Tracked deals
100
100 tracked deals across 2025.
Acquisitions in Minnesota in 2025
Buyer mix
Mixed buyer set
83 strategic · 49 pe
Top trend
Volume peaked in 2024
140 tracked deals announced in 2024.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Straightaway Tire & Auto | 4 | Independent, multi-location aftermarket automotive repair... | Strategic (PE-backed) |
| Victory Tire & Auto | 4 | Regional automotive repair and service brand operating mu... | Strategic (PE-backed) |
| Arthur J. Gallagher & Co. | 2 | Global insurance brokerage, risk management and consultin... | Strategic |
| MidOcean Partners | 2 | Middle-market private equity and alternative asset manage... | PE |
| AC Future, Inc. | 1 | Advanced mobility and AI-powered platform technology deve... | Strategic |
| ARGO | 1 | Manufacturer of amphibious Xtreme Terrain Vehicles (XTVs)... | Strategic |
| AVPro Global Holdings LLC | 1 | Privately held audio/video signal distribution, product d... | Strategic |
| Aero Velocity Inc. | 1 | Drone services and technology company providing Drones-as... | Strategic |
| Affinity Plus Federal Credit Union | 1 | Member-owned, not-for-profit credit union providing retai... | Strategic |
| Aldaron Partners | 1 | San Francisco-based private equity firm that partners wit... | PE |
Acquisition Volume in in Minnesota in 2025 by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
December 23, 2025
- Buyer
- Solventum
- Target
- Acera Surgical
- Industry
- Healthcare Services
- Location
- Minnesota, United States
- Type
- Buyout
Solventum completed its acquisition of Acera Surgical, a privately held bioscience company focused on regenerative wound care. The deal includes $725 million in upfront cash plus up to $125 million in contingent cash payments tied to future milestones.
-
December 17, 2025
- Buyer
- UWM Holdings Corporation, CrossCountry Mortgage, LLC
- Target
- Two Harbors Investment Corp., CrossCountry Intermediate Holdco, LLC, CrossCountry Mortgage, LLC
- Industry
- Financial Services
- Location
- Minnesota, United States
- Type
- Buyout
UWM Holdings Corporation (NYSE: UWMC) and Two Harbors Investment Corp. (NYSE: TWO) entered into a definitive merger agreement under which UWM will acquire TWO in an all-stock transaction valued at about $1.3 billion in equity value. The deal is subject to approval by TWO stockholders and other customary regulatory closing conditions, with an expected closing in the second quarter of 2026.
-
December 15, 2025
- Buyer
- Canada Pension Plan Investment Board (CPP Investments), Global Infrastructure Partners (GIP)
- Target
- ALLETE, Inc.
- Industry
- Energy
- Location
- Minnesota, United States
- Type
- Buyout
CPP Investments and Global Infrastructure Partners (GIP) entered into a definitive agreement to acquire ALLETE for $67 per share in cash, valuing the transaction at $6.2 billion including assumed debt. The deal is expected to close in mid-2025 (later described as closing around Dec. 15, pending remaining conditions) and will take ALLETE private while delivering approximately $200 million in benefits to Minnesota Power customers and communities.
-
December 2, 2025
- Buyer
- American Peat Technology (APT)
- Target
- DryJect Minnesota
- Industry
- Professional Services
- Location
- Minnesota, United States
- Type
- Buyout
American Peat Technology (APT) has acquired and reopened the DryJect Minnesota operation, restoring the turf aeration and topdressing service across the state. APT plans to integrate DryJect’s high-pressure injection aeration technology with its PeatBuilt+ soil amendment products to improve turf recovery and expand service offerings across Minnesota and neighboring markets.
-
November 19, 2025
- Buyer
- Graco Inc.
- Target
- RADIA (Red Devil Equipment Company)
- Industry
- Manufacturing
- Location
- Minnesota, United States
- Type
- Buyout
Graco has acquired RADIA (formerly Red Devil Equipment Company) for $69 million, adding paint-mixing, shaking and automated material-handling technologies to its color solutions portfolio. RADIA, based in Plymouth, Minnesota, generates more than $30 million in annual revenue and employs roughly 30 people; the acquisition is intended to integrate RADIA's mixing and automation capabilities with Graco's existing tinting and dispensing solutions.
-
November 18, 2025
- Buyer
- CRScube
- Target
- Mednet
- Industry
- Cloud & SaaS
- Location
- Minnesota, United States
- Type
- Buyout
CRScube has acquired Mednet to accelerate its expansion into the North American market and broaden its global eClinical SaaS capabilities. The combined company will integrate complementary EDC-centric platforms and related eClinical tools (CTMS, RTSM, ePRO, eTMF) to offer a more complete, scalable suite for sponsors and CROs across pharmaceuticals, biotech, and medical devices.
-
November 10, 2025
- Buyer
- GTCR LLC
- Target
- Surmodics, Inc.
- Seller
- United States Federal Trade Commission (FTC), certain state regulators
- Industry
- Medical Devices
- Location
- Minnesota, United States
- Type
- Buyout
Surmodics announced that a U.S. district court denied the FTC and certain state regulators’ request for a preliminary injunction to block the company’s proposed acquisition by an affiliate of GTCR. Surmodics said the merger remains subject to a temporary restraining order and customary closing conditions, with the company expecting to move toward closing promptly.
-
November 10, 2025
- Buyer
- Hyve Group
- Target
- HGAN
- Industry
- Healthcare Services
- Location
- Minnesota, United States
- Type
- Buyout
Hyve has acquired HGAN (Health Growth Advisory Network), a commercial accelerator and advisor for digital health companies, to expand its year-round engagement and advisory-led offerings for the healthcare sector. The acquisition integrates HGAN’s advisory capabilities and advisor network into Hyve’s HLTH product suite to strengthen continuous connections between healthcare innovators, payers and potential partners.
-
November 6, 2025
- Buyer
- Convergint
- Target
- NuSource Financial LLC
- Seller
- Mosaic Capital Partners, LLC
- Industry
- Professional Services
- Location
- Minnesota, United States
- Type
- Buyout
Convergint, a global systems integrator, has acquired NuSource Financial LLC, a provider of branch transformation, ATM services and security solutions for U.S. financial institutions. The transaction (terms undisclosed) brings over 140 NuSource employees into Convergint and represents an exit for private equity sponsor Mosaic Capital Partners; Stifel served as NuSource's financial advisor.
-
- Buyer
- SK Capital Partners, LP
- Target
- Precera Medical
- Seller
- LISI Group
- Industry
- Medical Devices
- Location
- Minnesota, United States
- Type
- Buyout
SK Capital Partners has completed the acquisition of LISI Group's Medical division and launched the business as Precera Medical, a precision medical device CDMO headquartered in Big Lake, Minnesota. LISI Group retained a minority stake; SK Capital plans to invest in capacity and capabilities and pursue organic growth and M&A to expand the new platform's service offerings to global medical device OEMs.
-
October 30, 2025
- Buyer
- Apiphani
- Target
- Tradeoff Software
- Industry
- Software
- Location
- Minnesota, United States
- Type
- Buyout
Apiphani, an AI-native technology services and automation company, has acquired Tradeoff Software, an AI-focused product development firm founded by Braden Ericson. Ericson and key members of his team will join Apiphani — Ericson as Vice President, Product & Engineering — to strengthen Apiphani's product and engineering capabilities for its luumen automation and observability platform.
-
October 30, 2025
- Buyer
- Westbourne Capital Partners LLC, Monroe Capital LLC
- Target
- Harvey Vogel Manufacturing Co.
- Industry
- Manufacturing
- Location
- Minnesota, United States
- Type
- Buyout
Westbourne Capital Partners acquired Harvey Vogel Manufacturing Co., a precision metal stamping and fabrication company that serves aerospace, medical and industrial markets. Monroe Capital led the debt financing and made an equity co-investment to support the platform buyout and growth plan to professionalize and scale the business.
-
October 29, 2025
- Buyer
- Edmentum
- Target
- MajorClarity
- Seller
- Paper
- Industry
- Education
- Location
- Minnesota, United States
- Type
- Buyout
Edmentum has acquired MajorClarity from Paper to integrate career discovery, academic planning, CTE curricula, and certification prep into its Edmentum Career offering. The acquisition expands Edmentum's K-12 career-connected learning capabilities and aims to deliver an end-to-end solution for secondary students' college and career readiness.
-
October 15, 2025
- Buyer
- Cookie Cutters Haircuts for Kids (ownership group)
- Target
- Snip-its Franchising Company, LLC and Affiliates
- Industry
- Retail
- Location
- Minnesota, United States
- Type
- Buyout
The ownership group of Cookie Cutters Haircuts for Kids has acquired Snip-its Franchising Company, LLC and Affiliates, combining the two brands under a unified ownership to form Snip-its Franchising, LLC. The deal adds 38 Snip-its salons and 15 franchisees to the system, expanding the combined footprint to 159 locations across the United States and Canada and establishing the largest multi-brand children's salon platform.
-
October 9, 2025
- Buyer
- FTV Capital, Forerunner Ventures
- Target
- DUOS
- Industry
- Healthcare Services
- Location
- Minnesota, United States
- Type
- Growth capital
DUOS, an AI-powered digital health platform, raised $130 million in a strategic growth equity round led by FTV Capital with participation from Forerunner Ventures. The capital will accelerate national expansion, deepen DUOS' AI capabilities, and scale its member activation and benefits-execution platform across Medicare Advantage, Medicaid and ACA plans; FTV partners joined DUOS' board and Jenn Kerfoot was promoted to President of Market Operations.
-
October 7, 2025
- Buyer
- Hair Restoration Institute of Minnesota, Good Look Ink
- Target
- Hair Restoration Institute of Minnesota, Good Look Ink
- Industry
- Healthcare Services
- Location
- Minnesota, United States
- Type
- Buyout
Hair Restoration Institute of Minnesota (HRI) and Good Look Ink (GLI) announced a strategic merger to combine HRI’s medical hair transplant expertise with GLI’s industry-leading scalp micropigmentation protocols, creating an integrated provider of surgical and cosmetic hair restoration in Minnesota and the Midwest. The combined company will offer coordinated consultations and treatments—surgery, SMP, and non-surgical therapies—with expanded geographic access and medically supervised outcomes.
-
October 7, 2025
- Buyer
- Palm Peak Capital, LLC, Stellus Capital Management, LLC
- Target
- Domaille Engineering
- Seller
- ADDMAN Engineering
- Industry
- Manufacturing
- Location
- Minnesota, United States
- Type
- Buyout
Palm Peak Capital, a lower‑middle market private equity firm, has acquired Domaille Engineering, a Rochester, Minnesota–based maker of advanced equipment and accessories for producing pre‑terminated fiber optic cables, in a corporate carve‑out from ADDMAN Engineering. Stellus Capital Management provided senior unitranche financing and an equity co‑investment to support the transaction; D.A. Davidson served as Palm Peak's financial advisor and Lincoln International advised Domaille.
-
October 7, 2025
- Buyer
- Smith System, MidOcean Partners
- Target
- Utilimarc
- Industry
- Data & Analytics
- Location
- Minnesota, United States
- Type
- Addon
Smith System, a MidOcean Partners portfolio company, has acquired Utilimarc, a Minneapolis-based fleet analytics and benchmarking provider, to create an integrated driver safety and fleet analytics platform. The combination unifies Smith System's driver training and behavior-based risk management with Utilimarc's telematics and fleet BI capabilities to deliver a closed-loop solution for safer, more efficient fleet operations.
-
- Buyer
- Redwood Family Care Network, Webster Equity Partners
- Target
- Eagles Wing
- Industry
- Healthcare Services
- Location
- Minnesota, United States
- Type
- Addon
Redwood Family Care Network, a multi-state provider of services to individuals with intellectual and developmental disabilities and a portfolio company of Webster Equity Partners, has acquired Minnesota-based Eagles Wing. The acquisition expands Redwood's geographic footprint into the Midwest and augments its residential and day support services for individuals with developmental disabilities.
-
Affinity Plus Federal Credit Union Merges with City & County Employees Federal Credit Union (CCEFCU)October 1, 2025
- Buyer
- Affinity Plus Federal Credit Union
- Target
- City & County Employees Federal Credit Union (CCEFCU)
- Industry
- Financial Services
- Location
- Minnesota, United States
- Type
- Buyout
Affinity Plus Federal Credit Union will merge with City & County Employees Federal Credit Union (CCEFCU) of Albert Lea, Minnesota, effective October 1, following member and regulatory approvals. The merger brings roughly 1,700 new members to Affinity Plus, retains CCEFCU’s five employees, expands member access to Affinity Plus products and services, and supports a planned new branch in Albert Lea in 2026.
-
- Buyer
- Blue Sage Capital
- Target
- Skid Pro Attachments Inc., Accessories Unlimited LLC
- Seller
- Ben Hartwell, Josh Sanden, Mark Rasmussen, Travis Ballard
- Industry
- Manufacturing
- Location
- Minnesota, United States
- Type
- Buyout
Blue Sage Capital has made a control investment to merge Skid Pro Attachments Inc. and Accessories Unlimited LLC into a vertically integrated platform supplying skid steer and compact track loader attachments. The transaction combines Skid Pro’s direct‑to‑customer sales and marketing capabilities with Accessories Unlimited’s engineering and manufacturing, and Blue Sage will back leadership changes and growth through product expansion, geographic reach, and strategic acquisitions.
-
- Buyer
- Scale Bank
- Target
- Great Plains Transportation Services, Partners Funding
- Seller
- Jan Bosma, Sherri DeJong
- Industry
- Financial Services
- Location
- Minnesota, United States
- Type
- Buyout
Scale Bank has acquired Great Plains Transportation Services and Partners Funding, two Fairmont, Minnesota-based invoice factoring providers, bringing their combined team of 39 professionals and ~2,800 customers into Scale Bank’s Scale Funding and Provident Commercial Finance divisions. The acquisition expands Scale Bank’s factoring capabilities and strengthens its lending presence in the trucking and transportation end market while complementing its financing to staffing and oil & gas service companies.
-
- Buyer
- Legacy Cleaning
- Target
- Oriole, Inc. (DBA Advantage Structure Valet)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Legacy Cleaning, a Minnesota-based commercial cleaning company, has acquired Oriole, Inc., which does business as Advantage Structure Valet, to expand its local footprint across suburban Minnesota. The buyer plans to introduce technology and quality-control systems, deepen client relationships, and pursue regional expansion into nearby states.
-
September 24, 2025
- Buyer
- America's Auto Auction, America's Group
- Target
- Mid-State Auto Auction (now America's Auto Auction Minnesota)
- Seller
- Mid-State Auto Auction management / founding family
- Industry
- Automotive
- Location
- Minnesota, United States
- Type
- Addon
America's Auto Auction, part of America's Group, has acquired Mid-State Auto Auction in New York Mills, Minnesota, rebranding it as America's Auto Auction Minnesota. The acquisition expands America's Auto Auction's footprint into Minnesota as part of a broader national growth strategy and keeps the existing Mid-State management team in place to preserve local service continuity.
-
September 9, 2025
- Buyer
- Arthur J. Gallagher & Co.
- Target
- Bremer Insurance Agencies, Inc.
- Seller
- Old National Bancorp
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Divestiture
Arthur J. Gallagher & Co. has acquired St. Paul–based Bremer Insurance Agencies, Inc., a subsidiary of Old National Bancorp; terms were not disclosed. The acquisition expands Gallagher's retail property/casualty brokerage footprint in the Upper Midwest, with Travis Hoaglund and his team joining Gallagher's Great Lakes region retail P/C operations.
-
- Buyer
- Windjammer Capital
- Target
- PDU Cables, Engineered Products Company (EPCO)
- Seller
- Lee Family (Peter Lee and Duncan Lee)
- Industry
- Manufacturing
- Location
- Minnesota, United States
- Type
- Buyout
Windjammer Capital completed the acquisition of PDU Cables and Engineered Products Company (EPCO) in partnership with management and the Lee family; terms were not disclosed. The deal creates a platform positioned to serve accelerating data center power needs and to expand into adjacent product and service offerings for electrical distributors, contractors, hyperscalers and enterprise customers.
-
September 9, 2025
- Buyer
- HOC
- Target
- MidDel Consulting
- Industry
- Consulting
- Location
- Minnesota, United States
- Type
- Buyout
HOC, a provider of enterprise software and consulting for energy trading and risk management, has acquired MidDel Consulting, a Minneapolis/Edina-based firm specializing in energy trading technology and consulting. The deal expands HOC's capabilities in energy trading, AI-driven automation and consulting delivery to better serve oil, gas, power and renewables clients across North America.
-
September 8, 2025
- Buyer
- Amivie
- Target
- Apex Home Care, LLC
- Seller
- Mahado Ali, Burhan Ali
- Industry
- Healthcare Services
- Location
- Minnesota, United States
- Type
- Buyout
Amivie (formerly Custom Care CBC, LLC), a Morrisville, North Carolina–based home and community-based care provider, has acquired Apex Home Care, LLC, a Minnesota-based in-home care provider. The $4.5 million transaction closed on September 8, 2025; Apex (founded by Mahado and Burhan Ali) will keep its staff and leverage Amivie's national resources to expand services.
-
September 3, 2025
- Buyer
- BT Brands, Inc., Aero Velocity Inc., AC Future, Inc.
- Target
- Aero Velocity Inc.
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Buyout
BT Brands (Nasdaq: BTBD) and Aero Velocity entered into a definitive all-stock merger agreement in September 2025, but BT Brands later terminated the merger agreement due to the SEC registration-statement timing requirement expiring in April 2026. Separately, Aero Velocity entered into a strategic partnership with AC Future to jointly develop a Mobile Drone Launch Vehicle platform for U.S. military and public-sector applications.
-
September 2, 2025
- Buyer
- Circet USA
- Target
- Gemini Communications, Blue Streak, CCU
- Industry
- IT Services
- Location
- Minnesota, United States
- Type
- Buyout
Circet USA, part of global network services provider Circet, acquired Gemini Communications and its subsidiaries Blue Streak and CCU. Blue Streak and CCU are leading providers of outside plant (OSP) construction, maintenance, repair, and event-related restoration services for U.S. communications operators.
-
- Buyer
- Thermo Fisher Scientific Inc.
- Target
- Solventum Purification & Filtration business
- Seller
- Solventum
- Industry
- Manufacturing
- Location
- Minnesota, United States
- Type
- Divestiture
Thermo Fisher Scientific completed the acquisition of Solventum's Purification & Filtration business for approximately $4.0 billion in cash. The divested business—now Thermo Fisher's Filtration and Separation business—adds bioprocessing filtration, industrial filtration and membrane technologies to Thermo Fisher's Life Sciences Solutions portfolio and is expected to generate about $750 million in revenue in 2025.
-
September 2, 2025
- Buyer
- Metronet, T-Mobile, KKR
- Target
- US Internet Corp (USI)
- Seller
- Everside Capital Partners
- Industry
- Telecommunications
- Location
- Minnesota, United States
- Type
- Buyout
Metronet announced it has acquired US Internet (USI), a pure-play fiber company providing residential and commercial internet services in the greater Minneapolis area. The deal extends Metronet’s footprint in Minnesota, with USI’s 100% fiber network accessible to more than 140,000 homes and businesses. Terms were not disclosed.
-
September 2, 2025
- Buyer
- SI Solutions, LLC, MidOcean Partners
- Target
- Integrity Specialists, LLC
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
SI Solutions, LLC (backed by MidOcean Partners) has acquired Integrity Specialists, LLC, a provider of advanced non-destructive examination (NDE) and pipeline inspection services based in Annandale, Minnesota. The acquisition expands SI Solutions' NDE and pipeline integrity capabilities and scales its services to the natural gas midstream market as part of its platform growth.
-
August 31, 2025
- Buyer
- Savant Wealth Management
- Target
- PrairieView Partners
- Industry
- Wealth Management
- Location
- Minnesota, United States
- Type
- Buyout
Savant Wealth Management has acquired PrairieView Partners, a St. Paul, Minnesota-based registered investment adviser managing more than $1.2 billion in AUM. The deal, which closed August 31, 2025, brings PrairieView's leadership into Savant as member-owners and transitions 15 of PrairieView's 19 employees into Savant's wealth management division (four to Savant Tax & Consulting); financial terms were not disclosed.
-
August 29, 2025
- Buyer
- Relevant Industrial, LLC
- Target
- Lindberg Process Equipment
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Relevant Industrial, LLC has acquired Lindberg Process Equipment, a provider of industrial heating and combustion systems. The acquisition expands Relevant's Midwest footprint and thermal solutions capabilities by combining Lindberg's operations with Relevant's New Brighton, Minnesota location to improve local inventory, responsiveness, and sales support for industrial customers.
-
August 28, 2025
- Buyer
- Uptempo
- Target
- OptiMine Software
- Industry
- Cloud & SaaS
- Location
- Minnesota, United States
- Type
- Buyout
Uptempo, an enterprise marketing performance platform, has acquired OptiMine Software to integrate OptiMine's Marketing Mix Modeling (MMM) and advanced analytics into Uptempo's marketing performance management solution. The acquisition expands Uptempo's measurement and analytics capabilities to better serve enterprise marketing teams and accelerate data-driven optimization.
-
August 20, 2025
- Buyer
- Fullpath
- Target
- Fuse Autotech (Dynamic Payments solution)
- Seller
- Fuse Autotech
- Industry
- Cloud & SaaS
- Location
- Minnesota, United States
- Type
- Divestiture
Fullpath acquired the Dynamic Payments solution from Fuse Autotech to embed real-time, personalized payments and offers into its automotive Customer Data Platform (CDP). The integration aims to deliver frictionless, relevant financing and incentive offers across dealership touchpoints, improving conversion and customer experience.
-
August 19, 2025
- Buyer
- RethinkFirst (RethinkCare)
- Target
- Joshin
- Industry
- Healthcare Services
- Location
- Minnesota, United States
- Type
- Buyout
RethinkFirst (branded RethinkCare) has acquired Joshin, a provider of disability and neurodivergent navigation, coaching and accommodations services, to integrate Joshin’s personalized support into RethinkFirst’s behavioral health and workplace neurodiversity platform. The acquisition expands RethinkFirst’s capability to embed navigation, coaching and accommodations into employer benefits, EAPs and health plans to drive faster accommodations, higher productivity and stronger retention.
-
August 19, 2025
- Buyer
- The Cottages Group
- Target
- Cardinal of Minnesota
- Seller
- Jack Priggen
- Industry
- Healthcare Services
- Location
- Minnesota, United States
- Type
- Buyout
Burnsville-based The Cottages Group, a family-owned provider of residential and in-home services, has acquired Rochester-based Cardinal of Minnesota as longtime CEO Jack Priggen retires. The deal more than doubles The Cottages Group's Minnesota footprint and expands its combined workforce to roughly 700 employees across multiple residential care locations.
-
August 15, 2025
- Buyer
- Cricket Hill Inc. (dba Archway Pet Food)
- Target
- Bright Planet Pet
- Industry
- Consumer Products
- Location
- Minnesota, United States
- Type
- Buyout
Cricket Hill Inc., doing business as Archway Pet Food, has acquired Bright Planet Pet, a Minnesota-based maker of 100% plant-based dog treats. Bright Planet will continue operating under its brand while joining Archway's operational platform and distribution network; founder Katherine Ellison will join Archway's advisory board.
-
August 6, 2025
- Buyer
- BridgeTower Media
- Target
- Grace Media
- Seller
- Grace McNamara
- Industry
- Media & Entertainment
- Location
- Minnesota, United States
- Type
- Buyout
BridgeTower Media has acquired Grace Media, the publisher of Window Fashion VISION and producer of the International Window Coverings Expo (IWCE). The acquisition expands BridgeTower's B2B media and events portfolio into the window coverings and home-furnishings vertical; Grace McNamara (founder) is exiting and Ania Munzer will remain in her leadership role. Financial terms were not disclosed; Grace Media was represented by Franklin Partners and Winthrop & Weinstine.
-
August 5, 2025
- Buyer
- Bora Pharmaceuticals Co., Ltd.
- Target
- Upsher-Smith Laboratories
- Industry
- Pharmaceuticals
- Location
- Minnesota, United States
- Type
- Buyout
Bora Pharmaceuticals completed a 2024 acquisition of Upsher-Smith Laboratories for $210 million and is expanding the Maple Grove, Minnesota manufacturing site with a multi-year buildout. The investment includes installation of a Gerteis Macro-Pactor (operational Q3 2025) and development of 100,000 square feet of shell space to boost oral solid dose (OSD) contract development and manufacturing capabilities.
-
- Buyer
- BDT & MSD Partners, BlackRock Long Term Private Capital
- Target
- Summit Companies (SFP Holding, Inc.)
- Seller
- BlackRock Long Term Private Capital (BlackRock LTPC)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
BDT & MSD Partners, through its affiliated funds, entered into a definitive agreement to acquire a majority stake in Summit Companies. Summit Founder and President Quint Rubald, CEO Jeff Evrard, and the management team will remain shareholders and continue leading the fire and life safety services platform.
-
August 4, 2025
- Buyer
- Nystrom & Associates
- Target
- Ellie Mental Health Minnesota
- Seller
- Ellie Mental Health
- Industry
- Healthcare Services
- Location
- Minnesota, United States
- Type
- Divestiture
Nystrom & Associates acquired the 23-location Minnesota operations of Ellie Mental Health, combining the organizations to create one of the largest regional behavioral health networks across Minnesota, Iowa, North Dakota, Missouri, and Wisconsin. The deal preserves all current clinic locations and staff, expands specialized services (including TMS and ketamine), and allows Ellie to refocus on growing its national franchise network.
-
July 31, 2025
- Buyer
- LFM Capital
- Target
- Bergari Solutions, LLC
- Industry
- Manufacturing
- Location
- Minnesota, United States
- Type
- Buyout
Nashville-based private equity firm LFM Capital has invested in Bergari Solutions, a Rosemount, Minnesota designer and manufacturer of custom engineered exhaust and emissions systems. The transaction establishes Bergari as a platform company in LFM’s third fund and positions the business for growth in data center and other backup power end markets.
-
July 25, 2025
- Buyer
- SiteOne Landscape Supply, Inc.
- Target
- Grove Nursery
- Industry
- Building Products
- Location
- Minnesota, United States
- Type
- Buyout
SiteOne Landscape Supply, Inc. has acquired Grove Nursery, a wholesale nursery distributor with one location in northwest Minneapolis, Minnesota. The acquisition expands SiteOne's product offering and market presence in the Minneapolis area and is the company's third acquisition in 2025.
-
- Buyer
- PCM Companies, Northstar Capital
- Target
- TMI Coatings
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
PCM Companies has made a platform investment in TMI Coatings, a specialty painting, coating and restoration contractor headquartered in Eagan, Minnesota. Northstar Capital provided junior debt and an equity co-investment to help finance the transaction alongside PCM.
-
- Buyer
- Victory Tire & Auto, Straightaway Tire & Auto
- Target
- Pod's Complete Car Care
- Seller
- Ryan Podewils
- Industry
- Automotive
- Location
- Minnesota, United States
- Type
- Addon
Victory Tire & Auto, a Straightaway Tire & Auto brand, acquired Pod's Complete Car Care in White Bear Lake, Minnesota, with the transaction closing on July 9, 2025. The acquisition adds Victory's 19th regional location, preserves the existing seven-person team at the eight-bay shop, and expands Straightaway's footprint in the northeast Minneapolis market.
-
- Buyer
- KDI Precision Manufacturing
- Target
- Envision Plastics and Design LLC
- Seller
- Bob Du Fresne
- Industry
- Manufacturing
- Location
- Minnesota, United States
- Type
- Buyout
KDI Precision Manufacturing has acquired Envision Plastics and Design LLC, completing the transaction on June 30 to expand KDI's plastics manufacturing capabilities for medical and industrial electronics customers. The deal brings Envision's proprietary "No Molds Required" (NMR) technology and its White Bear Lake operations together with KDI's Rogers facility and electro-mechanical assembly, creating an integrated turnkey provider for OEMs.
-
July 7, 2025
- Buyer
- Winged Keel Group
- Target
- MBW Group
- Industry
- Wealth Management
- Location
- Minnesota, United States
- Type
- Buyout
Winged Keel Group has acquired Minneapolis-based MBW Group and opened a new Minneapolis office led by former MBW principals Jeffery W. Bird and David A. Wischmeier. The deal expands Winged Keel's national high-end life insurance platform and strengthens its capabilities serving ultra-high-net-worth families and business owners in the Midwest.
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