Tracked deals
924
924 tracked deals across 2006-2026.
Tracked deals
924
924 tracked deals across 2006-2026.
Buyer mix
Mixed buyer set
723 strategic · 507 pe
Top trend
Volume peaked in 2024
140 tracked deals announced in 2024.
Buyer Snapshot
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| O2 Investment Partners | 8 | Midwestern private equity firm that forms and backs lower... | PE |
| Arcline Investment Management | 6 | Growth-oriented private equity firm focused on building i... | PE |
| Northstar Capital | 6 | Investment manager specializing in junior capital, mezzan... | PE |
| Straightaway Tire & Auto | 6 | Independent, multi-location aftermarket automotive repair... | Strategic (PE-backed) |
| Clearlake Capital Group, L.P. | 5 | Private investment firm focused on software, technology-e... | PE |
| TA Associates | 5 | Global growth private equity firm focused on technology, ... | PE |
| Arsenal Capital Partners | 4 | Private equity firm specializing in middle‑market special... | PE |
| Arthur J. Gallagher & Co. | 4 | Global insurance brokerage, risk management and consultin... | Strategic |
| Bertram Capital | 4 | Lower middle‑market private equity firm focused on contro... | PE |
| Francisco Partners | 4 | Global private equity firm focused on technology and tech... | PE |
Last 10 years
Supporting Data
Hawke Media announced the acquisition of Rocket55, a Minneapolis-based full-service digital marketing agency. The deal expands Hawke Media’s Midwest presence and adds Rocket55’s capabilities in SEO, paid media, web development, RevOps, and digital strategy to Hawke Media’s national, full-service marketing platform.
Stark Power entered into a definitive agreement to acquire the Cottage Grove energy campus near Cottage Grove, Minnesota, from Ultra Capital and Panamint Capital. The campus includes a 262 MW natural gas-fired combined-cycle power plant and a planned 80 MW / 320 MWh battery energy storage project, with contracted revenues tied to Northern States Power (Xcel Energy).
Cerity Partners merged with Minneapolis-area Echo Wealth Management, adding approximately $337 million in assets under management and establishing a presence in Minnesota. The combined firm operates under the Cerity Partners name, while Echo clients continue working with their existing advisory team.
Lifecore Biomedical has entered into a definitive agreement to be acquired by Webster Equity Partners in a transaction valued at up to $663.7 million, subject to performance milestones tied to contingent value rights (CVRs). Webster will acquire all outstanding common shares for $6.28 per share in cash at closing plus one CVR per share, with additional payments possible based on revenue and EBITDA milestones.
Wold Architects and Engineers, backed by Providus Capital Partners, agreed to acquire Klein McCarthy Architects. The formal agreement closed on August 31, 2026. Klein McCarthy is a Minnesota-based architecture firm focused on justice and government facility design.
Walser Automotive Group completed the acquisition of Freeway Ford, Metropolitan Ford, and Suburban Chevrolet to expand its presence in the Twin Cities market. The transaction adds nearly 300 employees and transfers ownership from the Grossman family to Walser.
NFP, an Aon company, acquired Moores Insurance Management, a Minneapolis-based multidisciplinary risk management firm. The deal expands NFP’s property and casualty (P&C) capabilities for high-net-worth individuals and commercial clients in Minnesota, while bringing Moores’ local relationships and personal lines expertise into NFP’s platform.
Graham Partners’ portfolio company Velosity acquired Lucid Labs, a founder-owned product design, engineering, and prototyping provider serving MedTech OEMs. The deal is intended to expand Velosity’s engineering and innovation capabilities so it can support customers across the full product lifecycle, from early concept development and rapid prototyping through full-scale manufacturing and commercialization.
Franklin Electric Co., Inc. completed its acquisition of Cat Pumps Corporation for $350 million in cash plus performance-based contingent consideration (up to $50 million) in Franklin Electric stock, for a potential total value of $400 million. The deal adds Cat Pumps’ high-pressure positive displacement pump technology and a recurring aftermarket revenue stream to Franklin Electric’s Energy Systems segment.
Vitality announced the acquisition of Icario, a digital-first health action company that helps health payers motivate hard-to-reach members to take meaningful steps toward better health outcomes. The combined organization aims to connect member activation and ongoing engagement with population health results, expanding Vitality’s reach in the U.S. market to serve 19 million members across 30% of U.S. health plans.
Trafera, a portfolio company of Rotunda Capital Partners, acquired Morris Electronics, a Morris, Minnesota-based IT solutions provider serving state and local government agencies and businesses. The acquisition adds Morris’s public-sector relationships and managed services, cybersecurity, network and application design, and IT outsourcing capabilities to Trafera’s platform.
Frazier Healthcare Partners completed its acquisition of MatrixCare from ResMed, making the post-acute care software provider a standalone company. Frazier plans to support MatrixCare’s next phase of growth through focused investment in product innovation and capabilities for post-acute care providers.
BGM, a full-service accounting, tax, audit, and advisory firm headquartered in Bloomington, Minnesota, announced it has combined with John T. Chipman & Company, LLP (JTC), an accounting and advisory firm based in Norwood, Massachusetts. JTC will operate under the BGM name immediately, with its partners and team continuing to serve clients from the Norwood office, marking BGM’s first Northeast presence in the Boston area.
Sanford Health, based in South Dakota, was allowed by the Minnesota Attorney General’s Office to move forward with its out-of-state acquisition of North Memorial Health. As part of the approval, Sanford signed a 10-year oversight agreement committing to maintain key services—especially at North Memorial’s Robbinsdale flagship safety net hospital—along with investments and protections for labor and patient care.
Hidden Harbor Capital Partners announced a strategic investment to acquire Escape Fire Protection Inc., a regional provider of fire, life & safety services. The company will be a new platform in Hidden Harbor’s third fund, with management remaining active and focused on growing recurring services and expanding into new markets across the Midwest.
FORTÉ, a workplace communication and collaboration solutions provider, announced its acquisition of Vega Global, described as APAC's largest systems integrator for workplace technology and audiovisual solutions. The deal is intended to expand FORTÉ’s international presence and improve its ability to deliver and support global customers with local expertise.
Mann Lake Ltd., a beekeeping supplies manufacturer and distributor, announced it is acquiring Hive Hugger, a developer of insulation products for condensing-hive beekeeping. Hive Hugger’s co-founder Peggy DeSanto will remain an active ambassador, while production and distribution will move to Mann Lake’s headquarters in Hackensack, Minnesota.
Arxis completed its previously announced acquisition of Omnetics Connector Corporation in a deal valued at approximately $770 million (subject to customary closing adjustments). At closing, Arxis issued 13,351,964 shares of its Class A common stock to former Omnetics shareholders, and Omnetics will operate within Arxis’ Electronic Components segment.
Concentra completed its acquisition of four Minnesota Occupational Health (MOH) medical centers in the Twin Cities (Coon Rapids, Eagan, St. Paul, and Shakopee). Beginning August 17, the centers will operate under the Concentra brand and continue serving existing patients and employer customers while integrating Concentra’s clinical standards and technology.
Sunstar Insurance Group, backed by Reverence Capital Partners, partnered with and added RJR Faribo Insurance Agency to expand its Midwest presence, marking its first agency in Minnesota. The 22-employee agency, based in Eden Prairie and Faribault, becomes part of Sunstar’s integrated insurance brokerage platform.
Switzer-CARTY Transportation Services Inc. has entered into a definitive agreement to acquire Agnes Corporation and its group of operating subsidiaries. The deal marks Switzer-CARTY’s first cross-border expansion into the United States and is pending customary regulatory approvals, including review by the U.S. Surface Transportation Board.
Investcorp, a global alternative investment firm, has invested in Berger Financial Group, Inc., a full-service wealth management platform serving individual investors and retirement savers across the United States. The investment is intended to accelerate Berger’s growth, expand capabilities, and scale the planning-first, fee-based wealth management model in a fragmented North American RIA market.
Carrier Global acquired 75F, a Minneapolis-based developer of cloud-native, wireless, AI-enabled building automation systems. The deal strengthens Carrier’s intelligent-building strategy by integrating 75F’s unified data layer, AI capabilities, and auto-commissioning into Carrier’s existing controls, predictive analytics, and data center thermal management platform.
Betco entered into a definitive agreement to acquire Multi-Clean, a Minnesota-based commercial cleaning chemical manufacturer, from Minuteman International (a member of the Hako Group). In the same transaction, Betco will divest its powered equipment business to Minuteman, with the deal expected to close on July 31.
Inspectorio, an AI-powered supply chain quality and risk management platform, announced a growth investment from the Apax Digital Funds. The funding is intended to accelerate development of its Paramo AI layer, expand into new industry verticals, and scale commercial operations for the platform used by brands and retailers and their supplier networks globally.
Sizemore, Inc. (backed by Inspirit Equity) has signed a definitive agreement to acquire Carlson Building Maintenance, a Minneapolis-based janitorial and facility services provider serving retail, grocery, and commercial customers across the Midwest. The deal establishes Carlson as a dedicated, retail-focused division within Sizemore, preserving its leadership team, workforce, and customer relationships.
TRUMPF has signed an agreement to acquire Mate Precision Technologies, expanding its punching and bending tooling portfolio for sheet metal fabricators worldwide. Mate will continue operating independently under its existing brand, with its management and international teams remaining in place.
Sentinel Capital Partners acquired DecoPac, a cake-decorating solutions supplier, from private equity firm Kohlberg. DecoPac is headquartered in Anoka, Minnesota and serves over 25,000 customer locations across the United States, Canada, and the United Kingdom, including commercial customers and DIY decorators through expanding e-commerce.
Paddletek Group announced the acquisition of PIKKL, a performance pickleball paddle company, as part of its strategy to expand its technology and product portfolio. Alongside the acquisition, Paddletek also signed professional pickleball players JW Johnson, Jorja Johnson, Julie Johnson, and Hurricane Tyra Black to expand Team Paddletek.
Coalesce Capital’s portfolio company DecisionHR acquired Paymasters, Inc., a Minnesota-based professional employer organization (PEO) serving clients across the Midwest. The deal expands DecisionHR’s Upper Midwest presence and strengthens its PEO and HR outsourcing platform for small and mid-sized businesses.
Frazier Healthcare Partners agreed to acquire MatrixCare from Resmed in a transaction that includes MatrixCare-branded software offerings such as Healthcare First and Citus, but excludes Resmed’s Brightree and MEDIFOX DAN businesses. The deal was reported completed in September 2026; Frazier plans to invest in product innovation and post-acute care capabilities, while Resmed said the sale supports its strategic focus on sleep, breathing, and connected home-based care.
Transwestern announced it has acquired Forte Real Estate Partners, a commercial real estate firm based in the Twin Cities. The deal adds Forte’s healthcare, office, and industrial tenant advisory team members and expands Transwestern’s property management portfolio in the Minneapolis–St. Paul market.
Merck KGaA has entered a definitive agreement to acquire Bio-Techne for $73 per share in an all-cash transaction valued at about $11.3 billion (enterprise value). The deal is expected to close in late 2026 or early 2027, subject to regulatory approvals and Bio-Techne shareholder approval.
DUOS, a “performance infrastructure for health plans,” announced it has acquired Linkwell Health to strengthen its end-to-end platform from enrollment through care completion and health outcomes. The acquisition deepens DUOS’ AI-powered activation layer and expands its footprint to more than 20 health plans nationwide.
C.H. Robinson acquired DeSpir Logistics, a North America provider of secure transportation and cargo escort services for mission-critical, high-value freight, for approximately $75 million in cash. The deal enhances C.H. Robinson’s premium logistics capabilities by expanding its security-focused, vetted carrier network and adding advanced high-security monitoring and tampering-detection technology.
Align Capital Partners-backed Premier Biotech announced the acquisitions of NexScreen and TransMed to expand its product portfolio, e-commerce capabilities, and global footprint. NexScreen adds point-of-care diagnostic testing presence in Australia and New Zealand, while TransMed strengthens Premier’s catalog and online distribution to 1,000+ direct customer accounts.
DXP Enterprises, Inc. has completed the acquisition of General Repair Service, a Minnesota-based provider of pumps, blowers, and related process equipment for water and wastewater and industrial markets. DXP says the deal furthers its national water and wastewater strategy and adds service and repair capabilities to its DXP Water platform.
Centri Business Consulting acquired Altair Associates, a Minneapolis-based property and casualty insurance and reinsurance underwriting and claims advisory firm. The transaction closed on June 12, 2026, marking Centri’s first acquisition and expanding its Insurance Practice.
H.I.G. Capital sold its minority stake in The Bluebird Group as the company’s founders and Bertram Capital recapitalized the business. The companies did not disclose financial terms. Bluebird is an omnichannel, data and analytics-driven commerce services partner headquartered in Minneapolis, Minnesota.
Truelink Capital entered into a definitive agreement to make a significant investment in Horwitz, a Minneapolis-based provider of mechanical, electrical, and plumbing (MEP) services serving complex commercial and industrial facilities across the Twin Cities and broader Midwest. Horwitz’s management team, led by CEO Matt Dekkers, will continue to lead the business and retain a significant ownership stake. Financial terms were not disclosed.
Family-owned Dahl Automotive acquired two Rochester dealerships—Hyundai and Chrysler Dodge Jeep Ram—from Happy Auto Group for $23.55 million. The deal closed on June 15, with almost 100 employees expected to remain and Dahl naming a new general manager, Chris Jessen.
Sleep Country Canada acquired substantially all of the assets of Sleep Number through a court-supervised Chapter 11 (Section 363) process. The deal was announced in June and completed on July 21, 2026, expanding Sleep Country Canada into the U.S. and making it the second-largest sleep retailer in the world.
Chase Corporation acquired Sheldahl from Flex to expand its aerospace and electronics engineered materials capabilities, particularly specialized thin-film technologies. The transaction closed upon signing and financial terms were not disclosed.
Ridgewood Infrastructure LLC acquired Dauntless Air, an aerial firefighting and emergency management infrastructure provider supporting wildfire response. Dauntless operates North America’s largest fleet of Fire Boss aircraft and delivers aerial firefighting capacity to government agencies under long-term availability-based contracts. Financial terms were not disclosed, and Dauntless will continue to be led by CEO Brett L’Esperance and the existing management team.
Cadence Education has acquired Especially for Children, a nine-school early childhood education provider serving families across the Minneapolis-St. Paul metropolitan area. The deal expands Cadence’s national footprint to 350 private preschool schools across the United States while strengthening its presence in Minnesota.
Atmosphere Commercial Interiors, an Omni company headquartered in Minneapolis, Minnesota, acquired Acre (formerly General Office Products) effective June 1, 2026. Both are Steelcase furniture dealerships serving the greater Minneapolis market, and the combined organization plans a phased integration while expanding capabilities in education and the public sector.
Patron Points, a Woodbury, Minnesota-based loyalty and customer engagement software provider for convenience stores, secured a strategic growth investment led by Straylight Capital. The round also included Scaleworks and other Straylight co-investors, and the company plans to expand nationally and advance its loyalty, promotions, portal, self-service tools, and AI-powered business intelligence.
Northern Oil and Gas (NOG) has agreed to purchase an undivided 25% interest in Parallax Energy Operating Inc.’s Light-Oil Duvernay assets for an initial unadjusted purchase price of CA$350 million (about US$259 million). The transaction is funded with NOG common stock plus cash and includes potential CA$25 million contingent consideration, with NOG expecting to close late in the second quarter of 2026.
Dallas-based Trinity Hunt Partners closed its first platform investment under a buy-and-build strategy, acquiring Minnesota-based Landscape Endeavors to form Elevation Landscape Group. The combined business targets a national commercial landscaping platform using the acquired company as an anchor for future add-on acquisitions across North America.
Installed Building Products, Inc. (NYSE: IBP) announced the acquisition of Diamond Energy Systems, Inc. (DESI), a Minnesota-based mechanical insulation services company. The deal adds approximately $12 million in annual revenue and expands Installed Building Products’ mechanical insulation offerings across the Upper Midwest retrofit market.
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