Acquisitions in Minnesota in 2024

PAR Technology Corporation acquired Delaget, a restaurant analytics and business intelligence provider, for $132 million (closed Dec. 31, 2024). The deal, paid principally in PAR common stock, brings Delaget's analytics, loss-prevention and operational-insights capabilities into PAR's Operator Cloud and accelerates development of the PAR Data Platform to deliver expanded back-office and delivery operations analytics to restaurant customers.

Roofing Services Solutions (RSS), a portfolio company of Dunes Point Capital, LP, has acquired Midwest Roofing, Siding & Windows, LLC, a Blaine, Minnesota-based provider of re-roofing and building exterior services. Midwest operates one location and employs approximately 15 people; RSS is a multi-location roofing platform with about 12 locations and ~200 employees.

Five Iron Golf has acquired Thr3 Jack, a 9,000 sq ft golf and dining venue in Minneapolis’ North Loop, and will reopen the site as its 26th location and first in Minnesota. The acquisition brings Five Iron’s Trackman simulator technology, instruction, and entertainment-forward hospitality to the former Thr3 Jack space to serve both consumer guests and corporate events.

Gryphon Investors completed a majority growth recapitalization of phData to support the company's continued expansion of its data engineering and AI solutions. phData's management, including CEO Ryan Bosshart, retains a significant equity stake; financial terms were not disclosed.

VertexOne has completed the acquisition of Accelerated Innovations LLC, adding the MyMeter customer self-service and engagement SaaS platform to its Digital Suite. The deal expands VertexOne's analytics and customer-experience capabilities for electric, gas and water utilities, and Accelerated Innovations founder Josh Headlee joins VertexOne as Chief Architect.

An affiliate of Sun Capital Partners, Inc. has acquired substantially all assets and the trade name of Northern Wholesale Supply, LLC. The Lino Lakes, Minnesota-based distributor of RV, marine and powersports parts will continue operating as Northern Wholesale Supply and will focus on operational improvements, expanding proprietary product lines, and North American market expansion while preserving over 200 jobs.

BMS CAT, a division of Blackmon Mooring, has acquired Legacy Services Corp., a Minneapolis-based restoration and environmental cleaning company. The deal expands BMS CAT's commercial and residential restoration and HVAC/cooling-tower cleaning capabilities in the Upper Midwest and is the company's 12th acquisition in the past four years.

Thermal Technology Distribution Solutions (TTDS), a Gryphon Investors–backed distribution platform, has acquired Applied Thermal Systems, a Minneapolis-area value-added distributor of electric heaters, controls, thermocouples and related engineering services. The add-on expands TTDS's footprint in the Upper Midwest and strengthens its product and technical capabilities; terms were not disclosed.

Hometown Ticketing, a Nexa Equity portfolio company, and Schoolfundr have merged to form a unified business operating as Hometown. The combined platform will provide event management, digital ticketing, fee-free fundraising and communications tools to serve over 17,000 schools, colleges and community organizations across the United States.

Transcat, Inc. acquired Martin Calibration Inc., an ISO-17025 accredited calibration laboratory network, effective December 10, 2024, for $79 million (approximately $69M cash and $10M stock). The deal expands Transcat's Midwest service footprint — including a flagship Minneapolis lab and six additional locations — and strengthens capabilities serving medical, life sciences, aerospace, and nuclear customers; Martin brings nearly 150 employees.

Cervano Capital, in partnership with Konza Valley Capital, made a strategic growth investment in From The Ground Up (FTGU), a Minnesota-based commercial landscaping services provider. The deal closed on December 5, 2024, with Tradition Capital Bank providing debt financing; financial terms were not disclosed.

MAG Wealth Management has acquired Ovation Wealth Advisors and rebranded the business as a Carson Wealth location as part of a strategic partnership with Carson Group, which is taking a 30% equity stake. The newly formed Carson Wealth team — led by Jeremy and Hayden Willner — will oversee approximately $350 million in AUM across locations in Paynesville, Little Falls and Minneapolis, Minnesota, and addresses succession planning while expanding MAG's Midwest presence.

Horwitz, a Midwest mechanical, electrical, and plumbing (MEP) contractor backed by Svoboda Capital Partners, has acquired Preferred Electric, a Twin Cities–based electrical contractor founded in 2008. Founder Clint Kruger will join Horwitz as general manager, and the acquisition expands Horwitz's electrical capabilities to better serve commercial, healthcare, and industrial clients.

U-Haul acquired the former Extra Space Storage facility at 1717 W. River Road N. in Minneapolis and opened it as U-Haul Moving & Storage at West River Road. The two-story, 975-unit self-storage property became operational under U-Haul management on Nov. 19, and the company plans to hire up to eight team members to staff the location.

Pye-Barker Fire & Safety has acquired General Sprinkler Corporation, a Blaine, Minnesota-based fire sprinkler services provider that serves Minnesota and western Wisconsin. The acquisition expands Pye-Barker's fire sprinkler inspection, testing, maintenance and installation capabilities in the Midwest and brings General Sprinkler's local team into Pye-Barker's nationwide platform.

Mercer Global Advisors (Mercer Advisors) has acquired Waypoint Capital Advisors, a Minneapolis-based investment advisory and financial planning firm that manages nearly $1 billion in client assets for ultra-high-net-worth families. The deal brings Waypoint's 12 professionals into Mercer and is intended to deepen Mercer’s multi-family office and UHNW capabilities while expanding its Minneapolis footprint.

Quality Collision Group (QCG) has acquired LaMettry's Collision, a family-owned multi-shop operator in the Minneapolis–St. Paul area, adding 14 locations and bringing QCG's national footprint to 85 OEM-certified facilities. The deal integrates LaMettry's OEM-focused capabilities — including Tesla authorization and numerous luxury-brand certifications — into QCG's MSO platform; financial terms were not disclosed.

Kewaunee Scientific Corporation (NASDAQ: KEQU) completed the acquisition of Minneapolis-based NuAire for $55 million, expanding Kewaunee’s product portfolio and distribution footprint in laboratory and pharmacy equipment. The deal preserves NuAire’s leadership in biological safety cabinets and related airflow and cold-storage products, with Bill Peters remaining as NuAire President; financing was provided by PNC Bank and Carl Marks Securities served as financial advisor.

Luth-AR has purchased all assets of ACRO Machine Inc., a Minnesota-based barrel manufacturing company, bringing barrel machining in-house after a 23-year partnership. The acquisition adds CNC turning and milling capacity and proprietary fixtures/programs to support expanded barrel offerings, new calibers, contours and specialized coatings.

Centurion Group, a portfolio company of SCF Partners, has acquired Minnesota-based Althoff Crane Service, Inc. and Buffalo Ridge Transport Inc., closing on October 29, 2024. The acquisition expands Centurion’s onshore wind and heavy-lift capabilities in the U.S. Midwest by adding crane rental, wind-turbine repair/maintenance and heavy-transport capabilities.

StoneTree Investment Partners, a lower middle market industrials-focused private equity firm, has invested in Viking Engineering & Development, a Blaine, Minnesota-based manufacturer of automated assembly and fastening equipment for the pallet and bed frame industries. The investment will support Viking's growth and operational/technology initiatives; financial terms were not disclosed.

Aligned Exteriors Group (AEG), a residential exteriors platform backed by River Sea Network and Pearl Street Capital Partners, announced a partnership to acquire Trinity Exteriors, a Minneapolis-region residential roofing services company. Trinity owner Ted Swanson will remain in his current role to manage day-to-day operations as the business joins AEG's Midwest portfolio.

Afinitas has acquired the concrete machinery and forming systems assets and related intellectual property of Elk River Machine Company (ERMC) from ERMC parent Hutchinson Manufacturing, LLC. The deal brings ERMC product lines (wire mesh benders, rollers, cage expanders, wetcast/drycast forms and retaining wall systems) and design talent into the Afinitas platform to expand its concrete equipment and forming systems offering.

Knute Nelson and Walker Methodist, which merged in January 2024, have unified under the new name Vivie to consolidate their senior care services. Vivie is an integrated care organization offering home health, hospice, senior living, rehabilitation, population health and consulting, with more than 2,300 employees serving over 13,000 individuals annually across Minnesota, North Dakota, and Wisconsin.

Lyons Magnus LLC has acquired the operations and brands of Hormel Health Labs, LLC from Hormel Foods Corporation and launched a new division, Lyons Health Labs. The combined business — headquartered in Fresno, California — will market rebranded clinical nutrition and health products (including ReadyCare, THICK & EASY, Vital Cuisine, MED PASS 2.0, MightyShakes and Magic Cup) and expand Lyons Magnus' presence in medical nutrition and health-focused foodservice.

U.S. Pharmacopeia (USP) has acquired Stratix Labs, a Saint Paul, Minnesota-based microbiology technology company, to expand USP’s microbiological quality-control offerings and contamination-control capabilities. The acquisition brings Stratix Labs' microbial preservation products and the Enverify competency solution into USP’s portfolio to better serve pharmaceutical manufacturers, biopharma developers, and compounding entities.

Beacon Pointe Advisors has acquired Landmark Wealth Management Group, a Lake Elmo, Minnesota-based RIA that oversees approximately $1 billion in client assets. The deal (closed October 15, 2024) gives Beacon Pointe its first formal office presence in Minnesota and expands its national footprint and advisory team.

Carson Group has acquired Sweet Financial Partners, a $1 billion AUA wealth advisory firm based in Fairmont, Minnesota. The 12-person team will continue to operate under the Sweet Financial Partners name while leveraging Carson's national resources to strengthen Carson's presence in the Midwest.

Alerus Financial Corporation completed its previously announced all-stock acquisition of HMN Financial, Inc. and its subsidiary Home Federal Savings Bank for approximately $128.8 million. The deal expands Alerus’ banking footprint into the Rochester, Minnesota MSA, makes it the largest bank acquisition in Alerus history, and adds roughly $1.1 billion in assets to the combined company; HMN board member Jeffrey Bolton joined Alerus’ board in connection with closing.

TA Associates has made a majority investment in Solifi, a global cloud-based fintech software provider for secured finance, to support product innovation and accelerate expansion into adjacent markets and new geographies. Existing investor Thoma Bravo will remain a meaningful stakeholder; the capital will also enable strategic M&A to expand Solifi's capabilities and geographic footprint.

Trafera, a Rotunda Capital Partners portfolio company, has acquired Now Micro to expand its education and commercial technology offerings. The deal brings Now Micro’s expertise in IT solutions, physical security, and digital screen media into Trafera’s platform to broaden services and geographic reach for K-12 and other end markets.

CrashPlan, a portfolio company of Mill Point Capital, has acquired Parablu Inc. to extend its Microsoft 365 (M365) data protection and resiliency capabilities. The deal integrates Parablu's patented OneDrive/Google Drive backup technology into CrashPlan's global cloud infrastructure and appoints Parablu CEO Anand Prahlad as CrashPlan CTO to accelerate delivery of M365 backup, archiving, and ransomware recovery features.

Installed Building Products, Inc. (IBP) has acquired Wholesale Insulation Supply, Inc., doing business as Insulation Supplies, a specialty insulation distributor headquartered in New Hope, Minnesota. The acquisition adds over $22 million of annual revenue and expands IBP's geographic presence and distribution capabilities across Minnesota and the upper Midwest.

Cannae Holdings, Inc. and KDSA Investment Partners agreed to acquire a majority stake in The Watkins Company, a 156-year-old U.S. heritage brand known for spices, seasonings and extracts. Mark Jacobs, the current majority owner and chairman, will roll a significant equity stake into the transaction, which is expected to close in October 2024 and aims to drive growth across retail, new channels and geographies.

RTI Surgical, a Montagu-backed CDMO, has agreed to acquire Collagen Solutions, a global supplier of engineered medical-grade collagen and xenograft tissue, expanding RTI's soft-tissue biomaterials capabilities. The acquisition broadens RTI's access to high-growth therapeutic areas including cardiac, sports medicine and orthopedics, and plastic and reconstructive surgery; Collagen Solutions is headquartered in Eden Prairie, Minnesota with additional sites in the U.K. and New Zealand.

Machine Solutions Inc., a provider of equipment and services to the medical device industry and a platform owned by BW Forsyth Partners, has acquired Alpine Laser LLC, a Minneapolis-based maker of laser processing workstations and development support. The acquisition adds laser processing capabilities to Machine Solutions' portfolio and is the company's ninth acquisition since joining the BW Forsyth Partners family.

A subsidiary of Brown & Brown, Inc. has acquired the assets of The Canopy Group, a multiline insurance agency based in Le Sueur, Minnesota. The Canopy Group's principals Paul Borchert and Jeff McDonald will continue to lead operations as the acquisition expands Brown & Brown's personal lines and small-business commercial offerings in Minnesota.

EarthLink has acquired Nextera Communications, a Minnesota-based provider of fixed wireless, voice, and data solutions, to expand its business internet and fixed wireless footprint in the Midwest. The deal brings Nextera's employees, services, and customers into EarthLink Business and is effective immediately; financial terms were not disclosed.

Texthelp and n2y have completed a transformational merger to create a unified assistive-technology and special-education platform, and have named Craig Powell as CEO. Martin McKay will remain as Executive Chairman and investor Five Arrows played a key role in bringing the organizations together; a new combined brand will be announced in the future.

Cadex Solutions Corporation, in partnership with private equity firm Trivest Partners LP, has acquired Receivables Control Corporation (RCC), a Maple Grove, Minnesota-based commercial debt recovery and accounts receivable management firm. The acquisition is an add-on to Cadex’s order-to-cash platform intended to broaden its commercial collections, asset recovery and liquidation capabilities and expand its global service offering.

Thought Logic Consulting, a Renovus Capital Partners portfolio company, has acquired eCapital Advisors, a Minneapolis–area consultancy specializing in Enterprise Performance Management (EPM) and Data & Analytics. The acquisition expands Thought Logic’s data, analytics and workplace-technology capabilities and brings eCapital leadership into Thought Logic’s executive team.

Polar Semiconductor has been sold to Niobrara Capital and Prysm Capital following a $175 million equity financing to convert the company into a majority U.S.-owned merchant foundry. The investors and federal/state CHIPS incentives will support a roughly $525 million investment to double wafer capacity, add compound semiconductor, sensor and power semiconductor capabilities, and create 160+ jobs in Bloomington, Minnesota.

Arandell Corporation, a Saothair Capital Partners portfolio company, has acquired the business and assets of the Maple Grove, MN facility from the CJK Group. The deal expands Arandell's printing, bindery and mailing capacity—adding over 200 employees and enabling greater production capability to serve leading brands and retailers.

Czechoslovak Group (CSG) has proposed a $2.15 billion acquisition of The Kinetic Group from Vista Outdoor and committed a $150 million investment in Revelyst for a 7.5% stake. Vista Outdoor stockholders were urged to approve the transaction; CSG positions the deal as a fully financed purchase that expands its defense and ammunition manufacturing capabilities in the United States while taking a minority stake in Vista Outdoor's outdoor brands business.

Platinum Equity and Butterfly have agreed to acquire Rise Baking Company from Olympus Partners, with Platinum and Butterfly acting as equal partners. Rise, a Minneapolis-based bakery manufacturer with nearly 4,000 employees and 20 North American production facilities, will remain led by CEO Brian Zellmer and will pursue further organic growth and M&A under the new owners.

NPARALLEL, a Minneapolis-based experiential marketing agency, has acquired Atomic Props and Effects LTD to combine strategy, design, fabrication and execution capabilities. The acquisition brings together complementary teams to expand experiential marketing, trade show, brand activation and OOH fabrication services and accelerate capability and creative offering for brand clients.

Brookfield Asset Management has completed a strategic partnership with Castlelake L.P., acquiring a 51% interest in Castlelake's fee-related earnings while Brookfield Wealth Solutions committed to invest in Castlelake's funds and strategies, bringing total committed capital to $1.5 billion. Castlelake will continue to operate independently, retaining its leadership and majority ownership of performance-related earnings. The transaction strengthens Brookfield's asset-based private credit capabilities and provides capital to scale Castlelake's platform.

Aligned Exteriors Group (AEG), a residential exteriors platform backed by River Sea Network and Pearl Street Capital Partners, has partnered with Perfect Exteriors of Minnesota to expand AEG's footprint into the greater Minneapolis market. Tyler Arrell, owner of Perfect Exteriors, will remain in his current role to manage day-to-day operations. The deal adds a values-driven residential roofing and exterior services provider to AEG's Midwest portfolio.

inHearing Technology Inc., a wholly‑owned U.S. subsidiary of Huizhou Jinghao Medical Technology Co., Ltd., acquired Intricon's Hearing Health business. The purchase transfers Intricon's hearing‑aid technologies and assets to Jinghao to accelerate vertical integration, strengthen firmware/algorithm capabilities, and support Jinghao's expansion into the OTC hearing‑aid market.

Dubin Clark & Company formed a new holding company and recapitalized Minneapolis-based managed IT providers Atomic Data, LLC and Foundation Technologies, LLC. The recapitalization (deal value undisclosed) provides growth capital to support national expansion and enhance managed IT, cybersecurity, infrastructure engineering and Apple-focused service offerings across North America; Hennepin Partners served as exclusive financial advisor.