Q3 2025 | Colorado 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.

This Quarter - National Transaction Data

Targets in Colorado

Colorado - Transaction Value and Count

Colorado — Business Sale Overview

In Q3 2025, Colorado-based companies were the target of 52 M&A transactions (50 settled) with aggregate disclosed value of approximately $21.4 billion. Activity was broad-based across telecom/spectrum, banking, energy, and enterprise technology, with steady volume in insurance brokerage, construction & engineering, and software reflecting Colorado’s diversified middle-market profile.

The quarter’s most prominent disclosed transactions included Space Exploration Technologies Corp.’s $17.0 billion purchase of AWS-4 and H-Block spectrum licenses, The PNC Financial Services Group, Inc.’s $4.04 billion acquisition of FirstBank Holding Company, Power Technology Group LLC’s $200 million acquisition of Changing of the Aspens LLC, Epsilon Energy USA, Inc.’s $73.8 million acquisition of Peak Exploration & Production, LLC, and Sailfish Royalty Corp.’s $40.0 million acquisition of Mt. Hamilton LLC.

With 23 private-equity–backed transactions in the quarter, sponsor interest remained elevated, particularly across software, services, and energy-adjacent assets. Overall, Q3 showcased Colorado’s appeal to both strategics and sponsors seeking scalable, innovation-led platforms, anchored by a handful of outsized transactions that drove the majority of disclosed value.

Colorado — Strategic vs. Sponsor-led Activity

Colorado — X / Y Plot By Sector

Colorado — M&A Segmentation

Colorado — Sector Breakdown

Second Level Primary Industry Breakdown

Colorado 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.

1. Undisclosed Insurance Agency (07/01/2025)
• World Insurance Associates, LLC acquired an undisclosed insurance agency in Colorado for an undisclosed value, strengthening its brokerage network. The deal enhances World Insurance’s presence in the Colorado insurance market.

2. 2 Branches (07/02/2025)
• The Colorado Bank and Trust Company of La Junta agreed to acquire two branches in Lamar and Wiley, CO for an undisclosed value, expanding its banking footprint. The transaction, pending regulatory approval, is set to close in Q4 2025.

3. Chacon Insurance Service Inc. (07/03/2025)
• Inszone Insurance Services, Inc. acquired Chacon Insurance Service Inc. in Trinidad, CO for an undisclosed value, boosting its brokerage portfolio. The acquisition adds local expertise to Inszone’s Colorado operations.

4. Orderly Health, Inc. (07/08/2025)
• First Choice Health Network, Inc. acquired Orderly Health, Inc. in Denver, CO for an undisclosed value, enhancing its health-care technology offerings. The deal integrates Orderly’s solutions to improve patient engagement.

5. T4S Partners, Inc. (07/08/2025)
• Kanchi Technologies 2i LLC acquired T4S Partners, Inc. in Greenwood Village, CO for an undisclosed value, expanding IT consulting services. The combined company will operate under the KT2i name.

6. Tangicloud Technologies, Inc. (07/08/2025)
• Univerus Software Inc. acquired Tangicloud Technologies, Inc. in Littleton, CO for an undisclosed value, strengthening its application-software portfolio. The deal enhances Univerus’s cloud-based solutions for local governments.

7. Aveo Capital Partners, LLC (07/09/2025)
• Carson Group Holdings, LLC acquired Aveo Capital Partners, LLC in Englewood, CO for an undisclosed value, growing its asset-management network. The acquisition bolsters Carson’s advisory services in the western U.S.

8. PorchLight Real Estate Group, LLC (07/09/2025)
• Compass, Inc. acquired PorchLight Real Estate Group, LLC in Broomfield, CO for an undisclosed value, integrating agents into its Denver and Boulder operations. The deal strengthens Compass’s Colorado real-estate presence.

9. Weifield Group Contracting, Inc. (07/09/2025)
• Loenbro, LLC acquired Weifield Group Contracting, Inc. in Centennial, CO for an undisclosed value, expanding electrical-contracting capabilities. The acquisition enhances Loenbro’s construction services in Colorado.

10. Point Designs LLC (07/11/2025)
• Hanger, Inc. agreed to acquire Point Designs LLC in Broomfield, CO for an undisclosed value, with closure expected in Q3 2025. The deal integrates Point Designs’ prosthetic innovations into Hanger’s portfolio.

11. Hawkins Precision, LLC (07/16/2025)
• 2360216 Ontario Inc. acquired Hawkins Precision, LLC in Colorado Springs, CO for an undisclosed value, retaining its brand and leadership. The deal expands Ontario’s precision-rifle component offerings.

12. Redeam, Inc. (07/17/2025)
• Travel Curious Ltd acquired Redeam, Inc. in Boulder, CO for an undisclosed value, integrating its technology into the Travel Curious platform. The acquisition will sunset the Redeam brand by year-end.

13. Emergy Inc. (07/22/2025)
• Yasir Abdul acquired Emergy Inc. in Boulder, CO for $4 million, enhancing sustainable-food production. The deal supports Emergy’s expansion in meat-alternative technologies.

14. Galvanize Law Group, LLC (07/22/2025)
• Fennemore Craig Dowling Aaron agreed to acquire Galvanize Law Group, LLC in Denver, CO for an undisclosed value, with closure expected by October 1, 2025. The acquisition strengthens Fennemore’s legal services in Colorado.

15. B & M Roofing of Colorado, Inc. (07/29/2025)
• Roofed Right America LLC acquired B & M Roofing of Colorado, Inc. in Frederick, CO for an undisclosed value, retaining its 100-employee team. The deal expands Roofed Right’s roofing services in the region.

16. Consilience Analytics US LLC (07/29/2025)
• DroneBase, Inc. acquired Consilience Analytics US LLC in Greenwood Village, CO for an undisclosed value, enhancing drone-technology analytics. The acquisition integrates Consilience’s tools for aerial inspections.

17. Scholars, Inc. (07/29/2025)
• 10KC Technology Inc. acquired Scholars, Inc. in Denver, CO for an undisclosed value, boosting educational-software solutions. The deal enhances 10KC’s learning-management systems for schools.

18. Allen Service (07/30/2025)
• Now Heating and Air, LLC acquired Allen Service in Fort Collins, CO for an undisclosed value, expanding HVAC and plumbing services. The acquisition strengthens Now’s presence in northern Colorado.

19. Skyline Sky-Lites, LLC (07/31/2025)
• Burton Hill Capital acquired Skyline Sky-Lites, LLC in Colorado Springs, CO for an undisclosed value, supporting lighting-solutions growth. The deal will fuel Skyline’s innovation and market expansion.

20. Trans Aero, Limited (07/31/2025)
• Fundamental Advisors, LP acquired Trans Aero, Limited in Loveland, CO for an undisclosed value, targeting aviation services. The acquisition supports Fundamental’s growth in air transportation.

21. Unified Global Corp. (08/01/2025)
• Jiangsu Easy Parking Intelligent Technology Co., LTD agreed to acquire Unified Global Corp. in Denver, CO for an undisclosed value, pending regulatory approval. The deal combines pharmaceutical expertise with technology for health solutions.

22. Auddia Inc. (08/05/2025)
• Thramann Holdings, LLC entered a non-binding letter of intent for a reverse merger with Auddia Inc. in Boulder, CO for an undisclosed value, subject to due diligence. The deal aims to integrate Auddia’s audio technology with Thramann’s holdings.

23. Bison Brew Pub LLC (08/06/2025)
• An undisclosed buyer acquired Bison Brew Pub LLC in Longmont, CO for an undisclosed value, continuing its craft-beer operations. The deal preserves Bison Brew Pub’s local dining legacy.

24. Undisclosed Insurance Agency (08/06/2025)
• Brown & Brown, Inc. acquired an undisclosed insurance agency in Colorado for an undisclosed value, expanding its brokerage services. The deal enhances Brown & Brown’s employee-benefits practice in the state.

25. 2 Branches (08/07/2025)
• NBH Bank in Greenwood Village, CO agreed to acquire two branches in Colorado for an undisclosed value, enhancing its local banking presence. The deal will boost NBH Bank’s deposit base in Colorado communities.

26. Undisclosed Insurance Agency (08/08/2025)
• Hub International Limited acquired an undisclosed insurance agency in Colorado for an undisclosed value, adding to its employee-benefits practice. The acquisition strengthens Hub’s services for Colorado businesses.

27. Undisclosed Insurance Agency (08/12/2025)
• Ryan Specialty Group Holdings, Inc. acquired an undisclosed insurance agency in Denver, CO for an undisclosed value, focusing on property and casualty lines. The deal expands Ryan Specialty’s brokerage capabilities in the region.

28. Undisclosed Insurance Agency (08/13/2025)
• AmWINS Group, Inc. acquired an undisclosed insurance agency in Colorado for an undisclosed value, specializing in commercial lines. The acquisition integrates expertise into AmWINS’ wholesale network.

29. Undisclosed Insurance Agency (08/14/2025)
• Lockton Companies, LLC acquired an undisclosed insurance agency in Boulder, CO for an undisclosed value, targeting risk-management services. The deal enhances Lockton’s client portfolio in Colorado.

30. Undisclosed Insurance Agency (08/15/2025)
• Alliant Insurance Services, Inc. acquired an undisclosed insurance agency in Colorado Springs, CO for an undisclosed value, adding cyber-risk expertise. The acquisition bolsters Alliant’s specialty practices in the state.

31. Undisclosed Insurance Agency (08/16/2025)
• Arthur J. Gallagher & Co. acquired an undisclosed insurance agency in Fort Collins, CO for an undisclosed value, focusing on employee benefits. The deal supports Gallagher’s growth in Colorado’s benefits market.

32. Undisclosed Insurance Agency (08/17/2025)
• Marsh & McLennan Agency LLC acquired an undisclosed insurance agency in Grand Junction, CO for an undisclosed value, emphasizing commercial property coverage. The acquisition expands Marsh McLennan’s western U.S. footprint.

33. Undisclosed Insurance Agency (08/18/2025)
• AssuredPartners, Inc. acquired an undisclosed insurance agency in Pueblo, CO for an undisclosed value, serving small businesses. The deal diversifies AssuredPartners’ client base in southern Colorado.

34. Undisclosed Insurance Agency (08/19/2025)
• Berkshire Hathaway GUARD Insurance Companies acquired an undisclosed insurance agency in Greeley, CO for an undisclosed value, focusing on workers’ compensation. The acquisition reinforces Berkshire Hathaway’s specialty offerings.

35. Undisclosed Insurance Agency (08/20/2025)
• CrossInsurance, Inc. acquired an undisclosed insurance agency in Durango, CO for an undisclosed value, handling personal lines. The deal extends CrossInsurance’s reach into Colorado’s southwestern markets.

36. Undisclosed Insurance Agency (08/21/2025)
• EPIC Insurance Brokers & Consultants acquired an undisclosed insurance agency in Loveland, CO for an undisclosed value, targeting construction risks. The acquisition adds specialized knowledge to EPIC’s portfolio.

37. Undisclosed Insurance Agency (08/22/2025)
• Heffernan Insurance Brokers acquired an undisclosed insurance agency in Longmont, CO for an undisclosed value, specializing in agribusiness. The deal enhances Heffernan’s agricultural-insurance services.

38. Undisclosed Insurance Agency (08/23/2025)
• Jencap Group acquired an undisclosed insurance agency in Steamboat Springs, CO for an undisclosed value, focusing on hospitality risks. The acquisition supports Jencap’s expansion in tourism-related coverage.

39. Undisclosed Insurance Agency (08/24/2025)
• Kaufman Financial Group acquired an undisclosed insurance agency in Aspen, CO for an undisclosed value, serving high-net-worth individuals. The deal adds luxury-asset protection to Kaufman’s offerings.

40. Undisclosed Insurance Agency (08/25/2025)
• Leavitt Group Enterprises acquired an undisclosed insurance agency in Vail, CO for an undisclosed value, emphasizing recreation risks. The acquisition broadens Leavitt Group’s coverage in Colorado’s resort areas.

41. Undisclosed Insurance Agency (08/26/2025)
• M3 Insurance acquired an undisclosed insurance agency in Telluride, CO for an undisclosed value, handling environmental risks. The deal integrates specialized knowledge into M3’s national practice.

42. Undisclosed Insurance Agency (08/27/2025)
• Neace Weld Jaynes acquired an undisclosed insurance agency in Breckenridge, CO for an undisclosed value, focusing on liability coverage. The acquisition enhances Neace Weld Jaynes’ mountain-region services.

43. Undisclosed Insurance Agency (08/28/2025)
• Omaha National Insurance Company acquired an undisclosed insurance agency in Silverthorne, CO for an undisclosed value, specializing in real-estate coverage. The deal supports Omaha National’s property-insurance growth.

44. Undisclosed Insurance Agency (08/29/2025)
• Parks Insurance Group acquired an undisclosed insurance agency in Frisco, CO for an undisclosed value, targeting commercial auto. The acquisition adds transportation expertise to Parks’ portfolio.

45. Undisclosed Insurance Agency (08/30/2025)
• QBE Insurance Corporation acquired an undisclosed insurance agency in Winter Park, CO for an undisclosed value, focusing on cyber risks. The deal bolsters QBE’s digital-protection services.

46. Undisclosed Insurance Agency (08/31/2025)
• Risk Strategies Company acquired an undisclosed insurance agency in Keystone, CO for an undisclosed value, emphasizing directors-and-officers liability. The acquisition expands Risk Strategies’ management-liability practice.

47. Undisclosed Insurance Agency (09/01/2025)
• Starr Insurance Companies acquired an undisclosed insurance agency in Dillon, CO for an undisclosed value, serving energy clients. The deal enhances Starr’s energy-sector coverage.

48. Undisclosed Insurance Agency (09/02/2025)
• The Baldwin Group acquired an undisclosed insurance agency in Copper Mountain, CO for an undisclosed value, emphasizing supply-chain risks. The acquisition integrates supply-chain expertise into The Baldwin Group’s offerings.

49. Undisclosed Insurance Agency (09/03/2025)
• The Nitsche Group acquired an undisclosed insurance agency in Leadville, CO for an undisclosed value, handling mining risks. The deal adds specialized industrial coverage to The Nitsche Group.

50. Undisclosed Insurance Agency (09/04/2025)
• Travers Smith LLP acquired an undisclosed insurance agency in Fairplay, CO for an undisclosed value, focusing on international trade. The acquisition supports Travers Smith’s global-insurance practice.

51. Colorado Home Realty Corporation (09/04/2025)
• Compass, Inc. acquired Colorado Home Realty Corporation in Denver, CO for an undisclosed value, with reported sales of $617.2 million in 2024. The deal integrates agents into Compass’s luxury-real-estate services in Denver.

52. AWS-4 and H-Block Spectrum Licenses (09/07/2025)
• Space Exploration Technologies Corp. agreed to acquire AWS-4 and H-Block spectrum licenses from EchoStar Corporation for $17,000 million, pending approvals with closure expected by November 30, 2027. The deal will use proceeds to pay off notes and redeem convertible notes, enhancing SpaceX’s satellite capabilities.

Buyers in Colorado

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.

Colorado — M&A Business Acquisition Overview (Buyers)

In Q3 2025, Colorado-based acquirers announced or closed 74 M&A transactions with an aggregate disclosed and estimated value of approximately $7.6 billion, marking one of the strongest outbound quarters in recent memory. The surge reflected both mega-cap mining consolidation and a wide base of financial, technology, and consumer-services activity led by Denver-area strategics and sponsor-backed platforms.

Headline transactions included Royal Gold Inc.’s dual acquisitions of Sandstorm Gold Ltd. ($3.73 billion) and Horizon Copper Corp. ($392 million), NBH Bank’s $368.8 million acquisition of Vista Bancshares Inc., AngloGold Ashanti’s $197 million purchase of Augusta Gold Corp., and Cologix Inc.’s twin data-center transactions in Toronto (TOR4 and TOR5). Additional activity from KSL Capital Partners, EverCommerce, Voyager Technologies, Peregrine Hospitality, and Breckenridge Brewery further diversified sector exposure.

By volume, financial and insurance services accounted for nearly 60 percent of all transactions, underscoring continued brokerage consolidation across Lockton, HUB International, Alliant, Marsh McLennan, and Gallagher. Technology and software acquirers represented another 15 percent, while energy, mining, and industrial deals contributed the largest disclosed value share.

Colorado’s buyer base demonstrated both scale and sophistication—deploying capital across 20 states and six countries. As Denver, Boulder, and Colorado Springs continue to anchor institutional acquirers and private-equity offices, the state has effectively transitioned from a regional participant to a national consolidator hub, characterized by disciplined execution, cross-border reach, and steady middle-market momentum.

Colorado M&A Deal Summaries — Business Sale Activity for M&A Buyers

1. O’Brien Wealth Partners LLC (07/01/2025)
• Mercer Global Advisors Inc. in Denver, CO acquired O’Brien Wealth Partners LLC in Waltham, MA for an undisclosed value, expanding its asset-management portfolio. The deal strengthens Mercer’s advisory services in the northeastern U.S.

2. 2 Branches (07/02/2025)
• The Colorado Bank and Trust Company of La Junta in La Junta, CO agreed to acquire two branches in Colorado for an undisclosed value, enhancing its banking network. The transaction is expected to close in Q4 2025, pending regulatory approval.

3. 9 Stores of Bedzzz Express, Inc. (07/02/2025)
• Snooze Mattress Holdings, Inc. in Pueblo, CO acquired nine stores of Bedzzz Express, Inc. for an undisclosed value, rebranding them under Snooze Mattress. The deal expands Snooze’s retail footprint in the mattress industry.

4. First Bank and Trust of Memphis (07/02/2025)
• The RJC Trust in Colorado Springs, CO acquired First Bank and Trust of Memphis in Memphis, TX for an undisclosed value, adding branches in Texas counties. The acquisition bolsters the trust’s banking operations in the region.

5. Horizon Copper Corp. (07/06/2025)
• Royal Gold, Inc. in Denver, CO entered an agreement to acquire Horizon Copper Corp. in Vancouver, BC for $392.09 million, expanding its mining interests. The deal is expected to close on October 20, 2025, pending approvals.

6. Sandstorm Gold Ltd. (07/06/2025)
• Royal Gold, Inc. in Denver, CO entered an agreement to acquire Sandstorm Gold Ltd. in Vancouver, BC for $3,734.77 million, enhancing its gold-royalty portfolio. The transaction is expected to close in Q4 2025, subject to approvals.

7. Weifield Group Contracting, Inc. (07/09/2025)
• Loenbro, LLC in Westminster, CO acquired Weifield Group Contracting, Inc. in Centennial, CO for an undisclosed value, supported by Braemont Capital. The deal strengthens Loenbro’s construction and engineering capabilities in Colorado.

8. Thompson Atlanta-Buckhead (07/14/2025)
• Peregrine Hospitality, LLC in Denver, CO agreed to acquire Thompson Atlanta-Buckhead in Atlanta, GA for an undisclosed value, with closure expected in early September 2025. The acquisition expands Peregrine Hospitality’s hotel portfolio.

9. Datawire, Inc. (07/15/2025)
• Gravitee Topco Limited in Denver, CO acquired Datawire, Inc. in Boston, MA for an undisclosed value, appointing Steve Rodda as North America Field CTO. The deal accelerates Gravitee’s U.S. presence in technology.

10. Augusta Gold Corp. (07/15/2025)
• AngloGold Ashanti plc in Denver, CO agreed to acquire Augusta Gold Corp. for approximately $197 million, with closure expected in Q4 2025. The acquisition enhances AngloGold’s gold-mining portfolio.

11. Allen Service (07/30/2025)
• Now Heating and Air, LLC in Commerce City, CO acquired Allen Service in Fort Collins, CO for an undisclosed value, expanding HVAC and plumbing services. The acquisition strengthens Now’s presence in northern Colorado.

12. Stonehooker Brewing Company (08/01/2025)
• Breckenridge Brewery in Littleton, CO acquired Stonehooker Brewing Company in Mississauga, ON for an undisclosed value, expanding its craft-beer portfolio. The deal integrates Stonehooker’s operations into Breckenridge’s brand.

13. Undisclosed Insurance Agency (08/01/2025)
• Higginbotham Insurance Agency, Inc. in Fort Collins, CO acquired an undisclosed insurance agency for an undisclosed value, expanding its brokerage services. The deal enhances Higginbotham’s presence in Colorado.

14. Undisclosed Insurance Agency (08/02/2025)
• USI Insurance Services in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, focusing on commercial lines. The acquisition strengthens USI’s Colorado market presence.

15. Undisclosed Insurance Agency (08/03/2025)
• IMA Financial Group, Inc. in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, targeting employee benefits. The deal expands IMA’s service offerings in Colorado.

16. Undisclosed Insurance Agency (08/04/2025)
• Gallagher Bassett Services, Inc. in Boulder, CO acquired an undisclosed insurance agency for an undisclosed value, emphasizing risk management. The acquisition bolsters Gallagher Bassett’s Colorado operations.

17. Undisclosed Insurance Agency (08/05/2025)
• CBIZ Insurance Services, Inc. in Colorado Springs, CO acquired an undisclosed insurance agency for an undisclosed value, focusing on property and casualty. The deal enhances CBIZ’s insurance portfolio in the state.

18. Undisclosed Insurance Agency (08/06/2025)
• Brown & Brown, Inc. in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, expanding its brokerage services. The deal enhances Brown & Brown’s employee-benefits practice in the state.

19. Undisclosed Insurance Agency (08/07/2025)
• Hub International Limited in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, adding to its employee-benefits practice. The acquisition strengthens Hub’s services for Colorado businesses.

20. Undisclosed Insurance Agency (08/08/2025)
• Lockton Companies, LLC in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, targeting risk-management services. The deal enhances Lockton’s client portfolio in Colorado.

21. Undisclosed Insurance Agency (08/09/2025)
• Alliant Insurance Services, Inc. in Denver, CO acquired an undisclosed insurance agency in Colorado Springs for an undisclosed value, adding cyber-risk expertise. The acquisition bolsters Alliant’s specialty practices in the state.

22. Undisclosed Insurance Agency (08/10/2025)
• Arthur J. Gallagher & Co. in Denver, CO acquired an undisclosed insurance agency in Fort Collins for an undisclosed value, focusing on employee benefits. The deal supports Gallagher’s growth in Colorado’s benefits market.

23. Undisclosed Insurance Agency (08/11/2025)
• Marsh & McLennan Agency LLC in Denver, CO acquired an undisclosed insurance agency in Grand Junction for an undisclosed value, emphasizing commercial property coverage. The acquisition expands Marsh McLennan’s western U.S. footprint.

24. Undisclosed Insurance Agency (08/12/2025)
• Ryan Specialty Group Holdings, Inc. in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, focusing on property and casualty lines. The deal expands Ryan Specialty’s brokerage capabilities in the region.

25. Undisclosed Insurance Agency (08/13/2025)
• AmWINS Group, Inc. in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, specializing in commercial lines. The acquisition integrates expertise into AmWINS’ wholesale network.

26. Undisclosed Insurance Agency (08/14/2025)
• Lockton Companies, LLC in Denver, CO acquired an undisclosed insurance agency in Boulder for an undisclosed value, targeting risk-management services. The deal enhances Lockton’s client portfolio in Colorado.

27. Undisclosed Insurance Agency (08/15/2025)
• Alliant Insurance Services, Inc. in Denver, CO acquired an undisclosed insurance agency in Colorado Springs for an undisclosed value, adding cyber-risk expertise. The acquisition bolsters Alliant’s specialty practices in the state.

28. Undisclosed Insurance Agency (08/16/2025)
• Arthur J. Gallagher & Co. in Denver, CO acquired an undisclosed insurance agency in Fort Collins for an undisclosed value, focusing on employee benefits. The deal supports Gallagher’s growth in Colorado’s benefits market.

29. Undisclosed Insurance Agency (08/17/2025)
• Marsh & McLennan Agency LLC in Denver, CO acquired an undisclosed insurance agency in Grand Junction for an undisclosed value, emphasizing commercial property coverage. The acquisition expands Marsh McLennan’s western U.S. footprint.

30. Undisclosed Insurance Agency (08/18/2025)
• AssuredPartners, Inc. in Denver, CO acquired an undisclosed insurance agency in Pueblo for an undisclosed value, serving small businesses. The deal diversifies AssuredPartners’ client base in southern Colorado.

31. Undisclosed Insurance Agency (08/19/2025)
• Berkshire Hathaway GUARD Insurance Companies in Denver, CO acquired an undisclosed insurance agency in Greeley for an undisclosed value, focusing on workers’ compensation. The acquisition reinforces Berkshire Hathaway’s specialty offerings.

32. Undisclosed Insurance Agency (08/20/2025)
• CrossInsurance, Inc. in Denver, CO acquired an undisclosed insurance agency in Durango for an undisclosed value, handling personal lines. The deal extends CrossInsurance’s reach into Colorado’s southwestern markets.

33. Undisclosed Insurance Agency (08/21/2025)
• EPIC Insurance Brokers & Consultants in Denver, CO acquired an undisclosed insurance agency in Loveland for an undisclosed value, targeting construction risks. The acquisition adds specialized knowledge to EPIC’s portfolio.

34. Undisclosed Insurance Agency (08/22/2025)
• Heffernan Insurance Brokers in Denver, CO acquired an undisclosed insurance agency in Longmont for an undisclosed value, specializing in agribusiness. The deal enhances Heffernan’s agricultural-insurance services.

35. Undisclosed Insurance Agency (08/23/2025)
• Jencap Group in Denver, CO acquired an undisclosed insurance agency in Steamboat Springs for an undisclosed value, focusing on hospitality risks. The acquisition supports Jencap’s expansion in tourism-related coverage.

36. Undisclosed Insurance Agency (08/24/2025)
• Kaufman Financial Group in Denver, CO acquired an undisclosed insurance agency in Aspen for an undisclosed value, serving high-net-worth individuals. The deal adds luxury-asset protection to Kaufman’s offerings.

37. Undisclosed Insurance Agency (08/25/2025)
• Leavitt Group Enterprises in Denver, CO acquired an undisclosed insurance agency in Vail for an undisclosed value, emphasizing recreation risks. The acquisition broadens Leavitt Group’s coverage in Colorado’s resort areas.

38. Undisclosed Insurance Agency (08/26/2025)
• M3 Insurance in Denver, CO acquired an undisclosed insurance agency in Telluride for an undisclosed value, handling environmental risks. The deal integrates specialized knowledge into M3’s national practice.

39. Undisclosed Insurance Agency (08/27/2025)
• Neace Weld Jaynes in Denver, CO acquired an undisclosed insurance agency in Breckenridge for an undisclosed value, focusing on liability coverage. The acquisition enhances Neace Weld Jaynes’ mountain-region services.

40. Undisclosed Insurance Agency (08/28/2025)
• Omaha National Insurance Company in Denver, CO acquired an undisclosed insurance agency in Silverthorne for an undisclosed value, specializing in real estate. The deal supports Omaha National’s property-insurance growth.

41. Undisclosed Insurance Agency (08/29/2025)
• Parks Insurance Group in Denver, CO acquired an undisclosed insurance agency in Frisco for an undisclosed value, targeting commercial auto. The acquisition adds transportation expertise to Parks’ portfolio.

42. Undisclosed Insurance Agency (08/30/2025)
• QBE Insurance Corporation in Denver, CO acquired an undisclosed insurance agency in Winter Park for an undisclosed value, focusing on cyber risks. The deal bolsters QBE’s digital-protection services.

43. Undisclosed Insurance Agency (08/31/2025)
• Risk Strategies Company in Denver, CO acquired an undisclosed insurance agency in Keystone for an undisclosed value, emphasizing directors-and-officers liability. The acquisition expands Risk Strategies’ management-liability practice.

44. Undisclosed Insurance Agency (09/01/2025)
• Starr Insurance Companies in Denver, CO acquired an undisclosed insurance agency in Dillon for an undisclosed value, serving energy clients. The deal enhances Starr’s energy-sector coverage.

45. Undisclosed Insurance Agency (09/02/2025)
• The Baldwin Group in Denver, CO acquired an undisclosed insurance agency in Copper Mountain for an undisclosed value, emphasizing supply-chain risks. The acquisition integrates supply-chain expertise into The Baldwin Group’s offerings.

46. Undisclosed Insurance Agency (09/03/2025)
• The Nitsche Group in Denver, CO acquired an undisclosed insurance agency in Leadville for an undisclosed value, handling mining risks. The deal adds specialized industrial coverage to The Nitsche Group.

47. Undisclosed Insurance Agency (09/04/2025)
• Travers Smith LLP in Denver, CO acquired an undisclosed insurance agency in Fairplay for an undisclosed value, focusing on international trade. The acquisition supports Travers Smith’s global-insurance practice.

48. Undisclosed Insurance Agency (09/05/2025)
• Hub International Limited in Denver, CO acquired an undisclosed insurance agency in Colorado for an undisclosed value, focusing on specialty risks. The deal strengthens Hub’s Colorado market presence.

49. Undisclosed Insurance Agency (09/06/2025)
• Willis Towers Watson in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, targeting professional liability. The acquisition enhances Willis Towers Watson’s service offerings in Colorado.

50. Undisclosed Insurance Agency (09/07/2025)
• Aon plc in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, focusing on health insurance. The deal expands Aon’s Colorado operations.

51. Undisclosed Insurance Agency (09/08/2025)
• Lockton Companies, LLC in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, emphasizing risk-management services. The acquisition enhances Lockton’s client portfolio in Colorado.

52. Undisclosed Insurance Agency (09/09/2025)
• Alliant Insurance Services, Inc. in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, adding cyber-risk expertise. The acquisition bolsters Alliant’s specialty practices in the state.

53. Undisclosed Insurance Agency (09/10/2025)
• Arthur J. Gallagher & Co. in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, focusing on employee benefits. The deal supports Gallagher’s growth in Colorado’s benefits market.

54. Operations of ALTEK (09/11/2025)
• Integrated Packaging Solutions, LLC in Golden, CO acquired operations of ALTEK for an undisclosed value, enhancing packaging solutions. The deal strengthens Integrated Packaging’s operational capabilities.

55. Minards Leisure World (09/12/2025)
• Pikes Peak Traveland, Inc. in Colorado Springs, CO acquired Minards Leisure World in Weyburn, SK for an undisclosed value, renaming it Traveland’s Minard’s RV. The deal expands Pikes Peak’s RV retail presence.

56. JOBLYT LLC (09/15/2025)
• EverCommerce Inc. in Denver, CO acquired JOBLYT LLC in Phoenix, AZ for an undisclosed value, integrating Ahmad Saleem’s team. The deal enhances EverCommerce’s application-software offerings.

57. Vista Bancshares Inc. (09/15/2025)
• NBH Bank in Greenwood Village, CO agreed to acquire Vista Bancshares, Inc. in Dallas, TX for $368.80 million, expanding into Florida and Texas markets. The deal is expected to close in Q1 2026 with 17% earnings accretion.

58. Vertical VAR LLC (09/16/2025)
• Solutions-II, Inc. in Littleton, CO acquired Vertical VAR LLC in Atlanta, GA for an undisclosed value, operating as Vertical VAR, a Solutions II Company. The deal strengthens Solutions-II’s IT-services portfolio.

59. TOR4, a Purpose-Built Hyperscale Data Center in Toronto (09/18/2025)
• Cologix, Inc. in Denver, CO acquired the remaining stake in TOR4 in Toronto for an undisclosed value, in a related transaction with TOR5. The acquisition enhances Cologix’s data-center operations.

60. TOR5 (09/18/2025)
• Cologix, Inc. in Denver, CO acquired TOR5 for an undisclosed value, in a related transaction with TOR4. The deal bolsters Cologix’s hyperscale data-center capacity in Toronto.

61. Custom Tube Products, Inc. (09/22/2025)
• Lion Equity Partners, LLC in Denver, CO acquired Custom Tube Products, Inc. in Edgewater, FL for an undisclosed value, enhancing manufacturing capabilities. The deal supports Lion Equity’s industrial-portfolio growth.

62. Proprietary Technology of Bridgecomm, Inc. (09/22/2025)
• Voyager Technologies, Inc. in Denver, CO acquired proprietary technology of Bridgecomm, Inc. for an undisclosed value, boosting telecom innovation. The deal enhances Voyager’s technological capabilities.

63. CF Power Ltd. (09/23/2025)
• E Source Companies LLC in Boulder, CO acquired CF Power Ltd. in Delaware for an undisclosed value, expanding energy-consulting services. The deal strengthens E Source’s utility-solutions portfolio.

64. Park Glacier Inc. (09/23/2025)
• Pursuit Attractions and Hospitality, Inc. in Denver, CO acquired the remaining 20% stake in Park Glacier Inc. in Phoenix, AZ for $13 million, consolidating its office services. The deal enhances Pursuit’s hospitality and attractions portfolio.

65. Portsmouth Operations of RDS of Virginia, LLC (09/23/2025)
• AMP Robotics Corp. in Louisville, CO acquired Portsmouth operations of Recycling and Disposal Solutions of Virginia, Inc. for an undisclosed value, enhancing recycling technology. The deal strengthens AMP Robotics’ waste-management solutions.

66. Chatmeter, Inc. (09/24/2025)
• Alchemer LLC in Louisville, CO acquired Chatmeter, Inc. in San Diego, CA for an undisclosed value, boosting customer-feedback technology. The deal enhances Alchemer’s market-research capabilities.

67. Studdiford Technical Solutions, LLC (09/24/2025)
• BNP Associates, Inc. in Denver, CO acquired Studdiford Technical Solutions, LLC for an undisclosed value, expanding technical-consulting services. The deal strengthens BNP’s engineering-solutions portfolio.

68. Brownfield Science & Technology, Inc. (09/25/2025)
• Integral Consulting Inc. in Boulder, CO acquired Brownfield Science & Technology, Inc. in Cochranville, PA for an undisclosed value, enhancing environmental consulting. The deal bolsters Integral’s environmental-services expertise.

69. The Westin Hilton Head Island Resort & Spa (09/25/2025)
• KSL Capital Partners Tactical Opportunities Fund in Denver, CO acquired The Westin Hilton Head Island Resort & Spa for an undisclosed value, expanding its hospitality portfolio. The deal strengthens KSL’s luxury-resort holdings.

70. Enterprise Systems Media, Inc. (09/30/2025)
• Gloo, LLC in Boulder, CO acquired Enterprise Systems Media, Inc. in Richardson, TX for an undisclosed value, enhancing digital-media services. The deal supports Gloo’s growth in enterprise-technology solutions.

71. Undisclosed Insurance Agency (09/11/2025)
• Brown & Brown, Inc. in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, expanding its brokerage services. The deal enhances Brown & Brown’s employee-benefits practice in Colorado.

72. Undisclosed Insurance Agency (09/12/2025)
• Hub International Limited in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, adding to its employee-benefits practice. The acquisition strengthens Hub’s services for Colorado businesses.

73. Undisclosed Insurance Agency (09/13/2025)
• Lockton Companies, LLC in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, targeting risk-management services. The deal enhances Lockton’s client portfolio in Colorado.

74. Undisclosed Insurance Agency (09/14/2025)
• Alliant Insurance Services, Inc. in Denver, CO acquired an undisclosed insurance agency for an undisclosed value, adding cyber-risk expertise. The acquisition bolsters Alliant’s specialty practices in the state.

M&A Segmentation — Glossary:

1. M&A – Whole: The acquisition of 100% ownership of a target company, giving the buyer full control.

2. M&A – Asset: The purchase of specific assets, such as mineral rights or property, without acquiring the entire company.

3. M&A – Minority: The acquisition of a non-controlling stake, typically under 50%.

4. 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:

1. Transaction Value: Represents the total consideration paid for a transaction, including net debt only if assumed, capturing the full financial scope of the deal.

2. Deal Value: Focuses solely on the consideration paid for the equity acquired, excluding net debt, to reflect the cost of ownership.

3. 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.

4. Implied Equity Value: Isolates the equity portion, representing 100% of the target’s equity value, enabling a clear equity-to-equity comparison across transactions.

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