Acquisitions in Illinois in 2023

AFC Industries, a portfolio company of Bertram Capital Management, has acquired Chicago Industrial Fasteners, a West Chicago, Illinois-based distributor of specialty and standard fasteners. Mazzone & Associates acted as exclusive financial advisor to Chicago Industrial Fasteners; the deal expands AFC's supply-chain capabilities and product offerings for OEMs across heavy truck, renewable energy, defense and automotive end markets.

Shore Capital Partners has formed a growth partnership with Bundled Management, a national property management platform founded in 2018 that provides property management, maintenance, and ancillary services to homeowner associations and real estate investors. The investment will support Bundled’s national expansion, technology enhancement, and team development as Shore works with Bundled’s leadership and a newly assembled board to scale the business.

Ntiva, Inc. has acquired Middleground Technologies, a Chicago-based provider of IT solutions founded in 2010 by Isaac Sajjad and Sagar Pandya. The deal expands Ntiva's Midwest footprint and bolsters its managed IT, cybersecurity, and cloud service capabilities for its nationwide client base.

Lafayette Instrument Company, a portfolio company of Branford Castle Partners, has acquired Actimetrics, a Wilmette, Illinois-based maker of scientific instrumentation and software for circadian biology and animal behavioral neuroscience. Brookside Capital Partners provided subordinated debt and minority equity to support Lafayette in the bolt-on acquisition; terms were not disclosed.

Circular Services, through its recycling arm Balcones Recycling, has acquired Midwest Fiber Recycling, a family-owned materials recovery and recycling company with operations in Illinois and Indiana. The deal expands Balcones' MRF footprint into the Midwest, adds collection and brokerage capabilities, and keeps Midwest Fiber's management team in place to support further growth under Circular Services' platform.

Alliance for Multispecialty Research (AMR) has acquired Affinity Health, a clinical research services provider founded in 2015. The deal adds Affinity's sites and eight principal investigators to AMR's network, expanding AMR's geographic footprint (including Chicago and Nashville) and strengthening its clinical trial capabilities and patient diversity.

Midwest Trading Group (MTG), a private-equity-backed consumer electronics distributor based in Chicago, has acquired TYLT, a mobile phone accessories brand known for wireless chargers, portable power and MagSafe-compatible products. The deal expands MTG’s product portfolio and distribution capabilities, enabling increased inventory capacity, wider customer reach and continued support for TYLT’s product development and customer service.

West Physics Consulting, LLC has completed the acquisition of Radiation Protection Services, Ltd., a regional provider of medical and health physics services based in Springfield, Illinois. The deal expands West Physics' capabilities in radioactive material and imaging equipment testing and strengthens its service capacity and regional coverage across Illinois, Missouri, Iowa and Indiana.

Formstack, a PSG- and Silversmith-backed workflow automation SaaS provider, has acquired Formsite, a Chicago-area online forms and surveys provider. The acquisition expands Formstack’s data-capture and forms capabilities, giving Formsite customers access to Formstack’s broader workflow automation, document generation, and eSignature tools.

Wind Point Partners’ portfolio company Palmex has merged with Highlander Partners’ portfolio company Benestar Brands to form a combined North American salty-snack platform, with Wind Point as the majority shareholder and Highlander retaining a significant minority stake. Pretzilla, Benestar’s pretzel bread business, was spun out as a standalone entity owned by Highlander and Pretzilla management; the combined business will be led by Jose Luis Prado and will operate eight facilities with more than 1,400 employees.

Hashlock, an Australia-based blockchain security and smart contract auditing firm, has acquired StealthTest, an API-based Web3 developer platform that provides private test networks for EVM-compatible chains. The acquisition — advised by Areta — will integrate StealthTest into Hashlock's offering to create a full-stack developer suite for building, testing, auditing, and deploying Web3 projects; terms were not disclosed.

Arthur J. Gallagher & Co. (Gallagher) has acquired Palos Heights, Illinois-based Hunt Insurance Agency, Inc., dba Hunt Insurance Group; terms were not disclosed. Hunt is a retail property/casualty agency specializing in labor unions and associated benefit funds across the Midwest — the Hunt leadership team will remain in place and operate under Gallagher's Midwest region retail property/casualty brokerage led by Ryan Isaacs.

Sysco Corporation has agreed to acquire Edward Don & Company (DON), a leading distributor of foodservice equipment and supplies, from Vestar Capital Partners. DON will operate as a standalone specialty division within Sysco with CEO Steve Don and the management team remaining in place; terms were not disclosed.

Relation Insurance Services acquired the assets of Kane Insurance Agency, effective December 1, 2023. The deal expands Relation’s geographic footprint in Illinois and brings Kane’s risk-management expertise and local team (led by Tom Kane) into the Relation platform; terms were not disclosed.

Epiq has acquired Mainspring Consulting Group, a specialist in contract lifecycle management (CLM) strategy, implementation, and contract migrations, to expand its Contracts Solutions offering. The deal adds CLM system integration and implementation expertise — including vendor partnerships with Agiloft, Conga, Ironclad, ContractPodAI, and Malbek — to Epiq’s Legal Service Management capabilities.

NSI Industries has acquired Cast Products Inc. (CPI), a Norridge, Illinois-based manufacturer of high-volume zinc die cast components. The purchase expands NSI's U.S. manufacturing footprint and adds die-cast production capacity and expertise to strengthen its position in the electrical, industrial and automotive end markets.

Janover Inc. (Nasdaq: JNVR) acquired Groundbreaker Technologies, Inc., a profitable SaaS platform that helps commercial real estate professionals raise equity capital and manage investors. The deal adds an equity funding capability to Janover’s loan marketplace, shifting a larger portion of revenue toward predictable subscription income and expanding the company’s fintech product suite.

Bow River Capital and Freedom 3 Capital provided a tranche of growth capital financing to Gas N Wash, a family-owned gas station, convenience store and car wash operator based in Frankfort, Illinois. The investment will support continued expansion of Gas N Wash's new-development rollout (more than 28 locations) across the greater Chicago area.

Tradeweb Markets Inc. has entered into a definitive agreement to acquire r8fin, a Chicago-based provider of algorithmic execution technology and a thin-client EMS for U.S. Treasuries and interest rate futures. The deal, expected to close in Q1 2024 subject to customary approvals, will augment Tradeweb's execution capabilities across cash and futures markets and is expected to be accretive to 2024 EPS.

NV5 Global, Inc. acquired Technical Design Services, Inc. (TDSi), a Chicago-based provider of data center and technology infrastructure design and consulting services. The deal (cash and stock) expands NV5's capabilities in data center, audiovisual, security, and telecommunications design, adds recurring revenue (approximately 80% of TDSi's revenue), and strengthens NV5's relationships in the aviation and government sectors.

Yuengling's Ice Cream Corporation (OTC: YCRM) announced the acquisition of ReachOut Technology, a managed service provider focused on cybersecurity and IT services. As part of the transaction Rick Jordan will assume the role of President & CEO and join the board of Yuengling's, while outgoing executives will assist with the transition.

American Roller Company, a portfolio company of Hamilton Robinson Capital Partners, acquired PETCO Inc., a Lake Forest, Illinois-based urethane casting and roller specialist. The add-on expands American Roller's urethane casting capabilities and strengthens its Midwest presence; the seller is the Smith family.

An affiliate of Centre Lane Partners completed the acquisition of the Appliances Division of Instant Brands on November 8, 2023, acquiring the maker of the Instant Pot out of Instant Brands' Chapter 11 process. The transaction, financed by MidCap Financial and advised by Jones Day, provides a recapitalization for the division and positions Instant Brands Appliances (headquartered in Downers Grove, Illinois) for product and growth initiatives under Centre Lane ownership.

Crete Mechanical Group announced a partnership to bring John's Service and Sales (Oglesby, IL) into the Crete network, expanding Crete's HVAC and plumbing presence in Central Illinois. The collaboration will expand service, maintenance and retrofit capabilities for commercial customers in the region as part of Crete's nationwide multi-service platform.

Array, a nationwide litigation support firm, has acquired Acorn Legal Solutions to enhance Array's eDiscovery capabilities and expand its geographic footprint (including increased presence in Michigan, Chicago and Texas). The acquisition brings Acorn's eDiscovery expertise and client relationships into Array's platform; Kenyon Group served as exclusive financial advisor to Acorn.

Specialty Program Group LLC (SPG) has acquired the assets of Insurance Allies LLC, the operator of AxeThrowingInsurance.com and related niche insurance brands. The acquisition brings Insurance Allies' tailored sports and entertainment coverage (serving ~700 venues) into SPG’s specialty insurance platform to expand its capabilities in sports, entertainment and recreational venue insurance.

CORE Industrial Partners has completed the acquisition of General Converting, a Bolingbrook, Illinois-based folding carton manufacturer serving food, confectionery and consumer brands. The deal combines General Converting with CORE's recent investment in Century Box to form a new folding carton platform that expands geographic reach, capabilities and customer exposure across attractive end markets.

Palindrome, LLP, a private holding company headquartered in Spokane, Washington, acquired Rhino Tool Company, a Kewanee, Illinois manufacturer of pneumatic, hydraulic and gas-powered tools. The sell-side advisor was Kreshmore Group; the transaction closed on October 12, 2023 for undisclosed terms and appears to reflect an ownership transition led by company leadership.

Platte River Equity portfolio company Belt Power, LLC has acquired Chicago-based Reliable Rubber, LLC. The add-on expands Belt Power's Midwest footprint and fabrication capabilities, marking the firm's third bolt-on since Platte River's investment in Belt Power last year.

Rockwell Automation completed its acquisition of Verve Industrial Protection to expand its industrial cybersecurity offerings, integrating Verve's Verve Security Center into Rockwell's Lifecycle Services. The deal brings vendor-agnostic OT asset inventory and vulnerability management capabilities to Rockwell's customers and will be showcased at Rockwell's Automation Fair.

Sunny Sky Products, a portfolio company of TJC, has completed the acquisition of LX/JT Holdings Inc and subsidiaries (doing business as Bevolution Group) from Highlander Partners. The transaction adds Bevolution’s clean-label smoothie bases, cocktail mixes and concentrates and its three U.S. manufacturing sites to Sunny Sky’s beverage platform, expanding product offerings and manufacturing capabilities for the foodservice and convenience-store channels.

Relation Insurance Services, Inc. acquired the assets of North Shore Benefit Partners Corporation and HR Virtual Solutions, LLC, expanding Relation’s employee benefits practice in Illinois. The two Chicagoland-based firms will join Relation’s Great Lakes Region, with their principals continuing to lead their respective practices; terms were not disclosed.

Accenture has acquired The Shelby Group, a Schaumburg, Illinois-based procurement technology consultancy, to expand its sourcing and procurement transformation capabilities. The Shelby Group's ~172 sales and delivery professionals will join Accenture's Connected Solutions group; financial terms were not disclosed and WestView Capital Partners completed the sale.

Epic Staffing Group, a portfolio company of The Pritzker Organization, acquired SBG Healthcare (now Epic Physician Staffing) and Chicago Telerad to expand its specialty healthcare staffing and diagnostics & imaging capabilities. The deals add physician/advanced-practitioner placement and teleradiology services to Epic's Specialty Staffing offerings, broadening its service mix for hospitals, health systems and radiology groups.

Horsburgh & Scott, a Cleveland-based manufacturer of custom-engineered gearing solutions, has acquired Excel Gear Company, a precision gear manufacturer in Roscoe, Illinois. The deal expands Horsburgh & Scott's manufacturing capabilities and Midwest footprint while preserving Excel Gear's management and operations at the Roscoe facility.

Avenica, a Minneapolis-based career-launching platform, has acquired Arch Advisory Group, a boutique executive search and human capital advisory firm with offices in Chicago and New York. The acquisition expands Avenica's capabilities into senior- and executive-level search and integrates Arch Advisory's leadership into Avenica's offerings to better connect high-caliber candidates with employers nationwide.

Waalwijk-based 2Connect, a portfolio company of Rivean Capital B.V., has acquired Components Express Inc. (CEI), a US manufacturer of specialty high‑speed cable assemblies for machine vision, industrial automation and other mission‑critical end markets. The acquisition (terms not disclosed) is intended to accelerate 2Connect’s US market strategy, expand local manufacturing and product capabilities, and preserve CEI’s family-oriented culture.

OneDigital has acquired Crum-Halsted Agency, a nearly 100-year-old property & casualty insurance and risk management firm headquartered in Sycamore, Illinois. The transaction brings Crum-Halsted’s five Illinois offices, a 55-person team and roughly 9,000 personal and business clients onto OneDigital’s national insurance, financial services and HR platform to expand P&C capabilities and local service in the Chicago/Northern Illinois region.

The McGowan Companies acquired certain assets of Protexure Insurance Agency, Inc., a national program manager specializing in professional liability insurance for lawyers and accountants, in an asset purchase effective November 1, 2023. Protexure's staff will remain in place under leader Kyle Nieman as McGowan adds Protexure's products and capabilities to support its national growth strategy.

Creative Planning has acquired Mesirow Financial's corporate retirement advisory services team, bringing a team that serves over 350 retirement plans with approximately $13 billion in assets under advisement. The move expands Creative Planning's Retirement Services capabilities and scale, integrating experienced retirement specialists into its platform.

Charger Investment Partners’ portfolio company, The Aeromotive Group, has merged with Illinois-based Roadster Shop to combine aftermarket chassis, suspension and custom-build capabilities with The Aeromotive Group's portfolio of performance brands. Financial terms were not disclosed; Roadster Shop co-founders Jeremy and Phil Gerber will remain involved as the combined business pursues product innovation and accelerated growth backed by Charger’s capital and operational support.

Havencrest Capital Management’s Avid Health at Home platform has acquired Independence 4 Seniors (I4S), a Chicago-area non-medical home care provider serving DuPage and Western Cook counties. The tuck-in expands Avid’s footprint and density in the Chicagoland market as the platform continues add-on activity across the Midwest.

Ryan Specialty (NYSE: RYAN) has signed a definitive agreement to acquire AccuRisk Holdings, a Chicago-headquartered medical stop loss managing general underwriter (MGU) founded in 2017. AccuRisk generated approximately $25 million of revenue for the 12 months ended July 31, 2023; the transaction, terms undisclosed, is expected to close in December 2023 and will expand Ryan Specialty's employee benefits capabilities and product depth.

Keystone Capital Management, L.P. has entered an investment partnership with Baily International, a Granite City, Illinois-based producer of Asian appetizer products. Keystone will partner with CEO Steve Cameron (who remains in place) to support growth and pursue add-on acquisition opportunities; terms were not disclosed and senior debt was provided by CIBC Bank USA and Siemens Financial Services.

VORTEQ Coil Finishers has acquired the assets of Zegers Incorporated, a Lansing, Illinois-based producer of coated aluminum and steel products. The add-on deal—supported by VORTEQ’s sponsor Shadowbriar Capital Partners—expands VORTEQ’s coil coating capabilities and strengthens its Midwest footprint; terms were not disclosed.

FVLCRUM Funds, together with View Park Capital and investor Channing Johnson, completed the acquisition of Burrell Communications Group, a leading multicultural advertising and marketing agency based in Chicago. The deal transitions ownership from longtime co-CEOs McGhee Osse and Fay Ferguson and names Tara DeVeaux as incoming CEO, with Johnson set to serve as Chairman as the new owners invest to grow the agency's capabilities and reach.

Chicago-based private equity firm High Street Capital has acquired a controlling stake in Adams Magnetic Products, a custom manufacturer and distributor of permanent magnets and magnetic assemblies headquartered in Elmhurst, Illinois. The transaction is a recapitalization that brings growth capital and operational support while founder Scott Lewis and family retain a significant minority ownership and Lewis transitions to the company's board.

Acuren Inspection, Inc. acquired Alloyweld Inspection Company, Inc., a two-location Illinois nondestructive testing (NDT) services provider; the transaction closed on September 13, 2023. Generational Equity advised Alloyweld on the sale — the deal brings Alloyweld’s specialized radiography and 3D CT capabilities into Acuren’s broader asset integrity and NDT platform to expand service capabilities for aerospace, medical device and industrial customers.

Alta Equipment Group has agreed to acquire Burris Equipment Co., a three-location construction and turf equipment dealer and rental business based in Waukegan, Illinois, for $14.0 million in cash. The deal — expected to close in Q4 2023 — expands Alta's presence in the Chicago market, adds rental fleet capacity and OEM relationships, and preserves Burris's brand while the selling owners retire.

Cherry Bekaert has acquired PKF Mueller, a full-service CPA and advisory firm, along with its related BPO business Mueller dotKonnect to strengthen the firm's presence in the Chicago market. The deal expands Cherry Bekaert's service capabilities by adding outsourced accounting, payroll and finance transformation services while bringing PKF Mueller's Illinois and Sarasota offices into Cherry Bekaert's national platform.