Tracked deals
771
771 tracked deals across 2011-2026.
Tracked deals
771
771 tracked deals across 2011-2026.
Buyer mix
Mixed buyer set
621 strategic · 380 pe
Top trend
Volume peaked in 2022
115 tracked deals announced in 2022.
Buyer Snapshot
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| The Riverside Company | 7 | Global private investment firm focused on the smaller end... | PE |
| CertaSite | 5 | Commercial fire protection and life safety services provi... | Strategic (PE-backed) |
| Novacap | 5 | Leading Canadian private equity firm focused on TMT, indu... | PE |
| Patrick Industries, Inc. | 5 | Manufacturer and distributor of component and building pr... | Strategic |
| Arsenal Capital Partners | 4 | Middle-market private equity firm focused on industrial a... | PE |
| Blue Point Capital Partners | 4 | Private equity firm focused on investing in and scaling l... | PE |
| Fort Point Capital | 4 | Private equity firm targeting fragmented business service... | PE |
| Hub International Limited | 4 | Global insurance broker and financial services firm provi... | Strategic (PE-backed) |
| LCI Industries | 4 | Public manufacturer and distributor of engineered compone... | Strategic |
| Lippert Components, Inc. | 4 | Manufacturer and supplier of engineered components and pr... | Strategic |
Last 10 years
Supporting Data
Innovative Refrigeration Systems acquired QuickFreeze, a Fort Wayne-based developer and manufacturer of blast-freezing equipment, from Dan and Bob Tippmann. The acquisition adds QuickFreeze’s patented technologies and team to Innovative’s product and manufacturing capabilities; the transaction is Innovative’s first in partnership with CCMP Growth Advisors.
Balflex and NRP Jones announced the combination of their U.S. operations to bring together NRP Jones’ domestic hydraulic manufacturing with Balflex’s international product, sourcing, and distribution network. The companies will keep both brands and product lines, aiming to provide customers with a broader catalog, stronger local technical support, and a more resilient supply chain.
MKB Company, an Align Capital Partners-backed environmental control platform, acquired Siltworm, an Indiana-based manufacturer of erosion and sediment control products. The acquisition adds Siltworm’s rolled filter products and technical expertise to MKB’s portfolio and national manufacturing and distribution network; founder Joe Moore will remain with the business as MKB’s vice president of market development.
Point 41 Capital Partners (Point 41) partnered with Safe-Way Garage Doors management to recapitalize Safe-Way, acquiring the company from CW Industrial Partners (CWI). The investment will support Safe-Way’s next phase of growth as it expands manufacturing and distribution and broadens its product portfolio.
The State Group acquired Mel-Kay Electric Co. (MelKay), an Evansville-based MEP contractor with more than 400 union tradespeople serving industrial and commercial customers across southern Indiana, western Kentucky and southern Illinois. The acquisition adds regional labor capacity and electrical, mechanical, plumbing and related services to Apollo-backed The State Group’s North American contracting platform; terms were not disclosed.
Filtration Solutions Group acquired Filter Services of Indiana and FSI Filtration, expanding its filtration platform into the Midwest. The Indianapolis-based businesses distribute air filtration products and provide recurring filtration services; Ernie Kelly and President Kasey Harpold will remain as continuing owners.
Crosstown Capital Partners acquired MAK Steel Services, LLC and Trinity Steel Services, LLC from their owners in a transaction advised by Generational Capital Markets. The deal closed on August 3, 2026, and expands Crosstown’s platform in essential Midwest service industries through structural steel fabrication and steel erection capabilities.
Midland Industries, a portfolio company of Gemspring Capital, acquired Pegasus Supply Group, LLC, a supplier and value-added provider of industrial and electronic connection products. The acquisition adds complementary products and capabilities—including wire harness and cable assembly, engineering support, and custom cutting and marking—to Midland's offering.
Metal Technologies (MTI) completed its acquisition of Rochester Metal Products, an iron foundry founded in 1937. The combined organization will expand domestic gray and ductile iron casting capacity, manufacturing flexibility, and customer end-market coverage by adding Rochester’s molding, engineering, and customer relationships.
Static Media acquired Mom.com, a digital parenting brand previously owned by Bright Mountain Media. The deal expands Static Media’s lifestyle portfolio and makes Mom.com its first brand solely dedicated to parenting, supporting goals around deeper reader engagement.
H2 Equity Partners backed Metals and Additives, then combined it with William Blythe to create an international specialty chemicals platform. The merged platform focuses on regulated and mission-critical applications, with particular strengths in flame retardants and smoke suppressants across North America, Europe, and Asia.
RealTruck, Inc. acquired LEER Group and related business assets from JB Poindexter & Co., bringing multiple truck-accessory brands under RealTruck ownership. The transaction includes LEER, SnugTop, Century, Pace Edwards by LEER, and StateWide Windows, with RealTruck targeting operational improvements and continued U.S. manufacturing support for the brands.
First Financial Bancorp has agreed to acquire Finward Bancorp in an all-stock transaction valued at approximately $208 million. The deal expands First Financial’s presence across Northwest Indiana and the Chicago metropolitan market by adding Finward’s Peoples Bank franchise with 24 locations.
Axel Johnson Inc. (AJI) has closed the acquisition of Fort Wayne Metals Research Products (“Fort Wayne Metals,” with its subsidiaries). AJI bought 100% of Fort Wayne Metals from the Glaze family of companies and will keep the business headquartered in Fort Wayne, Indiana.
Telamon announced it has acquired Retire-IT, an IT asset disposition (ITAD) management company that serves enterprise customers across North America. The acquisition is intended to strengthen Telamon’s technology lifecycle services by scaling Retire-IT’s vendor-neutral program oversight and chain-of-custody operating model.
Momentum Life Sciences announced a strategic growth investment from Parthenon Capital. Financial terms were not disclosed, and Momentum’s existing leadership team will continue as significant shareholders. The investment is intended to accelerate Momentum’s commercialization growth strategy and pursue additional strategic acquisitions.
Cemtrex’s Advanced Industrial Services (AIS) subsidiary has completed the acquisition of Plant Engineering Services (PES), a Fort Wayne, Indiana engineering firm specializing in the design, modernization, and relocation of large hydraulic and mechanical press systems. The deal adds an engineering capability to AIS and expands its reach into automotive and defense end markets, enabling turnkey projects from design through installation and commissioning.
TCC, a Verizon-authorized retailer under Round Room, LLC, acquired 36 retail locations from R Wireless. The stores expand TCC’s Northeast presence across Connecticut, Massachusetts, New Jersey, New York, and Pennsylvania and bring more than 100 R Wireless employees into TCC.
Havis announced its acquisition of Pro-gard Products, a manufacturer of law enforcement vehicle protection and prisoner transport equipment. The deal combines Pro-gard’s vehicle protection, partitions, and transport capabilities with Havis’ consoles, mounting systems, docking stations, power management, and mobility integration to deliver a more integrated end-to-end public safety vehicle solution.
IDI, Insulation Distributors, Inc. announced it has acquired MCC Equipment & Service Center, a spray foam and polyurea distributor headquartered in Plainfield, Indiana. The deal expands IDI’s spray foam expertise and broadens its national footprint, including MCC’s spray foam rig design and custom rig-building capabilities.
Patrick Industries and LCI Industries entered into a definitive all-stock agreement to combine in a merger that is expected to create a component solutions provider for the outdoor enthusiast and related markets. Under the terms, LCI shareholders will receive 1.2440 shares of Patrick stock for each LCI share, and Patrick shareholders will own about 52% while LCI shareholders will own about 48% of the combined company.
H.I.G. Capital (via an affiliate) completed its acquisition of Premier Forge Group (PFG), a manufacturer of mission-critical forged components for aerospace, defense, and specialty industrial applications. The companies emphasized continued investment in PFG’s manufacturing capabilities, engineering expertise, and customer relationships to meet growing demand.
Air Distribution Technologies (ADT), a Truelink Capital portfolio company, has completed the sale of its PennBarry business to Hessaire Products. PennBarry designs and manufactures ventilation solutions for industrial and commercial markets, and the deal is intended to support continued growth under Hessaire’s ventilation-focused platform.
Integrated Water Services (IWS) acquired Tetrasolv Filtration, a provider of specialized filtration, separation, water treatment rentals, and mobile media services. The closed transaction (June 22, 2026) will position Tetrasolv as a subsidiary of the IWS group and expand IWS’s advanced water treatment and field service capabilities for industrial and municipal mid-market clients.
Legrand announced it has acquired Girtz Industries, a U.S. specialist in custom-engineered modular power enclosures and related services based in Monticello, Indiana. Girtz will operate as a business unit within Legrand’s Electrical Wiring Systems division and its modular power and generator capabilities will support critical power and redundancy solutions for datacenter, industrial, and commercial applications.
Platte River Equity partnered with Tallman Equipment Company to support Tallman’s next phase of growth. Tallman is a supplier of lineman tools and equipment, rental services, tool repair/refurbishment, testing, fabrication, and other support for electric utility and linework industries.
Flagger Force, a short-term traffic control services provider headquartered in Hummelstown, Pennsylvania, announced it has acquired MidAmerica Safety Solutions, an Evansville, Indiana-based traffic safety services company. The deal expands Flagger Force’s Midwest presence and deepens its footprint in Indiana following its prior Kentucky acquisition of NTC Traffic Control.
Focus Financial Partners’ wealth management business, Focus Partners Wealth, LLC, will acquire EverNest Financial Advisors, LLC. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, and EverNest is expected to add approximately $960 million (as of December 31, 2025) to Focus Partners Wealth’s regulatory assets under management.
Heartland Food Products Group entered into a definitive agreement to acquire the Americas business of Whole Earth Brands, including the Equal, Whole Earth, Swerve, and Chuker sweetener brands across North America and Latin America. The deal expands Heartland’s position in sugar reduction and low- and no-calorie sweeteners and will grow Heartland’s portfolio across retail, foodservice, e-commerce, ingredient solutions, and B2B channels.
ReElement Technologies, an American Resources affiliated minority holding, formed a joint venture with POSCO International to develop integrated rare earth element and permanent magnet production in the United States. The JV includes a $200 million investment intended to build an end-to-end, closed-loop supply chain from feedstock sourcing and refining through permanent magnet manufacturing.
Foundral, a platform backed by McNally Capital, announced it has acquired A. Hattersley & Sons, a Fort Wayne, Indiana-based mechanical contracting company founded in 1856. The acquisition expands Foundral’s union-backed mechanical contracting platform and strengthens its presence across the Midwest, adding HVAC and piping design/build, engineering, project management, and maintenance capabilities.
Polargy announced the acquisition of Forge Racks & Dunnage, a Connersville, Indiana-based manufacturer of data center skids, industrial racks, and custom steel fabrication. The deal adds 160,000 sq. ft. of manufacturing space and expands Polargy’s North American manufacturing footprint to over 550,000 sq. ft., enhancing its capacity for large, complex white-space and grey-space data center infrastructure programs.
Mascarene Partners acquired General Drilling and Venture Drilling East (doing business as Two Eight Southeast) from Fred Weber to combine the businesses into Iron Pillar United Mining Group. The transaction closed on May 14, 2026, creating a scaled drilling services platform for aggregate producers and quarry owners across the U.S. Southeast and Midwest. Fred Weber and the former owners of Venture Drilling East retained ownership stakes alongside Mascarene.
Pro-Vision, a mobile video and fleet safety solutions provider, announced it acquired Convoy Technologies, a Fort Wayne, Indiana-based provider of video and vehicle safety technology for commercial fleets. The deal expands Pro-Vision’s fleet safety platform and portfolio of commercial vehicle video/monitoring solutions, and broadens its North American footprint via Convoy’s operations in Southern Ontario, Canada.
Addus HomeCare (NASDAQ: ADUS) acquired Indiana-based HomeCourt Home Care as part of its expansion into the state. The HomeCourt deal closed on May 1, and Addus also disclosed it has entered a definitive purchase agreement to acquire a second, similarly sized Indiana personal care provider expected to close in the coming months.
Static Media has acquired Engadget.com, the long-running digital platform for technology enthusiasts previously owned by Yahoo. The deal deepens Static Media’s presence in the tech and auto vertical by adding Engadget’s editorial audience and product review/event coverage capabilities.
L2 Aviation, an avionics integration, certification, and aircraft modification services provider, announced it has acquired Advance Aero, a precision machining and sheet metal fabrication company based in Mooresville, Indiana. The deal is intended to strengthen L2 Aviation’s vertical integration by bringing critical aerospace-grade machining and fabrication in-house to improve supply-chain control, reduce lead times, and support turnkey aircraft installation and kitting operations.
BTX Precision has completed the acquisition of Maitland Engineering, a South Bend, Indiana-based specialist in high-precision small component manufacturing. Maitland will continue operating from its existing facilities as a standalone business unit within BTX, retaining its current leadership team and manufacturing at its South Bend address.
Iron Path Capital-backed CPIhealth acquired Midwest Interventional Spine Specialists (M.I.S.S.) and Serenity Surgical Center to expand its interventional pain management footprint in northwest Indiana and nearby Illinois. The partnership adds two clinics and an ambulatory surgery center (ASC) to CPIhealth’s existing Indiana operations and brings five physicians and two nurse practitioners onto its platform.
World Insurance Associates acquired the business of Heuring Crop Insurance on November 1, 2025. Heuring Crop Insurance provides crop insurance coverage to farmers and ranchers throughout the Midwest and the United States.
Providity Technology Solutions, LLC announced it acquired boutique Salesforce consulting firm Design First, LLC. The acquisition was completed on April 1, 2026, expanding Providity’s Salesforce CPQ and Revenue Cloud expertise and adding Design First’s senior talent and Logik.ai configuration capabilities.
Fiducient Advisors, a division of Wealthspire, has completed its acquisition of Axia Advisory, an Indianapolis-based retirement plan consulting and investment advisory firm with about $1.9 billion in assets under management or advisement (as of end of 2025). Axia will continue operating from its Indianapolis office while gaining access to Wealthspire’s institutional resources, research capabilities, and integrated wealth solutions.
Ara Partners announced an investment of up to $500 million in Sedron Technologies to accelerate its waste upcycling projects and expand manufacturing and deployment capabilities across North America. Sedron’s Varcor technology converts municipal biosolids and agricultural manure into reclaimed water, renewable energy, and carbon-negative fertilizer products.
Harrell-Fish, LLC (HFI) acquired Ecofriendly Mechanical, a family-owned sustainable HVAC and plumbing contractor based in Bloomington, Indiana. The companies said the deal will enhance Harrell-Fish’s capabilities in energy-efficient mechanical solutions while Ecofriendly’s management team—including CEO Andy Hardisty—will remain in place. Financial terms were not disclosed.
Sun Auto Tire & Service added “Carmerica in Sellersburg, Indiana” to the Sun Auto Network on April 6, marking its third store in Southern Indiana and expanding coverage in the Greater Louisville market. The acquisition supports Sun Auto’s strategy of growing via established operators, offering added tools such as 24/7 online appointment scheduling and digital vehicle inspections.
OIA Global announced the acquisition of Cargo Services, Inc. (CSI), an international freight forwarding and customs brokerage firm headquartered in Indianapolis, Indiana. The deal is intended to expand OIA’s freight forwarding and customs brokerage capabilities by establishing a direct OIA presence in the U.S. Midwest, particularly around Indianapolis.
Foster & Foster Consulting Actuaries, Inc. completed its acquisition of United Actuarial Services, Inc. (UAS), an Indiana-based actuarial consulting firm serving multi-employer (Taft-Hartley) pension and health and welfare plans. The deal expands Foster & Foster’s depth of resources and reinforces its position in Taft-Hartley pension and health practice groups nationwide.
PairSoft announced it has acquired Nimbello, an accounts payable automation and payments provider specializing in purchase-order-based invoice matching. The acquisition enhances PairSoft’s native ERP integrations (including Microsoft Dynamics 365, SAP, NetSuite, Oracle, Sage Intacct, and others) and adds Nimbello’s AI capabilities for invoice processing and general ledger coding.
Solution Tree acquired Dirigo Literacy to expand its K–12 evidence-based literacy solutions for schools, districts, and state education systems. The deal adds Dirigo Literacy’s research-intensive Dirigo Literacy Framework (Upward Spiral of Literacy), focused on professional development, coaching, instructional materials, and data-driven decision making to improve student reading and writing outcomes.
Aecon Group’s subsidiary, Aecon Utilities Group Inc., acquired Duna Services, LLC and its subsidiaries Arc American, LLC and C.A. Advanced, LLC, and also purchased a 49% interest in KNX Utility Services, LLC. The base purchase price is US$60 million, with potential additional contingent proceeds, financed via Aecon Utilities’ standalone committed revolving credit facility.
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