Industrial Services Acquisitions in Minnesota
Minnesota Industrial Services M&A Themes
Minnesota industrial services acquisitions in 2025–2018 show a consistent mix of capability buildouts and platform growth across multiple subsectors—from commercial cleaning and industrial heating to non-destructive examination (NDE), calibration, and fire protection.
Across recent deals, repeat buyer types include private equity-backed operators and specialized service platforms such as SI Solutions, LLC (with MidOcean Partners), Relevant Industrial, LLC, Pye-Barker Fire & Safety, and Transcat, Inc. These transactions often pair Minnesota-based operations with adjacent technical depth or broader regional reach.
Many agreements also cluster around applied, customer-facing infrastructure needs—pipeline integrity services, thermal and combustion systems, power and transformer services, and electrical/welding installation—suggesting that Minnesota is positioning industrial services providers to support energy, manufacturing, and public-sector clients with localized execution.
What Stands Out
- Platform + add-on pattern: buyers like Bertram Capital and distribution/technical service platforms (e.g., TTDS; Transcat) pursue growth through acquiring specialty providers.
- Energy-adjacent industrial services recur, including pipeline inspection/NDE (SI Solutions), wind/heavy-lift (Centurion Group), transformer repair (Integrated Power Services), and bus duct work for power generation (Pelican Energy Partners).
- Technical capability expansion is a common transaction goal: NDE and pipeline integrity, industrial thermal/combustion systems, calibration (ISO-17025 network), and fire sprinkler inspection/testing/maintenance.
- Regional footprint building within the Midwest/Upper Midwest is repeatedly emphasized, such as adding Minnesota locations and extending service coverage to nearby states.
- Financing participation appears alongside platform buyers, including MidOcean Partners, Northstar Capital (junior debt + equity co-investment), and Monroe Capital (senior credit facility) in specific 2025 transactions.
| Buyer (examples) | What they’re adding (examples) | Deal location context |
|---|---|---|
| Transcat, Inc. | ISO-17025 calibration network reach | Minneapolis-area lab + additional locations |
| Pye-Barker Fire & Safety | Fire sprinkler services coverage | Blaine, MN team joins Midwest footprint |
| SI Solutions, LLC | NDE + pipeline inspection capabilities | Annandale, MN-based provider for midstream market |
| Relevant Industrial, LLC | Industrial heating/combustion thermal solutions | New Brighton, MN footprint expansion |
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February 10, 2026
- Buyer
- KPS Capital Partners, LP
- Target
- The Wells Companies, Inc.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
KPS Capital Partners, LP has signed a definitive agreement through a newly formed affiliate to acquire The Wells Companies, Inc. Financial terms were not disclosed. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and approvals.
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- Buyer
- Stacker Holdings, LLC, Halifax West
- Target
- Advanced Irrigation, LLC, Advanced Irrigation, Inc.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Halifax West provided capital advisory services and led the debt-market process, while also making a minority co-investment alongside Stacker Holdings in its acquisition of Advanced Irrigation. The investment adds capital and support to expand Advanced Irrigation’s year-round maintenance offerings and selectively grow its footprint across the Minneapolis–St. Paul metro area.
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- Buyer
- Legacy Cleaning
- Target
- Oriole, Inc. (DBA Advantage Structure Valet)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Legacy Cleaning, a Minnesota-based commercial cleaning company, has acquired Oriole, Inc., which does business as Advantage Structure Valet, to expand its local footprint across suburban Minnesota. The buyer plans to introduce technology and quality-control systems, deepen client relationships, and pursue regional expansion into nearby states.
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September 2, 2025
- Buyer
- SI Solutions, LLC, MidOcean Partners
- Target
- Integrity Specialists, LLC
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
SI Solutions, LLC (backed by MidOcean Partners) has acquired Integrity Specialists, LLC, a provider of advanced non-destructive examination (NDE) and pipeline inspection services based in Annandale, Minnesota. The acquisition expands SI Solutions' NDE and pipeline integrity capabilities and scales its services to the natural gas midstream market as part of its platform growth.
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August 29, 2025
- Buyer
- Relevant Industrial, LLC
- Target
- Lindberg Process Equipment
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Relevant Industrial, LLC has acquired Lindberg Process Equipment, a provider of industrial heating and combustion systems. The acquisition expands Relevant's Midwest footprint and thermal solutions capabilities by combining Lindberg's operations with Relevant's New Brighton, Minnesota location to improve local inventory, responsiveness, and sales support for industrial customers.
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- Buyer
- BDT & MSD Partners, BlackRock Long Term Private Capital
- Target
- Summit Companies (SFP Holding, Inc.)
- Seller
- BlackRock Long Term Private Capital (BlackRock LTPC)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
BDT & MSD Partners, through its affiliated funds, entered into a definitive agreement to acquire a majority stake in Summit Companies. Summit Founder and President Quint Rubald, CEO Jeff Evrard, and the management team will remain shareholders and continue leading the fire and life safety services platform.
-
- Buyer
- PCM Companies, Northstar Capital
- Target
- TMI Coatings
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
PCM Companies has made a platform investment in TMI Coatings, a specialty painting, coating and restoration contractor headquartered in Eagan, Minnesota. Northstar Capital provided junior debt and an equity co-investment to help finance the transaction alongside PCM.
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- Buyer
- Bertram Capital
- Target
- Applied Products, Inc. (APPLIED Adhesives)
- Seller
- Arsenal Capital Partners
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Bertram Capital has acquired Applied Products, Inc. (APPLIED Adhesives) from Arsenal Capital Partners; terms were not disclosed. Bertram intends to use APPLIED as a new industrial distribution platform to drive organic growth and add-on acquisitions while APPLIED's existing management, led by CEO John Feriancek, will remain in place.
-
January 31, 2025
- Buyer
- Fusion Capital Partners
- Target
- Tavoron Holdings, Inc.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Los Angeles-based private equity firm Fusion Capital Partners has acquired Tavoron Holdings, Inc., an Eagan, Minnesota–based leader in industrial automation components, robotic systems and compressed air technologies. Monroe Capital provided a senior credit facility to support the acquisition; Tavoron will remain headquartered in Eagan and continue to be led by its current management team.
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December 11, 2024
- Buyer
- Thermal Technology Distribution Solutions (TTDS), Gryphon Investors
- Target
- Applied Thermal Systems, Inc.
- Seller
- Michael Roark
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Thermal Technology Distribution Solutions (TTDS), a Gryphon Investors–backed distribution platform, has acquired Applied Thermal Systems, a Minneapolis-area value-added distributor of electric heaters, controls, thermocouples and related engineering services. The add-on expands TTDS's footprint in the Upper Midwest and strengthens its product and technical capabilities; terms were not disclosed.
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December 10, 2024
- Buyer
- Transcat, Inc.
- Target
- Martin Calibration Inc.
- Seller
- Martin Calibration Inc., Rick Brion
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Transcat, Inc. acquired Martin Calibration Inc., an ISO-17025 accredited calibration laboratory network, effective December 10, 2024, for $79 million (approximately $69M cash and $10M stock). The deal expands Transcat's Midwest service footprint — including a flagship Minneapolis lab and six additional locations — and strengthens capabilities serving medical, life sciences, aerospace, and nuclear customers; Martin brings nearly 150 employees.
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November 13, 2024
- Buyer
- Pye-Barker Fire & Safety
- Target
- General Sprinkler Corporation
- Seller
- Michael Winiecki, Carla Winiecki, Winiecki family
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Pye-Barker Fire & Safety has acquired General Sprinkler Corporation, a Blaine, Minnesota-based fire sprinkler services provider that serves Minnesota and western Wisconsin. The acquisition expands Pye-Barker's fire sprinkler inspection, testing, maintenance and installation capabilities in the Midwest and brings General Sprinkler's local team into Pye-Barker's nationwide platform.
-
October 29, 2024
- Buyer
- Centurion Group, SCF Partners
- Target
- Althoff Crane Service, Inc., Buffalo Ridge Transport Inc.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Centurion Group, a portfolio company of SCF Partners, has acquired Minnesota-based Althoff Crane Service, Inc. and Buffalo Ridge Transport Inc., closing on October 29, 2024. The acquisition expands Centurion’s onshore wind and heavy-lift capabilities in the U.S. Midwest by adding crane rental, wind-turbine repair/maintenance and heavy-transport capabilities.
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August 13, 2024
- Buyer
- Integrated Power Services
- Target
- B&B Transformer
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Integrated Power Services (IPS), a Greenville, South Carolina-based provider of power management and electromechanical services, acquired B&B Transformer, a remanufacturer and repairer of oil-filled distribution transformers based in Farmington, Minnesota, effective August 13, 2024. The deal expands IPS's power management portfolio and service capabilities for industrial, commercial, utility, and renewable energy customers.
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- Buyer
- Pelican Energy Partners
- Target
- Electrical Builders Industries
- Seller
- Jessica Netter
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Pelican Energy Partners, a Houston-based private equity firm, has acquired Electrical Builders Industries (EBI), a St. Cloud, Minnesota-based industrial electrical and welding services provider that specializes in bus duct installation, replacement and repair for power generation facilities. The deal positions Pelican to expand its capabilities in the nuclear energy services supply chain and support increased baseload power needs for customers including datacenter facilities.
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August 6, 2024
- Buyer
- Fox Innovation & Technologies, Bluewater
- Target
- Cotter Holdings Group, S.T. Cotter Turbine Services, Axis Mechanical Group, Axis Industrial Repair
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Fox Innovation & Technologies (a PE-backed platform backed by Bluewater) has acquired Cotter Holdings Group, including S.T. Cotter Turbine Services, Axis Mechanical Group and Axis Industrial Repair, to add field project execution capabilities to its turbomachinery platform. The deal brings the combined Fox platform to over $100 million in proforma LTM revenue and adds ~500 peak-capacity field personnel to expand service coverage across the United States; terms were not disclosed.
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- Buyer
- Motion & Control Enterprises (MCE), Frontenac
- Target
- Air Automation Engineering, Inc.
- Seller
- Brian Steele, Paul Wood
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Motion & Control Enterprises (MCE), a Frontenac-backed industrial automation platform, has acquired Air Automation Engineering (AAE), a Fridley, Minnesota-based distributor and service provider of automation products and tooling. The add-on expands MCE’s automation capabilities, product offerings and served geographies across the Upper Midwest while AAE will continue to operate under its existing leadership.
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January 11, 2024
- Buyer
- Patrick Industries, Inc.
- Target
- Sportech, LLC
- Seller
- Monomoy Capital Partners
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Patrick Industries has signed a definitive agreement to acquire Sportech, LLC for approximately $315 million. The all-cash deal is expected to close on or before January 24, 2024, subject to customary conditions and regulatory approval. Monomoy Capital Partners will sell the powersports cab components supplier it acquired in 2019.
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- Buyer
- Summit Fire Protection Co. (SFP Holding, Inc.)
- Target
- Gopher State Fire Equipment, Fairmont Fire Systems
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Summit Fire Protection Co., a subsidiary of SFP Holding, Inc., acquired Gopher State Fire Equipment and Fairmont Fire Systems effective June 1, 2023. The acquisitions expand Summit's fire and life-safety services footprint across Minnesota and Iowa and fold the two local service teams into Summit's existing Minnesota/Iowa operations.
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May 16, 2023
- Buyer
- APPLIED Adhesives
- Target
- Heigl Adhesives
- Seller
- Heigl Adhesives (owners — Heigl family / co-owners Mark Heigl and Dustin Heigl)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
APPLIED Adhesives, a PE-backed custom adhesive solutions provider, has completed its acquisition of Heigl Adhesives, a Minnesota-based supplier of industrial adhesives and dispensing equipment. The deal brings Heigl’s technical expertise and customer relationships into APPLIED’s platform to expand product offerings and service capabilities for manufacturers across multiple end markets.
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March 24, 2023
- Buyer
- Soundcore Capital Partners, ACI Holdings Group
- Target
- ACS Asphalt Concrete Solutions, ACI Asphalt & Concrete
- Seller
- Jeff Taylor (co-owner of ACS)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Soundcore Capital Partners, through its ACI Holdings Group platform, acquired ACS Asphalt Concrete Solutions and combined it with previously acquired ACI Asphalt & Concrete to create a larger commercial paving platform in the Minneapolis / Upper Midwest market. O2 Sponsor Finance (a division of Old Second National Bank) acted as administrative agent and lead arranger on more than $44 million of senior secured financing to support Soundcore’s acquisitions; Old National Bank and Northstar Capital provided additional financing and subordinated debt. Terms were not disclosed.
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November 2, 2022
- Buyer
- Applied Industrial Technologies
- Target
- Automation, Inc.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Applied Industrial Technologies (NYSE: AIT) has acquired Automation, Inc., a Minneapolis-based provider of automation products, engineered solutions, and value-added assembly services. The acquisition expands Applied's automation capabilities and geographic footprint in the U.S. Upper Midwest, adding a team of more than 50 associates and established customer relationships across pharmaceutical, manufacturing, life sciences, and consumer products markets.
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October 4, 2022
- Buyer
- Anderson Process
- Target
- Neil Dornbusch & Associates
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Anderson Process, a Brookfield, Wisconsin-based supplier of process equipment and services, has acquired Neil Dornbusch & Associates, a pump distributor and custom fabricator headquartered in New Prague, Minnesota. The acquisition expands Anderson Process’s Midwest footprint and complements its product and service offerings across food processing, wastewater, aggregate and mining end markets.
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September 1, 2022
- Buyer
- Motion & Control Enterprises, Frontenac
- Target
- Quest Engineering Inc
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Motion & Control Enterprises (MCE), a provider of fluid power, automation and flow control solutions, has acquired Quest Engineering Inc., a Plymouth, Minnesota–based distributor of hydraulic hose, fittings and instrumentation. The acquisition expands MCE's fluid power offering and provides entry into new upper-Midwest geographies; Quest operates four locations and has 37 employees.
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July 1, 2022
- Buyer
- Smart Care, Wind Point Partners
- Target
- Espresso Partners, Inc.
- Seller
- Jason Weimer (owner of Espresso Partners)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Smart Care, a portfolio company of Wind Point Partners, has acquired Espresso Partners, a Minneapolis-based specialty coffee and espresso equipment service provider. The add-on expands Smart Care's Specialty Coffee & Beverage Equipment footprint into the Midwest and complements its coast-to-coast capabilities.
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January 15, 2022
- Buyer
- PNC Mezzanine Capital
- Target
- RIE Coatings, LLC
- Seller
- Brass Ring Capital
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
PNC Mezzanine Capital has acquired RIE Coatings, LLC — a Minnesota-based industrial coatings applicator — from Brass Ring Capital in a management-partnered transaction. PNC MC will provide capital and resources to support RIE's growth initiatives and position the business as a platform for expansion in industrial coatings and metal finishing.
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January 3, 2022
- Buyer
- Evoqua Water Technologies
- Target
- Mar Cor Purification (renal business), Cantel Medical (renal business), Renal business of STERIS Plc (operated by Mar Cor Purification and Cantel Medical)
- Seller
- STERIS Plc
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Divestiture
Evoqua Water Technologies has closed the acquisition of the renal business historically operated by Mar Cor Purification and Cantel Medical, subsidiaries of STERIS Plc. The acquired business, expected to generate approximately $180 million of annualized revenue and $27 million of adjusted EBITDA (pre-synergies), expands Evoqua’s service footprint in North America and furthers its reach into the healthcare vertical.
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December 21, 2021
- Buyer
- Relevant Industrial, LLC
- Target
- J&W Instruments, Inc.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Relevant Industrial, LLC (Houston, TX) acquired J&W Instruments, Inc. (New Brighton, MN) in a transaction that closed on December 21, 2021. The acquisition adds J&W's instrumentation sales, process control engineering and metrological calibration capabilities to Relevant's portfolio, expanding service offerings for food & beverage and industrial customers.
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December 13, 2021
- Buyer
- Installed Building Products, Inc.
- Target
- AMD Distribution, Inc.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Installed Building Products, Inc. (IBP) has acquired AMD Distribution, Inc., a Spring Valley, Minnesota-based distributor of insulation and related accessories that generates approximately $71 million of annual revenue across eight locations. The acquisition provides IBP with a new distribution platform, broadening its supply-chain capabilities, diversifying revenue and end-markets, and is expected to be immediately accretive to earnings.
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- Buyer
- John Henry Foster Minnesota, High Road Capital Partners
- Target
- Sensors Inc., Sensors Integration Corp.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
John Henry Foster Minnesota, a portfolio company of High Road Capital Partners, has acquired Sensors Inc. and Sensors Integration Corp., a distributor and integrator of industrial sensing products and systems. The acquisition, completed December 2, 2021, is the second add-on for JHFoster under High Road's ownership and is intended to expand technical capabilities, supplier relationships and support growth initiatives for the combined businesses.
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September 20, 2021
- Buyer
- BlackRock Long Term Private Capital (LTPC)
- Target
- Summit Companies
- Seller
- CI Capital Partners
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
BlackRock Long Term Private Capital (LTPC) acquired a majority interest in Summit Companies, a national fire and life safety services provider, from CI Capital Partners. LTPC will partner with Summit's management to scale capabilities and expand the company's geographic footprint across the Midwest, South and Southwest.
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September 1, 2021
- Buyer
- The Manitowoc Company, Inc.
- Target
- Aspen Equipment Company
- Seller
- Aspen Equipment Company
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
The Manitowoc Company, Inc. completed the acquisition of substantially all the assets of Aspen Equipment Company for approximately $51 million. The purchase expands Manitowoc's direct-to-customer footprint in Iowa, Nebraska and Minnesota and adds Aspen's crane dealership, parts & service capabilities and final-stage work-truck upfitting expertise to complement Manitowoc's National Crane boom truck and aftermarket businesses.
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- Buyer
- Pathfinder Companies
- Target
- Jasper Engineering & Equipment Company
- Seller
- Jeff Jamar, Jason Janisch, Unnamed third owner of Jasper
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Recapitalization
Pathfinder Companies acquired a majority interest in Jasper Engineering & Equipment Company, a Hibbing, Minnesota-based industrial distributor and manufacturer's representative. The transaction (closed June 21) is a recapitalization in which Jasper's owners — including Jeff Jamar and Jason Janisch — retained a stake in the business.
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July 2, 2021
- Buyer
- PT Holdings, LLC, Encore One, LLC
- Target
- General Parts, LLC
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
PT Holdings, LLC has acquired General Parts, LLC, a long-established distributor and field-service provider of OEM commercial foodservice equipment parts. General Parts will continue to operate under its brand and leadership as a separate business within the PT Holdings group; Encore One will participate as an investor in PT Holdings.
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- Buyer
- SFP Holding, Inc. (Summit Companies), Summit Fire & Security, Summit Fire Protection, CI Capital Partners
- Target
- Republic Fire Protection, Fire Ranger, Sierra Fire and Communications, Other (seven additional undisclosed/unnamed add-on companies)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
SFP Holding, Inc. (Summit Companies), a CI Capital Partners-backed fire and life safety services platform, announced the completion of ten add-on acquisitions across its Summit Fire & Security and Summit Fire Protection subsidiaries. The transactions expand Summit's geographic footprint (now operating in 18 states) and broaden its inspection, testing, installation and life-safety service capabilities in commercial, industrial, government, healthcare and multi-family end markets.
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April 7, 2021
- Buyer
- Amphenol Corporation
- Target
- MTS Systems Corporation
- Seller
- MTS Systems Corporation shareholders
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Amphenol Corporation completed its acquisition of MTS Systems Corporation for $58.50 per share (approximately $1.7 billion including assumed debt). Amphenol said the deal expands its sensor and sensor-based product portfolio (MTS Sensors expected to add ~ $350 million in sales in the first twelve months) and plans to sell MTS's Test & Simulation business to Illinois Tool Works for $750 million subject to regulatory approvals.
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February 4, 2021
- Buyer
- Motion & Control Enterprises (MCE)
- Target
- Swanson Flo, Co.
- Seller
- Tom Howe (majority owner)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Motion & Control Enterprises (MCE), a Frontenac-backed supplier of fluid power and lubrication solutions, has acquired Swanson Flo, Co., a regional distributor of process instrumentation, flow control valves, actuators and related services. Swanson Flo (92 employees) will continue to operate under its name and leadership from its Plymouth, Minnesota headquarters with four warehouse locations; the deal expands MCE's flow control capabilities and geographic footprint in the Upper Midwest.
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December 31, 2020
- Buyer
- Pye-Barker Fire & Safety
- Target
- Nardini Fire Equipment Company
- Seller
- Tom Nardini (Nardini family)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Pye-Barker Fire & Safety has acquired Nardini Fire Equipment Company, a multi-generational fire protection contractor headquartered in Saint Paul, Minnesota (with a second HQ in Fargo, North Dakota). The acquisition, formalized on December 31, 2020, expands Pye-Barker's Midwest footprint into five additional states (Minnesota, North Dakota, South Dakota, Wisconsin and Iowa) and preserves jobs by integrating Nardini's team into Pye-Barker's national platform.
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December 14, 2020
- Buyer
- John Henry Foster Minnesota (JHFoster), High Road Capital Partners
- Target
- Motion Tech Automation (distribution segment / Motion Tech Distribution - MTD)
- Seller
- Motion Tech Automation
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
John Henry Foster Minnesota (a portfolio company of High Road Capital Partners) has acquired the distribution segment of Motion Tech Automation (Motion Tech Distribution, MTD). The add-on deal, JHFoster's first under High Road's ownership, closed on December 14, 2020 and will consolidate MTD into JHFoster's Eagan, Minnesota operations to broaden product offerings in motion control, automation and compressed air solutions.
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- Buyer
- Supply Chain Services, Sole Source Capital LLC
- Target
- Coridian Technologies, Inc.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Sole Source Capital-backed portfolio company Supply Chain Services has acquired Coridian Technologies, a provider of labeling, barcoding, data collection, and RFID solutions headquartered near Chanhassen, Minnesota. The transaction is the third add-on for Supply Chain Services and expands the platform's AIDC product and services capabilities across healthcare, manufacturing, and warehouse/distribution end markets.
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November 16, 2020
- Buyer
- Gryphon Investors
- Target
- Vessco Holdings
- Seller
- O2 Investment Partners
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Gryphon Investors, a San Francisco-based middle-market private equity firm, has acquired Vessco Holdings, a Minneapolis-based value-added distributor and systems integrator for water and wastewater treatment, from O2 Investment Partners. Vessco's management will remain significant owners and the company will pursue organic growth and add-on acquisitions to expand its product offerings and geographic reach.
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November 2, 2020
- Buyer
- Daikin North America LLC, Daikin Industries, Ltd.
- Target
- Stevens Equipment Supply, LLC
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Daikin North America LLC, a subsidiary of Daikin Industries, Ltd., has acquired Stevens Equipment Supply, a wholesale distributor of HVAC and commercial food service equipment based in Eagan, Minnesota. The acquisition expands Daikin's distribution footprint across roughly a dozen states, with Stevens continuing to operate under its existing name and management to support growth of its contractor customer base.
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September 23, 2020
- Buyer
- MacQueen Emergency, Rotunda Capital Partners
- Target
- Emergency Response Solutions (ERS)
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
MacQueen Emergency, a fire apparatus dealer within the MacQueen Group (a portfolio company of Rotunda Capital Partners), has acquired Emergency Response Solutions (ERS), a Minnesota-based fire equipment supplier headquartered in East Bethel. The transaction expands MacQueen's product and service offerings in Minnesota—adding premier brands and ERS personnel to its local footprint—and strengthens its ability to provide turnkey firefighting solutions to Minnesota fire departments.
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August 18, 2020
- Buyer
- Supply Chain Services, Sole Source Capital LLC
- Target
- Dasco Label
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Sole Source Capital’s portfolio company Supply Chain Services has acquired Dasco Label, a Blaine, Minnesota–based provider of custom labels, imprinting, serialization and barcoding services. The add-on expands Supply Chain Services’ product and distribution capabilities across manufacturing, healthcare, laboratory, retail and warehouse/distribution end markets; financial terms were not disclosed.
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June 8, 2020
- Buyer
- Therma Holdings, Gemspring Capital
- Target
- Gilbert LLC
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Addon
Therma Holdings, a Gemspring Capital portfolio company, has acquired Gilbert LLC, a Minneapolis-area provider of mechanical, electrical, plumbing, controls and fire protection services. The deal is Therma's fourth add-on since partnering with Gemspring and is intended to expand Therma's capabilities and presence in the Twin Cities market, particularly for mission-critical facilities such as healthcare.
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- Buyer
- Sole Source Capital LLC
- Target
- Supply Chain Services
- Seller
- Chip Emery
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Sole Source Capital, an industrial-focused private equity firm, has acquired Supply Chain Services, a North American provider of automatic identification and data capture (AIDC) and factory automation solutions. Dave Green (former COO) was appointed CEO as owner Chip Emery retires; SSC plans to use Supply Chain Services as a platform to pursue additional industrial services acquisitions. Terms were not disclosed.
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April 30, 2020
- Buyer
- Morwest Group of Companies, Advance Triwest Equipment, Ltd.
- Target
- Advance Equipment Company
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Morwest Group of Companies, through its subsidiary Advance Triwest Equipment, Ltd., acquired Advance Equipment Company, a Saint Paul-based tower crane, hoist and concrete pump rental and service business, effective April 30, 2020. The deal expands Morwest’s equipment portfolio and service area across North America by integrating two family-owned construction equipment rental businesses.
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March 31, 2020
- Buyer
- Carlson Private Capital Partners
- Target
- Street Smart
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
Carlson Private Capital Partners made an investment in Street Smart, a Lino Lakes, Minnesota–based rental provider of traffic safety equipment and smart work zone services. The investment is intended to support Street Smart's growth and technology-enabled service expansion as the company transitions from a family-owned business.
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March 10, 2020
- Buyer
- Goldner Hawn, LP
- Target
- Concept Machine Tool Sales, Inc.
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Recapitalization
Goldner Hawn, LP has partnered with Concept Machine Tool Sales, Inc.’s management in a recapitalization to provide capital and resources for growth. Concept, a Plymouth, Minnesota-based value-added distributor and service provider of machine tools, automation and measuring equipment, will pursue add-on acquisitions and expand its service and automation capabilities across medical, aerospace & defense and industrial end markets.
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- Buyer
- High Road Capital Partners
- Target
- John Henry Foster Minnesota, Inc.
- Seller
- Jan Hawkins and members of John Henry Foster Minnesota senior management
- Industry
- Industrial Services
- Location
- Minnesota, United States
- Type
- Buyout
High Road Capital Partners completed the acquisition of John Henry Foster Minnesota (JHFoster), a value-added distributor of motion control, compressed air systems, robotics and electrical automation products headquartered in Eagan, Minnesota. The deal closed May 24, 2019; JHFoster's president Jan Hawkins will continue to lead the company and joined the board, and management participated alongside High Road to support growth, geographic expansion and future add-on activity.
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Frequently Asked Questions
What kinds of industrial services deals are active in Minnesota?
Recent acquisitions span commercial cleaning, advanced NDE and pipeline inspection, industrial heating/combustion systems, specialty coatings, calibration services, fire sprinkler services, and energy-related electrical, transformer, and heavy-lift capabilities.
Which buyers appear repeatedly across these Minnesota transactions?
Recurring names include High Road Capital Partners, Sole Source Capital LLC, Frontenac, Motion & Control Enterprises (MCE), Carlson Private Capital Partners, Pye-Barker Fire & Safety, Relevant Industrial, LLC, and Supply Chain Services.
Do the acquisitions focus on expanding technical capabilities or building geographic reach?
Both themes show up. Many buyers highlight capability additions (e.g., NDE, calibration, thermal/combustion, ISO-17025 lab network, fire sprinkler services) alongside localized footprint expansion across Minnesota and sometimes into nearby states.
Is financing typically involved with these Minnesota acquisitions?
In several 2024–2025 deals, financing is specifically noted alongside buyers—for example, Northstar Capital provided junior debt and equity co-investment, and Monroe Capital provided a senior credit facility in a 2025 acquisition.