Acquisitions in South Dakota in 2021

Aquiline Capital Partners completed the acquisition (carve-out) of Avel eCare from Avera Health, creating a standalone telemedicine company. Comvest Credit Partners acted as administrative agent providing a senior secured credit facility to support the transaction and Avel eCare's growth and expansion of virtual care services.

Inertial Labs has acquired MEMSENSE, a developer of MEMS-based inertial measurement units, combining the two companies' engineering and manufacturing capabilities to accelerate product development for aerospace, defense, autonomous vehicles, and industrial markets. The combined business will have more than 100 employees and roughly 500 customers, and aims to expand production capacity and deliver new high-performance IMU and navigation solutions.

Atlanta-based Mammoth Holdings announced that Silverstar Car Wash (a 14-unit express car wash operator) has agreed to join the Mammoth organization. Silverstar's ownership group also made a significant equity investment in Mammoth as part of the transaction, expanding Mammoth's operator-led multi-brand car wash platform across the Midwest.

CNH Industrial N.V. completed the acquisition of Raven Industries, a U.S.-based leader in precision agriculture technology headquartered in Sioux Falls, South Dakota. The deal strengthens CNH's digital and precision-agriculture capabilities, enabling integrated Raven systems to be rolled into CNH brands' products to accelerate the company's digital transformation.

Aquiline Capital Partners completed the ownership transition of Avel eCare (formerly Avera eCare) in a carve-out from Avera Health. Aquiline will partner with Avel eCare's leadership to scale the telemedicine provider’s clinical and technology services and expand its reach to underserved and rural communities across the United States.

Big Cypress Acquisition Corp., a Nasdaq-listed special purpose acquisition company, received shareholder approval to complete a business combination with clinical-stage biopharmaceutical company SAB Biotherapeutics. Upon closing, the combined company will be named SAB Biotherapeutics, Inc. and its common stock and warrants are expected to trade on Nasdaq, providing SAB with public-market capital to advance its antibody immunotherapy platform and clinical programs.

Behrman Capital, a New York-based private equity firm, has acquired Shur-Co, LLC, a Yankton, South Dakota-based manufacturer of cargo covering and cargo control systems. Shur-Co—previously a subsidiary of PCM Companies (PCMC)—will continue to be led by CEO Terry Tennant and will partner with Behrman to accelerate its growth and product development across agriculture, construction, waste and rail end markets.

Pye-Barker Fire & Safety acquired Rapid Fire Protection Group (RFPG) from Boyne Capital, adding a full-service fire sprinkler and suppression specialist headquartered in Rapid City, South Dakota. The deal expands Pye-Barker’s presence in the Mountain States and provides entry into South Dakota and California while combining complementary capabilities in sprinklers, alarms and extinguishers.

MacQueen Equipment, via its MacQueen Emergency division and backed by Rotunda Capital Partners, has acquired Allegiant Emergency Services Inc., a Sioux Falls-based dealer of personal safety and firefighting equipment. The acquisition is an add-on to expand MacQueen Emergency's presence and service capabilities in South Dakota, with Allegiant continuing to operate out of its Sioux Falls location and being rebranded as MacQueen Emergency.

Salona Global Medical Device Corporation (TSXV:SGMD) has closed its acquisition of South Dakota Partners, Inc., and its Form S-1 registration statement was declared effective by the U.S. SEC. Subscription receipts issued by Salona Global and Brattle Finco were converted or exchanged into common shares and warrants; the company has filed final materials with the TSX Venture Exchange regarding a Change of Business.

Crown Products, a portfolio company of St. Louis-based private equity firm WILsquare Capital, has completed the acquisition of Tri-State Wholesale Flooring, LLC, a flooring distributor based in Sioux Falls, South Dakota. The add-on deal expands Crown's product offering and regional footprint across the Upper Midwest; terms were not disclosed.

Alpine Investors has announced a strategic partnership and growth investment in Innovative Systems, a mission-critical enterprise software provider for independent telecommunications providers. The investment will fund product and operations expansion, support leadership transition with Alpine's CEO-in-Residence, and position Innovative Systems for broader market growth as U.S. rural broadband expands.

Takkion Holdings LLC, a portfolio company backed by affiliates of Apollo Global Management, has acquired Sioux Falls-based Renew Energy, Inc., a provider of operations and maintenance (O&M) services for the renewable energy market. The acquisition expands Takkion's capabilities in wind and solar logistics, supply chain, transportation management and O&M, and RENEW's management team and brand will remain intact as part of the combined platform.