Acquisitions in Minnesota in 2026

Kava Equity Partners, the direct private equity investment arm of the Southern Ute Indian Tribe Growth Fund, has acquired The Berg Group, a Minnesota-based specialty contractor focused on industrialized construction, prefabrication and modular systems. The Berg will retain its existing management team and operate with added resources from Kava and the Southern Ute Indian Tribe Growth Fund to expand nationwide capabilities in high-performance environments such as data centers, cleanrooms and advanced manufacturing facilities.

HaystackID has acquired AI legal-technology provider eDiscovery AI to accelerate GenAI-enabled legal, compliance, regulatory and cybersecurity workflows; financial terms were not disclosed. eDiscovery AI will maintain leadership continuity under CEO Jim Sullivan and continue to serve some clients as a separate entity while its technology is integrated into HaystackID's core AI offerings.

Justin Nihiser, Barry Gibson, and Matt Rogers have completed a majority acquisition of WonderPlay Brands, the parent company of Kidcreate Studio. The new ownership group plans to invest in franchise support, marketing, curriculum development, and disciplined expansion to grow the youth art enrichment franchise nationwide.

United Aesthetics Alliance (UAA), a platform of plastic surgery practices and medspa brands, has partnered with/acquired LivSkin MedSpa | Laser, a Minneapolis-area medical spa with locations in Minnetonka and Excelsior. The deal expands UAA's non-surgical aesthetics capabilities and strengthens its presence in the Minneapolis–St. Paul market.

Vanguard Renewables has acquired E‑Z Recycling, a St. Paul, Minnesota depackaging and food & beverage waste recycling facility, to expand its Midwest organics recycling network. The acquisition adds critical depackaging capabilities and additional processing capacity to Vanguard's anaerobic digestion and renewable natural gas (RNG) operations; E‑Z Recycling owner Andy Rausch will remain involved as Principal Operations Manager.

Marketplace-focused agency Podean has acquired Ad Advance, a Duluth, Minnesota–based retail media agency, from Permanent Equity. The deal—facilitated by Podean's private equity partner Mountaingate Capital—adds Ad Advance’s Streamline technology and retail-media/DSP capabilities to Podean’s global marketplaces platform and was announced as creating a combined business with ~260 staff across 17 countries.

Polaris has completed the separation of Indian Motorcycle into a standalone business and sold a majority stake in the brand to Carolwood LP, an independent private equity firm based in Los Angeles. Financial terms were not disclosed; Polaris said the divestiture allows it to sharpen focus on core powersports businesses while Indian Motorcycle will operate independently under new majority ownership.

Homestead Road, a tech-enabled residential real estate company, has acquired Twin Cities Home Buyers, a local real estate investment firm serving the Twin Cities metro. Twin Cities Home Buyers will continue operating locally under the Homestead Road platform as the company pursues a roll-up strategy to consolidate the fragmented fix-and-flip market; financial terms were not disclosed.

Thoma Bravo has completed its acquisition of Dayforce, Inc., a global AI-powered human capital management (HCM) platform, for approximately $12.3 billion. Dayforce stockholders will receive $70.00 per share in cash as the company becomes a private portfolio company to accelerate growth and AI-led product development.

OnePoint BFG Wealth Partners has acquired Minneapolis-based Voyage Wealth Architects, a wealth management firm overseeing $700 million in AUM. The deal, supported by strategic capital partner Rise Growth Partners, expands OnePoint BFG's planning-led platform, broadens its Midwest presence and will transition Voyage to the OnePoint BFG brand over time.

Francisco Partners completed a take-private acquisition of Jamf for $13.05 per share in cash, valuing the Apple device management and security company at an enterprise value of approximately $2.2 billion. The deal, approved by Jamf stockholders, will delist Jamf from NASDAQ and positions the company to accelerate its product roadmap and expand its offerings under private ownership.

LevelBlue has acquired Fortra’s Alert Logic managed services business—covering Alert Logic’s MDR, XDR, and WAF managed services—under a broader long-term strategic partnership that makes Fortra a leading technology partner for LevelBlue. The deal expands LevelBlue’s global managed detection and response platform and provides Alert Logic customers access to a larger global footprint and broader threat telemetry; Santander and Stephens served as financial advisors to LevelBlue and Fortra/Alert Logic, respectively.

Stacker Holdings, a private investment firm, completed an acquisition of Advanced Irrigation, a Buffalo, Minnesota-based provider of irrigation installation, landscape maintenance, and snow removal services. Halifax West served as exclusive financial advisor, led the debt financing and made a minority co-investment alongside Stacker to support expansion of Advanced Irrigation's maintenance offerings and selective geographic growth.

Ridgeline Roofing & Restoration, a Bertram Capital-backed roofing platform, has acquired Bold North Roofing and Contracting, a roofing and exterior services provider serving the Twin Cities and western Wisconsin. The add-on expands Ridgeline's Midwest footprint; founders Erik McLaughlin and Ryan Emmerich will continue to lead Bold North and are reinvesting in the platform. Financial terms were not disclosed.

Tide Rock, an unlevered buyout firm, acquired Analog Technologies, a Burnsville, Minnesota-based electronic manufacturing services (EMS) provider. The deal is an add-on to Tide Rock's EMS platform (working alongside portfolio company Pro-Active Engineering) and expands the platform's PCBA, high-performance interconnect and A&D-certified capabilities.

Charter Impact, a national provider of back-office financial and operational services for charter schools, has acquired EdFinMN, a Minneapolis-based school finance and back-office firm. The deal brings EdFinMN’s local team and client relationships into Charter Impact’s platform to expand capacity, technology, and service offerings for Minnesota charter schools as part of Charter Impact’s national expansion strategy.

Point Wild, a cybersecurity and security-services portfolio, has acquired Juraspring, a mass tort lien resolution firm, to expand its legal services capabilities alongside existing units CyEx and Simpluris. The deal adds healthcare lien resolution and settlement-consulting expertise to Point Wild’s offerings, enabling more end-to-end support for law firms managing complex mass tort and class action settlement programs.

Carson Group has fully acquired its Carson Wealth practice in Minneapolis, buying the remaining ownership stake in the office led by Jeremy Willner. The deal (financial terms undisclosed) brings approximately $395 million in advisory and brokerage assets under Carson’s full ownership and is intended to support continuity, succession planning and accelerated growth in the Twin Cities market.

SalesRabbit has acquired Roofle to integrate online buying and e-commerce capabilities with its field sales and production workflow tools for roofing and home-improvement contractors. The move combines Roofle's instant pricing, digital proposals, and checkout experience with SalesRabbit's territory management, lead tracking, and production handoff tools to support the full contractor customer journey; financial terms were not disclosed.

DwyerOmega, a portfolio company of Arcline Investment Management, has acquired Burns Engineering to expand its precision temperature measurement product offering. Burns Engineering, founded in 1965 and based in Eden Prairie, Minnesota, provides metrology-grade temperature measurement devices for end markets including biopharma, food processing, and calibration laboratories; financial terms were not disclosed.

Versatrim, a Henderson, North Carolina-based manufacturer of floor moldings and stair solutions, has acquired Artistic Finishes, a Roseville, Minnesota-based maker of solid wood moldings, stair treads and advanced finishing technologies. The acquisition combines Versatrim's manufacturing scale with Artistic Finishes' craftsmanship to create an integrated, end-to-end portfolio of moldings, stair solutions and flooring accessories for residential and commercial markets across North America.

Trinity Logistics has completed the full acquisition of Granite Logistics, bringing the longtime freight agent partner into its organization and adding two Regional Service Centers in Sartell and Minneapolis, Minnesota. The deal brings approximately 135 team members into Trinity and expands its specialized capabilities in flatbed, over-dimensional, and heavy-haul freight across the Upper Midwest.

Astec Industries, Inc. completed the acquisition of CWMF, LLC for $67.5 million in cash, adding roughly $50 million of annual revenue to Astec's Infrastructure Solutions segment. The purchase is expected to be EPS-accretive, improve gross profit and adjusted EBITDA margins, deliver synergies by the end of year one, and expand Astec's capacity and regional customer relationships in the Midwest, South-Central and Great Lakes regions.

CohnReznick acquired Minneapolis-based Smith Schafer & Associates effective January 1, 2026, marking the firm's entry into Minnesota and expanding its Midwest footprint. Smith Schafer brings three local offices, 12 partners and 89 employees, and expertise across professional services firms, construction, manufacturing, and transportation to strengthen CohnReznick's advisory, assurance, and tax capabilities.

Avkha Equity Holdings, a San Francisco-based private investment firm, has acquired Minnesota-based Dart Transit Company (including Dart Express and related subsidiaries), ending 90 years of Oren family ownership. The transaction (effective Jan. 1) preserves the Dart brand and day-to-day operations while Avkha plans to expand service offerings — including additional lanes, intermodal solutions, and dedicated fleets — and installs a new CEO as part of the leadership transition.