Tracked deals
273
273 tracked deals across 2025.
Tracked deals
273
273 tracked deals across 2025.
Buyer mix
Mixed buyer set
209 strategic · 130 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 |
|---|---|---|---|
| Mobile Communications America, Inc. | 3 | National provider of integrated communication, connectivi... | Strategic (PE-backed) |
| Duly Health and Care | 2 | Independent, multi-specialty, physician-directed medical ... | Strategic |
| ECI Software Solutions | 2 | Global provider of cloud-based business management and in... | Strategic |
| ENT Partners, LLC | 2 | Physician practice management company focused on Ear, Nos... | Strategic |
| EPIC Insurance Brokers & Consultants | 2 | National retail insurance brokerage and consulting firm o... | Strategic (PE-backed) |
| Frontier Growth | 2 | Lower-middle-market growth investor focused on software c... | PE |
| Health Care Service Corporation (HCSC) | 2 | Customer-owned health insurer and benefits provider that ... | Strategic |
| Maxwell Street Capital Partners | 2 | Lower middle-market private equity firm focused on transp... | PE |
| Parthenon Capital | 2 | Growth-oriented private equity firm investing in healthca... | PE |
| Relation Insurance Services | 2 | National insurance brokerage providing risk management an... | Strategic (PE-backed) |
Last 10 years
Supporting Data
Crescendo Capital Partners, together with operators from Construction Capital Group, has acquired Peoria Industrial Piping Company (PIPCO) and created a new holding company, Essential Facility & Infrastructure Services (EFI Services), with PIPCO as the first operating company. Fidus Capital provided term debt and an equity co-investment; the Cicciarelli family (sellers) retain equity and will remain in leadership roles as the sponsors build a regionally dominant MEP and fire protection platform in the Midwest.
Inszone Insurance Services, a Sacramento-based full-service insurance brokerage, has acquired Northern Insurance Group, Ltd., a long-established independent agency based in Illinois. Northern Insurance will continue to operate in place and will be supported by Inszone’s broader platform, carrier access, and technology to support continued growth.
Reserve Advisors, a Milwaukee-based national consulting firm specializing in reserve studies and property wellness solutions, has acquired Waldman Engineering Consultants, Inc., a Lisle, Illinois-based engineering and building inspection firm. The transaction closed on December 18, 2025 and expands Reserve Advisors’ engineering and building evaluation capabilities for homeowner associations, condominiums, high-rise buildings and private clubs.
AVANT, a Chicago-based technology services distributor and sales-enablement platform for Trusted Advisors, received a strategic growth investment from Court Square Capital Partners with a reinvestment from existing partner Pamlico Capital. The founders and executive leadership retain significant ownership and will continue to run the business as the new capital will be used to scale AVANT's platform, capabilities, and support continued growth initiatives.
Bertram Capital has made an investment in Left Lane Auto, a Champaign, Illinois–headquartered tire retail and automotive-service platform operating more than 75 locations across 18 states. Terms were not disclosed; Bertram will partner with Left Lane’s management to accelerate growth, invest in technology through Bertram Labs, and support continued acquisitions to build a national platform.
The Riverside Company-backed Vomela acquired Moss Inc., a global producer of premium event and retail graphics and complex structures, from investment funds managed by EagleTree Capital. The transaction merges Vomela’s Fusion events unit into Moss (to operate as Moss, A Vomela Company), expanding Vomela’s European footprint and creating a larger global experiential events production platform.
Alpine Power Systems has acquired Chicago Industrial Battery, Inc., a Chicagoland provider of motive power batteries, chargers, rentals and services founded in 2010 by Mark Calderini. The purchase expands Alpine's PowerMAX used and rental motive power battery and charger offerings and broadens the company's geographic presence in the Chicago region; Calderini will remain actively involved in the business.
Equity Group Investments (EGI) has made an investment in CIT Trucks, a commercial truck dealer headquartered in Normal, Illinois. EGI will partner with CIT's senior management (who retain an ownership stake) to support growth and expansion across the Midwest as the current CEO retires and the president assumes the CEO role.
Boston-based private equity firm Union Park Capital has acquired GAM Enterprises, a Mount Prospect, Illinois manufacturer of precision gear reducers, couplings, and custom motion control solutions. The deal establishes GAM as the platform for Union Park’s new precision motion control strategy to accelerate growth, expand capabilities, and pursue strategic add-on acquisitions; terms were not disclosed.
Mars, Incorporated completed its acquisition of Kellanova, bringing together Mars’ snacking portfolio with Kellanova’s billion-dollar brands such as Pringles, Cheez-It and Pop-Tarts. The transaction was announced in August 2024 and received the remaining regulatory approvals by December 8, 2025.
Littelfuse, Inc. announced a definitive agreement to acquire Basler Electric Company for approximately $350 million in cash (about $320 million net after expected tax benefits). The acquisition strengthens Littelfuse’s high-power controls and protection capabilities for mission-critical industrial markets including grid and utility infrastructure, power generation, and data centers. The transaction closed on December 11, 2025.
Heidrick & Struggles International has completed its previously announced take-private transaction valued at approximately $1.3 billion. A consortium led by Advent International and Corvex Private Equity, supported by strategic investors and Heidrick leaders/family offices, acquired all outstanding shares, and Heidrick ceased trading on Nasdaq.
BCP-backed Brailsford & Dunlavey (B&D) and Project Management Advisors (PMA) have merged to form an integrated institutional program management and real estate advisory platform. The combined firm—supported by Bernhard Capital Partners—brings together more than 450 professionals and expands geographic reach and sector capabilities across higher education, healthcare, life sciences, civic projects and energy infrastructure.
TARAtps, a leading South Korean printing company, has completed the full acquisition of Illinois-based commercial printer Chicago Offset and established TARA USA as its first overseas corporate entity. The deal creates a dual-production system that aligns TARAtps' large-scale capacity in Paju with Chicago Offset's U.S.-based manufacturing to shorten lead times and better serve North American publishers, corporate clients, and K-content partners.
FineLine Technologies has acquired Digi-Trax Corp., a provider of healthcare labeling and identification solutions that support safety, traceability and compliance in the blood and cell-therapy supply network. Digi-Trax will operate as FineLine's Healthcare Division, and Digi-Trax owner Jeff Kriozere will remain with the business.
ECI Software Solutions has acquired Amper Technologies, a Chicago-based maker of the FactoryOS manufacturing execution system (MES). The deal integrates Amper's AI-driven shop-floor visibility and predictive capabilities into ECI's cloud-based ERP and industry-specific software suite to deliver end-to-end planning-to-execution workflows for small and mid-sized manufacturers.
ZS, a global management consulting and technology firm, announced its acquisition of Torrent Consulting, a Salesforce consulting partner specializing in multi-cloud implementations of Health Cloud, Life Sciences Cloud, and Agentforce. The deal is intended to combine Torrent’s Salesforce delivery capabilities with ZS’s healthcare, data, and AI expertise to accelerate healthcare and life sciences CRM transformations.
Waverly Advisors has acquired certain business lines from Chicago-based Promus Holdings, adding approximately $3.1 billion of AUM and expanding Waverly's private equity, real estate, and multi-family office capabilities. The deal closed November 14, 2025; financial and legal terms were not disclosed, and Waverly formed a new subsidiary, Promus Capital Management, to operate the acquired strategies.
Fortifi Food Processing Solutions has completed its acquisition of Provisur Technologies, a provider of further-processing equipment and aftermarket support for the protein industry. The deal expands Fortifi’s downstream processing and aftermarket capabilities, bringing Provisur’s brands and service network into the PE-backed Fortifi platform (which is backed by KKR).
CFS Brands, the Oklahoma City–based foodservice products manufacturer, has acquired Cornerstone Foodservice Group (CFG), the Naperville, Illinois–headquartered owner of Spring USA, LloydPans, Equipex, Astra and Versa‑Gard. The deal brings CFG’s manufacturing footprint and complementary commercial foodservice equipment brands into CFS Brands’ portfolio to broaden product capabilities and deepen its front- and back-of-house offering.
Opus Water, a water infrastructure platform backed by XPV Water Partners, has acquired Yeary Controls, a Chicago-based maker of control valves, actuators, and flow-control accessories. The add-on deal (closed in November 2025) expands Opus Water's engineered flow-control capabilities across water, wastewater and industrial process-fluid markets.
Loparex, a PE-backed global producer of release liners, has acquired Enterprise Coated Products Inc., a Manteno, Illinois-based manufacturer of silicone-based release liners. The acquisition combines Loparex's scale and market reach with Enterprise's narrow-web, small-batch manufacturing expertise to expand capabilities and better serve customers across tape, healthcare, hygiene, graphics and related end markets.
Tokio Marine Holdings, Inc. has signed a definitive agreement to acquire Commodity & Ingredient Hedging (CIH), a technology-enabled risk management solutions provider for agricultural and commodity markets, from Falfurrias Capital Partners. The deal is expected to close in the first quarter of 2026, subject to regulatory approvals.
Guardian Capital Partners, alongside co-investor EA Advisors, completed a majority recapitalization of Raptor Power Systems to support the manufacturer’s next phase of growth. The transaction partners Guardian and EAA with Raptor’s founding family (Peter and Evan El Koury) to expand capacity and serve growing demand from data centers and other mission-critical end markets.
Frontier Growth has made a strategic growth investment in Sprocket Sports, a Chicago-based provider of an all-in-one software and services platform for youth sports club management. The investment will support Sprocket's product innovation and expansion of support for youth sports organizations, and Frontier Growth partner Tim Bechtold will join Sprocket's board.
Superior Environmental Solutions (SES), a Palladium Equity Partners-backed industrial and environmental services platform, has acquired J&S Industrial Services, a Greater St. Louis-area provider of vacuum truck, hydro-excavation, hydroblasting and waste management services. The add-on expands SES's Midwest footprint and operational capacity across Missouri, Illinois and neighboring states to better serve industrial and infrastructure customers.
Merit Financial Advisors has acquired Blueprint Wealth Advisors, adding $1.2 billion in assets and expanding Merit's presence in Illinois and Wisconsin, including entry into the Chicago market. Blueprint’s managing partners Ryan Evans and Nick Wilkins will join Merit as Regional Directors and Partners; FP Transitions served as advisor and financial terms were not disclosed.
Cognizant has entered into a definitive agreement to acquire 3Cloud, an independent Microsoft Azure services provider and Azure-dedicated AI enablement firm. The deal is expected to close in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions.
The Integration Group (TIG), a portfolio company of Maxwell Street Capital Partners, has acquired North American Warehousing Company (NAWC), a Chicago-area provider of specialized warehousing and hazardous materials handling, blending, and container filling. The add-on expands TIG's Midwest footprint and adds regulated, high-value logistics capabilities that complement prior acquisitions (PDM and Matrix Management).
Luma Health has acquired Tonic Health from R1 to expand its patient intake, e-consent, and patient-reported outcomes capabilities and deepen its integrations with Oracle Health EHRs. The deal broadens Luma's reach to more than 1,000 health systems and about 100 million patients while aiming to reduce manual coordination and improve patient readiness and follow-up workflows.
Owner Resource Group (ORG), an Austin-based private investment firm, has completed a recapitalization investment in Acme Industries, Inc., a specialty manufacturer of complex precision-machined parts and assemblies headquartered in Elk Grove Village, Illinois. Management, led by CEO John Devine, remains meaningful owners and will continue to lead operations while the capital will be used to support organic growth, invest in equipment and capabilities, and pursue strategic acquisitions.
GovHost has acquired True North Software LLC, an Illinois-based provider of cloud-native Computer-Aided Dispatch (CAD) and Records Management System (RMS) software for small and mid-sized law enforcement agencies. The acquisition expands GovHost's cloud public-safety portfolio, adding True North's state compliance, LEADS 3.0 integration, and real-time NIBRS validation capabilities while keeping True North leadership and operations intact.
ElevateOS has acquired RightFit Personal Training, a national marketplace that connects residents with certified personal trainers, to expand wellness programming across multifamily properties. The deal increases ElevateOS’s trainer network and operational scale and brings RightFit CEO Matthew Kornblatt into ElevateOS as Vice President of Fitness Operations.
Thoma Bravo has closed an investment in Trading Technologies, joining existing investor 7RIDGE in the company's ownership to support the next phase of platform expansion and product innovation. Terms were not disclosed; advisors to the transaction included Houlihan Lokey and Barclays for Trading Technologies and Ardea Partners and Goodwin Procter for Thoma Bravo.
Endeavor Health has acquired Diamond Headache Clinic and will operate it as the Endeavor Health Diamond Headache & Migraine Center, expanding access to specialized headache and migraine care across the Chicago area and broader Midwest. The acquisition strengthens Endeavor's Neurosciences Institute by adding Diamond's multidisciplinary clinical services and research capabilities.
Milestone Partners has made a majority equity investment in Set Forth, LLC ("FORTH"), the developer of the ForthCRM and ForthPay SaaS platform for specialty finance and consumer debt providers. The FORTH management team and co-founders will remain significant equity holders; a credit facility led by Western Alliance Bank (syndicate including Axos Bank, WSFS Bank and Sunflower Bank) supports the transaction and Milestone will help accelerate product development and market expansion.
Huron announced it has acquired the payor consulting services division of AXIOM Systems, a healthcare IT firm focused on core administration systems and digital transformation for payors. The acquisition adds payor consulting expertise and technology/data & analytics capabilities to expand Huron’s digital-focused payor offerings.
Arsenal Capital Partners completed its acquisition of ThermoSafe, a temperature-assurance packaging business, from Sonoco Products Company. The deal was originally announced as a signed definitive agreement in September 2025 with a total purchase price of up to $725 million, including performance-based additional consideration.
Chicago-based private equity firm Wind Point Partners has acquired Buske Lines Inc., a contract warehousing and supply chain services provider serving food, beverage and CPG customers. Wind Point is partnering with Buske management (led by CEO Nick Heinz), which retains a meaningful ownership stake, to invest in technology, infrastructure and organic and M&A-driven growth across the company’s 37 facilities in the U.S. and Canada.
Tenex Capital Management has made a growth investment in Sentinel Technologies, a Chicago-based provider of IT solutions, managed services, and managed security services. The investment closed on November 3, 2025; Sentinel, which employs nearly 700 people, will use the capital to accelerate growth and expand its service capabilities across education, healthcare, government, financial services, and other end markets.
Platinum Equity completed its acquisition of Anuvu, a provider of in-flight entertainment and high-speed connectivity solutions for mobility markets. The deal was previously announced in August 2025 and supports Anuvu’s next chapter of growth and technological innovation, though financial terms were not disclosed.
VONA Case Management, an NMS Capital portfolio company, has acquired Custom Case Management, a Batavia, Illinois-based provider of nurse case management for workers' compensation in Illinois, Indiana, and Wisconsin. Founder Tracey Bilut will remain as Managing Director of Custom Case Management within VONA as the combined organization expands clinical capabilities and geographic coverage to better serve employers, insurers, and TPAs.
EPIC Insurance Brokers & Consultants has acquired Price Insurance, a fourth-generation independent insurance agency based in Lake Forest, Illinois. The acquisition expands EPIC's Private Client practice and Midwest presence by adding Price Insurance's team and capabilities serving high-net-worth families and local businesses.
Duly Health and Care, through DuPage Medical Group, has acquired a minority ownership interest in Valley Ambulatory Surgery Center (Valley ASC) in St. Charles, Illinois, in partnership with Surgery Partners. The transaction expands Duly's outpatient surgery footprint across the Chicagoland area and strengthens access to multispecialty ambulatory surgical services.
Front Porch Communities and Services has acquired ARCH (ARCH Consultants) to serve as its in-house development advisory company. ARCH will manage Front Porch's capital projects and continue supporting external clients on senior living, learning and healing environment developments, centralizing development capabilities to maximize impact of Front Porch's capital investments.
OuterBox, a portfolio company of WILsquare Capital, has acquired Accelerated Digital Media (ADM), a Chicago-based performance marketing agency that specializes in paid search, paid social, and analytics for healthcare and e-commerce clients. The add-on strengthens OuterBox's paid media, programmatic and analytics capabilities and expands its presence in the healthcare and enterprise e-commerce end markets. Terms were not disclosed.
Rothschild Wealth Partners, a Chicago-based registered investment advisor and broker-dealer, has acquired Siligmueller & Norvid Wealth Advisors (SNWA), an independent Glen Ellyn, Illinois wealth advisory firm managing about $300 million in client assets. The deal expands Rothschild's presence in the Chicago area and adds SNWA’s client relationships and advisory capabilities to Rothschild’s platform.
Duly Health and Care (DuPage Medical Group, Ltd. dba Duly) has acquired Woodridge Clinic, a long-standing primary care provider with locations in Woodridge, Lemont and Lombard, Illinois. The acquisition brings Woodridge Clinic's physicians and care providers into Duly’s network, expanding access to physician-led primary care, diabetes management, and occupational therapy across Chicago's western suburbs.
Armanino announced that the team from Keystone Business Services, an Oracle NetSuite Solution Provider led by founder Eric Jozwiak, has joined the firm to strengthen Armanino's NetSuite and ERP capabilities. The move integrates Keystone's NetSuite implementation and managed-services expertise—with experience in manufacturing, distribution and food & beverage—into Armanino's broader consulting, advisory and technology offerings.
Ripple announced its $1 billion acquisition of GTreasury, described as the global leader in treasury management systems. The deal is intended to expand Ripple’s access to the multi-trillion-dollar corporate treasury market and combine GTreasury’s treasury/risk/compliance capabilities with Ripple’s digital-asset and payments infrastructure.
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