Private Equity’s M&A Wishlist: Utah and the Intermountain Corridor
1. The Macro Backdrop: Capital Still Seeking a Home 📈
Private equity enters 2026 in an environment defined by paradox. Interest rates remain above their pre-pandemic norms, public markets have grown volatile, and geopolitical uncertainty has slowed mega-deals. Yet dry powder sits at record levels north of $3 trillion. This liquidity is not patient; limited partners are demanding deployment, distributions, and performance.
The result is a renewed focus on the lower middle market — businesses with $3M–$15M of EBITDA, where valuations remain rational, industries are fragmented, and growth is driven operationally rather than financially engineered.
Within this recalibration, Utah has emerged as a compelling geography. The Intermountain Corridor — spanning Salt Lake City, Provo, Lehi, and Ogden — combines demographic inflows, an entrepreneurial ecosystem, and sectoral diversity that make it a target-rich environment for both private equity firms and strategic buyers. What was once a secondary node is now viewed as a primary growth market for institutional capital seeking deployment at scale.
Note: For detailed M&A deep dives in Utah’s key markets, explore our coverage in the Salt Lake City M&A Outlook, the Provo & Lehi M&A Outlook, and the Ogden M&A Outlook on our M&A Intelligence Blog, where we discuss which industries are attracting private equity buyers (as well as strategics) and how transaction dynamics are shifting M&A in Utah.
2. Demographic Gravity: Why Utah Draws Buyers 🏔
Private equity is not flocking to Utah simply because of its scenery or quality of life. The state has built underlying fundamentals that make it attractive across cycles:
Population & Wealth Migration: Utah has been one of the fastest-growing states in America, with population growth of nearly 20% over the past decade. The influx of families, entrepreneurs, and executives — many drawn from California and the Pacific Northwest — expands the consumer base and drives demand for healthcare, education, housing, and services.
Young, Educated Workforce: Utah boasts one of the youngest median ages in the U.S., paired with high levels of education. Institutions like Brigham Young University and the University of Utah feed a pipeline of engineers, scientists, and business professionals who sustain the state’s tech and healthcare ecosystems.
Business Climate: Ranked consistently as one of the nation’s most business-friendly states, Utah offers predictable regulation, competitive taxes, and a cost structure well below coastal alternatives. For scaling founder-led companies, this climate offers a durable growth runway.
Industry Breadth: Utah’s economy is diversified: SaaS and fintech in the “Silicon Slopes” corridor; aerospace and defense near Hill Air Force Base; advanced manufacturing and logistics along I-15 and I-80; and healthcare services responding to both youth-driven demand and aging cohorts.
Succession Dynamics: A large portion of Utah’s lower middle market remains founder- or family-owned. As Baby Boomer owners approach retirement, succession planning becomes inevitable — and private equity is positioning to provide the capital, expertise, and structure needed for transition.
Together, these macro-demographic factors place Utah firmly on private equity’s radar as both a growth engine and a consolidation frontier.
3. What PE Wants in 2026: The Buy-Side Checklist 🔍
At its core, private equity evaluates companies through a lens of return, risk, and scalability. In 2026, the investor wishlist translates into five non-negotiable attributes — all of which can be found in Utah’s business landscape:
🔄 A. Recurring Revenue & Predictability
Contracted, repeatable revenue streams remain the single most prized quality. SaaS companies in Lehi with subscription billing models or HVAC service businesses in Salt Lake with maintenance contracts stand out. Predictability enables premium valuations.
💰 B. Margin Defensibility
Businesses with EBITDA margins above 20% are commanding outsized buyer interest. For example, specialized dental groups in Utah County or niche software providers in Salt Lake City are attractive because pricing power and efficiency drive resilience across cycles.
🧩 C. Platform Potential
Private equity firms seek anchor platforms in fragmented industries. Utah offers fertile ground: fire protection and safety services, behavioral health, and industrial distribution are all sectors where regional leaders can be scaled through add-on acquisitions across the Mountain West.
👥 D. Leadership Continuity
Founders willing to retain minority equity or executives with the capacity to scale are highly valued. Talent continuity mitigates execution risk. Many Utah companies, especially in tech and manufacturing, feature leadership teams young enough to remain engaged post-transaction.
⚖️ E. Growth Story Alignment
Investors don’t pay for history alone; they pay for credible forward growth stories. Whether it’s a healthcare provider expanding into neighboring states or a consumer brand leveraging Utah’s e-commerce infrastructure, the ability to tell a believable growth narrative drives valuation multiples.
For Utah sellers, positioning their business along these five attributes is essential to attracting institutional-grade bids.
4. From Brokers to Bankers: How William & Wall Reshaped Utah M&A 💼
Historically, Utah founders faced a limited set of options when pursuing liquidity. Local business brokers could facilitate smaller deals, but lacked the network and sophistication to maximize outcomes. Attorneys and accountants could provide technical guidance, but rarely managed the competitive dynamics that drive valuations higher.
William & Wall has introduced institutional discipline into Utah’s market, leveling the playing field for local founders:
Vectorized Buyer Ecosystem: Our database maps thousands of private equity firms, family offices, and strategics with specific interest in the Intermountain West.
Competitive Auction Engineering: No longer are Utah companies sold to the first buyer at the table; we structure multi-party processes that create competitive tension and drive premium terms.
Excruciating Valuation Analysis: Our models combine proprietary benchmarking, sector-specific multiples, and institutional methodologies to defend and expand valuation.
Utah M&A Intelligence: We publish ongoing insights into Utah’s deal activity, sectors in play, and buyer movements — arming attorneys, CPAs, and owners with real-time intelligence.
The result is a step-change: Utah sellers now command the same institutional rigor afforded to their peers in New York, California, or Texas.
Note: To see more of what private equity groups, family offices, and strategic acquirers are targeting in Utah, explore our extended coverage in Utah’s M&A Future: Why Salt Lake City & Silicon Slopes Are Emerging as Private Equity Hotspots on our M&A Intelligence Blog., which details how technology, healthcare, and advanced manufacturing are fueling buyer demand across the state.
5. Preparing for 2026: Founder To-Do List 📝
For business owners contemplating a sale in the next 12–24 months, preparation is paramount. Utah founders should take the following steps now:
Audit Financials: Commission a sell-side quality of earnings review to validate reporting and mitigate diligence risks.
Codify Revenue Composition: Present revenue concentration transparently while framing diversification strategies.
Clarify Ownership & Governance: Clean up capitalization tables, finalize shareholder agreements, and establish clear succession pathways.
Craft a Growth Thesis: Position the company not as a “lifestyle business” but as a scalable platform, with adjacencies, expansion markets, or technology integration articulated clearly.
Select the Right Advisor: Avoid underselling with broker-led processes. Engage an investment banker capable of institutional buyer access and valuation defense.
For Utah founders, the difference between preparation and improvisation can be millions of dollars in valuation and the preservation of long-term legacy.
Start your Utah M&A journey by reading William & Wall’s Unabridged Founder’s Guide to Selling Your Business in Utah, a comprehensive resource for business owners preparing for succession, liquidity, or growth capital.
6. Conclusion: The 2026 Window 🚪
Private equity’s wishlist for 2026 is clear: recurring revenue, defensible margins, platform potential, leadership continuity, and credible growth narratives. Utah is uniquely positioned to deliver on these attributes, making it one of the most compelling lower middle market environments in the nation.
At William & Wall, we ensure Utah’s founders don’t just participate in this cycle — they command it. Our role is to align Wall Street expertise with Utah’s local market realities, delivering premium valuations, favorable terms, and safeguarded legacies.
For broader insights into dealmaking in Utah, visit our dedicated Utah M&A Insights page or subscribe to William & Wall’s monthly M&A newsletter for exclusive updates on valuation trends, private equity deployment, and business sales tailored to middle-market founders.
💡 Thinking about selling? Let’s talk. Utah’s M&A ecosystem is evolving quickly — and the advantage belongs to those who prepare. Contact William & Wall, Utah’s M&A advisory experts, to discuss your business sale. As a leading regional investment banking firm, we help business owners maximize value, secure their legacy, and connect with a nationwide network of institutional private equity, family offices, and strategic buyers.
William & Wall is a Scottsdale-based boutique investment bank serving founders across the Southwest and Intermountain West, with specialized expertise in sell-side M&A advisory for middle-market businesses. Backed by $30B+ of Wall Street transaction experience, our team provides valuation, process execution, and buyer access that elevate Utah companies to the national stage.
💡 Take the first step toward a confidential conversation and contact William & Wall today for expert sell-side M&A advisory and investment banking guidance for middle-market business owners.
