Acquisitions in Iowa in 2021

German bicycle distributor Messingschlager GmbH acquired Cycle Force Group, LLC (including its North America Cycles subsidiary) in a deal that closed Dec. 31, 2021. The acquisition establishes Messingschlager USA (doing business as Cycle Force Group) and is intended to drive the buyer's international expansion and deepen capabilities in parts, accessories and e-mobility across the U.S. and Europe.

Chicago-based private equity firm May River Capital has acquired Cablevey Conveyors, the Oskaloosa, Iowa manufacturer of tubular drag conveyor systems. The deal closed on Dec. 22 (Cablevey’s 50th anniversary); Cablevey will continue operating in Oskaloosa while May River plans to invest to grow market share in food & beverage, pharmaceuticals and other regulated end markets and pursue synergies with a sister platform, Advanced Material Processing (AMP).

Vested, an integrated financial services communications firm, has acquired Red Lab Technologies, a Cedar Falls-based web design, development and digital marketing agency. The acquisition expands Vested's digital capabilities—adding WordPress development, SEO, paid social and marketing automation expertise—and brings Red Lab's talent into the Vested platform to better serve financial and healthcare clients.

Chicago-based private equity firm Benford Capital Partners has formed Pasture Brands Holdings, LLC to recapitalize Farmers Hen House, a Kalona, Iowa–based specialty egg producer. CEO Ryan Miller will remain in place and Benford plans to invest in sales, operations, product development and marketing while pursuing add-on acquisitions to grow the platform.

LRS, a Midwest waste diversion, recycling and portable services provider, acquired Johnson County Refuse along with two portable-restroom providers — Port 'O' Jonny and Action Services, Inc. — to establish an expanded presence across greater Cedar Rapids and Iowa City. The deals add roughly 50 employees from Johnson County Refuse and a combined portable-services fleet (25 trucks) to LRS’s operations; financial terms were not disclosed.

Funds managed by Stone Point Capital have made a majority investment in Businessolver, the West Des Moines–based SaaS benefits technology provider. Existing investors Warburg Pincus and JMI Equity remain invested as the company prepares to accelerate product development, expand data science and engineering capabilities, and grow its U.S. footprint.

IAC's Dotdash completed its acquisition of Meredith Holdings Corp. in an all-cash transaction at $42.18 per share, creating Dotdash Meredith — the largest digital and print publisher in the United States. The combined company, headquartered in New York City and led by CEO Neil Vogel, unites Meredith's iconic magazine brands and first-party data with Dotdash's digital and e-commerce capabilities to scale advertising and digital revenue.

Meteor Education, a Saw Mill Capital portfolio company, acquired Premier Furniture + Equipment (Premier F+E), a Shell Rock, Iowa-based distributor of K-12 classroom furniture. The deal expands Meteor's footprint into the Heartland (adding Premier's presence across Iowa, Minnesota, Wisconsin and South Dakota) and will keep Premier operating from its Shell Rock showroom while providing additional resources, tools and operational support.

Health eCareers, an Everyday Health Group service, has acquired Arthur L. Davis Publishing (ALD), a Cedar Falls-based publisher of digital nursing publications that reaches over 2.6 million nurses through state association partnerships. The deal expands Health eCareers' ability to connect employers, schools, and continuing-education providers with the nursing workforce and broadens its healthcare marketing products and services.

Blue Wolf Capital Partners has agreed to acquire CIVCO Radiotherapy, a maker of radiotherapy patient positioning and immobilization equipment, from Roper Technologies. CIVCO Radiotherapy, headquartered in Iowa with ~115 employees and serving hospitals and cancer centers globally, will be led by Nat Geissel as CEO following close; terms were not disclosed and the deal is expected to close by year-end.

AssuredPartners, Inc. (headquartered in Lake Mary, Florida) has acquired Jester Insurance Services, Inc., an independent insurance agency based in Des Moines, Iowa. The 15-person Jester team will remain in place under existing leadership as AssuredPartners expands its Great Plains footprint and client offerings.

Arthur J. Gallagher & Co. acquired Dubuque, Iowa-based River Valley Capital Insurance, Inc., a retail property/casualty brokerage specializing in insurance for the long-haul trucking industry. The River Valley team will remain in Dubuque and join Gallagher's Midwest transportation practice; financial terms were not disclosed.

Resurgens Technology Partners has made a strategic (platform) investment in AgencyBloc, a Cedar Falls–based provider of cloud-based agency management software for independent insurance agencies. The partnership will fund product development, go-to-market expansion and team growth; terms were not disclosed and Morgan Partners served as exclusive financial advisor to AgencyBloc.

Sun Line, Inc., a Cedar Rapids, Iowa-based auto salvage and used-parts business founded in 1965, was sold to local buyer Roger Cassill with the transaction closing on October 1, 2021. The sale enabled owners Gary and Caroline Wendel and Bruce Chase to retire/exit and transfers operating control to a local operator familiar with the business.

Chicago-based Granite Creek Capital Partners partnered with Equivu Capital (the investment arm of Salvatore Calvino) to acquire a majority stake in C&C Manufacturing (formerly Al-jon Manufacturing). Equivu's Salvatore Calvino was named CEO and the investment will provide working capital to grow the company's workforce, expand parts and services, and capitalize on demand across scrap recycling, waste management, and airport maintenance markets.

Boston-based private equity firm Fort Point Capital has invested in CellSite Solutions, a Cedar Rapids, Iowa-based provider of telecom infrastructure refurbishment, installation, and maintenance, as a new platform investment alongside the company's management team. The founders, Carter Kramer and Chris Wiese, will continue to lead the company as Fort Point supports growth initiatives with debt financing provided by Enterprise Bank & Trust and GMB Capital Partners and advisors including Kirkland & Ellis and Grant Thornton.

GI Partners, through its GI Data Infrastructure Fund, has acquired a controlling interest in LightEdge, a Des Moines–based provider of colocation, cloud and managed services. The investment—sourced from GI Partners’ data infrastructure strategy—will support LightEdge’s growth and expand its cloud and colocation capabilities; LightEdge was previously majority‑owned by The Anschutz Corporation.

USI Insurance Services has acquired Reynolds & Reynolds, Inc., a Des Moines-based independent risk management and employee benefits agency, to expand USI's local presence in Iowa. Terms were not disclosed; Reynolds & Reynolds' leadership and staff will join USI to deliver expanded risk management and employee benefits solutions.

EasyKnock has acquired FarmlandFinder, the Des Moines–based online marketplace for U.S. farmland, to expand its sale-leaseback offering into agricultural land. The deal brings FarmlandFinder's platform and expertise into EasyKnock's product suite, enabling landowners to convert farmland equity to cash via sale-leaseback solutions.

Pack4U, a Mountain View–based digital healthcare company, has acquired CHC Health, a virtual pharmacist services provider that operates a network of 400+ clinical pharmacists and executes millions of patient outreaches annually. The acquisition adds clinical pharmacy scale and virtual monitoring capabilities to Pack4U’s medication-adherence and remote-care platform to personalize care and improve outcomes.

CenterOak Partners completed a majority recapitalization of HK Solutions Group, a Des Moines-based provider of water and wastewater infrastructure inspection, cleaning, repair and industrial services in the U.S. Midwest. The HK Solutions management team, led by CEO Wade Anderson, will remain in place as CenterOak plans to grow the business organically and via add-on acquisitions to expand service capabilities and market presence.

Brenntag has agreed to acquire JM Swank, a national food-ingredients distributor headquartered in North Liberty, Iowa, from Platinum Equity. JM Swank generated approximately $500 million of sales in 2020; the deal is intended to significantly expand Brenntag's Nutrition business in North America and is expected to close in Q3 2021 subject to customary conditions and regulatory approvals.

Aspen Surgical Products, a manufacturer of surgical disposable products backed by Audax Private Equity, has acquired the Stork line of branded obstetric disposable products from Briggs Healthcare. The acquisition expands Aspen’s product portfolio in labor and delivery/obstetrics and is positioned as a platform for future growth in the OBGYN market.

Midwest Growth Partners has sold Inland Coatings Holdings, LLC to a confidential strategic buyer, marking an exit for the West Des Moines-based PE firm. Founded in 1978 and headquartered in Adel, Iowa, Inland manufactures roof and automotive aftermarket coatings (SEBS, silicone, acrylic and polyurethane) and includes the previously acquired TRUCO Coatings and Aldo Products brands.

Tiger Infrastructure Partners agreed to invest in Summit Carbon Solutions, a new Summit Agricultural Group platform building a large-scale carbon capture and storage network across the U.S. Midwest. The project aims to capture and permanently store more than 10 million tons of CO2 annually and has secured binding offtake agreements with several biorefineries in Iowa, Minnesota, South Dakota and North Dakota.

Farm Bureau Property & Casualty Insurance Company (FBPCIC) agreed to acquire all outstanding shares of FBL Financial Group, Inc. for $56.00 per share in cash. The Iowa Insurance Division cleared the transaction (no Form A required), and FBL scheduled a special shareholder meeting for April 29, 2021 to vote on the proposed buyout.

Cookbook Specialists, a division of Independence, Iowa–headquartered Print Express, acquired Jumbo Jack's of Audubon, Iowa, with the transaction closing on April 12, 2021. Jumbo Jack's manager Jeanne Christensen (25 years' experience) will join Cookbook Specialists while production is consolidated to Print Express's Independence facility; terms were not disclosed.

Eco Lips, the organic lip care company, has acquired Simply Soothing, the maker of the Bug Soother natural insect repellent line. The purchase brings the Bug Soother brand and its assortment (repellent, bite soother, candles) into Eco Lips' portfolio and expands the company's retail and international distribution footprint.

An affiliate of H.I.G. Capital has signed a definitive agreement to acquire Hibu Group (USA), Inc., a Cedar Rapids–based provider of integrated digital marketing services for small and medium-sized businesses. H.I.G. said the investment will support Hibu's next phase of growth and product innovation; the seller is Hibu Group Limited (UK).

EDM Medical Solutions, a Miami-based supplier of disposable medical imaging products, has acquired ERI, Inc., an Iowa-based distributor of medical imaging equipment and accessories. The deal expands EDM's U.S. market penetration and broadens ERI customers' access to a wider range of consumables and infection-control products while maintaining continuity of service.

Pittsburgh-based private equity firm Incline Equity Partners has acquired Revival Animal Health, a pet health products distributor headquartered in Orange City, Iowa, in a transaction alongside the Company's management team. Incline plans to support Revival's growth through enhanced digital marketing, proprietary brand expansion, operational improvements and evaluation of potential add-on acquisitions.

World Insurance Associates LLC (WIA) acquired Two Rivers Insurance Company, Inc. (TRIC) of Burlington, Iowa (which includes Two Rivers Insurance Services and Employee Benefits Systems) effective December 31, 2020. TRIC will remain headquartered in Burlington and continue operating its offices in Ft. Madison, Earlham, and West Des Moines; WIA said the acquisition expands its presence in Iowa and strengthens its employee benefits and TPA product offerings.

National Carwash Solutions (NCS), a Grimes, Iowa-based provider of car wash equipment, cleaning fluids, parts and field services, has completed a recapitalization with Berkshire Partners. Berkshire Partners acquired its position from AEA Investors' Small Business Fund (AEA SBF); terms were not disclosed and the transaction is intended to support NCS's next phase of growth.

AEA Investors’ Small Business Fund has recapitalized National Carwash Solutions (NCS), a leading service and systems provider to the North American car wash industry. The transaction provides liquidity to former sponsor Trivest Partners and positions NCS to pursue its growth plan with backing from AEA.

Ascend Technologies, backed by private equity firm M/C Partners, has merged with Doextra CRM Solutions to combine Salesforce implementation, CRM consulting and managed services capabilities. The merger creates a combined organization of more than 195 U.S.-based professionals with offices in Chicago, Illinois and Des Moines, Iowa to expand Salesforce-focused services for insurance and financial services clients.

Dura Supreme, a premium kitchen and bath cabinetry maker owned by GHK Capital Partners, has acquired Bertch Cabinet Mfg. The acquisition combines complementary premium cabinetry brands to expand product selection for dealers and accelerate growth across the U.S.; the deal is an add-on to the Dura Supreme platform owned by GHK.

Epiphany Dermatology announced a partnership with Infinity Skin Care, founded by Dr. Kimberly Schulz, to expand its presence in the Cedar Rapids–Iowa City market. The agreement brings Infinity Skin Care into Epiphany's provider network and gives the practice additional operational, marketing, HR, finance and IT support.