Acquisitions in Illinois in 2022

Arthur J. Gallagher & Co. acquired Chicago-based ROC Group, an employee communication agency founded in 1998 that specializes in HR and enterprise change solutions. Jan Burnham and her team joined Gallagher’s employee benefits consulting and brokerage operations; terms of the transaction were not disclosed.

Akoya Capital led an investment in Devansoy, Inc., a Rock City, Illinois-based manufacturer of soy, oat, and pea protein ingredients, to establish its Specialty Ingredients platform. The transaction was financed with partners Trinity Investors, Slawek Family Holdings, Lightspring Capital, and Wintrust Bank; Devansoy CEO Deb Wycoff made a significant reinvestment and Dinan Capital served as Devansoy's exclusive financial advisor.

Allwyn AG has agreed to acquire the Camelot Lottery Solutions Group from the Ontario Teachers' Pension Plan Board. The Camelot LS Group, headquartered in Chicago and operator of the Illinois Lottery (through Camelot Illinois LLC) with a technology arm serving lotteries across Europe and North America, will become a wholly owned subsidiary of Allwyn as part of Allwyn's US expansion plans.

Ft. Lauderdale-based Plant Agricultural Systems has acquired Rochelle, Illinois-based glasshouse tomato grower MightyVine. Plant will integrate MightyVine's 30-acre hydroponic facility into its Active Production Site (APS) program to expand its controlled-environment agriculture footprint and digital/physical infrastructure in the U.S. Midwest.

TYLin has acquired Chicago-based Greeley and Hansen, a century-old engineering firm focused on water, wastewater and environmental engineering, to strengthen its water-sector capabilities across North America and Latin America. Greeley and Hansen will operate as "Greeley and Hansen, A TYLin Company," with several senior leaders transitioning and some retiring as part of the integration.

GHC Mechanical, an Elk Grove Village, Illinois commercial HVAC/R contractor, formed a partnership with Eagle Hill Partners and Jensen's Plumbing & Heating on November 22, 2022. Generational Equity advised GHC on the transaction; Eagle Hill will provide capital and strategic support while Jensen's joins as an operating partner to support growth and service expansion.

Abry Partners has completed a majority strategic growth investment in Better Protection, a new commercial fire protection and life safety platform formed by combining Assurant Fire Protection, Complete Fire Pump Service, and Xtreme Fire Protection. The Chicago-headquartered platform, led by CEO Don Mershon and the founders of the constituent businesses, will use Abry's capital to support organic growth and execute a targeted acquisition strategy across the Midwest and Southeastern U.S.

Graybar has completed the acquisition of CX Connexion, an electrical distributor based in Buffalo Grove, Illinois. CX Connexion will continue to operate under its existing name and leadership as a subsidiary of Graybar, which said the deal will accelerate its growth in the Chicago market.

Calvert Street Capital Partners has made a control investment to form a new platform, Traffic Safety (Traffic Safety Solutions Holdings, LLC), by acquiring D2K Traffic Safety, Inc. The investment is alongside industry veteran Kathi Holst (who will serve as Operating Partner) and is supported with mezzanine financing from NewSpring Mezzanine and Southfield Mezzanine to fund growth and future add-on acquisitions.

STP Investment Services has acquired WealthSite, a provider of accounting, portfolio management, reporting and analytics software for family offices and wealth advisory firms. The deal will expand STP's BluePrint platform capabilities and brings STP's assets under administration to over $400 billion.

Edison Partners has made a $15 million growth equity investment in K1x, Inc., a Chicago-based provider of AI-powered Schedule K-1 aggregation and packet production SaaS for institutional investors and tax-exempt organizations. The funding will support K1x's commercial scaling, customer success, product roadmap and machine-learning capabilities, and Edison Partners' Jennifer Lee will join K1x's board.

Evertree Insurance, a technology-enabled personal lines insurance distribution platform backed by Integrum Holdings, has acquired Gnade Insurance Group, a 27-person independent agency based in Frankfort, Illinois. The acquisition brings Gnade's ~4,600 clients and 20+ carrier appointments onto the Evertree platform as an add-on to expand distribution and deploy Evertree's tools and technology.

5th Century Partners has made a majority investment in LSL Healthcare, a U.S.-based manufacturer of single-use medical devices, IV start kits, surgical procedure kits and hospital supplies. As part of the transaction, new CEO Victor Bridgeman and CFO Colleen Mocko joined LSL's leadership while founder Ash Luthra moves to an advisory role; Kayne Anderson provided debt financing and Kroll served as sell-side advisor.

Symphony Technology Group (STG) has entered into and completed a definitive agreement to acquire SAI360, a Chicago‑headquartered cloud risk management and compliance SaaS provider, from BPEA EQT (BPEA Fund VI). The acquisition (terms not disclosed) is intended to accelerate SAI360's product innovation and growth while expanding STG's portfolio in software, data and analytics. The transaction was subject to customary regulatory approvals and closed in 2023 (expected/announced Q2 2023 in press releases).

Comvest Partners has acquired Duke's Root Control, a national provider of sanitary sewer root control, inspection and remediation services, in a carve-out from Douglas Products following Altamont Capital Partners' ownership. The deal positions Duke's as an infrastructure services platform in Comvest's portfolio and intends to support continued investments in technology and strategic add-on acquisitions to drive growth.

3STEP Sports has acquired MOD Volleyball Club, a Chicago-area youth volleyball organization founded in 2020 that operates four facilities, fields 80 full-season teams and runs camp programs with more than 1,000 participants. The acquisition expands 3STEP's volleyball vertical and local presence in the Chicago suburbs as part of its strategy to grow club and event operations nationally.

SyBridge Technologies (via affiliate SyBridge Digital Solutions LLC), a Crestview Partners-backed industrial technology platform, was selected as the winning bidder to acquire most of the operating assets of Fast Radius, Inc. in a bankruptcy asset sale. SyBridge intends to retain the Fast Radius brand and offer employment to a majority of Fast Radius staff while integrating Fast Radius' prototyping, additive manufacturing and software capabilities into its global manufacturing network.

Sikich has signed a definitive agreement to acquire Vonya Global LLC, a Chicago-based consulting firm specializing in internal audit, corporate governance and risk and compliance services. The deal brings more than 20 Vonya subject-matter experts (including three partners) into Sikich's downtown Chicago office to expand the firm's capabilities and presence in the Chicago market.

Hinduja Global Solutions Limited (HGS) has agreed to acquire 100% of TekLink International, Inc. for US$58.8 million (subject to earnouts and adjustments) and has signed a non-binding LOI to acquire uKnowva, a cloud-based HRMS product business from Convergence IT Services Ltd. The deals expand HGS's digital capabilities across data & analytics, financial planning, and HR technology, and will add roughly 275 TekLink professionals and 75+ uKnowva employees to HGS's digital bench.

PCF Insurance Services, a top-20 U.S. insurance brokerage based in Lehi, Utah, has acquired Direct Dealer Services (DDS), an automotive finance & insurance (F&I) firm headquartered in Hoffman Estates, Illinois. The acquisition expands PCF's F&I capabilities and product offerings for dealer, agent and lender partners; terms were not disclosed.

Ryan, a global tax services and software provider, has acquired Kane, McKenna and Associates, Inc. (KMA), a Chicago-based economic development and public finance advisory firm. The acquisition adds eight professionals, including founding partner Phil McKenna, and strengthens Ryan's Credits and Incentives practice by expanding its tax increment financing (TIF) capabilities and footprint in Illinois.

SageView Advisory Group, a Newport Beach-based independent RIA backed by Aquiline Capital Partners, has agreed to acquire Lakeview Wealth Management of Deer Park, Illinois. The six-person, women-led Lakeview team will join SageView to expand the firm's presence in the Chicago-area and enhance its retirement and wealth management capabilities.

Integra LifeSciences agreed to acquire Surgical Innovation Associates (SIA), the developer of DuraSorb, a resorbable synthetic matrix for plastic and reconstructive (including implant-based breast) surgery. Integra will pay $50 million at closing with up to $90 million in contingent consideration to support its expansion into breast reconstruction and strengthen its soft tissue reconstruction portfolio.

Charles River Associates (CRA) acquired substantially all assets of bioStrategies Group, a Chicago-based life sciences commercial strategy consulting firm, and retained 17 employees. The deal expands CRA's Life Sciences Practice capabilities and geographic presence by adding experienced consultants including Mike Kaestle and Chris Schneider.

Mereo Capital Partners and Hyperion Capital Partners have acquired Algus Packaging LLC, a DeKalb, Illinois-based manufacturer of thermoformed blister and clamshell packaging and blister seal machines. The transaction closed on November 2, 2022, with the buyers partnering with Algus management to invest in future growth and expand the company's packaging and manufacturing capabilities.

Red Arts Capital acquired FLEX Logistics (Eastvale, CA) and combined it with its existing Partners Warehouse platform (Elwood, IL) to create Partners Warehouse Holdings, a national 3PL/warehousing platform. Graycliff Partners provided a unitranche debt financing to support Red Arts' acquisition and the merger, enabling cross-selling and expansion of warehousing and transloading capabilities.

Sikich LLP has signed an agreement to acquire the operating assets of O'Malley & Kwit LLC, a Chicago-based tax and accounting boutique. The deal will bring the O'Malley & Kwit team into Sikich's downtown Chicago office, strengthening Sikich's tax capabilities and presence in the Chicago market; the transaction was scheduled to close on November 30, 2022.

Larry's Cartage, a Chicago-area drayage and intermodal services provider, was acquired by U.S. MultiModal Group, Inc. The business becomes the sixth drayage operation under ARC's platform (ARC Industries/US MultiModal Group), with ARC and several undisclosed investors taking minority stakes to expand the group's intermodal footprint and provide additional capital.

Sikich has signed a definitive agreement to acquire Accelerated Growth, a Chicago-based accounting, finance and technology consulting firm. Approximately 120 Accelerated Growth employees (50 in the U.S. and 70 in India) will join Sikich, expanding Sikich's outsourced accounting capabilities and international presence in India.

Private equity firm Renovus Capital partnered to acquire HBR Consulting's Advisory business, effective November 10, 2022. The transaction separates the Advisory unit to operate independently with leadership led by Matt Sunderman and provides growth capital to accelerate expansion in the legal consulting market.

MFG Partners, a New York-based private equity firm, has completed a strategic growth investment in A-Z Industries, a re-distributor of electrical wire and cable headquartered in Northbrook, Illinois. Company founders and Executive Vice Presidents Darren, Todd, and Eric Anixter retain significant equity and will continue to run day-to-day operations; terms were not disclosed.

American Beverage Corporation, a subsidiary of Harvest Hill Beverage Company, has acquired Poppilu, a Chicago-based mom-founded kids' lemonade brand. The acquisition expands Harvest Hill/American Beverage's portfolio in the better-for-you kids' beverage category and will broaden Poppilu's national retail reach.

Rotunda Capital Partners has made its first investment from Fund III in U.S. Waterproofing, a Chicagoland residential basement waterproofing and foundation repair provider. Founder/owner Matt Stock will remain CEO as Rotunda backs the company’s organic growth and plans to deploy an acquisition (roll-up) strategy to expand the platform nationally.

Majors Management, LLC has acquired the K&H Truck Plaza in Gilman, Illinois, marking the company's first acquisition in Illinois and an expansion into truck stops and travel centers. The 12-acre BP-branded facility includes a truck repair shop, restaurant, convenience store, Dunkin' franchise and Tesla EV charging; seller was K&H (owned/operated by Andrew Herscher).

EmployBridge, a PE-backed leader in light-industrial staffing, has completed its acquisition of Bluecrew, a W‑2 workforce-as-a-service platform, from IAC. The deal combines EmployBridge's scale with Bluecrew's digital-first technology; IAC received cash and combined-company stock and will be a minority shareholder while Apollo-managed funds remain the combined company's controlling shareholder.

DFC Manufacturing Group, LLC acquired Converting Technology, Inc. / Converting Technology Engraving, Inc. (CTI/CTE), a tooling and embossing-die manufacturer based in Elk Grove Village, Illinois. The acquisition expands DFC's footprint in die-making and post-print finishing, adding CTI/CTE's embossing dies and converting services to DFC's existing network of die companies.

An affiliate of Angeles Equity Partners has acquired Data Clean, LLC, a Des Plaines, Illinois–based provider of contamination control and decontamination services for data centers, cleanrooms and other critical environments. Angeles will partner with Data Clean's prior owners, Richard Hill and Dean Sirakides, who will retain an ownership stake as Angeles executes a buy-and-build strategy to consolidate the fragmented contamination-control services market.

Tenex Capital Management has made an investment in Rose Paving LLC, a Bridgeview, Illinois-based national provider of parking lot maintenance and rehabilitation services. The investment is intended to accelerate Rose's growth — both organically and via acquisitions — by providing capital and operational support.

EPIC Insurance Brokers & Consultants, through its Vanbridge Life and Executive Benefits division, has acquired the Larry Gordon Agency to expand its Midwest footprint across life insurance, executive benefits, and financial advisory distribution. Larry Gordon Agency will continue to serve clients from its Chicago and Rockford, Illinois offices and its current leadership team will remain in place.

Echo Global Logistics, a Chicago-based provider of technology-enabled transportation and supply chain services, acquired Fastmore Logistics, a Chicagoland non-asset-based transportation broker focused on serving international freight forwarders. The acquisition expands Echo's access to expedited brokerage capacity and provides entry into the international freight forwarding market while preserving Fastmore’s existing operations and team.

School Specialty, a leading provider of learning environments and K‑12 supplies, has acquired Chicago-area SchoolKidz, a provider of school-supply kitting and wellness kits. The purchase brings SchoolKidz’s Teacher Tailored and Kits for Kidz programs into the School Specialty platform to expand its bundled supply and nonprofit support capabilities nationwide; the seller was PE firm Skyview Capital.

Rush Street Ventures announced that Harmonic Heating & Air Conditioning has acquired Official Heating & Cooling as an add-on. The acquisition expands Harmonic's residential HVAC, plumbing and duct-cleaning footprint in the northwest and western suburbs of Chicago.

McKinsey & Company has acquired SCM Connections, a Chicago-based consultancy specializing in advanced, technology-enabled supply chain planning and Advanced Planning and Scheduling (APS) implementations. The acquisition expands McKinsey’s supply chain and McKinsey Digital capabilities to deliver end-to-end, technology-enabled supply chain planning transformations for clients across manufacturing and other industries.

SageHome, a Cairngorm Capital portfolio company, has acquired Midwest Bath Company LLC, a bathroom remodeling specialist headquartered in Moline, Illinois. The add-on strengthens SageHome's Smart Bath division and accelerates geographic expansion of its aging-in-place home modification platform across the United States.

Private equity firm New Water Capital completed acquisitions of Bulk Lift International LLC and Bagwell Supply Ltd., combining two North American designers, manufacturers and distributors of flexible intermediate bulk containers (FIBCs) and complementary packaging products. The transactions expand the combined company's manufacturing and distribution footprint across the United States, Canada and Mexico and mark additional platform/add-on activity for New Water Capital Fund II.

Cortec Group, via an affiliated investment vehicle led by Cortec Group Fund VII, completed a growth recapitalization of Four Seasons Heating & Air Conditioning on November 18, 2022, with CEO Dave Musial retaining a significant ownership stake. The investment will support Four Seasons’ organic expansion and an acquisitive growth plan across the Midwest; terms were not disclosed and senior debt was provided by Antares Capital, Adams Street Partners, MetLife Investment Management and Apogem Capital.

H.I.G. Capital (through an affiliate) completed the acquisition of Avient Corporation's Distribution business for $950 million in cash and launched the business as an independent company named Formerra. The carve-out creates a platform distributor of engineered thermoplastic resins, additives and specialty polymers serving healthcare, consumer, industrial and mobility markets; Avient expects approximately $750 million in after-tax proceeds.

OneDigital has acquired Cognos HR, a PEO and human resources consulting firm headquartered in Oak Brook, Illinois. The acquisition brings 16 Cognos HR team members into OneDigital, expands OneDigital's PEO capabilities and presence in the Chicago market, and gives access to Cognos HR's roster of more than 150 SMB clients.

Ariel Group, a U.S. leadership development provider backed by Renovus Capital Partners, has acquired Executive Coaching Connections (ECC), a Chicago-based leadership and organizational advisory firm. The deal — finalized in early October 2022 — expands Ariel's Leadership Development portfolio by adding individualized executive coaching, C-suite mentoring, and organizational effectiveness capabilities.

Cardio Diagnostics Holdings, Inc., a precision cardiovascular diagnostics company using epigenetics and AI, completed a business combination with special purpose acquisition company Mana Capital Acquisition Corp. The combined company began trading on the Nasdaq under the ticker symbols CDIO and CDIOW, providing Cardio with public-market access and capital to commercialize its epigenetics-based cardiovascular tests.