Acquisitions in Iowa in 2024

ALKEME, a Top 35 insurance brokerage based in Ladera Ranch, California, acquired Relion Insurance Solutions, one of Iowa's largest insurance agencies. The deal expands ALKEME's Midwest presence and allows Relion to leverage ALKEME's resources while maintaining service continuity.

Chattanooga-based media platform Firecrown has acquired Active Interest Media's Marine Group, including consumer titles such as Sail, Anglers Journal, Power & Motoryacht and Yachts International. Firecrown said it will retain the group's editorial, sales and publishing staff and plans to invest in the next generation of the marine brands as it expands its affluent enthusiast media portfolio.

Innovative Fluid Handling Group (IFH Group), a portfolio company of The Mendota Group, has acquired Dynamic Tube, Inc., a Maquoketa, Iowa-based custom tube fabrication and precision-machined parts supplier. The transaction is an add-on acquisition that expands IFH Group's manufacturing capabilities and product offering for off-road, heavy equipment, agricultural and industrial end markets.

Hidden Harbor Capital Partners has acquired Norplex Micarta, a North American producer of thermoset composite materials, from Industrial Dielectrics Holdings, Inc. Stellus Capital Management provided unitranche debt financing to support the transaction. Hidden Harbor plans to provide operational and financial resources to scale Norplex Micarta's operations and execute on growth initiatives across electrification and industrial end markets.

Golden Gate Capital has made a growth investment in Brava Roof Tile to support the company's production capacity expansion and broader growth initiatives. Brava's management, led by CEO Adam Brantman and CMO Andrew Ahrens, will continue to lead the company and remain significant shareholders; financial terms were not disclosed.

Baker Manufacturing Company, a Blue Sage Capital portfolio company, has acquired the Pump Division of A.Y. McDonald Mfg. Co., including the full pump product line of submersible, booster, jet, sump pumps and pressure tanks. The add-on expands Baker’s Water Systems product offerings and market coverage for residential and agricultural end markets, with TPG Twin Brook providing financing and advisors representing both sides.

Eximia Research, a Raleigh-based integrated clinical research network, has acquired Integrated Clinical Trial Services, Inc. (ICTS), a dedicated clinical research clinic in West Des Moines, Iowa. The acquisition expands Eximia’s Midwest footprint and increases local patient access to clinical trials across multiple therapeutic areas including pediatrics, neurology and dermatology.

Corporate Technologies, a Tonka Bay Equity Partners portfolio company, has acquired RSPN, an MSP based in Cedar Falls, Iowa. The deal expands Corporate Technologies' national footprint to 17 markets and is the firm's second acquisition since partnering with Tonka Bay in 2023.

Consolidated Equipment Group (CEG), a portfolio company of Dominus Capital, has acquired Agile Manufacturing Group, LLC, a Granite, Iowa-based maker of agricultural, industrial and construction attachments marketed under the GrabTec and Miller Loader brands. The deal is an add-on to CEG's platform to broaden its product suite and expand into adjacent material-handling end markets; Agile founder Mike Feilmeier will remain in leadership as Vice President of Agile Products.

Seattle-based private equity firm Sound Growth Partners acquired Stueve Construction, a leading U.S. designer and builder of bulk fertilizer storage facilities, with capital provided by Brookside Capital Partners, Capitala Group and other investors. The transaction will support Stueve's next phase of growth and innovation as the company continues to serve major fertilizer manufacturers, distributors, retailers and cooperatives.

WealthPlan Partners, a national Registered Investment Adviser based in Omaha, acquired EFS Wealth Management Group, a Sioux City/Sioux Falls-based wealth management firm that manages approximately $360 million in client assets. EFS founder Marc Geels will join WealthPlan as Head of Private Wealth Management to build the firm's ultra-high-net-worth capability as WealthPlan expands its Midwest presence.

HBM Holdings has acquired Calcium Products, Inc., a manufacturer of calcium-based fertilizers headquartered in Ames, Iowa, from an affiliate of Sun Capital Partners. The deal adds approximately 130 employees and expands HBM's agricultural and specialty fertilizer capabilities as part of its portfolio diversification and buy-and-build strategy.

EVO Transportation & Energy Services has acquired West Side Transport, a Midwest-based truckload carrier and brokerage that operates 550 trucks, 2,300 trailers and about 700 employees, to diversify EVO's customer mix beyond the U.S. Postal Service and increase density in the Midwest. The deal was financed with debt and equity from WhiteHawk Capital Partners and Antara Capital; Don Vogt will serve as a board adviser and West Side COO Ron Joseph has been promoted to president of the West Side division. Terms were not disclosed.

CropX, a San Francisco-based agronomic farm management platform, has acquired EnGeniousAg, an Iowa State University spinout that developed near-instant, in‑field nitrogen sensing technology. CropX intends to integrate EnGeniousAg's patented nitrogen sensors into its farm management system to improve precision nitrogen fertilizer management, reduce input costs and advance sustainability for growers.

Midwest Growth Partners' portfolio company, French Gourmet, has merged with Iowa-based ShellsbyDesign to combine complementary frozen tart shells, RTE desserts and artisanal pastry product lines. The merger is intended to expand product offerings and geographic reach for existing customers and to support continued growth under the MGP-backed platform.

Koch Ag & Energy Solutions (KAES) completed the acquisition of Iowa Fertilizer Company LLC (IFCO) from OCI Global for $3.6 billion on a cash-free, debt-free basis, closing Aug. 29, 2024 (deal signed Dec. 18, 2023). The Wever, Iowa facility — commissioned in 2017 with capacity of 3.5 million metric tons of nitrogen fertilizers and diesel exhaust fluid annually — joins Koch's fertilizer platform, expanding its US production footprint and eastern U.S. market reach.

Summit Fire Protection Co., a subsidiary of SFP Holding, Inc. (Summit Companies), acquired General Fire and Safety Company of Polk County, Inc. (d/b/a General Fire and Safety Equipment Company) in Des Moines, Iowa, effective August 13, 2024. The acquisition expands Summit's fire protection, alarm, suppression and monitoring capabilities in the Des Moines market and adds experienced local technicians and service capacity to its Iowa footprint.

The 20 MSP Group has acquired Collabrance, LLC., a master managed IT services provider headquartered in Cedar Rapids, Iowa. Collabrance will retain its brand and all 44 employees will remain as part of The 20's MSP growth platform, expanding The 20's service capabilities and channel expertise.

The Shyft Group, a publicly traded specialty vehicle manufacturer, acquired Independent Truck Upfitters (ITU), a Midwest-based service body and work truck upfitter operating locations in Iowa, Michigan, and Missouri. The acquisition expands Shyft's specialty vehicle product portfolio and upfitting capabilities, enabling entry into larger-class vehicle upfits and broader service offerings for utility, construction, and fleet customers.

Warren Equity Partners has completed the acquisition of MoboTrex, a long-standing provider of traffic and mobility solutions to government agencies across North America. The private equity firm plans to use MoboTrex as a platform for growth and expansion, leveraging the company’s product suite and market position amid infrastructure spending tailwinds.

Árachas Group has acquired Paladin Group, a trucking-focused insurance agency based in Cedar Falls, Iowa. The add-on strengthens Árachas Group's trucking division, brings approximately 50 employees and new technology, and names Paladin's former CEO Corey Schatz as President of Árachas's trucking division.

Navigate, an employee engagement and wellbeing company based in West Des Moines, acquired Health Solutions, LLC of Cedar Rapids, Iowa, effective July 1, 2024. Health Solutions founder Dr. Jennifer Musick will lead a new Health Solutions Services business unit within Navigate as Vice President; the acquisition expands Navigate's clinical coaching and corporate-wellness capabilities and furthers its vertical integration strategy.

DFCU Financial completed the acquisition of MidWestOne Bank's Florida operations, adding branches and customers in the Naples-Marco Island and Cape Coral–Fort Myers MSAs. The move expands DFCU's field of membership into Lee, Collier and Charlotte counties and brings MidWestOne’s Florida customers and employees into DFCU.

Inverness Graham's Green Light Fund completed a majority recapitalization of My Yield, a seed treatment and agronomic solutions provider based in Oelwein, Iowa. The investment will support My Yield's expansion of product offerings and capabilities as part of Inverness Graham's AgTech Transition focus within its environmental sustainability strategy; terms were not disclosed.

Technology Acquisition Capital LLC has acquired Seven Verbs LLC, a management consultancy focused on custom software development founded in Iowa. Marcus Kyriakopoulos, Founder of Technology Acquisition Capital, has been named CEO of Seven Verbs while founder Bob Sorensen will step back and remain in an advisory role as the firm implements operational improvements.

Arthur J. Gallagher & Co. (Gallagher) has acquired Cedar Rapids-based Acumen Advisors, Inc., an employee benefits consulting firm serving small and mid-size businesses throughout Iowa. The Acumen team, led by Andrew Morf and Kirby Moss, will remain in place and operate under Gallagher's Midwest employee benefits consulting organization; terms were not disclosed.

Brookfield Reinsurance (BNRE) entered into and expected to close its acquisition of American Equity Investment Life Holding Company (AEL), with the transaction expected to close after market on May 2, 2024. The deal brings AEL’s annuities and life insurance capabilities under Brookfield Reinsurance’s capital-solutions platform to expand liability-driven asset allocation and private asset management capabilities.

Webspec, a Des Moines-area digital agency, has acquired Covenant, a Drupal development firm headquartered in Des Moines, Iowa. The acquisition brings additional Drupal engineering capability and enterprise CMS support to Webspec and allows Covenant clients to access Webspec's digital marketing, SEO and broader web services.

Pretium, a specialized investment firm, has agreed to acquire BH Management Services, a leading U.S. property management platform that manages approximately 114,000 homes across 370 communities. The transaction, expected to close in early Q2 2024, will make BH an operating company of Pretium while keeping BH's current leadership and headquarters in Des Moines, Iowa.

Delinea has agreed to acquire Fastpath, a leader in Identity Governance and Administration (IGA), from Pamlico Capital. The deal expands Delinea’s privileged access and identity security capabilities—combining Fastpath’s IGA with Delinea’s PAM and ITDR technologies to deliver a unified, AI-driven authorization platform.

Aureon has acquired cloud and managed IT commercial clients from Northwest Communications Inc., transferring those customers in northwest Iowa to Aureon. The deal expands Aureon's managed IT and cloud services footprint in the Midwest; financial terms were not disclosed.

Arthur J. Gallagher & Co. acquired Washington, Iowa–based Horak Insurance, Inc., a retail property/casualty insurance agency serving commercial, personal and farm clients in eastern and central Iowa. Paul Horak and Luke Horak will remain with the business and continue operating under Gallagher’s Midwest retail property/casualty brokerage leadership; terms were not disclosed.

CIVC Partners, a Chicago-based middle market private equity firm, has made an investment in HR Green, a Cedar Rapids-based engineering and infrastructure consulting firm, partnering with the company's management team and current shareholders to support growth. CEO Jason Poppen and the existing management team will continue to lead HR Green as the firm provides capital and resources to expand the company's operations and capabilities across transportation, water, municipal advisory, broadband, and land development markets.

Cyprium Partners provided subordinated debt and minority common equity to OneroRx Inc., an integrated pharmacy services provider headquartered in West Des Moines, Iowa. The growth capital will support OneroRx’s acquisition-driven expansion across the Midwest—where the company operates roughly 65 locations and fills millions of prescriptions annually—and marks Cyprium’s 100th platform investment.

Chicago-based private investment firm Maxwell Street Capital Partners has made a growth investment in The Integration Group (TIG), a Marshalltown, Iowa-headquartered contract logistics and aftermarket supply chain company. Maxwell Street partners Evan Harwood and Paul Loeb will join TIG's board to support the company's capability expansion and pursuit of organic growth and strategic acquisitions.

Pure Hockey has acquired JT's Slap Shot, a specialty hockey retailer in Urbandale, Iowa, marking Pure Hockey's first entry into Iowa and expanding its retail footprint. The acquisition adds another store to Pure Hockey's national network (bringing the company to 79 retail locations across 27 states) and brings JT's local customer base and staff into the Pure Hockey family.

Groome Industrial Service Group (an Argosy Private Equity portfolio company) acquired W-S Companies, a veteran-owned industrial and mechanical services provider headquartered in Council Bluffs, Iowa. Seacoast Capital and Ironwood Capital provided subordinated debt and co-investment capital to support the acquisition alongside Argosy and existing investors; Bridgepoint advised W-S on the sale.

Veterinary Pharmaceutical Solutions (VPS), a Granite Creek Capital Partners portfolio company, acquired Diamond Animal Health from Mars Corporation. Granite Creek supported the deal with a follow-on investment from its FlexCap II fund, creating an integrated animal health platform combining VPS's compounding capabilities with Diamond's contract manufacturing and vaccine production.

Mercer Global Advisors, a national RIA headquartered in Denver, acquired Veerkloh, LLC d/b/a River Glen Wealth Counselors, a West Des Moines-based wealth management firm serving ~160 clients with $275 million AUM. The deal expands Mercer's presence in the central United States and brings River Glen's advisors and client relationships onto Mercer’s national platform.

Ever.Ag has acquired PrairiE Systems, a provider of feed management and e‑procurement software for pork producers. The deal brings PrairiE's Feed Allocation System (FAS) and Smart Order e‑procurement into Ever.Ag's livestock and animal protein portfolio to expand its capabilities for feed management and procurement across the pork value chain.