Acquisitions in Wisconsin in 2023

Aquiline Capital Partners has made a growth investment in LeaseCrunch LLC, a lease accounting and lease management SaaS provider for CPA firms. The capital will be used to scale LeaseCrunch’s product capabilities, pursue M&A opportunities, and support continued growth; the deal closed in Q4 2023 with Marks Baughan as exclusive sell-side advisor.

Monomoy Capital Partners has signed a definitive agreement to acquire Waupaca Foundry, Inc., North America's leading supplier of cast and machined iron castings, from Proterial, Ltd.; the transaction closed in early 2024. Headquartered in Waupaca, Wisconsin, Waupaca Foundry employs approximately 4,000 people and serves automotive, industrial machinery, agriculture and construction end markets; Monomoy says it will partner with existing management to drive growth and operational improvements.

VC3, a PE-backed managed service provider, has acquired Aberdean Consulting, a veteran-owned IT managed services firm based in Madison, Wisconsin. The add-on expands VC3's Midwest footprint and augments its managed services, cloud and cybersecurity capabilities; Aberdean supports more than 140 client organizations whose combined employees exceed 5,000.

The Krones Group acquired R+D Automation (formerly R+D Custom Automation) in 2022, bringing the Wisconsin-based specialist in life‑sciences automation into Krones’ global portfolio. R+D is rebranded as R+D Automation and is leveraging Krones’ international footprint and resources to expand installations, service and sales in the medical, pharmaceutical and biotech markets.

ISCO Industries, Inc. has acquired substantially all of the assets of Infinity Plastics, a Mayville, Wisconsin manufacturer of fabricated HDPE piping products. The asset purchase expands ISCO's U.S. footprint and manufacturing capacity, adding a strategic production location to support increased customer demand across multiple piping end markets.

DwyerOmega, a portfolio company of Arcline Investment Management, has acquired Automation Components, Inc. (ACI), a Middleton, Wisconsin-based designer and manufacturer of sensors and instrumentation for building automation, data centers, and indoor air quality markets. The acquisition expands DwyerOmega's product portfolio and manufacturing capabilities in the building automation and environmental sensing markets.

Francisco Partners has provided growth capital to back the combination of Muse Group and Hal Leonard, creating an expanded global music content and learning platform. Hal Leonard will join Muse Group while both firms retain their existing headquarters; the combined business will leverage Muse Group’s digital products (Ultimate Guitar, MuseScore, Audacity) and Hal Leonard’s extensive sheet-music catalog to accelerate product, content and education offerings.

Boston-based private equity firm Fort Point Capital has invested in Visu-Sewer, Inc., a Pewaukee, Wisconsin-headquartered provider of wastewater infrastructure rehabilitation and maintenance services. The partnership will support Visu-Sewer's growth plans, expand service offerings and pursue accretive acquisitions; BMO Sponsor Finance provided debt financing and advisors included Kirkland & Ellis, RSM and TKO Miller.

Epicor has acquired Elite EXTRA, a cloud-based last mile delivery solutions provider, to add advanced routing, dispatch, delivery network and returns automation capabilities to its industry ERP portfolio. The acquisition—terms undisclosed—will integrate Elite EXTRA with Epicor Vision and other Epicor ERP platforms to strengthen last-mile logistics for customers in automotive aftermarket, distribution and retail/e‑commerce sectors.

Platinum Equity has closed the transaction to acquire a majority interest in Kohler Energy from Kohler Co., establishing Kohler Energy as an independent, standalone business. Kohler Co. remains an investment partner, Brian Melka will serve as CEO and David Kohler will sit on the board; financial terms were not disclosed. Platinum Equity said it will invest in growth and operational initiatives to accelerate Kohler Energy's position in the global energy resilience market.

Millennium, a Delavan, Wisconsin–based broadband solutions provider, has acquired DeBauche Communications Services to strengthen its engineering and design capabilities for fiber-optic network builds across the U.S. The acquisition adds DeBauche’s 16 years of outside-plant engineering and GIS experience in multiple states and is intended to accelerate Millennium’s fiber-to-the-home projects for local and regional providers.

Ryerson Holding Corporation (NYSE: RYI) has acquired Norlen Incorporated, a full-service metal fabricator based in Schofield, Wisconsin. The acquisition expands Ryerson's value‑added processing and in-house fabrication capabilities in the Midwest, adding stamping, machining and painting services to its network of service centers.

MarketSource, Inc., a managed sales solutions provider owned by Allegis Group, has acquired Salelytics, LLC, a contact-center and outsourced customer experience provider headquartered in Appleton, Wisconsin. The deal combines Salelytics' AI-supported contact center technologies and inside-sales capabilities with MarketSource's field and inside sales operations to deliver an end-to-end customer experience and expanded capabilities across multiple verticals.

ATS Corporation has entered into a definitive agreement to acquire Avidity Science, a designer and manufacturer of automated water purification and delivery systems for biomedical and life science applications, for US$195 million. The acquisition strengthens ATS's life sciences capabilities and is expected to close in Q4 2023 subject to customary regulatory filings.

Southwire Company LLC has agreed to acquire the Genesis Wire & Cable business from Resideo Technologies Inc. The divestiture — expected to close within 30 days subject to customary conditions — adds a leading U.S. low-voltage cable manufacturer (187 employees) to Southwire's product portfolio to expand its presence in security, HVAC, residential and commercial channels.

DirectMed Parts & Service, a private equity-backed aftermarket diagnostic imaging parts and service provider, has acquired Technical Prospects, a leading supplier of aftermarket parts, training, and support for Siemens medical imaging equipment based in Appleton, Wisconsin. The deal — executed by DirectMed (a portfolio company of NMS Capital) — expands DirectMed's Siemens expertise and parts/modality coverage across CT, MRI, cath-angio, ultrasound, mammography and other imaging modalities; terms were not disclosed.

Heartisan Foods, a Ronin Equity Partners-backed specialty cheese platform, has acquired North Country Packaging, a Barron County maker of cheese spreads and curds. The deal will triple Heartisan's manufacturing capacity, expand fulfillment for its Cheese Brothers e-commerce brand, and support new product launches; North Country co-founders Kendall and Maria Goossen will retain a meaningful stake in the combined business.

Divine Healthcare Management has acquired Superior Rehabilitation Center, a skilled nursing and rehabilitation facility at 1800 New York Avenue in Superior, Wisconsin, and will rebrand it as Divine Rehabilitation and Nursing at Superior. The acquisition expands Divine Healthcare Management's regional footprint and brings the facility under its portfolio of rehabilitation and skilled nursing operations.

CJK Group, Inc. has completed the acquisition of Worzalla in Stevens Point, Wisconsin, and will rename the facility Sheridan Worzalla as part of its Sheridan family of print facilities. The acquisition adds a 365,000 sq. ft. plant and approximately 340 employees, expanding CJK/Sheridan's capacity and capabilities in children's and trade book printing as well as reinforcing its presence in education, academic, religious and automotive publishing markets.

AEA Investors’ Small Business Private Equity (AEA SBPE) team closed the acquisition of Crane Engineering Sales, a Kimberly, Wisconsin-based provider of flow control and fluid handling distribution, services and engineered skid systems. The transaction includes significant reinvestment from Crane’s management and employees and positions AEA to grow the business organically and via acquisitions in the industrial distribution market.

Watts Water Technologies, Inc. agreed to acquire Bradley Corporation for $303 million (approximately $268 million net of estimated tax benefits) to expand its water solutions portfolio. The acquisition adds Bradley's front-of-the-wall commercial washroom and emergency safety product lines, increases exposure to commercial and industrial end markets, and is expected to generate cost synergies and be accretive to Adjusted EPS in 2024.

Ballymore Company, Inc., a portfolio company of Graycliff Partners LP, has acquired Material Handling Holdings, LLC (MHH) from Borgman Capital. MHH, a Wisconsin-based manufacturer and distributor of custom lifting and positioning equipment, was Borgman’s first platform investment (acquired in 2018) and will be integrated into Ballymore’s product offering to expand its material-handling capabilities.

Spectrum Equity has invested $156 million to acquire a majority stake in healthcare benefits software company VBA, with existing investor Arthur Ventures participating. The funding will be used to accelerate product development and grow headcount as Spectrum partners with VBA’s management by joining the board.

Orbita acquired the assets of Wellbe — including Wellbe's software, customers and select staff — in a transaction finalized on Aug. 16, 2023. The deal combines Orbita's conversational AI and virtual assistant platform with Wellbe's patient navigation capabilities to create an end-to-end digital pathway for specialty care.

San Diego-based buyout firm Tide Rock has acquired Pro-Active Engineering, an Electronics Manufacturing Services (EMS) provider based in Sun Prairie, Wisconsin. The deal expands Tide Rock's PCB/EMS capabilities—adding design, quick-turn prototyping, box builds and production services—and keeps Pro-Active's management team in place while founder Toby Klusmeyer retires.

AccuQuilt, a subsidiary of TekBrands (a WILsquare Capital portfolio company), acquired the brand, product line and key assets of June Tailor. The deal expands TekBrands' quilting and crafting platform by adding June Tailor's complementary tools, notions and sewing kits to AccuQuilt's product portfolio; terms were not disclosed.

Relevant Industrial, LLC has agreed to acquire Marshall W. Nelson & Associates, Inc., a Milwaukee-based specialist in combustion applications and gas-fired industrial equipment. The deal expands Relevant Industrial's capabilities in combustion engineering and industrial equipment services while increasing the combined company's footprint and employee base across the United States.

TFI International agreed to acquire JHT Holdings, an asset-light North American logistics and transportation provider that specializes in transporting Class 6-8 trucks from OEMs to dealers and end customers. JHT, based in Pleasant Prairie, Wisconsin, operates a 25-terminal network (8 owned), generates more than US$500 million in annual revenue, and is expected to close in the third quarter subject to customary adjustments.

DecksDirect, a Harbour Group company, has acquired DIY Home Center, an online distributor of deck components and exterior building products based in Green Bay, Wisconsin. The add-on expands DecksDirect's outdoor building product assortment and provides access to new customers and distribution channels; terms were not disclosed.

A fund managed by Ares Management's Infrastructure Opportunities strategy has acquired Dynamic Renewables, a U.S.-based developer, owner and operator of anaerobic digestion and renewable natural gas (RNG) projects. An unregulated affiliate of NorthWestern Energy also took a small minority stake; the investments will support development, construction and expansion of Dynamic's pipeline and operating assets, including the BC Organics facility in Wisconsin.

Wolverine Capital Partners has acquired Vital Plastics, Inc., a Baldwin, Wisconsin-based injection molding manufacturer and assembly provider, in a transaction announced July 18, 2023. Vital Plastics will continue day-to-day operations under President & CFO Matthew Fish, and Wolverine Capital intends to support the company's next phase of growth and capabilities expansion.

LFM Capital announced the formation of Weller Metalworks, a metal fabrication and precision machining platform, and completed the acquisition of Fond du Lac-based Muthig Industries. Terms were not disclosed; Muthig will serve as the inaugural add-on to the Weller platform as LFM looks to expand fabrication and machining capabilities for OEM customers.

TD&I Cable Maintenance, together with sponsor Tower Arch Capital, acquired Underground Systems Utility, LLC and Underground Systems Utility Contractors, LLC from founder Kent Walbeck. The add-on expands TD&I’s underground telecom and utility installation and maintenance capabilities and strengthens its presence in Wisconsin and the Upper Peninsula of Michigan.

Concentric Equity Partners, the direct investing arm of Financial Investments Corporation, has completed a strategic investment partnership with The Boat House Group to support the dealer’s acquisition-driven growth and operational expansion. The capital and strategic support will help TBHG pursue acquisitions, increase operational efficiency, and expand its multi-store boat dealership and marine services footprint across the Midwest and Florida.

Abracon has acquired NEL Frequency Controls, Inc., a Burlington, Wisconsin-based manufacturer of ultra-low phase noise crystal oscillators and modules. The acquisition expands Abracon's precision timing product offering, adds US-based manufacturing capacity, and aims to accelerate product development and go-to-market capabilities.

EMCOR Group, Inc. has agreed to acquire ECM Holding Group, Inc., a national energy-efficiency specialty services firm headquartered in Oshkosh, Wisconsin, in an all-cash transaction. The acquisition expands EMCOR's energy efficiency and sustainability services capabilities, adding ECM's HVAC, lighting, water, weatherization and airflow management offerings (ECM had estimated 2023 revenues of $60 million).

Mayville Engineering Company, Inc. (MEC) completed the acquisition of privately held Mid-States Aluminum (MSA) on July 1, 2023. The purchase expands MEC’s capabilities into lightweight aluminum extrusion and fabrication, providing cross-selling opportunities and expected to be immediately accretive to earnings and free cash flow.

Columbia Grain International has launched consumer foods subsidiary Enrich Foods, LLC and completed its first acquisition by purchasing Great River Milling in Fountain City, Wisconsin. The acquisition adds organic and specialty flour, grains and co-manufacturing/private-label capacity — supporting Columbia Grain's expansion into retail and e-commerce consumer packaged foods under the Enrich Foods/Balanced Bushel portfolio.

Oxbo, a Netherlands-headquartered maker of specialty harvesting and application equipment, has acquired H&S Manufacturing, which operates facilities in Marshfield and Clintonville, Wisconsin. The deal expands Oxbo's hay and forage product portfolio, dealer network and manufacturing footprint to better serve global hay and forage customers.

Grand Rapids-based private equity firm Auxo Investment Partners acquired SOS Manufacturing, a Roberts, Wisconsin-based custom wire harness and cable assembly manufacturer. The deal is Auxo's fourth add-on to its growing wire harness and cable manufacturing platform and will expand the platform's capabilities (including work relevant to supercomputing), while SOS's management will remain in place.

Affiliates of Lone Star Funds have acquired BRWS Parent LLC and its subsidiaries (collectively CentroMotion) from One Rock Capital Partners. CentroMotion is a global designer and manufacturer of engineered systems for industrial and transportation applications; financial terms were not disclosed.

Camping World Holdings, Inc. has agreed to acquire Van Boxtel RV in Green Bay, Wisconsin, with the transaction expected to close in the third quarter of 2023. The deal will increase Camping World's Wisconsin locations to seven and adds sales, over 30 service bays, a collision center, seasonal rentals and a parts and accessories store at the Green Bay site.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired RMR Wealth Advisors, LLC, a Madison, Wisconsin-based wealth management firm founded in 2009. The deal brings RMR’s team, approximately $350 million in AUM and ~150 clients into Mercer’s national RIA platform to expand Mercer’s family office and wealth management capabilities.

Vancouver-based Tricor Pacific Capital has made an investment in Eden-Valders Stone, partnering with Eden-Valders President Barry Gesell, EXI Investment Partners, and other members of the company's management team. The transaction provides Eden-Valders — a long-established Wisconsin natural stone producer with multiple quarries and processing centers — with capital and strategic support to drive growth and support the next generation of the business.

Gauge Capital has made a strategic recapitalization investment in Engine & Transmission Exchange (ETE REMAN), a Milwaukee-based remanufacturer of automotive transmissions. The transaction partners Gauge with the company's founders and management (including founder Sam Loshak); Gauge partners James Jackson and Kevin Rafferty joined ETE's board to support planned investments in remanufacturing, product development, quality, and human capital.

Helios Technologies (NYSE: HLIO) has acquired i3 Product Development, a Wisconsin-based custom engineering and product development firm with expertise in electronics, mechanical, embedded software and rapid prototyping. The acquisition, financed with cash and equity, augments Helios’ internal engineering capabilities and supports its telematics and data analytics roadmap; terms were not disclosed.

nVent Electric plc agreed to acquire ECM Investors, LLC (parent of ECM Industries) from Sentinel Capital Partners for $1.1 billion, subject to customary adjustments. ECM, a New Berlin, Wisconsin-based manufacturer of electrical connectors, tools, test instruments and cable management with ~1,400 employees, will operate within nVent's Electrical and Fastening Solutions segment to expand nVent's product offering and address high-growth verticals.

Cap City Dental Lab, a ScaleCo Fund III company, acquired Perfect Fit Dental Studio of Janesville, Wisconsin on May 1, 2023 as its second add-on acquisition. The deal expands Cap City’s product offerings and operational capacity in cosmetic and restorative dental laboratories, supporting geographic and capability growth for the platform.

AMSOIL Inc., a family-owned synthetic lubricant manufacturer based in Superior, Wisconsin, has acquired Milwaukee-based Benz Oil, a 125-year-old maker and supplier of industrial and metalworking fluids. Benz Oil will be integrated into AMSOIL's Industrial business unit to expand product capabilities and add cutting, grinding, process and specialty fluids to AMSOIL's portfolio.

Manitowoc Tool & Machining, a portfolio company of Midwest Growth Partners, completed the acquisition of G&V Machine Company on May 3, 2023. G&V, an ISO 9001:2015 certified production CNC machining firm based in Ixonia, Wisconsin, supplies complex parts to construction, agriculture, on‑highway trucking, forestry, mining and other OEM industries; the deal expands MTM's capacity, capabilities and end-market reach.