Acquisitions in Iowa in 2023

Bain Capital Insurance invested $200 million to acquire the operational platform of GuideOne Insurance Company and to launch The Mutual Group, a new insurance services platform focused on mutual insurers. GuideOne will remain an independent mutual and serve as The Mutual Group’s inaugural member while using the capital to strengthen its balance sheet and support growth.

IP Pathways, a Midwest technology solutions and managed services provider, has acquired Tenax Solutions, a cybersecurity firm founded in 2019 that provides vulnerability scans, penetration testing, and compliance services. The acquisition expands IP Pathways' security and compliance capabilities and will allow the combined business to deliver enhanced information security offerings to MSPs, SMBs and enterprise clients across the United States.

Navigate Wellbeing Solutions, an employee wellbeing technology company based in West Des Moines, partnered with McCarthy Capital in a growth investment to accelerate product development, team expansion, and strategic acquisitions. The partnership provides capital and operational support to expand Navigate's reach—the company reports nearly two million subscribed users.

WF Cabinetry Group, a semi‑custom cabinetry manufacturer backed by HCI Equity Partners, has acquired Woodharbor Molding & Millworks, a family‑founded custom cabinetry and vanities manufacturer based in Mason City, Iowa. Patriot Capital provided subordinated debt and an equity co‑investment to support the add‑on acquisition; Woodharbor founder Curtis Lewerke will remain a shareholder and board member of the expanded WF Cabinetry platform.

Advantive, a mission-critical software provider for specialty manufacturing and distribution businesses, has acquired Proplanner, a provider of assembly-focused Product Lifecycle Management (PLM) and Manufacturing Execution Systems (MES). The acquisition adds Proplanner’s Assembly Planner, Shop Floor MES, and Flow Planner capabilities to Advantive’s ERP, MES and SPC portfolio to strengthen its assembly-focused manufacturing solutions and improve shop-floor planning, work-instruction generation, and traceability for customers across aerospace, automotive and heavy manufacturing.

Pye-Barker Fire & Safety has acquired Iowa Fire Equipment Company, adding five branch locations and expanding Pye-Barker's footprint into its 40th state. The deal secures the Iowa market, adds presence in Indiana and furthers Pye-Barker's Midwest expansion while Iowa Fire's team will continue serving customers across the Midwest and Florida.

Modern Wealth Management, a national RIA backed by Crestview Partners, has acquired the assets of Midwest Financial of Glidden, Iowa. The transaction is an add-on to Modern Wealth's platform intended to expand service offerings, accelerate organic growth, and integrate Midwest Financial into Modern Wealth's centralized planning and tax capabilities.

Xylem Kendall — comprised of Kendall Vegetation Services and Xylem Tree Experts and backed by Sterling Investment Partners — has acquired Tom's Tree Service, a regional vegetation-management operator serving Iowa and Missouri. The add-on expands Xylem Kendall's Midwest footprint and adds local operational capacity and storm-response capabilities.

Merx Truck & Trailer has acquired Majestic Truck Services, a long-established truck collision and repair provider based in Altoona, Iowa. The deal expands Merx's multi-site presence in the Des Moines market and adds Majestic's 53,000 sq. ft. repair facility and capabilities to Merx's Midwest service network; terms were not disclosed.

Fairfield, Ohio-based AFC Industries (a Bertram Capital portfolio company) has acquired Muscatine, Iowa-based White Distribution & Supply (WDS) from Slate Capital Group. The add-on purchase expands AFC's distribution footprint and capabilities in MRO, fasteners, packaging and inventory/LEAN solutions; terms were not disclosed.

Chicago-based Redwood Logistics has acquired Rockfarm Supply Chain Solutions and Global Distribution and Logistics to strengthen its modern 4PL and tech-enabled managed services. The deal adds Rockfarm’s freight management, international freight forwarding, trade compliance, customs brokerage, TMS integration experience and data/BI capabilities; Rockfarm’s Dubuque, Iowa operation and leadership will integrate into Redwood.

DCA Partners has made a significant minority growth investment in Smash Park Entertainment Group to accelerate the company’s U.S. venue expansion. Smash Park, an indoor/outdoor eatertainment brand anchored by pickleball and multiple games, currently operates locations in West Des Moines and Pella, Iowa, with additional sites under construction in Minneapolis and Omaha.

Copperfield Chimney Supply, a subsidiary of Olympia Chimney Supply Holdings, LLC, has acquired New Energy Distributing, Inc., a Midwest distributor of hearth and chimney products. The deal is intended to expand Copperfield’s product offering and service footprint across the Midwest; terms were not disclosed.

JULY Business Services has acquired the recordkeeping and administration business of HTLF Retirement Plan Services, a division of Heartland Financial USA, Inc. Core HTLF recordkeeping team members (including over 20 credentialed employees) are joining JULY to maintain continuity of service while HTLF will continue as advisor and 3(38) investment fiduciary. The deal expands JULY's capabilities and client service model as it grows its national retirement plan platform.

Wealth Enhancement Group, a national independent wealth management firm based in Minneapolis, has acquired Heacock & Jones Financial Services, Inc., an independent RIA in Dubuque, Iowa that manages roughly $355 million in client assets. The deal expands Wealth Enhancement Group's presence in Iowa and increases its total client assets to more than $66.8 billion.

accūrō Solutions, a provider of medical bill processing technology and services, has acquired Splashlight Solutions, a West Des Moines-based workers' compensation bill review provider. All Splashlight employees joined accūrō, with Splashlight's CEO Lisa Gran becoming Chief Revenue Officer; the purchase price was not disclosed.

Maverik — Adventure’s First Stop, together with parent FJ Management, announced the acquisition of Kum & Go (a ~400-store convenience chain) and Solar Transport from the Krause Group. Financial terms were not disclosed; the deal expands Maverik’s convenience-store footprint across the Midwest and Rocky Mountain regions and brings logistics/tank-transport capabilities into its operations.

Core & Main Inc. (NYSE: CNM) has completed the acquisition of substantially all assets of Midwest Pipe Supply Inc., a Clear Lake, Iowa-based distributor of drainage, septic and waterworks products. The deal expands Core & Main's drainage and waterworks presence in Iowa while bringing Mark and Wendy Paca and their team into Core & Main's network.

Madison Capital Partners, a Chicago-based investment firm, has made an investment in Global Filter, a Cedar Rapids, Iowa developer and manufacturer of validated filtration solutions. The capital will support Global Filter's continued product and technology development and strengthen its customer responsiveness across end markets including food & beverage, pharmaceutical, and petrochemical.

World Insurance Associates LLC (WIA), a Top 100 insurance brokerage headquartered in Iselin, New Jersey, acquired Sagacity Benefits of Burlington, Iowa on July 1, 2022. Terms were not disclosed; Sagacity is an employer-focused benefits consulting firm that specializes in health benefits platforms, and WIA said the acquisition will expand its benefits capabilities and services for clients.

Eastern Communications Ltd., a New York–headquartered mission-critical communications provider, has acquired Marshalltown, Iowa–based RACOM Corporation, a provider of emergency communications services and technology. The combination creates a nationwide mission-critical communications platform with expanded service locations and capability to serve public safety, utilities and transportation customers coast to coast.

Basepoint Tax & Accounting, a subsidiary of Basepoint Wealth, LLC, has acquired Ledger Plus of Cedar Rapids to expand its tax and accounting operations in Eastern Iowa. The move accompanies the appointment of Ron Detweiler as President of Basepoint Tax & Accounting and continues Basepoint's roll-up strategy of local accounting firms to offer integrated investment management and tax planning services.

Isoray, Inc. completed an all-stock merger with Viewpoint Molecular Targeting, effective February 3, 2023, combining Isoray's brachytherapy expertise with Viewpoint's radiopharmaceutical and diagnostic pipeline. Under the deal each Viewpoint share converted into 3.1642 shares of Isoray (totaling 136,545,075 shares, ~49% of Isoray's outstanding shares); Viewpoint CEO Thijs Spoor was named CEO of the combined company and outgoing Isoray CEO Lori Woods became Chair.

LFM Capital, a Nashville-based private equity firm, has invested in APQS, a Carroll, Iowa-based designer and manufacturer of longarm quilting machines. LFM said it will partner with APQS management to leverage operational expertise and drive future growth for the premium quilting equipment brand.