Private Equity-Backed Acquisitions in North Dakota

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.