Tracked deals
57
57 tracked deals across 2026.
Tracked deals
57
57 tracked deals across 2026.
Buyer mix
Mixed buyer set
43 strategic · 25 pe
Top trend
Volume peaked in 2021
106 tracked deals announced in 2021.
Buyer Snapshot
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Bank First Corporation | 2 | Relationship-based community bank holding company providi... | Strategic |
| AeriTek Global Holdings LLC | 1 | Commercial refrigeration and foodservice equipment manufa... | Strategic |
| Ally Bridge Group | 1 | Global healthcare-focused investment firm investing acros... | PE |
| AvAir | 1 | Private aviation aftermarket inventory solutions provider... | Investor |
| BTX Precision | 1 | Advanced manufacturing platform building a network of pre... | Mixed |
| BV Investment Partners | 1 | Middle-market private equity firm focused on tech-enabled... | PE |
| Bank CMG | 1 | Wisconsin state-chartered community bank providing local ... | Strategic |
| Benford Capital Partners | 1 | Chicago-based private equity firm focused on buying and b... | PE |
| Brady Corporation | 1 | Industrial technology company providing identification, s... | Strategic |
| Bridgeport Partners | 1 | Specialist private equity firm focused on investing in fi... | PE |
Last 10 years
Supporting Data
Modine announced it will become Modexus Solutions after completing a spinoff of its Performance Technologies business (via Platinum SpinCo Inc.) and merging with Gentherm. The transaction received overwhelming approval from Gentherm shareholders and is currently expected to close on October 1, 2026, subject to customary closing conditions.
Galaxy Service Partners announced the completion of its partnership with Central Door Solutions, a commercial dock and door service company in Wisconsin. The announcement also notes that Central Door Solutions recently acquired Fox Valley Overhead Door in Appleton, Wisconsin.
RF Investment Partners acquired RJ Underground, Inc., an underground utility services provider specializing in horizontal directional drilling and hydro-excavation. The acquisition is expected to expand RJ Underground’s service capabilities and geographic footprint, supported by RF Investment Partners’ lower middle-market focus and operational resources.
Limbach Holdings, Inc. has acquired 1901 Inc., a Madison, Wisconsin-based union MEP contractor, for $63 million plus performance-based earnouts of up to $6 million. The deal expands Limbach’s Midwest presence and establishes its largest electrical operation to date, adding mechanical, electrical, plumbing, controls, fabrication, service and underground utility capabilities.
M2S Group’s Iconex business has acquired Heartland Label Printers, a North American manufacturer of direct thermal, thermal transfer, linerless, and specialty variable information labels. The acquisition expands Iconex’s manufacturing footprint, production capabilities, and position in the variable information label market, helping M2S Group surpass $1 billion in annual revenue.
Custom Health Holdings Inc. (TSX:CHLT) signed a binding letter of intent to acquire Evergreen Pharmacy LLC, a Wisconsin-based specialty pharmacy focused on complex therapies, for a total proposed purchase price of US$3.5 million. The acquisition is expected to add more than US$78 million in annual revenue and strengthen Custom Health’s ability to support complex medication management and expand its footprint across the U.S. Midwest, with expected closing in Q3 2026 subject to customary conditions.
DeJong Consulting LLC has officially acquired Metallum Welding, a national provider of sanitary and food-grade welding services. The deal expands DeJong’s ability to deliver end-to-end, fully self-performed food and beverage processing facility solutions across the United States.
AvAir acquired Full Stop Technics to expand its aviation aftermarket platform with FAA- and EASA-certified wheel and brake maintenance, repair, and overhaul (MRO) capabilities. The deal will integrate Full Stop Technics’ in-house certified service with AvAir’s component inventory scale to provide a more integrated sourcing-to-repair offering for airlines, OEMs, and MRO providers.
Benford Capital Partners and Nutrition Service Company, LLC (NSC) acquired Seymour Flour Mill, Inc. Seymour is a third-generation, family-owned feed mill based in Seymour, Wisconsin. After closing, Seymour President Rick Rottier will continue to lead the business and Seymour employees will remain in their existing roles.
Bank CMG completed its acquisition of Farmers Savings Bank, combining two Wisconsin community banks focused on customer service, local decision-making, and community investment. The deal expands Bank CMG’s presence across Wisconsin and provides Farmers Savings Bank customers access to a broader suite of banking, lending, treasury management, and digital banking services.
Brightstar Capital Partners acquired Erdman, an architecture and engineering firm specializing in healthcare and senior living facilities. Erdman will join KZF Design as part of Brightstar’s architecture and design platform, strengthening its sector depth with a proprietary healthcare analytics platform called ZeroIn.
North Shore Bank entered into a definitive agreement to acquire 1895 Bancorp of Wisconsin, Inc., the holding company for PyraMax Bank, FSB. The deal is structured as a cash merger, with 1895 Bancorp stockholders receiving a special dividend and an additional payment at closing, subject to adjustments. Closing is expected in the fourth quarter of 2026, pending stockholder and regulatory approvals.
Hoffmann Family of Companies (HF Companies), a family-owned private equity firm, acquired Cedar Crest Ice Cream, a multi-generational frozen dessert business headquartered in Cedarburg, Wisconsin. As part of the deal, Renato DePaolis, CEO of Oberweis Dairy (an HF Companies portfolio company), will assume leadership of Cedar Crest, with both brands continuing to operate separately.
Bank First Corporation has signed an agreement to acquire PSB Holdings, Inc., the parent company of Peoples State Bank, in an all-stock transaction valued at approximately $202.9 million. The merger is intended to expand Bank First’s community banking footprint across North Central Wisconsin and the greater Milwaukee area, with closing and systems conversion expected in the fourth quarter of 2026.
GreyLion Partners LP announced a new partnership and strategic investment in Tanis Brush, a manufacturer of industrial and abrasive brushes. Terms of the transaction were not disclosed, and Tanis Brush will continue operating from its Delafield, Wisconsin headquarters under current management.
Phoenix Lighting, a portfolio company of JMC Capital Partners, completed its acquisition of Rig-A-Lite LLC, a Texas-based manufacturer of industrial and commercial lighting solutions. The transaction closed effective May 14, 2026, with Rig-A-Lite continuing to operate under its existing brand from its Houston facilities.
Vector Science & Therapeutics entered into an option agreement to purchase up to a 15% equity interest in LyoGenesis Plus for cash payments of up to US$1.0 million over three years. Through LyoGenesis Plus’s planned acquisition of MPP Group LLC, Vector would secure long-term access to an FDA-registered, cGMP-compliant contract development and manufacturing organization based in Mequon, Wisconsin.
Fiserv has entered into a definitive agreement with Bridgeport Partners to form a joint venture that will encompass Fiserv’s ATM Managed Services, Cash 26 Logistics, and MoneyPass businesses. The transaction is subject to regulatory approvals and customary closing conditions, and Bridgeport Partners is expected to assume operational control upon closing.
Graycliff Partners has acquired Tramont Manufacturing, a Milwaukee-based manufacturer of custom-engineered generator enclosures and fuel tanks used in backup power systems. The deal is aimed at expanding Tramont’s manufacturing capacity, investing in systems and infrastructure, and strengthening commercial capabilities, with particular focus on growing data-center and grid resiliency demand.
Seaga Manufacturing, a private equity-backed automated retail and intelligent inventory solutions company, announced it has acquired Three Square Market to expand its micromarket capabilities. The deal combines Three Square Market’s micromarket kiosks, payment technology, software platforms, and market design/build services with Seaga’s vending and intelligent inventory technologies to offer operators a more complete unattended retail platform. Financial terms were not disclosed.
Chandler Industries, a BTX Precision platform company, announced the acquisition of Aztalan Engineering in a strategic tuck-in/add-on transaction. The deal is intended to expand Chandler’s precision machining capacity and improve support for mission-critical customers serving regulated end markets, while Aztalan continues operating under its existing management team.
Spectrum Brands Holdings entered into a definitive agreement for a $127 million investment from Oaktree Capital Management in its Home and Personal Care (HPC) business. The deal includes $67 million of convertible preferred equity and a $60 million lien term loan recourse only to the HPC segment, with Oaktree receiving about a 27% stake upon closing.
Carson Group, a wealth advisory firm, has acquired Harbor Wealth Management, a Green Bay, Wisconsin-based advisory firm managing approximately $396 million in assets under management. The Harbor Wealth team will transition as an integrated office and rebrand as a Carson Wealth office in Green Bay.
FyterTech Nonwovens acquired Spill Solutions Canada, also known as ESP Canada, to strengthen its local service and commitment to the Canadian market. The deal was completed and will combine the organizations to form Fytertech Nonwovens Canada Ltd, improving localized inventory, support, and regional expertise for customers across Canada and North America.
Brady Corporation agreed to acquire Honeywell Technologies’ Productivity Solutions and Services (PSS) business in an all-cash $1.4 billion transaction. The deal was expected to close in the second half of 2026 and has been completed effective August 3, 2026, expanding Brady’s mobile computing, scanning, RFID, and workflow software capabilities for industrial and logistics customers.
Brkthru, a performance-driven media and marketing services company, announced it has acquired Gigawatt, a Milwaukee-based programmatic media partner for agencies and brands. The deal is intended to expand Brkthru’s integrated, full-funnel media and marketing capabilities and deepen expertise in hospitality and tourism marketing. Financial terms were not disclosed.
GFL Environmental acquired TOGO Disposal, a locally owned commercial waste and recycling collection business in Milwaukee, Wisconsin. The transaction closed on April 1, 2026, and TOGO Disposal’s addition is intended to expand GFL’s geographic footprint throughout Wisconsin.
U.S. Lubricants has acquired Pack Logix, a turnkey packaging leader, to expand its packaging and toll blending manufacturing capabilities and capacity. The deal will integrate Pack Logix’s team and operations over the next year, aiming to provide customers with faster turnaround times, more packaging options, and streamlined supply chain support.
Parnell announced it has acquired Noble Pharma LLC, a U.S.-based pharmaceutical manufacturer, under a Securities Purchase Agreement dated November 26, 2025. The deal adds an FDA- and DEA-accredited manufacturing facility in Menomonie, Wisconsin, to strengthen Parnell’s U.S. manufacturing capabilities and supply continuity.
Littlejohn Capital has completed the sale of Maysteel Industries, a Wisconsin-based provider of custom metal enclosures and precision fabricated solutions, to Steele Solutions, a portfolio company of Revelar Capital. The acquisition expands Steele Solutions’ engineered-products capabilities and deepens its position in fast-growing data center and electrical infrastructure end markets.
GenNx360 Capital Partners’ portfolio company, Heartland Business Systems (HBS), acquired Applied Tech Solutions, a Madison, Wisconsin-based provider of managed IT and cybersecurity services. The acquisition adds Applied Tech’s AI-enabled service delivery platform and expands HBS’s managed services and cybersecurity capabilities across the Midwest and Rocky Mountain regions.
BPOC has completed the sale of Midwest Products & Engineering (“MPE”), a Milwaukee-based contract designer, developer and manufacturer of complex electromechanical and robotic-assisted surgical systems, to Graham Partners. The deal marks BPOC’s exit following its 2019 acquisition with MPE CEO Hank Kohl and the management team.
Socium Advisors announced it is integrating Amplify Wealth Partners into its platform. The acquisition expands Socium’s retirement planning, group benefits, and comprehensive wealth management capabilities, while preserving Amplify’s existing Milwaukee office presence and client advisory relationships.
Pellitteri Waste Systems, Inc. acquired Pink Dumpsters, LLC, a fast-growing dumpster rental business serving southeastern Wisconsin. The transaction closed on April 1, 2026, and Pellitteri said it will use Pink Dumpsters to expand its geographic density throughout Wisconsin.
LEWHP, LLC, a wholly owned indirect subsidiary of WH Topco, L.P. doing business as WHP Global, announced the expiration of its tender offer to purchase up to 2,222,222 shares of Lands' End, Inc. at $45.00 per share in cash. As of the March 31, 2026 expiration time, 29,243,942 shares were tendered and not withdrawn, and the purchaser accepted 2,222,222 shares on a pro rata basis.
Traffic and Parking Control Co., LLC (TAPCO), a provider of intelligent transportation systems (ITS), announced the acquisition of MS2 (Midwestern Software Solutions), a transportation data management software and analytics company. The deal aims to unify connected ITS device and traffic data platforms to expand TAPCO’s ability to collect, manage, analyze, and deliver traffic count data for transportation agencies across North America.
Radial Equity Partners announced an investment in Thomas Precision Machining (TPM), a provider of replacement parts, service, and equipment for industrial processing applications serving the protein and food processing industries. The partnership is intended to support TPM’s continued growth and operational expansion, including further investment in people, processes, and capabilities. Financial terms were not disclosed, and Tom Goeke will serve as Chairman while Kevin Nyara transitions out as outgoing CEO and owner.
H&T Presspart, a division of the Heitkamp Thumann Group, acquired a majority stake in Plas-Tech Engineering. The transaction closed in November 2025 and expands H&T Presspart’s manufacturing footprint into the United States by adding Plas-Tech’s medical device manufacturing site in Lake Geneva, Wisconsin.
BV Investment Partners has made a majority investment in Moxe Health, an EHR-neutral clinical data exchange platform that enables secure, automated sharing of clinical data between providers and health plans. The partnership is intended to support Moxe’s next phase of growth by accelerating network expansion and deepening embedded EHR relationships.
AeriTek Global Holdings acquired Federal Industries in a carve-out transaction from Standex International Corporation. The deal strengthens AeriTek’s U.S. foodservice manufacturing and distribution platform by adding Federal’s vertically integrated manufacturing facility in Belleville, Wisconsin and its dealer/distributor network.
Power Solutions International, Inc. (PSI) has acquired 100% of MTL Manufacturing & Equipment Inc. (MTL) in a transaction financed with PSI’s existing cash reserves and the assumption of certain equipment-related debt. MTL is a metal and steel fabricator based in Beloit, Wisconsin, producing components such as switchgear subbases and electrical enclosure assemblies used in power generation and data center applications.
One Call entered into an agreement to acquire Data Dimensions, an EDI clearinghouse and technology services provider for healthcare, insurance, and government customers. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals, and will bring Data Dimensions employees into One Call to build a more connected care coordination and data/payment platform.
Spell Capital Partners, acting through the Spell Family Office, acquired MacDonald & Owen in partnership with the company’s existing management team. The investment is described as a long-term, values-driven ownership arrangement, with leadership continuing and maintaining a meaningful stake.
Quantum Surgical has acquired NeuWave Medical and combined both businesses under a newly created parent, Precision IO Group Inc., to expand a robotic-assisted tumor ablation platform. The deal is supported by investment from Ally Bridge Group and aims to integrate Quantum Surgical's Epione robotic system with NeuWave's microwave ablation technology to broaden access to minimally invasive interventional oncology care.
On Track Partners, a residential and commercial garage door services platform, acquired Carey's Seamless Gutters & Overhead Doors, a southern Wisconsin provider of seamless gutters as well as garage door installation, service, and repair. The deal expands On Track Partners’ Midwest footprint while Carey’s will continue operating under its existing name with its leadership team and employees remaining in place.
Tavoron, a national automation and industrial solutions provider, acquired Doig Corporation, a factory automation distributor headquartered in Cedarburg, Wisconsin. The deal strengthens Tavoron’s automation distribution segment and expands its presence in the Upper Midwest by adding complementary product capabilities and application-level expertise.
Insight Equity Holdings has acquired IKI Manufacturing, a contract manufacturer and contract packager of aerosol products headquartered in Edgerton, Wisconsin. The deal is intended to support IKI’s management team with continued product and service innovations in the aerosol market.
Leo, an Orion Group-backed facilities services network, announced major investments that effectively merge Bevara Building Services and Blackfin into its expanding national platform. The combined operation integrates nearly 300 on-site building engineers across the United States to deepen Leo’s enterprise service capabilities.
PlayPower signed a definitive agreement to acquire BCI Burke, a manufacturer of commercial playground equipment. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals.
Keller, a Kaukauna, Wisconsin–based design-build general contractor, has acquired Appleton-based Hoffman Planning, Design & Construction, Inc. Hoffman will operate as “A Keller Company” while retaining its brand and local office; leadership changes include Sam Statz moving to a business development role and Chad Ulman leading Hoffman. The combination aims to bring complementary markets and expand Keller’s project delivery and design-build capabilities while preserving operational continuity.
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