Acquisitions in Indiana in 2022

Aggreko has signed a definitive agreement to acquire Resolute Industrial from AE Industrial Partners for $440 million on a cash-free, debt-free basis. Resolute is a U.S.-based provider of temporary HVAC&R rental services, compressor remanufacturing and refrigerant storage operating from ~38 locations across North America; Aggreko says the deal expands its temperature-control capabilities and access to high-return capital equipment.

TJC, L.P. (The Jordan Company) has acquired Industrial Service Group Holdings, LLC (The Industrial Service Group) in a sale from KCM Capital Partners, with PNC Mezzanine Capital, Five Points Capital, and ISG management among the sellers. The transaction represents the exit of KCM's buy-and-build investment in ISG, a provider of recurring outsourced MRO services and rotating equipment repair, service and distribution for industrial end markets.

Pearlman Group, a portfolio company of The Stephens Group, acquired Advantage Marketing, Inc. (dba Advantage Experts in Clean), a Midwest distributor of professional cleaning and restoration chemicals, supplies, and equipment. The Bonwell family will continue to lead Advantage in partnership with Pearlman; terms were not disclosed. The deal expands Pearlman's specialty distribution footprint and service/education capabilities in the Midwest.

The Care Team (TCT), a Revelstoke Capital Partners portfolio company, completed the acquisition of 1st Care Home Health and Care Hospice, regional providers based in Carmel, Indiana. The transaction (terms not disclosed) expands TCT's hospice and home health footprint into Indiana; select 1st Care leadership, including founder Hari Nagireddy, will continue in management roles.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Utah, has acquired TCU Insurance Agency, an independent agency and subsidiary of Teachers Credit Union that serves customers in Indiana and Michigan. The acquisition expands PCF's Midwest footprint and broadens its personal and commercial insurance offering; terms were not disclosed.

Netrality Data Centers acquired Lifeline Data Centers' 733 West Henry colocation facility on the Indy Telcom campus in Indianapolis. The 30,000 sq ft facility will continue to offer colocation while Netrality expands interconnection services to link the site with its 701 West Henry meet-me room and broader Indianapolis campus ecosystem.

TELEO Capital completed a majority control investment in Sharpen Technologies Inc. (SharpenCX), a cloud-native contact center (CCaaS/UCaaS) platform based in Indianapolis. TELEO said it will provide operational resources and capital to accelerate product innovation, expand SharpenCX’s market position, and enhance support and platform capabilities.

USI Insurance Services has acquired Noblesville, Indiana-based Ritman & Associates and will combine Ritman's operations with its USI Affinity division. The deal strengthens USI Affinity's law firm program and expands USI's legal malpractice and affinity insurance capabilities; terms were not disclosed.

World Insurance Associates LLC, a Top-50 national insurance brokerage based in Iselin, New Jersey, acquired Future Insurance Group of Schererville, Indiana on December 1, 2022. Future Insurance Group is a family-owned insurance agency specializing in trucking and transportation insurance for long-haul trucking, fleets and owner-operators; terms were not disclosed.

Easy Ice, a national provider of full-service commercial ice machine subscriptions, has acquired Polar Ice Systems, a regional ice machine leasing and service company based in DeMotte, Indiana. The acquisition expands Easy Ice’s service footprint in the Midwest and adds a branch/service facility to support its growing customer base and machine fleet.

AssuredPartners, Inc. has acquired Witkemper Insurance Group, a Greensburg, Indiana-based insurance agency with offices in Greensburg and Indianapolis. The 19-person team will remain under President Kyle Nichols; the deal expands AssuredPartners' operations in Indiana and is one of many add-on acquisitions by the firm in 2022.

AGS Automotive Solutions, a portfolio company of private equity firm 3 Rivers Capital, has acquired BluDot Manufacturing, a South Bend, Indiana-based manufacturer of trailer brake systems and hydraulic brake kits. The acquisition is an add-on to AGS's strategy to expand its OEM and aftermarket braking product capabilities and broaden its footprint in the trailer and recreational vehicle markets.

ARCH Medical Solutions has acquired Nicholas Precision Works, a North Manchester, Indiana-based contract manufacturer specializing in precision grinding for surgical cutting tools and precision ground instruments. The acquisition will combine NPW with ARCH's OrthoGrind facility to form a new ARCH Medical Grinding business unit, expanding ARCH's precision grinding capabilities for medical OEMs.

The Stephens Group, a private investment firm, has completed a strategic acquisition of Fort Wayne-based Princeton TMX to accelerate the growth and product development of its cloud-based transportation management system for industrial shippers. Princeton TMX will leverage The Stephens Group’s capital and operational support to expand capabilities and scale commercial efforts serving customers across agriculture, packaging, steel, lumber, aggregates, food & beverage and chemicals.

Tonka Bay Equity Partners led the acquisition of Standard Locknut, LLC, a Indianapolis-based manufacturer of bearing accessories and components. Northstar Capital provided junior debt and an equity co-investment to finance the transaction; Standard Locknut was sold by Dunes Point Capital (a division of Industrial Group Holdings) as part of Tonka Bay's growth strategy to expand capabilities in engineered manufacturing.

Euson Lindsay Health LLC completed the acquisition of The Green House Cottages of Carmel (closed November 30, 2022). The 72-bed skilled nursing campus in Carmel, Indiana will be rebranded The Restoracy of Carmel as Euson Lindsay expands its small-home skilled nursing platform in the state; the seller was represented by Green House Senior Living.

Patrick Industries, Inc. completed the acquisition of Elkhart, Indiana-based Transhield, Inc., a designer and manufacturer of protective covers and shrinkable packaging for marine, military, and industrial markets. Transhield was owned by Ancor Capital Partners and Midwest Mezzanine Funds; management will remain in place and Patrick expects manufacturing synergies and to leverage its footprint to grow Transhield's aftermarket channel.

The Riverside Company has invested in Motivating Systems LLC (creator of PBIS Rewards) as an add-on to its portfolio company Navigate360, expanding Navigate360’s K–12 student wellness and behavioral management capabilities. Motivating Systems’ PBIS Rewards SaaS will be integrated into Navigate360’s suite to give districts data-driven tools for whole-child safety and early intervention; PBIS Rewards CEO Pat Heck will continue with Navigate360 as CTO.

Hickory Furniture Collective has acquired Old Hickory Furniture Company of Shelbyville, Indiana, bringing the historic brand into its family of American-made hickory furniture businesses. The Morrison family sold the business but Old Hickory's president, Bob Morrison, will remain in his role as the company is integrated to expand the buyer's retail and contract market presence while preserving manufacturing in Indiana.

ARCH Medical Solutions, a Jordan Company platform, has acquired Alpha Manufacturing & Design of Warsaw, Indiana. The acquisition adds ISO 13485-certified contract manufacturing capabilities for complex surgical devices (spine, trauma, large joint and dental) to ARCH’s precision medical-device manufacturing platform, strengthening its orthopedics and surgical instruments offering and geographically co-locating capacity with OEM customers.

Emler Swim School acquired Stony Creek Swim Center, a single-location swim school in Noblesville, Indiana, with the deal closing on November 17, 2022. The acquisition expands Emler’s footprint into its eighth state and grows its network of locations to 42, while Stony Creek will continue operating under its current name with existing staff and enrollment plans.

Lometa Capital Partners' Lometa Capital Fund LP made a growth investment in Upper Hand, Inc., a subscription-based sports management software company headquartered in Indianapolis, Indiana. The minority/growth capital will be used to support Upper Hand's go-to-market expansion and product growth initiatives to accelerate growth across sports training facilities and franchisors.

LCI Industries, through its wholly-owned subsidiary Lippert Components and its brand/subsidiary Furrion LLC, acquired substantially all of the business assets of Way Interglobal Network LLC, an Elkhart, Indiana-based supplier of appliances and electronics to the RV industry. The deal (which excludes Way's power generator assets and the Way brand) adds Way’s Everchill and Greystone brands, expands North American R&D and warehousing capacity, and strengthens Lippert/Furrion’s RV appliance and electronics portfolio.

The Bostwick-Braun Company’s Industrial Business Division has acquired Mill Supplies, Inc. (MSI), a regional distributor of power tools, abrasives, MRO and safety products operating in Fort Wayne and Indianapolis. The deal brings MSI into Bostwick-Braun’s industrial group to expand its Midwest footprint and serves as a succession plan for owners Andy and Karen Beckstein, who will remain in key management roles.

Turnout Industries, a Chicago-based diversified holding company, has acquired KIHM Metal Technologies LLC, a Brazil, Indiana-based specialist in metal spinning, hydroforming and precision CNC machining for the aerospace, defense and power generation markets. The business was purchased from a group of investors led by the Firefly Group; Turnout will partner with KIHM management to expand capabilities and support growth.

The Purple Guys, a Kian Capital-backed managed IT services platform, has acquired Golden Tech, a Valparaiso, Indiana-based managed services provider. The add-on expands The Purple Guys' footprint and technical capabilities in Northwest Indiana and the greater Chicago area, adding Golden Tech's ~300 customers and experienced team.

Follett Higher Education has acquired Indianapolis-based edtech platform Willo Labs to integrate its single-connection LMS technology into Follett's ACCESS and campus retail offerings. The deal aims to expand digital course-material access, improve privacy and security for institutions, and broaden Follett's digital services for millions of students.

Intermatic Incorporated acquired Aquapro Systems, LLC to expand its pool and spa product portfolio with pumps, filters, heat pumps, air blowers and related equipment. The acquisition will transition Aquapro-branded products to the Intermatic brand and integrate product warranty support and customer service into Intermatic operations.

Auvik, a Waterloo-based provider of cloud network management software, has acquired SaaS discovery vendor Saaslio and remote endpoint management platform Boardgent to expand visibility and troubleshooting across the ‘last mile’ of the modern distributed network. The deals add SaaS application discovery and remote device support capabilities to Auvik’s platform, strengthening its offering for managed service providers (MSPs) and internal IT teams.

ChildcareCRM acquired MomentPath and rebranded the combined business as LineLeader, launching a unified Childcare Experience Platform that combines CRM, a family engagement app, and childcare management software. The acquisition integrates MomentPath’s family engagement and CMS capabilities into ChildcareCRM’s platform to provide a single, end-to-end solution for childcare centers.

Aurora Material Solutions (Aurora Plastics), a Nautic Partners-backed polymer compounds manufacturer, has merged with Enviroplas Inc., an Evansville-based engineering compounding business. The deal launches Aurora's engineered polymers business segment while Enviroplas founder Jim Stratman remains a substantial shareholder and will lead the new engineered polymers unit.

Chicago-based private equity firm Wind Point Partners has acquired FreshEdge, a leading independent fresh food distributor, from Rotunda Capital Partners. FreshEdge’s existing management team will remain in place and Wind Point will provide capital to expand fresh-cut processing capabilities, warehouse space, infrastructure and pursue strategic acquisitions to grow density across the Midwest and Southeast.

Rhythm Management Group has acquired Equis Consulting Group, an Indiana-based provider of clinical and consultative remote cardiac monitoring and remote patient management services. The deal, which closed September 30, expands Rhythm’s national footprint—especially across the Midwest—and integrates Equis into Rhythm’s operations as part of the Aldrich Capital Partners-backed platform.

Purgo Holdings, a portfolio company of Wincove Private Holdings, has acquired Superior Manufacturing, LLC (Superior Water Conditioners), a Fort Wayne, Indiana-based maker of chemical-free magnetic water conditioning systems. The add-on expands Purgo's water treatment and non-chemical conditioning product offering and continues the Sanderson family’s legacy as they transition the family business to Purgo.

MTL Holdings has acquired Citadel Architectural Products, adding Citadel’s composite panels and tested wall systems to MTL’s portfolio of building-envelope brands. The deal brings Citadel’s Indiana-based, ISO 9001-certified manufacturing capability and independent rep network into MTL’s family alongside Metal‑Era and Hickman Edge Systems to expand product offerings and single-source envelope solutions.

H&E Equipment Services, Inc. agreed to acquire One Source Equipment Rentals, Inc. for $130 million in cash, adding 10 branch locations and approximately $138 million in fleet to H&E's network. The acquisition expands H&E's geographic footprint into the Midwest (Illinois and Indiana) and supplements its presence in the southern U.S.; One Source is employee‑owned and generated roughly $59 million in revenue over the twelve months ended July 31, 2022.

Extra Space Storage (NYSE: EXR) completed the acquisition of multiple entities doing business as Storage Express—adding 107 remote-managed self-storage properties across Indiana, Ohio, Illinois and Kentucky—for approximately $590.0 million. The deal also included the purchase of the E-Tracker operating software platform and adds 14 future development sites; Storage Express founder Jefferson Shreve was appointed to Extra Space's board following the transaction.

Altamont Capital Partners has made an equity investment in Nutrition 101, Inc., a Pendleton, Indiana-based provider of food-waste recycling, composting, and livestock feed manufacturing. The investment will support 101 Inc.'s growth—expanding its geographic footprint, reaching new customers, and strengthening its service capabilities; transaction financing was provided by Churchill Asset Management and Maranon Capital.

Helios Technologies has acquired the assets of Daman Products Company, a Mishawaka, Indiana-based designer and manufacturer of precision hydraulic manifolds. The acquisition strengthens Helios' Hydraulics segment by adding Daman's manifold design and manufacturing capabilities, expanding product offerings and enabling horizontal product-line integration across industrial and mobile end markets.

Solaris Health Holdings announced that Urology Associates (east central Indiana urology practice) has joined Solaris as an affiliate practice and will operate as a division of The Urology Group, Cincinnati. The affiliation adds nine providers who care for over 15,000 unique patients annually; terms were not disclosed and Solaris is backed by financial partner Lee Equity Partners.

Hitachi, Ltd acquired Flexware Innovation, a manufacturing systems integrator and Industry 4.0 consultancy, to strengthen its MES, SCADA, software development, BI and ERP implementation capabilities and accelerate shop‑floor-to‑enterprise digitalization in North America. Flexware founder Scott Whitlock will remain President & CEO, and 7 Mile Advisors acted as exclusive sell‑side advisor to Flexware.

Fulcrum Equity Partners led a $13 million Series A growth investment in Olio Health, a care coordination and population health software platform, with participation from Mutual Capital Partners. The capital will be used to accelerate product development, hire key staff, and expand Olio's market reach across health systems, payers, and post-acute providers.

Neighborly, the Waco, Texas–based global home services franchisor, has acquired Lawn Pride, a lawn care company headquartered in Indianapolis, Indiana. The acquisition adds Lawn Pride to Neighborly's portfolio of brands and will enable Neighborly to begin franchising the Lawn Pride brand nationally in 2023.

Vālenz has acquired Certus Management Group Stop Loss, Inc. (CMG), which will become a Valenz Affinity Company and join the Valenz Healthcare Ecosystem Optimization Platform. The deal creates a private-label medical stop loss solution (Valenz V-Rated) and keeps CMG's underwriting services and 18-person team operating from Indianapolis; Vālenz is backed by Great Point Partners.

3STEP Sports has acquired Munciana Volleyball Club, the long-running Indiana-based junior volleyball program, to serve as a cornerstone of its expanding volleyball division. The deal brings Munciana's facility, elite coaching pedigree, large camp program and tournament footprint into 3STEP's national youth-sports platform.

Huron Capital has invested in ExperiGreen Lawn Care to create a North American residential lawn care platform under its ExecFactor strategy. ExperiGreen’s existing management team (including President John Moehn) remains in place while Huron will support national expansion through organic growth and M&A, with Huron Operating Partner David Alexander joining the board alongside Chairman Joe Kucik.

Signet Leadership and its clinical partner Ladd Dental Group, backed by Lead Capital Partners, have acquired Dill Family Dentistry in Logansport, Indiana. The practice will join Ladd Dental Group as the platform's eighth clinic in Indiana and will continue operating under Dr. Todd Dill with support from Signet's administrative and operational resources. The transaction expands the platform's footprint in the region as part of its ongoing DSO consolidation strategy.

Kohlberg & Company is acquiring a 50% stake in United States Infrastructure Corporation (USIC) while Partners Group will retain a 50% co-lead interest; funds managed by Neuberger Berman also joined the investment. The transaction values USIC at an enterprise value of USD 4.1 billion — USIC is a leading provider of utility locate services headquartered in Indianapolis with ~9,000 technicians performing roughly 80 million locates per year. The investors plan to support further growth through investments in sales and digital capabilities to capture demand driven by infrastructure stimulus and 5G densification.

S&S Truck Parts LLC and Midwest Truck & Auto Parts Inc. have completed a merger to form a scaled aftermarket truck parts distributor, nearly doubling the combined business and expanding geographic reach and inventory capabilities. S&S, which was acquired by Investcorp in March 2022, will be led by CEO DJ Hoffman in the combined organization and expects near-term operations to continue as currently structured.

3STEP Sports has acquired The Academy Volleyball Club, a large youth volleyball organization based in Indianapolis. The acquisition is an add-on to 3STEP’s growing volleyball division and expands its footprint and event/program capabilities in youth volleyball.