Northborne Partners, LLC

Northborne Partners is a Minneapolis-based middle-market investment banking firm established in 2021. The firm's core mission is to provide M&A advisory services, primarily focusing on sell-side transactions for privately-held companies, including founder- and family-owned businesses and entrepreneurs. They aim to deliver a superior advisory experience through a team of highly experienced senior dealmakers.

The firm specializes in M&A advisory across various sectors, including industrial, healthcare, services, and food & consumer. Northborne Partners offers both sell-side and buy-side advisory services, with a particular focus on navigating complex, privately negotiated transactions within the lower middle market.

Co-founded by Ken Higgins, Mark Horvick, Paul Jevnick (CEO), and Ben Marks, Northborne Partners has been actively expanding its capabilities and geographic reach. In September 2025, the firm welcomed Robbie Kelley as a Managing Director to lead its services advisory practice and also opened a new office in Atlanta. Recent notable transactions include advising FORTA in its acquisition by The Heritage Group in February 2026 and Sierra Railroad Company's acquisition of Central Valley Ag Transport in March 2026.

Latest updates

Sierra Railroad Integrates Transload Services, Secures Ridgewood Infrastructure Backing

Event summary

  • Sierra Railroad Company, backed by Ridgewood Infrastructure, acquired Central Valley Ag Transport (CVAT).
  • The acquisition integrates CVAT’s agricultural transload facilities into Sierra’s existing rail network.
  • Northborne Partners advised Sierra on both the CVAT acquisition and the concurrent sale of Sierra to Ridgewood Infrastructure.
  • Sierra Railroad operates approximately 130 miles of track in California and serves industrial, agricultural, and energy supply chains.

The big picture

The acquisition demonstrates a trend of consolidation within the short-line rail sector, as operators seek to expand service offerings and capture greater market share. Ridgewood Infrastructure’s investment signals continued interest in essential infrastructure assets, particularly those supporting critical supply chains. This vertical integration strategy aims to insulate Sierra from volatility in the agricultural commodity market and enhance its competitive position.

What we're watching

Customer Dependency
Sierra’s reliance on the dairy and agricultural industries makes it vulnerable to commodity price fluctuations and shifts in farming practices, requiring diversification of its customer base.
Integration Risk
Successfully integrating CVAT’s operations and technology with Sierra’s existing infrastructure will be critical to realizing the anticipated synergies and avoiding operational disruptions.
Regulatory Scrutiny
Increased regulatory focus on short-line rail safety and environmental impact could necessitate capital expenditures and operational adjustments for Sierra.

Ridgewood Infrastructure Acquires Sierra Railroad, Expanding Rail Footprint

Event summary

  • Northborne Partners advised Sierra Railroad Company on its sale to Ridgewood Infrastructure.
  • Sierra Railroad Company, founded in 1897, provides freight rail, switching, storage, and transloading services.
  • The acquisition includes Railpower, Inc., which operates the only FRA-approved hydrogen-powered locomotive in the US.
  • Northborne has advised on 15 rail-related transactions in the past four years, solidifying its position as a leading middle-market advisor.

The big picture

The acquisition highlights the continued investor appetite for essential infrastructure assets, particularly within the rail and logistics sector. Ridgewood Infrastructure’s focus on critical services and operational improvements suggests a strategy to modernize and optimize Sierra’s existing operations. The inclusion of Railpower’s hydrogen technology positions Sierra at the forefront of a potential shift towards lower-emission rail transport, though widespread adoption remains uncertain.

What we're watching

Integration Risk
The success of the acquisition hinges on Ridgewood’s ability to effectively integrate Sierra’s diverse operations, including the passenger rail business and Railpower’s technology, without disrupting existing service or customer relationships.
Hydrogen Adoption
The market adoption of Railpower’s hydrogen locomotive technology will be a key indicator of Sierra’s long-term innovation strategy and potential for further investment and expansion within the rail sector.
Regulatory Scrutiny
Increased regulatory focus on rail safety and emissions standards could impact Sierra’s operations and require further investment in compliance and sustainable technologies.

Cando Rail Acquires Savage Rail to Expand North American Footprint

Event summary

  • Northborne Partners advised Savage Enterprises on the sale of Savage Rail to Cando Rail & Terminals.
  • The deal, expected to close in Q2 2026, will significantly expand Cando’s presence in the U.S. market.
  • The combined entity will operate a coast-to-coast network with 36 rail terminals, 3 short-line railways, and 80 first/last-mile operations.
  • Savage will use the proceeds to invest in other business areas, marking a portfolio refinement strategy.
  • Northborne has advised on 14 rail-related transactions in the last four years, solidifying its position as a leading middle-market advisor.

The big picture

The acquisition highlights the ongoing consolidation within the fragmented North American rail services sector, driven by the need for scale and multi-line connectivity to meet evolving customer demands. Cando’s move positions it as a dominant player in the first- and last-mile rail segment, a critical link in the broader supply chain. Savage’s strategic shift towards a more diversified portfolio suggests a broader reassessment of its core business lines and a focus on higher-growth opportunities.

What we're watching

Integration Risk
Successfully integrating Savage Rail's operations and assets into Cando's existing network will be crucial for realizing the anticipated synergies and avoiding operational disruptions.
Regulatory Scrutiny
Given the expanded scale of the combined entity, regulatory approvals could face increased scrutiny, potentially delaying the closing or imposing conditions that impact the deal's structure.
Customer Retention
Savage Rail's customers may reassess their relationships following the acquisition, and Cando will need to demonstrate its ability to maintain service quality and pricing to prevent attrition.

Heritage Group Acquires FORTA, Expanding Infrastructure Materials Portfolio

Event summary

  • Northborne Partners advised FORTA on its acquisition by The Heritage Group.
  • FORTA is a portfolio company of Riverarch Equity Partners.
  • The acquisition expands The Heritage Group’s portfolio of companies to over 50.
  • FORTA manufactures synthetic fibers used in asphalt and concrete reinforcement.
  • Financial terms of the deal were not disclosed.

The big picture

The acquisition of FORTA by The Heritage Group represents a strategic move to bolster its presence in the construction materials sector, aligning with the growing emphasis on sustainable infrastructure solutions. The Heritage Group’s experience in managing diverse businesses could provide FORTA with the resources to accelerate growth and expand its market reach. Riverarch Equity Partners’ exit demonstrates a successful investment in a niche market with strong growth potential.

What we're watching

Integration Risk
The Heritage Group’s diverse portfolio raises questions about how effectively FORTA’s operations will be integrated, and whether synergies can be realized without disruption.
Market Dynamics
Increased demand for sustainable construction materials, driven by infrastructure spending and environmental regulations, will likely influence FORTA’s growth trajectory under The Heritage Group’s ownership.
Competitive Landscape
The acquisition may intensify competition within the construction materials sector, as The Heritage Group leverages FORTA’s technology and The Heritage Group’s broader resources to gain market share.

Novae Acquires Aluma Trailers to Bolster Aluminum Trailer Portfolio

Event summary

  • Northborne Partners advised KLM Acquisition Corporation (Aluma Trailers) on its sale to Novae, a portfolio company of Brightstar Capital Partners.
  • Aluma Trailers, founded in 1992 and based in Bancroft, IA, is a manufacturer of aluminum utility, recreational, and commercial trailers.
  • Novae, headquartered in Markle, IN, manufactures open and enclosed cargo trailers and truck bodies and operates multiple trailer brands.
  • The deal’s financial terms were not disclosed, suggesting a potentially significant valuation given Aluma’s market position.

The big picture

This acquisition reflects ongoing consolidation within the North American trailer manufacturing industry, as larger players seek to expand their product portfolios and market reach. Brightstar Capital Partners’ investment signals confidence in the sector’s long-term growth prospects, particularly given the increasing demand for aluminum trailers due to their lightweight and durable properties. The deal also highlights the continued importance of established dealer networks in this traditionally fragmented market.

What we're watching

Integration Risk
The success of the acquisition hinges on Novae’s ability to effectively integrate Aluma’s operations and dealer network, avoiding disruption to existing customer relationships.
Brand Synergy
Novae will need to determine how to leverage Aluma’s brand reputation for quality and warranty service alongside its existing brands, potentially leading to rationalization of product lines.
Dealer Relations
Maintaining Aluma’s strong dealer relationships will be critical; any shift in Novae’s distribution strategy could negatively impact sales and market share.
CID: 2300