Recent Construction Acquisitions in Indiana
Acquisition Volume in Construction in Indiana by Year
Last 5 years
Across 2021–2025, construction acquisitions in Indiana show a clear tilt toward roll-ups and add-ons—buyers use new platform investments to extend coverage across Central and Northern Indiana, the Midwest, and in some cases adjacent regions.
Several deals focus on field-ready construction capabilities, from electrical contracting and mechanical services to plumbing and MEP-enabled offerings. Platforms such as The State Group (with Apollo capital backing) and Pinnacle MEP (backed by Blue Point Capital Partners) have pursued Indiana add-ons that deepen service density and multi-trade scope.
Home-exterior and specialty installation also recur, including roofing and exterior remodeling (Stronghouse), residential exterior replacements (Infinity Home Services (IHS)), and commercial/industrial specialty coatings and concrete finishing (Sunflower Industrial / KCN Companies). Technology-enabled construction operations appear too, such as Align Technologies acquiring FleetWatcher for fleet tracking and materials management serving heavy civil and asphalt paving customers.
What Stands Out
- Roll-up and bolt-on strategy is common: multiple Indiana transactions are explicitly framed as adding services, expanding footprint, and enabling future add-ons.
- Multi-trade and contractor platform growth shows up across electrical, mechanical, plumbing/MEP, and facility services—often with existing leadership staying involved post-close.
- Home exterior services and specialty installation are recurring themes, including roofing/windows/exteriors and commercial pool renovation and maintenance.
- Industrial and infrastructure-adjacent construction capabilities also appear, from resinous polymer/polished concrete installation and epoxy coating installation expansion to asphalt/concrete maintenance and fleet/materials management software.
| Recurring buyer (examples) | Typical add-on effect |
|---|---|
| The State Group (Apollo-backed) | Expands electrical contracting footprint and multi-trade platform capabilities |
| Stronghouse (O2-backed) | Adds Indiana exterior remodeling capacity and supports local scaling |
| Sunflower Industrial (KCN-backed) | Combines coatings specialty with new national installation coverage |
| Pinnacle MEP (Blue Point-backed) | Increases plumbing capability and service density for HVACR customers |
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December 22, 2025
- Buyer
- The State Group, Apollo Global Management
- Target
- J&J Electric of Indiana, Inc.
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
The State Group, a portfolio company of funds managed by Apollo, has acquired Kokomo-based electrical contractor J&J Electric of Indiana, expanding its footprint in Central and Northern Indiana. J&J Electric brings over 200 union electricians and capabilities in electrical construction, maintenance, fire, security, communications, utility and safety systems to The State Group's multi-trade platform.
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- Buyer
- New State Capital Partners, Amethyst Capital Group, LLC
- Target
- Harrell-Fish Inc.
- Seller
- Existing owners
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
New State Capital Partners has completed a majority investment in Harrell-Fish Inc., a Bloomington, Indiana-based mechanical contractor, in partnership with Amethyst Capital Group. The existing owners retained significant equity and will remain with the company as New State positions HFI as a platform for organic growth and add-on acquisitions to expand geographically across the Midwest and beyond.
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July 16, 2025
- Buyer
- Stronghouse, O2 Investment Partners
- Target
- Centurion Exteriors
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Stronghouse, a national exterior home-services platform backed by O2 Investment Partners, has acquired Centurion Exteriors, a Fort Wayne, Indiana-based provider of roofing, windows and exterior remodeling services. The add-on expands Stronghouse's footprint into Indiana and Northwestern Ohio and will provide Centurion with centralized operations, capital and technology support to scale locally.
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January 16, 2025
- Buyer
- Sunflower Industrial, KCN Companies
- Target
- Desco Floor Systems
- Seller
- Lee Reasor
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Sunflower Industrial, a coatings platform majority owned by KCN Companies, has acquired a controlling interest in Desco Floor Systems, a Fortville, Indiana-based commercial and industrial resinous polymer and polished concrete installer. Desco's leadership (Lee Reasor and Mark Verry) will remain in place and will partner with Sunflower's Epoxy Coating Specialists (ECS) to expand the combined company's national installation footprint.
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November 12, 2024
- Buyer
- Pinnacle MEP, Blue Point Capital Partners
- Target
- Bell Plumbing Services
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Blue Point Capital Partners’ platform Pinnacle MEP has acquired Bell Plumbing Services, a Greenwood, Indiana commercial plumbing provider. The add-on expands Pinnacle’s footprint in central and eastern Indiana and enhances its plumbing capabilities for existing HVACR customers to increase market density and service offerings.
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August 1, 2024
- Buyer
- Align Technologies, The Riverside Company
- Target
- FleetWatcher
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Align Technologies has acquired FleetWatcher, an Indianapolis-based fleet and materials management software provider serving heavy civil construction and asphalt paving customers. The deal, funded with additional capital from majority investor The Riverside Company, expands Align's construction operations platform to include telematics, materials management, and enhanced asset tracking capabilities.
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March 12, 2024
- Buyer
- Landmark Aquatic, Bow River Capital
- Target
- Spear Corporation
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Landmark Aquatic, a national commercial pool services platform backed by Bow River Capital, has acquired Indiana-based Spear Corporation to expand its Midwest footprint and strengthen renovation, design, construction, and maintenance capabilities. The deal adds Spear's technical expertise and customer relationships (education, municipal and private club developers) to Landmark's platform, which is supported by Bow River Capital.
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- Buyer
- Six Pillars Partners, Centerfield Capital Partners, Petra Capital Partners, Concentric Investment Partners, UMB Capital Corporation
- Target
- Royalty Roofing, Majestic Facility Experts
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Recapitalization
Six Pillars Partners led a recapitalization of Royalty Roofing and sister company Majestic Facility Experts to support national growth and pursue add-on acquisitions. Capital for the transaction was provided by Centerfield Capital Partners, Petra Capital Partners, Concentric Investment Partners, and UMB Capital Corporation; founder Andy Royalty remains as President and the Company completed a strategic bolt-on at closing.
-
- Buyer
- Soundcore Capital Partners, LP, ACI Holdings Group (ACI)
- Target
- Asphalt Solutions, Inc.
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Soundcore Capital Partners, through its commercial paving platform ACI Holdings Group, acquired Asphalt Solutions, Inc., a provider of asphalt and concrete maintenance and repair services based in Indianapolis. The deal is the third add-on to Soundcore's ACI platform and is intended to expand ACI's commercial paving footprint in the Midwest and accelerate organic and acquisitive growth.
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July 20, 2022
- Buyer
- Infinity Home Services (IHS), North Branch Capital
- Target
- Cochran Exteriors
- Seller
- Ross Cochran, John Cochran
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Infinity Home Services (IHS), a portfolio company of North Branch Capital, acquired Cochran Exteriors, a residential roofing, siding, window and gutter replacement contractor based in Indianapolis. The purchase is an add-on to IHS’s national consolidation strategy in the non-insurance, retail residential exterior market and expands IHS’s presence in the Indianapolis area.
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- Buyer
- Cairngorm Capital Partners LLP, SageHome Inc.
- Target
- New Bath Today Inc.
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Addon
Cairngorm Capital Partners has partnered with Atlanta-based SageHome to acquire New Bath Today Inc., an Indianapolis-headquartered bathroom renovation specialist focused on aging-in-place solutions. The acquisition is SageHome's first add-on and expands its national footprint and capability to provide accessibility and mobility home modifications for seniors and people with disabilities.
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- Buyer
- Comfort Systems USA, Inc.
- Target
- MEP Holding Co., Inc. (including Edwards Electrical & Mechanical, Inc.), Thermal Service, LLC and TES Controls, LLC (together, Thermal), Kodiak Labor Solutions, LLC
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
Comfort Systems USA (NYSE: FIX) acquired MEP Holding Co., Inc. and its subsidiaries including Edwards Electrical & Mechanical, Inc., a Richmond, Kentucky-based service and controls business (Thermal Service, LLC and TES Controls, LLC), and Kodiak Labor Solutions, LLC, a temporary staffing firm based in Indiana. The additions expand Comfort Systems USA's Midwest footprint, add specialized clean-room and controls capabilities, bolster HVAC service and chiller maintenance capacity in Kentucky, and augment skilled labor resources for project staffing.
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January 3, 2022
- Buyer
- Fred Weber Inc.
- Target
- General Drilling
- Seller
- Owners of General Drilling (Boatman family)
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
Fred Weber Inc., a St. Louis-based construction materials and services provider, has acquired General Drilling, an Indiana-based blast hole drilling company. The deal brings specialized drilling capabilities and skilled employees into the Fred Weber organization and expands its presence in the Midwest and South; General Drilling will remain headquartered in Indiana and its president Matt Boatman will stay in that role.
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September 9, 2021
- Buyer
- Restoration Builders, Inc.
- Target
- Palazzo Restoration, LLC
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
Restoration Builders, Inc. completed an asset purchase of Palazzo Restoration, LLC, acquiring Palazzo's online roofing sales business and bringing founder Tim Rimedio and his web-based sales process into Restoration Builders. The deal is intended to kick-start Restoration Builders' online sales efforts and expand that capability into additional geographic territories beginning in Q4 2021.
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- Buyer
- Restoration Builders, Inc.
- Target
- Jagg, LLC
- Industry
- Construction
- Location
- Indiana, United States
- Type
- Buyout
Restoration Builders, Inc., a Scottsdale-based restoration contractor network, has acquired Jagg, LLC, a Clayton, Indiana metal roofing fabrication and installation business. The deal expands Restoration Builders' service offering into metal roofing specialty services to support growth in the insurance restoration and roofing market.
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Frequently Asked Questions
Which Indiana construction subsectors are most active in these acquisitions?
The deals repeatedly touch electrical and mechanical contracting, plumbing/MEP services, home exterior services (roofing/windows/exteriors), commercial pool services, and industrial/infrastructure-adjacent capabilities like resinous polymer/polished concrete, asphalt/concrete maintenance, and construction fleet/materials management.
What acquisition pattern appears most often among buyers?
Many transactions are structured as platform-building investments followed by add-ons—intended to broaden service offerings, increase geographic footprint, and support future organic and acquisitive growth.
Do acquirers typically keep the target’s leadership involved?
Several deal summaries indicate leadership retention or continued involvement—e.g., Sunflower Industrial keeping Desco leadership in place, and New State Capital Partners noting the existing owners retain significant equity and remain with Harrell-Fish Inc.
Are these Indiana deals limited to construction labor or do they include software and staffing?
They extend beyond contracting. For example, Align Technologies acquired FleetWatcher for fleet tracking and materials management software, and Comfort Systems USA acquired Kodiak Labor Solutions (temporary staffing) alongside MEP-related businesses.