Acquisitions in Wisconsin in 2020

Distributed Ledger, Inc. (DLI), a blockchain technology service provider based in Atlanta, acquired Crypto Mining Tools (CMT), a North American cryptocurrency mining hardware supplier and creator of online mining tools. CMT founder Scott Offord will join DLI as Director of Asset Management as DLI plans to rebrand CMT, relaunch its podcast, and scale services for CMT's customers.

Borgman Capital has acquired Aerial Work Platforms, Inc. (AWP), a Wisconsin-based company that rents, sells and services aerial lift equipment, from founder and president Pat Barney. Borgman — a Milwaukee-based private equity firm — will support AWP's future growth and continuity; Associated Bank provided senior financing for the transaction.

Liberty Hall Capital Partners acquired Comply365, a Beloit, Wisconsin-based provider of SaaS operational content and compliance management solutions, from investment funds managed by Luminate Capital Partners. Comply365's management team will remain in place and Liberty Hall said the acquisition advances its digitalization strategy to build an integrated, scaled provider for the aerospace and rail markets.

New Capital Partners (NCP), a Birmingham-based healthcare-focused private equity firm, has made a minority/growth investment in Healthfuse, a vendor performance and revenue-cycle vendor management company. Healthfuse’s founding management team will remain in place and will partner with NCP to enhance its data platform and accelerate growth across health systems and hospitals.

Saothair Capital Partners, in partnership with Ocean Avenue Capital Partners (and with involvement from lender Farragut Capital Partners), acquired the business and assets of Arandell Corporation through a newly formed affiliate via a Section 363 sale out of Chapter 11. Arandell, a Menomonee Falls, Wisconsin-based catalog and brochure printer with ~530 employees, will continue under existing management with Saothair providing capital to restructure the balance sheet and invest in future growth.

Smile Brands Inc., a portfolio company of Gryphon Investors, completed the acquisition of Midwest Dental, a Dental Support Organization with over 230 offices headquartered in Mondovi, Wisconsin. The combination creates one of the largest DSOs in the U.S., representing approximately 650 offices and over 8,000 employees across 30 states; terms were not disclosed.

Chicago-based private equity firm Entrepreneurial Equity Partners (e2p) has made a growth investment in Salm Partners, the largest U.S. contract manufacturer of fully cooked sausages and premium hot dogs. The Salm family remains a significant shareholder; financial terms were not disclosed. The investment will support Salm's next stage of growth and investments in additional technology and capabilities.

AccuRisk Solutions LLC, a Chicago-based managing general underwriter, acquired the rights to Case Management Specialists, Inc. effective December 1, 2020. The acquisition brings Case Management Specialists’ medical management, wellness services and predictive analytics capabilities into AccuRisk’s cost-containment and occupational accident product offerings to expand its service capabilities for employer and insurer clients.

Belcan, a portfolio company of AE Industrial Partners, acquired AVISTA, Inc., a provider of safety-critical and mission-critical software engineering services, from TransDigm Group. The acquisition adds systems and software engineering capability to Belcan's offering and expands its Midwest footprint with AVISTA's locations in Platteville, Cedar Rapids and Blaine; AVISTA's management team will join Belcan.

Clearlake Capital completed its acquisition of Zywave and also acquired Advisen, combining Zywave's front-office insurance SaaS with Advisen's insurance data and analytics to form a buy-and-build InsurTech platform. Aurora Capital Partners (the prior majority owner of Zywave) is investing alongside Clearlake to support accelerated organic and inorganic growth; the combined company will be led by Zywave CEO Jason Liu. Financial terms were not disclosed.

Time Manufacturing Company (through its BrandFX subsidiary) acquired the fiberglass aerial lift bucket fabrication business from CPI to integrate a key supplier into its BrandFX fiberglass division. The add-on strengthens BrandFX's composite manufacturing capabilities and secures supply for aerial lift buckets and liners to Time's Versalift and other brands, improving delivery reliability for utility and service fleet customers.

New Capital Partners (NCP) and OSF Ventures have made a growth investment in DotCom Therapy, a Madison, Wisconsin–based virtual behavioral health and teletherapy provider. The funding will help DotCom Therapy scale its teletherapy platform and expand delivery of speech, occupational, and mental health services to schools and homes across the United States.

Technical Safety Services, LLC (TSS), a provider of testing, certification and calibration services for controlled environments, has acquired Wisconsin Air Flow, Inc. (WAFI), a cleanroom testing and certification provider serving medical and pharmaceutical customers in and around Green Bay, Wisconsin. The deal is an add-on to TSS’s platform (operating under Technical Solutions Holdings) and expands TSS’s Midwest presence and service capabilities.

CertaSite, a Riverside-backed commercial fire protection and life safety platform, has acquired family-owned Starfire Systems and Starfire Extinguisher Company in Franklin, Wisconsin. The add-on expands CertaSite's geographic reach into the Milwaukee market and brings 21 Starfire employees into the CertaSite organization while retaining owner support during transition.

VNN, a leading high school sports communications platform, has acquired Wisconsin Sports Network (WSN), the publisher of wissports.net. The deal combines VNN's SportsHub platform with WSN's state-focused coverage to create vertically integrated, high-profile and hyper-local high school sports content across Wisconsin.

The Bukas Lighting Group, a St. Charles, Illinois–based holding company focused on lighting brands, has acquired SPI Lighting, Inc., a designer and manufacturer of commercial and architectural LED lighting based in Mequon, Wisconsin. The seller was the Doerr family; the acquisition expands BLG's portfolio of architectural lighting brands and preserves SPI's independent brand and manufacturing operations.

Wausau-based private investment firm Wisconsin River Partners has acquired Lemke Industrial Machine, a Marathon, Wisconsin–based designer and manufacturer of specialized equipment for locks, dams and movable bridges, effective Sept. 30. The founder, Dave Pflieger, sought a succession solution that preserved jobs and operations; management and staff will remain in place and Pflieger will continue as president.

Altacrest Capital LLC, a Dallas-based private equity firm focused on eCommerce consumer brands, has acquired a controlling interest in Big Dot of Happiness, a Menomonie, Wisconsin-based designer party supplies and lifestyle products company. The transaction was financed in partnership with Route 2 Capital Partners, Venturi Private Wealth, co-owners Sherri and Scott Yukel and other equity investors, with CrossFirst Bank providing a credit facility.

Sole Source Capital-backed Supply Chain Services has acquired Miles Data Technologies, a Waukesha, Wisconsin-based provider of barcode, RFID and mobility solutions. The deal positions Supply Chain Services to expand its AIDC and factory automation portfolio across North America; Miles Data CEO Robert Ladd will remain in an executive role following the transaction.

Sterling Pharma Solutions, a portfolio company of GHO Capital Partners, has acquired Alcami’s Germantown, Wisconsin API development and manufacturing facility. The facility expands Sterling’s US footprint and adds cGMP capacity for complex and hazardous API projects, including plant-scale hydrogenation and cryogenic reactions.

Palladium Equity Partners acquired a majority equity interest in Trachte USA from MPE Partners, with members of the Trachte family and management remaining as investors. Trachte is a U.S.-based manufacturer of prefabricated control and protection buildings serving electric utilities, renewable energy, data centers and other industrial end markets; the company has approximately 200 employees and manufacturing facilities in Wisconsin and Georgia.

An affiliate of H.I.G. Capital has made a strategic investment in Construction Forms, Inc. (Con Forms), partnering with the company's family shareholders and existing management to support and accelerate organic and inorganic growth. Con Forms, headquartered in Port Washington, Wisconsin, is a manufacturer of abrasion-resistant piping systems and accessories for concrete pumping and industrial end markets with manufacturing operations in the U.S. and Germany.

Education Advanced, a Tyler, Texas–based K-12 EdTech SaaS company, has acquired Wisconsin-based School Software Group, maker of BuildYourOwnCurriculum (BYOC). The acquisition expands Education Advanced's product suite (adding BYOC's curriculum and learning-management capabilities) and increases its client footprint to over 500 districts, 6,500 schools and 4.6 million students.

Wellborn Forest, a portfolio company of HCI Equity Partners, acquired De Pere Cabinet, Inc. (DCI), a family-owned manufacturer of semi-custom framed cabinetry based in De Pere, Wisconsin. The acquisition expands Wellborn Forest’s geographic footprint into the Upper Midwest, diversifies its customer base, and adds the Countryside Cabinets product line to its offerings; financial terms were not disclosed.

KPS Capital Partners, through a newly formed affiliate, acquired substantially all assets of Briggs & Stratton Corporation in a Section 363 sale following the Company's Chapter 11 filing, for approximately $550 million. KPS provided $265 million of DIP financing, secured committed exit financing, and named Steve Andrews as President and CEO to lead a relaunch of the company as a well-capitalized independent manufacturer.

SSI Acquisition, LLC — an acquisition vehicle formed by TCW Asset Management, Cerberus Capital Management and Lantern Capital Partners — acquired substantially all assets of School Specialty, Inc. in a transaction that recapitalizes the business and restructures its balance sheet. Post-closing the business will operate as School Specialty, LLC, with Ryan M. Bohr named President and CEO.

Midwestern BioAg Holdings LLC, a special purpose acquisition vehicle formed by Skyline Global Partners, has acquired Midwestern BioAg Inc. and provided significant additional capital. Michael Birger was named President and CEO as the company transitions ownership to support growth and expand its sustainable biological agriculture offerings.

Gardner Standard LLC has completed an investment in Wisconsin Pharmacal Company, LLC (and its subsidiary Lake Consumer Products, Inc.) to support the company's growth, new product introductions and strategic acquisitions. Terms were not disclosed; management (CEO John Wundrock and President Andrew Wundrock) will continue leading the business.

Monomoy Capital Partners has made a significant investment in Jason Industries and will restructure the company with Monomoy Co-CEO Daniel Collin assuming the role of Chairman of the Board. Jason Industries is an industrial holding company operating Osborn (industrial brushes and abrasives) and Milsco (seating systems), with ~2,000 employees across the businesses and operations in the United States and Mexico.

East West Manufacturing, LLC acquired Universal Electronics, Inc. (UEI), an advanced electronics manufacturing services (EMS) provider based in Whitewater, Wisconsin. The deal expands East West’s U.S. manufacturing footprint and strengthens its domestic EMS capabilities—adding PCB assembly, box-build and testing services to serve medical, industrial and telecommunications customers.

BERKS Group announced an investment in Instrument Development Corporation (IDC), an ultra-precision machining company based in Mukwonago, Wisconsin that manufactures complex parts for aerospace and defense customers. The investment will fund capital expenditures to expand IDC’s capabilities and production, integrate capabilities with BERKS’ precision manufacturing platform (including Swiss‑Tech, LLC), and Hank Bradley will join IDC as chairman of the board.

Informatica has acquired GreenBay Technologies to integrate advanced AI/ML capabilities—particularly entity and schema matching and metadata knowledge graphs—into its CLAIRE engine and Intelligent Data Platform. The acquisition strengthens Informatica's data integration, master data management, and data quality roadmap to accelerate automated data matching, lineage inference, and metadata-driven intelligence for enterprise customers.

Logo Brands, a Franklin, Tennessee-based manufacturer of licensed sports hard goods, has acquired the Boelter Brands drinkware and Topperscot product lines from The Boelter Companies. The deal expands Logo Brands' product offering into drinkware and holiday items and transfers current drinkware inventory and incoming orders to Logo Brands' Tennessee operations.

Surge Private Equity closed an investment in All About Learning Press Inc., a Wisconsin-based homeschool curriculum publisher. The deal closed with debt financing from Modern Bank and Spell Capital Partners; founders Marie and Greg Rippel remain with the company while Surge will provide operational support to drive growth.

Creative Planning, a large independent wealth management firm, has acquired Thun Financial Advisors, a Registered Investment Adviser that manages about $600 million in client assets. The deal strengthens Creative Planning’s ability to serve U.S. citizens living and working overseas by adding Thun’s cross-border advisory expertise to its offering.

Dawn Patrol Partners, in partnership with NewSpring Mezzanine, completed a transaction to acquire Dynamic Workforce Solutions (DWFS) from its previous shareholders. NewSpring Mezzanine provided subordinated debt and preferred equity to support the acquisition, and DWFS will use proceeds to expand virtual training capabilities and broaden state and local government workforce program contracts.

Health Catalyst, a healthcare data and analytics company, entered into a definitive agreement to acquire Madison-based healthfinch, a developer of EMR-integrated clinical workflow optimization software. The acquisition (reported at ~$40 million by media outlets) will bring healthfinch's EMR-embedded insights into Health Catalyst's Data Operating System to augment clinical workflows and strengthen its population health portfolio; the deal was expected to close in Q3 2020 and to be funded with a mix of stock and cash.

Aptean, a global provider of industry-specific enterprise software, has acquired WorkWise, LLC, a developer of ERP and CRM solutions for discrete manufacturers. The acquisition enhances Aptean's manufacturing-focused product portfolio and expands its customer base and market share in engineered manufacturing sectors.

Worldwide Facilities, a national wholesale insurance broker and managing general agent, has acquired Strategic Underwriting Solutions, LLC (SUS), a medical stop-loss focused managing general underwriter. The acquisition brings stop-loss underwriting, program risk management and product development capabilities into Worldwide Facilities’ offering and marks its expansion into the Life & Health space from its core property & casualty business.

Chr. Hansen Holding A/S has agreed to acquire 100% of UAS Laboratories LLC from Lakeview Equity Partners, the UAS management team and other shareholders for USD 530 million (net of tax assets). The acquisition (UAS Labs: ~230 employees, ~USD 85m revenue and >USD 30m EBITDA in 2020) strengthens Chr. Hansen’s microbial platform and Human Health business by adding probiotic strains, two GMP production facilities in Wisconsin, and increased fermentation and downstream processing capacity.

Wellspring Capital Management closed its acquisition of Steele Solutions, Inc. on May 29, 2020. The New York-based private equity firm acquired the Milwaukee-headquartered designer and manufacturer of structural steel platforms and mezzanines to support growth and capitalize on long-term e-commerce and warehouse automation trends; financial terms were not disclosed.

Grede, a PE-backed iron castings manufacturer owned by Gamut Capital Management, purchased certain assets of Renaissance Manufacturing Group (RMG) Waukesha, LLC to expand its castings and machining capacity. The asset purchase (terms undisclosed) strengthens Grede's presence in commercial vehicle and industrial markets and will result in reallocating some work to Grede's other U.S. facilities.

Thompson Street Capital Partners (TSCP) has acquired PKWARE, a Milwaukee-based provider of data encryption, compression and automated data security solutions, to accelerate growth of the Smartcrypt platform. Northstar Capital provided junior capital to support the transaction; PKWARE appointed Spencer Kupferman as CEO while former CEO Miller Newton transitions to a board advisor role.

Rockwell Automation has acquired Kalypso, a US-based software delivery and consulting firm specializing in digital transformation for industrial and life sciences clients. The acquisition expands Rockwell's enterprise software consulting, digital innovation and information-architecture capabilities to deliver a stronger digital thread for customers.

Tanknology, a portfolio company of Hamilton Robinson Capital Partners, acquired Compliance Testing & Technology, Inc. (CT&T), a Cedarburg, Wisconsin-based provider of underground and aboveground storage tank testing, inspection and related environmental compliance services. The add-on deal (closed April 30, 2020) expands Tanknology’s geographic footprint, technical capabilities and customer base to accelerate growth under HRCP ownership.

G&A Partners, a national professional employer organization (PEO), acquired Leading Edge Payroll and HR Solutions, LLC, a Wisconsin-based HR outsourcing and payroll provider. The deal expands G&A Partners' Midwest presence, adds client accounts and talent, and retains Leading Edge's owner Laurie Stueber as a senior HR advisor while keeping client-facing employees in place.

Constellation1, part of Constellation Real Estate Group (CREG), has acquired Midwest-based real estate technology provider Virtual Properties. The deal is an add-on to Constellation1's real estate software platform and aims to expand its vertical SaaS product offerings, customer relationships, and MLS/IDX capabilities.

AmeriLife Group, LLC acquired a majority interest in Jack Schroeder & Associates (JSA), an insurance marketing organization headquartered in Green Bay, Wisconsin. The deal expands AmeriLife's Medicare and life insurance distribution capabilities and extends its reach into JSA's national network of independent agents.

San Francisco-based University Games has acquired Maranda Games, the Mequon, Wisconsin maker of outdoor recreation games (including Ladderball) and board games. The deal adds a summer/outdoor games category to University Games' Front Porch Classics division and will expand Maranda products into new international markets such as the UK, Australia and New Zealand.

The management team of Geneva Capital Management, in partnership with Estancia Capital Management, completed a management buyout of Geneva from Janus Henderson Group on March 17, 2020. The deal returns Geneva to majority employee ownership, preserves the firm's investment autonomy, and positions the firm for continued growth (terms not disclosed).