Acquisitions in Indiana in 2025

VMG Health, a portfolio company of Incline Equity Partners, has acquired Burrows Consulting, a specialist in funding strategy and reimbursement optimization for community-based healthcare organizations. The add-on expands VMG Health's capabilities serving Federally Qualified Health Centers, rural health clinics and other community providers and broadens its national presence.

The State Group, a portfolio company of funds managed by Apollo, has acquired Kokomo-based electrical contractor J&J Electric of Indiana, expanding its footprint in Central and Northern Indiana. J&J Electric brings over 200 union electricians and capabilities in electrical construction, maintenance, fire, security, communications, utility and safety systems to The State Group's multi-trade platform.

National Safety Apparel (NSA), a Blue Point Capital Partners-backed platform, has acquired NASCO Industries, Inc., a U.S. manufacturer of flame-resistant rainwear and protective outerwear headquartered in Washington, Indiana. The add-on expands NSA's flame-resistant rainwear portfolio and strengthens its coverage in the electric utility PPE segment as part of the platform's continued roll-up strategy.

Jack Omer, a third‑generation member of the Lee's Famous Recipe Chicken family, acquired the New Castle, Indiana Lee's franchise location from longtime franchisee Mike Fort and signed a development agreement to open multiple new locations in the greater Indianapolis area. Subsequent reporting indicates Omer completed a multi‑unit acquisition of five Lee's franchise locations in Indiana as part of a broader multi‑unit growth and geographic expansion plan.

New State Capital Partners has completed a majority investment in Harrell-Fish Inc., a Bloomington, Indiana-based mechanical contractor, in partnership with Amethyst Capital Group. The existing owners retained significant equity and will remain with the company as New State positions HFI as a platform for organic growth and add-on acquisitions to expand geographically across the Midwest and beyond.

Inovar Packaging Group, a Dallas-based label and packaging platform, has acquired Enterprise Marking Products (EMP), a flexographic label manufacturer headquartered in Fishers, Indiana. The add-on expands Inovar’s Midwest footprint and bolsters its capabilities in durable and industrial labeling applications for customers across industrial, food & beverage, and consumer durable markets.

Wealth Enhancement has acquired FPG Private Wealth, a hybrid RIA with locations in Carmel and Lafayette, Indiana that oversees more than $532 million in client assets. The deal, which closed November 30, 2025, expands Wealth Enhancement’s Midwest footprint and marks its first office presence in the greater Indianapolis market, increasing the firm's total client assets to more than $127.8 billion.

Americo Chemical Products, a Harbour Group company, has acquired Fusion Chemical, a Huntington, Indiana-based maker of specialty metalworking fluids. The deal brings Fusion's founder Matt East and his team into Americo and expands Americo's product portfolio with next-generation lubricants and coolants; terms were not disclosed.

LawnPRO Partners, a lawn-care platform majority-owned by HCI Equity Partners, has acquired Indiana-based Total Lawn Care, Inc. (TLC), a company serving the Indianapolis area for over 35 years with organic-focused lawn care and pest control services. The deal expands LawnPRO Partners' geographic footprint into Indiana and adds local operating capability and employees to the platform.

Praesidian Capital completed a strategic follow-on equity investment in Round 2, LLC, a South Bend, Indiana-based designer and manufacturer of collectible models, die-cast vehicles and hobby products. The additional capital will support product development, supply-chain capabilities, digital engagement and expanded distribution — including international growth — building on Praesidian’s original 2021 investment.

Wealth Enhancement has acquired Guidance Wealth, an independent registered investment advisor based in Elkhart, Indiana that oversees approximately $165 million in client assets. The acquisition closed on October 31, 2025 and increases Wealth Enhancement's total client assets to more than $125.1 billion while bringing the Guidance Wealth advisory team onto Wealth Enhancement's national platform.

Junto Holdings Group, Inc., a Minneapolis-based permanent-capital investment holding company, has acquired SensorTec, LLC, a Fort Wayne, Indiana manufacturer of precision temperature sensors. SensorTec will continue to operate independently from its Fort Wayne facility with the existing management and team remaining in place; the deal provides a long-term ownership structure and supports future growth while enabling the founder's succession.

ReSource Pro, a strategic operations partner to the insurance industry, has acquired Supportive Insurance Services (SIS), a provider of licensing and renewal services for agents, brokers, adjusters and insurers. The deal expands ReSource Pro’s compliance and licensing capabilities—adding SIS’s adjuster licensing expertise to ReSource Pro’s existing surplus lines tax, corporate and franchise tax reporting, and other regulatory services.

Great Hill Partners has made a strategic growth investment in Ren, a leading donor-advised fund (DAF) technology and philanthropic infrastructure provider, to support product innovation, operational scale, and market expansion across financial advisors, wealth managers, and philanthropic institutions. Financial terms were not disclosed; Great Hill partners Nick Cayer, Matt Vettel, and Bob Anderson will join Ren’s board alongside existing representatives from Bain Capital, Valeas Capital, and Amy Danforth, while Bain Capital Tech Opportunities remains a significant shareholder.

Mission Critical Group (MCG) has acquired Leman Engineering and Consulting (LEC), a Brookston, Indiana–based manufacturer of switchgear, control systems, and power distribution equipment. The acquisition strengthens MCG’s Midwest manufacturing footprint, expands its engineering capabilities, and establishes LEC as MCG’s R&D hub for power generation engineering and switchgear innovation.

Delaware Valley Floral Group (DVFG) has acquired family-owned Marvin's Flower Gardens, a wholesale florist based in Indianapolis, to expand DVFG's presence in the Midwest. The Feldman family will remain involved in the business while Marvin's customers gain access to DVFG's product selection, logistics network, and e-commerce tools.

Caylent has acquired Trek10 Inc., combining Caylent’s migration, modernization and AI capabilities with Trek10’s CloudOps and managed services to form an end-to-end AWS-focused services provider. The transaction was supported by Caylent’s private equity partner Gryphon Investors, with Lazard serving as exclusive financial advisor to Trek10.

Solve Industrial Motion Group has acquired B&B Manufacturing, a U.S. maker of power transmission and precision mechanical components headquartered in La Porte, Indiana. The deal expands Solve's domestic manufacturing footprint and broadens its drive train product capabilities, enabling faster lead times and increased made-to-order capabilities for industrial customers across North America.

StenTech, an Align Capital Partners portfolio company, has acquired Advanced Metal Etching, Inc. (AME), a precision photochemical etching and laser-cutting specialist based in Ligonier, Indiana. The add-on expands StenTech's Parts Division capabilities — adding AME's Hybrid Etch-Laser Process and two facilities to strengthen precision parts manufacturing and broaden end-market exposure (aerospace, medical, automotive, defense and energy).

PlotBox has acquired the Management Information Systems (MIS) deathcare software business from Batesville. The deal transfers Batesville's MIS platform to PlotBox to strengthen PlotBox’s US market position and expand its cloud-native cemetery, crematory and funeral-home management capabilities while allowing Batesville to concentrate on its core burial, cremation and technology products.

Bonterra, a social good software company based in Austin, Texas, has acquired OneCause, a digital fundraising solutions provider for nonprofits. The deal expands Bonterra's fundraising and events capabilities—adding OneCause's event/auction, ticketing and mobile-bidding solutions and bringing thousands of nonprofits and millions of donors into the Bonterra Network.

Quad Innovations LLC has acquired Stoutco, Inc., a Bristol, Indiana-based metal fabricator serving bus, cargo trailer and RV OEM markets. The purchase transfers ownership from co-owners Ron Mason and Brian Conwell to Quad, which expects to expand geographic coverage, operational capacity and product capabilities to better serve existing and new customers.

LFM Capital has invested in Systems Engineering and Sales Co. (SESCO), bringing the Fort Wayne, Indiana-based supplier of power transformer installation and maintenance equipment into its electric grid reliability platform. CP Energy Holdings participated as a minority investor; SESCO will join LFM’s existing platform partnership with ZTZ Services International to provide complementary diagnostic and remediation equipment and services for power utilities and transformer manufacturers across North America.

Welch Packaging Group, a family-owned corrugated packaging network based in Elkhart, Indiana, has acquired Elite Packaging of Jeffersonville, Indiana as its 41st acquisition. Terms were not disclosed; the deal is presented as an add-on to Welch's platform to support succession and growth for family-owned packaging businesses.

Lumelight, a benefits compliance provider, has acquired BMI Audit Services, a specialist in dependent eligibility verification and medical and pharmacy claims audits. The acquisition expands Lumelight’s oversight capabilities and enhances its ability to help employers, brokers, TPAs and health plans reduce costs and manage fiduciary and compliance obligations.

Beary Landscaping has acquired Sun Valley Landscape and Snow to strengthen its recurring commercial landscaping and snow removal presence in the Indianapolis metro. Beary will retain Sun Valley's staff and brand as it expands its Midwest footprint; Beary is a platform company backed by Silver Oak Services Partners.

Cornerstone Building Brands, a leading North American manufacturer of exterior building products, has acquired Metal Sales Manufacturing Corporation, a Sellersburg, Indiana–based manufacturer of metal building systems and components. The acquisition (Metal Sales: ~900 employees) expands Cornerstone's footprint to more than 100 plants and distribution locations and increases its participation in the high-growth residential metal building and components market.

Capacity, the AI-powered support automation platform, has acquired KLaunch, a conversational AI company based in Indianapolis. The acquisition deepens Capacity’s conversational AI capabilities and expands its reach in government, healthcare and nonprofit markets; terms were not disclosed.

Truven by Merative has acquired Springbuk, a cloud-native health intelligence platform used by employers and benefits advisors. The acquisition integrates Springbuk’s Health Intelligence Platform and Activate Marketplace with Truven’s MarketScan data and Health Insights, adding more than 7,500 small- and mid-market employer customers and expanding Truven’s employer-market capabilities.

Valsoft Corporation has acquired WSI Technologies, a long-standing provider of secure video recording and evidence management solutions for public safety and child advocacy agencies. WSI will operate autonomously under Valsoft's Fluent operating group, with Jim Hansen appointed President and CEO as Valsoft invests to accelerate product and market expansion in the public safety technology sector.

CHA Holdings, Inc. (CHA) has acquired Midwestern Engineers, Inc., an Indiana-based civil and water resources engineering firm headquartered in Loogootee. The acquisition adds Midwestern’s ~45 technical experts and local offices in Indianapolis and Santa Claus to CHA’s existing Indiana teams, expanding CHA’s water, wastewater and stormwater capabilities and regional presence.

GEOH, an Indianapolis-based provider of practice management software and revenue cycle services for home care agencies, raised over $30 million in a growth round led by Council Capital and affiliates. Existing investors Boomerang Ventures, First Leaf Capital, and VisionTech Partners participated; proceeds will accelerate GEOH’s expansion of its integrated software + services platform and revenue cycle management capabilities.

Selerix, a McKinney, Texas-based provider of cloud-based benefits administration, has acquired Steele Benefits, an Indianapolis-based benefits engagement, enrollment and administration firm. The deal combines Selerix's BenSelect platform and compliance tools with Steele's high-touch enrollment and engagement services to expand Selerix's service capabilities for employers, brokers and carriers.

FitzMark LLC, a Calera Capital‑backed third‑party logistics provider headquartered in Indianapolis, acquired Hometown Logistics LLC, a truckload transportation services provider based in Indianapolis, on September 2, 2025. The add‑on deal expands FitzMark’s dry van and flatbed offerings and brings Hometown’s leadership and ~100+ employees into the FitzMark platform; financial terms were not disclosed.

FalconPoint Partners has acquired SMS (a carve-out of Scrap Metal Services LLC), a provider of outsourced steel mill services and marine vessel decommissioning, and has committed $500 million to support the business's growth, technology modernization, and acquisition pipeline. The deal positions FalconPoint to scale SMS's commercial capabilities and expand operations across the United States, Europe and South America while preserving SMS's management team and safety-first service model.

Allied OMS, a doctor-owned management services organization (MSO), has partnered with Oral Surgery Michiana to expand its doctor-led model into Indiana. The partnership brings Oral Surgery Michiana’s two surgical centers in South Bend and Elkhart into Allied OMS’s platform to support growth while preserving the practice’s clinical autonomy and identity.

Winsert, an advanced alloy components manufacturer based in Marinette, Wisconsin, has acquired Mack Tool & Engineering, a precision machining firm headquartered in South Bend, Indiana. The deal expands Winsert’s manufacturing capabilities and strengthens its presence in aerospace and medical end markets by adding Mack’s NADCAP- and AS-9100-certified machining expertise.

Winsert, a specialty-alloys manufacturer backed by Altus Capital Partners, has acquired Mack Tool & Engineering, a precision machining firm based in South Bend, Indiana. The add-on bolsters Winsert's machining capabilities and expands its exposure to aerospace and medical end markets.

Chord Specialty Dental Partners, a multi-specialty dental support organization based in Nashville, announced an affiliation and acquisition of Dr. J Pediatric Dentistry, a three-practice pediatric dental group serving greater Indianapolis. The partnership will integrate the practices into Chord's pediatric network and provide operational support while preserving clinical autonomy for Dr. J's teams.

LRS (Lakeshore Recycling Systems) has acquired Indianapolis-based waste hauler GHW, bringing the local business into LRS's footprint while maintaining GHW's brand and local team during transition. The deal expands LRS's Midwest geographic presence and commercial/industrial service capabilities, providing additional resources and growth opportunities for GHW's customers and employees.

Helix Traffic Solutions, majority-owned by Nonantum Capital Partners, has acquired Highway Safety Services of Lafayette, Indiana. The add-on expands Helix's footprint in Indiana's traffic safety market (traffic control, pavement marking, flagging and equipment sales/rentals); transaction terms were not disclosed.

Nth Degree has acquired Lancaster Management Services and Quantum Exposition to expand its installation, labor, and permanent-install capabilities and strengthen coast-to-coast coverage. The acquisitions add Midwest footprint and specialized trade-show and retail installation expertise, integrating both businesses into Nth Degree’s nationwide event management platform.

NDT Global has acquired Entegra, a specialist in Ultra-High-Resolution Magnetic Flux Leakage (UHR MFL) in-line inspection services, combining complementary inspection technologies to expand capabilities in the gas and oil pipeline integrity market. The deal was completed with continued support from majority shareholder Novacap and investor La Caisse (CDPQ); Entegra was previously owned by Amberjack Capital Partners and company founders, and Entegra founders/key management will remain shareholders of the combined business.

Fun Town RV has acquired Edmundson RV in Edinburgh, Indiana from founders Chris and Jeanie Edmundson. The dealership — a 75,000 sq ft facility with a 32-bay service department on 12 developed acres — will be renamed Fun Town RV Indianapolis and remain at its current location.

Clinisys has acquired Orchard Software from Francisco Partners, combining two leaders in laboratory informatics to expand Clinisys's LIS and LIMS capabilities. The deal brings Orchard's physician office, reference, and veterinary laboratory solutions into Clinisys's global cloud-based platform to broaden product capabilities and end-market coverage.

A.S.A.P. Garage Door Repair, a portfolio company of Centerfield Capital Partners, has acquired Affordable Garage Doors, Inc., a dealer and service provider operating in Indiana and Illinois. The transaction is an add-on to A.S.A.P.'s platform and is intended to expand its Midwest footprint and service capabilities across residential, commercial, and agricultural end markets.

UES, a national engineering and consulting firm, has acquired GME Testing of Fort Wayne, Indiana, expanding UES' Midwest footprint and adding drilling and construction materials testing capabilities. GME Testing — a 23-person firm providing geotechnical engineering, construction materials testing and foundation-related inspections — will continue to be led by President Rami Anabtawi, P.E.

Total Synergy has acquired Factor AE, a practice-management SaaS for architecture and engineering firms, and secured a strategic growth investment from PSG and M33 Growth. The deal will accelerate Total Synergy’s expansion into North America and fund AI-focused product development, improved customer support, and go-to-market efforts.

Sunbelt Modular, a Littlejohn & Co.-backed modular building platform, has acquired Whitley Manufacturing, a custom commercial modular building manufacturer operating facilities in Indiana, Washington and Pennsylvania. Terms were not disclosed; Whitley CEO and owner Simon Dragan will remain an investor in the combined business as Sunbelt expands its national manufacturing footprint and capabilities.

Stronghouse, a national exterior home-services platform backed by O2 Investment Partners, has acquired Centurion Exteriors, a Fort Wayne, Indiana-based provider of roofing, windows and exterior remodeling services. The add-on expands Stronghouse's footprint into Indiana and Northwestern Ohio and will provide Centurion with centralized operations, capital and technology support to scale locally.