Acquisitions in Minnesota in 2022

Butterfly, a Los Angeles-based private equity firm focused on the food sector, has entered into a definitive agreement to acquire Milk Specialties Global, a vertically integrated manufacturer of dairy-based human and animal nutrition ingredients, from affiliates of American Securities. The transaction, terms undisclosed, is expected to close in Q1 2023 and the Milk Specialties leadership team, led by CEO David Lenzmeier, will remain in place.

Arthur J. Gallagher & Co. (Gallagher) has acquired St. Cloud, Minnesota-based Mahowald Insurance, LLC. Terms were not disclosed; Mahowald's leadership will remain in place and the deal is intended to enhance Gallagher's healthcare market expertise and regional capabilities across the Midwest.

TreviPay, a global B2B payments and invoicing network based in Overland Park, Kansas, has signed a definitive agreement to acquire Apruve, a trade-credit automation and pay-by-invoice platform. The acquisition expands TreviPay's order-to-cash capabilities and deepens its presence in the manufacturing vertical and key international markets.

AMCON Distributing Company (NYSE American: DIT) has acquired Henry's Foods, Inc., a foodservice and convenience-store distributor based in Alexandria, Minnesota. Henry's will operate as a wholly owned subsidiary led by President Kellie Janssen, with the acquisition intended to add foodservice capabilities and broader geographic reach to AMCON's convenience distribution platform.

Cyber Advisors, a Goldner Hawn portfolio company, has acquired KLH, Inc., a Minnetonka-based managed service provider. The add-on transaction (closed September 30, 2022) expands Cyber Advisors' managed IT and cybersecurity capabilities and extends its reach into the SMB market across the Upper Midwest.

Align Capital Partners has completed a recapitalization of Premier Biotech, a Minneapolis-based provider of point-of-care drugs of abuse testing devices and accredited laboratory services. Cascadia Capital served as exclusive financial advisor; Align will partner with management to scale the business, accelerate product development and expand the company's reach across workplace, government and clinical end markets.

Vance Street Capital has completed the acquisition of Innovize, LLC, with Innovize joining Excel Scientific LLC (a platform Vance Street partnered with in 2020) to create a medical and life sciences manufacturing platform. The deal brings complementary materials-conversion and complex manufacturing capabilities for diagnostics, wearables and other MedTech end markets; Innovize's founders John Ledy and Dave Jessen will continue to support the business.

Newport Healthcare has completed the acquisition of Minnesota-based PrairieCare to expand access to mental health treatment for youth and adults and to strengthen Newport's presence in Minnesota and the Midwest. PrairieCare operates nine locations across Minnesota offering inpatient and outpatient psychiatric services, IOPs, PHPs, and residential care.

CAIRE Inc., a subsidiary of NGK Spark Plug Co., Ltd., acquired St. Paul–based MGC Diagnostics (MGC), a global maker of non-invasive cardiorespiratory diagnostic systems. The transaction closed on December 28, 2022 and expands CAIRE's clinical diagnostic capabilities and global distribution for pulmonary diagnostic devices, adding MGC's product portfolio and international facilities to CAIRE's offerings.

Great Day Improvements, LLC has acquired Minnesota-based Your Home Improvement Company, a full-service home improvement business headquartered in St. Cloud, MN. The acquisition expands Great Day's footprint across the northern United States and strengthens its bathroom remodeling and full-service offerings; Steve Little will remain leading Your Home Improvement Company's executive team and Angle Advisors served as the seller's exclusive advisor.

Afinitas has acquired Haala Industries, a Sleepy Eye, Minnesota-based manufacturer of steel-fabricated products used in precast concrete and drainage applications. The deal expands Afinitas' concrete accessories portfolio and manufacturing capabilities as part of its strategy to build a leading platform of concrete technologies.

Renovo Home Partners has acquired Minnesota Rusco, a New Hope, Minnesota-based direct-to-consumer home improvement company offering windows, doors, siding, bath and kitchen remodeling. The acquisition expands Renovo’s platform into the Midwest and adds a long-standing regional brand to its portfolio; Angle Advisors served as exclusive advisor to Minnesota Rusco.

Alliance Corporation announced a merger with GetWireless, LLC to expand its value‑added distribution footprint for wireless telecommunications and IoT connectivity solutions across the U.S. and Canada. Funds managed by Lee Equity Partners and Twin Point Capital have invested in Alliance; financial terms were not disclosed.

Lexitas, a portfolio company of funds advised by Apax, has acquired Depo International, a Minneapolis-based court reporting and litigation support firm with an additional Las Vegas office. The deal expands Lexitas' national footprint and deepens its presence in the Midwest and West U.S. markets.

Nordson Corporation has completed its acquisition of CyberOptics Corporation, a developer and manufacturer of high-precision 3D optical sensing and inspection systems. The deal strengthens Nordson’s test and inspection platform and expands its product offerings in the semiconductor and electronics markets.

Applied Industrial Technologies (NYSE: AIT) has acquired Automation, Inc., a Minneapolis-based provider of automation products, engineered solutions, and value-added assembly services. The acquisition expands Applied's automation capabilities and geographic footprint in the U.S. Upper Midwest, adding a team of more than 50 associates and established customer relationships across pharmaceutical, manufacturing, life sciences, and consumer products markets.

Independent marketing agency broadhead has acquired Minneapolis-based experiential agency Fame. The deal expands broadhead's experiential marketing capabilities and brings Fame's clients and leadership (Lynne Robertson to remain president) into broadhead's national offering.

Trelleborg Group has completed the acquisition of Minnesota Rubber and Plastics (MRP) from KKR. The deal transfers a global materials-science and precision polymer components business (more than 1,450 employees across six countries) to Trelleborg, which will integrate MRP's elastomer and thermoplastic capabilities into its sealing and polymer solutions portfolio.

Quest Defense Systems & Solutions, the U.S. defense subsidiary of Quest Global, has acquired Minneapolis-based EXB Solutions. The acquisition expands Quest Defense’s capabilities in systems and software engineering for safety- and mission-critical applications across aerospace, defense and medical device markets.

Los Angeles-based private investment firm Pacific Avenue Capital Partners acquired Sunrich Products, the sunflower and roasted snacks division carved out from SunOpta. The deal transfers three Upper Midwest processing facilities, hybrid seed development activities, grower relationships and Sunrich's management team to Pacific Avenue to support focused growth in healthy human and pet snack and ingredient markets.

ARC Health has acquired the Relationship Therapy Center (RTC), a couples therapy practice based in Saint Louis Park, Minnesota. The add-on expands ARC Health's mental health specialty platform and aims to scale RTC's Intensive Couples Counseling (ICC) training program nationwide.

Los Angeles-based private equity firm Vance Street Capital acquired Mountain Manufacturing Technologies, a Lino Lakes, Minnesota contract manufacturer of precision mandrels and machined components for medical devices. The deal will complement Vance Street's existing portfolio company Wytech Industries by expanding mandrel capabilities and supporting growth in interventional and advanced surgical markets.

Apple Roofing, a Plano-based roofing platform backed by Gauge Capital, has acquired Plymouth, Minnesota–based NMC Exteriors. The add-on expands Apple Roofing's footprint and capabilities in the Upper Midwest, adding residential and commercial insurance restoration services and the NMC leadership team.

SmartCommerce, a PE-backed provider of data-centric, AI-assisted SaaS solutions for CPG, has acquired Basketful, a provider of in-context eCommerce optimization tools and data-driven category/channel insights. The deal expands SmartCommerce’s Click2Cart portfolio—adding contextual commerce and broader category visibility—and the companies have begun integrating technologies to deliver enhanced services to clients in Q4.

Alta Technologies has acquired the assets of Kontio Systems, Inc., including inventory and digital assets, for an undisclosed sum. Kontio founder Mark Maser joins Alta to lead the company's HP Desktop and Google Chromebook resale divisions as Alta expands its refurbished IT hardware offering and inventory base.

Macquarie's Commodities & Global Markets division, through its Global Carbon business, has made a growth investment in EP Carbon, a US-based consultancy that designs and advises on nature-based carbon offset projects. EP Carbon will use the proceeds to develop its technology suite, hire and train technical staff and fund a new service plan, while Macquarie and Global Carbon will help establish a pipeline of high-quality offset projects.

Radiant Logistics, Inc. acquired the operations of Cascade Enterprises of Minnesota, Inc., a Minneapolis-based operator that has run under Radiant's Airgroup brand since 2007. Cascade will operate under the Airgroup brand through 2022 and transition to the Radiant brand in early 2023 as its operations are combined with Radiant’s existing Minneapolis business, expanding Radiant’s local capabilities and access to its Navegate trade-management technology.

KKR is increasing its investment in NetSPI with a $410 million growth funding round to support the company's technology innovation, talent acquisition, and global expansion while recapitalizing NetSPI's first institutional investor, Sunstone Partners. The funding comes from KKR's Technology Growth strategy and follows prior investments in NetSPI as the company scales its PTaaS, Attack Surface Management, and related offensive security offerings.

Anderson Process, a Brookfield, Wisconsin-based supplier of process equipment and services, has acquired Neil Dornbusch & Associates, a pump distributor and custom fabricator headquartered in New Prague, Minnesota. The acquisition expands Anderson Process’s Midwest footprint and complements its product and service offerings across food processing, wastewater, aggregate and mining end markets.

Market Performance Group (MPG) has acquired The Creative Partners Group (The CPG) to expand its omnichannel strategy and services capabilities across Target and the broader retail marketplace. The transaction brings The CPG’s team and capabilities — including omnichannel marketplace growth, retail intelligence, category management, and creative/design — into MPG to strengthen its offerings for CPG brands and retailers.

Magnifi Financial merged with Financial One Credit Union effective October 1, 2022, following board approvals and a member vote. The combination expands Magnifi's presence in the greater Twin Cities (adding branches in Blaine, Coon Rapids and Columbia Heights), brings Financial One's indirect lending capability into the organization, and results in a combined organization with nearly $2 billion in assets, ~85,000 members and a 25-branch network.

Seaway Plastics Engineering, a PE-backed injection-molded components manufacturer, has acquired MME Group, a St. Paul-based contract manufacturer specializing in injection molding, tooling and assembly for FDA-regulated medical and other highly engineered products. The deal, finalized September 30, 2022, expands Seaway's geographic footprint and capabilities and advances its growth strategy under its sponsor, ICG's North American Direct Private Equity team.

Evoqua Water Technologies has completed the acquisition of Smith Engineering, Inc., a Chaska, Minnesota-based designer and manufacturer of custom high-purity water treatment systems. The deal expands Evoqua's high-purity product portfolio and service footprint across North America, adding Smith Engineering's manufacturing capabilities and field service operations.

MTY Food Group Inc. completed the acquisition of BBQ Holdings, Inc. through a merger, with each outstanding BBQ Holdings share converted into the right to receive US$17.25 in cash. As a result, BBQ Holdings became an indirect wholly-owned subsidiary of MTY and its common stock ceased trading on Nasdaq; the BBQ support center will continue to operate in Minnetonka, Minnesota.

UPSTACK has acquired Digital Planet Communications Inc., a St. Paul-based telecom and technology agency. As part of the deal Digital Planet leaders Shawn Schmidt, Brent Killen and Jonathan Watkins will join UPSTACK's advisory team to expand UPSTACK's service capabilities and customer support for SMB, midmarket and enterprise clients.

Boston-based private equity firm Nonantum Capital Partners has acquired LJP Waste Solutions, a regional provider of non-hazardous solid waste, recycling and waste-to-energy services, from Aperion Management. Nonantum said it will partner with LJP's management to expand zero-landfill and traditional waste services and pursue complementary add-on acquisitions across the Midwest.

FOXO Technologies Inc., a longevity-focused epigenetics and AI platform for the life insurance industry, completed a business combination with SPAC Delwinds Insurance Acquisition Corp., resulting in FOXO listing on the NYSE American under the ticker FOXO. The transaction positions FOXO to commercialize its molecular biomarkers and saliva-based underwriting protocols and to scale its FOXO Longevity Report and MGA distribution relationships.

Motion & Control Enterprises (MCE), a provider of fluid power, automation and flow control solutions, has acquired Quest Engineering Inc., a Plymouth, Minnesota–based distributor of hydraulic hose, fittings and instrumentation. The acquisition expands MCE's fluid power offering and provides entry into new upper-Midwest geographies; Quest operates four locations and has 37 employees.

Quest Global has acquired EXB Solutions and integrated it into its U.S. subsidiary Quest Defense Systems & Solutions. The acquisition expands Quest Defense's systems and software engineering capabilities for mission- and safety-critical applications across the aerospace, defense and medical devices markets.

Discovery Education, a Clearlake Capital-backed global edtech company, has acquired Minneapolis-based Pivot Interactives, a provider of interactive video-based science labs and activities. The acquisition expands Discovery Education's science education toolset by adding Pivot's phenomena-based interactive video platform to its K-12 offerings; terms were not disclosed.

Capital Construction Holdings, a portfolio company of O2 Investment Partners, has partnered with Options Exteriors, a residential roof replacement and repair provider headquartered in Eden Prairie, Minnesota. The deal is an add-on to the Capital Construction Holdings platform intended to expand the platform's Midwest footprint and strengthen its residential roofing capabilities and sales engine.

Columbia Pacific Capital Partners (CPCP) has partnered with Panacea Healthcare Solutions to support Panacea's next stage of growth. With CPCP's investment, Panacea has simultaneously acquired Holliday & Associates and First Healthcare Compliance to expand its chargemaster, pricing transparency, compliance, and mid-revenue cycle software and services for hospitals, health systems, and physician practices.

LTS LOHMANN Therapie-Systeme AG (LTS) has completed the acquisition of Tapemark Inc., a U.S.-based CDMO specializing in transdermal drug delivery systems and oral thin films. The deal integrates Tapemark’s St. Paul (West St. Paul), Minnesota facility into LTS’s global network to strengthen LTS’s U.S. footprint, expand manufacturing capacity and R&D capabilities, and broaden its drug-delivery technology portfolio.

MedTech Momentum, a full-service healthcare marketing agency based in the greater Orlando area, has acquired Wax Marketing, a St. Paul, Minnesota-based marketing communications agency. Wax Marketing founder Bonnie Harris will join MedTech Momentum as Vice President of Strategy to deepen the buyer's strategic marketing communications capabilities; financial terms were not disclosed.

ASG, a portfolio company of Alpine Investors that builds vertical SaaS businesses, has acquired MediMatrix (formerly WebInterstate), a Minneapolis-based mobile healthcare software provider that streamlines order management, image sharing and billing for mobile radiology services. The deal (closed June 9, 2021) will keep founder Ken Kern active as CTO and install Marvel Myrtile as CEO; Generational Equity advised the seller. ASG said the acquisition expands its mission-critical healthcare software capabilities and supports continued organic growth and further acquisitions.

Intelerad Medical Systems has acquired PenRad Technologies, Inc., a provider of breast imaging, lung screening and patient-tracking software, to expand its mammography and lung analytics capabilities and optimize radiologist workflows. The deal follows Intelerad’s recent investment from TA Associates and aims to integrate PenRad’s solutions into Intelerad’s enterprise imaging platform to meet rising oncology screening demand.

On August 16, 2022, The Vomela Companies acquired Visual Impact LLC of Blaine, Minnesota. The acquisition expands Vomela’s specialty graphics and out-of-home advertising capabilities across retail, hospitality and events, complementing its existing operations across 23 U.S. and Canadian locations.

The Lawton Standard Co. acquired Northern Iron & Machine (NIM), a St. Paul, Minnesota full-service foundry, in a transaction that closed August 12, 2022. The acquisition adds casting size and machining capabilities to Lawton's vertically integrated foundry platform and is intended to expand sourcing options and service offerings for both companies' OEM customers. The seller was led by retiring CEO Scott J. Hamlett.

Voxtur Analytics Corp.'s U.S. subsidiary executed an agreement to acquire all membership interests of Blue Water Financial Technologies Holding Company, LLC, a SaaS-based mortgage asset valuation and MSR trading platform. The transaction is valued at approximately USD $101 million (USD $30M cash plus share consideration), is expected to be accretive, and is subject to regulatory approvals and customary closing conditions.

Forsta has acquired HelloIgnite, a crowdsourcing and innovation management platform, and will integrate HelloIgnite's idea-generation and crowdsourcing technology into its Human Experience (HX) platform. The deal expands Forsta's CX, EX and market research capabilities by adding employee-driven idea management and collaboration tools for enterprise clients.