Add-on Acquisition • Building Materials

Baldwin Supply Acquires CAP

On December 31, 2025, Baldwin Supply acquired building materials company CAP

Acquisition Context

This is Baldwin Supply’s 1st transaction in the Building Materials sector.
This is Baldwin Supply’s 1st transaction in the United States.
This is Baldwin Supply’s 1st transaction in Iowa.

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M&A Deal Summary
Date	December 31, 2025
Target	CAP
Sector	Building Materials
Buyer(s)	Baldwin Supply
Deal Type	Add-on Acquisition

Target Company

CAP

Des Moines, Iowa, United States

CAP is an industrial parts supplier and service provider that offers a range of replacement parts, rigging, pumps and hoses, material handling equipment, wear parts, screen media, and construction tools for industries such as aggregate, mining, construction, municipalities, landscaping, and agriculture. CAP is based in Des Moines, Iowa.

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Buyer Overview 1

Buyer

Baldwin Supply

Eden Prairie, Minnesota, United States

Category	Company
Founded	1921
Sector	Distribution

DESCRIPTION

Baldwin Supply is an industrial distribution and service company that provides mechanical power transmission, conveyor systems, material handling equipment, and related industrial components to manufacturers and industrial operators. Baldwin Supply was founded in 1921 and is headquartered in Burnsville, Minnesota.

Deal Context for Buyer	#
Overall	1 of 1
Sector: Building Materials	1 of 1
Type: Add-on Acquisition	1 of 1
State: Iowa	1 of 1
Country: United States	1 of 1
Year: 2025	1 of 1

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