Acquisitions in Indiana in 2019

Champlain Capital Partners has acquired FireKing International, a New Albany, Indiana-based manufacturer of fireproof and impact-resistant file cabinets, safes and document storage systems. Midwest Mezzanine provided subordinated debt and equity financing to support the transaction.

HackerRank, the developer-skills assessment platform, has acquired Mimir, a cloud-based platform used to run and grade computer science courses at universities. The deal brings classroom-focused automated grading and course tooling into HackerRank’s assessment ecosystem to help reach and assess student developers earlier in their education.

Better World Libraries, a long-time partner of the Internet Archive, has acquired Better World Books, a mission-driven for-profit online bookseller. The organizations said Better World Books' offices, leadership, and operations will remain in place and selected deaccessioned titles will be routed into the Internet Archive's book-digitization program; terms were not disclosed.

Siemens has acquired Atlas 3D, a Plymouth, Indiana startup that developed Sunata, a cloud-based, GPU-accelerated metal 3D printing optimization software. Atlas 3D will join Siemens Digital Industries Software to enhance Siemens' additive manufacturing software capabilities and accelerate customers' ability to produce high-quality metal parts.

Graham Partners, a U.S. private investment firm focused on technology-driven advanced manufacturing, has acquired Damping Technologies, Inc. (DTI), an advanced materials company specializing in vibration and noise control for aerospace, defense, and space markets. Graham intends to leverage DTI's proprietary polymer formulations, engineering capabilities, and market position to fuel growth as composite materials adoption increases demand for damping solutions.

SalesLoft, the Atlanta-based sales engagement platform provider, acquired Costello, a provider of opportunity management software that helps sales teams update deals, use guided-selling playbooks, and sync in real time with CRMs. The deal extends SalesLoft’s platform from prospecting into deal management and pipeline collaboration, integrating Costello’s capabilities natively into SalesLoft.

Corsica Technologies, a managed IT services platform backed by Inverness Graham Investments, has acquired Fort Wayne, Indiana-based Symplexity, a managed security, cloud, networking and technology consulting provider. The add-on expands Corsica's geographic footprint and capabilities — adding cybersecurity, managed security services and a Digital Transformation practice led by Symplexity CEO Brian Harmison. Terms were not disclosed.

Micron Technology acquired FWDNXT, a Purdue-affiliated AI hardware and software startup, to integrate its inference engine into Micron’s Deep Learning Accelerator (DLA) and create a comprehensive AI development platform. The acquisition brings together FWDNXT’s edge AI hardware/software capabilities with Micron’s memory expertise to accelerate development of memory-optimized AI workloads for IoT, edge computing, healthcare imaging and scientific research.

PrimePay, LLC acquired the assets of Interlogic Outsourcing, Inc. (IOI) following IOI’s August 2019 bankruptcy filing; the purchase (approved by the U.S. Bankruptcy Court) included IOI’s client base, employees, intellectual property and a portion of physical property. PrimePay will onboard IOI’s clients and staff and integrate IOI’s payroll and HR capabilities into its nationwide services offering.

Francisco Partners, a technology-focused private equity firm, announced it will acquire Orchard Software Corporation, a developer of laboratory information systems (LIS) used by clinical, pathology and outreach laboratories. The deal will provide Orchard with capital and operational support to accelerate product innovation, expand capabilities (including point-of-care testing integrations), and support leadership transition.

Paine Schwartz Partners has made its first growth equity investment from Paine Schwartz Food Chain Fund V in Advanced Agrilytics, an agronomics services business that provides precision farming analytics and on‑the‑ground agronomic advice. Financial terms were not disclosed; the investment will support scaling the business, adding data scientists and agronomic professionals, and expanding customer and implementation teams.

Tipton Mills, a Columbus, Indiana-based contract manufacturer of powdered food and beverage blends, was sold by Compass Group Equity Partners to the company’s current management team in a management buyout. Compass Group, which acquired Tipton Mills in 2015 and supported growth and a plant expansion, exited the investment after more than doubling the business’s revenues.

Branford Castle Partners acquired ABC Industries, Inc., a niche manufacturer and distributor of flexible ventilation solutions and technical fabrics headquartered in Warsaw, Indiana. Brookside Mezzanine Partners provided mezzanine debt and an equity co-investment to support the transaction, while TCF Capital Funding provided senior debt; terms were not disclosed.

New Mountain Capital has agreed to purchase a majority stake in Ontario Systems from Arlington Capital Partners. The transaction gives New Mountain control of the Muncie, Indiana-based enterprise software provider to support continued organic and inorganic growth across healthcare, government, and accounts receivable management markets.

Foundation Investment Partners (FIP), a Cleveland-area private equity firm, recapitalized W.A. Jones, a truck equipment distributor and upfitter based in Whitley County, Indiana. The deal provides owner liquidity and growth capital to support systems, people and expansion; terms were not disclosed.

Pittsburgh-based private equity firm 3 Rivers Capital has acquired Interlight, a family-owned online distributor of specialty and replacement light bulbs and batteries headquartered near Chicago. 3 Rivers Capital plans to partner with Interlight's existing management (the founder's three sons), install ecommerce veteran Jeffry Graham as CEO, and support growth through strategic and operational collaboration.

Mill Rock Capital affiliates made a strategic investment in Venture Metals and, in connection with that investment, Venture Metals acquired Versatile Processing Group (VPG) from Insight Equity. The transaction combines two U.S. metal recycling providers to form a larger platform with an expanded processing footprint (six facilities) and combined annual revenues in excess of $700 million, supported by more than 200 associates.

Wynnchurch Capital has acquired MPL Holdings, LLC, a Fairland, Indiana-based manufacturer of cultured marble bath products serving the hospitality and multi-family housing markets. Wynnchurch said it will partner with MPL's management to invest in the business and support the company's next phase of growth.

Investment funds managed by Morgan Stanley Capital Partners completed an investment in Project Management Academy (also referred to as Educate 360 Holdings, LLC), with CEO Jason Cassidy and the existing management team remaining in place and retaining an equity stake. The transaction — a sale by Leeds Equity Partners — will support PMA's expansion into new markets, product portfolio growth and strategic M&A; terms were not disclosed.

Private equity funds managed by Leonard Green & Partners and affiliates of Ares Management, together with co-investors GIC, BCI and ADIA, have agreed to acquire Press Ganey from EQT VII. Press Ganey, a leading provider of patient experience, safety, quality and workforce engagement solutions for healthcare organizations, will continue its growth and product innovation under the new investor consortium; the deal closed in July 2019 and was announced in June 2019.

Sophos (LSE: SOPH) has acquired Rook Security, an Indianapolis-based managed detection and response (MDR) provider founded in 2008, to expand its re-sellable MDR services by combining Rook's threat detection, investigation and incident response capabilities with Sophos' DarkBytes technology. Rook Security was privately owned; Capstone Partners advised Rook and Barnes & Thornburg LLP served as legal counsel. No financial terms were disclosed.

Vitu acquired Indiana-based Title Pro Technology, LLC on May 15, 2019, combining Title Pro’s Bureau of Motor Vehicles (BMV) expertise and staff with Vitu’s Vehicle-to-Government (V2Gov) platform. The deal brings Title Pro’s customer contracts and local Indiana team into Vitu, enabling a full rollout of Vitu’s Indiana eFile solution to streamline title and registration services for auto dealers.

Monomoy Capital Partners has acquired Kauffman Engineering, a manufacturer of custom industrial wire harnesses, cable assemblies and related products headquartered in Lebanon, Indiana. The acquisition gives Monomoy a platform to partner with Kauffman’s veteran management team and support continued organic growth and add-on M&A across HVAC, commercial equipment, specialty vehicle and other industrial end markets.

Arsenal Capital Partners has acquired Hopebridge, a center-based provider of behavioral health and autism therapy services headquartered in Indianapolis. Baird Capital sold its stake but will retain a minority investment; financial terms were not disclosed and Arsenal said it will support platform investments to expand Hopebridge's services and footprint.

NSC Technologies, a portfolio company backed by White Wolf Capital, has acquired two Indiana-based staffing firms — Staffing Resources, Inc. and ULG Companies, LLC — as add-on acquisitions to expand its Midwest footprint and broaden its industrial and maritime staffing capabilities. The deals are intended to consolidate NSC’s presence in the maritime/naval shipbuilding and repair markets and to grow its light industrial business.

Renovus Capital Partners has acquired a majority interest in Indianapolis-based KSM Consulting, a technology services and data analytics consultancy. Katz, Sapper & Miller will retain a significant minority stake and KSM Consulting's president Mark Caswell will become CEO as the firm expands its Indianapolis headquarters and hires additional staff to support accelerated growth.

ACRE has entered into a definitive agreement to acquire RS2 Technologies, a Munster, Indiana-based manufacturer of access control hardware and software. The acquisition expands ACRE's access control portfolio (joining Vanderbilt, Open Options and Comnet) and strengthens its position and reach in the North American market.

KLH Capital has partnered with the management team of ElectriCom, LLC to complete a recapitalization of the business. ElectriCom, founded in 1960, is a utility construction contractor providing aerial, underground, wireless and right-of-way installation and maintenance services to telecommunications and utility customers across the U.S.; KLH said it will support the company's continued growth and geographic expansion.

Polytek Development Corp., a portfolio company of Arsenal Capital Partners, has acquired BCC Products, Inc., a Franklin, Indiana-based manufacturer of specialty tooling, mold making and casting polymers. The transaction expands Polytek’s manufacturing and formulation capabilities across automotive, aerospace, foundry and marine end markets; BCC’s president Roger Brunette will remain with the combined company to support growth and integration.

Primus Capital has made a growth equity investment in Harmony Healthcare IT (HHIT), a South Bend, Indiana–based health IT company that provides HIPAA‑compliant data extraction, migration and legacy data archiving via its HealthData Archiver platform. The investment will accelerate HHIT's product and service expansion and support continued growth while the existing management team remains active in operations and strategy.

Skyline Global Partners LLC closed a growth equity investment in Egg Innovations, LLC (the company behind the Blue Sky Family Farms brand) on February 15, 2019. Financial terms were not disclosed; Egg Innovations is a U.S. pasture‑raised and free‑range egg producer partnering with family farms across the Midwest and selling into grocery chains and private label channels.

Excellere Partners, a Denver-based private equity firm, has made a strategic growth investment in SePRO Corporation to support the company's next phase of growth. The capital will be used to accelerate commercialization of SePRO's pipeline, expand infrastructure and R&D capabilities, and pursue complementary partnerships and acquisitions in the agricultural and aquatic specialty chemicals markets.

Eckhart, Inc., a Warren, Michigan-based Industry 4.0 automation leader and a portfolio company of LFM Capital, has acquired Gasper Engineering, a factory automation systems integrator and specialty machine builder based in North Vernon, Indiana. The acquisition expands Eckhart's local presence in a key Midwest manufacturing region and broadens its capabilities in automated assembly, conveyance, labeling, and sortation systems across aerospace, automotive, life sciences, packaging, and power generation end markets.

Wynnchurch Capital has acquired Boss Industries, a La Porte, Indiana-based manufacturer of power take-off (PTO) and engine-driven rotary screw air compressor systems and vapor recovery systems. Wynnchurch said it will partner with Boss management to support growth and expand the company's product portfolio; financial terms were not disclosed.

PHX Holdings, the holding company of Phoenix Stamping Group and backed by JBA Capital, acquired Indianapolis-based Garrity Tool Company (renamed GTC Machining) on February 1, 2019. The acquisition adds precision machining capabilities (AS9100D, ITAR, ISO13485) in aerospace, defense and medical device markets and strengthens PHX's Midwest footprint.

ARCH Global Precision, a platform backed by Strength Capital Partners, has acquired American Tool Service, Inc. and OrthoGrind LLC, both headquartered in Fort Wayne, Indiana. The two businesses will join ARCH’s Cutting Tools division to expand its manufacturing and medical-instrument grinding capabilities as part of the platform’s continued add-on strategy.

Wynnchurch Capital has acquired Boss Industries, LLC, a leading supplier of vehicle-mounted air compression and generator systems, from investors led by Strait Lane Capital Partners. The transaction completes Strait Lane's exit (an investment made in 2014) and was supported by debt financing from LBC Credit Partners; BB&T Securities and Foley & Lardner served as advisors on the preceding investor exit.

Egis Capital Partners and ABS Capital Partners have acquired a majority interest in ClearObject, an IoT systems integrator headquartered in Fishers, Indiana. The investment will provide ClearObject with financial and strategic resources to accelerate growth, scale its cloud-based IoT solutions, and expand its global IoT leadership while the existing management team remains in place.

Rockwood portfolio company Lifeway Mobility has acquired Home Safe Homes, an accessibility equipment and home modification provider based in Noblesville, Indiana. Founder Kent McCool will continue as General Manager and Home Safe Homes will operate under the Lifeway Mobility name, expanding Lifeway's coverage and home-modification capabilities in central Indiana.

Shorehill Capital acquired a majority ownership interest in Functional Devices LLC in a recapitalization executed in partnership with the company's management team and prior owner Ken Rittmann. Functional Devices, headquartered in Sharpsville, Indiana, manufactures relays, power supplies, transformers, sensors and related components for the HVAC, building and lighting controls and energy management markets; financing support was provided by Madison Capital Funding and Maranon Capital.

EDSCO Fasteners, a Denton, Texas-based supplier of foundation anchoring systems and a portfolio company of LFM Capital, has acquired Indiana Anchor Bolt, Inc., a Waterloo, Indiana-based manufacturer of structural steel products. The acquisition adds an Indiana facility to EDSCO’s network and broadens its product offerings to customers in the utilities, construction, and transportation end markets.