midwest private equity firm that partners with business o... | PE |
| Hillstar Capital | 1 | Dallas-based investment firm focused on lower middle-mark... | PE |
Acquisition Volume in Private Equity-Backed in North Dakota by Year
Last 8 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
June 23, 2026
- Buyer
- Reverence Capital Partners
- Target
- Eide Bailly
- Industry
- Accounting & Tax
- Location
- North Dakota, United States
- Type
- Growth capital
Reverence Capital Partners announced a definitive agreement to make a significant investment in Eide Bailly, a top accounting and advisory firm. The investment is expected to close in Q3 2026 and is intended to fund added talent, technology, and expanded innovation and client services while Eide Bailly maintains leadership continuity.
-
August 25, 2025
- Buyer
- Continuous, Thoma Bravo
- Target
- Sycorr, Inc.
- Industry
- Cybersecurity
- Location
- North Dakota, United States
- Type
- Addon
Continuous, a Thoma Bravo portfolio company, has acquired Sycorr, a provider of identity and access management software for banks and credit unions. The deal adds Sycorr's Permission Assist capability to Continuous's platform to strengthen security, automate user provisioning and streamline compliance for financial institutions.
-
August 21, 2025
- Buyer
- Legacy Ventures Group
- Target
- Fargo Engineering Inc.
- Seller
- Dustin Rogne and other Fargo Engineering shareholders
- Industry
- Industrial Services
- Location
- North Dakota, United States
- Type
- Buyout
Legacy Ventures Group, a Minneapolis-based private equity investment group, has acquired Fargo Engineering Inc., an automated test systems and engineering services firm headquartered in Fargo, North Dakota. The acquisition will pair Fargo Engineering's automated test systems capabilities with Legacy Ventures' management expertise to accelerate growth, expand market presence, and scale the business for OEM and industrial manufacturing customers.
-
October 2, 2024
- Buyer
- LongWater Opportunities, Cypress Rail Solutions
- Target
- Northern Plains Rail Services
- Seller
- Northern Plains Rail Services
- Industry
- Transportation
- Location
- North Dakota, United States
- Type
- Buyout
LongWater Opportunities partnered with industry executives Randy Meyer and Brian Trammell to form Cypress Rail Solutions, a new railcar services platform. Cypress completed its first acquisition of certain railcar maintenance assets (locations in North Dakota and Minnesota) from Northern Plains Rail Services and plans further expansion across additional geographic markets to build a significant railcar services platform.
-
- Buyer
- Cyber Advisors, Goldner Hawn
- Target
- S&L Computer Services, Inc.
- Seller
- S&L Computer Services, Inc., Leo Worner, Scott Schafer
- Industry
- IT Services
- Location
- North Dakota, United States
- Type
- Addon
Cyber Advisors, a Maple Grove, Minnesota-based managed IT and cybersecurity provider and portfolio company of private equity firm Goldner Hawn, acquired Fargo-based S&L Computer Services, Inc. The deal closed March 1, 2024 and is an add-on to expand Cyber Advisors' managed services capabilities and represents its first brick-and-mortar expansion into North Dakota.
-
- Buyer
- Mayfair Capital Partners (division of Oxford Financial Group)
- Target
- Baseline Fitness, LLC
- Seller
- Freeman Spogli
- Industry
- Healthcare Services
- Location
- North Dakota, United States
- Type
- Buyout
Mayfair Capital Partners (a division of Oxford Financial Group) acquired Baseline Fitness, a leading Planet Fitness franchisee with 100 clubs, in a transaction that closed February 2, 2024; terms were not disclosed. Freeman Spogli sold its majority interest but retained a significant minority stake alongside Baseline management, and Mayfair intends to support Baseline’s growth plan to expand locations from ~100 to more than 150.
-
January 11, 2024
- Buyer
- Sovos
- Target
- Aatrix Software
- Industry
- Accounting & Tax
- Location
- North Dakota, United States
- Type
- Addon
Sovos has acquired North Dakota-based Aatrix Software to expand its e-filing and payroll tax reporting capabilities for small and mid-sized businesses. The acquisition strengthens Sovos' coverage across W-2, 1099 and ACA 1095 reporting and integrates Aatrix's payroll forms and partner integrations into Sovos' compliance platform; terms were not disclosed.
-
July 20, 2023
- Buyer
- LongWater Opportunities
- Target
- Midland Garage Door
- Industry
- Building Products
- Location
- North Dakota, United States
- Type
- Growth capital
LongWater Opportunities has made a strategic growth investment in Midland Garage Door, a West Fargo-based manufacturer of residential and commercial overhead garage doors founded in 1979. The partnership is intended to support Midland's growth plans while preserving the company's culture and operational strengths.
-
- Buyer
- 360training
- Target
- ACLS Medical Training, Safety Provisions, Inc. (Hard Hat Training)
- Industry
- Education
- Location
- North Dakota, United States
- Type
- Addon
360training, a PE‑backed online regulated training provider, has acquired ACLS Medical Training and Safety Provisions (owner of the Hard Hat Training brand) to expand its healthcare and EHS course offerings. The acquisitions broaden 360training’s catalog of medical certifications and OSHA‑compliant workplace safety training as part of its strategic growth plan supported by GreyLion Partners and Vestar Capital Partners.
-
September 19, 2022
- Buyer
- Rental Equipment Investment Corp. (REIC), Kinderhook Industries, LLC
- Target
- Blackout Energy Services, Inc., LLC
- Seller
- Danny Morton (owner)
- Industry
- Industrial Services
- Location
- North Dakota, United States
- Type
- Addon
Rental Equipment Investment Corp. (REIC), a portfolio company of Kinderhook Industries, acquired Blackout Energy Services, Inc., a Williston, North Dakota-based specialty rental equipment provider. The add-on expands REIC's specialty rental footprint in the Bakken region and strengthens its flameless heater and light tower offerings; financial terms were not disclosed.
-
January 14, 2022
- Buyer
- SNH Capital Partners, Universal Background Screening
- Target
- Global Safety Network
- Industry
- Staffing & HR
- Location
- North Dakota, United States
- Type
- Addon
SNH Capital Partners has acquired North Dakota-based Global Safety Network (GSN), a provider of employment background screening, drug testing and investigative services. GSN will be integrated into SNH’s Universal Background Screening platform to expand geographic reach and enhance the combined platform’s service offerings.
-
January 9, 2020
- Buyer
- Red Arts Capital, Prudential Capital Partners, Brightwood Capital Advisors
- Target
- MME Inc., Midwest Motor Express Inc., Midnite Express Inc.
- Industry
- Trucking & Fleet
- Location
- North Dakota, United States
- Type
- Buyout
Red Arts Capital partnered with Prudential Capital Partners and Brightwood Capital Advisors to acquire MME Inc., including its subsidiaries Midwest Motor Express Inc. and Midnite Express Inc.; financial terms were not disclosed. Midwest Motor Express is a Bismarck, North Dakota–based top-25 less-than-truckload (LTL) carrier with ~800 employees, 32 service centers across 16 states and part of a combined platform generating more than $120 million in annual revenue.
-
December 10, 2019
- Buyer
- Tower Arch Capital
- Target
- Creedence Energy Services, LLC
- Seller
- Founders (Kevin Black; Wyatt Black; Malachi Black)
- Industry
- Energy
- Location
- North Dakota, United States
- Type
- Recapitalization
Tower Arch Capital completed a recapitalization of Creedence Energy Services, partnering with founders Kevin, Wyatt and Malachi Black. The transaction will support Creedence’s growth and geographic expansion across the Bakken and Permian basins while providing liquidity and operational support from Tower Arch.
-
November 4, 2019
- Buyer
- SureWerx USA, The Riverside Company
- Target
- Sure Foot Corporation
- Industry
- Manufacturing
- Location
- North Dakota, United States
- Type
- Addon
SureWerx USA, a portfolio company of The Riverside Company, has acquired Sure Foot Corporation, maker of the Due North line of winter traction aids. The add-on purchase (terms undisclosed) expands SureWerx's PPE and safety product portfolio; Golub Capital provided debt financing for the deal.
-
July 31, 2019
- Buyer
- EQT (EQT VIII Fund)
- Target
- Aldevron
- Seller
- TA Associates
- Industry
- Biotechnology
- Location
- North Dakota, United States
- Type
- Buyout
EQT VIII has entered into an agreement to acquire a majority interest in Aldevron, a Fargo-based global supplier of plasmid DNA and other biologics, with founders, management and TA Associates retaining minority stakes. EQT will support Aldevron's growth through investments in production capacity, R&D and international expansion as the company continues to serve the gene therapy and broader biopharma markets.
-
September 6, 2017
- Buyer
- Ranch Creek Partners, LLC, Hillstar Capital, True West Capital Partners
- Target
- OneCor Services, LLC
- Industry
- Oil & Gas
- Location
- North Dakota, United States
- Type
- Growth capital
Ranch Creek Partners, in partnership with Hillstar Capital, announced an equity investment in OneCor Services, LLC (operating as Jerry's Services) to support growth and geographic expansion. True West Capital Partners provided both debt and equity financing; OneCor will continue to be led by CEO Ricky Waitman and GM Tom Bachmeier as the company expands its environmental and acid-blending services for the Bakken oilfield.
-
October 18, 2016
- Buyer
- Akoya Capital Partners, LLC, Marquette Capital Partners, Merion Investment Partners, Indigo Signworks management
- Target
- Indigo Signworks
- Industry
- Manufacturing
- Location
- North Dakota, United States
- Type
- Buyout
Akoya Capital Partners, in partnership with Marquette Capital Partners, Merion Investment Partners and Indigo's management, has acquired Indigo Signworks, a Fargo, North Dakota-based manufacturer of exterior and interior signage. The investor group plans to work with existing management to expand product lines, customer relationships and the company’s geographic footprint.
Find buyers active in North Dakota
Turn current acquisition activity in North Dakota into an outreach-ready buyer list.
Related Acquisition Pages
Acquisitions in North Dakota
Acquisitions in North Dakota in 2026
Acquisitions in North Dakota in 2025
Acquisitions in North Dakota in 2024
Acquisitions in North Dakota in 2023
Acquisitions in North Dakota in 2022
Acquisitions in North Dakota in 2020
Accounting & Tax Acquisitions in North Dakota
Cybersecurity Acquisitions in North Dakota
Industrial Services Acquisitions in North Dakota
Transportation Acquisitions in North Dakota
IT Services Acquisitions in North Dakota