Acquisitions in Minnesota in 2023

Core & Main Inc. has acquired substantially all of the assets of Granite Water Works Inc., a family-owned distributor of water, wastewater and storm drainage products based in Waite Park, Minnesota. The acquisition expands Core & Main’s presence and capabilities in central Minnesota and brings Granite’s local relationships and team into Core & Main’s national specialty distribution network.

Sentinel Capital Partners has acquired High Bar Brands, LLC, the Owatonna, Minnesota-based manufacturer and distributor of heavy-duty truck and trailer components and branded aftermarket products. Heartwood Partners (Heartwood Partners Fund III, LP) exited its investment; terms were not disclosed. High Bar operates iconic brands including Minimizer, Premier Mfg., Dieter's Accessories, Panelite, and Viking with ~225 employees across six facilities.

Le Sueur Incorporated (LSI), a portfolio company of Delos Capital, completed the acquisition of Craft Pattern and Mold, a Montrose, Minnesota-based rapid prototyping and precision metal and plastics component manufacturer. The transaction was supported by equity from Silverfern and debt/equity from Ironwood Capital and Genesis Park, and is intended to expand LSI's capabilities and provide an end-to-end manufacturing offering.

Cohere Capital has acquired Phaedon, the former U.S. Commercial Engagement division of ICF Next/ICF International, creating a standalone, technology-enabled digital engagement and loyalty business. Graycliff Partners provided a unitranche debt financing and equity co-investment to support the deal, with Brookside Capital Partners investing alongside Graycliff.

TD&I Cable Maintenance and private equity sponsor Tower Arch Capital have acquired Midwest Utility Services, a Minnesota-based provider of directional drilling, cable plowing and underground telecom installation and maintenance. The founder, Steve Kvistad, and minority owner, Bill Eckles, will remain as go-forward partners; financing was provided by Zions Bank and terms were not disclosed.

MPK Equity Partners has made a strategic growth investment in NewlyNamed, a Minneapolis-based tech-enabled platform that streamlines the legal name-change process for individuals. The partnership will provide capital and strategic support to accelerate NewlyNamed's growth and expand its consumer-facing service offerings across the United States.

Rovensa Group has acquired Agro-K, a family-owned U.S. biostimulants developer founded in 1976 and based in Minneapolis. Agro-K will be integrated into Rovensa Next to strengthen Rovensa's biosolutions portfolio and accelerate its expansion in the United States; financial terms were not disclosed.

Straightaway Tire & Auto, a multi-location aftermarket automotive repair platform backed by O2 Investment Partners, has completed add-on acquisitions of Accurate Auto & Tire Service (Maple Grove, MN) and Wayne's Automotive (Grand Rapids, MN). The deals expand Straightaway's presence in Minnesota and will leverage platform resources to drive localized growth; terms were not disclosed.

Digital Mass, a Minneapolis-based Salesforce technology firm, has acquired Trail Two, a trio of senior Salesforce development consultants. The acquisition adds experienced Salesforce implementation capability and talent as Digital Mass scales its services for mid-market and enterprise clients.

EventLink, a portfolio company of Fort Point Capital, has acquired Clamor, an award-winning experiential and strategic marketing agency based in Minneapolis. The add-on expands EventLink's mobile tour and experiential capabilities, bringing additional scale, creative talent, and national reach to its services.

Northland Lawn, Sport & Equipment has acquired Moose Lake Implement & Sport from James and Andrew Gassert. The family-owned powersports and outdoor equipment dealership in Moose Lake, Minnesota will be renamed Northland Lawn, Sport & Equipment and continue operating at its current location.

Minneapolis-based clean hair care brand Odele has received a minority growth investment from Stride Consumer Partners to fund marketing, talent and product innovation. The founders remain majority shareholders as Odele continues rapid retail and DTC expansion (available at Target, CVS and Ulta) following strong year-over-year growth.

Nepsis, Inc., a Minneapolis-based financial advisor and investment management firm, has acquired full-service tax, accounting and consulting firm Sevenich, Butler, Gerlach & Brazil, Ltd. (SBGB). The deal integrates SBGB into the Nepsis Family Office Framework to expand tax and accounting capabilities and enhance wealth management offerings for high-net-worth and family-owned business clients.

Eddie M's has acquired and merged with Minnetonka-based American Fish and Seafood Inc., consolidating processing and distribution operations at Eddie M's 65,000 sq ft Plymouth, Minnesota facility. The deal preserves American Fish's legacy while expanding Eddie M's product assortment and capacity to serve retail and foodservice customers across the Midwest; terms were not disclosed.

Electronic Servitor Publication Network, Inc. (XESP) has merged with Pointward Inc., a Delaware intellectual property holding company that owns channel activation and customer engagement technology. The acquisition gives XESP access to Pointward’s audience-segmentation and one-to-one engagement IP to expand XESP’s Digital Engagement Engine and better serve both regulated and unregulated B2B markets.

Wealth Enhancement Group, a national independent wealth management firm, announced the acquisition of Retirement Advisory Group, a hybrid RIA based in Eden Prairie, Minnesota, bringing roughly $150 million in client assets and a five-person team into Wealth Enhancement's platform. The deal expands Wealth Enhancement Group's Twin Cities presence and increases its assets under management.

Estes Forwarding Worldwide (EFW), a subsidiary of Estes Express Lines, has completed the acquisition of Minneapolis-based Superior Brokerage Services (SBS). The deal expands EFW's international capabilities — including a presence in Asia and a control tower in Taiwan — and increases EFW's workforce, helping it double revenue and strengthen end-to-end supply chain services.

Warner Pacific has acquired BeneUSA LLC, an Excelsior, Minnesota-based employee benefits general agency that specializes in ancillary group insurance products such as life, disability, dental, and vision. The deal expands Warner Pacific’s geographic footprint into the Midwest and enhances its ancillary product capabilities and carrier relationships; terms were not disclosed.

Glencore AG (a subsidiary of Glencore plc) completed a plan of arrangement to acquire all remaining common shares of PolyMet Mining Corp., becoming the sole beneficial owner of 100% of PolyMet. The cash consideration was US$2.11 per common share; PolyMet's head office is in St. Paul, Minnesota and the deal consolidates Glencore's ownership of the NorthMet copper‑nickel project.

Percheron Capital has acquired SafeBasements, a Minnesota-based foundation repair and basement waterproofing services company, as the first investment in a new platform focused on foundation repair and waterproofing. Percheron named industry veteran Deb Dulsky as CEO to lead growth and expansion across the Midwest, leveraging SafeBasements' vertically integrated products and experienced team.

Star Equity Holdings, Inc. (Nasdaq: STRR) has completed the acquisition of Big Lake Lumber, Inc., a Minneapolis-based building supply center and lumber yard, effective October 31, 2023. Big Lake will be integrated into Star’s Glenbrook Building Supply business as a bolt-on to expand Glenbrook’s regional footprint and add single‑family residential revenue.

Laborie Medical Technologies has completed the acquisition of Urotronic, a Plymouth, Minnesota-based developer of the Optilume drug‑coated balloon technology for interventional urology. The deal includes an upfront cash payment (net $232 million to Laborie considering its prior minority stake) and up to $345 million in milestone payments, and brings Urotronic and its employees fully into Laborie to expand Laborie's interventional urology product portfolio globally.

Nashville-based Parking Management Company (PMC) has acquired ParkPoolr, a Minneapolis-based parking technology and management business. The deal brings ParkPoolr's proprietary payment processing and lot-management technology into PMC's tech suite and expands PMC's self-parking footprint by 61 lots across 21 new markets.

In October 2023, Vexilar and AWC Distributing (d/b/a K-Drill) — two Bloomington, Minnesota-based companies that develop and sell ice-fishing products — were sold 100% to investor Rob Jablonski and financial buyer Valiant Wealth. Cherry Tree advised the companies and their shareholders on the sale, which transfers ownership while aiming to preserve the businesses’ product lines, customer service and employee environment.

Cyber Advisors, a Goldner Hawn portfolio company, has acquired White Oak Security, an offensive cybersecurity firm based in Plymouth, Minnesota. The deal expands Cyber Advisors’ offensive testing and adversarial simulation capabilities and brings White Oak’s experienced talent into Cyber Advisors’ security services platform.

ProMach, via its ID Technology labeling & coding business line, has acquired Lofton Label & Packaging, a Minneapolis–Saint Paul-area producer of labels and printed flexible packaging. The acquisition expands ProMach's label converting and flexible packaging capabilities and adds Lofton's Inver Grove Heights production site and a team of over 70 employees to ProMach's Labeling & Coding portfolio.

S.i. Systems ULC has acquired Minneapolis-based Elign Consulting to expand its U.S. footprint and broaden its tech-enabled staffing and workforce solutions capabilities. Elign will remain headquartered in Minneapolis with founder and CEO Linh Cravens continuing to lead the business as part of the S.i. Systems organization; terms were not disclosed.

Eliassen Group, a strategic consulting firm and portfolio company of Stone Point Capital, has acquired SafeNet Consulting, an IT services and consulting firm with offices in the Twin Cities and Milwaukee area. The acquisition expands Eliassen's Midwest presence and technology services capabilities — including application development, data & analytics, and cybersecurity — while enabling SafeNet's founder to retire and its team to access broader national opportunities.

Susquehanna Private Capital (SPC) announced a minority/majority investment in U.S. Compliance, an environmental, health and safety (EHS) compliance management provider, to accelerate the company's growth and scale its Compliance-as-a-Service (CaaS) offerings across North America. Terms were not disclosed; Hennepin Partners served as exclusive financial advisor to U.S. Compliance and Troutman Pepper advised Susquehanna Private Capital.

GHK Capital Partners completed the acquisition of Minneapolis-based WSB & Associates and concurrently acquired EST, Inc., contributing EST into WSB to form a national critical infrastructure engineering platform. The combined business will have over 1,100 employees and will pursue growth through geographic expansion, digital construction investments, and an active M&A program.

Varsity Healthcare Partners formed a new platform, United Aesthetics Alliance (UAA), to consolidate cosmetic surgery and medical spa practices and completed an initial recapitalization and growth capital investment in Edina Plastic Surgery, Edina Surgery Center, and Skin Artisans. The partnership will support expansion across Minnesota through new hires, facility expansion, centralized patient marketing, and selected strategic acquisitions.

PCM Companies has made a majority investment in Suburban Manufacturing Group, a Monticello, Minnesota-based maker of fluid-power components and accessories; Suburban's owners (Mary and Brad Barger) are retaining a minority stake. The transaction creates a new platform for PCM in niche manufacturing; financing was provided by Tradition Capital Bank and Aethlon Capital advised the sellers.

Iron Path Capital, a Nashville-based private equity firm, announced a strategic investment in TruTech Servo Motors & Systems as the first platform investment in its industrial automation and motion control build-up strategy. TruTech, a designer and manufacturer of custom permanent magnet servo motors for automation, material handling and medical markets, will receive operational and inorganic support from Iron Path to expand capabilities and enter new end markets.

Denver-based private equity firm Rallyday Partners has made a growth-stage investment in Minneapolis-based digital product consultancy Livefront, taking a majority interest as the company’s first outside capital. The investment will be used to accelerate sales and marketing, expand design and engineering headcount, and scale Livefront’s national presence and capabilities.

Tower Arch Capital has completed a recapitalization of TD&I Cable Maintenance, partnering with founders Tim and Debbie Stanke and the company's management team. The investment will support TD&I's geographic expansion across the upper Midwest and investments to enhance service offerings; financing was provided by Zions Bank and Hillcrest Bank and terms were undisclosed.

Trident, a New York-based private equity firm, announced a strategic investment in Priority Courier Experts, a same-day and next-day B2B delivery provider headquartered in the Minneapolis–St. Paul area. Trident is partnering with operating partner Bluejay Capital and has installed Mark Cossack as CEO and Ted Burchell as President to support Priority's local market leadership and expand the business into new geographies.

Creative Planning, a leading independent Registered Investment Advisor, has acquired CTB Financial Services, Ltd., a Minneapolis-based RIA known for tax-focused wealth planning. The deal expands Creative Planning's tax-planning capabilities and integrates CTB's advisory services into Creative Planning's broader wealth management platform.

Imperial Dade, a leading distributor of foodservice packaging and janitorial supplies, has acquired Apache Group, a regional foodservice packaging distributor based in Arden Hills, Minnesota. Financial terms were not disclosed; Imperial Dade said the deal will expand its presence and capabilities across Minnesota, Wisconsin and the broader Midwest.

Tietoevry has acquired MentorMate, a Minneapolis-headquartered digital engineering firm, from Taylor Corporation to strengthen Tietoevry Create's North American customer base and global digital engineering capabilities. MentorMate employs more than 1,000 people across the US, Bulgaria and Paraguay, generated about USD 65 million in revenue in 2022, and will be integrated into Tietoevry Create; terms were not disclosed.

Bigtincan Holdings Limited (ASX: BTH) acquired Modus Engagement, Inc. for US$9.5 million in a cash consideration structured over 12 months. The acquisition brings Modus’s virtual product tour and lead-capture technology, ~17 employees and ~AU$7.5m ARR into Bigtincan’s sales enablement platform to drive capability expansion, cost synergies and cross-sell opportunities.

Tonka Bay Equity Partners led a majority buyout of Corporate Technologies, a Minneapolis-based managed IT services provider, partnering with CEO Jim Griffith and junior capital provider Northstar Capital. The seller was North Central Equity; Northstar provided debt and an equity co-investment to support the transaction as Corporate Technologies becomes a platform for add-on growth across multiple U.S. markets.

DeepSeas, a Nautic Partners-backed cyber defense platform, has acquired RedTeam Security, a Minneapolis-based offensive security testing firm. The acquisition strengthens DeepSeas' offensive testing and assessment capabilities to better serve enterprise and mid-market clients, while expanding its talent base for security and compliance engagements.

Vogl Ventures has acquired eLogger, a developer of electronic logbook software serving utilities and industrial operators. The transaction, facilitated by Benchmark International, provides an ownership succession path that enables an original owner to transition toward retirement while keeping continuity for employees and clients.

FreshPoint, the specialty produce arm of Sysco Corporation, has agreed to acquire BIX Produce, a Minnesota-based specialty produce and fresh-cut distributor. The deal expands FreshPoint’s geographic footprint across the Upper Midwest, strengthens its specialty and fresh-cut offerings, and adds a 200,000 sq. ft. production and warehouse facility to its operations; the acquisition is subject to customary closing conditions.

Baird Capital's venture team led a Series B funding round in Parallax, a provider of predictive forecasting and capacity-planning software for digital services. Parallax will use the capital to accelerate product innovation, expand market presence, and scale operations to meet growing demand.

Wabtec Corporation has acquired L&M Radiator, Inc., a Hibbing, Minnesota–based manufacturer of heavy‑duty equipment radiators and heat exchangers, for $230 million in cash. The acquisition expands Wabtec's thermal management and mining product capabilities and is expected to be immediately accretive to EPS while delivering synergies over the next three years.

Arcadea Group, a Toronto-based long-hold growth investor, has acquired SPARK, a Minneapolis-headquartered SaaS lending platform, from Community Reinvestment Fund, USA (CRF). The acquisition gives SPARK access to Arcadea's software operating experience and resources to accelerate product functionality and long-term growth in the SBA and conventional lending markets.

MidOcean Partners, a New York-based private equity firm, has acquired QualiTech, a family-owned manufacturer of food ingredients, animal nutrition and plant nutrition products, from the Ploen family. The transaction will provide capital to expand QualiTech’s capabilities, capacity and product innovation as part of MidOcean’s food value chain investment strategy; terms were not disclosed.

Monomoy Capital Partners acquired Japs-Olson Company, a family-owned direct mail and commercial printing provider headquartered in St. Louis Park, Minnesota. Monomoy intends to use Japs-Olson as a platform to expand in the direct mail marketing and print production sector, leveraging the company’s large-scale manufacturing capabilities and longstanding customer relationships.

Clarion Capital Partners completed a control investment in Ready Credit Corporation (including its Reverse ATM subsidiary) on May 25, 2023. The partnership will fund product and infrastructure enhancements, geographic expansion and go-to-market growth as Ready Credit scales its cash-to-card prepaid kiosk payment solutions for airlines, venues, transit authorities and other consumer-facing businesses.