Private Equity-Backed Acquisitions in South Dakota

Abrigo has acquired Journey Technology Solutions, a banking data, strategy, and analytics firm, to strengthen its data aggregation, reporting, and behavioral analytics capabilities for community financial institutions. The acquisition expands Abrigo's ability to deliver role-based dashboards and actionable intelligence to banks and credit unions without requiring complex data stacks or large in-house analytics teams.

Thompson Fabrication LLC, a PE-backed manufacturer and distributor of waste equipment containers, has acquired Midwest Dakota Dumpsters (MDD), a Castlewood, South Dakota-based maker of waste containers. The deal closed on October 1, 2025 and will integrate MDD's operations and facilities into Thompson's platform to expand its Midwest footprint and manufacturing capacity.

GTCR has acquired Innovative Systems, a mission-critical enterprise software provider for regional broadband providers, from Alpine Investors. GTCR is partnering with technology executive Scott Alcott, who joins as CEO, and plans to invest in the Company's OSS/BSS, payments and billing capabilities and pursue organic growth and M&A to expand the product suite.

PGW Auto Glass has acquired Dakotaland Autoglass, a 13-location independent distributor and installer of automotive replacement glass and related supplies based in Sioux Falls, South Dakota. The transaction, effective May 30, 2025, was an exit by West Edge Partners; terms were not disclosed. PGW — a portfolio company of One Equity Partners — said the deal expands its geographic presence and integrates Dakotaland into PGW’s distribution, installation and Everything Autoglass technology platform.

Best Friends Pet Care, a portfolio company of Mosaic Capital Partners, has acquired Paws Pet Resort, a regional pet resort and services company based in Sioux Falls, South Dakota. Peakstone served as exclusive M&A advisor to Paws Pet Resort; terms were not disclosed. The deal is an add-on to Best Friends Pet Care's platform to expand its pet care footprint and service offering.

Harbour Group has acquired Senproco, LLC and Groomer's Choice Pet Products, LLC, a Sioux Falls-based manufacturer and wholesale distributor of pet grooming supplies. Terms were not disclosed; founder Dan Dressen indicated he will retain a meaningful ownership position while partnering with Harbour Group to drive growth and operational improvements.

Arcadea Group has acquired Complete Flight, a Part 135 operations software provider, and will merge it with Flight Vector to create an end-to-end leader in aeromedical, utilities and mission-critical aviation markets. The deal positions Arcadea’s aviation platform to offer comprehensive solutions spanning CAD, OCC, maintenance and dispatch while founder Bernie Berg moves to Chief Product Officer.

Platinum Equity has made a significant investment in TAK Communications, a Sioux Falls-based provider of fiber and broadband network services. The investment will partner Platinum with TAK's current shareholders and management (who retain a significant ownership stake) to support national expansion, operational scaling and potential add-on M&A.

FleetPride, the nation's largest independent distributor of aftermarket heavy-duty parts, has acquired the assets of Wheelco Truck & Trailer Parts and Service, a third-generation family business based in Sioux Falls, South Dakota. The acquisition adds six retail parts locations, two service centers, a distribution center and an OEM manufacturing division to FleetPride, expanding geographic density across the Upper Midwest and creating a new OE Solutions division to serve trailer and specialty equipment OEMs.

Emko Capital recapitalized Scotchman Industries and Steelmax Tools and created the new holding company SMX Industrial Solutions to combine the two metal-fabrication equipment brands. Tecum Capital provided supporting debt and equity and Woodforest National Bank participated in financing; the new platform will broaden the companies' product portfolio and support future acquisitions across manufacturing, construction and energy end markets.

Toronto-based private equity firm Lynx Equity Limited has acquired Creative Surfaces, Inc., a Sioux Falls, South Dakota manufacturer, distributor and installer of commercial casework, countertops, cabinetry and signage. Founder and CEO Jud Pins (former owner) sold the business and will remain in management; terms were not disclosed. Creative Surfaces has approximately 123 employees and $40 million in annual sales, and Lynx intends to leverage its existing sister companies to provide operational support and pursue synergies, including entry into the gaming market.

World Insurance Associates LLC acquired Providence Financial, Inc., an independent insurance agency founded by Donald “Joey” Larsen, with the Providence team joining World effective September 1, 2023. The transaction expands World’s footprint into South Dakota and Nebraska; terms were not disclosed.

Inovar Packaging Group, a Kelso & Company-backed platform, has completed the acquisition of Cimarron Label and Western Printing, adding production sites in Sioux Falls and Aberdeen, South Dakota. The transaction expands Inovar’s Midwest footprint and capabilities in complex extended-content and booklet labels serving AgChem, lawn & garden and automotive customers.

Bansk Group has acquired a majority interest in Red's All Natural, a fast-growing clean-label frozen burrito and breakfast sandwich brand; terms were not disclosed. Stellus Capital Management provided senior debt financing and an equity co-investment to support the transaction, and founder/CEO Mike Adair will remain in leadership and retain a significant minority stake.

PumpTech LLC, a Pike Street Capital portfolio company, has acquired Dakota Pump Inc, a Mitchell, South Dakota-based supplier of packaged pump stations and automated controls for the water and wastewater markets. The acquisition expands PumpTech's product portfolio, controls/SCADA capabilities and nationwide distribution reach as part of Pike Street's platform growth strategy.

ICV Partners, a U.S. private equity firm, has acquired Sullivan Holding Company (Sullivans), a Sioux Falls, South Dakota-based designer and distributor of seasonal and outdoor home décor, from Fort Point Capital. Fort Point Capital realized its investment after nearly a decade of ownership during which Sullivans expanded its digital capabilities and completed two add-on acquisitions; TM Capital advised Sullivans on the transaction.

Frontier Growth, a growth equity firm, has made a strategic growth investment in Property Meld, a Rapid City, South Dakota–based property maintenance software platform. The capital will support Product Meld's continued growth and product expansion as the company serves property managers across over 450,000 units and more than 650 customers.

Pye-Barker Fire & Safety has acquired Justice Fire & Safety, a Sioux Falls–headquartered fire protection company that operates five locations across South Dakota and Iowa. The deal expands Pye-Barker’s branch footprint in South Dakota and provides entry into the adjacent Iowa market; Justice will continue operating under President Mark Brenneman with support from Pye-Barker.

West Edge Partners, a lower middle market private equity firm, acquired Dakotaland Autoglass, a Midwest distributor and service provider of aftermarket automotive replacement glass and paint/body equipment. Financing was provided in part by First Capital Partners (subordinated debt and equity) and O2 Sponsor Finance (division of Old Second National Bank); terms were not disclosed.

Central Payments completed a $30 million growth equity raise led by Castle Creek Capital with additional investment from Launchpad Capital, enabling the fintech to spin out from Central Bank of Kansas City. Proceeds will fund technology, product, and staffing investments as the company scales its Open*CP API marketplace and prepaid card issuance business; the bank will remain an investor and strategic partner.

Industrial Opportunity Partners (IOP) has acquired the Raven Engineered Films Division from CNH Industrial for $350 million. The Sioux Falls-based business, a manufacturer of engineered polymer films and sheeting for agriculture, construction and industrial markets, will operate as IOP's first platform investment from Fund IV with management continuing to lead the company.

Exeter Image Holdings, the platform backed by Exeter Street Capital Partners, made a majority investment in Persona Signs in a transaction co-sponsored by Harbert Credit Solutions, NewSpring Mezzanine, Northcreek Mezzanine and members of Persona’s leadership team. Persona will join Triangle Sign & Service under the combined Persona‑Triangle operating structure to create a national signage, lighting, and facility services platform; Enterprise Bank and Trust provided senior debt financing for the deal.

Aquiline Capital Partners completed the acquisition (carve-out) of Avel eCare from Avera Health, creating a standalone telemedicine company. Comvest Credit Partners acted as administrative agent providing a senior secured credit facility to support the transaction and Avel eCare's growth and expansion of virtual care services.

Atlanta-based Mammoth Holdings announced that Silverstar Car Wash (a 14-unit express car wash operator) has agreed to join the Mammoth organization. Silverstar's ownership group also made a significant equity investment in Mammoth as part of the transaction, expanding Mammoth's operator-led multi-brand car wash platform across the Midwest.

Aquiline Capital Partners completed the ownership transition of Avel eCare (formerly Avera eCare) in a carve-out from Avera Health. Aquiline will partner with Avel eCare's leadership to scale the telemedicine provider’s clinical and technology services and expand its reach to underserved and rural communities across the United States.

Behrman Capital, a New York-based private equity firm, has acquired Shur-Co, LLC, a Yankton, South Dakota-based manufacturer of cargo covering and cargo control systems. Shur-Co—previously a subsidiary of PCM Companies (PCMC)—will continue to be led by CEO Terry Tennant and will partner with Behrman to accelerate its growth and product development across agriculture, construction, waste and rail end markets.

MacQueen Equipment, via its MacQueen Emergency division and backed by Rotunda Capital Partners, has acquired Allegiant Emergency Services Inc., a Sioux Falls-based dealer of personal safety and firefighting equipment. The acquisition is an add-on to expand MacQueen Emergency's presence and service capabilities in South Dakota, with Allegiant continuing to operate out of its Sioux Falls location and being rebranded as MacQueen Emergency.

Crown Products, a portfolio company of St. Louis-based private equity firm WILsquare Capital, has completed the acquisition of Tri-State Wholesale Flooring, LLC, a flooring distributor based in Sioux Falls, South Dakota. The add-on deal expands Crown's product offering and regional footprint across the Upper Midwest; terms were not disclosed.

Alpine Investors has announced a strategic partnership and growth investment in Innovative Systems, a mission-critical enterprise software provider for independent telecommunications providers. The investment will fund product and operations expansion, support leadership transition with Alpine's CEO-in-Residence, and position Innovative Systems for broader market growth as U.S. rural broadband expands.

Takkion Holdings LLC, a portfolio company backed by affiliates of Apollo Global Management, has acquired Sioux Falls-based Renew Energy, Inc., a provider of operations and maintenance (O&M) services for the renewable energy market. The acquisition expands Takkion's capabilities in wind and solar logistics, supply chain, transportation management and O&M, and RENEW's management team and brand will remain intact as part of the combined platform.

GI Partners, in partnership with industry veteran Rich Fish, has signed an agreement to acquire Vast Broadband, a Sioux Falls-based provider of gigabit broadband, video and phone services. Vast, currently owned by Pamlico Capital and Oak Hill Capital and serving over 60,000 residential and business customers across South Dakota and Minnesota, will be led by Rich Fish as incoming CEO with GI Partners investing from its Data Infrastructure Fund; the transaction remains subject to customary closing conditions and regulatory approvals.

One Equity Partners (OEP) completed the acquisition of Spartronics, the Manufacturing & Design Services (MDS) business formerly of Sparton Corporation, creating a standalone electronics manufacturing services (EMS) platform. Headquartered in Watertown, South Dakota, Spartronics operates nine U.S. sites and one facility in Vietnam providing engineering, contract design, PCB/assembly and cable/harness manufacturing to aerospace, medical and industrial OEMs; financial terms were not disclosed.