Tracked deals
1885
1885 tracked deals across 2000-2026.
Tracked deals
1885
1885 tracked deals across 2000-2026.
Buyer mix
Mixed buyer set
1409 strategic · 1030 pe
Top trend
Volume peaked in 2021
320 tracked deals announced in 2021.
Buyer Snapshot
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| H.I.G. Capital | 12 | Global private investment firm providing equity and debt ... | PE |
| Audax Private Equity | 9 | Middle-market private equity firm focused on growth-orien... | PE |
| Wind Point Partners | 9 | Chicago-based private equity firm that partners with foun... | PE |
| Arthur J. Gallagher & Co. | 8 | Global insurance brokerage, risk management and consultin... | Strategic |
| Gryphon Investors | 8 | Middle-market private equity firm focused on building and... | PE |
| Mill Point Capital LLC | 8 | Middle-market private equity firm focused on control-orie... | PE |
| New Mountain Capital | 8 | Growth-oriented investment firm investing across private ... | PE |
| Thoma Bravo | 8 | Private equity firm focused on software and technology-en... | PE |
| Hub International Limited | 7 | Global insurance brokerage and financial services firm pr... | Strategic (PE-backed) |
| Shore Capital Partners | 7 | Chicago-based private equity firm that invests in lower-m... | PE |
Last 10 years
Supporting Data
National Holding Company announced it has acquired Moving.com, an online moving marketplace, and MoveAI, an AI-powered moving concierge technology. The company plans to use the combined assets to build a technology-enabled consumer moving platform that streamlines planning, vendor selection, and move coordination.
Simplicity Group announced the acquisition of Benefit Planning, Inc. (BPI), a Chicago-based insurance agency serving high-net-worth and ultra-high-net-worth clients. The deal expands Simplicity’s capabilities in large-case protection strategies, and BPI founder Bob Muzikowski becomes Simplicity’s newest Partner.
The Sterling Group entered into a definitive agreement to sell Tangent Technologies to Platinum Equity. The transaction is expected to close in the third quarter of 2026, and financial terms were not disclosed.
Model N announced it has acquired Kalderos, a technology company that provides a gross-to-net intelligence platform for visibility into the 340B drug discount program. The acquisition is intended to expand Model N’s revenue management capabilities and strengthen its 340B offerings for pharmaceutical manufacturers through Kalderos’ Truzo platform.
C.H. Robinson (NASDAQ: CHRW) announced it has acquired DeSpir Logistics, a specialized provider of secure transportation and cargo escort services for mission-critical, high-value freight across North America, for approximately $75 million in cash. The acquisition closed and is expected to be slightly accretive in 2026 as C.H. Robinson expands premium, security- and compliance-focused logistics capabilities using its Lean AI approach.
Europastry has reached an agreement to acquire Highland Baking Company, a family-owned U.S. producer of premium breads for the foodservice channel. The transaction strengthens Europastry’s North American presence and is expected to close in the second half of 2026, subject to customary regulatory approvals and closing conditions.
Ridgeline Roofing & Restoration has acquired Freedom Roofing & Construction, a Champaign, Illinois-area provider of roofing and exterior services. The deal is Ridgeline’s seventh acquisition, and terms were not disclosed.
Mode.Inc announced the acquisition of Trimbox (an email inbox management app) and QR Code Reader (a utility app) to expand its EarnOS-powered AI data network. The deals add low eight figures in annual revenue and are intended to scale Mode’s EarnOS monetization and permission-based, consented behavioral data supply across a portfolio exceeding 100 million monthly active users.
Generac Holdings announced the acquisition of a new manufacturing facility in Belvidere, Illinois to expand capacity for large-megawatt generator packaging and enclosure assembly. The company said the Belvidere site complements capabilities gained from its earlier acquisition of Enercon Engineering and is expected to create more than 100 jobs when operations begin in Q1 2027.
Relativity has acquired Gavel, an AI-native legal technology company used by legal professionals to draft, review, and automate work product directly in Microsoft Word and via web applications. The integration is intended to extend Relativity’s legal data intelligence platform (RelativityOne and Relativity aiR) into Microsoft Word, synchronizing edits back to the matter in RelativityOne.
PartsSource announced its acquisition of SkillNet, a workforce intelligence platform for healthcare technology management (HTM) that provides hospitals and health systems real-time visibility into technician competencies and team capabilities. The deal expands PartsSource’s Enterprise Clinical Technology platform by adding workforce intelligence to improve clinical capacity and help organizations close technician skill gaps.
FlavorSum, a North American flavor solutions provider backed by Warburg Pincus, has acquired Beverage Flavors International (BFI), a U.S.-based manufacturer of proprietary beverage flavor bases and sweetener solutions. The deal adds BFI’s end-to-end beverage flavor base capabilities to FlavorSum’s platform, and operations are expected to continue at BFI’s Chicago facility after closing.
SGS, a testing, inspection and certification company, has acquired CMIC, INC., a Chicago-based provider of bioanalytical testing services. The deal expands SGS’s North American capabilities for supporting pharmaceutical and biotech manufacturers across pre-clinical and clinical phases, including complex modalities such as biologics, gene therapies and oligonucleotides. Financial terms were not disclosed.
Architect Financial Technologies Inc. acquired IMX Health LLC, a U.S. Designated Contract Market (DCM). Following the acquisition, Architect plans to launch the American Innovation Exchange (“AI Exchange”), a CFTC-regulated futures and options exchange focused on compute costs and other AI supply-chain inputs, subject to regulatory review.
MCE, a Cleveland-based industrial motor repair and equipment services platform backed by Frontenac, acquired Tripp Electric Motors, a Chicago-area motor repair specialist serving manufacturers across northern Illinois. Terms were not disclosed, and the deal adds a second Chicago-area location while deepening MCE’s penetration across the industrial corridor from Rockford through Aurora to Gary, Indiana.
Wynnchurch Capital announced the sale of Ironform Holdings Co. to a strategic buyer. The transaction marks the culmination of Wynnchurch’s multi-year operational and commercial transformation of Ironform, positioning it as a heavy-equipment metal-fabrication platform with strong delivery and quality.
Integrated Home Care Services announced its acquisition of Dina Care, an AI-enabled care coordination and referral management platform. The combined platform is intended to expand Integrated’s in-home benefit management capabilities by pairing its utilization management, provider network, referral management and fulfillment expertise with Dina’s AI-driven workflow automation and digital workforce tools.
Sun Auto Tire & Service acquired the Main Street Tire & Auto location in Virden, Illinois. The store will rebrand and operate as Plaza Tire Service as part of the Sun Auto Network, expanding the network’s Illinois footprint.
Coleman Automotive Group acquired McGrath Nissan in Elgin, Illinois from Scott McGrath. The dealership will be renamed Nissan of Elgin and remain at its current location, marking Coleman Automotive Group’s seventh dealership acquisition and third Nissan franchise.
Global Water Technology, Inc. (GWT) announced it is acquiring Enerstar, Inc., a technically driven water and energy services firm based in Elmhurst, Illinois. The deal is designed to integrate Enerstar’s proprietary field enablement platform, related intellectual property, and team into GWT’s national Water & Energy Services platform to improve technical consistency and scalable field execution.
Zydus Worldwide DMCC, a subsidiary of Zydus Lifesciences Limited, has entered into a definitive agreement to acquire all outstanding shares of Assertio Holdings, Inc. for $23.50 per share in cash, valuing the deal at approximately $166.4 million. The transaction is structured as a tender offer followed by a second-step merger at the same price and is expected to close in the second quarter of 2026 (2026–27 financial year in some reports), subject to customary conditions.
The Sports Facilities Companies (SFC) has acquired Power Wellness, the nation’s largest fitness center management company, to expand SFC’s integrated community health, recreation, fitness, and wellness platform. Power Wellness will continue operating under its existing brand as “Power Wellness by The Sports Facilities Companies,” with Ken Gorman remaining president and CEO as integration occurs over coming months.
Rexel has signed a definitive agreement to acquire Revere Electrical Supply, an Illinois-based industrial automation distributor and authorized Rockwell Automation reseller. The acquisition expands Rexel’s Midwest footprint (Illinois and Wisconsin) and is expected to be immediately accretive, creating value by the third year.
Brookfield Bancshares, Inc. (holding company for First National Bank of Brookfield) and First National Bank of Brookfield announced the signing of a definitive merger agreement to acquire NSTS Bancorp, Inc. (NASDAQ: NSTS) and its subsidiary North Shore Trust and Savings. The deal is an all-cash transaction valued at approximately $73.7 million, with NSTS stockholders receiving about $14.28 per share. The transaction is anticipated to close in the fourth quarter of 2026, subject to regulatory and stockholder approvals.
Prime Healthcare has completed its acquisition of Franciscan Health Olympia Fields after unanimous approval by the Illinois Health Facilities and Services Review Board. Prime said the purchase expands its presence in the Chicago area and includes commitments tied to service-line expansions, community investment, and continued participation in the 340B program via the Prime Healthcare Foundation.
Telephone and Data Systems, Inc. (TDS) submitted a proposal to acquire all outstanding shares of Array Digital Infrastructure, Inc. (Array) not already owned by TDS in an all-stock merger. Under the proposal, Array shares would be exchanged for 0.86 shares of TDS each, subject to negotiation of definitive documents and customary approvals.
William Blair has entered into a definitive agreement to acquire Inner Circle Sports, a boutique investment bank focused on sports, media, and entertainment. Financial terms were not disclosed, and the deal is subject to customary closing conditions and regulatory approvals. Inner Circle Sports will continue operating under its existing brand for a period after the acquisition.
TurningArt, a national full-service art consulting firm, acquired H. Marion Art Consulting, a Chicago-area firm specializing in healthcare-focused art programming. H. Marion will continue to operate independently while gaining access to TurningArt’s network, national fabrication/installation partners, and tech-enabled platform to support multi-location scale and rotation programs.
Empire Today, LLC has received a new equity investment from an investment group led by funds managed by Invesco Senior Secured Management and funds managed by affiliates of Fortress Investment Group. The equity infusion is part of a broader transaction aimed at solidifying Empire’s balance sheet, and Invesco and Fortress now own the majority of the company’s equity.
Mesirow has entered into an agreement to acquire LeafHouse Financial Advisors, a division of LeafHouse Financial Group, to expand Mesirow Fiduciary Solutions. The combined platform is expected to oversee approximately $138 billion in assets under management and advisement after closing, targeted for Q3 2026.
COEO Solutions, a Riata Capital Group portfolio company, acquired S-NET Communications to expand its managed network, cloud communications, and managed IT platform for multi-location mid-market enterprises. The deal adds S-NET’s AI-powered contact center platform and deep vertical expertise in hospitality, QSR/franchise, and healthcare. Financial terms were not disclosed.
Teva Pharmaceuticals (a U.S. affiliate of Teva Pharmaceutical Industries) signed a definitive agreement to acquire Emalex Biosciences to add ecopipam, an NDA-ready first-in-class investigational therapy for pediatric Tourette syndrome, to its neuroscience pipeline. The deal provides $700 million upfront and up to an additional $200 million in commercial milestone payments plus net sales-based royalties, subject to regulatory approval, with expected closing by Q3 2026.
1520ai announced it will integrate Hospice Analytics into the broader simPAL Solutions family, combining Hospice Analytics’ hospice data expertise with 1520ai’s hospice-native AI development capabilities. Hospice Analytics will retain its core branding, products, and services, with founder Cordt Kassner continuing to lead operations.
Main Street Capital Corporation completed a $40.0 million minority recapitalization of Shift Transit, LLC and Shift Transit Inc. The financing combines first lien, senior secured term debt and a direct minority equity investment alongside Shift Transit's founders and existing owners.
KKR is in advanced talks and has entered an exclusivity period to acquire Crowe LLP for $2.5 billion to $3.0 billion, according to sources. The deal would be supported by discussions with private lenders to raise about $1 billion in debt financing.
Shrieve Chemical Company, a Gemspring Capital portfolio company, acquired Vertec BioSolvents, a manufacturer of bio-based solvents headquartered in West Chicago, Illinois. The companies said the acquisition expands Shrieve’s specialty portfolio and deepens its presence across key end markets serving the demand for more sustainable chemistry. Financial terms were not disclosed.
Payward entered into a definitive agreement to acquire Bitnomial for up to $550 million in cash and stock, valuing Payward’s equity at about $20 billion. The deal combines Bitnomial’s fully CFTC-licensed U.S. derivatives infrastructure (exchange, clearinghouse, and brokerage) with Payward’s global distribution across Kraken and NinjaTrader, enabling regulated spot margin, perpetuals, and options for eligible U.S. clients.
Main Street Capital Corporation and its co-investor MSC Income Fund, Inc. completed a follow-on investment totaling $15.6 million in UBM ParentCo, LLC (doing business as United Business Mail, or UBM). The additional first lien, senior secured term debt investment is intended to support UBM’s strategic acquisition of a national, asset-light palletized mail consolidation and optimization services provider, along with freight brokerage and warehousing/distribution capabilities.
Consertus, a portfolio company of RTC Partners, acquired CCS International, a capital project management and cost advisory firm based in Oakbrook Terrace, Illinois. The deal expands Consertus’ ability to support clients across the full capital project lifecycle—from pre-design and front-end planning through project completion—adding CCS expertise in owner’s representative services, program/project management, and cost advisory.
H.I.G. Capital, through one of its affiliates, completed the acquisition of Inventus Power, a global provider of advanced lithium-ion battery and power systems. Inventus Power is headquartered in Woodridge, Illinois, and designs and manufactures customized battery solutions and power systems for OEMs serving military/aerospace, medical, industrial/fleet, and consumer end markets.
Berman Automotive Group acquired Kia of Lincolnwood and Hyundai of Lincolnwood from Leader Automotive Group, the U.S. subsidiary of AutoCanada. Haig Partners served as the exclusive sell-side advisor for the transactions in Chicago, Illinois.
Olympus Partners signed a definitive agreement to acquire a majority ownership stake in NTI Connect, LLC d/b/a Network Connex from ORIX Capital Partners. Network Connex is a national provider of fiber installation and mission-critical digital infrastructure services for hyperscalers, cloud operators, and large enterprises supporting AI and next-generation data center buildouts.
UL Solutions Inc. entered into a definitive agreement to acquire Eurofins Scientific SE’s electrical and electronics (E&E) business, including the MET Labs certification mark, for an enterprise value of approximately €575 million (about $670 million). The deal is expected to close in Q4 2026, subject to regulatory approvals and customary closing conditions.
Paylocity announced it has acquired Grayscale Labs to strengthen its AI-powered recruiting capabilities, especially for high-volume hiring organizations. The acquisition will integrate Grayscale’s recruiting automation technology into Paylocity’s human capital management platform to help employers engage candidates earlier and move faster through recruiting workflows.
Sikich acquired Burwood Group, a Chicago-area IT consulting and integration firm with nearly 30 years of experience serving enterprise clients. The deal is intended to strengthen Sikich’s IT consulting and integration capabilities and expand end-to-end services across business advisory, technology modernization, and governance for regulated industries.
Wolter Inc. acquired CSI Materials Handling, a Chicago-area provider of pallet racking, engineered storage systems, and installation services. The acquisition strengthens Wolter’s presence in the Chicago market and expands its ability to deliver end-to-end warehouse solutions to 3PL and distribution customers.
The Sterling Group, an operationally focused middle-market private equity firm, completed its acquisition of Healthcare Linen Services Group (HLSG) from York Capital Management’s private equity arm (York Private Equity). HLSG provides outsourced linen laundry and management services to healthcare institutions across the United States, operating 20–23 processing facilities in 13 states.
General Oceans ASA entered into a purchase agreement to acquire MRV Systems, LLC. The acquisition expands General Oceans’ capabilities in long-duration, autonomous data collection and strengthens its underwater technology position, adding MRV’s profiling vehicle business and U.S. footprint.
Assertio Holdings agreed to be acquired by Garda Therapeutics in an all-cash tender offer valued at approximately $125.1 million, plus a contingent value right (CVR). The deal includes a sale of Assertio’s non-Rolvedon assets to Cosette Pharmaceuticals for $35 million upfront, and the combined transactions are expected to close in the second quarter of 2026 (subject to customary conditions).
SpendHQ acquired Sligo AI (Sligo Software, Inc.) to bring configurable agentic AI capabilities to enterprise procurement workflows. The deal combines SpendHQ’s structured procurement spend data foundation with Sligo AI’s deployment infrastructure so enterprises can execute procurement tasks under security, compliance, and data sovereignty constraints.
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