Generational Equity Advises Heartland Woodcraft in Sale to DGS Retail

By Generational Equity


Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Heartland Woodcraft Inc., to DGS Retail LLC. The acquisition closed November 30, 2018.

Heartland Woodcraft had its humble beginning at a small woodshop in 1996. It has since grown to a sprawling 105,000-square-foot facility located in West Bend, Wisconsin. Heartland’s highly skilled craftspeople manufacture top-quality products, building custom fixtures and displays for the nation’s top retailers.

With a business that focuses on store displays, end caps and signage, DGS Retail is comprised of more than 1,000 individuals who pride themselves on innovation, speed, service and mission. With headquarters in Chicago, Illinois, it operates manufacturing locations and distribution centers across the U.S. and has a sourcing office in Asia.

Heartland complements DGS Retail’s current operations, which specialize in store décor and graphics, as well as imported fixtures and merchandising solutions.

“Heartland offers DGS Retail an exciting opportunity to expand our core offerings,” said Tom Vogt, DGS Retail’s Corporate President. “Adding domestic wood manufacturing makes DGS a true one-stop shop for our customers and strengthens our position within a very competitive marketplace.”

Generational Equity Senior Managing Director Doug Smith’s team, led by trusted affiliate Stephen Dinehart and assisted by Senior VP Ryan Johnson, successfully closed the deal.

“Heartland Woodcraft’s acquisition by DGS Retail is a great example of a win-win deal,” said Dinehart. “Not only does DGS Retail expand their in-house production capabilities, deepen their customer base and add fantastic human capital in both leadership and production; but our client has the opportunity to realize significant additional financial rewards while continuing to grow and expand the business they founded.”

About Generational

Headquartered in Dallas, Generational is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 17 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. For more information, visit