Acquisitions in North Dakota

Continuous, a Thoma Bravo portfolio company, has acquired Sycorr, a provider of identity and access management software for banks and credit unions. The deal adds Sycorr's Permission Assist capability to Continuous's platform to strengthen security, automate user provisioning and streamline compliance for financial institutions.

Legacy Ventures Group, a Minneapolis-based private equity investment group, has acquired Fargo Engineering Inc., an automated test systems and engineering services firm headquartered in Fargo, North Dakota. The acquisition will pair Fargo Engineering's automated test systems capabilities with Legacy Ventures' management expertise to accelerate growth, expand market presence, and scale the business for OEM and industrial manufacturing customers.

AG Pollen (AG Pollen Apiaries) acquired family-owned Gunter Honey, Inc., closing on May 30, 2025. The deal expands AG Pollen’s honey production and pollination service capacity across North Dakota, the Southern United States, and California and positions the buyer as one of the largest honey producers and pollination service providers in North Dakota.

Wealth Enhancement has acquired the Wealth Services Division of First International Bank & Trust (headquartered in Watford City, North Dakota). The team, which oversees more than $581 million in client assets, will transition to affiliate Wealth Enhancement Trust Services, expanding Wealth Enhancement's trust capabilities and marking the firm's first location in North Dakota.

LongWater Opportunities partnered with industry executives Randy Meyer and Brian Trammell to form Cypress Rail Solutions, a new railcar services platform. Cypress completed its first acquisition of certain railcar maintenance assets (locations in North Dakota and Minnesota) from Northern Plains Rail Services and plans further expansion across additional geographic markets to build a significant railcar services platform.

World Insurance Associates LLC acquired the insurance business of First International Insurance (a division of First International Bank & Trust) effective October 1, 2024; terms were not disclosed. FI Insurance — which operates 12 locations across North Dakota, Minnesota and Arizona and specializes in contractors, trucking, oil & gas, hospitality and agricultural lines — will operate as part of World to expand the acquirer's geographic footprint and product offerings.

Gevo, Inc. has entered into a definitive agreement to acquire the ethanol production plant and carbon capture and sequestration (CCS) assets of Red Trail Energy, LLC for $210 million. The assets include a 65 million gallon per year low‑carbon ethanol facility and CCS capacity with 1 million metric tons/year potential (160,000 tpy currently utilized); the deal is expected to close in Q1 2025 and will support Gevo's SAF and carbon abatement strategy.

Cyber Advisors, a Maple Grove, Minnesota-based managed IT and cybersecurity provider and portfolio company of private equity firm Goldner Hawn, acquired Fargo-based S&L Computer Services, Inc. The deal closed March 1, 2024 and is an add-on to expand Cyber Advisors' managed services capabilities and represents its first brick-and-mortar expansion into North Dakota.

Mayfair Capital Partners (a division of Oxford Financial Group) acquired Baseline Fitness, a leading Planet Fitness franchisee with 100 clubs, in a transaction that closed February 2, 2024; terms were not disclosed. Freeman Spogli sold its majority interest but retained a significant minority stake alongside Baseline management, and Mayfair intends to support Baseline’s growth plan to expand locations from ~100 to more than 150.

Advanced Business Methods (ABM), a West Fargo, North Dakota office products and solutions company, has acquired Central Business Systems, Inc. (CBSI) of Jamestown, North Dakota. The deal adds a central North Dakota location to ABM, transitions CBSI employees into ABM's ESOP, and expands ABM's offerings to include document/electronic hardware destruction and select Kyocera dealership rights.

Sovos has acquired North Dakota-based Aatrix Software to expand its e-filing and payroll tax reporting capabilities for small and mid-sized businesses. The acquisition strengthens Sovos' coverage across W-2, 1099 and ACA 1095 reporting and integrates Aatrix's payroll forms and partner integrations into Sovos' compliance platform; terms were not disclosed.

Summit Fire Protection Co., a subsidiary of SFP Holding, Inc. (Summit Companies), acquired substantially all of the assets of Williston Fire & Safety, LLC effective January 1, 2024. The deal expands Summit's service footprint and capability in the Williston Basin by adding Williston Fire & Safety's technicians, equipment and local customer relationships.

LongWater Opportunities has made a strategic growth investment in Midland Garage Door, a West Fargo-based manufacturer of residential and commercial overhead garage doors founded in 1979. The partnership is intended to support Midland's growth plans while preserving the company's culture and operational strengths.

360training, a PE‑backed online regulated training provider, has acquired ACLS Medical Training and Safety Provisions (owner of the Hard Hat Training brand) to expand its healthcare and EHS course offerings. The acquisitions broaden 360training’s catalog of medical certifications and OSHA‑compliant workplace safety training as part of its strategic growth plan supported by GreyLion Partners and Vestar Capital Partners.

Renodis, a Saint Paul-based telecommunications and managed services firm, has acquired Fargo-based 12 Points Consulting, a provider of telecom equipment, installation and wireline management for the hospitality industry. The acquisition gives Renodis an entry into the hospitality vertical and expands its on-site hardware, installation and managed services capabilities to serve larger hotel clients and branded prospects.

Rental Equipment Investment Corp. (REIC), a portfolio company of Kinderhook Industries, acquired Blackout Energy Services, Inc., a Williston, North Dakota-based specialty rental equipment provider. The add-on expands REIC's specialty rental footprint in the Bakken region and strengthens its flameless heater and light tower offerings; financial terms were not disclosed.

A group of private investors led by Lateral Industries Holdings, LLC has acquired Aaseby Industrial Machining of Wahpeton, North Dakota. Aaseby is a precision machining and assembly provider serving hydraulic, defense, transportation, agriculture, energy and construction end markets; Calder Capital served as M&A advisor and the transaction terms were not disclosed.

Hub International Limited acquired the assets of Great North Insurance Services, LLC, an independent insurance agency based in West Fargo, North Dakota. The Great North team — including founder Nick Killoran and partners Zach Bosh and Kane Hanson — will join Hub Great Plains to expand Hub's commercial, employee benefits and personal insurance capabilities in the region. Terms were not disclosed.

SNH Capital Partners has acquired North Dakota-based Global Safety Network (GSN), a provider of employment background screening, drug testing and investigative services. GSN will be integrated into SNH’s Universal Background Screening platform to expand geographic reach and enhance the combined platform’s service offerings.

AGCO has agreed to acquire Appareo Systems, a Fargo-based provider of software engineering, hardware development and electronic manufacturing, to strengthen AGCO's engineering and manufacturing capabilities and expand its software and hardware development capacity. The acquisition, announced December 21, 2021, is expected to close in January 2022, and AGCO intends to retain Appareo's team and operations in Fargo, North Dakota and Paris, France.

Knight-Swift Transportation Holdings, Inc. acquired 100% of RAC MME Holdings, LLC — the parent of Midwest Motor Express and Midnite Express — for $150 million in cash. The acquisition expands Knight-Swift's less-than-truckload (LTL) footprint across roughly 15 states in the upper midwestern and great northwestern United States; MME reported approximately $137 million of 2021 revenue and ~800 employees.

The Hershey Company entered into definitive agreements to acquire Dot's Pretzels LLC and Pretzels Inc., expanding its salty-snacking portfolio and pretzel manufacturing capabilities. The combined transaction is valued at approximately $1.2 billion (about $1.0 billion net of expected tax benefits) and is expected to close by the end of 2021, subject to customary regulatory approvals.

Marsh McLennan Agency (MMA) has acquired Vaaler Insurance, Inc., one of the largest independent insurance agencies in North Dakota. Terms were not disclosed; Vaaler — a third‑generation, family‑owned agency with 81 employees across Grand Forks, Fargo and Bismarck (ND) and Fosston (MN) — will continue to be led by CEO Bruce Vaaler as MMA expands its Upper Midwest footprint.

Danaher Corporation entered into a definitive agreement to acquire Aldevron from EQT Private Equity for an enterprise value of approximately USD 9.6 billion. Aldevron, headquartered in Fargo, North Dakota with ~600 employees and additional operations in Madison, Wisconsin, will operate as a standalone company within Danaher's Life Sciences segment to expand Danaher's capabilities in genomic medicine and biologics manufacturing.

Summit Fire Protection Co., a subsidiary of SFP Holding, has acquired Protection Systems, Inc., a Fargo, North Dakota-based low-voltage contractor that provides fire alarm, CCTV, nurse call and access control services. The deal brings Protection Systems' team and capabilities into Summit's existing operations in Fargo and St. Cloud to expand local coverage and enhance fire alarm and security offerings.

Simplicity Group has acquired Sunderland Group, a long-standing wholesale life and annuity distribution business, with the deal effective March 31, 2021. Brad and Derek Sunderland join Simplicity as partners and shareholders as part of the add-on acquisition to expand Simplicity’s national distribution platform.

Omni Workspace Company acquired a minority interest in Hannaher's Workplace Interiors while a group of women investors from Hannaher's and Atmosphere Commercial Interiors purchased the majority stake. The business will operate as Connect Interiors with three locations across North Dakota and Minnesota and will pursue women-owned business certifications while Omni provides strategic oversight.

Loffler Companies has acquired MinnDak Computer Services of Fargo, North Dakota. The acquisition expands Loffler's managed IT, cloud, unified communications and print services footprint into eastern North Dakota and brings MinnDak's tenured team and client base into Loffler's service platform.

Red Arts Capital partnered with Prudential Capital Partners and Brightwood Capital Advisors to acquire MME Inc., including its subsidiaries Midwest Motor Express Inc. and Midnite Express Inc.; financial terms were not disclosed. Midwest Motor Express is a Bismarck, North Dakota–based top-25 less-than-truckload (LTL) carrier with ~800 employees, 32 service centers across 16 states and part of a combined platform generating more than $120 million in annual revenue.

Tower Arch Capital completed a recapitalization of Creedence Energy Services, partnering with founders Kevin, Wyatt and Malachi Black. The transaction will support Creedence’s growth and geographic expansion across the Bakken and Permian basins while providing liquidity and operational support from Tower Arch.

SureWerx USA, a portfolio company of The Riverside Company, has acquired Sure Foot Corporation, maker of the Due North line of winter traction aids. The add-on purchase (terms undisclosed) expands SureWerx's PPE and safety product portfolio; Golub Capital provided debt financing for the deal.

EQT VIII has entered into an agreement to acquire a majority interest in Aldevron, a Fargo-based global supplier of plasmid DNA and other biologics, with founders, management and TA Associates retaining minority stakes. EQT will support Aldevron's growth through investments in production capacity, R&D and international expansion as the company continues to serve the gene therapy and broader biopharma markets.

Perficient, a digital transformation consulting firm, has acquired Sundog Interactive, a Fargo-based marketing and Salesforce consulting firm focused on industrial manufacturers. The deal brings Sundog's ~100 employees and specialized Salesforce marketing and integration capabilities into Perficient to deepen its Salesforce consulting and industrial manufacturing offerings.

Ranch Creek Partners, in partnership with Hillstar Capital, announced an equity investment in OneCor Services, LLC (operating as Jerry's Services) to support growth and geographic expansion. True West Capital Partners provided both debt and equity financing; OneCor will continue to be led by CEO Ricky Waitman and GM Tom Bachmeier as the company expands its environmental and acid-blending services for the Bakken oilfield.

Akoya Capital Partners, in partnership with Marquette Capital Partners, Merion Investment Partners and Indigo's management, has acquired Indigo Signworks, a Fargo, North Dakota-based manufacturer of exterior and interior signage. The investor group plans to work with existing management to expand product lines, customer relationships and the company’s geographic footprint.

Marsh & McLennan Agency LLC (MMA) has acquired Dawson Insurance Agency, a 98-year-old family-owned insurance agency based in Fargo, North Dakota. Dawson Insurance generates $10 million in revenue and has 58 employees who will join MMA's upper Midwest region; the deal gives MMA entry into the North Dakota market.

Hub International Limited has acquired BW Insurance Agency, Inc. (BWIA), a Bank of the West subsidiary that operates a multi-line property & casualty, personal and employee benefits insurance brokerage across more than 40 offices in eight states. BWIA will be integrated into Hub's regional operations (including Hub Mountain, Hub Colorado, Hub Northwest and Hub Midwest) to broaden Hub's geographic footprint and expand carrier and product access for BWIA's clients; terms were not disclosed.

Sunland Field Services, Inc. has acquired the business of Black Horse Construction, Inc., expanding Sunland's tank battery, pump unit, roustabout and related oilfield construction services into the Bakken Shale region of North Dakota and Montana. Black Horse, headquartered in Stanley, North Dakota, employs approximately 280 people and will operate as Sunland Field Services – Bakken Operations with most key employees remaining.

BNSF Logistics, LLC has acquired Pro‑Am Transportation Services, Inc., a Jamestown, North Dakota–based third‑party logistics company with approximately $25 million in revenue. The business will operate within BNSF Logistics’ Transportation Execution Services unit, expanding the company’s industrial logistics capabilities and modal depth in the region.