Acquisitions in Indiana in 2026

L Squared Capital Partners has acquired Functional Devices, Inc., a Sharpsville, Indiana–headquartered maker of RIB relays, current sensors, power supplies and other field devices for building automation and emergency lighting. Management (led by President & CEO Mark Fernandes) invested alongside L Squared, which plans to invest in product development, commercial expansion and pursue add-on acquisitions to build out a platform in peripheral components for building automation.

Bradford Health Services has acquired Parkdale Center, a Chesterton, Indiana addiction treatment provider specializing in confidential care for licensed professionals. The acquisition expands Bradford’s clinical footprint into the Midwest and preserves Parkdale’s specialized Professionals Program and continuum of care services.

Jack Omer, grandson of Lee's co-founder Harold Omer, has acquired five existing Lee's Famous Recipe Chicken franchise restaurants across Indiana, including units in Connersville, Muncie and Richmond (and an earlier purchase in New Castle). The acquisitions are part of a multi-unit growth strategy that includes remodels to update locations to current brand standards and expand the franchisee's footprint in central Indiana.

Alliance RV, LLC has acquired Midwest Automotive Designs from Terex Corporation (previously part of REV Group). The transaction transfers the Elkhart-based luxury B‑van and motorhome conversion business to Alliance RV as the buyer expands into the motorized recreational-vehicle segment.

An affiliate of Lone Star Funds has completed the previously announced all-cash acquisition of Hillenbrand, Inc. for an enterprise value of approximately $3.8 billion. The transaction takes Hillenbrand private (its common stock will be delisted) and Lone Star will partner with Hillenbrand's management to execute strategic growth and operational plans.

CIC Partners has realized its investment in American College of Education (ACE) and sold the company to Bain Capital Double Impact, with the transaction completing in Q4 2025. ACE is an accredited online private college headquartered in Indianapolis that serves adult and professional learners across education, healthcare and business programs; financial terms were not disclosed.

Littlejohn & Co., a Greenwich-based private investment firm, has acquired 80/20, a Columbia City, Indiana-headquartered maker of configurable modular framing solutions, from MPE Partners. The transaction (terms undisclosed) is a platform investment aimed at expanding 80/20's capabilities, geographic reach, and position in automation, robotics, and modular industrial design markets.

Simplicity Group, a holistic financial planning and advisor partner platform, has acquired Indianapolis-based Source Brokerage, a disability insurance specialist broker general agency (BGA). The acquisition expands Simplicity's national disability insurance (DI) capabilities and adds specialized institutional-market expertise (including GME and GSI programs), while Source Brokerage founder Steve Crowe joins Simplicity as a partner.

Matt Bowers Automotive Group acquired Bill Estes Chrysler Dodge Jeep Ram in Brownsburg, Indiana from Asbury Automotive Group, closing on February 2, 2026. The acquisition is Matt Bowers Automotive Group's first Indiana location and expands its Chrysler Dodge Jeep Ram franchise footprint while bringing the dealership into operation as Indy Chrysler Dodge Jeep Ram.

APi Group Corporation completed the acquisition of CertaSite, an inspection-first provider of fire and life safety services operating in the Midwest. The deal strengthens APi's recurring, regulatory-driven safety services platform by adding inspection-focused capabilities, an asset-light business model, and expanded Midwest presence.

Elevation Point has made a minority growth investment in Forta Wealth Partners, enabling the Indianapolis-based advisory team to launch an independent RIA with access to custodial, technology, and capital resources. Forta, a trade name of Elevation Point Wealth Partners, brings more than $900 million in client assets carried over from its prior Merrill Lynch practice and will benefit from Elevation Point’s support and Goldman Sachs custody collaboration.

Andela has acquired Woven, a technical-assessment company that provides real-world engineering scenarios, structured scoring rubrics, and AI-enabled evaluation. The acquisition will accelerate Andela's assessments roadmap and improve its ability to identify and match AI-native engineering talent across its global marketplace.

Apollon Wealth Management has added Indiana-based registered investment adviser Sage Advisors to its national platform. The move expands Apollon's presence in the Midwest and gives Sage Advisors access to Apollon's operational capabilities while preserving the firm's client-first advisory model.

National Manufacturing Group, a multi-plant OEM supplier based in Troy, Michigan, has acquired J.M. Hutton & Co., a Richmond, Indiana metal fabricator with a 275,000-square-foot production facility. The deal expands National's metal stamping, laser cutting, and powder-coating capabilities and advances its vertical-integration strategy to better serve OEM customers in vocational truck, medical, food service and casket markets.

Gryphon Investors has acquired Safety Management Group (SMG) from NMS Capital; financial terms were not disclosed. SMG, headquartered in Indianapolis, will serve as a new platform for Gryphon to pursue organic growth and add-on M&A in outsourced Environmental, Health & Safety (EH&S) services while SMG's management team remains in place with a meaningful ownership stake.

East Coast Power (ECP), a portfolio company of A&M Capital Partners, has acquired United Powerline Solutions (UPS), a Haubstadt, Indiana–based provider of overhead distribution services for electric utilities across the Midwest. The add-on expands ECP’s geographic footprint, distribution services capabilities and storm-response capacity as the platform pursues nationwide growth amid grid modernization and infrastructure investment.

H3 Partners, a private equity firm focused on SaaS/fintech and health/wellness investments, has acquired Upper Hand, an Indianapolis-based provider of youth sports management software. The acquisition will accelerate product innovation and expand Upper Hand's technology capabilities to better serve sports facilities, trainers and youth sports organizations.

American Elevator Group (AEG) has merged with Mid‑America Elevator, a long‑standing Indianapolis-based provider of elevator maintenance, repair and modernization services. Maven Group advised Mid‑America; terms were not disclosed. The transaction brings Mid‑America into AEG’s national platform to expand capabilities, access advanced technologies and accelerate growth in Indiana while preserving local leadership and the Mid‑America brand.