Private Equity-Backed Acquisitions in Wisconsin

Quantum Surgical has acquired NeuWave Medical and combined both businesses under a newly created parent, Precision IO Group Inc., to expand a robotic-assisted tumor ablation platform. The deal is supported by investment from Ally Bridge Group and aims to integrate Quantum Surgical's Epione robotic system with NeuWave's microwave ablation technology to broaden access to minimally invasive interventional oncology care.

On Track Partners has acquired Carey's Seamless Gutters & Overhead Doors, a Wisconsin-based provider of seamless gutter systems and garage door installation, service, and repair. The acquisition expands On Track Partners' garage door services platform across the Midwest; Carey's will continue operating under its existing name with its leadership and employees remaining in place.

Tavoron, a PE-backed national automation and industrial systems platform, has acquired Doig Corporation, a factory automation distributor headquartered in Cedarburg, Wisconsin. The add-on expands Tavoron's automation distribution capabilities and strengthens its presence across the Upper Midwest, while Doig will continue operating from its Cedarburg location under the Tavoron brand.

HPS/PayMedix closed $33 million of equity and debt financing to accelerate national growth of its healthcare financing and payments platform. The round was led by HLM Investment Partners ($16M growth equity) and included Escalate Capital Partners (providing a $17M term debt facility), RVM Enterprises, and existing investor SV Health Investors.

PPC Flex, a GTCR‑sponsored North American flexible packaging platform, has acquired the United States operations of SÜDPACK, including a manufacturing facility in Oak Creek, Wisconsin. The deal expands PPC Flex’s flexographic printing, conversion and cold‑seal capabilities and increases capacity to serve meat & cheese, snack, confectionary and healthcare packaged‑goods customers.

LongueVue Capital (LVC) has recapitalized Saelens, a Johnson Creek, Wisconsin-based precision manufacturing platform, partnering with the company’s management to support continued growth and investments in automation and global sourcing. As part of the transaction LVC provided growth capital while related real estate was sold to Royal Oak Realty Trust; Saelens operates under the trade names Diamond Precision Products and Coupling Nut Supply and employs ~230 people.

Value Added Distributors (VAD), a PE-backed distributor and fabricator, has acquired L.T.L. Supply, a family-operated wire harness and electrical-assembly manufacturer based in Green Bay, Wisconsin. The add-on expands VAD's manufacturing capabilities and electrical solutions offering, bolstering its service to specialty vehicle OEMs and other mobile fluid power customers; Rotunda Capital Partners, VAD's private equity backer, supported the platform strategy.

EPIC Insurance Brokers & Consultants has acquired Sentry Transportation's direct writing operation, a carve-out from Sentry Insurance that brings more than 500 transportation clients and the associated team. The acquired operation and team will join EPIC's Interstate Motor Carriers business, strengthening EPIC's national Transportation & Logistics practice and trucking insurance capabilities.

Gerard Daniel Worldwide (a Graycliff Partners portfolio company) has acquired Durex Products, Inc., a Luck, Wisconsin-based manufacturer of urethane wear parts and screening media, from Borgman Capital. The add-on deal will keep Durex operating in Wisconsin and aims to expand GDW's manufacturing capabilities, distribution reach and product portfolio across aggregate, mining, recycling and related industrial markets; terms were not disclosed.

Pelican Energy Partners has acquired Hanna Cylinders, a Pleasant Prairie, Wisconsin-based manufacturer of precision-engineered hydraulic and pneumatic cylinders. Pelican will position Hanna as a strategic platform to scale specialized manufacturing capabilities serving nuclear operators and broader industrial markets, while Hanna will retain its name and current management team.

AFM Capital Partners’ portfolio company Pro Products Holdings LLC has acquired Owens Industries, LLC as an add-on to the Pro Products precision machining platform. Owens, based in Oak Creek, Wisconsin, provides ultra-precision CNC machining for aerospace, defense and space markets; Cantor Fitzgerald served as exclusive financial advisor to Owens.

TricorBraun has acquired Craft Beverage Warehouse, a Milwaukee-based digital printing specialist for canned beverage brands. The purchase expands TricorBraun’s North American beverage packaging and digital printing capabilities and will be integrated into CanSource, with Craft Beverage Warehouse operating independently until early 2026; financial terms were not disclosed.

Merit Financial Advisors has acquired Mennenga Tax & Financial, adding $715 million in client assets and more than 35 employees. Founder Marshall Mennenga will join Merit as Wealth Manager, Tax Advisor, and Partner; the deal expands Merit's tax planning and wealth management capabilities in Wisconsin and provides Mennenga access to Merit’s technology and resources. The transaction closed on October 31, 2025; financial terms were not disclosed and FP Transitions advised on the deal.

Los Angeles-based private equity firm Vance Street Capital has partnered with Molded Rubber and Plastic Corporation (MRPC), a family-owned, ISO 13485-certified medical device contract manufacturer headquartered in Butler, Wisconsin. Vance Street will support MRPC's capability and capacity expansion while existing CEO and shareholder Greg Riemer will remain in place; financial and legal advisors and lenders were disclosed but transaction terms were not.

Promus Equity Partners, a Chicago-based private equity firm, completed its acquisition of Dr. Comfort from Enovis Corporation on October 7, 2025. Promus will operate Dr. Comfort as an independent business and partner with management — including newly appointed CEO Kunal Nandy — to invest in product innovation and strengthen the company's position in therapeutic diabetic footwear.

GenNx360 Capital Partners has closed the acquisition of Heartland Business Systems (HBS) from A&M Capital Opportunities. HBS is a Little Chute, Wisconsin–based IT services provider with 675+ employees serving 3,200+ customers across the Midwest; GenNx360 will partner with HBS management as founder Peter Helander retires and Jimmy Buddenberg becomes CEO.

95 Percent Group, a portfolio company of Leeds Equity Partners, has acquired All About Learning Press, a provider of structured, multisensory literacy products for homeschool families and educators. The acquisition expands 95 Percent Group's offerings beyond public-school programs to include All About Learning Press' All About Reading, All About Spelling, and new All About Math products, targeting homeschool and tutoring markets.

Trivest Partners has announced a partnership and platform investment in Vannguard Utility Partners, a DeForest, Wisconsin-based provider of contract utility locating and damage-prevention services. Vannguard will continue to be led by founder and CEO Randy Bern, and Trivest will support the company's next phase of growth across the Midwest and beyond; NCP, Inc. served as financial advisor to Vannguard.

Agility Retail Group, a partner company of San Francisco Equity Partners (SFEP), has acquired Infinity Retail Services, a Turtle Lake, Wisconsin–based designer and manufacturer of retail fixtures and displays that serves the telecom channel. Infinity's founders Kevin and Wendy Jansen retain significant equity and the existing management team will continue to run the business; terms were not disclosed.

SensorHubb (Fides Food Service Solutions LLC) has acquired OneEvent Technologies, Inc., a Wisconsin-based temperature monitoring hardware provider; the deal closed July 31, 2025. The acquisition brings hardware design and manufacturing expertise to SensorHubb’s AI-driven environmental monitoring platform, expanding its geographic footprint in the Midwest and enabling a vertically integrated, end-to-end predictive environmental intelligence offering.

Mrs. Gerry's Kitchen, a portfolio company of Sequel Holdings, has acquired Garden-Fresh Foods. Alantra acted as exclusive financial advisor to Garden-Fresh; the family owners (Tom and Vicki Hughes and their sons) and CEO John Colapinto will remain involved after the sale, and the deal brings together two prepared-salad manufacturers to expand scale and capabilities in refrigerated ready-to-eat foods.

Superior Environmental Solutions (SES), a Palladium Equity Partners-backed provider of environmental and industrial services, has acquired Hydroblasters Inc., a Wisconsin Rapids-based industrial services firm. The add-on deal expands SES’s footprint and service capabilities in Wisconsin and across the Midwest; financial terms were not disclosed.

Atlas Financial Services (Atlas) has acquired Central Wealth Management (CWM), an RIA based in Madison, Wisconsin, bringing Atlas' assets under management to more than $230 million. CWM will operate under the Atlas brand with its Madison office retained; founder Eric Heiting will become President and Head of Wealth Management at Atlas as the firm expands its AI-driven wealth platform and mass-affluent offerings.

VisiQuate, an AI-driven revenue cycle management (RCM) provider, has acquired Etyon, a Milwaukee-based healthcare technology firm specializing in RCM machine learning, denial prevention algorithms, and data tokenization. The deal is intended to expand VisiQuate’s ML and data capabilities within its Ana Intelligence Suite to deliver deeper predictive insights and improved denials and payments management for healthcare providers.

White Cap has completed the acquisition of the business of Advanced Fastening Supply (AFS), a Wisconsin-based supplier of fasteners, tools, safety products and related accessories. The AFS business will be integrated into White Cap's suite of brands, branches and value-added services to expand White Cap's product offering and regional footprint.

GreyLion Partners LP has made a strategic equity investment in Torginol, a Sheboygan, Wisconsin–based manufacturer of decorative flakes, quartz and other materials for resinous flooring systems. As part of the investment Torginol founder and chairman Tom Testwuide Jr. will retire; GreyLion will partner with CEO Jason LaBouve and management to scale sales and marketing, accelerate product development, add value‑added services and enhance manufacturing technology.

Greenix Pest Control, based in Orem, Utah, has acquired the Milwaukee, Wisconsin operations of Rove Pest Control to expand its Midwest footprint. The deal increases Greenix's service area and reinforces its focus on sustainable, residential-focused pest management.

Merit Financial Advisors, a Georgia-based wealth management firm, has acquired AMP Wealth Management of Whitefish Bay, Wisconsin, adding $365 million of assets and expanding Merit's Midwest footprint with a seventh office in Wisconsin. AMP's founder Dr. Jerome Mahalick and his team will join Merit, and AMP's dividend-focused investment strategy will be integrated into Merit's platform; financial terms were not disclosed.

GetixHealth, a portfolio company of H.I.G. Capital, has completed the acquisition of Americollect, a Manitowoc, Wisconsin-based provider of patient engagement solutions. The deal expands GetixHealth's revenue cycle management (RCM) capabilities and patient financial engagement offerings, with H.I.G. supporting continued investment in technology and scalable operations.

Milwaukee Capital Partners LLC acquired MPP Group LLC in an all-cash transaction effective May 1, 2025, with a minority investment from Concordia University Ventures. MPP Group will remain headquartered in Mequon, Wisconsin and continue to be led by Benjamin Nelson, Ph.D.; the deal provides capital to expand the company's contract analytical and injectable formulation development services.

Knowtion Health, a Boca Raton-based, PE-backed revenue cycle management provider, has completed the acquisition of Switch RCM, a data- and technology-first healthcare revenue intelligence firm based in Madison. The deal expands Knowtion’s automation, analytics and recovery capabilities and brings multiple Switch leaders into Knowtion’s executive and innovation teams; terms were not disclosed.

Professional Credit Service (PCS), a Tonka Bay-backed patient financial engagement and recovery services provider, has acquired Elevate Medical Solutions, a U.S.-based medical coding, denials management, and auditing firm. The add-on expands PCS's capabilities into mid-stage revenue cycle management (RCM), combining Elevate's credentialed coding teams and AI-assisted tools with PCS's national footprint.

Soundcore Capital Partners has made a majority investment in Ridge Top Exteriors and launched a new platform, TrussPoint Roofing & Exterior Renovations, to pursue a buy-and-build strategy in the residential exterior services market. TrussPoint named Chad Colony as CEO and will use Ridge Top (headquartered in Madison, Wisconsin) as its initial platform company to expand across roofing, siding, windows/doors, gutters and solar services.

SRM Equity Partners acquired RF Technologies, a Brookfield, Wisconsin–based provider of safety and RTLS solutions for healthcare, senior living, education and hospitality, in a transaction effective June 5, 2025. The deal preserves management continuity (founder Glen Jonas to remain as Non‑Executive Chairman) and positions RFT to scale through operational improvements, digital transformation and strategic acquisitions under SRM’s ownership.

Midwest-based private equity firm SaaS Opportunity Capital (SOC) has acquired Celera Systems, a Milwaukee-based provider of workflow and order/fulfillment software used by large financial services firms. SOC intends to expand Celera's platform beyond its historical bundled distribution model with Toppan Merrill, accelerate integrations (CRM, DAM), add AI capabilities, and bring the solution to a broader set of financial services and regulated-enterprise customers.

Main Street Capital Corporation provided $42.5 million in a minority recapitalization of Doral Corporation, funding the deal with a mix of first-lien senior secured term debt and a direct equity investment. The transaction partners Main Street with Doral's existing owner to support the Milwaukee-based industrial contractor's operations and growth.

Denver-based private equity firm Crest Rock Partners announced a strategic growth investment in Productive Programming Inc. (PPi), a Verona, Wisconsin–headquartered provider of the Care Compass SaaS platform and tech-enabled services for care management, EHR, and TPA operations. The capital will be used to accelerate product development, expand Care Compass nationwide, and advance AI/ML capabilities; PPi's founder and executive team rolled/invested alongside Crest Rock.

Heartland Paving Partners has acquired Poblocki Paving Corporation, a Wisconsin-based provider of asphalt and concrete paving, maintenance, and repair services. The deal expands Heartland's footprint in the Upper Midwest and Northeast; Poblocki will operate as a Heartland Paving Partner and gain access to Heartland's resources. Heartland is a platform investment of Soundcore Capital Partners.

E Source, a utilities-focused research, data science and consulting company, has acquired ILLUME Advising, a boutique research and program-evaluation consultancy for the energy and utility sector. The deal, executed by E Source (which is backed by Align Capital Partners), is an add-on intended to expand E Source's program evaluation, human-centered research and customer-insight capabilities for utility clients across North America.

Merit Financial Advisors acquired Safeguard Wealth Management, a fully virtual financial planning firm, in a deal finalized April 25, 2025. The acquisition adds approximately $597 million of assets and enhances Merit's digital marketing and content capabilities through Safeguard's successful YouTube platform; Safeguard co-founders Eric Sajdak and Anthony Hellenbrand will join Merit.

Lewis & Clark Capital’s acquisition vehicle CMS, LLC has acquired Wisconsin-based ChemRite CoPac, a contract manufacturer that provides formulation, blending, liquid fill, and packaging services from FDA-registered facilities. The deal is an add-on to CMS’s platform as it expands manufacturing capabilities and service offerings in the North American contract manufacturing market; financial terms were not disclosed.

Redwood Services has partnered with Cardinal Heating, Cooling, Plumbing, & Electric, marking Redwood’s 18th platform investment. The Ouimette family (founders/owners) will retain a significant minority stake while Cardinal’s team continues to operate under its existing brand as Redwood provides operational and financial support to accelerate growth in the Madison, Wisconsin market.

Greenix Pest Control acquired the Milwaukee office of Spidexx Pest Control from owners Coleman Spaulding, Taylor Spaulding and Ryan Coleman, expanding Greenix's residential pest control footprint in Wisconsin. The acquisition strengthens Greenix's presence in Milwaukee as the company continues to grow its sustainable pest control operations across 19 states.

Merit Capital Partners and Fulton Capital partnered with Carl Markestad to provide equity (and subordinated debt from Merit) in Carl’s Place, a Milton, Wisconsin-based manufacturer and distributor of customizable golf simulator packages. The investment funds are intended to support growth and scale the company’s manufacturing and distribution of simulator enclosures, mats, screens and related products for residential and commercial customers.

Beary Landscaping, a portfolio company of Silver Oak Services Partners, has acquired MJS Landscaping Services, a provider of landscape management, snow removal and design/build services based near Milwaukee, Wisconsin. The add-on expands Beary's geographic footprint in Wisconsin and strengthens its recurring commercial landscaping capabilities while retaining MJS's staff and brand.

Columbus-based Sage Sustainable Electronics, a portfolio company backed by Closed Loop Partners' buyout private equity group, has acquired Madison-based IT asset disposition (ITAD) provider Cascade Asset Management. The bolt-on acquisition expands Sage's national footprint, adds demanufacturing and refurbishment capabilities, and strengthens its position as a leading sustainable ITAD platform in the United States.

CollisionRight has acquired seven shops operating under Mander Collision and Glass in the Milwaukee, Wisconsin area, increasing CollisionRight's nationwide footprint to 115 shops. Mander will continue to operate under its brand while gaining access to CollisionRight's operational support; the deal expands CollisionRight's presence in Southeastern Wisconsin and adds the region's largest repair shop to its network.

InTandem Capital Partners has completed a strategic equity investment in Healthfuse, a Milwaukee-based leader in revenue cycle vendor management. The partnership will provide capital and operational support to accelerate Healthfuse's growth and expand its data-driven vendor management and analytics capabilities for hospitals and health systems.

Rotunda Capital Partners has invested in Value Added Distributors, LLC (VAD), a Shawano, Wisconsin-based distributor of hydraulic hoses, tubes, seals, couplings and related value-added services. Rotunda will partner with the existing owners and management to accelerate growth through branch expansion and add-on acquisitions; financing was provided by TPG Twin Brook Capital Partners with U.S. Bank and Mayer Brown advising.

Argosy Private Equity acquired a controlling interest in Mr. Splash Car Wash, a 6-site express car wash chain in the Greater Madison, Wisconsin area, with two additional development sites planned by the end of 2025. Argosy will partner with co-owners Jeff Joos and Tony Ruiz (who will remain significant owners) to professionalize operations, pursue acquisitions and new site development, and grow membership-driven revenues.