Acquisitions in Illinois in 2024

Empower Physical Therapy has combined with Doctors of Physical Therapy (DPT) to create a larger outpatient and industrial physical therapy network. The deal, which closed in December 2024, brings DPT's more than 100 locations and 300+ practitioners into Empower's platform (backed by Sheridan Capital Partners) and will be supported going forward by Sheridan Capital Partners and SV Health Investors; Aaron Kraai (founder of DPT) will serve as CEO of the combined company.

Aprio has acquired two Chicago-based accounting firms, KRD, Ltd. and Burkett & Beattie, Inc., expanding its footprint into the greater Chicago area and strengthening its Midwest presence. The transactions add KRD’s ~110 partners and professionals and Burkett & Beattie’s team of ~10 professionals to Aprio’s nationwide advisory, tax, and accounting platform.

Arthur J. Gallagher & Co. acquired Oakbrook Terrace-based Afina Insurance Advisors, Inc., a property and casualty insurance broker serving the greater Chicago area. The Afina team will remain in place and operate under Gallagher's Midwest retail property/casualty brokerage operations to complement Gallagher's existing retail brokerage capabilities in Chicago. Terms were not disclosed.

LindFast Solutions Group (LSG), a portfolio company of Nautic Partners, has completed the acquisition of Big Bolt, a Bloomingdale, Illinois-based manufacturer of specialty fasteners. The add-on acquisition expands LSG's manufacturing capabilities and product offering to better serve distributor customers across North America; Lincoln International acted as exclusive financial advisor to Big Bolt.

Flexpoint Ford has made a minority growth equity investment in Apollo Care through Flexpoint Fund V. The capital will be used to accelerate Apollo Care's technology and commercial solutions—expanding its patient copay, hub solutions, data warehousing, and commercial analytics offerings; Flexpoint principals Jonathan Oka and Elliot Lauzen will join Apollo Care’s board.

Indianapolis-based Dealers Wholesale has acquired Palatine Builders Supply (PBS), a Wood Dale, Illinois distributor of doors, frames and hardware. The deal expands Dealers Wholesale's Midwest presence and adds PBS's in-house fabrication and retrofit capabilities to Dealers Wholesale's existing portfolio, which includes ClearPath Connections.

Summit Financial, through its Summit Growth Partners (SGP) partnership, made a strategic minority investment in Midway Wealth Partners, a Chicagoland-based wealth advisory team managing approximately $550 million in client assets. Midway will continue to operate under its existing leadership while gaining access to Summit's platform resources, capital, and multi-family office services to support growth and expand Summit's presence in Illinois.

Blackstone Credit & Insurance provided over $1 billion in new financings to support the recapitalization of Jet Support Services, Inc. (JSSI), joining equity alongside existing sponsors GTCR and Genstar Capital. The financing (part of >$1.8 billion in debt and equity provided by Blackstone-managed funds) is intended to strengthen JSSI's capital structure, enhance operational capabilities, and support continued growth in the business aviation aftermarket.

Reworld (formerly Covanta), a Morristown, New Jersey-based sustainable waste solutions provider, has acquired EnviroVac Waste Transport Systems, an Illinois-based hazardous and non-hazardous waste transportation company with operations in Jacksonville, Illinois and Arkadelphia, Arkansas. The purchase adds a fleet of over 25 drivers and nearly 100 specialized transport assets, expanding Reworld's regional footprint and enhancing its ReDirect360 and ReMove waste logistics and processing capabilities.

Granite Creek Capital Partners provided growth capital to support a management-led buyout of Seedbox Solution, with co-investments from Everside Capital Partners and Hidden River Strategic Capital. The financing positions Seedbox to expand its seed-box wash/repair and rental services, accelerate 'smart box' technology deployment, and the firm named Peter Lehman and Jim Zimmer to the company's board.

MCR has acquired the 11-story, 1,095-room Hyatt Regency O’Hare Chicago in Rosemont, Illinois, marking MCR’s first Hyatt Regency-branded hotel and its fifth property in Illinois. The hotel, located adjacent to the Donald E. Stephens Convention Center and five minutes from O'Hare International Airport, features extensive meeting space and recent guestroom renovations.

Energea provided $20 million in debt (part of a combined equity and debt package) to HGR Energy to accelerate development and expansion of its renewable energy project portfolio. Westbury Group and Regiment Securities advised and structured the financing, which closed on December 6, 2024.

Storage Post Self Storage has acquired five existing self-storage facilities across Chicago neighborhoods (Albany Park, Belmont, Edgewater, Little Village and Uptown), marking the company's entrance into the Midwest market. The acquisitions expand Storage Post's multi-state portfolio and bring its amenity-focused, climate-controlled storage product to the Chicagoland area.

Pacific Avenue Capital Partners has completed the acquisition of H.B. Fuller’s North American Flooring Business, which will operate as TEC Specialty Products. Headquartered in Aurora, Illinois, TEC manufactures flooring repair and installation products (adhesives, grouts, mortars and moisture mitigation systems) across six manufacturing facilities and three warehouses and will be positioned for growth under Pacific Avenue’s stewardship following the carve-out.

Odyssey Logistics has acquired OctoChem, Inc., a Vandalia, Illinois-based chemical sample fulfillment provider founded in 1995. The acquisition expands Odyssey’s chemical sample fulfillment, hazardous-materials handling and warehousing capabilities, strengthening its multimodal logistics and regional/international fulfillment network.

Gannett Fleming TranSystems has acquired Chicago-based architecture firm Muller & Muller Ltd. (M2), a team of about 65 professionals with offices in Chicago, Dallas, Seattle and Peoria. The deal, announced Dec. 3, 2024, adds architectural, planning and structural engineering expertise—particularly in transit and aviation—to Gannett Fleming TranSystems’ service offerings as a PE-backed platform.

Qualus Corporation has completed the acquisition of Planet Forward Energy Solutions (PFES). The deal expands Qualus' program management, construction management, and advisory capabilities—adding PFES' expertise in project controls, owner's engineering, business intelligence, and data analytics to support utilities, renewables, and data center clients.

Market Performance Group (MPG) has acquired E.A. Langenfeld Associates (EAL) to expand MPG's omnichannel commerce capabilities into the Hardware & Home Improvement channel. EAL's leadership team — including CEO Steven B. Henley, who will join MPG as President, E.A. Langenfeld — and its field sales, merchandising and retail execution capabilities will support MPG's brand and retailer offerings across major home-improvement and industrial retailers.

Location Services, LLC, a recovery management company owned by Delaware Street Capital, has acquired Strategic Remarketing Solutions (SRS), a forwarding and remarketing firm based in Hoffman Estates, Illinois. The transaction expands Location Services' servicing footprint and capabilities—particularly its penetration into regional banks and credit unions—and brings SRS’s experienced workforce and remarketing/title services into the platform.

Boston-based private equity firm Berkshire Partners has made a strategic (majority) investment in RJW Logistics Group, a Woodridge, Illinois–based provider of retail logistics and consolidation services for consumer packaged goods (CPG) brands. RJW CEO Kevin Williamson and other management will remain significant investors, and prior investor Mason Wells will remain a minority holder; the deal is intended to support RJW's growth, innovation and geographic expansion.

OWS Foods, a manufacturer of Championship BBQ sauces and seasonings, has acquired Lillie's Q Sauces & Rubs, a premium barbecue CPG brand founded by Chef Charlie McKenna. The acquisition aims to accelerate Lillie’s Q's national expansion into conventional grocery, club and foodservice channels while leveraging OWS Foods' R&D and production capabilities.

Accel Entertainment, Inc. acquired Fairmount Holdings, owner of the FanDuel Sportsbook & Racetrack in Collinsville, Illinois, for approximately 3.45 million shares of Accel Class A-1 common stock. The deal adds a single-site racetrack, three OTB locations, a master sports betting license (in partnership with FanDuel) and a legislatively authorized casino development opportunity to expand Accel's locals gaming footprint.

Relation Insurance Services acquired the assets of Forest Insurance Agency, Inc., effective December 1, 2024. The transaction brings Forest's Forest Park, Illinois office and client relationships into Relation's platform to expand its geographic footprint and service offerings; terms were not disclosed.

LeafLink has acquired Leaf Trade, a wholesale marketplace serving multi-state operators (MSOs) and enterprise cannabis companies, to expand its B2B marketplace capabilities and streamline technology for cannabis operators. The combined platforms will operate as-is while LeafLink rolls out an integration roadmap to deliver expanded marketplace, payments, banking, analytics, and retailer tools.

Mercury Public Affairs announced that Chicago-based Serafin & Associates is merging into Mercury's Illinois business, expanding Mercury's public affairs and strategic communications capabilities in the Midwest and nationally. Thom Serafin will join Mercury as co-Chair for Illinois, and Mercury-Illinois will be led by partner and former Congresswoman Cheri Bustos; Mercury is part of the Omnicom Public Relations Group.

Crete United, a portfolio company of Ridgemont Equity Partners, has acquired Hartwig Mechanical, Inc., a full-service commercial and industrial mechanical contractor founded in 1958. BaseRock Partners served as exclusive financial advisor to Hartwig; the acquisition expands Crete United's geographic footprint and strengthens its presence in the Midwest.

Shore Capital Partners completed a recapitalization of Point C, a Chicago-based third-party administrator of medical benefits, through its Healthcare Advantage Fund in November 2024. The investment will support Point C’s continued growth, enable further investment in the business, and help pursue a pipeline of add-on acquisition opportunities.

Affiliates of private equity firm Searchlight Capital Partners and British Columbia Investment Management Corporation (BCI) will acquire Consolidated Communications Holdings, Inc. in an all-cash transaction valuing the company at approximately $3.1 billion including assumed debt. The deal, which was approved by the Vermont Public Utility Commission and previously by Consolidated shareholders, will take the Mattoon, Illinois–based fiber and landline provider private to provide greater flexibility to execute its fiber expansion strategy, subject to remaining federal approvals.

Alpine Intel has acquired TechLoss Consulting & Restoration, a national specialty consulting and restoration provider that specializes in complex electronic and property damage assessments. The deal adds TechLoss's technical electronic-loss mitigation capabilities to Alpine Intel's insurance solutions portfolio, enhancing services for commercial and high-net-worth residential claims across the United States.

Safecor Health has agreed to acquire the U.S. unit‑dose packaging business of Viatris Inc., formerly known as Unit Dose Laboratories (UDL). The deal, expected to close in the first half of 2025, adds UDL's Rockford, Illinois operations and experienced leadership team to Safecor's portfolio and expands its selection of generic unit‑dose medicines and packaging capabilities; Safecor is a portfolio company of Vesey Street Capital Partners.

Kingswood Capital Management, LP has acquired Branding Iron Holdings, a Sauget, Illinois-based manufacturer of branded and private-label protein products (beef and pork) with facilities in Sauget, Rochester, and Sauk Rapids, Minnesota. Kingswood will partner with the existing management team—promoting Andy Touchette to CEO and adding John Niemann as Executive Chairman—to support growth and expand the company's manufacturing and customer capabilities across foodservice, retail and chain restaurant channels.

LTC Global, Inc. has acquired Capitas Financial Midwest (Capitas Financial of Illinois, LLC and Capitas Midwest, LLC), a member agency with offices in Lisle, Illinois and Milwaukee, Wisconsin. The Capitas Financial Midwest business will continue to be managed by founding member George R. Gore, Jr., and will join LTC Global's group of agency subsidiaries to expand its distribution footprint across the Northern Midwest and Mountain regions.

bswift LLC has acquired Evive Health, LLC and integrated its data-driven personalized engagement platform into bswift’s benefits administration suite. The acquisition brings Evive’s predictive analytics and behavioral-science-driven communications capabilities to bswift’s cloud-based benefits technology to boost member engagement and improve health outcomes for employer and health-plan clients.

TE Connectivity has acquired Harger, a U.S. manufacturer of lightning protection, grounding solutions and exothermic welding products. The acquisition expands TE's energy business unit capabilities and broadens its product portfolio for grid reliability across renewable power, utilities and industrial applications.

BreakTime Corner Market LLC (BTCM) is acquiring 39 convenience stores operating under the Minit Mart brand in central and northern Illinois from EG America LLC. EG Group said the disposal generated net proceeds of $38 million; BTCM will rebrand the locations to BrakeTime, retain existing team members, and expand its Midwest footprint.

River Associates Investments completed the acquisition of ID Label, Inc., a Lake Villa, Illinois-based manufacturer of variable-information barcode labels and warehouse signage. The transaction closed on November 15, 2024; River funded the buyout from its eighth fund (River VIII) and will operate ID Label as a platform with plans to pursue complementary add-on acquisitions.

Whetstone Distribution, a Shore Capital Partners‑backed platform of regional food distributors, has acquired Chicago-based meat purveyor Anmar Foods as an add-on to its distribution platform. The acquisition expands Whetstone’s product capabilities, channel penetration and Illinois footprint, adding Anmar’s meat processing and distribution capabilities to the platform.

Illinois American Water completed its $8.4 million acquisition of the Metro East Sanitary District (MESD) wastewater system, adding roughly 5,600 customers to its Metro East footprint near St. Louis. The purchase (approved by the Illinois Commerce Commission) includes the Eagle Park and Lansdowne wastewater systems and positions Illinois American Water to invest in infrastructure and operational improvements across the MESD assets.

Wonder, the delivery-first food hall and mealtime platform founded by Marc Lore, will acquire Grubhub from Just Eat Takeaway.com for an enterprise value of $650 million (including $500 million of senior notes and $150 million cash). The acquisition will integrate Grubhub’s large marketplace and logistics network into Wonder’s app to accelerate Wonder’s ‘super app for mealtime’ strategy; the deal is expected to close in Q1 2025 and Jefferies served as Wonder’s financial advisor.

Apax Partners’ funds completed the acquisition of Thoughtworks for approximately $1.75 billion, taking the company private at $4.40 per share (a 48% premium to the 30‑day VWAP). Thoughtworks will no longer trade on NASDAQ and will operate as a privately held company as it focuses on long‑term strategy and expanding its AI‑enabled software and data engineering services.

Rent-A-Container, a portfolio company of Kinderhook Industries, has acquired Stuff-It Storage, a portable storage container and container office provider based in Springfield, Illinois. The deal marks RAC's 10th branch location and expands its Midwest footprint; Stuff‑It founder Harvey Horton will remain with RAC post-close to support growth.

DSG acquired Peoria Pump in an asset purchase effective November 4, 2024, expanding DSG's operations into Illinois. Peoria Pump — a long-standing wholesale distributor of pumps, pipe and geothermal supplies with branches in Peoria and Rockford — will continue operating as Peoria Pump: A DSG Company during a transition with owner Terry Cole remaining through integration.

Labelink, a Montreal-based North American packaging-printing manufacturer, has acquired International Label & Printing Co., Inc. (IL&P), a Chicago-based printing converter. The acquisition expands Labelink's U.S. footprint and brings IL&P's legacy labeling and converting capabilities into the Labelink USA platform to better serve consumer packaging customers.

Veritiv has acquired all assets of PAX Global, a US-based packaging solutions provider with approximately $45 million in annual revenue. The deal adds folding carton and film converting capabilities, enhances Veritiv's design and international sourcing, and brings PAX Global's customers in the personal care, food, and pharmaceutical sectors into Veritiv's network.

H.I.G. Capital and Thoma Bravo signed a definitive agreement to acquire the brand and IT certification and training business and products of the Computing Technology Industry Association (CompTIA). Following closing (expected in early 2025), the CompTIA training and certification business will operate as a for-profit company under H.I.G. and Thoma Bravo while the membership-based 501(c)(6) nonprofit association will be separated and continue its mission.

Cyber Advisors, a Minnesota-based cybersecurity and managed IT provider, has acquired eDot, a Schaumburg, Illinois-based managed service provider. The deal expands Cyber Advisors' Midwest footprint (Chicago and Southern Wisconsin) and strengthens its managed IT and cybersecurity capabilities for small and mid-sized business clients.

Edlong Corp., a dairy and dairy-free flavor manufacturer, has acquired Brisan Group, a Chicago-based market research and product development consultancy focused on dairy and sweet flavors. Brisan's CEO Brian Vogt will join Edlong as vice president for business development for the company's U.S. and Canada units; terms were not disclosed and the deal is expected to close Nov. 4.

Samba TV, a TV measurement and ad-tech company, has acquired audience data and contextual targeting specialist Semasio. The deal will combine Samba TV’s video data and AI capabilities with Semasio’s semantic analysis platform to expand contextual targeting across digital, mobile and CTV and accelerate AI-driven product development.

CuraLinc Healthcare, backed by Lightyear Capital, has acquired Marquee Health, a provider of corporate wellness and health coaching services. The deal expands CuraLinc's offerings by integrating Marquee's physical wellness and coaching capabilities with CuraLinc's mental health platform to deliver a comprehensive employee wellbeing solution.

Impact XM, a global experiential marketing agency based in New Jersey, has acquired Matrex Exhibits, an award-winning exhibit, event and environmental design firm based in the greater Chicago area. The acquisition adds Matrex's fabrication and experiential execution capabilities to Impact XM's offering and strengthens the combined firm's position—particularly in the pharmaceutical and trade-show segments—while supporting Impact XM's continued geographic and capability expansion.