Acquisitions in Indiana in 2023

Eli Lilly and Company completed the acquisition of POINT Biopharma Global Inc. after a tender offer at $12.50 per share in cash, followed by a second-step merger and delisting of POINT's common stock. The transaction brings POINT's radioligand therapy pipeline and radiopharmaceutical capabilities into Lilly's oncology research and development efforts.

DBW Holdings, parent of Diamond Blade Warehouse, acquired Peak Toolworks in a deal completed with private investors Granite Creek Capital Partners and Canterbury Ventures, with financing from Hidden River Strategic Capital and Muzinich BDC, Inc. Peak Toolworks will join DBW under the DBW Holdings umbrella and continue to operate as a separate business, expanding DBW's product and service offerings across infrastructure, construction, automotive and manufacturing end markets.

Watts Water Technologies, Inc. has acquired Josam Company, a Michigan City, Indiana–based manufacturer of drainage and plumbing products with approximately $35 million in annualized sales. The purchase, funded with cash on hand, expands Watts’ product portfolio and channel capabilities and is intended to drive growth through cross-selling and complementary offerings.

AmeriGuard Security Services, Inc. (OTCQX: AGSS) announced the acquisition of TransportUS, Inc. in an all-stock transaction to expand the company's service portfolio into transportation. The deal is intended to combine TransportUS's transportation infrastructure with AmeriGuard's security capabilities to offer integrated solutions and drive topline growth.

EQT Infrastructure VI has agreed to acquire a majority position in Heritage Environmental Services (HES) from The Heritage Group. HES, headquartered in Indianapolis, Indiana, operates 37 regulated facilities in the U.S., employs roughly 1,600 people, and provides industrial and hazardous waste management, on‑site support, emergency response and sustainability services to more than 1,800 customers; EQT says it will support HES's growth, digitalization and operational improvements.

Fountain Life, a preventative health and advanced diagnostics membership company, has acquired LifeOmic, a health data technology firm, obtaining LifeOmic's platform, mobile apps, IP, and engineering team to power Fountain Life's data-driven diagnostics and membership services. The acquisition will integrate LifeOmic's cloud data, genomic analysis, EHR integration, and AI/ML capabilities into Fountain Life's digital and at-home offerings to expand its precision and preventive care services.

HDI Global Insurance Company has acquired 100% of Indiana Lumbermens Insurance Company (ILIC) from Pennsylvania Lumbermens Mutual Insurance Company (PLM); the transaction closed on November 30, 2023 and the purchase price was not disclosed. The acquisition gives HDI additional U.S. admitted carrier licenses and a Treasury listing, enabling a faster entry into the U.S. surety market and broadening HDI's U.S. specialty insurance product offerings.

Novacap has made a significant growth investment in Harmony Healthcare IT (HHIT) to accelerate the development and adoption of HHIT's HealthData cloud platform, expand its use of AI for data handling and analytics, and support broader commercial growth. Triple Tree served as HHIT's exclusive financial advisor for the transaction.

Auveco, a leading provider of automotive fasteners and body hardware, has acquired ClipLizard Systems, a Spencer, Indiana–based supplier of specialty clips, fasteners and a licensed inventory management software for PBE distributors. The acquisition, completed November 1, 2023, expands Auveco’s presence in the Collision and Paint, Body, and Equipment (PBE) markets and adds new product and technology capabilities for its distribution partners.

Cooper Machinery Services, a portfolio company of Arcline Investment Management, has acquired Terrecorp, LLC, a manufacturer of aluminum, bronze and steel-backed bearing shells and bushings based in Indianapolis, Indiana. The acquisition expands Cooper's product offering and manufacturing capabilities for reciprocating engines and compression systems, strengthening its position in the mission-critical compression and engine systems market.

WILsquare Capital, a St. Louis-based private equity firm, has completed the acquisition of Automotive Color & Supply (ACS), a regional distributor of automotive and industrial paints and supplies headquartered in Fort Wayne, Indiana. Midwest Mezzanine provided subordinated debt and equity to support the transaction; the Byers family, which founded ACS in 1951, will transition ownership as WILsquare partners with existing management to pursue growth and geographic expansion across the Midwest.

Greenix Pest Control, headquartered in Orem, Utah, has acquired Bamboo Pest Control of Fort Wayne, Indiana to expand its footprint in the upper Midwest. The deal increases Greenix's presence to 18 states and complements its residential and commercial pest, rodent, mosquito and related services.

Lexitas, a Houston-based provider of technology-enabled litigation services and a portfolio company of funds advised by Apax, has acquired Evolution Process Service, a Indianapolis-based litigation support and process-serving firm. The deal expands Lexitas's footprint into the greater Indianapolis legal market and brings Evolution's local client base and expertise into Lexitas's broader suite of litigation support services.

Jones Lake Management, a Fort Point Capital‑backed lake management operator headquartered in Cincinnati, has acquired Ponds Rx, a Fishers, Indiana provider of pond and lake management services. The add-on expands Jones Lake Management's presence in the Indianapolis market and brings Ponds Rx's residential and commercial customers and team into the Jones platform.

Goldman Sachs Asset Management has entered into a definitive agreement to acquire DOXA Insurance Holdings, a Fort Wayne-based specialty insurance distribution and underwriting platform. The investment will support DOXA's organic growth and acquisition strategy; DOXA's management and employee shareholders will remain significant investors alongside Goldman Sachs.

Fenix Parent LLC (operating as Fenix Parts), a Stellex-backed auto recycling and OEM parts reseller, completed its acquisition of the assets of Brothers Auto Parts in Indianapolis, Indiana. The deal expands Fenix's Midwest footprint (bringing the company to 24 full-service locations) and provides additional regional distribution and logistics access.

Versiti, a Milwaukee-based blood health organization, has acquired Pearl Pathways, an Indianapolis-area life science consulting firm that provides regulatory affairs, quality compliance, CRO services and an independent IRB. The acquisition expands Versiti's clinical trial and life-sciences service capabilities, enabling earlier and deeper support for product development across biopharmaceutical, medical device, and diagnostics clients.

Futura Title & Escrow, a JM Family Enterprises company headquartered in Boise, Idaho, has acquired Momentum Title Agency, a Jeffersonville, Indiana-based provider of title examinations and residential and commercial closing services. Angle Advisors served as exclusive investment banking advisor to Momentum; the founders Mike (James Michael) and Laurie Kemp are exiting as part of the transaction, and Momentum's ~28 associates will join the Futura family.

CertaSite, a commercial fire protection and life safety platform headquartered in Indianapolis, has acquired Allied Safety Services, a local fire extinguisher and kitchen suppression systems business in Indianapolis. The deal expands CertaSite's local Indianapolis footprint and retains Allied's employees as part of CertaSite's growing platform.

CertaSite, a Riverside portfolio company, acquired Allied Safety Services, a commercial fire protection and life safety business in Indianapolis, Indiana. The deal is the 22nd add-on to Riverside's CertaSite platform and expands CertaSite's local footprint and service capabilities in the Midwest.

Huizenga Group Automation, part of the privately held Huizenga Group, has acquired Fort Wayne, Indiana-based Adaptek Systems and API Alliance. The transactions add an automation systems design/build firm and an electronics/electro-mechanical manufacturer to Huizenga Group Automation's platform to expand capabilities and support larger projects across automotive, medical, pharmaceutical and consumer end markets.

Six Pillars Partners led a recapitalization of Royalty Roofing and sister company Majestic Facility Experts to support national growth and pursue add-on acquisitions. Capital for the transaction was provided by Centerfield Capital Partners, Petra Capital Partners, Concentric Investment Partners, and UMB Capital Corporation; founder Andy Royalty remains as President and the Company completed a strategic bolt-on at closing.

Society Brands has acquired Club EarlyBird, a direct-to-consumer morning energy drink brand founded by Chuckie and Shelby Gregory. The deal brings the fast-growing DTC beverage into Society Brands' portfolio to scale distribution, operations and marketing while the founders remain with the business.

AMETEK, Inc. has agreed to acquire Paragon Medical, a Pierceton, Indiana-based contract manufacturer of medical components and instruments, from private equity firm American Securities in an all-cash transaction valued at approximately $1.9 billion. The deal advances AMETEK’s capabilities and footprint in medical device manufacturing and is subject to customary closing conditions and regulatory approvals.

Indiana American Water purchased the Sunset Village water system (serving the Bushman's Lake community) from owner Tina Beckort, adding about 100 water customers and roughly 270 residents to its service area. The $150,000 transaction was approved by the Indiana Utility Regulatory Commission on August 2, 2023 and closed October 31, 2023, expanding Indiana American Water's presence in southeast Indiana and providing the small system access to the company's operations, capital and customer service resources.

Searchlight Capital Partners has made a strategic growth investment in Mainstream Fiber Networks to accelerate the Indiana-based fiber ISP's expansion into unserved and underserved rural communities. The capital will support Mainstream's buildout of next-generation fiber across the state, leveraging existing grant relationships and aiming to connect hundreds of thousands of homes and businesses.

Cadence Petroleum Group, a Wellspring Capital Management-backed distributor, has acquired Hoosier Penn Oil, Inc., an Indianapolis-based distributor of motor oil, lubricants, and car care chemicals. Periculum Capital advised HP Oil on the sale as Cadence seeks to increase the density of its Indiana footprint; HP Oil will continue to operate under its current name while leveraging Cadence's broader product and service offerings.

Modern Wealth Management has acquired Indianapolis-based Martin James Investment & Tax Management, integrating the tax, accounting and wealth management firm into its national RIA platform. The deal brings roughly 10 employees and about 400 client relationships to Modern Wealth and adds dedicated tax planning and compliance capabilities to the buyer's service offering.

Rhino Tool House, a PE-backed value-added distributor based in Concord, North Carolina, has acquired BoMar Pneumatics, Inc., a provider of assembly tool and material handling solutions based in Indianapolis, Indiana. The acquisition expands Rhino Tool House's geographic footprint in central Indiana and strengthens its ability to serve local manufacturing and OEM customers; Blue Sea Capital is the platform sponsor backing Rhino Tool House.

HITS Corporation, a St. Louis-based information technology services provider, has acquired Indianapolis-based 5i Solutions to expand its document management, scanning, and data migration capabilities and establish a presence in the Indianapolis market. The deal adds experienced staff and bolsters HITS' regional footprint following prior acquisitions in Virginia and Missouri.

Movate, a digital technology and customer experience services provider, has acquired TSD Global, an international provider of outsourced sales and customer experience (CX) services. The deal expands Movate's geographic footprint (notably in the Philippines and South Africa) and strengthens its outbound sales and CX capabilities through TSD Global's client base and delivery centers.

Motion & Control Enterprises (MCE), a Frontenac‑backed fluid power and automation distributor, has acquired Nova Hydraulics, an Indianapolis‑based hydraulics repair, remanufacture and parts supplier. The add‑on strengthens MCE's full‑lifecycle hydraulics capabilities and expands its ability to serve OEMs, resellers, repair houses and end‑users; Nova's owner Greg Christy sold the business to MCE.

OTR International, a market-leading supplier of off-the-road tires and wheels, has acquired Hoosier Wheel, a manufacturer of pneumatic and semi-pneumatic wheel assemblies based in Evansville, Indiana. The acquisition, closed October 1, expands OTR's U.S. manufacturing footprint and product portfolio for OEM and aftermarket customers and is supported by OTR's majority owner, Owner Resource Group.

PRIME AE Group, Inc., a NewHold company, has acquired Jacobi, Toombs & Lanz, Inc. (JTL), an integrated engineering, surveying, and construction services firm headquartered in New Albany, Indiana. The deal strengthens PRIME AE's Midwest presence and expands its Transportation and Water Resources engineering, surveying, and construction capabilities.

BW Forsyth Partners has made a strategic minority (growth) investment in WalkerHughes Group, a founder-led retail insurance brokerage headquartered in Indianapolis. The capital will fund WalkerHughes’ future acquisitions and organic growth as the firm aims to scale into a larger, people-centric insurance distribution platform.

Camping World Holdings, Inc. announced it will acquire Edmundson RV in Edinburgh, Indiana, a location that operates 34 service bays and will span nearly 18 acres at closing. The deal — expected to close in Q1 2024 — will be Camping World's first exclusive Forest River location in Indiana and will increase the company's Indiana location count to four.

Atlas Holdings has acquired the Herff Jones Graduation Business (Scholastic and Collegiate brands and manufacturing facilities) from Varsity Brands, with the transaction closing on October 2, 2023. Varsity Brands will retain its Yearbook business, while Atlas will operate Herff Jones as a standalone company within its LSC Communications family and has promoted Ron Stoupa to CEO.

Cincinnati-based managed IT services provider MIS Solutions has acquired CCR Technology Partners, a veteran-owned IT services firm based in Fishers, Indiana. The acquisition expands MIS Solutions' presence into the Indianapolis market and combines both companies' managed services and consulting capabilities to continue service for CCR's clients.

TPG Growth will acquire a majority stake in Crowe Healthcare Consulting and establish it as an independent company rebranded as Kodiak Solutions, with Crowe LLP retaining a minority ownership stake. The deal positions Kodiak to accelerate growth and expand its technology portfolio while continuing to serve healthcare provider organizations nationwide; the company has more than 350 employees and serves thousands of hospitals and practice-based physicians.

WestView Capital Partners, a Boston-based growth private equity firm, made a growth equity investment in Hubstaff, a workforce management SaaS platform. The capital will support Hubstaff’s product and go-to-market expansion as it scales workforce analytics, time tracking, and employee experience capabilities.

Monument MicroCap Partners completed an investment in EarthWay Products, a Bristol, Indiana-based manufacturer of precision lawn and garden spreaders, tools and ice-control equipment. Monument will partner with EarthWay's management to expand the company's product platform, grow across commercial and consumer sales channels, and pursue add-on acquisitions to accelerate growth.

Soundcore Capital Partners, through its commercial paving platform ACI Holdings Group, acquired Asphalt Solutions, Inc., a provider of asphalt and concrete maintenance and repair services based in Indianapolis. The deal is the third add-on to Soundcore's ACI platform and is intended to expand ACI's commercial paving footprint in the Midwest and accelerate organic and acquisitive growth.

OnLine Transport Inc., a national asset-based carrier headquartered in Greenfield, Indiana, acquired A/T Transportation and Automated Logistics, Inc. of Ferdinand, Indiana, effective August 11, 2023. The deal is an add-on to OnLine’s expanding platform—its sixth acquisition since 2019—adding truckload capacity, warehousing and brokerage capabilities and new shipper relationships.

CenterGate Capital's affiliate has made a growth investment in Poseidon Barge, a Berne, Indiana-based manufacturer and rental provider of sectional barges for marine infrastructure. Founder Donnie Fain and President Mary Habegger-Fox will remain with continued ownership and management as Poseidon pursues growth and capability expansion across its North American operations.

Inspect Point, a cloud-based fire and life safety inspection software provider, has acquired FormLink Systems to expand its product lineup and better serve fire protection professionals. The deal will keep both products operating separately while integrating FormLink's expertise to enhance Inspect Point's platform and customer offerings.

Centric Consulting has acquired The Mako Group, a cyber risk management firm, to expand its cybersecurity and risk management capabilities. The acquisition brings The Mako Group's expertise in vCISO, penetration testing, governance, risk and compliance into Centric's broader business and technology consulting services.

Midwest Remediation (MWR) has acquired family-owned, Fort Wayne-based Water Out to expand its restoration and emergency-response footprint across Indiana. Water Out's management and name will remain in place, and the combined business will offer water damage, mold remediation, fire restoration, sewage, and air duct cleaning across a larger Indiana territory.

Ren, an Indianapolis-based provider of donor-advised fund enablement software and services, received a strategic growth investment led by Bain Capital Tech Opportunities and Valeas Capital Partners. The capital — Ren's first institutional funding — will be used to build new product features, rapidly scale the team, increase advisor and client awareness of donor-advised funds, and expand Ren's charity network; financial terms were not disclosed. Raymond James acted as exclusive financial advisor.

ENT Partners, a physician practice management company, has acquired Southern Indiana ENT & Indianapolis Sinus Center, a four-location ENT practice headquartered in Columbus, Indiana. The acquisition expands ENT Partners' Midwest footprint and aims to improve operational efficiencies, recruit talent, and support the practice's growth while maintaining clinical autonomy.

Camping World Holdings, Inc. announced it will acquire Mount Comfort RV in Greenfield, Indiana, a dealership selling Forest River, Coachmen, Tiffin, Newmar and Winnebago products. The acquisition — expected to close in Q4 2023 — expands Camping World's footprint in Indiana to three locations and strengthens its retail and service capabilities in the state.