Acquisitions in Wisconsin in 2019

Sentinel Capital Partners has acquired ECM Industries, a New Berlin, Wisconsin-based manufacturer and supplier of branded electrical products (including Gardner Bender, King Innovation and Bergen) from Genstar Capital. Terms were not disclosed; Sentinel said it will partner with ECM management to build an electrical-products platform and pursue multiyear growth across core markets and adjacencies.

Eden Capital, a New York–based private equity firm, acquired PDH Academy, an online continuing education and workforce training provider for real estate, healthcare, and skilled trades professionals. Eden said it will invest in PDH's organic and inorganic growth to build an industry leader in online learning.

Arcline Investment Management signed a definitive agreement to acquire Fairbanks Morse from EnPro Industries for $450 million. Fairbanks Morse is a long-established U.S. manufacturer of heavy-duty, medium-speed reciprocating engines serving naval, coast guard and power-generation customers; Arcline said it will invest to grow the business and its aftermarket services.

The Dohmen Company Foundation announced the acquisition of Milwaukee-based Focused Fork, a personalized whole-foods preparation and distribution and meal-delivery business. Dohmen said the purchase supports its shift from treatment to prevention by adding food-preparation and distribution capabilities to its health-focused, foundation-owned enterprise.

Lippert Components, Inc., a subsidiary of LCI Industries (NYSE: LCII), has acquired CURT Group from Audax Private Equity in a strategic purchase. CURT Group, headquartered in Eau Claire, Wisconsin, is a designer, manufacturer and distributor of towing and truck accessory products and will expand LCI's aftermarket product portfolio and market position.

Advanced Barrier Extrusions (ABX), a Graham Partners portfolio company, has acquired the business of Flexographic Packaging Company (FPC) from its founder. The acquisition vertically integrates ABX by adding flexographic printing and laminating capabilities to its multi-layer high-barrier film co-extrusion offering, expanding its ability to serve food (and related) packaging customers.

Woodstream Corporation, a portfolio company of Vestar Capital Partners, has acquired Dynamic Solutions Worldwide LLC, the maker of DynaTrap insect traps. The acquisition adds a leading insect-trap product line and expanded retail and TV distribution to Woodstream's pest-control and lawn & garden portfolio; terms were not disclosed.

Chicago-based private equity firm Benford Capital Partners and investor Will Daly have acquired Warehouse-Lighting.com, a New Berlin, Wisconsin-based B2B e-commerce distributor of LED lighting fixtures, in a deal where founder James Abraham remains president and retains an ownership stake. The transaction is positioned to support growth and scale the company's e-commerce and distribution capabilities across industrial, commercial, municipal, and residential end markets.

Frontier Dental Laboratories, a portfolio company of O2 Investment Partners, has partnered with and made an investment in NuArt Dental LLC, a full-service dental laboratory based in Brookfield, Wisconsin. The transaction positions Frontier to expand its Midwest presence and offer additional product and service capabilities to NuArt’s growing customer base of private dental practices.

Centre Partners, a middle-market private equity firm, has made an investment in Wisconsin Cheese Group Holding, LLC (WCG), a manufacturer of branded and private-label Hispanic food products. Financial terms were not disclosed; Centre has installed Brian McInerney as CEO and Danette Bucsko as CFO to support expansion into new channels, categories and customers.

Wendel, the European listed investment firm, has agreed to acquire Crisis Prevention Institute (CPI) from private equity owner FFL Partners. Headquartered in Milwaukee, CPI is a provider of behavior management and nonviolent crisis intervention training; the transaction positions CPI for continued global expansion and is expected to close in Q4 2019 subject to customary approvals.

Levine Leichtman Capital Partners sold Nobles Worldwide, a St. Croix Falls, Wisconsin-based designer and manufacturer of ammunition handling systems, to an affiliate of Ducommun Incorporated. The acquisition expands Ducommun's aerospace and defense manufacturing capabilities and integrates Nobles' ammunition feed and handling products into Ducommun's Electronic and Structural Systems offerings.

N. Harris Computer Corporation (a subsidiary of Constellation Software) has acquired Connecture, Inc., a Milwaukee-based provider of web-based Medicare shopping, quoting and enrollment solutions. Connecture was a portfolio company of Francisco Partners and was advised by Brentwood Capital Advisors; the deal expands Harris’s healthcare software capabilities and customer-facing Medicare enrollment offerings.

Chicago-based Beecken Petty O'Keefe & Company (BPOC) acquired a majority equity stake in Midwest Products & Engineering (MPE), a Milwaukee-based designer and manufacturer of mobile and stationary healthcare products. The transaction closed September 24, 2019, as Pfingsten sold MPE to BPOC; financial terms were not disclosed and MPE's CEO Hank Kohl will remain in place to continue growth initiatives under BPOC's healthcare-focused platform.

The Halifax Group completed a recapitalization investment in Prairie Industries, Inc. and Nu-Pak, Inc., partnering with the companies' founders and management to support growth in contract packaging and contract manufacturing. Headquartered in Prairie Du Chien, Wisconsin, the combined business operates multiple packaging and food-manufacturing facilities; terms were not disclosed.

Luminate Capital Partners made a strategic growth investment in MSI Data to support product development, scale the team, and accelerate go-to-market efforts for MSI’s field service management SaaS platform. Financial terms were not disclosed; Luminate partners joined MSI’s board and advisors to the transaction included GrowthPoint Technology Partners (financial advisor to MSI) and Kirkland & Ellis (legal advisor to Luminate).

Advarra, a leading provider of IRB and research compliance services, announced its intent to acquire Forte, a market-leading provider of clinical research technology including the OnCore CTMS. The deal (Forte sold by Primus Capital) expands Advarra's site-centric technology and eClinical capabilities to better serve academic medical centers, cancer centers, and health systems.

Hamilton Robinson Capital Partners, alongside American Roller management and co-investors, recapitalized American Roller Company in February 2019. The recapitalization (from prior owner CM Acquisitions L.L.C.) provides growth capital to invest in lean manufacturing, expand capabilities and geography, and pursue selective add-on acquisitions.

Blue Point Capital Partners acquired VRC Holdings Inc., a Milwaukee-based manufacturer of custom molded rubber, plastic and sealing components, as its fifth Blue Point IV platform investment. The partnership with VRC management is intended to provide capital and operational support to expand technical capabilities, strengthen commercial presence, and pursue add-on acquisition opportunities in the fragmented elastomeric and plastics components market.

A group led by aviation investor Robert Priddy and private investment firm Kilroy Partners has acquired NMC‑Wollard, the 70+ year supplier of aviation ground‑support equipment, which will be rebranded as Wollard International. John Carroll is chairman, Greg McDermott remains president, and the new owners plan to expand the company’s product areas and grow its global customer base across commercial airlines, military customers and private aviation.

Insight Equity Holdings LLC has acquired Strauss Brands LLC, a family-owned producer of ethically raised specialty meats headquartered in Franklin, Wisconsin. The Strauss family retained a significant ownership stake and Randy Strauss remains CEO; Insight Equity will invest capital to build a new state-of-the-art processing facility, expand production capacity, and grow Strauss's retail and foodservice channels.

Abry Partners, a Boston-based private equity firm, will purchase majority ownership of Franklin Energy Group from Kohlberg & Company and other stockholders. Franklin Energy, headquartered in Port Washington, Wisconsin, is a vertically integrated provider of demand-side management, energy efficiency program implementation, product fulfillment and customer engagement software for utilities; Abry said it will support the company's continued growth and capability expansion.

Pfingsten, a Chicago-based private equity firm, acquired Engineered Specialties, LLC d.b.a. RapidAir on July 19, 2019. RapidAir, headquartered in Auburndale, Wisconsin, manufactures and distributes compressed air piping systems and will partner with Pfingsten to invest in people, infrastructure, product development and pursue strategic add-on acquisitions.

One Rock Capital Partners completed the acquisition of the Engineered Components & Systems (EC&S) segment from Actuant Corporation (Enerpac Tool Group), which will operate as the standalone company CentroMotion led by CEO Roger Roundhouse. CentroMotion is a global manufacturer of motion, actuation and control solutions serving on- and off-highway OEMs across agriculture, construction, commercial vehicle and other industrial end markets; One Rock plans to scale the business and its family of brands.

New Heritage Capital completed a minority recapitalization investment in Wisconsin-based Welcome Dairy Holdings, LLC, providing founders liquidity while leaving operating control with the reinvesting management team. Five Points Capital provided last-out unitranche term debt to support the transaction, which is intended to accelerate Welcome Dairy's growth by leveraging its R&D and manufacturing capabilities in dairy flavorings, cheese sauces, seasonings and functional cheese.

MiddleGround Capital, a Lexington, Kentucky–based private equity firm, has acquired Steel-Craft Corp., Hartford Finishing, LLC and Capitol Stampings Corp. (divisions of Wendorff Bros. Co., Inc.) to consolidate three complementary outsourced manufacturing businesses headquartered in Hartford, Wisconsin. The acquisition will align the three brands into a vertically integrated manufacturing platform to expand capabilities and better serve industrial OEM customers.

NPK Construction Equipment, Inc. has acquired Genesis Attachments, LLC from private equity owner KPS Capital Partners. Genesis — a Superior, Wisconsin–based maker of hydraulic shears, grapples and demolition attachments with about 130 associates — will be integrated into NPK’s construction-attachments portfolio while KPS retains other holdings (Crenlo Global).

JPW Industries, a portfolio company of Gamut Capital Management, has acquired Baileigh Industrial Holdings. The acquisition (terms not disclosed) brings Baileigh's metalworking and woodworking product lines and U.S. manufacturing/warehouse operations in Manitowoc and Two Rivers, Wisconsin into JPW's branded equipment portfolio to support growth and broaden product offerings.

Charter NEX Films, owned by private equity firms Leonard Green & Partners and Oak Hill Capital, has reached a definitive agreement with Dave Frecka to combine with Next Generation Films, creating a larger specialty films platform. The combined company will operate as two synchronized divisions, maintain existing management teams, and expand manufacturing footprint and technical capabilities across multiple U.S. states.

Applied Systems acquired TechCanary, a Milwaukee-based provider of an insurance-focused CRM built on the Salesforce platform, to expand its sales and marketing automation capabilities. TechCanary's CRM will be integrated with Applied Epic to provide agencies, insurers and MGAs enhanced front-office sales and marketing automation and access to the Salesforce AppExchange ecosystem.

Lyons Magnus LLC, a Paine Schwartz Partners portfolio company, has acquired TRU Aseptics LLC, an aseptic beverage and ingredient manufacturer based in Beloit, Wisconsin. The acquisition expands Lyons Magnus' low-acid aseptic capabilities and product offering (including plant-based beverages, functional beverages and nutritional supplements) and will involve investments in TRU's team and facility as Lyons integrates the business as "Lyons TRU to Nature."

Ascentis, a Minneapolis-based provider of cloud-based human capital management (HCM) solutions, has acquired Integrated Time Systems (ITS), a Wisconsin-based time and attendance solutions provider. The deal strengthens Ascentis' workforce management capabilities, expands its geographic presence in the U.S. Midwest, and enhances its customer service and HCM product suite.

symplr, a Clearlake-backed healthcare GRC SaaS platform, has completed the acquisition of API Healthcare from Veritas Capital. The deal brings API's workforce management and HCM capabilities into symplr's governance, risk and compliance platform as an add-on to expand capabilities and accelerate product integration across provider and payer customers.

First Capital Partners completed a mezzanine investment in newly-formed MOTIS Brands to support the consolidation of Race Ramps (Escanaba, MI) and DRC Holdings (Germantown, WI). The consolidated entity, backed by private equity firm Rotunda Capital, manufactures and distributes brands across loading, hauling, mobility and automotive market segments.

Vessco Inc., a water- and wastewater-treatment platform company backed by O2 Investment Partners, has invested in Dorner Products (Dorner Company), a Sussex, Wisconsin supplier of flow control equipment including valves and actuators. The investment is an add-on to expand Vessco's flow-control capabilities and service offering in the Midwest; Vessco also hired Dan Axelson as CFO.

Patrol Protect Secure (PPS), a security platform formed by Mangrove Equity Partners and Sunlake Capital, has acquired JBM Patrol and Protection Corp., a contract security provider operating in Wisconsin, Minnesota, Iowa and Tennessee. The deal facilitates founder Jim Mankowski's retirement and represents PPS's first add-on as it pursues a roll-up strategy to build a national contract security platform.

Borgman Capital completed a majority recapitalization of Gilman Cheese Corporation with subordinated debt and equity provided by Tecum Capital Partners; Johnson Bank provided senior debt and Midwest Growth Partners provided equity. Terms were not disclosed; Tom and Char Hand reinvested a significant amount of equity and Tom Hand remains CEO as the new investor group executes a collective growth strategy for the Gilman, Wisconsin–based processed cheese manufacturer.

Cyclomedia, the Netherlands-based geospatial imagery and analytics provider, has acquired Floating Point FX, a Madison, Wisconsin–based 3D geospatial modeling company. The acquisition is intended to strengthen Cyclomedia’s 3D visualization and LiDAR-based analytics capabilities and to fuel US and international growth; financial terms were not disclosed.

Abrigo, a provider of compliance, credit risk and lending technology for community financial institutions, acquired Wisconsin-based FARIN Financial Risk Management to bolster its enterprise risk management and asset-liability management capabilities. The deal is an add-on to Abrigo (which is backed by private equity firm Accel-KKR) intended to expand product and advisory offerings for community banks and credit unions.

ARI Network Services, a provider of SaaS and marketing solutions for dealers, equipment manufacturers and distributors, received a strategic growth investment from TA Associates. True Wind Capital, which took ARI private in 2017, will remain the largest shareholder; financial terms were not disclosed. TA Associates will join ARI's board and plans to support organic growth and strategic add-on acquisitions.

Thermal Process Holdings, a platform formed by Calvert Street Capital Partners and led by John Hubbard, acquired Hudapack Metal Treating, Inc. and P&L Heat Treating. Patriot Capital provided senior debt and equity financing to support the transaction as TPH continues a buy-and-build strategy in the thermal processing industry.

Caledonia-based insurance distributor Acrisure LLC acquired Milwaukee-area HNI Risk Services, with the deal closing Dec. 31, 2018. Acrisure said HNI will retain local staff, leadership and its brand as part of the firm’s ongoing roll-up strategy to expand its network of partner agencies.

2W Technologies, INC (2W Tech) has acquired Computer 911, Incorporated, a Wauwatosa, Wisconsin-based IT services firm. The acquisition brings Computer 911's clients and technical staff into 2W Tech as the buyer expands its managed services, cloud and infrastructure footprint across the Midwest U.S.

Gen Cap America partnered with BloApCo's management team to acquire Blower Application Company, a Germantown, Wisconsin-based manufacturer of shredders, fans, and pneumatic conveying equipment. The transaction is a management buyout aimed at facilitating a transition from retiring owners and supporting continued growth; terms were not disclosed.