Acquisitions in Wisconsin in 2021

Chicago-based private equity firm Onward Capital completed a recapitalization of Century Drill & Tool Corporation, a Green Bay, Wisconsin distributor and manufacturer of power tool accessories. The recapitalization was funded by Wintrust Financial Corporation, Midwest Mezzanine Funds and Centerfield Capital Partners, with Midwest Mezzanine providing subordinated debt and equity to support the transaction.

Wisconsin River Partners, a Wisconsin-based private investment group, has acquired Witmer Furniture, a solid wood furniture manufacturer headquartered in Abbotsford, Wisconsin. The deal closed on December 30, 2021; Witmer employs about 70 people and former owner Kevin Schlinkmann will remain as president and the largest shareholder.

Midwest Products & Engineering (MPE INC), a portfolio company of healthcare-focused private equity firm BPOC, has acquired Racine Metal-Fab (RMF), a precision sheet metal fabricator. The add-on expands MPE's light-gauge stamping, fabrication and assembly capabilities to better serve medical device and technology OEM customers.

Tide Rock Holdings, a San Diego-based middle-market holding company, acquired CableMaster Corp., a family-owned Milwaukee manufacturer and global supplier of custom electrical cables, power cords and wire harnesses. The deal brings CableMaster into Tide Rock's manufacturing and distribution platform to expand its electro-mechanical capabilities and OEM distribution channels.

Milwaukee-based private equity firm Borgman Capital has partnered with Larry Hetzel to acquire Durex Products, a Wisconsin manufacturer of wire and polymer screen media, urethane liners and wear parts for the aggregate, recycling and mining industries. The transaction provides Durex with additional capital and resources to support growth while existing owner Larry Hetzel remains involved and retains equity in the company.

Berlon Industries, a Hustisford, Wisconsin manufacturer of buckets and attachments, has agreed to acquire Lowe Manufacturing, a Viola, Wisconsin maker of auger, trenching and grapple attachments. The deal, which preserves the LOWE brand and retains employees and facilities, is expected to close in early January 2022; owner Richard Lowe will retire while Mary Lowe will remain with the business.

Bertram Capital has acquired BCI Burke, a Fond du Lac, Wisconsin-based manufacturer of commercial playground and outdoor recreation equipment. Terms were not disclosed; Bertram said it will treat Burke as a new industrial platform and pursue buy-and-build growth, geographic expansion and new product introductions. The Halifax Group sold Burke and management, including CEO Mike Phelan, will remain in place.

NewSpring’s franchise-focused strategy, NewSpring Franchise, made a growth equity investment in Central Bark to accelerate the dog daycare brand’s franchise expansion and strengthen its infrastructure. Central Bark’s founders will remain involved in operations as the company uses proceeds to fuel geographic expansion, franchise development, and investments in technology and operations.

Argon Medical Devices, a U.S.-based medical device manufacturer, acquired Matrex Mold and Tool, a Portage, Wisconsin custom mold and tool manufacturer. The acquisition vertically integrates Argon's manufacturing capabilities, enabling in-house production of prototype and production molds to improve quality control and shorten time-to-market.

Gambling.com Group Limited agreed to acquire Roto Sports, Inc., operator of RotoWire, to accelerate the Group’s U.S. expansion and grow its sports betting-related affiliate revenue. The all‑transaction purchase price is $27.5 million (including $7.5 million deferred), with $20.0 million payable at closing and the remainder paid over the subsequent two years.

Molded Dimensions, a ShoreView portfolio company, has acquired PCO Urethane, a Marshfield, Wisconsin manufacturer of precision machined urethane parts. The add-on increases capacity, adds complementary capabilities (compound formulation, mold design and machining) and expands the combined customer base across end markets such as automotive, trucking and medical.

Carlson Private Capital Partners (CPC) made a significant investment in Millennium, a Delavan, Wisconsin-based value-added distributor and service provider for broadband infrastructure; the transaction closed on November 30, 2021 and financial terms were not disclosed. CPC said the investment will accelerate Millennium’s growth and support expansion into new geographies and enhanced product and technology capabilities while partnering with founder/management.

Wynnchurch Capital has acquired the thermal coating business assets of Appvion Holding Corp., a long-established provider of direct thermal coatings and renewable, fiber-based packaging solutions. The transaction, terms not disclosed, transfers Appvion's thermal coating operations (headquartered in Appleton, Wisconsin) to Wynnchurch, which said it will invest to drive growth and capitalize on tailwinds in labels and packaging.

Stryten Energy acquired Tulip Richardson Manufacturing (TRM) from Saugatuck Capital Company in a strategic purchase announced in December 2021. The acquisition adds TRM’s vertically integrated injection-molding and battery-component manufacturing capabilities — including facilities in Milwaukee, Columbus (IN) and Niagara Falls (NY) — to Stryten’s energy storage and battery component platform to expand production capacity and capabilities.

Funds managed by Blackstone Tactical Opportunities have acquired Sustana Group, a North American manufacturer of recycled fiber, paper and sustainable packaging products, from an affiliate of H.I.G. Capital. The transaction positions Sustana to accelerate expansion and capitalize on growing ESG-driven demand for sustainable packaging and premium papers under Blackstone's ownership.

Charter Manufacturing Company, a family-owned metals manufacturer, has acquired Aarrowcast, Inc., a Shawano, Wisconsin-based foundry, from Industrial Opportunity Partners. Terms were not disclosed; Aarrowcast casts ductile, gray and austempered ductile iron components for agriculture, off-highway heavy truck, military and construction markets.

Transportation Insight Holding Company (TI HoldCo), a Gryphon Investors-backed logistics platform, has acquired SwanLeap, a Madison-based transportation management software (TMS) provider. The deal integrates SwanLeap's multimodal TMS and analytics into TI HoldCo's brokerage, managed transportation and parcel solutions to create a single, multimodal execution and visibility platform.

Athene agreed to acquire a controlling stake in Aqua Finance, a Wisconsin-based consumer lending platform, from funds managed by Blackstone Tactical Opportunities at a valuation of approximately $1 billion. Apollo will manage the investment on behalf of Athene, while Blackstone will retain a minority stake; the investor group plans to support growth through technology investments and expanded origination capacity.

ALCOM LLC has completed the acquisition of Triton Trailers, a Hartford, Wisconsin–based manufacturer of aluminum recreational and utility trailers. The acquisition brings Triton's established product lines and dealer footprint into ALCOM's multi-brand trailer platform to support product expansion and growth plans across the United States and select international markets.

TRS Capital, an early-stage investment firm based in Fort Walton Beach, Florida, has made a significant seed investment in RadPoker, a mobile-optimized no-limit Texas Hold'em app led by CEO Nishon Rad. The funding and TRS’s consulting support are intended to accelerate RadPoker’s monetization timeline and support rapid user growth for the app, which averages roughly 4-minute heads-up games and features leaderboards and a custom rating algorithm.

Aebi Schmidt Group agreed to acquire Monroe Truck Equipment, a U.S.-based manufacturer and upfitter of municipal and commercial truck equipment, from private equity owner Industrial Opportunity Partners. D.A. Davidson served as financial advisor to Monroe; the deal (expected to close around end of 2021) gives Aebi Schmidt U.S. upfitting centers, nationwide distribution and cross-sell opportunities while Monroe gains access to Aebi Schmidt's global technologies and resources.

Bentley Systems agreed to acquire Power Line Systems, a Madison, Wisconsin–headquartered leader in transmission-line engineering software, from private equity firm TA Associates for approximately $700 million. The acquisition expands Bentley's grid integration and digital twin offerings by adding transmission-grade PLS products to its portfolio and will operate within Bentley's new Grid Integration Group upon closing.

Capital For Business, Inc. completed a subordinated note and equity investment in Fiberdome Products, LLC alongside Konza Valley Capital Inc. and The Mendota Group. Fiberdome is a U.S.-based manufacturer of engineered fiberglass products serving OEMs in defense, fueling, construction, agriculture and recreational vehicle markets; the investment is intended to support the company’s next phase of growth and evolution.

Dental Care Alliance (DCA) has added Modern Dental Care, a multi-location general dentistry group with 14 locations in Wisconsin, to its network of allied practices. The deal establishes DCA’s presence in Wisconsin and expands its portfolio of supported practices as part of its ongoing geographic growth strategy.

NSI Industries, a Huntersville, North Carolina-based provider of electrical product solutions, has acquired TechLogix Networx, a Madison, Wisconsin fiber optic and collaboration technology manufacturer. The acquisition expands NSI's product portfolio—particularly its Platinum Tools brand—into fiber optic technologies to support distributors and customers transitioning from copper to fiber-based solutions.

Main Street Gourmet has completed the acquisition of Meurer Brothers Bakery, a Wisconsin-based wholesale pastry manufacturer. The deal expands Main Street Gourmet's platform of premium wholesale bakeries (backed by Shore Capital) by adding Meurer Brothers' artisanal danish and pastry capabilities to better serve ISB, restaurant, club, and convenience customers.

Sotera Health has acquired Regulatory Compliance Associates (RCA), a Pleasant Prairie, Wisconsin-based life sciences regulatory and quality consulting firm. The deal expands Sotera Health’s US technical consulting and regulatory capabilities for pharmaceutical and medical device customers; terms were not disclosed.

Solina, a European savoury ingredients leader backed by private equity firm Astorg, has completed the acquisition of Asenzya Inc., a custom dry seasoning and flavour solutions provider headquartered in Oak Creek, Wisconsin. The deal gives Solina its first direct presence in the United States and expands its North American capabilities and customer reach; Asenzya has about 145 employees and annual sales of roughly $50 million.

Private equity funds managed by Blackstone will make a significant equity investment in Renaissance, the pre-K–12 edtech leader, alongside existing investors including Francisco Partners and TPG’s The Rise Fund. The capital will be used to accelerate organic growth, product innovation, and support Renaissance’s ongoing acquisition strategy while Francisco Partners remains a major shareholder.

J.C. Flowers & Co. has made a strategic growth investment in TRICOR Insurance, a Top 100 independent insurance agency based in Lancaster, Wisconsin. The capital will be used to accelerate TRICOR's organic growth and support strategic acquisitions while founder Dave Fritz and the management team retain significant ownership and continue to lead the business.

Blackwell Capital Group, a privately held investment firm based in Milwaukee, has acquired Advance Fittings Corp., a U.S. manufacturer of stainless steel and BPE fittings. Advance Fittings' founder Edward Mentzer will retire while several existing managers (including COO Peter Mentzer and VP of Operations Dean Perona) remain in leadership and as shareholders; Blackwell said it will provide resources and expertise to support the company's growth and operations.

MOTIS Brands, a Rotunda Capital Partners portfolio company, has acquired Pier of d'Nort, a St. Germain, Wisconsin-based manufacturer of patented aluminum pier systems. The add-on expands MOTIS's assortment in the outdoor/marine pier category and bolsters its U.S. manufacturing capabilities.

ProMach has acquired CL&D Graphics and CL&D Digital, adding flexographic and digital web packaging and converting capabilities to its portfolio. The acquisition brings CL&D’s four locations and more than 280 employees (headquartered in Hartland, Wisconsin) into ProMach to expand its flexible packaging offerings and provide combined machinery-and-material solutions to CPG customers across North America.

Auburn, California-based Flyers Energy, LLC has acquired Quick Fuel — the automated, cardlock fuel-sites business previously owned by Jacobus Energy, Inc. The deal transfers 49 fuel sites across 15 states to Flyers (which will continue to operate the sites under the Quick Fuel brand); DCA Partners served as Flyers' buy-side financial advisor.

MW Industries announced the acquisition of Fox Valley Spring Company, LLC, which closed October 29, 2021. The purchase brings Fox Valley Spring's precision spring and wire-form manufacturing capabilities into MW Components to expand MW's spring production and engineering expertise for a range of end markets.

KCM Capital Partners' industrial platform, The Industrial Service Group (ISG), completed the acquisition of Industrial Air Power, a Muskego, Wisconsin-based provider of air compressors, parts and lubricants. The deal was executed in partnership with company management and capital partners PNC Mezzanine Capital and Five Points Capital; terms were not disclosed and the founder, Chris Klemz, will continue to run day-to-day operations.

CCS Facility Services, a portfolio company of Silver Oak Services Partners, has acquired Milwaukee-based Total Cleaning Systems. The acquisition expands CCS' footprint into the Midwest and brings Total Cleaning's floor/carpet care and facility maintenance capabilities into CCS' engineering arm. Total Cleaning, founded in 1969, will continue serving education, healthcare, industrial and commercial real estate customers under CCS.

The Firmament Group provided equity backing to industry veterans Bill Brann and Pete Hietpas to launch PRN Health Services (Nurses PRN), a tech-enabled medical staffing provider headquartered in Appleton, Wisconsin. Nurses PRN will supply healthcare professionals to hospitals, long-term care and other care sites across the United States, with Firmament supplying capital and strategic support to scale the platform.

CGI Automated Manufacturing, a CORE Industrial Partners portfolio company, has acquired Advanced Laser Machining, a metals-focused contract manufacturer headquartered in Chippewa Falls, Wisconsin. The add-on expands CGI's scale, capacity and complementary metal fabrication capabilities across end markets such as aerospace & defense, medical and industrials, and aligns with CORE's Industry 4.0 strategy for the platform.

TCP Software, a provider of cloud-based workforce management and time & attendance solutions, acquired Aladtec, a River Falls, Wisconsin–based online employee scheduling and workforce management system focused on public safety. The Aladtec platform will be integrated into TCP’s suite (and maintained as a standalone product) to expand TCP’s scheduling capabilities and better serve public safety, healthcare and dispatch customers.

Brown & Brown, Inc. acquired all outstanding stock of Remedy Analytics, a Milwaukee-based pharmacy consulting and analytics firm that operates the PharmaLogic medication platform. Remedy Analytics will continue operating from Milwaukee within Brown & Brown's Retail segment to expand the firm's pharmacy consulting and data-driven benefits capabilities for employer clients.

Milliken & Company acquired Encapsys, LLC from The Cypress Performance Group LLC; the transaction closed on October 18, 2021. Encapsys is a leader in microencapsulation technology headquartered in Appleton, Wisconsin, and the acquisition expands Milliken's specialty chemicals and materials science capabilities to accelerate sustainable solutions for multiple end markets.

Elevator Service LLC (ESI), backed by family office Carroll Capital, acquired Milwaukee-based Express Elevator LLC. The deal adds Express’s ~350 customer base and field-service team to ESI’s Midwest elevator services platform to accelerate growth across Wisconsin.

Cloudmed has acquired Eligibill, a Wisconsin-based provider of insurance discovery and clearinghouse services, and will integrate Eligibill's capabilities into the CloudmedAI platform. The acquisition expands Cloudmed's revenue cycle technology and insurance discovery functionality to help hospitals and health systems accelerate reimbursement and recover underpaid revenue.

Irish dairy cooperative Ornua has completed the acquisition of U.S. cheese ingredients manufacturer Whitehall Specialties Inc. (WSI) from private equity firm Mason Wells. The deal expands Ornua Ingredients North America's production footprint and capacity across Wisconsin, Minnesota and Pennsylvania to support its long-term growth in the U.S. cheese ingredients market.

OverDrive, the digital reading platform for libraries and schools, acquired TeachingBooks.net to strengthen curriculum-focused resources for K-12 educators and integrate supplemental materials into OverDrive Education’s Sora app. The acquisition expands OverDrive’s catalog of instructional content and provides educators with over 265,000 curated resources used by tens of thousands of schools and libraries worldwide.

Etac, a subsidiary of Swedish investor Nordstjernan, has acquired 100% of Ki Mobility, a US-based developer of complex manual rehab wheelchairs and seating. The acquisition expands Etac’s product offering and establishes a dedicated North American mobility organization to support growth in the US and global export markets.

Clearlake Capital Group has signed a definitive agreement to acquire Springs Window Fashions from affiliates of AEA Investors and British Columbia Investment Management Corporation (BCI). Springs, a Middleton, Wisconsin-based manufacturer of branded custom window coverings and awnings with over 9,000 employees, will serve as a Clearlake platform to accelerate growth through organic initiatives and M&A.

Altor Solutions, a Compass Diversified (CODI)-backed designer and manufacturer of protective packaging, has acquired Plymouth Foam, a manufacturer of protective and cold-chain packaging, for an enterprise value of $56 million. The acquisition expands Altor's geographic footprint and capabilities—adding two manufacturing facilities in Plymouth, Wisconsin and Gnadenhutten, Ohio—and broadens its end-market exposure to food & beverage, pharmaceuticals, RV and construction customers.

Blackwell Capital Group, a Milwaukee-based private investment firm, has acquired Stack Equipment, a Hartford, Wisconsin supplier of refurbished aerial access and material handling equipment. The seller/previous owner Jim Lenahan (via Keystone Holdings) will remain a stockholder and Stack's management and staff will stay in place as Blackwell aims to grow the business and expand its reach and services.