Acquisitions in Wisconsin in 2022

The Panther Group, a Maynard, Massachusetts-based full-service staffing and recruiting firm, acquired Enterforce, Inc., a Pewaukee, Wisconsin-based managed service provider (MSP), in a stock purchase completed December 30, 2022. The deal folds Enterforce into Panther's workforce solutions offering as an independent division to expand capabilities and service breadth for clients across the Americas, Europe and Asia.

Lacerta Group acquired substantially all the assets of Portage Plastics Corporation and PPC Investments, LLC (together, Portage Plastics) on December 21, 2022, expanding its production footprint into Portage, Wisconsin. The deal included retention of more than 50 Portage Plastics employees and will support Lacerta's efforts to better serve customers in the Midwest and Central United States; Lacerta is a portfolio company of SK Capital Partners.

Midwest Growth Partners and Summit Equity Group, with mezzanine financing from NewSpring Mezzanine and a management rollover, completed an acquisition of Manitowoc Tool & Machining (MTM). The transaction positions MTM — a precision, production-oriented contract manufacturer serving OEM customers across agriculture, HVAC, aerospace & defense, medical and logistics/e-commerce — for continued growth and expanded capabilities under sponsor ownership.

Steve Cottrell, founder and CEO of Authenticom, has acquired Motive Retail to combine complementary data-integration products and platforms for the automotive retail ecosystem. The deal brings Motive's API integration capabilities together with Authenticom's DealerVault and data-hygiene offerings to expand capability and service coverage for OEMs, dealerships and software vendors.

Guild Mortgage, a San Diego-based national lender, has acquired Inlanta Mortgage, a Wisconsin-based independent mortgage lender that serves borrowers across multiple Midwestern states. The deal (terms undisclosed) expands Guild's footprint in the Midwest and adds Inlanta's origination and servicing capabilities and branch/loan officer relationships to Guild's platform.

Salute Mission Critical has acquired Iconicx Critical Solutions to expand its commissioning, testing and QA/QC capabilities for data centers and mission-critical environments. The deal strengthens Salute’s service offering for hyperscale, colocation and enterprise data center customers and supports Iconicx’s plans to scale operations and pursue international expansion.

PCF Insurance Services has acquired Milwaukee-based Milz Health Group to expand PCF's presence into the Wisconsin individual insurance market. Milz is a full-service agent specializing in Medicare (Advantage, Medigap, Part D) and Affordable Care Act plans; terms were not disclosed and PCF said the acquisition will enable expanded offerings and growth leveraging PCF's shared services model.

HR Acuity has acquired Speakfully, an anonymous workplace reporting and employee-voice platform, to extend its employee relations SaaS offering with anonymous reporting, real-time analytics and secure case intake. The acquisition integrates Speakfully's reporting capabilities into HR Acuity's investigations and case-management platform, expanding HR Acuity's end-to-end employee relations solution.

The Lawton Standard Co. has acquired American Iron & Alloys, LLC (AIA), a Waukesha, Wisconsin-based processor and distributor of continuous cast iron and bronze bar stock sold under the Versa-Bar brand. The purchase adds distribution and metal-processing capabilities to Lawton Standard’s foundry-focused platform and is intended to support growth of both AIA’s Versa-Bar business and Lawton’s foundry operations.

OutSystems has acquired Ionic to combine Ionic’s widely used open-source mobile and web development tools with OutSystems’ high-performance low-code platform. The deal is intended to expand OutSystems’ developer-focused capabilities and deliver more options for enterprise teams building mobile and desktop applications.

Ascend LLC acquired Fuchs Trucking LLC, a Sauk City, Wisconsin-based dry van regional truckload carrier, to deepen Ascend's footprint in the upper Midwest and expand network capacity. Fuchs' president Jay Doescher and a partner will retain an investment in the business to help maintain continuity as the company is integrated into Ascend's asset-based and brokerage network.

Wings Credit Union has agreed to acquire SB Bancorp, Inc., the holding company for Settlers bank, including Settlers' three Wisconsin branches in Appleton, Madison and Windsor. The transaction — subject to state and federal regulatory approval and expected to close in mid-2023 — will rebrand the locations as Settlers Best Credit Union, a division of Wings, advancing Wings' geographic expansion into Wisconsin.

Appvion, a portfolio company of Wynnchurch Capital, announced the addition of Nekoosa Coated Products, LLC to its platform as part of an investment by Wynnchurch. Nekoosa, headquartered in Nekoosa, Wisconsin, is a manufacturer of specialty engineered papers, films and application tapes previously owned by Sentinel Capital Partners; financial terms were not disclosed.

The Pennant Group, Inc. (NASDAQ: PNTG) acquired the assets of Kenosha Visiting Nurse Association, Inc. (KVNA), a provider of skilled home health, private duty, and community health services in Kenosha, Wisconsin. The acquisition expands Pennant's home health footprint in southern Wisconsin and will be operated alongside its Cornerstone Healthcare home health and hospice subsidiary.

Capital For Business, Inc. (CFB) completed an investment in The Jor‑Mac Company, LLC, with subordinated debt and equity participation from Aldine Capital Partners, The Mendota Group, and Northcreek Mezzanine. Jor‑Mac, based in Lomira, Wisconsin, is a manufacturer of metal fabrications and electromechanical assemblies serving OEMs in HVAC, industrial automation, and grid infrastructure; the investors plan to support organic growth, capability expansion, and strategic follow‑on acquisitions.

Benford Capital Partners has acquired Animix, LLC, a Juneau, Wisconsin–based supplier of water-dispersible premixes, supplements and ingredients for the calf milk replacer and animal feed markets. The company was sold by retiring owner Janusz Sowinski; Animix management (President Ronelle Blome and Dave Wood) invested alongside Benford and will continue to lead the business as Benford pursues organic growth and add-on acquisitions.

SiteOne Landscape Supply completed its acquisition of Madison Block & Stone, a wholesale distributor of natural stone, pavers, bulk materials and landscape supplies with one location in Madison, Wisconsin. The deal expands SiteOne's hardscapes presence in the Madison market and is the company's 14th acquisition in 2022 as it grows its national footprint.

Milwaukee-based private equity firm Borgman Capital acquired K.G. Stevens, a Milwaukee countertop fabricator and installer that also provides cabinetry and luxury appliances. Founder Steve Kobliska retains an ownership stake and will remain president and CEO as Borgman partners with the leadership team to grow the business.

Blackmon Mooring & BMS CAT has acquired Accent Property Restoration, a Milwaukee-based restoration, mitigation and reconstruction firm founded in 2008 by Dean Rossey. The acquisition is the ninth in BMS CAT’s strategic roll-up plan and will integrate Accent’s local team and capabilities into BMS CAT’s national disaster recovery and restoration platform.

Prince & Izant, LLC (P&I), a Cleveland-based provider of engineered metal alloys and precision materials, acquired the assets of Peltier Mfg., Inc. on October 7, 2022. The add-on purchase—by P&I, which is PE-backed by Industrial Growth Partners (IGP)—expands P&I’s product portfolio and manufacturing capabilities in precision metal preforms and microstampings for aerospace, medical, electronics and other industrial end markets.

North American Specialty Laminations (NASL), a platform of Building Industry Partners (BIP), acquired Midwest Prefinishing, Inc. and Premium Prefinished Products, Inc., combining the two sister prefinishing businesses into NASL's platform to expand prefinishing capabilities across doors, mouldings, stair parts and other building-product components. The deal strengthens NASL's national footprint and technical expertise in color/finishing solutions for windows, doors, cabinets, flooring and specialty millwork, while extending BIP/NASL's people-focused employee ownership approach to the acquired teams.

A&M Capital Opportunities (AMCO), the lower-middle-market strategy of Alvarez & Marsal Capital, has made an investment in Heartland Business Systems, a Little Chute, Wisconsin-based provider of IT services. The capital will support Heartland’s next phase of growth — including geographic expansion, new end markets and acquisitions — as the company pursues expansion across the Midwestern United States.

Omega Laboratories, a Mogadore, Ohio-based laboratory testing provider, has acquired Acumium, a Madison, Wisconsin information technology and software development firm. The acquisition creates Omega Technology Solutions and integrates Acumium's software, cloud and data-privacy capabilities with Omega's laboratory services to improve data security, reporting and faster result delivery.

Woodward Communications, Inc. has acquired Insight Publications, LLC (Appleton, WI) from owner Brian Rasmussen and purchased In Business (IBmadison) from Magna Publications, Inc. Both publications’ employees will remain with their businesses and management said the deals expand WCI’s regional publishing, digital and events capabilities across Wisconsin.

TMA Systems has agreed to acquire Eagle Technology, a Mequon, Wisconsin–based developer of Proteus MMX CMMS/EAM software. The deal, supported by a $68 million strategic growth investment in TMA from Silversmith Capital Partners, is intended to accelerate product innovation (IoT and predictive maintenance capabilities), expand end-market coverage into manufacturing, distribution and logistics, and add offices in Mequon and Monterrey, Mexico.

St. Louis-based 4M Building Solutions has acquired Wisconsin-based Eagle Enterprises, Ltd., a commercial cleaning and janitorial services provider, effective Oct. 1, 2022. The deal brings nearly 100 new commercial cleaning customers, about 250 employees, and Eagle’s New Berlin headquarters and Madison-area office to 4M as the company expands into its fifteenth state, Wisconsin.

Emmes, a global full-service clinical research organization, has acquired Clinical Edge, a Milwaukee-based provider of visual function examiner training and certification for ophthalmic clinical trials. The deal combines Clinical Edge with Emmes' Optym ophthalmology unit (rebranded OptymEdge), expanding Emmes' ophthalmology certification capabilities and geographic reach across the U.S., Europe and Asia.

Ryerson Holding Corporation, a leading value-added processor and distributor of industrial metals, acquired Howard Precision Metals, a Milwaukee-based aluminum distributor specializing in precision-cut aluminum plate and extruded bar. The deal expands Ryerson’s non-ferrous processing capabilities and adds complementary value‑added services to its Midwest footprint.

Italian decorative laminate manufacturer Abet Laminati has acquired Fiberesin Industries, Inc., a U.S.-based maker of solid phenolic panels and laminated products. The deal gives Abet a U.S. manufacturing platform and is expected to enable product cross-selling, shared R&D and complementary sales channels between the businesses.

QuestionPro has acquired Digsite's qualitative research capabilities and collaborative insights platform to integrate agile qualitative solutions into its enterprise research and survey offerings. The deal expands QuestionPro's qual+quant capabilities, enabling customers to combine Digsite's exploratory research and rapid ‘Sprints’ with QuestionPro's survey, CX and analytics platforms.

Blackbaud acquired Kilter, an activity-based engagement mobile app, to expand activity-based peer-to-peer fundraising and support health and wellness initiatives for nonprofit and corporate customers. Blackbaud plans to integrate Kilter into its TeamRaiser fundraising product immediately and extend capabilities to the YourCause CSRconnect platform in 2023.

Alpha II, supported by growth equity firm WestView Capital Partners, has acquired Madison-based Health eFilings to expand its revenue cycle management platform with clinical data analytics and automated MIPS reporting. The combined business will integrate Alpha II's denial-prevention content and rules engine with Health eFilings' analytics to offer enhanced revenue integrity and value-based care reporting for healthcare providers.

Miner Ltd., the dock and door division of OnPoint Group, has acquired K&K Material Handling, Inc., a regional provider of commercial doors and loading-dock equipment serving Northern and Central Wisconsin. The add-on expands Miner’s dock-and-door service footprint in Wisconsin, bringing K&K’s more than 40 years of local experience and service capabilities into Miner's national network.

RAF Industries, a long‑term private investment firm based in Philadelphia, acquired Ligchine Corporation, a Darien, Wisconsin‑based designer and manufacturer of laser‑guided boom screeds, from private equity owners Blue Sage Capital and Hanover Partners. The transaction transfers control of the niche construction equipment manufacturer to RAF as the sellers exit their investment after supporting product and go‑to‑market expansion.

Humana Inc. will acquire substantially all of the assets of Inclusa, Inc., a Wisconsin-based Managed Care Organization that provides long-term care services through the state’s Family Care Medicaid program. The deal expands Humana’s Medicaid footprint and long-term care capabilities in Wisconsin; the transaction remains subject to customary state regulatory approvals and closing conditions.

Heartland Home Services, a Grand Rapids-based provider of HVAC, plumbing and electrical home services, has acquired Pat's Heating and Air Conditioning, a family-owned HVAC provider serving the greater Milwaukee area. Owners Pat and Mary Sue will remain with the business and transaction terms were not disclosed; the deal expands Heartland's footprint in the Midwest.

MPE Partners, alongside its portfolio company DecoArt, acquired Jack Richeson & Co., a Kimberly, Wisconsin-based manufacturer and distributor of artist materials. The Richeson family will remain in leadership roles while DecoArt (the platform) and MPE plan to leverage combined capabilities to expand product offerings and accelerate growth in the fine art and education markets.

V&V Supremo Foods, Inc., a family-owned producer of Mexican cheeses and other specialty products, has acquired Mill Creek Cheese, a family-owned cheese plant in Iowa County, Wisconsin. The acquisition allows V&V Supremo to expand production capacity and strengthen its presence in key retail and foodservice markets.

Frontier Dental Lab Group partnered with and made an investment in D&S Dental Laboratory, a full-service dental laboratory headquartered in Waunakee, Wisconsin. The transaction is an add-on to Frontier's dental laboratory platform (backed by O2 Investment Partners) and strengthens the platform's Midwest presence; D&S has ~125 employees and multiple regional branches.

Cap City Dental Lab (Columbus, OH) has acquired Bolton Dental Laboratory (West Allis, WI). The acquisition is an add-on to Cap City's growth strategy—expanding its product and service portfolio, adding CAD/CAM capabilities, and extending its geographic reach in the Midwest.

Benford Capital Partners portfolio company Nutrition Service Company (NSC) completed two add-on acquisitions: Echo Ridge Ag Services, LLC and Kress Farm Supply, Inc. (d/b/a Sherwood Elevator). The transactions expand NSC's dairy nutrition capabilities, customer base across Wisconsin, and feed production and grain storage capacity while providing an exit path for the Kress family.

Prototek Holdings LLC has acquired Prototype Solutions Group (PSG), a Menomonie, Wisconsin-based rapid prototyping provider, expanding Prototek's CNC, additive and cast manufacturing capabilities and Midwest capacity. PSG founder Alan Anderson will serve as a strategic operational advisor and will continue to lead day-to-day operations at the Menomonie location; terms were not disclosed.

Solve Industrial Motion Group, a Charlotte-based manufacturer and distributor of bearings and power-transmission components and a portfolio company of Audax Private Equity, acquired MasterDrive, Inc., a supplier and manufacturer of sheaves, belts, timing pulleys and couplings based in Fort Atkinson, Wisconsin. The add-on expands Solve's product offering and stocking footprint in power transmission drive components, combining MasterDrive's ~9,000 SKUs and 12 stocking locations with Solve's broader distribution network and product catalog.

Pentair plc has completed its acquisition of Manitowoc Ice from Welbilt, Inc. for $1.6 billion, subject to customary adjustments. The purchase brings Manitowoc Ice's ~800 employees, ~1 million installed units and broad commercial ice machine product line into Pentair to expand its commercial water solutions for foodservice and hospitality customers.

Cox Automotive, through its Cox Automotive Mobility Fleet Services group, has acquired Trudell, the parent company of Trudell Trailers and Northeast Great Dane, adding trailer sales, direct parts distribution and heavy-duty trailer service capabilities to its fleet services portfolio. The deal brings Trudell's mobile on-site maintenance, shop repairs and parts sales (supported by more than 115 technicians across 13 locations) into Cox Automotive's nationwide fleet services network to expand capabilities and adjacency offerings.

ArchiMed, through its MED Platform II fund, completed a take‑private acquisition of Natus Medical Incorporated, with Natus shareholders receiving $33.50 per share. ArchiMed said it will internationalize and grow Natus' neurodiagnostics product portfolio, reinforce R&D, and pursue complementary bolt‑on acquisitions.

CGI Manufacturing Holdings, a portfolio company of CORE Industrial Partners, has acquired Tenere Inc., a North American manufacturer of custom mechanical solutions for data center, fiber/telecom and renewable energy markets. The deal is the seventh add-on to the CGI platform and was sold by The Watermill Group, adding Tenere's ~600,000 sq. ft. footprint and injection molding capabilities to CGI's manufacturing platform.

An affiliate of The Beekman Group has completed a recapitalization of FCDG Management, LLC (First Choice Dental), a multi-specialty dental service organization based in the Greater Madison, Wisconsin market. The Beekman's investment will support First Choice Dental's growth and geographic expansion — enabling the company to expand its multi-specialty dental services across Wisconsin and beyond.

Deltek has entered into an agreement to acquire the assets of TIP Technologies, a provider of quality management system (QMS) and manufacturing execution system (MES) software. The acquisition adds QMS/MES capabilities to Deltek's product portfolio to better serve government contractors, aerospace & defense, and engineer-to-order manufacturers; the deal was expected to close in Q3 2022.

ARCH Medical Solutions Corp., a Jordan Company platform, has acquired MedTorque, a precision manufacturer of orthopedic instruments and implants with facilities in Kenosha, Wisconsin and Elmhurst, Illinois. The transaction, an add-on to ARCH’s medical manufacturing platform, was an exit for Parallel49 Equity and expands ARCH’s capabilities in orthopedic instruments, torque-limiting drivers, and robotic-assisted surgical components.