Acquisitions in Minnesota in 2017

O2 Investment Partners announced a significant investment in MHC Software, Inc., partnering with CEO John Shields and management to support the company’s next stage of growth; terms were not disclosed. Aldine Capital participated in the transaction as a financial investor, and Byline Bank provided financing support. MHC, headquartered in Burnsville, Minnesota, develops document management and electronic transaction processing software that integrates with ERP and HCM systems.

Manna Pro Products, LLC has acquired PetzLife Products Inc., adding the all‑natural PetzLife oral care and companion pet products to Manna Pro's Pet Care/Companion Animal business. The acquisition brings PetzLife's veterinarian-recommended dental products and related grooming and care items into Manna Pro's broader manufacturing, sales and marketing platform to expand its pet care product portfolio.

Kelly Services has acquired Teachers On Call, a Bloomington, Minnesota-based provider of substitute teacher and early childhood staffing services. The acquisition (terms undisclosed) expands Kelly's K‑12 education staffing footprint and Teachers On Call will continue to operate under its own brand with existing staff.

Körber AG has acquired HighJump, a Minneapolis-based provider of supply chain management and cloud-ready warehouse and transport software, from parent Accellos Holdings and investor Accel-KKR. The acquisition strengthens Körber's logistics software portfolio and establishes a larger US competence center to support the Group's digitization and international growth initiatives.

Brynwood Partners VII L.P. has acquired Cold Spring Brewing Company, Inc. from the Lenore family. The private equity firm said Cold Spring will operate as a standalone company but will benefit from the scale and national distribution and manufacturing footprint of Brynwood’s Harvest Hill Beverage Company investment to support growth and private-label/co-manufacturing opportunities.

IPG Photonics Corporation has acquired Innovative Laser Technologies, Inc. (ILT) from Generation Growth Capital Fund II, LP for $40 million in cash. ILT, a Minneapolis-based designer and manufacturer of high-precision laser systems for medical device OEMs, will expand IPG's ability to deliver turnkey laser systems and integrated solutions to the medical device market and other end-user industries.

North Central Equity LLC, a Minneapolis-based privately owned holding company, has acquired Sunrise Fiberglass LLC, a Wyoming, Minnesota manufacturer of custom-fabricated fiberglass components and assemblies for OEMs. North Central plans to expand Sunrise's sales and marketing efforts and install leadership from its operating companies to grow the business.

KODA Enterprises Group, a Waltham-based middle market private investment firm, has acquired V-TEK, Inc., a Mankato, Minnesota manufacturer of precision packaging, inspection, and bond-testing equipment (including subsidiaries Royce Instruments and V-TEK Mexico). V-TEK will continue to operate under existing management across its U.S. and Mexico locations, and KODA plans to support the company’s organic product development and pursue strategic acquisitions to drive growth.

Capital For Business, Inc. (CFB) completed the acquisition of Lake Air Companies, a Minneapolis-based precision metal manufacturer. CFB partnered with The Mendota Group, Aldine Capital Partners and Lake Air's management team to complete the transaction, providing capital and ownership transition to support future growth.

Career Step, a Revelstoke Capital Partners portfolio company, has acquired the Revenue Capture and Coding and Documentation divisions of Panacea Healthcare Solutions. The deal brings Panacea's coding, compliance, consulting and data-analytics capabilities into Career Step's Professional Training Division to create an end-to-end education, consulting and analytics offering for healthcare revenue cycle customers.