Primary CTA

Industry: Industrials & Infrastructure

  • North Water District Laboratory Services – SPL

  • North Water District Laboratory Services has been Acquired by SPL, a Portfolio Company of Sentinel Capital Partners

    North Water District Laboratory Services has been Acquired by SPL, a Portfolio Company of Sentinel Capital Partners

    MINNEAPOLIS, MN – May 12, 2026 – Northborne Partners today announced that it served as the exclusive financial advisor to North Water District Laboratory Services, Inc. (“NWDLS” or the “Company”) in its sale to SPL, a portfolio company of Sentinel Capital Partners. Financial terms of the transaction were not disclosed.

    Headquartered in Conroe, Texas and founded in 1974, NWDLS is a leading provider of environmental laboratory testing and analytical services supporting municipal utility districts, engineering firms, industrial customers and government entities throughout Texas. The Company specializes in wastewater, drinking water, stormwater, soil, sediment and specialty analysis services and has built a strong reputation for technical expertise, responsiveness and customer service.

    SPL is a leading provider of testing, inspection, certification and laboratory services for the energy, environmental and industrial markets, serving customers through a broad network of laboratory and service locations across the United States.

    “Monica and the entire NWDLS team have built an impressive business with a longstanding reputation for quality, technical expertise and customer service,” said Ben Marks, Managing Director at Northborne Partners. “We were honored to advise NWDLS through this important transaction and believe the Company is exceptionally well-positioned for continued growth as part of SPL.  Water and wastewater continues to be one of the most sought-after verticals within the infrastructure category.”

    About Northborne’s involvement in the transaction, Robert McCoy, former owner of NWDLS, commented, “The Northborne team provided thoughtful advice, strong execution and steady guidance throughout the transaction process. Their experience and commitment were instrumental in helping us achieve a successful outcome for the business and our employees.”

    Monica Martin, Chief Executive Officer and Managing Partner of NWDLS, added, “Northborne was an exceptional partner throughout the process. Their strategic insight, responsiveness and hands-on approach helped guide us through an important milestone for the Company. We are excited about the opportunities ahead through our partnership with SPL.”

    Koley Jessen served as legal counsel to NWDLS.

    About Northborne Partners

    Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the industrial, healthcare, services and food & consumer sectors, among others. The firm specializes in advising private-equity-owned and closely held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

    About North Water District Laboratory Services, Inc.

    Founded in 1974, North Water District Laboratory Services, Inc. is a full-service environmental laboratory that provides a comprehensive range of analytical testing services including water, wastewater, soils, solids and sediment analysis. The laboratory also offers specialty toxicology services, including a full suite of acute and chronic whole effluent toxicity (WET) testing and effluent biomonitoring, capabilities that significantly enhance SPL’s environmental lab network. For more information, please visit nwdls.com.

    About SPL

    Founded in 1944, SPL is a national laboratory and measurement services company serving the energy, environmental and industrial markets. Operating across 30+ locations in the United States, SPL provides defensible data through three core divisions: Energy Labs, Environmental Labs and Measurement Services. SPL is committed to providing defensible, accurate data and responsive service for clients who cannot afford to compromise on data quality. For more information, please visit spllabs.com.

    About Sentinel Capital Partners

    Sentinel is a leading midmarket private equity firm. Working collaboratively with portfolio companies, Sentinel offers operational resources and strategic advice that help its management teams solve challenges, capitalize on opportunities and build stronger, more valuable businesses. Sentinel also provides junior capital solutions as a minority investor. Sentinel focuses on niche markets across the business services, consumer, healthcare services and industrial sectors. Since its inception in 1995, Sentinel has raised more than $11.2 billion of capital. To learn more, please visit sentinelpartners.com.

  • Sierra Railroad Company, a Portfolio Company of Ridgewood Infrastructure, has Acquired Central Valley Ag Transport

    Sierra Railroad Company, a Portfolio Company of Ridgewood Infrastructure, has Acquired Central Valley Ag Transport

    MINNEAPOLIS, MN – March 16, 2026 – Northborne Partners today announced that it served as the exclusive financial advisor to Sierra Railroad Company (“Sierra” or the “Company”), a portfolio company of Ridgewood Infrastructure, on its acquisition of Central Valley Ag Transport (“CVAT”). Financial terms of the transaction were not disclosed.

    Founded in 1897, Sierra is a California-based short line rail platform providing freight rail, switching, storage and transloading services to a diversified customer base across key essential industrial, agricultural and energy supply chains. Sierra Northern Railway (“SNR”), a subsidiary of Sierra Railroad Company, owns and operates the Company’s freight rail business and provides switching, storage and transloading services across approximately 130 miles of track in California.

    CVAT is an owner and operator of agricultural products transload facilities serving customers along SNR’s rail network. The acquisition of CVAT strengthens Sierra’s platform by vertically integrating agricultural transload capabilities that are essential to California’s dairy industry.

    In a concurrent transaction, Northborne also advised Sierra on its sale to Ridgewood Infrastructure, a leading investment firm focused on essential infrastructure in the United States.

    Ben Marks, Managing Director at Northborne commented, “The acquisition of CVAT is a highly strategic step for Sierra as it continues to build a differentiated short line rail platform. By vertically integrating critical transload capabilities, Sierra enhances service to its dairy and agricultural customers while driving greater volumes across its rail network. We were proud to work alongside Sierra to facilitate both the acquisition of CVAT and the concurrent sale of the Company to Ridgewood Infrastructure, positioning Sierra for long-term growth.”

    Northborne is the leading middle market advisor to businesses in the rail & rail services industry. This transaction marks Northborne’s 16th completed rail-related transaction in the past four years.

    About Northborne Partners

    Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the industrial, healthcare, services and food & consumer sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

    About Sierra Railroad Company

    Sierra Railroad Company is a California-based rail platform whose subsidiaries include Sierra Northern Railroad, a shortline freight rail operator providing switching, storage, and transloading services across approximately 130 miles of track; Railpower, Inc., a hydrogen locomotive development business; and passenger rail operations and rights along Sierra’s mainline. For more information, please visit sierrarailroad.com.

    About Central Valley Ag Transport

    Central Valley Ag Transport is an agricultural products transload operator serving dairy farmers and agricultural customers along Sierra Northern Railroad’s network. For more information, please visit cv-ag.com.

    About Ridgewood Infrastructure

    Ridgewood Infrastructure invests in essential infrastructure businesses across the transportation, energy, utilities, and industrial sectors. The firm focuses on assets that provide critical services, exhibit durable demand, and offer opportunities for value creation through operational improvement and strategic growth. For more information, please visit ridgewoodinfrastructure.com.

  • Sierra Railroad Company – CVAT

  • Sierra Railroad Company – Ridgewood

  • Cam Wood

    Cam Wood

    Cam has more than 10 years of transactional advisory experience, with a primary focus on M&A. He joined Northborne after a successful legal career as a partner in the M&A group at Dorsey & Whitney. His significant deal experience (75+ transactions) includes both buy-side and sell-side representations across a broad array of industries.

    Cam began his career at Cleary Gottlieb in New York.

    He earned a JD from the University of Minnesota Law School and a BA from Wheaton College.

    Fun fact: Cam has been known to dabble in the performing arts: including performances as Will Parker in the high school production of Oklahoma and Puck in the Law School musical production “A Mid-Semester Night’s Dream”. More recently, North Shore residents might recognize him as the Singing Santa Claus from the 2025 Grand Marais Holiday Parade.

  • Mat Marcussen

    Mat Marcussen

    Mat brings more than a decade of experience executing M&A transactions across industrials, infrastructure and various other sectors.

    Prior to Northborne, Mat held roles at BMO Capital Markets and BMO Harris Bank and began his career at Chartwell, specializing in ESOP-related transactions.

    Mat earned a BS in Finance from the University of Minnesota Carlson School of Management.

    Fun fact: Mat grew up in a very small town in Northern Minnesota, where he was the quarterback of his 9-man football team. Unfortunately, as one of eight children across blended families, they were one shy of a full roster.

  • Chris Klotsche

    Chris Klotsche

    Chris has nearly a decade of experience in M&A and corporate finance, with experience executing M&A transactions across the industrials, infrastructure and services sectors.

    Prior to joining Northborne, he worked on middle-market M&A transactions at Cowen & Company and held finance roles at General Electric.

    Chris earned a BS in Finance and Marketing from the Carroll School of Management at Boston College.

    Fun fact: Chris is a proud Eagle Scout and enjoys passing on his love of the outdoors to his two young children.

  • Eric Nicholson

    Eric Nicholson

    Eric has over 30 years of experience advising private and public companies, private equity investors and entrepreneurs on M&A transactions.

    Prior to co-founding Northborne, Eric was a senior investment banker at Piper Jaffray and a partner at Greene Holcomb Fisher. Following BMO’s acquisition of GHF, he became Head of BMO Middle Market M&A. He began his career as a corporate attorney at Dorsey & Whitney.

    Eric earned a JD from the University of Minnesota Law School and a BA from Carleton College. Eric has served on the adjunct faculty at the University of Minnesota Law School, the board of directors of the Wilder Foundation, and as a discussion leader for the Anderson Center for Management and Leadership Development.

    Fun fact: Eric hails from Northfield, Minnesota, famous for Defeat of Jesse James Days, Malt O Meal cereal, St. Olaf College, Eric’s alma mater Carleton College, and the proudly quirky slogan “Cows, Colleges, and Contentment.” After living in St. Paul for more than 25 years, he’s discovered the State’s Capital City offers plenty of colleges and contentment of its own. The cows, however, are still in Northfield.

  • Savage – Cando

  • Labsurface has Received a Minority Investment from Idealist Capital

    Labsurface has Received a Minority Investment from Idealist Capital

    MINNEAPOLIS, MN – February 16, 2026 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to Labsurface in connection with its minority investment from Idealist Capital (“Idealist”). Financial terms were not disclosed.

    Founded in 1995, Labsurface is a leading North American manufacturer and innovator of high‑performance concrete floor coating systems, engineered to enhance durability, safety and lifecycle performance in demanding environments. The company leverages proprietary formulations, materials expertise and in‑house manufacturing to serve a broad range of industrial, commercial and institutional end markets.

    Jonathan Gagnon, President, CEO and Controlling Shareholder of Labsurface, expressed enthusiasm for the company’s next chapter, stating, “This partnership represents an important step forward for Labsurface. Idealist Capital shares our values around innovation, long-term thinking and disciplined growth. Just as importantly, they respect what makes Labsurface unique. We are grateful to the Northborne Partners team for their thoughtful guidance throughout this process and for helping us identify a partner who aligns so closely with our vision for the future.”

    Mat Marcussen, Director at Northborne, commented, “We are incredibly grateful to have been part of this journey with Jonathan and the Labsurface team. Labsurface is a differentiated platform with a clear strategy, strong culture and compelling long-term opportunity. Idealist Capital is a natural partner for the next chapter of growth and we are proud to have helped bring together two groups so well aligned in ambition and values.”

    Specialty coatings and materials as a category continues to be highly sought after by strategic and financial investors alike. Northborne is a thought leader in this segment and this transaction marks Northborne’s second completed transaction in specialty coatings and materials in 2026.

    Davies Ward Phillips & Vineberg served as legal counsel to Labsurface on the transaction.

    About Northborne Partners

    Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the industrial, healthcare, services and food & consumer sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

    About Labsurface

    Founded in 1995, Labsurface is a leading North American manufacturer and innovator of high‑performance concrete floor coating systems. The company is recognized for its advanced materials expertise, proprietary formulations, and commitment to performance, durability, and reliability across industrial and commercial applications. Labsurface is headquartered in Mascouche, Québec. For more information, please visit labsurface.com.

    About Idealist Capital

    Founded in 2022, Idealist Capital is a growth‑oriented private equity firm focused on partnering with entrepreneurs to support the scaling of differentiated businesses across North America. The firm invests in companies positioned to benefit from long‑term structural trends, with an emphasis on building durable platforms alongside management teams. Idealist Capital is headquartered in Montreal, Québec. For more information, please visit idealist.capital.

  • FORTA – The Heritage Group

  • Labsurface – Idealist Capital

  • Aluma Trailers has been Acquired by Novae

    Aluma Trailers has been Acquired by Novae

    MINNEAPOLIS, MN – January 21, 2026 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to KLM Acquisition Corporation, dba Aluma Trailers (“Aluma”), in its sale to Novae, a portfolio company of Brightstar Capital Partners. Financial terms of the transaction were not disclosed.

    Founded in 1992 and headquartered in Bancroft, IA, Aluma Trailers is a leading manufacturer of aluminum utility, recreational and commercial trailers sold through an established network of dealers across the U.S. and Canada. With a focus on lightweight aluminum construction, Aluma designs and builds trailers and truck bodies that deliver strength, durability and long-term value for dealers and end users. The Company is continually recognized for its commitment to quality, industry-best warranty and reliable service, setting the standard in the industry.

    Novae provides a comprehensive portfolio of open and enclosed cargo trailers and truck bodies. The acquisition of Aluma will strengthen its portfolio of industry-leading aluminum trailer brands distributed through dealer partners.

    Mike Lloyd, President of Aluma since 2000, commented, “Joining forces with Novae is a strategic milestone for our company and for the dealers who have trusted us for so many years. Aluma and Novae share the same values: to continually grow our people and maintain ease of doing business for our partners. We’re customer-centric, quality-minded companies, which makes this a natural fit.”

    Regarding Northborne’s involvement, Mike commented, “Northborne was an exceptional partner throughout the process. Their demonstrated expertise, support and thoughtful guidance were instrumental in achieving a successful outcome. The Northborne team’s day-to-day involvement gave us confidence throughout the transaction process that we were getting a fair deal and our interests were protected. They had our backs every step of the way.”

    Paul Jevnick, Managing Director at Northborne, commented, “We’re honored to have advised Aluma on this important transaction, leveraging Northborne’s extensive experience working with family-owned businesses. It has been a privilege working with the owners and management of Aluma, and we look forward to seeing the Company’s continued success under Novae’s ownership.”

    Ballard Spahr served as legal counsel to Aluma.

    About Northborne Partners

    Northborne Partners is a pre-eminent middle market investment banking firm focused on providing M&A advisory services to companies in the industrial, healthcare, services and food & consumer sectors, among others. It specializes in advising private-equity-owned and closely held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

    About Aluma Trailers

    Founded in 1992 and headquartered in Bancroft, IA, Aluma Trailers is a leading manufacturer of aluminum utility, recreational and commercial trailers, known for its long-standing commitment to quality, durability, and dependable performance. The company emphasizes practical innovation, consistent manufacturing standards, and strong relationships across its dealer network. For more information, please visit alumaklm.com.

    About Novae

    Headquartered in Markle, IN, Novae is a leading trailer manufacturer in open and enclosed trailers and truck bodies in North America, operating distinct trailer brands including Sure-Trac®, H&H Trailers®, CAM Superline®, Midsota®, Pace American®, Formula, and LOOK®. Founded in 1995, Novae has over 1,000 employees and more than 20 manufacturing facilities. Novae maintains an active dealer network of over 1,000 partners. For more information, please visit novae.com.

  • Aluma Trailers – Novae

  • Harrison Paint Company has been Acquired by New Family Ownership

    Harrison Paint Company has been Acquired by New Family Ownership

    MINNEAPOLIS, MN – December 17, 2025 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to Harrison Paint Company (“Harrison”) in connection with its sale to a local investor group led by the Bonner family. Financial terms were not disclosed.

    Founded in 1911 and headquartered in Canton, Ohio, Harrison is a high quality, reliable specialty coatings provider with a diverse set of products serving the retail, wholesale, industrial, OEM and floor coatings markets. Harrison provides customizable formulas in both water and solvent based products through a high-touch business model.

    Mat Marcussen, Director at Northborne, commented, “We are very proud to have worked alongside Pat and the Harrison team on this transaction. Pat and his team have been incredible stewards in the Canton community in continuing Harrison’s 100+ year legacy. We are honored to have shared in this important milestone and pleased to have found a buyer that shares the same ethos for the employees, customers and community.” Specialty coatings continues to be highly sought after by strategic and financial investors alike. This deal represents Northborne’s third completed transaction in specialty coatings.

    Regarding Northborne’s involvement, Pat Lauber, President of Harrison, commented, “The Northborne team was a trusted partner in helping us navigate this transaction. Their deep knowledge of the specialty coatings sector, level of insight and dedication made a real difference and were essential in helping us achieve this outcome.”

    Beau Bonner, Investor, expressed enthusiasm for the future saying, “The Harrison Paint team and I extend a great deal of gratitude to Pat for his trust and guidance throughout the transaction process. We look forward to building on the Harrison legacy and are on the cusp of something really special here for our employees, customers, the Canton community and the specialty coatings industry broadly.”

    Krugliak, Wilkins, Griffiths & Dougherty served as legal counsel to Harrison. Vorys, Sater, Seymour and Pease served as legal counsel to the local investor group led by the Bonner family.

    About Northborne Partners

    Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the industrial, healthcare, services and food & consumer sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

    About Harrison Paint Company

    Founded in 1911 and headquartered in Canton, Ohio, Harrison is a high quality, reliable specialty coatings provider operating with proprietary formulations in both water and solvent based products. Harrison serves long-standing customers in core end markets across retail, wholesale, industrial, OEM and floor coatings. Harrison’s unique market position allows it to deliver highly technical coatings in a high-touch business model. To learn more about Harrison, please visit harrisonpaint.com.