Acquisitions in Indiana in 2024

CIH (Central Indiana Hardware), part of the APTURA Group, has acquired Haley's Lock, Safe & Key Service, Inc., a family-owned locksmith and electronic security integrator with locations in Lafayette and Crawfordsville, Indiana. The deal preserves Haley's brand and local operations while providing additional resources from CIH/APTURA to expand service capabilities and market reach.

Relevant Industrial, LLC has acquired Loy Instrument, Inc., a Indianapolis-based provider of process control and combustion solutions. The acquisition strengthens Relevant's combustion, process control and automation capabilities and expands its geographic footprint in the U.S. Midwest.

Arthur J. Gallagher & Co. has acquired Indianapolis-based M.J. Schuetz Insurance Services Inc. The acquisition expands Gallagher's Midwest retail property/casualty brokerage capabilities, integrating Schuetz's expertise in construction, landscaping, manufacturing and real estate into Gallagher's Great Lakes region operations.

MultiTech Industries, a portfolio company of Argonaut Private Equity, has acquired Sandin Manufacturing in a strategic add-on transaction. Dresner Partners served as sell-side advisor; the acquisition expands MultiTech’s manufacturing footprint and capabilities in wire rope, cable and coated metal products.

Rhino Tool House, a PE-backed value-added distributor headquartered in Concord, North Carolina, has acquired Columbus, Indiana-based automation controls firm UWBA Design. Backed by Blue Sea Capital, the acquisition expands Rhino Tool House's controls and programming capabilities and is the fifth add-on completed during Blue Sea Capital's partnership with the platform.

Priority Courier Experts (a portfolio company of Trident and Bluejay Capital) has acquired NOW Courier, a 38-year-old Indianapolis-based same-day courier and expedited delivery provider. The transaction is an add-on to expand PCE's geographic footprint and service capabilities across Indiana and adjacent markets.

On Track Partners, backed by NorthCurrent Partners, has acquired Thomas Garage Door Sales, a provider of residential and commercial garage door services in Central Indiana. The business will operate under the Fairmount Door brand as On Track Partners expands its regional footprint in Indiana.

Urbint has acquired Competers, the operator of the Utilocate ticket and locate management platform, making Competers a wholly owned subsidiary. The deal expands Urbint’s damage-prevention capabilities and customer base across utilities, telecoms, oil & gas and contract locate companies by adding ticket/locate management and direct service to contract locators.

PAM Health has acquired Southern Indiana Rehabilitation Hospital in New Albany, Indiana; the facility will operate as PAM Health Rehabilitation Hospital of Greater Indiana North. The acquisition expands PAM Health's post-acute network in Indiana, adding a second state location alongside its Clarksville rehab hospital.

EVI Industries, a Miami-based commercial laundry distributor, has acquired Jeffersonville, Indiana-based O'Dell Equipment and Supply. O'Dell will continue to operate under its existing name and facility with all 25 employees; for the 12 months ended June 30 it generated approximately $10.5 million in revenue. Terms were not disclosed and the acquisition is part of EVI's ongoing buy-and-build growth strategy.

Jones Lake Management, a Cincinnati-based provider of pond and lake management services, announced a partnership to add Aquatic Management, a pond and lake management business headquartered in Bluffton, Indiana, expanding Jones Lake's coverage in Northeast Indiana. The deal deepens regional coverage and complements Jones Lake's existing services; Fort Point Capital is referenced as the private equity partner backing Jones Lake's roll-up strategy.

Summit Professional Education has acquired the National Federation of Professional Trainers (NFPT), combining Summit’s tech-enabled continuing-education platform with NFPT’s NCCA‑accredited personal trainer certification programs. The deal will integrate NFPT’s certification offerings into Summit’s portfolio to deliver expanded specializations, mentorships, and career pathways across fitness and adjacent clinical care markets.

Flynn Group LP, a San Francisco-based multi-brand franchise operator, acquired 32 Wendy's units in the Indianapolis, Indiana area. The deal increases Flynn’s domestic Wendy's footprint and brings roughly 40% of the brand’s local presence under Flynn as the company looks to realize operational efficiencies and drive growth in the market.

T.D. Jakes Enterprises has acquired e-commerce technology startup Castiron to power the launch of Nourysh, an all‑in‑one marketplace targeting underrepresented and under‑resourced entrepreneurs. Castiron’s technology will provide AI analytics, inventory and CRM tools, marketing automation, and payments support as TDJE scales the Nourysh platform through its Good Soil Movement community.

Micronics Engineered Filtration Group, a portfolio company of Vance Street Capital, has acquired Action Filtration, an aftermarket manufacturer of pleated and cartridge filters for dust collection and air pollution control. The add-on expands Micronics’ engineered filtration portfolio and manufacturing footprint to better serve industrial end markets requiring environmental and emissions control expertise.

Blue Point Capital Partners’ platform Pinnacle MEP has acquired Bell Plumbing Services, a Greenwood, Indiana commercial plumbing provider. The add-on expands Pinnacle’s footprint in central and eastern Indiana and enhances its plumbing capabilities for existing HVACR customers to increase market density and service offerings.

Relevant Industrial, LLC has acquired Control Specialists, LLC (CSI), a process instrumentation, control systems and specialized industrial services provider based in Evansville, Indiana, effective November 6, 2024. The transaction expands Relevant's capabilities in combustion, process control, automation and calibration/repair services while extending its geographic footprint in the Midwest and Western Kentucky.

Crane Company (NYSE:CR) completed the acquisition of Technifab Products, Inc., a Brazil, Indiana–based manufacturer of vacuum‑insulated pipe systems and cryogenic valves, for $40.5 million on a cash‑free, debt‑free basis. Technifab will join Crane's Process Flow Technologies segment, extending Crane's cryogenics capabilities into high‑growth semiconductor, medical and pharmaceutical end markets and expanding the company's geographic footprint.

Five Star Technology Solutions has completed a merger with Empower Learning to combine their K-12 education technology, AV, managed services, and professional development offerings. The combined company will expand its geographic reach across the Midwest and deliver integrated EdTech solutions to schools and districts, strengthening capabilities in AV, managed services, data analytics, and cybersecurity.

Presidio has acquired the Splunk-focused business of Kinney Group (KGI) to expand and strengthen its Splunk services, adding KGI’s engineering team, Atlas software platform, and deep machine-data analytics expertise. The acquisition enhances Presidio’s capabilities across security, observability and operational analytics to help enterprise clients accelerate Splunk adoption and maximize ROI.

Acacia Research Corporation (Nasdaq: ACTG) acquired Deflecto Acquisition, Inc. (Deflecto), a specialty manufacturer serving the commercial transportation, HVAC and office markets, for $103.7 million. Deflecto — headquartered in Indianapolis, Indiana and operating nine manufacturing facilities globally — generated roughly $131 million of trailing twelve-month revenue and will continue to be led by its existing management team under Acacia's ownership.

Allegion plc, through a subsidiary, has acquired SOSS Door Hardware, the longtime manufacturer of concealed (invisible) hinges and premium door hardware. SOSS will report into Allegion Americas to expand Allegion's door hardware portfolio and complement brands such as Ives, Glynn-Johnson and Zero International; terms were not disclosed.

OSI Group LLC has agreed to acquire Park 100 Foods, a privately owned custom kettle-cooked food manufacturer based in Tipton, Indiana. The deal expands OSI's sauce-processing capabilities and adds frozen soups, sauces, gravies and other prepared food categories; Park 100's ~600 employees across multiple plants will join OSI's operations.

POLARIS Laboratories has received a strategic growth investment from Riverspan Partners to accelerate product and service development and expand into new markets. The investment will support POLARIS's AI-enabled testing platform and help the company scale its predictive fluid analysis and reliability services globally.

Cerity Partners is merging with SBC Wealth Management, a $1 billion Indianapolis-based advisory firm, to deepen its wealth management capabilities and expand its Midwest presence. SBC will operate under the Cerity Partners name, and MarshBerry served as SBC's exclusive financial advisor with Bose McKinney & Evans providing legal counsel.

Synerion USA Inc., a cloud-based workforce management and access control software provider based in Southlake, Texas, has acquired Qumulex Inc., a cloud-native video surveillance and access control platform headquartered in Fishers, Indiana. The acquisition expands Synerion's physical-security and video surveillance capabilities and is intended to integrate Qumulex's cloud platform into Synerion's B2B technology offerings.

One Rock Capital Partners (through an affiliate) completed a strategic growth investment in Lewis Brothers Bakeries, a third-generation, family-owned wholesale bakery headquartered in Evansville, Indiana. The Lewis family remains invested, management (led by H. Dean Short) will continue to run the business, and One Rock said it will support geographic and product expansion as well as potential accretive acquisitions.

Waverly Advisors, a Birmingham-based registered investment adviser, has acquired CenterPoint Wealth Management, an investment advisory practice based in Zionsville, Indiana. The deal closed on September 27, 2024, marks Waverly's 16th transaction since receiving equity from Wealth Partners Capital Group and HGGC's Aspire Holdings platform, and expands Waverly's presence in the Indianapolis area.

Grace Hill, a provider of technology-enabled performance solutions for commercial and multifamily real estate, has acquired Realync, a virtual touring and video communication platform for the multifamily industry. The acquisition (terms undisclosed) will integrate Realync's video and 360-degree tour technology into Grace Hill's training, performance, and analytics offerings to expand virtual leasing and resident communication capabilities.

Stryker has completed the acquisition of NICO Corporation, a privately held developer of minimally invasive neurosurgical systems including BrainPath and Myriad. The purchase expands Stryker's neurotechnology portfolio and strengthens its capabilities in tumor resection and treatment of intracerebral hemorrhage (stroke) worldwide.

Philadelphia-based D.C. Humphrys has acquired Gosport Manufacturing, an 80-year-old Gosport, Indiana maker of tarpaulins and industrial textiles. The acquisition preserves local manufacturing operations and employees, with Humphrys planning to add capacity and begin producing some athletic products at the Gosport facility following Joseph King’s retirement.

MITAR Private Capital, an Indianapolis-based private equity firm, has acquired Micromatic LLC, a Berne, Indiana manufacturer of rotary vane actuators, waste tippers and automation assembly systems, from Forest Hill Partners. Financial terms were not disclosed; Forest Hill Partners had owned Micromatic since 2005 and nearly tripled its revenues and earnings during its 19-year ownership.

Reeder Trausch Marine Inc., a Rockville, Indiana-based boat dealership, has acquired Denny's Marina, Inc., an Indianapolis/Peru, Indiana family-owned boat dealership founded in 1972. Skyway Capital Markets advised the Decker family on the sale; Denny's Marina will be renamed Reeder Trausch Marine Indy following the transaction.

White Cap, a leading distributor of specialty construction supplies, has acquired Jobsite Supply, Inc., a supplier of concrete accessories and forming and shoring solutions based in Indianapolis. The deal expands White Cap's offerings in the Indiana market and broadens its nationwide forming and shoring capabilities through the Jobsite Formwork brand.

Patrick Industries, Inc. has acquired ICON Direct, Inc., which operates as RecPro.com, an e-commerce aftermarket platform focused on RV and marine parts. RecPro is expected to generate approximately $80 million in 2024 revenue and will continue to operate under its existing brand and facilities; the deal expands Patrick's aftermarket e-commerce capabilities and is expected to be accretive to net income per share.

AccountTECH has acquired Shaker (Shaker.io), a transaction-management and client-communication SaaS for real estate teams and brokerages, to integrate Shaker’s project-management and automated communication capabilities with AccountTECH’s darwin.Cloud back-office accounting platform. Financial terms were not disclosed; both companies will continue to operate while the teams work toward full real-time integration expected in Q4 2024.

Indiana American Water (a subsidiary of American Water) received regulatory approval and completed the $45 million acquisition of Silver Creek Water Corporation, bringing roughly 8,000 customers into INAW's Southern Indiana operations. The member-owned utility's board and members approved the sale, and Silver Creek employees will join Indiana American Water following closing on November 6, 2024.

QualiTech, a portfolio company of MidOcean Partners, has acquired Ellison Bakery from Tilia Holdings. The add-on strengthens QualiTech's ingredient and inclusion capabilities—Ellison, headquartered in Fort Wayne, Indiana, manufactures baked inclusions, crunches, toppings and related ingredients for retail, foodservice and private label customers; terms were not disclosed.

On Track Partners, a garage door platform backed by NorthCurrent Partners, has acquired Fairmount Door Corporation, a commercial and residential garage door contractor with offices in Marion and Lafayette, Indiana. The add-on acquisition expands On Track Partners’ service footprint in Indiana and aims to enhance installation, maintenance, and repair capabilities for both residential and commercial customers.

Sandvik AB, through its Walter division, has acquired PDQ Workholding LLC, a U.S.-based specialist in custom workholding fixtures and tooling. The deal strengthens Sandvik/Walter's machining solutions offering—particularly in the Americas—by adding workholding capabilities that provide earlier access to component projects and complement its cutting-tool business.

Signet Leadership, LLC and clinical partner LADD Dental Group have acquired Dr. James D. Hughes, DDS Family Dentistry in Huntington, Indiana. The acquisition expands LADD Dental Group's network in Northern Indiana and brings the practice access to LADD's resources and technologies while continuing local patient care.

Poseyville-based Nix Industrial acquired majority ownership of New Albany-based Huncilman Sheet Metal Fabrication in a deal completed Aug. 12; financial terms were not disclosed. The combination creates a workforce of more than 200 employees, retains Parker Huncilman in a leadership/ownership role while outgoing owners Gordon and Jeffery Huncilman transition away, and is intended to expand capabilities and scale in metal fabrication across Indiana and the broader Midwest.

Trades Holding Co., LLC, a portfolio company of CPC, acquired the assets of multiple franchise locations including Mr. Rooter Plumbing units in Muncie, Anderson and Indianapolis/Central Indiana, Aire Serv of Muncie, and Rainbow Restoration of Carmel. The add-on deal expands Trades' footprint into Central Indiana and adds HVAC and restoration capabilities while the sellers — the Kantners and the Ulloms — transition ownership (with some founders retiring or staying on to support integration).

Align Technologies has acquired FleetWatcher, an Indianapolis-based fleet and materials management software provider serving heavy civil construction and asphalt paving customers. The deal, funded with additional capital from majority investor The Riverside Company, expands Align's construction operations platform to include telematics, materials management, and enhanced asset tracking capabilities.

Lincoln Electric Holdings, Inc. has acquired Vanair Manufacturing, LLC, a Michigan City, Indiana-based maker of vehicle-mounted mobile power solutions including compressors, generators, welders, hydraulics and chargers. The deal (Vanair ~ $100M revenue) expands Lincoln Electric's product and channel capabilities into the service-truck market and will be reported in its Americas Welding segment.

Acieta, a robotics integration platform backed by Angeles Equity Partners, has acquired Capital Industries (Banks Machine & Engineering Inc. dba Capital Industries), a Shelbyville, Indiana-based custom robotics system integrator. The add-on expands Acieta's capabilities in material handling, assembly, test and control systems and broadens its end-market coverage across medical/pharmaceutical, aerospace & defense, and energy storage sectors.

Stanley Capital Partners has made a majority investment in SePRO Corporation, a Carmel, Indiana-based provider of specialty environmental products and water-quality solutions, with Goldman Sachs Alternatives joining as a minority co-investor. The transaction represents an exit for Excellere Partners and positions SePRO for technology-enabled growth, consolidation in the water management sector, and expanded product and service offerings.

KKR and T‑Mobile have completed the acquisition of Metronet through a joint venture, buying the leading independent fiber-to-the-home (FTTH) operator from majority shareholders Oak Hill Capital and the Cinelli family. Metronet will operate as a wholesale network builder and commercial services provider while T‑Mobile Fiber takes responsibility for residential customers; Oak Hill and the Cinelli family will remain minority investors in the new JV. The transaction is intended to accelerate fiber deployment across underserved U.S. markets and leverage Metronet’s network engineering and build capabilities alongside T‑Mobile’s retail and customer experience capabilities.

Bluespring Wealth Partners, an acquirer and partner of wealth management firms, has acquired Fort Wayne-based Shelton Financial Group and transitioned Shelton's investment business onto the Kestra Financial platform. Shelton's team — which oversees nearly $500 million in client assets — joined Bluespring to gain back-office resources, succession support and access to the Kestra ecosystem.

IT Convergence, a global enterprise applications and cloud consulting firm, has acquired Prophet One, a management and technology consulting firm focused on JD Edwards, PeopleSoft, NetSuite and related enterprise applications. The acquisition expands IT Convergence's ERP-focused consulting and managed-services capabilities and extends its reach into Prophet One's client base in Indianapolis and broader enterprise-ERP markets.