Acquisitions in Wisconsin in 2024

Creative Planning, a large independent wealth management firm based in Overland Park, Kansas, acquired Kowal Investment Group, an RIA based in Brookfield, Wisconsin. The deal closed December 21, 2024; Kowal's 20 employees and approximately $1.3 billion in AUM joined Creative Planning as part of the firm's ongoing nationwide expansion.

An affiliate of Peak Rock Capital has completed the acquisition of Traffic and Parking Control Co. (TAPCO), a Brown Deer, Wisconsin-based manufacturer of intelligent transportation systems and traffic safety products. Peak Rock said it will invest in product, service and operational capabilities to accelerate growth and pursue accretive acquisitions while supporting TAPCO's leadership and employees.

Kunes Auto & RV has acquired Wisconsin RV World in DeForest, Wisconsin from Christine Eagan and the Eagan family. The family-owned dealership will remain at its current location and become part of Kunes' regional network as the buyer expands its RV retail footprint in Wisconsin.

Main Street Capital completed a $30.8 million first-lien, senior secured term debt follow-on investment in portfolio company Gamber-Johnson Holdings to support Gamber-Johnson's strategic acquisition of a manufacturer of law enforcement and aftermarket truck accessories. The follow-on represents Main Street's sixth additional investment in Gamber-Johnson since initially partnering with the company's management team in June 2016.

Nihon Kohden has acquired a 71.4% stake in NeuroAdvanced Corp., the parent of Ad‑Tech Medical Instrument Corporation, from ARCHIMED’s MED II fund, with ARCHIMED retaining a 28.6% minority stake and entering a joint venture with Nihon Kohden. The deal brings together Nihon Kohden’s EEG and monitoring platform with Ad‑Tech’s intracranial neuroelectrodes to strengthen epilepsy diagnostics and expand Ad‑Tech’s global reach across North America, Europe and Asia.

Heniff Transportation Systems has acquired Janesville, Wisconsin–based Hagen Johnson Group, adding Hagen Johnson’s food-grade tank truck fleet, kosher tank-cleaning operation, and liquid freight brokerage to Heniff’s corresponding divisions. Terms were not disclosed; the deal excludes Reedsburg-based Korth Transfer. Heniff said the acquisition will support continued growth, technology investment and improved services for customers.

Sila Services has acquired New Berlin Heating & Air Conditioning, a family-run HVAC services provider based in New Berlin, Wisconsin, to accelerate the platform’s Midwest expansion. The deal brings New Berlin’s technical team and local customer base into Sila’s multi-brand home services platform to enhance service capabilities and regional coverage.

Imperial Dade has acquired San-A-Care, a Waukesha, Wisconsin-based distributor of cleaning and janitorial supplies. The acquisition expands Imperial Dade's presence in the Milwaukee area and represents the company's 95th acquisition under current leadership; financial terms were not disclosed.

PremiStar has acquired Conditioned Air Design, a commercial HVAC contractor based in West Allis, Wisconsin, expanding PremiStar's footprint in Southeastern Wisconsin. The deal strengthens PremiStar's service capacity for education, healthcare, commercial/industrial, and data center customers and provides career opportunities for Conditioned Air Design's employees.

Health In Motion, a member of the Confluent Health family, has acquired Spooner and Hayward Physical Therapy & Wellness, a therapist-owned outpatient physical therapy practice with locations in Spooner and Hayward, Wisconsin. The deal expands Health In Motion's regional footprint to 11 clinics across Wisconsin and Pennsylvania and gives SHPT access to Confluent Health's management services, clinical education, and hybrid care platform.

ECI Software Solutions has acquired Avid Ratings, a Madison, Wisconsin-based provider of customer experience software for the homebuilding industry. The acquisition expands ECI's industry-specific homebuilder offerings by adding Avid's AvidCX platform, HomeKeep, and AI-powered AvidWarranty capabilities to enhance customer experience, analytics and integration across ECI's construction solutions.

Hightower has made a strategic investment in Financial Planning and Information Services (FPIS), a 16-person wealth management and financial planning team based in De Pere, Wisconsin with over $1.1 billion in AUM. FPIS will retain its brand and leadership while gaining access to Hightower's national resources, including trust and tax capabilities, to support growth and succession planning.

Aterian Investment Partners (through an affiliate) has acquired Outlook Group, LLC, a Neenah, Wisconsin-based provider of pressure-sensitive labels and turnkey packaging solutions, from Heartwood Partners II, LP and affiliated entities. Outlook operates two Wisconsin locations with approximately 260 employees and serves food & beverage, consumer staples and healthcare customers; Aterian plans to support organic growth and M&A to expand the business.

Aquarian Holdings has acquired a majority stake in PACE Equity and committed up to $1 billion of financing to scale the firm's commercial PACE (C-PACE) lending platform. The investment will expand PACE Equity's capacity to fund commercial green building projects and broaden its market reach across the U.S.

Lakeshore Family Partners, a family-owned holding company based in Jackson, Michigan, acquired a minority stake in Walt's Petroleum Service, a petroleum equipment distribution, installation, and service provider headquartered in Wausau, Wisconsin. The transaction, closed October 25, 2024, is framed as a strategic partnership to support growth, preserve family-owned values, and expand operational capabilities across the Upper Midwest.

Sound Growth Partners (SGP), with co-investors Everside Capital Partners and Caumsett Capital, acquired LPi Digital, LLC on October 25, 2024. LPi, headquartered in the Milwaukee area, is a leading provider of advertising-supported print and digital bulletins and newsletters for faith-based, community, and membership organizations across the U.S.; SGP said it will support LPi’s technology investments to expand its impact.

Brookside Capital Partners has invested in SWAT Environmental, partnering with Mason Wells to provide subordinated debt to accelerate the company's growth and market expansion. SWAT Environmental, founded in 1988, is the largest radon mitigation services firm in the United States and serves customers across more than 30 states.

Gryphon Investors has acquired RapidAir, a provider of downstream compressed air solutions headquartered in Auburndale, Wisconsin, from Pfingsten. Gryphon will operate RapidAir as a platform for future investments in compressed air solutions while RapidAir's CEO Mark LeMire and management remain with the company and retain an ownership stake.

General Pump Company (GPC) announced a merger with Water Well Solutions (WWS), combining regional market leaders in water-well and pump services to scale operations and share technical resources. The partnership is backed by Sylmar Group, a water-focused investment firm, to support geographic expansion and continued nationwide growth while both companies retain their brand identities.

Kundinger, a fluid power and process control distributor, has acquired Control Concepts Technology Enterprises (CCT), a Schofield, Wisconsin-based designer and builder of control systems. Terms were not disclosed; the deal includes a Schofield-based Parker Store and expands Kundinger's presence and service capabilities across Wisconsin.

Surgery Partners entered into a strategic partnership with eleven Wisconsin physician‑owned entities to form the Midwest Orthopedic and Musculoskeletal Alliance (MOMA). The joint venture brings together orthopedic, physical therapy, pain management and anesthesia practices to create a unified, growth‑oriented musculoskeletal care platform in Wisconsin, with Hyde Park Capital advising the physician groups.

New Mountain Capital has made a majority investment in Salute Holdings, a provider of integrated lifecycle services for data centers, with existing investor LLR Partners retaining a significant minority stake. The investment will support Salute’s growth trajectory, expansion of technology-enabled offerings, and continued focus on recruiting and training talent across its global footprint.

WealthPlan Partners, a national Registered Investment Adviser based in Omaha, Nebraska, has acquired Klauke Investments & Insurance Services, a wealth management and insurance firm in Onalaska, Wisconsin. The deal brings approximately $275 million in assets under management and over 300 clients to WealthPlan, expanding its Midwest presence and advisor platform.

Rainier Partners' portfolio company Omega Fitness has acquired 21 Anytime Fitness gyms in Wisconsin from MDS Fitness, expanding Omega's footprint and strengthening geographic density in the state. The deal increases Omega's position as one of the largest Anytime Fitness franchisees (now operating 120+ gyms) and is an add-on to the Rainier-backed platform focused on rapid roll-up growth.

Cobalt Service Partners, a commercial access solutions platform backed by Alpine Investors, acquired Automatic Entrances of Wisconsin (AEW), a leading automatic door installation and service provider based in Waukesha, Wisconsin. Founder Bill Holcomb retired as part of the transaction while long-time partner Jay Walt will remain with the business; the deal is an add-on to Cobalt's platform (its ninth acquisition since December 2023).

Vyne Medical, a Dunwoody, Georgia-based healthcare communication and automation provider, has acquired Extract Systems, a Madison, Wisconsin provider of AI-driven data extraction solutions. The acquisition integrates Extract Systems' machine‑learning extraction and redaction capabilities into Vyne Medical's Trace platform to expand clinical and document automation capabilities and accelerate entry into government services; terms were not disclosed.

Painters USA has acquired Lakeside Painting to expand its commercial and industrial painting, floor coating and industrial cleaning capabilities in Wisconsin. The deal brings Lakeside Painting's regional team and experience into Painters USA's national platform, with Lakeside owner Joe Pangburn endorsing the move as an opportunity to better serve clients and pursue larger projects.

ADDEV Materials, a Lyon-based materials converter and distributor, has acquired Ad Tape & Label (dba ATL Corp.), a Menomonee Falls, Wisconsin manufacturer of disposable adhesive medical devices, pharmaceutical labels and converted/die-cut components. The acquisition expands ADDEV Materials' converting and healthcare capabilities in North America and brings ATL's ISO 13485-certified clean-room capabilities into ADDEV's global footprint.

Grand Rapids-based US Signal Company, a portfolio company of Igneo Infrastructure Partners, has completed the acquisition of OneNeck IT Solutions LLC and OneNeck Data Center Holdings LLC from Telephone and Data Systems, Inc. The deal expands US Signal’s data center footprint from 10 to 16 facilities, extends its geographic coverage to the U.S. West Coast, and significantly increases commercial power and capacity under management.

True North Energy LLC, a joint venture between the Lyden family and Shell Oil Co., has acquired 15 fee-owned convenience retailing and petroleum marketing assets from Wagner Shell Co./Wagner Oil in the Green Bay, Wisconsin market. The stores — previously owned and operated by Mellissa Wagner and family — will be reimaged to the truenorth brand and continue selling Shell fuel while expanding True North's Wisconsin footprint.

GO Riteway Transportation Group, based in Oak Creek, Wisconsin, has acquired Westlund Bus Lines of Marinette, Wisconsin. The deal transfers 60 employees and 43 vehicles to GO Riteway, preserves service for the Marinette School District and city taxi program, and provides GO Riteway a strategic northern Wisconsin location while enabling owner Tom Westlund to retire.

Aldinger Company, a Dallas-based provider of precision measurement and calibration services, has acquired Quality Control Services (QCS), an A2LA‑accredited metrology and calibration lab established in 1974. The acquisition expands Aldinger's calibration and quality-assurance capabilities and extends its geographic footprint and service offerings across aerospace, manufacturing and pharmaceutical end markets.

HALO Branded Solutions has acquired Think It Then Ink It, a Middleton, Wisconsin-based promotional products and screen-printing firm. Think It Then Ink It will retain its staff and operate as Think It Then Ink It Powered by HALO as HALO continues its regional expansion in Wisconsin and strengthens its operations and web-store capabilities for clients.

Climb Global Solutions, Inc. (NASDAQ: CLMB) has acquired Douglas Stewart Software & Services, LLC (DSS), a Wisconsin-based specialty distributor of SaaS solutions for the education market, for an aggregate purchase price of $20.3 million plus potential earn-out. The acquisition expands Climb's North American presence and strengthens its education-focused product portfolio and subscription-based offerings.

HPS/PayMedix has acquired TempoPay, a Redesign Health–created healthcare financing solution, to expand its end-to-end healthcare payments and financing offering. The deal combines TempoPay's interest-free, payroll-repayable card for employees with PayMedix's uncapped in-network financing and SuperEOB billing, aiming to increase access to affordable care and simplify payments for employers, providers and patients.

Standard Iron, a heavy metal fabricator majority-owned by Owner Resource Group, has acquired Helgesen Industries, a manufacturer of fluid conditioning tanks and other engineered fabrications. The deal — an add-on to Standard Iron's platform — expands manufacturing capabilities and geographic footprint (Helgesen operates in Wisconsin, Poland and Brazil) and closed on August 2, 2024.

WellSpring Consumer Healthcare, a portfolio company of Avista Healthcare Partners, has acquired the vH essentials women's intimacy care OTC brand from Wisconsin Pharmacal Company. The add-on expands WellSpring's women's health franchise alongside FDS to drive scale and accelerate growth across retail and e-commerce channels; financial terms were not disclosed.

Tightrope Capital Partners led a management-partnered recapitalization of Heiden, LLC and JPF Paint Finishes, LLC, with Parkway Capital and Callodine Strategic Credit providing subordinated debt and equity support. Heiden is a Manitowoc, Wisconsin-based custom metal fabricator (including a crane-attachments division) and, via JPF, offers industrial wet paint, powder coat and media blasting services.

Kriete Truck Centers, a Milwaukee-based truck dealer group, has acquired La Crosse Truck Center in La Crosse, Wisconsin. The acquisition expands Kriete's ability to sell and service Mack and Isuzu trucks in the La Crosse and Mauston areas and will coincide with a major renovation of Kriete's existing La Crosse location.

Legacy Bakehouse, a Benford Capital Partners portfolio company, acquired the operating assets of Angelic Bakehouse from Lancaster Colony Corporation, including a 42,000-square-foot Cudahy, Wisconsin facility and production equipment. The acquisition roughly doubles Legacy's production capacity, provides redundant capabilities and supports expansion into tortillas and other adjacent snack products.

Main Capital Partners has acquired Flexagon, a Wisconsin-based provider of DevOps software and the FlexDeploy platform. Main intends to accelerate Flexagon's growth through a selective buy-and-build strategy to expand its presence in the enterprise DevOps market.

Soccer Post, the largest community-focused soccer specialty retailer in the United States, has acquired Stefans Soccer, a family-owned specialty retailer operating multiple locations in the greater Milwaukee, Wisconsin area. The acquisition expands Soccer Post’s local-market footprint in Wisconsin and surrounding states and brings Stefans’ team and community-focused retail operations into Soccer Post’s omni-channel platform.

Formlabs has acquired Micronics, a Madison-based developer of the Micron desktop SLS 3D printer. The Micronics founders and team will join Formlabs to expand its SLS capabilities and accelerate access to desktop SLS printing for designers, engineers, and makers.

TD&I Cable Maintenance, together with Tower Arch Capital, has acquired Underground Systems Utility, LLC and Underground Systems Utility Contractors, LLC. The founder Kent Walbeck will remain in a go-forward partnership; the deal expands TD&I’s underground telecom and utility services footprint in Wisconsin and the Upper Peninsula of Michigan.

Revolution Sustainable Solutions, LLC has acquired Norflex, Inc., a producer of high-performance agricultural and industrial films, including the Agriseal silage wrap. The deal expands Revolution's sustainable agriculture, stretch and shrink film capabilities and complements its PCR recycling and film production activities.

Leelanau Private Capital completed a recapitalization of Chippewa Concrete Services, a Chippewa Falls, Wisconsin specialty concrete contractor, with subordinated debt and equity provided by Midwest Mezzanine and Oxer Capital. The financing supports a recap alongside the company's largest shareholders, Barry Bohman and Kevin Patrow, to provide shareholder liquidity and support continued operations serving state DOTs, municipalities and roadway contractors.

Aperture, LLC (a Trinity Hunt Partners portfolio company) has acquired The BERO Group, Inc., a forensic damages analysis and expert‑witness firm based in Pewaukee, Wisconsin. The transaction brings The BERO Group's intellectual property and commercial litigation expertise into Aperture's national forensic and litigation-support platform as an add‑on to expand capabilities and client coverage.

AVALT, a Boston-based private equity-focused family office, and VantEdge, a Kansas City-based family office investment firm, have acquired Suburban Intermediate Holdco, Inc., a Waukesha, Wisconsin provider of drywall, insulation, steel framing and custom finish installation services. The sponsors invested alongside members of Suburban's management and plan to pursue an acquisition-driven strategy to expand the platform's geographic footprint beyond Wisconsin; terms were not disclosed. High Street Capital sold the company.

US LBM has acquired Automated Products, Inc. (API), a Marshfield, Wisconsin-based manufacturer of roof trusses, floor trusses and prefabricated wall and floor panels. The acquisition expands US LBM’s structural component manufacturing capabilities and strengthens its support for residential and commercial builders across Wisconsin and the upper Midwest; API’s leadership will remain in place.

WIN Technology has completed the acquisition of Digicorp, Inc., expanding its IT services portfolio and geographic footprint across the Upper Midwest. The deal adds Digicorp's capabilities in video surveillance, telephony and structured cabling to WIN Technology's fiber network, data centers and managed IT offerings, enabling broader digital infrastructure solutions for customers in healthcare, manufacturing, financial services and government.