Acquisitions in Minnesota in 2020

Pye-Barker Fire & Safety has acquired Nardini Fire Equipment Company, a multi-generational fire protection contractor headquartered in Saint Paul, Minnesota (with a second HQ in Fargo, North Dakota). The acquisition, formalized on December 31, 2020, expands Pye-Barker's Midwest footprint into five additional states (Minnesota, North Dakota, South Dakota, Wisconsin and Iowa) and preserves jobs by integrating Nardini's team into Pye-Barker's national platform.

An affiliate of CORE Industrial Partners, Incodema Holdings LLC, has acquired Dahlquist Machine, Inc., a Ham Lake, Minnesota-based precision CNC machining shop supplying medical device, laboratory testing equipment and other OEMs. The deal is an add-on to the Incodema platform intended to expand precision machining capabilities and reinforce the platform’s position in medical, instrumentation and industrial end markets.

Investment funds managed by Morgan Stanley Capital Partners completed an investment in Advanced Web Technologies Holding Company (AWT Labels & Packaging/Citation Healthcare Labels) from Mason Wells. AWT, headquartered in Minneapolis with ~300 employees and three U.S. facilities, is a manufacturer of labels and flexible packaging serving healthcare, food & beverage, personal care and industrial end markets; MSCP intends to support organic growth, capability and geographic expansion, and acquisitions.

Cirtec Medical Corporation has acquired NovelCath, a vertically integrated manufacturer of catheter delivery systems based in Brooklyn Park, Minnesota. The acquisition expands Cirtec's capabilities in minimally invasive interventional and structural heart device manufacturing and establishes the NovelCath facility as Cirtec's Center of Excellence for Catheters and Delivery Systems.

T-Base Communications, a portfolio company of Thompson Street Capital Partners, has acquired Accessible360, a Minneapolis-based digital accessibility auditing firm. The deal combines T-Base's document accessibility and automation capabilities with Accessible360's web and digital accessibility expertise to create a broader, full-service accessibility offering for enterprise customers; terms were not disclosed.

John Henry Foster Minnesota (a portfolio company of High Road Capital Partners) has acquired the distribution segment of Motion Tech Automation (Motion Tech Distribution, MTD). The add-on deal, JHFoster's first under High Road's ownership, closed on December 14, 2020 and will consolidate MTD into JHFoster's Eagan, Minnesota operations to broaden product offerings in motion control, automation and compressed air solutions.

QuickConnect, a West Concord, Minnesota manufacturer of pull heads and trenchless pipe installation equipment, has acquired BOREHEAD. BOREHEAD will become a division of QuickConnect (doing business as QuickConnect) to combine resources and expand product capabilities for trenchless operations.

Italy-based Pedrollo Group acquired a 70% stake in Superior Pump (trading as Michel Sales, Inc.), a Minneapolis-headquartered designer and manufacturer of residential and commercial water pumps. The deal gives Pedrollo a significant foothold in the North American market and is expected to create operational synergies across manufacturing, distribution and sales.

Quad-C Management has completed a majority acquisition of Learners Edge, an online training and certification provider for K–12 teachers, from L Squared Capital Partners. The transaction positions Learners Edge for continued growth under Quad-C, which plans to expand its geographic footprint, broaden services and invest in technology and human capital to accelerate growth.

Caravel Autism Health has acquired Behavior Therapy Solutions of Minnesota to expand access to autism therapy, diagnostic assessment, and outpatient counseling services across the Twin Cities. The deal brings BTS’s clinical team and Woodbury clinic into Caravel’s network, increasing capacity for evidence-based Applied Behavior Analysis (ABA) and related mental health services for children and families.

Miami International Holdings, Inc. (MIH) completed its acquisition of the Minneapolis Grain Exchange (MGEX) for a combination of cash and MIH common stock. MGEX will operate as a wholly owned subsidiary of MIH, expanding MIH's product capabilities by adding a dedicated futures platform and enabling the listing of new exclusive options and futures products.

Sole Source Capital-backed portfolio company Supply Chain Services has acquired Coridian Technologies, a provider of labeling, barcoding, data collection, and RFID solutions headquartered near Chanhassen, Minnesota. The transaction is the third add-on for Supply Chain Services and expands the platform's AIDC product and services capabilities across healthcare, manufacturing, and warehouse/distribution end markets.

The Vistria Group made a strategic growth investment in Edmentum and will become the company's majority stakeholder. Existing investors New Mountain Finance Corporation and funds managed by BlackRock will retain ownership positions as Vistria supports Edmentum's expansion of K–Adult digital curriculum and assessment offerings.

Newport Healthcare, a portfolio company of Onex Corporation, has acquired PrairieCare, a Minnesota-based psychiatric health system. The transaction is an add-on to Newport's behavioral health platform and will expand its residential and outpatient mental health services in the Twin Cities and surrounding markets.

AutoQuotes (AQ), a portfolio company of Luminate Capital Partners, has acquired Axonom, the maker of the Powertrak visual configuration and guided-selling platform. The acquisition adds visual configuration, AR/VR and guided-selling capabilities to AQ's quote-to-cash and CPQ suite to help manufacturers (especially in foodservice equipment) digitally engage channels and end customers and expand AQ's capabilities into adjacent manufacturing verticals.

STERIS completed the acquisition of Key Surgical, a Minnesota-based provider of consumable surgical and sterile-processing products, from private equity owner Water Street Healthcare Partners. The deal expands STERIS's consumables portfolio and global reach by adding Key Surgical's ~8,000-product offering, ~13,000 healthcare customers and approximately $170M in revenue.

BCT Partners has acquired Critical Measures, a Minneapolis-based corporate training and management consulting firm that specializes in diversity, cross-cultural communication, and health equity. The acquisition expands BCT Partners' capabilities in diversity, equity and inclusion (DEI) and healthcare-focused training, enabling combined offerings that address COVID-19 related inequities and systemic racism.

The Stable, a commerce and retail-launch agency, has acquired Minneapolis-based Jacobs Marketing. The acquisition folds Jacobs’ staff of more than 50 into The Stable to bolster its retail activation, analytics and insights capabilities and expand its Minneapolis footprint.

Aptean has acquired Open Systems Adaptable Solutions (OSAS), a Minnesota-based ERP software provider, to strengthen its process and discrete manufacturing ERP capabilities. OSAS, founded in 1976 and serving nearly 2,500 customers across North America, brings cloud-native ERP solutions that Aptean will integrate to expand its product offerings and accelerate growth.

Gryphon Investors, a San Francisco-based middle-market private equity firm, has acquired Vessco Holdings, a Minneapolis-based value-added distributor and systems integrator for water and wastewater treatment, from O2 Investment Partners. Vessco's management will remain significant owners and the company will pursue organic growth and add-on acquisitions to expand its product offerings and geographic reach.

Tulsa-based Momentum3 has acquired Minneapolis/Edina-based CRC Marketing Solutions. The deal combines CRC's strategic marketing, branding, UI/UX and web development capabilities with Momentum3's software and digital services, expanding Momentum3's service offerings and regional presence.

All Flex Flexible Circuits, LLC, a portfolio company of Granite Equity Partners, has acquired Printed Circuits, Inc. (PCI), a Minneapolis-based rigid-flex printed circuit board manufacturer. B. Riley Securities served as exclusive financial advisor to PCI; the acquisition combines PCI's rigid-flex capabilities with All Flex's flexible-circuit platform to expand product offerings for aerospace, defense, medical, and industrial OEM customers.

Camping World Holdings, Inc. has signed an agreement to acquire four Noble RV dealership locations in Minnesota (Owatonna, Madelia, Oronoco and Jordan), with the transaction expected to close in December 2020. The acquisition increases Camping World's Minnesota footprint to eight RV SuperCenters and is part of the company's broader expansion across the Midwest and nationwide.

Top Echelon Software has acquired CATS Software, combining two SaaS applicant-tracking solutions to create a larger mid-market ATS provider. The deal expands Top Echelon's customer and revenue base (together serving 4,000+ customers according to the release), strengthens product capabilities, and offers CATS customers access to the Top Echelon Network.

SmartWave Technologies, a portfolio company of Northlane Capital Partners, has acquired Multi‑Tech Systems, Inc., a global supplier of industrial communications devices and services. The deal combines SmartWave's short‑range wireless and sensor expertise with MultiTech's long‑range wireless (LoRaWAN, LTE) product portfolio to create an integrated, end‑to‑end IoT solutions provider operating under the MultiTech brand.

PowerSchool has acquired Hoonuit, a leading K-12 education analytics and data management provider, from Renovus Capital Partners. The deal adds Hoonuit’s analytics and data-management capabilities—supporting more than 14.5 million students and multiple state deployments—to PowerSchool’s K-12 product portfolio to deliver unified analytics across SIS, LMS, enrollment, ERP and talent systems.

Communications Systems, Inc. (through its JDL Technologies subsidiary) acquired the operating assets of privately held IVDesk in an all-cash asset purchase ($950,000 at closing plus up to $550,000 earn-out tied to customer retention). The acquisition adds IVDesk's Desktop-as-a-Service private cloud offering and recurring DaaS revenue, expanding JDL/CSI's Services & Support capabilities for SMBs with a focus on financial services.

Health & Safety Institute (HSI), a Waud Capital Partners–backed leader in EHS and workforce development software and training, has acquired e-learning provider Vado, Inc. The acquisition expands HSI's content catalog and enables customers to access workplace safety, compliance, and business skills training from a single provider.

Clearview Capital (Fund IV), in partnership with its holding company Vertikal Brands, recapitalized Revo Brand Group d/b/a Real Avid, a Plymouth, Minnesota-based designer and supplier of premium shooting and outdoor accessories. The transaction provides Real Avid with growth capital and pairs the company with Vertikal Brands' outdoor industry expertise to support organic and inorganic expansion.

Transom Capital Group has acquired BridgeTower Media, a B2B information, research, events and marketing platform formerly a subsidiary of Gannett Co. BridgeTower operates more than 40 print and digital brands across 25+ U.S. markets; Transom said it will invest in technology and resources to grow the business. Cerberus Business Finance provided financing for the transaction and JEGI acted as financial advisor to Gannett.

Daikin North America LLC, a subsidiary of Daikin Industries, Ltd., has acquired Stevens Equipment Supply, a wholesale distributor of HVAC and commercial food service equipment based in Eagan, Minnesota. The acquisition expands Daikin's distribution footprint across roughly a dozen states, with Stevens continuing to operate under its existing name and management to support growth of its contractor customer base.

Midwest Growth Partners (MGP), in partnership with Summit Equity Group (SEG) and FAST Ag Solutions' senior management, announced an investment in FAST Ag Solutions, a Windom, Minnesota-based manufacturer of liquid fertilizer application and spraying equipment. The capital partnership will support the company's organic growth and pursue growth via mergers and acquisitions; FAST Ag Solutions employs 51 full-time team members and serves customers in the United States and select international markets.

MLM Medical Labs, a Great Point Partners portfolio company, has acquired MD Biosciences, Inc., an Oakdale, Minnesota-based provider of preclinical, translational and clinical-phase contract research services. The deal expands MLM's U.S. footprint and adds immunohistochemistry, preclinical research and histopathology capabilities to its global laboratory platform as part of an integration with recent U.S. additions such as CirQuest Labs.

Revolution, a Little Rock-based manufacturer of sustainable plastic solutions, acquired Polar Plastics Corporation from Spell Capital Partners to expand its production footprint and deepen penetration into packaging, agriculture and retail end markets. Polar Plastics is headquartered in St. Paul, Minnesota and operates a 100,000-square-foot polyethylene film and bag manufacturing facility; Spell Capital had owned the business since 2018.

Atos has agreed to acquire Eagle Creek Software Services, a U.S.-based technology and management consulting firm specializing in Salesforce enterprise implementations. The deal will strengthen Atos' Salesforce and CRM capabilities and expand its digital services footprint in North America; Eagle Creek is headquartered in Minnesota and has more than 250 employees serving customers in healthcare, financial services and communications.

Funds managed by CapVest Partners LLP have agreed to acquire Datasite Global Corporation, a Minneapolis-headquartered SaaS provider serving the global M&A community. CapVest plans to support Datasite's next phase of growth and product expansion across its deal lifecycle platform including Datasite Diligence, Prepare, Outreach and Acquire.

An affiliate of H.I.G. Capital, through its H.I.G. Advantage Buyout Fund, has signed a definitive agreement to acquire St. Croix Hospice from The Vistria Group. St. Croix Hospice, founded in 2008 and based in Oakdale, Minnesota, provides hospice and related comfort services across the U.S. Midwest; terms were not disclosed.

Trinity3 Technology, a Rotunda Capital Partners portfolio company, has merged with FireFly Computers to create a larger K‑12 technology platform. Rotunda provided additional equity for the transaction alongside co-investments from First Capital Partners and minority investments from Kari Phillips and Devang Shah; the combined business will retain operating locations in St. Paul and Arden Hills, Minnesota.

Benefit Resource, LLC (BRI) has acquired Minneapolis-based 121 Benefits, a provider of pre-tax benefits and COBRA administration services. The deal — BRI’s first acquisition since its 2019 strategic partnership with CIP Capital — strengthens BRI’s Midwest presence and gives 121 Benefits access to BRI’s administrative and payment technology.

All-Fab Building Components LP (the All-Fab Group), a Winnipeg-based building solutions platform owned by PFM Capital and Roynat Equity Partners, acquired 100% of Littfin Lumber Co. of Winsted, Minnesota on October 1, 2020. The acquisition expands All-Fab's footprint and product offering in engineered structural building components for residential, commercial and agricultural markets in the U.S. Midwest.

USI Insurance Services has acquired Hildi Incorporated, an Eden Prairie, Minnesota-based actuarial consulting firm that specializes in defined benefit pension and post‑retirement plan services. Hildi will be combined with USI Consulting Group to expand USI’s retirement consulting capabilities in the Upper Midwest; terms were not disclosed.

MacQueen Emergency, a fire apparatus dealer within the MacQueen Group (a portfolio company of Rotunda Capital Partners), has acquired Emergency Response Solutions (ERS), a Minnesota-based fire equipment supplier headquartered in East Bethel. The transaction expands MacQueen's product and service offerings in Minnesota—adding premier brands and ERS personnel to its local footprint—and strengthens its ability to provide turnkey firefighting solutions to Minnesota fire departments.

Wisconsin Aviation, a full-service fixed-base operator, has acquired Jaeger Aviation of Willmar, Minnesota to expand its aircraft interiors capability. The acquisition brings Jaeger’s Spatial Interior product line and upholstery expertise into Wisconsin Aviation’s aircraft interiors department to support growth in general aviation interior repairs and refurbishments.

The Carlyle Group will acquire a majority stake in Minneapolis-based Victory Innovations, a maker of cordless electrostatic sprayers used to disinfect offices, airplanes, schools and other businesses. Carlyle's investment will accelerate Victory's growth and planned expansion into key global markets, leveraging Carlyle Partners VII to support international scaling.

BCforward, an Indianapolis-based IT consulting and staffing firm, has acquired tapQA, a Minneapolis-based quality assurance and testing consultancy. The acquisition expands BCforward’s service capabilities in QA, test automation and DevOps while strengthening its presence in the Twin Cities market.

Toronto-based ACTO acquired Scrimmage, a mobile learning provider for life sciences, following ACTO's $11.5M Series A. The acquisition expands ACTO's life-sciences SaaS capabilities and client portfolio, bringing the combined workforce to over 100 and integrating Scrimmage's team (including CEO Derek Lundsten) into ACTO.

Affinitech Inc., a national integrator of audio, visual and security technologies, has acquired long-time cabling and installation provider National Communications Services Inc. (NCSI). The deal preserves NCSI’s leadership, name and operations while combining Affinitech’s technical product expertise and human capital with NCSI’s nationwide dispatch network to expand service capabilities across healthcare, fitness, retail and multi-site customers.

Emerson agreed to acquire Open Systems International, Inc. (OSI Inc.) for $1.6 billion in an all-cash transaction to expand its software capabilities for the power industry. The deal brings OSI’s grid management and operations technology software and associated engineering services into Emerson’s automation and software portfolio to accelerate digitization and renewable integration across utilities.

Top Hat has acquired bluedoor, an independent publisher of science-focused higher education lab manuals and course materials. Top Hat will convert bluedoor’s print content (including more than 400 labs and course materials used by hundreds of authors and adopted at over 400 U.S. institutions) into interactive digital courseware to expand its content offerings and accelerate digital transformation in higher education.

Sole Source Capital’s portfolio company Supply Chain Services has acquired Dasco Label, a Blaine, Minnesota–based provider of custom labels, imprinting, serialization and barcoding services. The add-on expands Supply Chain Services’ product and distribution capabilities across manufacturing, healthcare, laboratory, retail and warehouse/distribution end markets; financial terms were not disclosed.