April 2025 | Arizona M&A Insights
The information reflects transactions as reported, including deal descriptions, values, and statuses, but may contain gaps, such as undisclosed deal terms or financial metrics, which limit comprehensive analysis. While efforts have been made to ensure accuracy, users should consult primary sources or professional advisors for legal, financial, or strategic decisions. No warranties are made regarding the completeness or reliability of this data, and the provider assumes no liability for its use.
April 2025 - National Transaction Value ($bn) and Transaction Count
Targets in Arizona
Arizona - Transaction Value and Count by Month
Arizona — Business Sale Overview
In April 2025, Arizona recorded 16 M&A transactions, up 14% from March and 45% year-over-year, spanning technology, industrials, real estate, and materials across the state. blockchAIn Digital Infrastructure’s $215 million reverse merger with Signing Day Sports, Inc. led the tech sector, while Medical Care Technologies Inc. acquired Real Game Used LLC, both enhancing Arizona’s application software market. HGGC, LLC bought Equity Methods, LLC, and Banner Capital Management, LLC acquired Roadrunner Paving and Asphalt Maintenance LLC, driving private equity activity in industrials. Highmount Capital Management, LLC took a minority stake in Casago International LLC in real estate, and Helix Resources Limited acquired a 40% interest in Gold Basin Tenements for $0.19 million in materials. Disclosed Total transaction value hit $215 million, a 641% month-over-month increase and 6510% year-over-year surge, primarily from the blockchAIn deal, highlighting Arizona’s draw for tech and industrial investments.
Arizona — Strategic vs. Sponsor-led Activity
Arizona — X / Y Plot By Sector
Arizona — M&A Segmentation
Arizona — Sector Breakdown
Second Level Primary Industry Breakdown
Arizona M&A Deal Summaries — Business Sale Activity for M&A Targets
The following transactions represent M&A activity where the target entity is headquartered in described geography, in line with the traditional reporting on target M&A deal volume and metrics captured in the charts and conventional analysis above.
Phoenix Managed Networks LLC (April 1, 2025)
Payfave Inc. acquired Phoenix Managed Networks LLC on April 1, 2025, with John McDonnell taking the role of chief strategy officer at the newly merged Wink. This deal enhances Wink’s tech capabilities in Arizona’s application software market. The transaction was finalized on the same day.
Solutions First Financial Group (April 1, 2025)
Safeguard Investment Advisory Group, LLC acquired Solutions First Financial Group on April 1, 2025, expanding its insurance brokerage presence in Arizona. The deal strengthens Safeguard’s foothold in the financial sector with a focus on client advisory services. The acquisition was completed on the same day.
Black, Gould & Associates Inc. (April 2, 2025)
Warner Pacific Insurance Services, Inc. acquired Black, Gould & Associates Inc. on April 2, 2025, marking a minority equity acquisition in Arizona’s insurance brokerage market. This transaction bolsters Warner Pacific’s regional influence in the financial sector. The deal was finalized on the announcement date.
Mesa Air Group, Inc. (April 4, 2025)
Republic Airways Holdings Inc. announced an all-stock agreement to acquire Mesa Air Group, Inc. on April 4, 2025, with Republic shareholders owning 88% of the combined company. The merged airline, to be renamed Republic Airways Holdings Inc., is expected to generate $1.9 billion in revenue with $320 million in adjusted EBITDA. The deal, involving United Airlines in a three-party agreement, awaits regulatory approvals and shareholder votes.
La Cienega Gold Project (April 9, 2025)
Magnum Mining and Exploration Limited agreed to acquire the La Cienega Gold Project from EV Resources Limited on April 9, 2025, located in Arizona’s Cienega District. This asset acquisition strengthens Magnum’s position in the materials sector through a cross-border deal. The transaction is pending due diligence and regulatory approvals.
Real Game Used LLC (April 9, 2025)
Medical Care Technologies Inc. acquired Real Game Used LLC on April 9, 2025, expanding its tech portfolio in Arizona’s application software market. This cross-border deal positions Medical Care Technologies to leverage Real Game Used’s platform for growth. The acquisition was completed on the same day.
Signing Day Sports, Inc. (April 11, 2025)
blockchAIn Digital Infrastructure signed a $215 million reverse merger agreement to acquire Signing Day Sports, Inc. on April 11, 2025, with a definitive agreement finalized on May 27, 2025. The deal, valuing the combined company at $220 million, will see blockchAIn shareholders own 91.5% of the new entity. This transaction, pending regulatory approvals, enhances Arizona’s tech sector presence.
Video West, Inc. (April 15, 2025)
ON Services acquired Video West, Inc. on April 15, 2025, with its leadership team continuing key roles in operations. The deal strengthens ON Services’ position in Arizona’s media and entertainment industry. The acquisition was finalized on the announcement date.
Pinnacle Peak Pictures, LLC (April 18, 2025)
Fawesome LLC acquired Pinnacle Peak Pictures, LLC on April 18, 2025, expanding its media and entertainment portfolio in Arizona. This acquisition enhances Fawesome’s content offerings in the technology, media, and telecom sector. The deal was completed on the same day.
Phoenix Design One, Inc. (April 21, 2025)
Retail Design Collaborative acquired Phoenix Design One, Inc. on April 21, 2025, bolstering its commercial and professional services in Arizona. The deal strengthens Retail Design Collaborative’s presence in the industrials sector. The acquisition was finalized on the announcement date.
Anadigm, Inc. (April 22, 2025)
Okika Devices Corporation acquired Anadigm, Inc. on April 22, 2025, advancing its Field Programmable Analog Array technology in Arizona’s semiconductor market. This cross-border deal enhances Okika’s position in the technology, media, and telecom sector. The transaction was completed on the same day.
Resilient Software Security LLC (April 23, 2025)
Rezliant AI acquired Resilient Software Security LLC on April 23, 2025, expanding its systems software capabilities within Arizona. The deal strengthens Rezliant AI’s position in the technology, media, and telecom sector. The acquisition was finalized on the announcement date.
Gold Basin Tenements (April 28, 2025)
Helix Resources Limited agreed to acquire a 40% interest in Gold Basin Tenements for $0.19 million on April 28, 2025, following a non-binding agreement on February 12, 2025. This asset acquisition in Arizona’s materials sector enhances Helix’s gold mining portfolio through a joint venture. The deal awaits shareholder and regulatory approvals.
Equity Methods, LLC (April 29, 2025)
HGGC, LLC acquired Equity Methods, LLC from Montage Partners, Inc. on April 29, 2025, in a reverse merger transaction. This deal expands HGGC’s commercial and professional services in Arizona’s industrials sector. The acquisition was completed on the same day.
Casago International LLC (April 30, 2025)
Highmount Capital Management, LLC acquired a minority stake in Casago International LLC on April 30, 2025, strengthening its real estate management portfolio in Arizona. The deal highlights Highmount’s strategic investment in the real estate sector. The transaction was finalized on the announcement date.
Roadrunner Paving and Asphalt Maintenance LLC (April 30, 2025)
Banner Capital Management, LLC acquired Roadrunner Paving and Asphalt Maintenance LLC on April 30, 2025, with the entire Roadrunner team joining Banner. This acquisition bolsters Banner’s construction and engineering capabilities in Arizona’s industrials sector. The deal was completed on the same day.
Buyers in Arizona
The following transactions represent M&A activity where the acquiring entity is headquartered in described geography, distinct from the traditional reporting on target M&A deal volume and metrics captured in the charts and conventional analysis above.
Arizona M&A Deal Summaries — Business Sale Activity for M&A Buyers
Future Express Car Wash (April 1, 2025)
LUV Car Wash in Gilbert, Arizona, acquired Future Express Car Wash in Rohnert Park, California, on April 1, 2025, expanding its West Coast express car wash presence in the unclassified consumer sector to capitalize on growing demand for quick, efficient car cleaning services.
Peak and Valley (April 5, 2025)
Wellkasa Inc. in Phoenix, Arizona, acquired local wellness brand Peak and Valley on April 5, 2025, enhancing its portfolio of personal care and beauty products to target health-conscious consumers in the growing wellness market.
Virtual Admin Network, LLC (April 8, 2025)
The Benefit Doctor in Phoenix, Arizona, acquired Herndon, Virginia-based Virtual Admin Network, LLC on April 8, 2025, strengthening its IT consulting and outsourcing capabilities in the technology, media, and telecom sector to support growing business process needs.
HVAC Division of Berg Enterprises, Inc. (April 9, 2025)
Rite Way Heating, Cooling and Plumbing, LLC in Tucson, Arizona, acquired Berg Enterprises, Inc.’s residential HVAC division on April 9, 2025, focusing on service and maintenance lines while excluding BEI’s commercial operations to enhance its unclassified consumer offerings.
SMART Microsystems Ltd (April 10, 2025)
Spirit Electronics in Phoenix, Arizona, acquired Elyria, Ohio-based SMART Microsystems Ltd on April 10, 2025, expanding its electronic components and testing capabilities in the technology, media, and telecom sector to meet rising demand for advanced electronics solutions.
Beldon Roofing & Remodeling Co, Inc. (April 14, 2025)
Progressive Services, Inc. in Phoenix, Arizona, acquired San Antonio, Texas-based Beldon Roofing & Remodeling Co, Inc. on April 14, 2025, adding 1,700 employees across 14 markets to its construction and engineering operations in the industrials sector, with CEO Brad Beldon joining Progressive’s leadership.
Dusterhoft Family Stores (April 14, 2025)
Circle K Stores Inc. in Tempe, Arizona, agreed to acquire Grand Forks, North Dakota-based Dusterhoft Family Stores on April 14, 2025, transitioning ownership of its two Cenex-branded automotive retail locations on April 22, 2025, to expand its consumer retail network.
Dallas-Fort Worth Build-to-Rent Communities (April 15, 2025)
Christopher Todd Communities LLC in Mesa, Arizona, acquired two Dallas-Fort Worth build-to-rent communities from NexMetro Communities, LLC on April 15, 2025, expanding its unclassified real estate footprint in Texas to meet growing demand for rental housing.
Two Cats and a Cup of Coffee, LLC (April 15, 2025)
Terkel, Inc. in Scottsdale, Arizona, acquired New York City-based Two Cats and a Cup of Coffee, LLC from Cision Ltd. on April 15, 2025, enhancing its interactive media and services offerings in the technology, media, and telecom sector to support its owned media strategy.
Datava, Inc. (April 16, 2025)
Cash Flow Management, LLC in Gilbert, Arizona, acquired Wheat Ridge, Colorado-based Datava, Inc. on April 16, 2025, adding application software capabilities to its portfolio, with Gordon Flammer joining Kinective’s leadership team to drive tech growth in the technology, media, and telecom sector.
Asset Systems Inc. (April 17, 2025)
Integrity Data Solutions, Inc. in Phoenix, Arizona, acquired Naperville, Illinois-based Asset Systems Inc. on April 17, 2025, as part of an industry roll-up strategy to consolidate interactive media and services in the technology, media, and telecom sector.
Resilient Software Security LLC (April 23, 2025)
Rezliant AI in Mesa, Arizona, acquired Phoenix-based Resilient Software Security LLC on April 23, 2025, expanding its systems software offerings to enhance AI-driven cybersecurity solutions in the technology, media, and telecom sector.
Atomos Nuclear & Space Corp (April 24, 2025)
Katalyst Space Technologies LLC in Prescott Valley, Arizona, acquired Broomfield, Colorado-based Atomos Nuclear & Space Corp on April 24, 2025, advancing its aerospace and defense mission architecture and space logistics platform in the industrials sector.
MedAllies, Inc. (April 24, 2025)
Centauri Health Solutions, Inc. in Phoenix, Arizona, acquired Fishkill, New York-based MedAllies, Inc. on April 24, 2025, supported by Abry Partners and advised by Santander US Capital Markets, to enhance its health care technology offerings in the health care sector.
Oil & Gas Assets – Jones County, Texas (April 25, 2025)
Pure Oil & Gas Inc. in Scottsdale, Arizona, acquired oil and gas assets in Jones County, Texas on April 25, 2025, entering a joint operating agreement with Last Mile Production LLC to bolster its unclassified energy operations in the region.
PHX FWD (April 25, 2025)
StartupAZ in Phoenix, Arizona, agreed to acquire local entrepreneurial platform PHX FWD on April 25, 2025, set to close by July 1, 2025, relocating to a shared Tempe office to enhance its diversified support services in the industrials sector.
DISH Fiber Internet L.L.C. (April 30, 2025)
Mereo 89, LLC in Phoenix, Arizona, acquired Englewood, Colorado-based DISH Fiber Internet L.L.C. from EchoStar Corporation on April 30, 2025, rebranding it as Mereo Fiber to expand its alternative carrier services in the technology, media, and telecom sector.
Infill Parcel – Phoenix, AZ (April 30, 2025)
The City of Phoenix acquired a central Phoenix infill parcel from Atlas Capital Partners, LLC for $29.6 million on April 30, 2025, advised by Cushman & Wakefield, to support urban development initiatives in the unclassified real estate sector.
M&A Segmentation — Glossary:
M&A – Whole: The acquisition of 100% ownership of a target company, giving the buyer full control.
M&A – Asset: The purchase of specific assets, such as mineral rights or property, without acquiring the entire company.
M&A – Minority: The acquisition of a non-controlling stake, typically under 50%.
M&A – Spinoff or Splitoff: The divestiture of a business unit into a separate entity or distribution of subsidiary shares to shareholders.
Deal Terms — Glossary:
Transaction Value: Represents the total consideration paid for a transaction, including net debt only if assumed, capturing the full financial scope of the deal.
Deal Value: Focuses solely on the consideration paid for the equity acquired, excluding net debt, to reflect the cost of ownership.
Implied Enterprise Value: Provides a standardized measure of the target’s total entity value, incorporating 100% of the enterprise including net debt, for consistent comparison with metrics like LTM EBITDA and Revenue.
Implied Equity Value: Isolates the equity portion, representing 100% of the target’s equity value, enabling a clear equity-to-equity comparison across transactions.
Copyright ©2025 William & Wall, S&P Global Market Intelligence
