Tracked deals
235
235 tracked deals across 2004-2026.
Tracked deals
235
235 tracked deals across 2004-2026.
Buyer mix
Strategic-led
202 strategic · 91 pe
Top trend
Volume peaked in 2024
40 tracked deals announced in 2024.
Buyer Snapshot
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Epiphany Dermatology | 4 | Operator of dermatology clinics partnering with independe... | Strategic (PE-backed) |
| Arthur J. Gallagher & Co. | 3 | Global insurance brokerage, risk management and consultin... | Strategic |
| AssuredPartners, Inc. | 3 | Full-service insurance broker providing commercial insura... | Strategic |
| Midwest Growth Partners | 3 | Lower-middle-market private equity fund investing in food... | PE |
| American Securities LLC | 2 | U.S. private equity firm investing in market-leading Nort... | PE |
| Aspen Surgical Products, Inc. | 2 | Manufacturer of single-use surgical disposable products s... | Strategic (PE-backed) |
| Ed Morse Automotive Group | 2 | Family-operated automotive dealer group that owns and ope... | Strategic |
| Granite Creek Capital Partners, L.L.C. | 2 | Private investment firm focused on lower-middle-market in... | PE |
| May River Capital | 2 | Chicago-based private equity firm focused on lower middle... | PE |
| McCarthy Capital | 2 | Lower middle-market private investment firm focused on pa... | PE |
Last 10 years
Supporting Data
Intertape Polymer Group (IPG), a Clearlake Capital Group portfolio company, acquired Clysar, LLC, a Clinton, Iowa-based manufacturer of sustainable shrink packaging films. Cove Point Holdings was identified alongside Clysar as a client represented in the sale; the announcement did not disclose financial terms.
XKIG acquired Wilderness Land Management, a utility vegetation management and rights-of-way contractor based in Iowa. Wilderness will join XKIG’s Kendall Vegetation Services operating unit, expanding its service capabilities and strengthening its presence in Iowa and neighboring states.
Cerity Partners and Gilbert & Cook announced their intention to merge, effective at the end of September, with Gilbert & Cook operating under the Cerity Partners name. The deal expands Cerity Partners’ presence into Iowa and combines both firms’ wealth management capabilities for high- and ultra-high-net-worth individuals, families, and business owners.
Simplicity Group acquired Whitney and Associates, a Des Moines-based independent insurance marketing organization, together with affiliated RIA platform Altitude Capital Management. The acquisitions add advisor marketing, digital lead generation, and wealth-management infrastructure to Simplicity’s distribution platform; Whitney principals Mitchell Whitney and Charles Johnson joined Simplicity as partners.
Equity Bancshares entered into a definitive merger agreement to acquire Lincoln Bancorp for approximately $123.8 million, adding 16 Iowa locations to its franchise. Lincoln shareholders will receive approximately 77.5% of the consideration in Equity stock and 22.5% in cash; the merger is expected to close in the fourth quarter of 2026, subject to approvals and customary closing conditions.
Osaic added Cedar Rapids, Iowa-based IronGate Services to its wealth management advisor platform, bringing approximately $367 million in client assets. IronGate affiliates through Carlson Advisor Networks, an Osaic office of supervisory jurisdiction, to gain technology, investment products, and back-office support while preserving its independent structure.
Marsh McLennan Agency (MMA) agreed to acquire Accel Holdings, Inc., an independent insurance and advisory firm headquartered in Waverly, Iowa. The transaction is expected to close in the third quarter, and terms were not disclosed. MMA expects the combination to expand its geographic footprint in Iowa and strengthen retirement, wealth, and agribusiness capabilities.
Rexel USA acquired DEE Electronics to expand from standard electrical distribution into specialized electronic component distribution and OEM-focused assembly and supply chain services. DEE, headquartered in Cedar Rapids, Iowa, will join Rexel USA’s Advanced Services organization, pairing DEE’s kitting/assembly and component sourcing capabilities with Rexel’s national footprint and supplier relationships.
White Cap, a distributor of specialty construction supplies and safety products, entered into a definitive agreement to acquire the business of Gierke Robinson Company, Inc., a concrete accessories/tools and equipment rentals/repair provider serving contractors across Eastern Iowa, Western Illinois, and Southwest Wisconsin. The acquisition expands White Cap’s Midwest footprint and strengthens its position in the concrete distribution market.
Country Life, backed by Lion Equity Partners, has acquired Aura Cacia, an aromatherapy and natural air care brand, from Frontier Co-op. The deal also includes Aura Cacia’s 60,000-square-foot manufacturing facility in Urbana, Iowa, which Country Life will use to produce essential oils alongside its existing Hauppauge, New York supplement manufacturing operations.
ETS announced it is acquiring ACT, a college and career readiness organization. The deal combines two mission-driven measurement organizations to expand education and workforce opportunity solutions across the United States; financial terms were not disclosed.
Vortex Companies acquired Municipal Pipe Tool Company LLC (MPT), a sewer maintenance and rehabilitation contractor based in Hudson, Iowa. The deal is intended to strengthen Vortex’s trenchless infrastructure capabilities and expand its Midwest presence, building on MPT’s longstanding relationship with Vortex via CIPP Corp.
NMI, an embedded payments infrastructure provider, announced it has acquired Dwolla, an API-first account-to-account (A2A) payments and real-time/open banking money movement provider. The deal expands NMI’s embedded, white-labeled platform with modern A2A infrastructure, real-time payments, payouts, and related funds-flow capabilities. Dwolla’s CEO, Dave Glaser, will join NMI as Chief Operating Officer, and about 60 Dwolla employees will move to NMI.
McCarthy-Bush Corporation acquired Roemer Machine, a Davenport-based manufacturer known for centrifuge repair technical expertise and machining capabilities. The deal expands McCarthy-Bush’s manufacturing platform by adding specialized centrifuge repair capabilities while increasing machining capacity and broadening in-house services for customers across multiple industries.
OneroRx has completed its acquisition of 14 NuCara retail pharmacies and 10 NuCara home medical equipment locations in Iowa and Minnesota. The deal brings OneroRx to 91 locations across eight Midwest states, and the acquired sites will be rebranded as Medicap Pharmacy or Medicap Home Medical.
Ed Morse Automotive Group announced it has acquired the Porsche Des Moines dealership in West Des Moines, Iowa. The dealership was acquired from Woodhouse Auto Group, and the purchase expands Ed Morse’s presence in Iowa while adding Porsche Des Moines employees to its workforce.
Ed Morse Automotive Group acquired Porsche Des Moines, a dealership previously owned by Jason Pittack of the Woodhouse Auto Family. The dealership will continue operating under the Porsche Des Moines name, and the transaction closed on April 1, 2026.
Flex entered into a definitive agreement to acquire Electrical Power Products, Inc. (EP²) in an all-cash deal valued at approximately $1.1 billion (about $1.0 billion after anticipated tax benefits). The acquisition is intended to expand Flex’s Critical Power portfolio with engineered-to-order power control and protection capabilities for utility, power generation, and industrial customers.
INVISION and GastingerWalker announced they will merge under the INVISION brand, with the merger effective March 16, 2026. The combination unites two legacy architecture and design firms in The HFW Companies network to create a national architectural collective with nearly 200 employees.
Principal Financial Group announced a definitive agreement to acquire Southland Benefit Solutions’ single-state dental network, DentaNet, in Alabama, and secure renewal rights for a block of group insurance contracts through Canopy Insurance. Both Southland Benefit Solutions and Canopy Insurance are subsidiaries of Collateral Holdings, LLC. The transaction is intended to strengthen Principal’s specialty benefits footprint in Alabama and expand its dental network capabilities across the Southeast.
The Pokémon Company International has entered into a definitive agreement to acquire Excell Brands, a U.S. distributor and category management service provider for trading cards and collectibles. The transaction is expected to close subject to regulatory approvals and customary closing conditions.
Inovar Packaging Group, a Dallas-based label and packaging provider, acquired Kiliper Corporation, a family-owned flexible packaging business, to expand its stretch sleeve, roll‑fed label, and printed film capabilities and strengthen its Midwest footprint. Kiliper’s co-owners Tom Kiliper and Lindsay Maysent will remain as co‑presidents following the transaction.
Charcuterie Artisans acquired La Quercia Cured Meats, a U.S.-made prosciutto and dry-cured pork specialist. The deal includes La Quercia’s Norwalk, Iowa production facility and its full product portfolio, with plans to expand the plant’s capacity by about 50% and dedicate it exclusively to prosciutto production.
J.F. Lehman & Company, via an affiliate of JFL Equity Investor VI, L.P., acquired a majority interest in Wellman Dynamics, a Creston, Iowa-based manufacturer of large-scale magnesium and aluminum sand castings. TRM Equity sold the majority stake and will retain a meaningful minority position; the deal is positioned as a platform investment to expand Wellman's manufacturing capacity and pursue new aerospace and defense programs.
Novae, a leading North American trailer manufacturer, has acquired Aluma Trailers to expand its aluminum trailer product offering and strengthen its dealer-distributed platform. Aluma will remain headquartered in Bancroft, Iowa and led by CEO Mike Lloyd and the existing management team; financial terms were not disclosed.
CapStone Holdings has acquired Structurely, an AI-powered sales engagement platform that automates early-stage revenue conversations for real estate and mortgage organizations. The acquisition positions Structurely for accelerated product development, deeper partnerships, and scaled operations under CapStone’s ownership while leveraging Structurely’s large conversational dataset and AI capabilities.
Los Angeles-based private equity firm Fusion Capital Partners has acquired Excel Engineering, a Diagonal, Iowa-based testing and certification firm that provides engine, powertrain, battery and emissions testing services to OEM and industrial customers. The transaction (terms undisclosed) is positioned as a growth-oriented, capability-expanding platform investment to scale Excel's testing capacity, capabilities and talent; Monroe Capital acted as a joint lead arranger on the senior credit facility supporting the deal.
Lewis & Ellis, Inc. announced that Griffith, Ballard & Company has joined Lewis & Ellis effective January 1, 2026. The combination expands Lewis & Ellis’s life actuarial capabilities and scale while allowing Griffith Ballard to continue operating from Cedar Rapids under its existing leadership and to contribute its Lifebase technology and actuarial expertise to the broader platform.
Baldwin Supply Company, a privately owned Midwest industrial distributor headquartered in Plymouth, Minnesota, has acquired Construction & Aggregate Products, Inc. (CAP), a distributor with locations in Des Moines, Iowa and Lenexa, Kansas. The acquisition expands Baldwin Supply's regional footprint and capabilities to better serve customers in aggregate, mining and construction markets.
Amca, an El Segundo, California-based aerospace and defense company, has acquired Aerospace Control Products, Inc. (ACPI) of Davenport, Iowa to expand its hydraulics-focused components platform by adding aerospace-grade pressure and liquid-level switch capabilities. Amca plans significant investment to expand ACPI’s manufacturing capacity and improve supply availability; Shedd Capital advised on the transaction and Aaron Ellis, ACPI’s president and former owner, will remain involved.
HNI Corporation entered into a definitive agreement to acquire Steelcase Inc. for approximately $2.2 billion in a cash-and-stock transaction. Under the deal terms, Steelcase shareholders would receive $7.20 in cash and 0.2192 shares of HNI common stock per share, and the combined company is expected to have pro forma annual revenue of about $5.8 billion.
Solve Industrial Motion Group has acquired D&D Global, Inc., a vertically integrated manufacturer of power drive belts specializing in V-belts and timing belts. The acquisition expands Solve’s manufacturing capabilities and strengthens its engineered bearings and power transmission full drivetrain solutions platform.
Scorability, a college-recruiting technology company headquartered in Austin, Texas, has acquired Ryzer, the Des Moines-based event registration and management platform for college and youth sports. The deal combines Scorability’s data-driven recruiting and analytics tools with Ryzer’s large events ecosystem to create an integrated platform serving thousands of programs and over a million athletes annually.
Peoples Company announced a pending acquisition of Murray Wise Associates, LLC (MWA) from Farmland Partners Inc. The deal is effective November 15, 2025 and includes Peoples Company engaging for the ongoing management of select non-core farmland assets.
Thirty31 Partners, a Huxley, Iowa-based private equity firm, has acquired Jerry Carney & Sons, Inc., a family-owned auto parts and vehicle recycling business headquartered in Ames, Iowa. The company will continue operating under its existing brand and management while Thirty31 provides capital and operational support to drive growth in the automotive aftermarket and recycling sectors; 1st National Bank of Ames supported the transaction.
The Integration Group (TIG) entered into a definitive agreement to acquire PDM, a full-service packaging, warehousing, and transportation provider based in Boone, Iowa. The deal is intended to strengthen TIG’s Midwest presence and add BRC-certified food-grade packaging capabilities, including custom blending and filling, private labeling, warehousing, and dedicated transportation.
Performance Brokerage Services announced the sale of McGrath Dubuque Harley-Davidson in Dubuque, Iowa from Mike and Pat McGrath to lifelong riders and dealership owners John Jennerjohn and Brody Meier (owners/operators of Iron Hill Harley-Davidson). The dealership will be renamed Key City Harley-Davidson and remain at its current 145 North Crescent Ridge location, expanding the buyers' regional presence.
Plunkett's Pest Control, Inc. has acquired Insect Control Specialists (ICS), a family-owned pest control business based in Cedar Rapids, Iowa. The acquisition strengthens Plunkett's regional presence in Iowa while preserving ICS's legacy and customer relationships following owner Leslie Parker's decision to sell.
Patrick Lanigan, a Pet Butler franchise owner in Des Moines, Iowa, has acquired Bark 'N' Bin, a local pet waste removal business. The acquisition expands Pet Butler's presence in Iowa and brings Bark 'N' Bin customers under the national Pet Butler franchise system.
ALKEME Insurance, a Top 25 U.S. insurance brokerage based in Ladera Ranch, California, has acquired Sheets Forrest Draper Insurance, a fourth-generation independent agency headquartered in Marion, Iowa. The deal expands ALKEME's Midwest footprint and brings SFD Insurance access to ALKEME's resources while preserving the agency's local focus and client relationships.
Premier Tech Water and Environment (a business unit of Premier Tech) has acquired Karr's Septic Service, a Vinton, Iowa-based septic and wastewater pumping services provider. The acquisition expands Premier Tech's local service footprint in Eastern Iowa and adds time-of-transfer diagnostics and residential septic maintenance capabilities.
ImOn Communications has completed its acquisition of Danville Telecom after receiving all regulatory approvals. The deal adds Danville's 100% fiber-optic network (including subsidiary iConnectYou) to ImOn's regional footprint, enabling faster rollout of next-generation services to Burlington, West Burlington, Fort Madison, Keokuk and surrounding communities in Southeast Iowa.
GreatAmerica Holdings agreed to acquire Heritage Bank, an Iowa state-chartered bank headquartered in Marion, Iowa. Following the acquisition, Heritage Bank will operate under a new name, GreatAmerica Bank National Association. GreatAmerica said the move is intended as strategic growth to combine its equipment-finance focus with the stability of an FDIC-insured bank and to offer a more comprehensive suite of financing options to small and medium-sized businesses.
GreatWater 360 Auto Care has acquired Cars, Trucks & Vans, a long-standing full-service auto repair shop in Davenport, Iowa. The shop will continue operating under its existing name and team while joining GreatWater's network to support the location with upgraded tools, training, and operational resources to deepen the company's presence in Iowa.
Inszone Insurance Services, a national insurance brokerage based in Sacramento, has acquired LJ Insurance, Inc., a longtime Keokuk, Iowa agency with an office in Fort Madison. The deal expands Inszone's presence in Iowa and broadens its life and health insurance offerings while providing LJ Insurance clients access to Inszone's broader carrier relationships and resources.
FBi Buildings, a Remington, Indiana–based post-frame construction firm, has acquired Eastern Iowa Building of Fairfax, Iowa, effective July 1, 2025. The acquisition expands FBi's presence in Iowa, preserves EIB's local operations and warranties, and provides EIB with additional resources and operational support to serve a wider geographic area.
Alamo Group Inc. completed its acquisition of Ring-O-Matic, Inc., a provider of industrial vacuum excavation equipment based in Pella, Iowa. The purchase was funded with existing cash on hand and is expected to fit Alamo’s product lineup, supporting cost and revenue synergies through integration.
Kingsgate Insurance has acquired Calvert & Johnson Insurance Services in a deal effective Monday, adding the Fort Dodge-based agency's advisors and client relationships to Kingsgate's platform. The acquisition expands Kingsgate's local presence and product offerings — including employee benefits, agribusiness, and crop insurance — while Calvert & Johnson clients will continue with the same advisors during the transition.
Apella Wealth announced that Iron Horse Wealth Management, a fee-only RIA led by Dennis Markway, has joined Apella, adding $574 million in AUM and establishing Apella’s first Midwest-based team in Johnston, Iowa. The entire Iron Horse team joined Apella, with Markway becoming Regional Director; the deal closed June 20, 2025 and brings Apella to $6.08 billion in AUM.
Rensa Filtration, a manufacturer of advanced commercial air filtration systems and a portfolio company of Audax Private Equity, acquired Air Filtration Co. The acquisition expands Rensa’s national growth plan, strengthening its Midwestern footprint and adding Air Filtration Co.’s product and service capabilities.
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