Acquisitions in Indiana in 2021

Transcat, Inc. (Nasdaq: TRNS) purchased all of the stock of privately-held Tangent Labs, LLC effective December 31, 2021 for $9.0 million (subject to customary holdbacks). Tangent, founded in 1995 and headquartered in Indianapolis with an additional lab in Huntsville, Alabama, provides ISO/IEC 17025-accredited calibrations to life science, aerospace and other regulated industries and will be led by owner Kevin Broderick who joined Transcat after the sale.

Brightstar Capital Partners, a New York-based private equity firm, completed its acquisition of Novae Corp., a Markle, Indiana-headquartered trailer manufacturer, in partnership with Novae founder and senior management who retain significant ownership. Novae operates six trailer brands across 15 manufacturing facilities with more than 1,100 employees and will work with Brightstar to scale operations and expand in a fragmented market.

CW Industrial Partners, a Cleveland-based industrial private equity firm, has acquired Safe-Way Garage Doors, LLC, a manufacturer and distributor of residential, commercial and industrial overhead garage doors. Safe-Way was a portfolio company of Brixey & Meyer Capital; the transaction will add another building products business to CW Industrial Partners' portfolio and support Safe-Way's continued growth from its Warsaw, Indiana manufacturing operations.

Cleveland-based private equity firm CapitalWorks, LLC has acquired Safe-Way Garage Doors, LLC from Brixey & Meyer Capital. Safe-Way, a Warsaw, Indiana–headquartered manufacturer and distributor of residential, commercial and industrial overhead garage doors with distribution centers in Tennessee and Missouri, will become a CapitalWorks platform investment to support continued growth and operational improvements.

CC Industries, the Crown family holding company, acquired CIE, a Marion, Indiana-based producer of grain-based specialty alcohols, from a widely held shareholder group. CIE will operate as a standalone business with its existing management team in place as CC Industries expands into a new sector vertical within its portfolio.

DemandJump, an Indianapolis-based marketing strategy platform, announced the acquisition of content agency Metonymy Media to accelerate its Center of Excellence for content and enhance its SEO-driven content capabilities. The deal brings Metonymy’s creative writing team into DemandJump to productize content offerings that drive first-page search rankings, qualified traffic, and improved lead generation for both B2B and B2C clients.

Empowered Ventures, an employee-owned holding company based in Carmel, Indiana, has acquired Paramount Plastics, a custom thermoforming plastics manufacturer headquartered in Elkhart, Indiana. The transaction transfers ownership to Empowered Ventures' ESOP as part of a founder succession plan, with Paramount's employees joining the employee-ownership program.

Gener8 LLC, a portfolio company of Sverica Capital Management, has completed the acquisition of The RND Group, an Indianapolis-based provider of software development for medical device and life sciences products. The acquisition adds full-lifecycle regulated software capabilities — including cloud solutions, verification & validation, quality system compliance, and LIS/EHR integration — to Gener8's existing instrument, consumable and firmware offerings to extend services off-instrument and accelerate customer development timelines.

Industrial Physics, a portfolio company of Union Park Capital, has acquired Technidyne Corporation, a U.S.-based maker of instruments that measure optical, surface and physical properties of paper and related materials. The deal adds optical-properties measurement and automated testing capabilities to Industrial Physics' offerings and strengthens service coverage in the U.S. and Canada while expanding Technidyne's access to Industrial Physics' global sales and service footprint.

Engineered Specialties, LLC d.b.a. RapidAir (a Pfingsten portfolio company) has acquired Alpha-Pure Corporation, a Michigan City, Indiana-based distributor of compressed air treatment and condensate management products. The add-on deal expands RapidAir's product portfolio and customer reach across distributors, contractors, automotive and farm & ranch retailers; the transaction closed November 19, 2021.

Meridian Adhesives Group has acquired American Sealants Inc. (ASI), a Fort Wayne, Indiana-based manufacturer of product assembly adhesives and sealants. ASI will join Meridian's Industrial Division to broaden the group's product assembly capabilities and expand its packaging and private-label offerings.

Fortis Home Health & Hospice, a Grant Avenue Capital portfolio company, acquired Select Home Health of Indianapolis (Carmel), Indiana, with Select's founders reinvesting alongside other investors. The deal expands Fortis' home-based care platform into the Midwest as part of Grant Avenue Capital's buy-and-build strategy for Fortis.

Nomura Research Institute (NRI) has agreed to acquire Core BTS, a U.S.-based IT consulting and managed services provider, from Tailwind Capital's Fund III. The deal expands NRI's technology consulting, Microsoft and Cisco capabilities and scale in the United States; Core BTS CEO Paul Lidsky will remain with the company following the transaction.

Cennox, a York Capital Management-backed platform, has acquired FireKing Safety and Security from Pfingsten. FireKing, headquartered in New Albany, Indiana, is a manufacturer and national service provider of safes and cash-cycle management equipment; the transaction closed on November 22, 2021.

Ncontracts, a provider of integrated risk-management and compliance software for financial institutions, has acquired the OnSemble intranet portal business from Passageways, Inc. The purchase expands Ncontracts' intranet and internal-communications capabilities—adding OnSemble’s product, team and customer base to accelerate growth of its employee intranet offering for banks, credit unions, mortgage companies and fintechs.

Formstack, a no-code workplace productivity and workflow automation platform based in Fishers, Indiana, secured a $425 million growth investment led by Silversmith Capital Partners with returning investor PSG. The capital will be used to accelerate product development, go-to-market initiatives, and expand its remote-first team as the company scales globally.

Milwaukee-based SunAnt Interactive, LLC has acquired Alkon Consulting Group, Inc., a website design and internet marketing firm headquartered in Schererville, Indiana. The acquisition expands SunAnt's book of business and strengthens its Indiana/Illinois presence while adding web development, hosting and digital marketing clients and capabilities.

Vancouver-based private equity firm CAI Capital Partners has partnered with Midwestern Electric, a specialty electrical infrastructure services provider headquartered in East Chicago, Indiana. Management (including Ryan Rentschler, Ryan Lepper and Lenore Obajtek) retained meaningful equity and will continue to lead the business as CAI provides capital (with debt financing from CIBC) to support platform growth and expansion of MWE's municipal and commercial electrical services.

APPLIED Adhesives completed the acquisition of ADQ Inc., a regional supplier of adhesives and dispensing equipment based in Whitestown, Indiana. The purchase expands APPLIED's distribution footprint and equipment/technical-service capabilities, and brings ADQ's product portfolio and customer relationships into APPLIED's North American platform. ADQ co-owners Fritz Woerner and Mike South are named in the announcement.

MSI Express, backed by HCI Equity Partners, acquired select contract manufacturing and packaging assets from PacMoore Products, Inc. on October 25, 2021. The transaction adds PacMoore’s Hammond, Indiana operations to MSI’s Indiana footprint as a third add-on to the HCI-backed platform, expanding capacity and complementary capabilities for CPG customers.

Berenson Capital made a growth investment in Interactive Digital Solutions (IDS) and will support the company’s plan to separate its MedSitter virtual patient observation business into an independent, privately held company. The capital will be used to accelerate IDS’s market reach for next-generation communication solutions while enabling MedSitter to focus exclusively on patient safety and virtual observation in healthcare settings.

The Firefly Group made a majority investment in Sales Xceleration, a provider of fractional sales leadership and outsourced VP of Sales services serving small- and mid-size businesses. Concentric Investment Partners and New Canaan Funding provided financing for the transaction; founders Mark Thacker and Chad Meyer remain significant owners and will stay active in the company.

Crawford & Company has acquired Praxis Consulting, Inc., a U.S.-based provider of outsourced subrogation claims management and recovery services. The deal brings Praxis' subrogation expertise and proprietary data analytics into Crawford's claims management platform to expand capabilities in the U.S. subrogation market.

Terminus, the account-based engagement (ABM) platform, acquired Zylotech and integrated its customer data platform capabilities to launch Terminus Customer Data Platform (CDP). The acquisition adds data cleansing, enrichment and buying-committee discovery capabilities to Terminus’ ABM offering to improve B2B go-to-market data accuracy for enterprise customers.

Brightstar Capital Partners acquired a majority stake in XLerate Group from Huron Capital, with XLerate's senior management and Huron Capital retaining minority equity. XLerate, based in Carmel, Indiana, operates fixed-site, mobile and digital used-vehicle auctions across a multi-state footprint and will pursue further growth and technology investment under Brightstar's ownership.

Nelson Global Products, a Wind Point Partners-backed manufacturer of thermal, acoustic and fluid-management components, has acquired Tru-Flex LLC, a West Lebanon, Indiana-based maker of engineered flexible elements for exhaust systems with manufacturing in Indiana and Zimna Wodka, Poland. The add-on expands Nelson's NVH and exhaust-component capabilities and adds European manufacturing footprint; HBM Holdings (the Tru-Flex parent) will retain an ownership position via an investment in Nelson.

BP3 Global, an Austin-based automation services provider, has acquired Agilify, an Indianapolis intelligent automation solutions firm. The acquisition brings Agilify's practitioner team and methodology into BP3 to expand BP3's intelligent automation capabilities and accelerate delivery of advisory, implementation, licensing, and training services to enterprise clients.

Carmel, Indiana-based XLerate Group has acquired Clark County Auto Auction (CCAA), a third-generation, family-run dealer auction based in Jeffersonville, Indiana. CCAA will continue to be operated by Paul Fetter as general manager while XLerate integrates the location into its network of regional auction brands to expand its platform footprint in the Midwest.

Spartech, a St. Louis-based manufacturer of engineered thermoplastics, has acquired Crawford Industries, L.L.C., a custom thin-gauge polyethylene and polypropylene sheet extruder and converter with plants in Crawfordsville, Indiana and Thomasville, Georgia. The acquisition adds Crawford's printing, die-cutting and finishing capabilities to Spartech's platform, expanding Spartech's product portfolio and manufacturing capabilities in custom plastic sheet and packaging solutions.

Fencing Supply Group (a platform backed by The Sterling Group) has acquired Vinyl by Design, a full-service provider of vinyl and aluminum fencing, railing and decking based in New Paris, Indiana. The add-on expands FSG's product offering and footprint in the Upper Midwest and complements existing fencing and outdoor living product lines across the platform.

Tide Rock Holdings acquired Summit Seed Coatings and Midwest Seed Coating to enter the custom seed coating industry and expand its agriculture-oriented portfolio. The two businesses will operate under a single entity, Summit Seed Coatings LLC, led by industry veteran Bill Talley, and will join Tide Rock's growing portfolio to expand capacity and scale in seed coating for turf, forage and legume seeds.

Sentinel Capital Partners made a strategic growth investment in Midwest Eye Consultants, a Wabash, Indiana-based management services organization supporting optometry and ophthalmology practices in Indiana and northwest Ohio. Midwest Eye operates a network of affiliated practices across 54 locations with more than 74 healthcare specialists; terms were not disclosed and Physician Growth Partners advised Midwest Eye.

Restoration Builders, Inc. completed an asset purchase of Palazzo Restoration, LLC, acquiring Palazzo's online roofing sales business and bringing founder Tim Rimedio and his web-based sales process into Restoration Builders. The deal is intended to kick-start Restoration Builders' online sales efforts and expand that capability into additional geographic territories beginning in Q4 2021.

Tampa-based Vector Solutions has acquired Bloomington-based Envisage Technologies, integrating Envisage’s Acadis Readiness Suite into Vector’s public-safety SaaS platform to broaden training, compliance and performance offerings for first responders. Norwest Venture Partners, which previously held a majority stake in Envisage, will remain a minority investor in the combined entity; Shea & Company served as Envisage/Norwest financial advisor on the deal.

Sweeping Corporation of America (SCA) has acquired Clean Sweep Lot Service and BLT Environmental Services, two Indianapolis-area sweeping companies based in Speedway, Indiana. The acquisitions expand SCA's service offerings and strengthen its presence in the greater Indianapolis market; terms were not disclosed.

T-H Marine Supplies, LLC (a Valesco-backed platform) has acquired the assets of Heartland Global Services, LLC, a family-owned supplier of stainless-steel ladders, hardware, electronics and plastics for the recreational marine market. Heartland will operate as a standalone division in Angola, Indiana, with the existing Heartland management team (including Ryan Marshall as division president) remaining in place.

IBJ Media has acquired Grow INdiana Media Ventures LLC, the parent company of the Inside INdiana Business brand, to expand its statewide business news reach. The Inside INdiana Business television and radio operations will become a division of IBJ Media, led by founder Gerry Dick; terms were not disclosed.

Cable Manufacturing & Assembly (a Torque Capital Group portfolio company) acquired Cablecraft Motion Controls in August 2021 and announced a rebrand to the Cablecraft Motion Controls name in May 2022. The deal brings together complementary engineered motion-control product lines—control cables, linkages and actuation systems—to expand CMA's product portfolio and accelerate growth across heavy truck, engine controls, construction and agricultural OEM end markets.

Kadant Inc. completed the acquisition of Balemaster, a U.S. manufacturer of horizontal balers and related recycling equipment, for $54 million in cash. The deal expands Kadant's presence in the secondary material processing sector and adds Balemaster's strong aftermarket business to Kadant's Material Handling segment.

QGistix, a reverse-logistics and electronics lifecycle management company based in Atlanta, acquired Green Wave Computer Recycling of Indianapolis and combined the businesses under the name Green Wave Electronics. The deal expands the combined company's e-waste recycling, data-destruction and refurbishment capabilities and extends its geographic footprint from the Midwest into the Southeast, creating a business with more than 250 employees and 300,000 square feet of facilities.

Course Hero has acquired CliffsNotes, the long-running study guide publisher, and QuillBot, an AI-powered writing platform. The deals expand Course Hero's portfolio of educational content and AI writing tools to better support students and educators across K-12 and higher education.

Harlan Bakeries LLC has acquired Evansville-based AmeriQual Group Holdings, LLC, a developer, packager and distributor of shelf-stable, refrigerated and frozen foods for branded food companies, government agencies and institutional customers. New York-based Turning Rock Partners provided structured equity financing to support the transaction, with existing shareholders and management also participating.

Halton Group, the Finland-based indoor air and foodservice ventilation technology leader, has acquired Nelbud Service Group, a U.S. provider of fire protection, kitchen exhaust hood cleaning, grease trap services, and hood system repair. The deal expands Halton’s service capabilities and U.S. footprint, combining Halton’s product and technology expertise with Nelbud’s self-performing local service platform.

Graphic Village has acquired T-Max Graphics, a Muncie, Indiana-based wide-format printing and signage company with about 20 employees. The deal, completed by Graphic Village (whose parent is Revitalize Capital), expands Graphic Village's large-format printing capabilities, adds a Midwest location in Indiana and broadens its presence in the restaurant end market.

Seismic, the San Diego–based sales enablement platform, acquired Indianapolis-based Lessonly, a training, coaching and enablement SaaS provider, to integrate learning and coaching into its enablement offering. The acquisition coincided with Seismic closing a $170 million Series G financing led by Permira to accelerate product expansion, R&D, and global growth.

iQmetrix has acquired Shiftlab, an AI-driven workforce management SaaS provider, to integrate employee scheduling and optimization into its telecom retail management platform. The acquisition is intended to expand iQmetrix's product capabilities, streamline scheduling for multi-store retail operators, and drive revenue growth for both companies.

Restoration Builders, Inc., a Scottsdale-based restoration contractor network, has acquired Jagg, LLC, a Clayton, Indiana metal roofing fabrication and installation business. The deal expands Restoration Builders' service offering into metal roofing specialty services to support growth in the insurance restoration and roofing market.

Evergreen Services Group has acquired managed IT services provider 4EOS and will tuck the MSP into NetGain Technologies as a tuck‑in add‑on. Financial terms were not disclosed.

Integrity Marketing Group has acquired Star Benefit Associates, a Medicare-focused field marketing organization based in Indianapolis. The acquisition brings Star Benefit Associates onto Integrity's platform to expand Medicare Advantage offerings in the Midwest and provide the agency access to Integrity's technology, back-office support and proprietary products.

EN Engineering, a national engineering and consulting firm based in Warrenville, Illinois, has acquired Spectrum Engineering Corporation, an Auburn, Indiana–based engineering firm. The acquisition expands EN Engineering’s geographic presence in the Midwest and strengthens its communications engineering, fiber-optic, data center, telecom and SCADA capabilities.