Acquisitions in Minnesota in 2021

Green Thumb Industries Inc. has closed the acquisition of LeafLine Industries, a licensed Minnesota medical cannabis cultivator and dispensary operator. The deal includes a cultivation facility and five operating retail locations (Eagan, Hibbing, St. Cloud, St. Paul and Willmar), adds ~100+ employees to Green Thumb, and represents a strategic entry into the Minnesota medical cannabis market.

Fortive Corporation completed its acquisition of Provation Software from Clearlake Capital, adding the clinical workflow and documentation software provider to Fortive's Advanced Healthcare Solutions segment. Provation, a Minneapolis-based SaaS provider serving more than 5,000 hospitals, ASCs and medical offices, will help Fortive expand its healthcare workflow capabilities and accelerate growth across its AHS business.

NTT DATA Services has agreed to acquire Chainalytics, a supply chain consulting and analytics firm, to strengthen its supply chain consulting and analytics capabilities. Chainalytics' 200+ employees will join NTT DATA's consulting business; the transaction is subject to customary closing conditions and expected to close in the coming weeks.

Relevant Industrial, LLC (Houston, TX) acquired J&W Instruments, Inc. (New Brighton, MN) in a transaction that closed on December 21, 2021. The acquisition adds J&W's instrumentation sales, process control engineering and metrological calibration capabilities to Relevant's portfolio, expanding service offerings for food & beverage and industrial customers.

Volaris Group has acquired Sansio Inc., including its HealthEMS and HomeSolutions.Net business lines previously owned by Stryker. Sansio — based in Duluth, Minnesota — provides SaaS information management solutions for EMS, home health and related healthcare providers and will join Volaris' Healthcare portfolio.

ESI Technologies' cybersecurity subsidiary Virtual Guardian acquired NaviLogic, Inc., a Saint Paul-based cybersecurity and IT integration firm, with the deal closing on December 17, 2021. The acquisition expands Virtual Guardian and ESI Technologies' cybersecurity and GRC capabilities in the United States and provides NaviLogic clients access to a broader suite of resources and services.

Medical Manufacturing Technologies (MMT), a portfolio company of Arcline Investment Management, has acquired R&D Engineering from Biomerics to expand its catheter manufacturing and automation technologies. R&D Engineering will continue to operate in Brooklyn Park, Minnesota, and the acquisition strengthens MMT's end-to-end medical device manufacturing solutions; Cowen served as financial advisor to MMT.

MCR has purchased the 229-room DoubleTree Suites by Hilton Minneapolis Downtown, located at 1101 LaSalle Avenue directly across from Target Corporation's global headquarters. The acquisition is MCR’s third hotel purchase in the Minneapolis metro in the past 12 months as the company continues to expand its presence in the market.

Eruptr Holdings, Inc. has completed the acquisition of the health risk assessment (HRA) business line of Medicom Health, LLC, expanding Eruptr's digital marketing and patient engagement offerings for hospitals and health systems. The deal adds a market-leading HRA product that is complementary to Eruptr's existing HealthAware solution and supports capability expansion at scale; Eruptr is PE-backed by H.I.G. Growth Partners.

Chicago-based private equity firm Shore Capital Partners has completed a partnership investment in BevSource, an outsourced beverage development and production services provider based in St. Paul, Minnesota. Shore will partner with BevSource's management to invest in business development, R&D, sales and marketing, and operations while exploring both organic growth and potential acquisitions to accelerate the company's expansion.

Installed Building Products, Inc. (IBP) has acquired AMD Distribution, Inc., a Spring Valley, Minnesota-based distributor of insulation and related accessories that generates approximately $71 million of annual revenue across eight locations. The acquisition provides IBP with a new distribution platform, broadening its supply-chain capabilities, diversifying revenue and end-markets, and is expected to be immediately accretive to earnings.

LafargeHolcim in the United States, through its Aggregate Industries operations, has acquired Marshall Concrete Products, a longtime Minneapolis/St. Paul concrete producer. Marshall Concrete, founded in 1936 and employing more than 60 people, will join LafargeHolcim’s US portfolio to strengthen its residential and light commercial concrete offerings in the Twin Cities market.

Brown & Brown Dealer Services, a division of Brown & Brown, Inc., has acquired substantially all of the assets of Dealer Admin. Services, Inc. (DAS). DAS — a dealer-centric administrator providing aftermarket F&I product solutions for franchise and pre-owned dealers — will operate as a division of BBDS under Brown & Brown's dealer services platform, with Bill Kelly continuing to lead DAS operations from Bloomington, Minnesota.

John Henry Foster Minnesota, a portfolio company of High Road Capital Partners, has acquired Sensors Inc. and Sensors Integration Corp., a distributor and integrator of industrial sensing products and systems. The acquisition, completed December 2, 2021, is the second add-on for JHFoster under High Road's ownership and is intended to expand technical capabilities, supplier relationships and support growth initiatives for the combined businesses.

ConnectiveRx has acquired the Rx Savings Assistant software and distribution channel from Medicom Digital, adding the in‑EHR prescription savings tool to its EHR Network to expand point-of-care affordability messaging. The acquisition integrates the Rx Savings Assistant into ConnectiveRx’s existing EHR distribution (including Epic integrations) to extend the company's prescriber reach and patient savings delivery across health systems, hospitals and ambulatory settings.

Duraco Specialty Tapes, an OpenGate Capital portfolio company, has acquired Rayven, Inc., a St. Paul, Minnesota developer and manufacturer of coated functional films, specialty tapes, and release liners, from private sellers. The add-on expands Duraco's product development capabilities, adds coating capacity, and broadens its addressable markets in flexible packaging, building products, graphics, and healthcare.

Veranex, a global tech-enabled product development services provider backed by Summit Partners, has acquired Worrell, a 46-year-old human-centered design firm focused on healthcare innovation. The acquisition expands Veranex's human-centered design and human factors capabilities and broadens its geographic footprint with Worrell's offices in Minneapolis, Providence, the San Francisco Bay Area, London, and Shanghai.

Radiant Logistics, Inc. (NYSE American: RLGT) acquired all outstanding stock of Navegate, Inc., a Mendota Heights, Minnesota-based technology-enabled logistics and supply chain management company, in a transaction that closed December 3, 2021. The deal (reported at $35 million) expands Radiant's international services footprint—including customs brokerage, ocean forwarding and drayage—and adds Navegate's cloud-based global trade management platform to Radiant's network.

Iron Creek Partners led a recapitalization of Verified Credentials, Inc., joined by Verified's management team and Main Street Capital Corporation, closing in November 2021. The transaction provided growth capital to support Verified's technology advancement and product expansion; financial terms were not disclosed and CEO Kevin Spang remains in place and will join the board.

ADDMAN Engineering, a platform established and backed by private equity firm American Industrial Partners (AIP), has completed the acquisition of Domaille Engineering. Domaille — a Rochester, Minnesota-based manufacturer of mission-critical aerospace & defense components and proprietary fiber optic instruments with additional facilities in Wright City, Missouri and Glen Burnie, Maryland — expands ADDMAN's additive and traditional machining capabilities and geographic footprint. Terms were not disclosed.

Teacher Created Materials (TCM) acquired Minneapolis-based Free Spirit Publishing effective November 30, 2021. Free Spirit will continue operating from its Minneapolis location under the Free Spirit brand while TCM integrates editorial, sales & marketing, and operations teams to expand its social-emotional learning and early childhood product offerings.

TJM Capital Partners, a Chicago-based private equity firm, has acquired Midwest Automation LLC, a family-owned U.S. manufacturer of industrial machinery for metal deburring, edge rounding and surface finishing. Kenny Holley, the past president and owner, exited the business and Micah Coleman (CEO of Timesavers LLC and Dubois Equipment Co.) will serve as incoming CEO as TJM looks to expand Midwest Automation's capabilities and grow the business.

EPIC Piping has acquired Minnesota-based BendTec Fabrication & Bending, a specialist in large-diameter induction pipe bending and pipe fabrication. The deal expands EPIC’s manufacturing footprint and capabilities—including the ability to produce pipe bends up to 66 inches—and marks EPIC’s entry into union label projects and additional energy, power, renewable and infrastructure markets.

Euclid Chemical has acquired the business of Brett Admixtures, a regional manufacturer and distributor of liquid concrete admixtures headquartered in Albertville, Minnesota. The acquisition expands Euclid's manufacturing and distribution footprint across the Upper Midwest and Manitoba, bringing Brett's facilities and sales team into Euclid's operations to drive growth and synergies.

CTM Group Inc., a Z Capital Group-backed platform, acquired the family entertainment assets of Theisen Vending Inc., a portfolio of approximately 2,000 pieces of equipment operating across more than 180 locations in the United States and Puerto Rico. The acquisition expands CTM's installed base and footprint at high-traffic venues and supports its ongoing digital- and data-driven transformation to improve consumer experience and venue profitability.

National Carwash Solutions (NCS), majority-owned by Berkshire Partners, has acquired Zep Vehicle Care (ZVC) from Zep, Inc. The acquisition adds ZVC's commercial car wash chemical brands (including Armor All Professional, Blue Coral, and Rain‑X) and PurClean water reclamation equipment to NCS's equipment, chemicals, and service offerings as an add-on to its platform.

O2 Investment Partners has partnered with Capital Construction, LLC and CEO Andy Oakes in a platform investment to support the company's growth; terms were not disclosed. Capital Construction, headquartered in Burnsville, Minnesota, provides roof replacement and exterior restoration services to single-family and multi-family residential customers and will work with O2 to scale operations and pursue strategic M&A and geographic expansion.

When I Work, a Minneapolis-founded provider of shift-based workforce management SaaS, secured a $200 million growth investment from Bain Capital Tech Opportunities with existing investor Arthur Ventures reinvesting. The capital will be used to expand its employee-first scheduling, time-tracking and messaging product suite, accelerate customer growth, and pursue opportunistic acquisitions.

Chicago-based private equity firm Woodlawn Partners acquired NH Holdings (the holding company for New Horizon Foods and Consolidated Management Company) from founder Jim Dyvig on October 29, 2021. NH Holdings, based in Minneapolis, manages contract foodservice programs across senior housing, education, treatment centers and county jails (over 170 customer sites in 15 states); the deal supports founder succession and plans for accelerated growth and operational improvements.

An investor group led by Cross Rapids Capital L.P., with strategic partner The Baupost Group, has acquired Wholesale Produce Supply LLC from affiliates of Mill City Capital L.P. The transaction provides WPS with additional resources to accelerate organic and inorganic growth, broaden geographic reach, and expand its fresh-produce logistics and value-added service offerings.

HelpSystems (now Fortra) acquired Digital Guardian, a provider of SaaS and managed service-enabled data loss prevention (DLP) solutions, to strengthen its data security portfolio. The deal brings Digital Guardian’s endpoint, network and cloud DLP capabilities and managed services into Fortra’s security offering to improve data classification and protection across environments.

Fielo, a Salesforce‑native incentive automation provider, has acquired Gage Marketing Group to broaden its product portfolio beyond Salesforce environments. The acquisition brings Gage's REWARD, EDUCATE, and Gage MARKET distributed marketing capabilities into Fielo's loyalty, enablement, and e-learning offerings, enabling expansion into heterogeneous CRM architectures and new end markets such as franchises and consumer brands.

Crenlo Engineered Cabs, a portfolio company of Angeles Equity Partners, sold its Emcor Enclosures division to an affiliate of JLL Partners. Financial terms were not disclosed; the divestiture enables Crenlo to focus exclusively on manufacturing engineered cabs for off-highway vehicle OEMs while Emcor continues supplying enclosures and consoles to aerospace, defense, data center, and healthcare markets.

48forty Solutions, a portfolio company of Audax Private Equity, has acquired J&B Pallet, a pallet manufacturer and recycler headquartered in Lake City, Minnesota. The acquisition expands 48forty's footprint in the northern Midwest and is the fourth add-on since Audax's investment in 48forty in November 2020; terms were not disclosed.

APPLIED Adhesives, a custom adhesive solutions provider based in Minnetonka, Minnesota, has acquired American Chemical, a regional supplier of adhesives and sealants located in Minneapolis, Minnesota. The acquisition strengthens APPLIED Adhesives' technical capabilities, in-house lab services and regional customer support; Krahn Capital Group advised American Chemical and the seller was former owner Dennis Werneke.

MedCraft Healthcare Real Estate has merged with Walker & Associates to expand its healthcare project management and owner's representation platform. The combination integrates Walker & Associates' specialized project management, owner's representation and facility planning capabilities with MedCraft's development, financing and management services to serve health systems, ambulatory care and senior care clients nationwide.

Parthenon Capital completed a recapitalization of Smart Data Solutions (SDS), a provider of payer-focused claims automation, workflow and data management solutions. The Blue Venture Fund, representing 35 Blue Cross Blue Shield plans, also invested to support SDS's growth, product innovation and strategic acquisitions; terms were not disclosed.

Onex Partners V, together with certain co-investors including Onex Corporation, completed an equity investment in Wealth Enhancement Group (WEG), joining existing investor TA Associates as equal capital partners. The transaction (Onex's share ~US$250 million) will support WEG's next stage of organic growth and M&A expansion while the firm remains privately held under its existing management team.

BlackRock Long Term Private Capital (LTPC) acquired a majority interest in Summit Companies, a national fire and life safety services provider, from CI Capital Partners. LTPC will partner with Summit's management to scale capabilities and expand the company's geographic footprint across the Midwest, South and Southwest.

The Hoffmann Family of Companies has acquired Ferche Millwork, including its brands Ferche Frames, Firerated Frames and Ferche Lumber, plus 87 acres of land in Rice, Minnesota and Mount Pleasant, Tennessee. Ferche, headquartered in Rice, Minn., manufactures over 13,000 products per year and will continue operating under existing leadership as Hoffmann expands its manufacturing and Midwest footprint.

Simplicity Group acquired Minneapolis-based Sawtooth Solutions, a provider of unified managed account (UMA) technology and outsourced investment management services, and will integrate Sawtooth under the Simplicity brand. The acquisition expands Simplicity's wealth advisory capabilities and distribution reach by making Sawtooth's UMA platform available across Simplicity's national network of advisors, broker-dealers and banks.

Lexitas, a technology-enabled litigation services provider and portfolio company of funds advised by Apax, has acquired Benchmark Reporting Agency, a Minneapolis-based court reporting and litigation support firm. The acquisition deepens Lexitas's presence in the Midwest and expands its court reporting, litigation support and legal video service capabilities.

discoverIE Group plc, a FTSE 250 designer and manufacturer of electronic components, has acquired Beacon EmbeddedWorks from Compass Group Equity Partners. Beacon, a Minneapolis-area designer and manufacturer of System-on-Modules used in regulated markets (notably medical), was a Compass Electronics Group add-on and will support discoverIE's international expansion, particularly into Europe.

Singapore-headquartered Capillary Technologies has acquired Minneapolis-based customer experience and loyalty company Persuade, marking Capillary's first U.S. acquisition. The deal expands Capillary's presence in North America and strengthens its loyalty and digital CX capabilities by integrating Persuade's loyalty platform and expertise.

Dominus Capital has completed an investment in Consolidated Equipment Group (CEG), a Minnesota-based designer and manufacturer of attachments for skid-steers, compact tractors and other light-construction equipment. Northstar Capital provided junior debt financing and an equity co-investment to help finance the transaction; terms were not disclosed. Dominus intends to accelerate growth through expanded channel and geographic penetration and add-on acquisitions.

The Manitowoc Company, Inc. completed the acquisition of substantially all the assets of Aspen Equipment Company for approximately $51 million. The purchase expands Manitowoc's direct-to-customer footprint in Iowa, Nebraska and Minnesota and adds Aspen's crane dealership, parts & service capabilities and final-stage work-truck upfitting expertise to complement Manitowoc's National Crane boom truck and aftermarket businesses.

Genstar Capital has acquired Arrowhead Engineered Products (AEP), a global engineer and omni-channel distributor of proprietary aftermarket replacement parts. The sellers were The Riverside Company and Investcorp; Genstar will look to support AEP's organic growth and strategic acquisition strategy across outdoor power, powersports, agriculture and other end markets.

MPI America Inc., a wholly owned subsidiary of MPI Corporation (Taiwan), has entered into a definitive agreement to acquire Celadon Systems Inc., a Burnsville, Minnesota-based maker of ultra-high performance semiconductor test probe cards. The acquisition, announced August 26, 2021, is intended to expand MPI's wafer-test capabilities and combine Celadon's probe-card technology and talent with MPI's global semiconductor test portfolio; the deal was expected to close in early September 2021, subject to customary conditions.

BlackRock Real Assets has acquired 100% of National Renewable Solutions (NRS), a Minneapolis-based developer of utility-scale wind and solar projects, to accelerate development and ownership of NRS’s project pipeline of more than 3.5 GW across the Western United States. Terms were not disclosed; the deal pairs NRS’s on-the-ground development expertise and >1 GW of developed projects with BlackRock’s capital markets capabilities and global renewable power platform.

Unite Us acquired Carrot Health to integrate Carrot's person-centered health analytics and predictive models into Unite Us' nationwide coordinated care platform. The deal combines Unite Us' closed-loop care coordination, enrollment and payments capabilities with Carrot Health's large consumer and health data set to enhance proactive identification and engagement across social and health services.