Acquisitions in Indiana

  • Buyer
    PairSoft
    Target
    Nimbello
    Industry
    Cloud & SaaS
    Type
    Buyout

    PairSoft, an AI-driven procure-to-pay and financial automation provider, acquired Nimbello, an accounts payable automation and payments platform focused on purchase-order-based invoice matching. The acquisition is intended to strengthen PairSoft’s native ERP integrations and improve purchase-order matching and AI-driven invoice processing.

  • Buyer
    Solution Tree
    Target
    Dirigo Literacy
    Industry
    Education
    Type
    Buyout

    Solution Tree acquired Dirigo Literacy to expand its K–12 evidence-based literacy solutions for schools, districts, and state education systems. The deal adds Dirigo Literacy’s research-intensive Dirigo Literacy Framework (Upward Spiral of Literacy), focused on professional development, coaching, instructional materials, and data-driven decision making to improve student reading and writing outcomes.

  • Buyer
    Aecon Utilities Group Inc., Aecon Group
    Target
    Duna Services, Arc American, LLC, C.A. Advanced, LLC, KNX Utility Services, LLC
    Seller
    Ryker Holdings Inc.
    Type
    Buyout

    Aecon Group announced that its subsidiary Aecon Utilities Group Inc. acquired Duna Services (including Arc American, LLC and C.A. Advanced, LLC) from Ryker Holdings Inc. for a base purchase price of $60 million, plus potential contingent proceeds. The transaction also includes Aecon Utilities acquiring a 49% interest in KNX Utility Services, LLC, to strengthen its U.S. electrical distribution, transmission, and storm response capabilities.

  • Buyer
    ASA Safety Supply
    Target
    Indiana Safety & Supply (ISS)
    Type
    Addon

    ASA Safety Supply, a portfolio company of Trivest Partners, acquired Indiana Safety & Supply (ISS), a distributor of PPE and facility safety products based in Washington, Indiana. The deal expands ASA Safety’s geographic footprint in the industrial safety distribution market and strengthens purchasing scale to support growth of private-label safety offerings.

  • Buyer
    LER TechForce
    Target
    Siemens Altair Resource Solution division
    Seller
    Siemens Altair business unit
    Industry
    IT Services
    Type
    Buyout

    LER TechForce completed its previously announced acquisition of the Resource Solution division from Siemens Altair. The deal transfers customer contracts and the professionals supporting the division, expanding LER TechForce’s engineering workforce innovation and resource support services for organizations driving engineering and digital transformation initiatives.

  • Buyer
    WalkerHughes Insurance
    Target
    Sacksteder Worland Insurance Agency
    Seller
    Joe Worland
    Industry
    Insurance
    Type
    Buyout

    WalkerHughes Insurance, a founder-led retail insurance brokerage headquartered in Indianapolis, announced its expansion into Ohio via the acquisition of Sacksteder Worland Insurance Agency, based in Tiffin, Ohio. The deal marks WalkerHughes’ fourth state of operation and will keep the Tiffin office serving local clients under the WalkerHughes brand, with the seller remaining actively involved.

  • Buyer
    WalkerHughes Insurance
    Target
    Benhoff Insurance Agency
    Seller
    Bruce Benhoff
    Industry
    Insurance
    Type
    Addon

    WalkerHughes, a founder-led retail insurance brokerage headquartered in Indianapolis, Indiana, announced its expansion into Illinois through the acquisition of Benhoff Insurance Agency. Benhoff Insurance Agency is a personal lines brokerage based in Breese, Illinois, and will continue operating under the WalkerHughes brand.

  • Buyer
    L Squared Capital Partners LLC
    Target
    Functional Devices, Inc.
    Seller
    Shorehill Capital LLC
    Type
    Buyout

    L Squared Capital Partners acquired Functional Devices, Inc. (FDI), a provider of field devices for building automation and emergency lighting systems anchored by the RIB (Relay in a Box) brand. The investment includes co-investment by FDI management and sets up L Squared’s continued push for add-on acquisitions in complementary building automation peripheral components.

  • Buyer
    Turning Rock Partners
    Target
    AmeriQual Group Holdings, LLC
    Seller
    Turning Rock Partners
    Industry
    Food & Beverage

    Turning Rock Partners (TRP) announced the majority exit of AmeriQual Group Holdings, LLC through a growth recapitalization. AmeriQual, headquartered in Evansville, Indiana, is a privately held food company that develops, packages, and distributes shelf-stable, refrigerated, and frozen foods, sauces, and condiments.

  • Buyer
    Bradford Health Services
    Target
    Parkdale Center
    Type
    Buyout

    Bradford Health Services has acquired Parkdale Center, a Chesterton, Indiana addiction treatment provider specializing in confidential care for licensed professionals. The acquisition expands Bradford’s clinical footprint into the Midwest and preserves Parkdale’s specialized Professionals Program and continuum of care services.

  • Buyer
    Cornerstone Capital Holdings
    Target
    Dynamic Transit Products, LLC (DTP)
    Seller
    Dynamic Metals, LLC

    Cornerstone Capital Holdings acquired the Transportation Division of Dynamic Metals, LLC. The division has been renamed Dynamic Transit Products, LLC (DTP) and operations will move from Elkhart, Indiana to a standalone facility in Goshen, Indiana.

  • Buyer
    Lone Star Funds, Lone Star Americas Acquisitions, Inc.
    Target
    Hillenbrand, Inc.
    Seller
    group of shareholders (Hillenbrand shareholders)
    Type
    Buyout

    Lone Star Funds, through an affiliate, completed an all-cash acquisition of Hillenbrand, Inc. at an enterprise value of approximately $3.8 billion. Hillenbrand will operate as a privately held company under the Hillenbrand name, with its common stock ceasing trading and being delisted from the New York Stock Exchange.

  • Buyer
    Jack Omer
    Target
    Lee's Famous Recipe Chicken (five Indiana franchise units - Connersville, Muncie, Richmond, New Castle and one additional Indiana unit)
    Type
    Addon

    Jack Omer, grandson of Lee's co-founder Harold Omer, has acquired five existing Lee's Famous Recipe Chicken franchise restaurants across Indiana, including units in Connersville, Muncie and Richmond (and an earlier purchase in New Castle). The acquisitions are part of a multi-unit growth strategy that includes remodels to update locations to current brand standards and expand the franchisee's footprint in central Indiana.

  • Buyer
    Alliance RV, LLC
    Target
    Midwest Automotive Designs
    Seller
    Terex Corporation, REV Group, Inc.
    Industry
    Automotive

    Alliance RV, LLC has acquired Midwest Automotive Designs from Terex Corporation (previously part of REV Group). The transaction transfers the Elkhart-based luxury B‑van and motorhome conversion business to Alliance RV as the buyer expands into the motorized recreational-vehicle segment.

  • Buyer
    Bain Capital Double Impact
    Target
    American College of Education
    Seller
    CIC Partners
    Industry
    Education
    Type
    Buyout

    CIC Partners has realized its investment in American College of Education (ACE) and sold the company to Bain Capital Double Impact, with the transaction completing in Q4 2025. ACE is an accredited online private college headquartered in Indianapolis that serves adult and professional learners across education, healthcare and business programs; financial terms were not disclosed.

  • Buyer
    Littlejohn & Co., LLC, Littlejohn & Co.
    Target
    80/20
    Seller
    MPE Partners
    Type
    Buyout

    Littlejohn & Co., a Greenwich, Connecticut-based private investment firm, acquired 80/20, a provider of premium, configurable modular framing solutions, from MPE Partners. Terms were not disclosed. The deal was positioned by Littlejohn as a platform investment to expand 80/20’s capabilities and geographic reach.

  • Buyer
    Simplicity Group
    Target
    Source Brokerage, LLC
    Industry
    Insurance
    Type
    Buyout

    Simplicity Group, a holistic financial planning and advisor partner platform, has acquired Indianapolis-based Source Brokerage, a disability insurance specialist broker general agency (BGA). The acquisition expands Simplicity's national disability insurance (DI) capabilities and adds specialized institutional-market expertise (including GME and GSI programs), while Source Brokerage founder Steve Crowe joins Simplicity as a partner.

  • Buyer
    Littlejohn & Co.
    Target
    80/20
    Seller
    MPE Partners
    Industry
    Manufacturing
    Type
    Buyout

    Littlejohn & Co. acquired 80/20, a modular T-slot aluminum framing manufacturer based in Columbia City, Indiana. The transaction was completed from MPE Partners to Littlejohn & Co.

  • Buyer
    Airxcel, Inc.
    Target
    Synergy Designs LLC
    Seller
    Synergy Designs LLC leadership (not individually named)
    Industry
    Manufacturing
    Type
    Buyout

    Airxcel, Inc. announced that Synergy Designs LLC has joined the Airxcel family of companies. Synergy Designs—founded in 2021 and headquartered in Syracuse, Indiana—provides soft goods solutions for the RV market and has grown to a team of more than 50 employees in five years.

  • Buyer
    Notre Dame Federal Credit Union
    Target
    Catholic United Financial Credit Union
    Type
    Buyout

    Notre Dame Federal Credit Union and Catholic United Financial Credit Union announced their intent to merge in a strategic, member-approved transaction. The merger is approved by both boards and the National Credit Union Administration, and is subject to a member vote on March 18, 2026, with an expected effective date of April 1, 2026 if approved.

  • February 2, 2026
    Buyer
    APi Group Corporation
    Target
    CertaSite
    Seller
    The Riverside Company
    Type
    Buyout

    APi Group Corporation (NYSE: APG) completed its previously announced acquisition of CertaSite on February 2, 2026. CertaSite is an inspection-first provider of comprehensive fire and life safety services in the Midwest, and the deal is expected to complement APi’s recurring, non-discretionary safety services platform.

  • Buyer
    Matt Bowers Automotive Group
    Target
    Bill Estes Chrysler Dodge Jeep Ram
    Seller
    Asbury Automotive Group
    Industry
    Automotive
    Type
    Buyout

    Matt Bowers Automotive Group acquired Bill Estes Chrysler Dodge Jeep Ram in Brownsburg, Indiana from Asbury Automotive Group, closing on February 2, 2026. The acquisition is Matt Bowers Automotive Group's first Indiana location and expands its Chrysler Dodge Jeep Ram franchise footprint while bringing the dealership into operation as Indy Chrysler Dodge Jeep Ram.

  • Buyer
    R.P. Lumber Company Inc.
    Target
    Bender Lumber Company, Inc.
    Seller
    John Bender
    Industry
    Retail
    Type
    Buyout

    R.P. Lumber, a family-owned building materials retailer and home center based in Illinois, agreed to acquire Bender Lumber, a Southern Indiana building supply company with full-service lumberyards. The deal adds eight Indiana locations to R.P. Lumber’s footprint, bringing its total to 99 stores across seven states.

  • Buyer
    Elevation Point
    Target
    Forta Wealth Partners

    Elevation Point has made a minority growth investment in Forta Wealth Partners, enabling the Indianapolis-based advisory team to launch an independent RIA with access to custodial, technology, and capital resources. Forta, a trade name of Elevation Point Wealth Partners, brings more than $900 million in client assets carried over from its prior Merrill Lynch practice and will benefit from Elevation Point’s support and Goldman Sachs custody collaboration.

  • Buyer
    WalkerHughes Insurance
    Target
    Inman Insurance Agency, Clark Insurance Agency
    Seller
    Keith Inman, Mary Clark
    Industry
    Insurance
    Type
    Buyout

    WalkerHughes Insurance, a privately held retail insurance brokerage headquartered in Indianapolis, acquired Inman Insurance Agency in Salem, Missouri and Clark Insurance Agency in Ballwin, Missouri. The deals expand WalkerHughes’ Missouri footprint, increasing market density across south-central communities and the St. Louis metropolitan area.

  • January 23, 2026
    Buyer
    Andela
    Target
    Woven
    Industry
    Software
    Type
    Buyout

    Andela has acquired Woven, a technical-assessment company that provides real-world engineering scenarios, structured scoring rubrics, and AI-enabled evaluation. The acquisition will accelerate Andela's assessments roadmap and improve its ability to identify and match AI-native engineering talent across its global marketplace.

  • Buyer
    Apollon Wealth Management
    Target
    Sage Advisors
    Type
    Addon

    Apollon Wealth Management has added Indiana-based registered investment adviser Sage Advisors to its national platform. The move expands Apollon's presence in the Midwest and gives Sage Advisors access to Apollon's operational capabilities while preserving the firm's client-first advisory model.

  • Buyer
    Community Financial System, Inc., Community Bank, N.A.
    Target
    ClearPoint Federal Bank & Trust, ClearPoint Federal Bank & Trust (ClearPoint)
    Type
    Buyout

    Community Financial System (through its wholly owned banking subsidiary Community Bank, N.A.) has entered into an agreement to acquire ClearPoint Federal Bank & Trust in an all-cash transaction valued at $40 million. The deal is expected to expand Community Financial’s wealth management capabilities (via Nottingham Financial Group) and add more recurring, fee-based revenue tied to ClearPoint’s trust administration business in the death care industry.

  • Buyer
    National Manufacturing Group
    Target
    J.M. Hutton & Co.
    Industry
    Manufacturing
    Type
    Buyout

    National Manufacturing Group, a multi-plant OEM supplier based in Troy, Michigan, has acquired J.M. Hutton & Co., a Richmond, Indiana metal fabricator with a 275,000-square-foot production facility. The deal expands National's metal stamping, laser cutting, and powder-coating capabilities and advances its vertical-integration strategy to better serve OEM customers in vocational truck, medical, food service and casket markets.

  • Buyer
    Gryphon Investors
    Target
    Safety Management Group
    Seller
    NMS Capital
    Type
    Buyout

    Gryphon Investors has acquired Safety Management Group (SMG) from NMS Capital; financial terms were not disclosed. SMG, headquartered in Indianapolis, will serve as a new platform for Gryphon to pursue organic growth and add-on M&A in outsourced Environmental, Health & Safety (EH&S) services while SMG's management team remains in place with a meaningful ownership stake.

  • Buyer
    East Coast Power, A&M Capital Partners
    Target
    United Powerline Solutions
    Industry
    Utilities
    Type
    Addon

    East Coast Power (ECP), a portfolio company of A&M Capital Partners, has acquired United Powerline Solutions (UPS), a Haubstadt, Indiana–based provider of overhead distribution services for electric utilities across the Midwest. The add-on expands ECP’s geographic footprint, distribution services capabilities and storm-response capacity as the platform pursues nationwide growth amid grid modernization and infrastructure investment.

  • Buyer
    H3 Partners
    Target
    Upper Hand
    Industry
    Cloud & SaaS
    Type
    Buyout

    H3 Partners, a private equity firm focused on SaaS/fintech and health/wellness investments, has acquired Upper Hand, an Indianapolis-based provider of youth sports management software. The acquisition will accelerate product innovation and expand Upper Hand's technology capabilities to better serve sports facilities, trainers and youth sports organizations.

  • Buyer
    Allison Transmission Holdings, Inc.
    Target
    Dana Incorporated Off-Highway business (Off-Highway Drive & Motion Systems)
    Seller
    Dana Incorporated

    Allison Transmission Holdings, Inc. (NYSE:ALSN) completed its $2.7 billion acquisition of Dana Incorporated’s Off-Highway business (Off-Highway Drive & Motion Systems). The deal is intended to broaden Allison’s off-highway and industrial powertrain capabilities and create a global platform headquartered in Indianapolis.

  • Buyer
    American Elevator Group
    Target
    Mid-America Elevator
    Type
    Addon

    American Elevator Group (AEG) has merged with Mid‑America Elevator, a long‑standing Indianapolis-based provider of elevator maintenance, repair and modernization services. Maven Group advised Mid‑America; terms were not disclosed. The transaction brings Mid‑America into AEG’s national platform to expand capabilities, access advanced technologies and accelerate growth in Indiana while preserving local leadership and the Mid‑America brand.

  • Buyer
    VMG Health, Incline Equity Partners
    Target
    Burrows Consulting
    Type
    Addon

    VMG Health, a portfolio company of Incline Equity Partners, has acquired Burrows Consulting, a specialist in funding strategy and reimbursement optimization for community-based healthcare organizations. The add-on expands VMG Health's capabilities serving Federally Qualified Health Centers, rural health clinics and other community providers and broadens its national presence.

  • Buyer
    The State Group, Apollo Global Management
    Target
    J&J Electric of Indiana, Inc.
    Industry
    Construction
    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.

  • Buyer
    National Safety Apparel (NSA), Blue Point Capital Partners
    Target
    NASCO Industries, Inc.
    Industry
    Manufacturing
    Type
    Addon

    National Safety Apparel (NSA), a Blue Point Capital Partners-backed platform, has acquired NASCO Industries, Inc., a U.S. manufacturer of flame-resistant rainwear and protective outerwear headquartered in Washington, Indiana. The add-on expands NSA's flame-resistant rainwear portfolio and strengthens its coverage in the electric utility PPE segment as part of the platform's continued roll-up strategy.

  • Buyer
    Jack Omer
    Target
    Lee's Famous Recipe Chicken (New Castle, Indiana franchise location), Five Lee's Famous Recipe Chicken franchise locations in Indiana (multi‑unit acquisition)
    Seller
    Mike Fort
    Type
    Buyout

    Jack Omer, a third‑generation member of the Lee's Famous Recipe Chicken family, acquired the New Castle, Indiana Lee's franchise location from longtime franchisee Mike Fort and signed a development agreement to open multiple new locations in the greater Indianapolis area. Subsequent reporting indicates Omer completed a multi‑unit acquisition of five Lee's franchise locations in Indiana as part of a broader multi‑unit growth and geographic expansion plan.

  • Buyer
    dormakaba
    Target
    Avant-Garde Systems Inc.
    Type
    Buyout

    dormakaba has signed a binding agreement to acquire Avant-Garde Systems Inc., a US-based independent entrance systems control solution provider headquartered in Clarksville, Indiana. The deal is intended to strengthen dormakaba’s North American go-to-market in access automation and expand capabilities for key verticals such as data centers and airports. The company expects to close in early January 2026.

  • Buyer
    New State Capital Partners, Amethyst Capital Group, LLC
    Target
    Harrell-Fish Inc.
    Seller
    Existing owners
    Industry
    Construction
    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.

  • Buyer
    Inovar Packaging Group, LLC
    Target
    Enterprise Marking Products (EMP)
    Seller
    Chris Fread, Carol Fread
    Industry
    Packaging
    Type
    Addon

    Inovar Packaging Group, a Dallas-based label and packaging platform, has acquired Enterprise Marking Products (EMP), a flexographic label manufacturer headquartered in Fishers, Indiana. The add-on expands Inovar’s Midwest footprint and bolsters its capabilities in durable and industrial labeling applications for customers across industrial, food & beverage, and consumer durable markets.

  • Buyer
    Wealth Enhancement
    Target
    FPG Private Wealth
    Seller
    Financial Partners Group
    Type
    Buyout

    Wealth Enhancement has acquired FPG Private Wealth, a hybrid RIA with locations in Carmel and Lafayette, Indiana that oversees more than $532 million in client assets. The deal, which closed November 30, 2025, expands Wealth Enhancement’s Midwest footprint and marks its first office presence in the greater Indianapolis market, increasing the firm's total client assets to more than $127.8 billion.

  • Buyer
    Republic Airways Holdings Inc.
    Target
    Mesa Air Group, Inc., Republic Airways Holdings Inc.
    Industry
    Transportation
    Type
    Buyout

    Republic Airways Holdings Inc. and Mesa Air Group, Inc. completed their all-stock merger, forming a leading publicly traded regional airline. The combined company will operate under the Republic name, trade on NASDAQ under ticker RJET, with Republic stockholders owning ~88% and Mesa stockholders owning at least 6% (up to 12% depending on pre-closing criteria).

  • Buyer
    Americo Chemical Products, LLC, Harbour Group Industries, Inc.
    Target
    Fusion Chemical
    Seller
    Matt East
    Industry
    Manufacturing
    Type
    Addon

    Americo Chemical Products, a Harbour Group company, has acquired Fusion Chemical, a Huntington, Indiana-based maker of specialty metalworking fluids. The deal brings Fusion's founder Matt East and his team into Americo and expands Americo's product portfolio with next-generation lubricants and coolants; terms were not disclosed.

  • Buyer
    LawnPRO Partners, HCI Equity Partners
    Target
    Total Lawn Care, Inc.
    Seller
    Terry Jungels, Mark Cavin
    Type
    Addon

    LawnPRO Partners, a lawn-care platform majority-owned by HCI Equity Partners, has acquired Indiana-based Total Lawn Care, Inc. (TLC), a company serving the Indianapolis area for over 35 years with organic-focused lawn care and pest control services. The deal expands LawnPRO Partners' geographic footprint into Indiana and adds local operating capability and employees to the platform.

  • Buyer
    Richmond Mutual Bancorporation, Inc.
    Target
    The Farmers Bancorp
    Type
    Buyout

    Richmond Mutual Bancorporation, Inc. entered into a definitive all-stock merger agreement under which The Farmers Bancorp will merge with and into Richmond Mutual. The deal is valued at approximately $82 million, or $44.71 per share of Farmers Bancorp common stock, and is expected to close in early Q2 2026 pending regulatory and shareholder approvals.

  • Buyer
    Praesidian Capital
    Target
    Round 2, LLC

    Praesidian Capital completed a strategic follow-on equity investment in Round 2, LLC, a South Bend, Indiana-based designer and manufacturer of collectible models, die-cast vehicles and hobby products. The additional capital will support product development, supply-chain capabilities, digital engagement and expanded distribution — including international growth — building on Praesidian’s original 2021 investment.

  • Buyer
    Junto Holdings Group, Inc.
    Target
    SensorTec, LLC
    Seller
    Grant Passwater
    Industry
    Manufacturing
    Type
    Buyout

    Junto Holdings Group, Inc., a Minneapolis-based permanent-capital investment holding company, has acquired SensorTec, LLC, a Fort Wayne, Indiana manufacturer of precision temperature sensors. SensorTec will continue to operate independently from its Fort Wayne facility with the existing management and team remaining in place; the deal provides a long-term ownership structure and supports future growth while enabling the founder's succession.

  • Buyer
    Wealth Enhancement
    Target
    Guidance Wealth, LLC
    Type
    Buyout

    Wealth Enhancement has acquired Guidance Wealth, an independent registered investment advisor based in Elkhart, Indiana that oversees approximately $165 million in client assets. The acquisition closed on October 31, 2025 and increases Wealth Enhancement's total client assets to more than $125.1 billion while bringing the Guidance Wealth advisory team onto Wealth Enhancement's national platform.

  • Buyer
    ReSource Pro
    Target
    Supportive Insurance Services (SIS)
    Type
    Buyout

    ReSource Pro, a strategic operations partner to the insurance industry, has acquired Supportive Insurance Services (SIS), a provider of licensing and renewal services for agents, brokers, adjusters and insurers. The deal expands ReSource Pro’s compliance and licensing capabilities—adding SIS’s adjuster licensing expertise to ReSource Pro’s existing surplus lines tax, corporate and franchise tax reporting, and other regulatory services.

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