Acquisitions in Minnesota

Kava Equity Partners, the direct private equity investment arm of the Southern Ute Indian Tribe Growth Fund, has acquired The Berg Group, a Minnesota-based specialty contractor focused on industrialized construction, prefabrication and modular systems. The Berg will retain its existing management team and operate with added resources from Kava and the Southern Ute Indian Tribe Growth Fund to expand nationwide capabilities in high-performance environments such as data centers, cleanrooms and advanced manufacturing facilities.

HaystackID has acquired AI legal-technology provider eDiscovery AI to accelerate GenAI-enabled legal, compliance, regulatory and cybersecurity workflows; financial terms were not disclosed. eDiscovery AI will maintain leadership continuity under CEO Jim Sullivan and continue to serve some clients as a separate entity while its technology is integrated into HaystackID's core AI offerings.

Justin Nihiser, Barry Gibson, and Matt Rogers have completed a majority acquisition of WonderPlay Brands, the parent company of Kidcreate Studio. The new ownership group plans to invest in franchise support, marketing, curriculum development, and disciplined expansion to grow the youth art enrichment franchise nationwide.

United Aesthetics Alliance (UAA), a platform of plastic surgery practices and medspa brands, has partnered with/acquired LivSkin MedSpa | Laser, a Minneapolis-area medical spa with locations in Minnetonka and Excelsior. The deal expands UAA's non-surgical aesthetics capabilities and strengthens its presence in the Minneapolis–St. Paul market.

Vanguard Renewables has acquired E‑Z Recycling, a St. Paul, Minnesota depackaging and food & beverage waste recycling facility, to expand its Midwest organics recycling network. The acquisition adds critical depackaging capabilities and additional processing capacity to Vanguard's anaerobic digestion and renewable natural gas (RNG) operations; E‑Z Recycling owner Andy Rausch will remain involved as Principal Operations Manager.

Marketplace-focused agency Podean has acquired Ad Advance, a Duluth, Minnesota–based retail media agency, from Permanent Equity. The deal—facilitated by Podean's private equity partner Mountaingate Capital—adds Ad Advance’s Streamline technology and retail-media/DSP capabilities to Podean’s global marketplaces platform and was announced as creating a combined business with ~260 staff across 17 countries.

Polaris has completed the separation of Indian Motorcycle into a standalone business and sold a majority stake in the brand to Carolwood LP, an independent private equity firm based in Los Angeles. Financial terms were not disclosed; Polaris said the divestiture allows it to sharpen focus on core powersports businesses while Indian Motorcycle will operate independently under new majority ownership.

Homestead Road, a tech-enabled residential real estate company, has acquired Twin Cities Home Buyers, a local real estate investment firm serving the Twin Cities metro. Twin Cities Home Buyers will continue operating locally under the Homestead Road platform as the company pursues a roll-up strategy to consolidate the fragmented fix-and-flip market; financial terms were not disclosed.

Thoma Bravo has completed its acquisition of Dayforce, Inc., a global AI-powered human capital management (HCM) platform, for approximately $12.3 billion. Dayforce stockholders will receive $70.00 per share in cash as the company becomes a private portfolio company to accelerate growth and AI-led product development.

OnePoint BFG Wealth Partners has acquired Minneapolis-based Voyage Wealth Architects, a wealth management firm overseeing $700 million in AUM. The deal, supported by strategic capital partner Rise Growth Partners, expands OnePoint BFG's planning-led platform, broadens its Midwest presence and will transition Voyage to the OnePoint BFG brand over time.

Francisco Partners completed a take-private acquisition of Jamf for $13.05 per share in cash, valuing the Apple device management and security company at an enterprise value of approximately $2.2 billion. The deal, approved by Jamf stockholders, will delist Jamf from NASDAQ and positions the company to accelerate its product roadmap and expand its offerings under private ownership.

LevelBlue has acquired Fortra’s Alert Logic managed services business—covering Alert Logic’s MDR, XDR, and WAF managed services—under a broader long-term strategic partnership that makes Fortra a leading technology partner for LevelBlue. The deal expands LevelBlue’s global managed detection and response platform and provides Alert Logic customers access to a larger global footprint and broader threat telemetry; Santander and Stephens served as financial advisors to LevelBlue and Fortra/Alert Logic, respectively.

Stacker Holdings, a private investment firm, completed an acquisition of Advanced Irrigation, a Buffalo, Minnesota-based provider of irrigation installation, landscape maintenance, and snow removal services. Halifax West served as exclusive financial advisor, led the debt financing and made a minority co-investment alongside Stacker to support expansion of Advanced Irrigation's maintenance offerings and selective geographic growth.

Ridgeline Roofing & Restoration, a Bertram Capital-backed roofing platform, has acquired Bold North Roofing and Contracting, a roofing and exterior services provider serving the Twin Cities and western Wisconsin. The add-on expands Ridgeline's Midwest footprint; founders Erik McLaughlin and Ryan Emmerich will continue to lead Bold North and are reinvesting in the platform. Financial terms were not disclosed.

Tide Rock, an unlevered buyout firm, acquired Analog Technologies, a Burnsville, Minnesota-based electronic manufacturing services (EMS) provider. The deal is an add-on to Tide Rock's EMS platform (working alongside portfolio company Pro-Active Engineering) and expands the platform's PCBA, high-performance interconnect and A&D-certified capabilities.

Charter Impact, a national provider of back-office financial and operational services for charter schools, has acquired EdFinMN, a Minneapolis-based school finance and back-office firm. The deal brings EdFinMN’s local team and client relationships into Charter Impact’s platform to expand capacity, technology, and service offerings for Minnesota charter schools as part of Charter Impact’s national expansion strategy.

Point Wild, a cybersecurity and security-services portfolio, has acquired Juraspring, a mass tort lien resolution firm, to expand its legal services capabilities alongside existing units CyEx and Simpluris. The deal adds healthcare lien resolution and settlement-consulting expertise to Point Wild’s offerings, enabling more end-to-end support for law firms managing complex mass tort and class action settlement programs.

Carson Group has fully acquired its Carson Wealth practice in Minneapolis, buying the remaining ownership stake in the office led by Jeremy Willner. The deal (financial terms undisclosed) brings approximately $395 million in advisory and brokerage assets under Carson’s full ownership and is intended to support continuity, succession planning and accelerated growth in the Twin Cities market.

SalesRabbit has acquired Roofle to integrate online buying and e-commerce capabilities with its field sales and production workflow tools for roofing and home-improvement contractors. The move combines Roofle's instant pricing, digital proposals, and checkout experience with SalesRabbit's territory management, lead tracking, and production handoff tools to support the full contractor customer journey; financial terms were not disclosed.

DwyerOmega, a portfolio company of Arcline Investment Management, has acquired Burns Engineering to expand its precision temperature measurement product offering. Burns Engineering, founded in 1965 and based in Eden Prairie, Minnesota, provides metrology-grade temperature measurement devices for end markets including biopharma, food processing, and calibration laboratories; financial terms were not disclosed.

Versatrim, a Henderson, North Carolina-based manufacturer of floor moldings and stair solutions, has acquired Artistic Finishes, a Roseville, Minnesota-based maker of solid wood moldings, stair treads and advanced finishing technologies. The acquisition combines Versatrim's manufacturing scale with Artistic Finishes' craftsmanship to create an integrated, end-to-end portfolio of moldings, stair solutions and flooring accessories for residential and commercial markets across North America.

Trinity Logistics has completed the full acquisition of Granite Logistics, bringing the longtime freight agent partner into its organization and adding two Regional Service Centers in Sartell and Minneapolis, Minnesota. The deal brings approximately 135 team members into Trinity and expands its specialized capabilities in flatbed, over-dimensional, and heavy-haul freight across the Upper Midwest.

Astec Industries, Inc. completed the acquisition of CWMF, LLC for $67.5 million in cash, adding roughly $50 million of annual revenue to Astec's Infrastructure Solutions segment. The purchase is expected to be EPS-accretive, improve gross profit and adjusted EBITDA margins, deliver synergies by the end of year one, and expand Astec's capacity and regional customer relationships in the Midwest, South-Central and Great Lakes regions.

CohnReznick acquired Minneapolis-based Smith Schafer & Associates effective January 1, 2026, marking the firm's entry into Minnesota and expanding its Midwest footprint. Smith Schafer brings three local offices, 12 partners and 89 employees, and expertise across professional services firms, construction, manufacturing, and transportation to strengthen CohnReznick's advisory, assurance, and tax capabilities.

Avkha Equity Holdings, a San Francisco-based private investment firm, has acquired Minnesota-based Dart Transit Company (including Dart Express and related subsidiaries), ending 90 years of Oren family ownership. The transaction (effective Jan. 1) preserves the Dart brand and day-to-day operations while Avkha plans to expand service offerings — including additional lanes, intermodal solutions, and dedicated fleets — and installs a new CEO as part of the leadership transition.

Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) completed a cash acquisition of ALLETE, Inc., acquiring all outstanding common shares for $67 per share after Minnesota regulatory approval. The buyers committed roughly $200 million in customer and community benefits and pledged funding for ALLETE’s five-year plan to strengthen transmission infrastructure and advance the company’s energy transition while leaving local management and headquarters in Duluth, Minnesota.

American Peat Technology (APT) has acquired and reopened the DryJect Minnesota operation, restoring the turf aeration and topdressing service across the state. APT plans to integrate DryJect’s high-pressure injection aeration technology with its PeatBuilt+ soil amendment products to improve turf recovery and expand service offerings across Minnesota and neighboring markets.

Graco has acquired RADIA (formerly Red Devil Equipment Company) for $69 million, adding paint-mixing, shaking and automated material-handling technologies to its color solutions portfolio. RADIA, based in Plymouth, Minnesota, generates more than $30 million in annual revenue and employs roughly 30 people; the acquisition is intended to integrate RADIA's mixing and automation capabilities with Graco's existing tinting and dispensing solutions.

CRScube has acquired Mednet to accelerate its expansion into the North American market and broaden its global eClinical SaaS capabilities. The combined company will integrate complementary EDC-centric platforms and related eClinical tools (CTMS, RTSM, ePRO, eTMF) to offer a more complete, scalable suite for sponsors and CROs across pharmaceuticals, biotech, and medical devices.

Hyve has acquired HGAN (Health Growth Advisory Network), a commercial accelerator and advisor for digital health companies, to expand its year-round engagement and advisory-led offerings for the healthcare sector. The acquisition integrates HGAN’s advisory capabilities and advisor network into Hyve’s HLTH product suite to strengthen continuous connections between healthcare innovators, payers and potential partners.

Convergint, a global systems integrator, has acquired NuSource Financial LLC, a provider of branch transformation, ATM services and security solutions for U.S. financial institutions. The transaction (terms undisclosed) brings over 140 NuSource employees into Convergint and represents an exit for private equity sponsor Mosaic Capital Partners; Stifel served as NuSource's financial advisor.

SK Capital Partners has completed the acquisition of LISI Group's Medical division and launched the business as Precera Medical, a precision medical device CDMO headquartered in Big Lake, Minnesota. LISI Group retained a minority stake; SK Capital plans to invest in capacity and capabilities and pursue organic growth and M&A to expand the new platform's service offerings to global medical device OEMs.

Westbourne Capital Partners acquired Harvey Vogel Manufacturing Co., a precision metal stamping and fabrication company that serves aerospace, medical and industrial markets. Monroe Capital led the debt financing and made an equity co-investment to support the platform buyout and growth plan to professionalize and scale the business.

Apiphani, an AI-native technology services and automation company, has acquired Tradeoff Software, an AI-focused product development firm founded by Braden Ericson. Ericson and key members of his team will join Apiphani — Ericson as Vice President, Product & Engineering — to strengthen Apiphani's product and engineering capabilities for its luumen automation and observability platform.

Edmentum has acquired MajorClarity from Paper to integrate career discovery, academic planning, CTE curricula, and certification prep into its Edmentum Career offering. The acquisition expands Edmentum's K-12 career-connected learning capabilities and aims to deliver an end-to-end solution for secondary students' college and career readiness.

The ownership group of Cookie Cutters Haircuts for Kids has acquired Snip-its Franchising Company, LLC and Affiliates, combining the two brands under a unified ownership to form Snip-its Franchising, LLC. The deal adds 38 Snip-its salons and 15 franchisees to the system, expanding the combined footprint to 159 locations across the United States and Canada and establishing the largest multi-brand children's salon platform.

DUOS, an AI-powered digital health platform, raised $130 million in a strategic growth equity round led by FTV Capital with participation from Forerunner Ventures. The capital will accelerate national expansion, deepen DUOS' AI capabilities, and scale its member activation and benefits-execution platform across Medicare Advantage, Medicaid and ACA plans; FTV partners joined DUOS' board and Jenn Kerfoot was promoted to President of Market Operations.

Redwood Family Care Network, a multi-state provider of services to individuals with intellectual and developmental disabilities and a portfolio company of Webster Equity Partners, has acquired Minnesota-based Eagles Wing. The acquisition expands Redwood's geographic footprint into the Midwest and augments its residential and day support services for individuals with developmental disabilities.

Hair Restoration Institute of Minnesota (HRI) and Good Look Ink (GLI) announced a strategic merger to combine HRI’s medical hair transplant expertise with GLI’s industry-leading scalp micropigmentation protocols, creating an integrated provider of surgical and cosmetic hair restoration in Minnesota and the Midwest. The combined company will offer coordinated consultations and treatments—surgery, SMP, and non-surgical therapies—with expanded geographic access and medically supervised outcomes.

Smith System, a MidOcean Partners portfolio company, has acquired Utilimarc, a Minneapolis-based fleet analytics and benchmarking provider, to create an integrated driver safety and fleet analytics platform. The combination unifies Smith System's driver training and behavior-based risk management with Utilimarc's telematics and fleet BI capabilities to deliver a closed-loop solution for safer, more efficient fleet operations.

Palm Peak Capital, a lower‑middle market private equity firm, has acquired Domaille Engineering, a Rochester, Minnesota–based maker of advanced equipment and accessories for producing pre‑terminated fiber optic cables, in a corporate carve‑out from ADDMAN Engineering. Stellus Capital Management provided senior unitranche financing and an equity co‑investment to support the transaction; D.A. Davidson served as Palm Peak's financial advisor and Lincoln International advised Domaille.

Scale Bank has acquired Great Plains Transportation Services and Partners Funding, two Fairmont, Minnesota-based invoice factoring providers, bringing their combined team of 39 professionals and ~2,800 customers into Scale Bank’s Scale Funding and Provident Commercial Finance divisions. The acquisition expands Scale Bank’s factoring capabilities and strengthens its lending presence in the trucking and transportation end market while complementing its financing to staffing and oil & gas service companies.

Blue Sage Capital has made a control investment to merge Skid Pro Attachments Inc. and Accessories Unlimited LLC into a vertically integrated platform supplying skid steer and compact track loader attachments. The transaction combines Skid Pro’s direct‑to‑customer sales and marketing capabilities with Accessories Unlimited’s engineering and manufacturing, and Blue Sage will back leadership changes and growth through product expansion, geographic reach, and strategic acquisitions.

Legacy Cleaning, a Minnesota-based commercial cleaning company, has acquired Oriole, Inc., which does business as Advantage Structure Valet, to expand its local footprint across suburban Minnesota. The buyer plans to introduce technology and quality-control systems, deepen client relationships, and pursue regional expansion into nearby states.

Affinity Plus Federal Credit Union will merge with City & County Employees Federal Credit Union (CCEFCU) of Albert Lea, Minnesota, effective October 1, following member and regulatory approvals. The merger brings roughly 1,700 new members to Affinity Plus, retains CCEFCU’s five employees, expands member access to Affinity Plus products and services, and supports a planned new branch in Albert Lea in 2026.

America's Auto Auction, part of America's Group, has acquired Mid-State Auto Auction in New York Mills, Minnesota, rebranding it as America's Auto Auction Minnesota. The acquisition expands America's Auto Auction's footprint into Minnesota as part of a broader national growth strategy and keeps the existing Mid-State management team in place to preserve local service continuity.

HOC, a provider of enterprise software and consulting for energy trading and risk management, has acquired MidDel Consulting, a Minneapolis/Edina-based firm specializing in energy trading technology and consulting. The deal expands HOC's capabilities in energy trading, AI-driven automation and consulting delivery to better serve oil, gas, power and renewables clients across North America.

Windjammer Capital completed the acquisition of PDU Cables and Engineered Products Company (EPCO) in partnership with management and the Lee family; terms were not disclosed. The deal creates a platform positioned to serve accelerating data center power needs and to expand into adjacent product and service offerings for electrical distributors, contractors, hyperscalers and enterprise customers.

Arthur J. Gallagher & Co. has acquired St. Paul–based Bremer Insurance Agencies, Inc., a subsidiary of Old National Bancorp; terms were not disclosed. The acquisition expands Gallagher's retail property/casualty brokerage footprint in the Upper Midwest, with Travis Hoaglund and his team joining Gallagher's Great Lakes region retail P/C operations.

Amivie (formerly Custom Care CBC, LLC), a Morrisville, North Carolina–based home and community-based care provider, has acquired Apex Home Care, LLC, a Minnesota-based in-home care provider. The $4.5 million transaction closed on September 8, 2025; Apex (founded by Mahado and Burhan Ali) will keep its staff and leverage Amivie's national resources to expand services.