Acquisitions in South Dakota in 2022

Pye-Barker Fire & Safety has acquired Justice Fire & Safety, a Sioux Falls–headquartered fire protection company that operates five locations across South Dakota and Iowa. The deal expands Pye-Barker’s branch footprint in South Dakota and provides entry into the adjacent Iowa market; Justice will continue operating under President Mark Brenneman with support from Pye-Barker.

West Edge Partners, a lower middle market private equity firm, acquired Dakotaland Autoglass, a Midwest distributor and service provider of aftermarket automotive replacement glass and paint/body equipment. Financing was provided in part by First Capital Partners (subordinated debt and equity) and O2 Sponsor Finance (division of Old Second National Bank); terms were not disclosed.

Central Payments completed a $30 million growth equity raise led by Castle Creek Capital with additional investment from Launchpad Capital, enabling the fintech to spin out from Central Bank of Kansas City. Proceeds will fund technology, product, and staffing investments as the company scales its Open*CP API marketplace and prepaid card issuance business; the bank will remain an investor and strategic partner.

First Interstate BancSystem, Inc. completed its previously announced merger with Great Western Bancorp, Inc., merging Great Western Bank into First Interstate Bank and converting Great Western branches to the First Interstate brand. The all-stock transaction (0.8425 FIBK shares per GWB share) had an implied value of approximately $2.0 billion and expands First Interstate's footprint into eight additional states, increasing its branch network to more than 300 locations.

Industrial Opportunity Partners (IOP) has acquired the Raven Engineered Films Division from CNH Industrial for $350 million. The Sioux Falls-based business, a manufacturer of engineered polymer films and sheeting for agriculture, construction and industrial markets, will operate as IOP's first platform investment from Fund IV with management continuing to lead the company.

Exeter Image Holdings, the platform backed by Exeter Street Capital Partners, made a majority investment in Persona Signs in a transaction co-sponsored by Harbert Credit Solutions, NewSpring Mezzanine, Northcreek Mezzanine and members of Persona’s leadership team. Persona will join Triangle Sign & Service under the combined Persona‑Triangle operating structure to create a national signage, lighting, and facility services platform; Enterprise Bank and Trust provided senior debt financing for the deal.