Acquisitions in Indiana in 2020

Help at Home, a portfolio company of Centerbridge Partners and The Vistria Group, acquired The Adaptive Group, a Jeffersonville, Indiana-based provider of home care, home health and hospice services. The transaction, advised by Edgemont Partners and closed on December 24, 2020, was for undisclosed terms and expands Help at Home's presence and scale in Indiana and the broader Midwest.

LCI Industries, through its wholly-owned subsidiary Lippert Components, Inc., has acquired Veada Industries, a New Paris, Indiana-based manufacturer and distributor of boat seating and marine accessories. The acquisition expands LCI's marine seating capabilities and capacity and represents the fifth marine-sector acquisition by LCI since 2015; former owners Bob and Doug Steury were cited in the announcement.

Calera Capital completed a majority recapitalization of FitzMark, LLC, partnering with founder and CEO Scott Fitzgerald to support the company's growth. FitzMark, a Indianapolis-headquartered third-party logistics firm serving truckload, flatbed, refrigerated and LTL markets, will leverage the partnership to pursue organic growth and targeted acquisitions; terms were not disclosed.

Farmers & Merchants Bancorp, Inc. (F&M) agreed to acquire Ossian Financial Services, Inc. (OFSI), the holding company of Ossian State Bank, in a cash deal valued at approximately $20.0 million (approximately $67.71 per share). OFSI operates two full-service offices in northeast Indiana with about $122 million in assets; the transaction, unanimously approved by both boards and subject to regulatory and shareholder approvals, was expected to close in Q2 2021.

Midwest Growth Partners led a transaction to acquire Incorp Holdings, LLC, with subordinated debt and equity provided by NewSpring Mezzanine (NewSpring Capital), Parkway Capital (Calvert Street), Lowe Capital, Spring Capital, Pete Vrettakos, and Incorp's senior management team. Incorp, an Evansville, Indiana-based specialty contractor providing insulation, scaffolding and multi-craft industrial services, will use the proceeds to expand service lines and geographic coverage to support organic and acquisitive growth.

Prairie Capital VI partnered with Dr. Kelly Jastremski, Patrick Malloy and other practice-owner dentists to consolidate 26 dental practices across Indiana and form P1 Dental Partners, a provider-led dental partnership organization headquartered in Indianapolis. The platform comprises 23 general and 3 specialty practices (about 50 providers) and Prairie Capital will support growth through investments in people, technology, infrastructure and add-on acquisitions.

Chiro One Wellness Centers has acquired the HealthZone chiropractic clinic in the Geist area of northeastern Indianapolis and will transition the location to the Chiro One Wellness Center brand. The acquisition expands Chiro One's footprint in the Indianapolis market (adding a third clinic in the northeast Indianapolis area) as part of the company's broader Midwest growth strategy; Chiro One is managed by TVG-Medulla, LLC.

Cleveland-based private equity firm CapitalWorks completed a majority investment in Electromechanical Research Laboratories, Inc. (ERL) of New Albany, Indiana, alongside ERL President and CEO Stephen Wilkins and the ERL management team. ERL is a long-established manufacturer and repair-service provider of pumps, valves, gauging and overfill protection for the inland marine (tank barge) and rail markets; the deal includes ERL’s subsidiary Law Valve of Texas, a Houston-area on-barge repair and support business.

MFG Partners, in partnership with Merit Capital Partners and Storage Solutions' management team, has completed an acquisition of Storage Solutions, Inc., a Westfield, Indiana-based material handling and industrial storage systems integrator. The transaction transitions the company from an ESOP structure and positions Storage Solutions to expand its service lines and capitalize on growth in e-commerce and warehouse demand.

Lippert Components, Inc., a wholly-owned subsidiary of LCI Industries (NYSE: LCII), acquired substantially all of the business assets of Challenger Door, LLC, a Nappanee, Indiana-based manufacturer and distributor of branded doors for the RV, cargo, and transit trailer markets. The acquisition expands Lippert's product portfolio and manufacturing capacity to better serve OEM and aftermarket customers in the recreational and transportation industries.

Great Day Improvements, a vertically integrated home improvement company, has acquired Apex Energy Solutions, a direct-to-consumer provider of energy-efficient replacement windows and patio doors. The acquisition expands Great Day's product capabilities and geographic footprint across the U.S., adding Apex's network of company-owned and franchised locations and its proprietary sales and installation platform.

Lowe Capital Management LLC and Construction Safety Group have acquired Incorp Holdings, LLC, a specialty insulation, scaffolding and multi-craft industrial services provider headquartered in Evansville, Indiana. The transaction, for undisclosed terms, positions Incorp to continue its growth strategy with support from a strategic partner and financial sponsor.

BayMark Health Services has acquired Limestone Health’s opioid treatment programs in Bloomington and Lafayette, Indiana (formerly owned by Springstone, Inc.). The clinics will operate under BayMark’s MedMark Treatment Centers brand, expanding BayMark’s medication-assisted treatment (MAT) footprint and access to methadone-based services in Indiana.

Realync Corp., a Carmel, Indiana–based virtual leasing and resident engagement platform for the multifamily housing industry, has raised $22 million in growth equity from Susquehanna Growth Equity (SGE). As part of the investment, SGE principals Josh Elser and Aaron Flack will join Realync's board, and the capital will be used to scale Realync’s team, product and business to meet growing demand for virtual leasing and engagement solutions.

Wunderkind (formerly BounceX) has acquired SmarterHQ, an advanced segmentation and orchestration engine for enterprise eCommerce, to accelerate product development and deepen Wunderkind's email and SMS personalization capabilities. The deal will integrate SmarterHQ's segmentation technology into Wunderkind's SMS platform to drive higher revenue for enterprise retailers and expand capabilities into travel and finance verticals.

Myers Industries (NYSE: MYE) acquired the assets of Elkhart Plastics, Inc., adding the South Bend-based rotational molder to its Material Handling segment and combining it with Myers' Ameri-Kart business to form the fifth-largest rotational molder in the United States. Elkhart operates six U.S. manufacturing facilities with approximately 460 employees and had roughly $100 million of revenue in 2019; Myers financed the acquisition with cash, expects immediate accretion to earnings, and projects $4–6 million of annual cost synergies.

Authority Brands, a PE-backed home‑services franchisor based in Columbia, Maryland, has purchased Service Team of Professionals ("STOP Restoration"), a Bloomington, Indiana‑based restoration franchisor operating in 31 U.S. territories. Terms were not disclosed; Boxwood Partners advised STOP Restoration and Apax Partners (Authority Brands' investor) commented on the strategic fit as an expansion of Authority Brands' home‑service portfolio.

World Insurance Associates LLC (WIA), a nationally ranked full-service insurance brokerage based in Tinton Falls, New Jersey, acquired Ball Insurance Services, a property & casualty agency focused on auto and motorcycle insurance headquartered in Merrillville, Indiana. Terms were not disclosed; WIA said the acquisition aligns values and will enable seamless integration of Ball's employees and clients as part of WIA's roll-up strategy.

Affiliates of Newlight Partners LP have made a strategic growth investment in Pondurance to accelerate the managed detection and response (MDR) provider’s growth, R&D and product innovation. The deal accompanies senior leadership changes at Pondurance, including Doug Howard as CEO and Niloofar Razi Howe as Board Chair, and will support geographic expansion and potential strategic M&A.

Nutricia, part of Danone's Specialized Nutrition business, has acquired Real Food Blends, a Chesterton, Indiana-based maker of 100% real-food meals for people who rely on feeding tubes. The founders, Julie and Tony Bombacino, will remain in their roles as CEO and President while Nutricia intends to scale the Real Food Blends portfolio and expand its reach through Nutricia/Danone's broader distribution and clinical channels.

Alta Equipment Group (NYSE: ALTG) has entered into a definitive agreement to acquire Howell Tractor and Equipment, a long-standing heavy equipment dealer serving Northern Illinois and Northwest Indiana. Howell Tractor, which operates facilities in Gary, Indiana and Peru, Illinois, generated approximately $33.1 million in revenue and $5.0 million of adjusted EBITDA in the trailing twelve months through July 2020; the deal expands Alta's presence in the Illinois/Northwest Indiana construction market.

discoverIE Group plc acquired Phoenix America, Inc., a Fort Wayne, Indiana-based designer and manufacturer of magnetic encoders and sensors. The acquisition closed on October 13, 2020 for an undisclosed amount; discoverIE said Phoenix is a strategic fit within its Design & Manufacturing division to drive product, customer and geographic synergies.

EC Sourcing Group, a Morristown, New Jersey–based provider of SaaS procurement solutions, has acquired BidMode, a sourcing optimization and analytics specialist. As part of the deal BidMode CTO Ian Diakov joined EC Sourcing as an equity owner and Chief Technology Officer, and BidMode’s technology has been integrated to expand EC Sourcing’s machine learning, award optimization, and analytics capabilities; financial terms were not disclosed.

Enhanced Healthcare Partners, a healthcare-focused private equity firm, announced an investment in NeuroPsychiatric Hospitals to support the company's expansion of integrated inpatient neuropsychiatric services. The capital will be used to accelerate geographic expansion (including planned openings in Arizona and Texas) and to scale NPH's interdisciplinary care model across additional hospitals nationwide.

E.J. Welch, the flooring division of Merit Distribution (backed by Center Rock Capital Partners), acquired the Indiana, western Tennessee, Kentucky and Ohio territories — including facilities — of Gilford-Johnson Flooring effective Sept. 28, 2020. The transaction is an add-on to E.J. Welch's flooring distribution platform to expand its Midwest footprint and integrate local teams and supplier relationships.

Bloomerang, an Indianapolis-based cloud donor management software provider for nonprofits, received a strategic growth investment from growth equity firm JMI Equity. The partnership will support Bloomerang’s product and customer expansion while allowing the company to retain operational autonomy; JMI partners will join Bloomerang’s board of directors.

HomeValet has acquired Envolve Engineering, an Evansville, Indiana engineering firm specializing in refrigeration and appliance design. The deal brings in-house mechanical, electrical and CAD expertise to support HomeValet’s upcoming IoT Smart Box, SaaS platform and subscription delivery service as the company prepares for product launch and scale-up.

Barnhart Crane & Rigging has acquired Days Machinery Movers of Elkhart, Indiana in a strategic acquisition sourced by Calder Capital. The deal expands Barnhart’s heavy-transport and rigging footprint in the U.S. Midwest and brings a long-established regional machinery-moving operator into Barnhart’s national network.

Nippon Express Co., Ltd., via its U.S. subsidiary Nippon Express USA, Inc., completed the acquisition of all equity interests in MD Logistics, LLC and MD Express, LLC, making the businesses subsidiaries. MD Logistics is a U.S.-based third-party logistics provider (founded 1996) specializing in pharmaceutical cold-chain warehousing and distribution, with multiple facilities in Indiana and a site in Reno, Nevada and reported roughly $51M revenue for 2019.

PLZ Aeroscience Corporation, a Pritzker Private Capital-owned specialty aerosol and liquid contract manufacturer, has acquired Mansfield-King, a Indianapolis-based contract manufacturer of specialty personal care liquids, from founder Charles Haywood. The acquisition adds a Midwest liquids facility to PLZ's North American personal care network and expands its formulation, R&D and liquid manufacturing capabilities; financial terms were not disclosed.

Patrick Industries completed the acquisition of Goshen, Indiana-based Synergy RV Transport, a transportation and logistics provider serving RV OEMs and dealers. Synergy reported approximately $46 million of 2019 revenue and will operate as a stand-alone brand within Patrick to expand its RV transport platform and network.

Chicago-based private investment firm Tilia Holdings completed the acquisition of Fort Wayne, Indiana-headquartered Ellison Bakery from the Ellis family and a group of private equity investors including Blackford Capital and Promus Equity Partners. Ellison is a manufacturer of cookies, crunches, inclusions and bars serving retail, foodservice and private label customers; management will remain in place and debt financing was provided by Comerica and others.

Crane Credit Union (CCU), headquartered in Odon, Indiana, signed a definitive purchase and assumption agreement to acquire the assets and assume certain liabilities of Our Community Bank (OCB), headquartered in Spencer, Indiana, from Home Financial Bancorp. The all-cash transaction will result in OCB branches operating as CCU offices and Home Financial distributing remaining cash to its shareholders; the deal was approved by both boards and expected to close in 2021 subject to customary approvals.

Creative Planning Inc., a large independent Registered Investment Adviser based in Overland Park, Kansas, acquired Miller Financial Management, an RIA in Muncie, Indiana that managed approximately $150 million in client assets. The acquisition expands Creative Planning’s presence in Indiana and provides continuity and expanded resources for Miller Financial Management’s clients and team.

Nexelis, a portfolio company of Ampersand Capital Partners, has acquired AIT Bioscience, an Indianapolis-based integrated bioanalytical CRO with LC‑MS and immunoassay testing capabilities. The add-on expands Nexelis' bioanalytical services (including large-molecule mass spectrometry) and establishes operations in Indianapolis to support future growth and faster turnaround times.

Amynta Group has acquired Pivotal Solutions Inc., a Fishers, Indiana-based provider of F&I (finance & insurance) solutions, training and development for automotive dealer groups. The acquisition establishes Amynta Dealer Services' presence in the U.S. Midwest and will keep Pivotal operating under its current leadership to continue serving dealer clients.

KPS Capital Partners, through a newly formed affiliate, signed a definitive agreement to acquire AM General LLC from an affiliate of MacAndrews & Forbes Incorporated. AM General is a leading designer and manufacturer of military and specialty ground vehicles (including the HUMVEE), headquartered in South Bend, Indiana; KPS said it plans to invest in the business and grow the platform organically and via acquisitions.

Sweeping Corporation of America (SCA), the largest self-performing power sweeping company in the U.S., acquired Indianapolis-based Envirosweep, LLC to expand SCA’s geographic footprint into Indiana. Envirosweep’s founder-owners Rob and Jeremy Pitman will remain with the business following the transaction, which aims to combine resources and support continued growth and service coverage.

Reedy Industries, a Glenview, Illinois-based provider of commercial and industrial HVAC, plumbing and building controls services, has acquired Arctic Engineering of Merrillville, Indiana. The acquisition expands Reedy's service footprint in Indiana and preserves Arctic's leadership team, with President Bill Mitchell remaining in his role.

Liquid Web, the Lansing, Michigan-based managed hosting leader, has acquired ServerSide to expand its Microsoft Windows CMS hosting capabilities and accelerate entry into the Sitefinity, Kentico, and Sitecore hosting markets. The ServerSide team, including founder and CEO Steve Oren, joined Liquid Web and have begun migrating customers to Liquid Web's VMware-powered private cloud platform.

Potomac Testing, a TechPro Power Group company, has acquired Electrical Maintenance & Testing, Inc. (EMT), a NETA-accredited independent electrical testing firm based in Carmel, Indiana. The deal expands Potomac's service footprint and technical capabilities—particularly for union project work and power distribution testing—while enabling shared best practices and back-office synergies across the combined teams.

Great Plains Communications, backed by investor Grain Management, has completed the acquisition of Enhanced Telecommunications Corporation (ETC), a family-owned Southeastern Indiana telecommunications provider. The deal expands Great Plains' fiber footprint and broadband services into Indiana, adding ETC's ~14,000 customers and a local workforce of over 90 employees.

Mishawaka-based Lighthouse Autism Centers, LLC has acquired Autism Therapy Services, a center-based Applied Behavior Analysis (ABA) provider with five clinics in the greater Indianapolis area. The deal expands Lighthouse’s footprint in Indiana, accelerating its strategy to scale center-based ABA services across northern Indiana and southwestern Michigan.

CAPTRUST Financial Advisors announced that Lakeside Wealth Management, a Chesterton, Indiana-based wealth management and retirement-plan advisory firm with $1.6 billion in assets under advisement, has joined CAPTRUST. The Lakeside team of 27 employees will take on the CAPTRUST name, expanding CAPTRUST's nationwide headcount and increasing its assets under advisement.

CertaSite has acquired the assets of Approved Safety and Security, a family-owned fire and life-safety company serving the Michiana region for nearly fifty years. The deal is an add-on to CertaSite’s platform (backed by Riverside) and marks the eighth company operating under the CertaSite family of brands, expanding its footprint and service capabilities in Indiana.

KAR Auction Services (d/b/a KAR Global) placed $550 million of newly issued perpetual convertible preferred stock in a strategic financing led by funds advised by Apax Partners with participation from Periphas Capital. The capital will support KAR’s operational recovery from COVID-19, accelerate its digital transformation and sustain its technology platforms and development pipeline.

Avtex has acquired the contact center assets and Genesys customer portfolio of Communications Products, Inc. (CPI), an Indiana-based provider of contact center and communication solutions. The asset purchase expands Avtex’s contact center technical talent, geographic reach and client base and strengthens its capabilities around Genesys- and Microsoft-based CX solutions.

Sustainable Projects Group (OTCQB: SPGX) has acquired 100% of the rights to Soy-Yer Dough from founders Sawyer and Samantha Sparks and will operate the brand as a wholly owned subsidiary, YER Brands, Inc. SPGX plans to shift production to a Rushville, Indiana facility to realize synergies with its other portfolio companies and expects the transaction to be immediately accretive.

H19 Capital, LLC — a joint venture between Hilco Global and Colbeck Capital Management — acquired substantially all of the assets of 19th Capital Group in a multi‑million dollar asset purchase that closed May 1, 2020. The transaction transfers thousands of trucks and trailers, service equipment, intellectual property and a portfolio of receivables (including over 600 leases) to the buyer as Hilco-led teams restructure and operate the business as a going concern in Indianapolis, preserving jobs and positioning the operation for post‑pandemic recovery.

World Insurance Associates LLC (WIA) acquired Pinnacle Insurance Group of Indiana on May 1, 2020. The acquisition expands WIA's footprint in Indiana and brings the Pinnacle team into WIA's national brokerage platform; financial terms were not disclosed.