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

Colorado’s M&A market closed Q4 2025 with broad-based activity across financial services, technology, energy, consumer brands, and industrial services—reflecting both the state’s diversified economy and continued buyer appetite for scalable, cash-flowing platforms. The quarter was anchored by several marquee transactions, including CSG Systems International, Inc.’s $2.8 billion sale to NEC Corporation and the $7.7 billion acquisition of Civitas Resources, Inc. by SM Energy Company, underscoring Colorado’s strategic importance in telecommunications software and the Denver-Julesburg Basin. Additional energy consolidation included the $2.1 billion acquisition of Baytex Energy USA, Inc. and ongoing mineral and uranium transactions, highlighting sustained capital allocation toward critical materials and domestic production.

Technology and innovation-driven businesses remained highly attractive to both strategic and financial buyers. Transactions such as Foresight Diagnostics, Inc.’s $450 million sale to Natera, Inc., FluentStream Technologies, LLC’s $45 million acquisition by Ooma, Inc., and the acquisition of Limitless AI, Inc. by Meta Platforms, Inc. reinforce Colorado’s position as a hub for software, AI, fintech, and digital infrastructure. The quarter also saw continued platform expansion in wealth management, insurance brokerage, accounting, and community banking—illustrated by multiple credit union consolidations and the $70 million sale of Solera National Bancorp, Inc.—as well-capitalized acquirers pursued density in attractive Front Range markets.

Beyond headline deals, Q4 activity demonstrated strong lower-middle-market momentum across consumer and specialty brands (including Justin's, LLC), infrastructure and environmental services (e.g., In-Situ Inc.’s $435 million sale to Veralto Corporation), and construction and industrial services (such as Loenbro, LLC’s acquisition by Kohlberg & Company, L.L.C.). For Colorado business owners, the quarter reinforces a clear theme: strategic buyers and private equity sponsors continue to reward differentiated capabilities, regional density, and recurring revenue models. In an environment where capital remains disciplined but available, high-quality Colorado platforms—particularly in technology, energy, professional services, and specialty consumer—are commanding meaningful strategic premiums.

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. Diversified Asset Management, Inc. (10/1/2025)

Mission Wealth Management, LP of Santa Barbara, CA, acquired Diversified Asset Management, Inc. of Boulder, CO, strengthening its wealth management capabilities and expanding its geographic presence in the Colorado market.

2. Mountain High Appliance, Inc. (10/1/2025)

North Atlantic Corp. of Somerset, MA, acquired Mountain High Appliance, Inc. of Louisville, CO, strengthening its appliance retail footprint in the Colorado market.

3. Muse Semiconductor Llc (10/1/2025)

GS Microelectronics, U.S. Inc. of San Jose, CA, acquired Muse Semiconductor Llc of Aurora, CO, strengthening its semiconductor design capabilities and expanding its presence in the Colorado technology market.

4. Rachio, Inc. (10/1/2025)

Rain Bird Corporation of Azusa, CA, acquired Rachio, Inc. of Denver, CO, strengthening its smart irrigation technology capabilities and expanding its connected home watering solutions portfolio.

5. Process Innovations, Inc. (10/2/2025)

InflexionPoint, LLC of Neptune, NJ, acquired Process Innovations, Inc. of Lakewood, CO, strengthening its operational efficiency and process optimization capabilities.

6. Mountain River Credit Union (10/6/2025)

Power Credit Union of Pueblo, Pueblo, CO, acquired Mountain River Credit Union of Salida, CO, strengthening its presence in Colorado's south-central region and expanding member services across the Arkansas River Valley.

7. Unpatented Mineral Lode Claims (10/6/2025)

Western Uranium & Vanadium Corp. acquired Unpatented Mineral Lode Claims for $0M, expanding its mineral resource portfolio and strengthening its position in critical materials exploration.

8. Northbound Consulting, LLC (10/7/2025)

Kicksaw, LLC of Bend, OR, acquired Northbound Consulting, LLC of Denver, CO, strengthening its consulting capabilities and expanding its geographic footprint into the Colorado market.

9. Venture Gold, Inc. (10/10/2025)

Bocana Resources Corp. acquired Venture Gold, Inc. of Idaho Springs, CO for $20M, strengthening its precious metals portfolio and expanding operations in Colorado's historic mining region.

10. Haxtun Community Federal Credit Union (10/14/2025)

Sterling Federal Credit Union of Sterling, CO, acquired Haxtun Community Federal Credit Union of Haxtun, CO, consolidating community banking services across northeastern Colorado's rural markets.

11. Whipplewood CPAs PC (10/15/2025)

Money Forward Partners acquired Whipplewood CPAs PC of Littleton, CO, strengthening its accounting and financial services capabilities in the Colorado market.

12. Start Real Estate, LLC (10/16/2025)

Fathom Holdings Inc. of Cary, NC, acquired Start Real Estate, LLC of Centennial, CO, expanding its real estate brokerage footprint into the Denver metropolitan market.

13. Community Choice Credit Union (10/17/2025)

Climb Credit Union of Arvada, CO, acquired Community Choice Credit Union of Commerce City, CO, consolidating its market presence in the Denver metropolitan area.

14. Ark Valley Bankshares, Inc. (10/20/2025)

Pueblo Bancorporation of Pueblo, CO, acquired Ark Valley Bankshares, Inc. of La Junta, CO, consolidating its presence in southeastern Colorado's agricultural banking market.

15. Genesee Candy Land (10/20/2025)

NxGen Brands Inc. of Davie, FL, acquired Genesee Candy Land of Golden, CO, strengthening its confectionery portfolio and expanding its presence in the specialty candy market.

16. Coaching Systems LLC (10/21/2025)

American Safety Institute, Inc. of Tallahassee, FL, acquired Coaching Systems LLC of Parker, CO, strengthening its training and development capabilities in the safety education sector.

17. Rhythmos, Inc. (10/21/2025)

Chaddenwych Services Limited acquired Rhythmos, Inc. of Boulder, CO, strengthening its capabilities in rhythm-based technology and entertainment solutions.

18. Field Squared Inc. (10/23/2025)

Automation Exchange Inc. of Charlotte, NC, acquired Field Squared Inc. of Castle Rock, CO, strengthening its field service automation capabilities and expanding its presence in the Colorado market.

19. ExoTerra Resource, LLC (10/27/2025)

Voyager Technologies, Inc. of Denver, CO, acquired ExoTerra Resource, LLC of Littleton, CO, strengthening its resource extraction and exploration capabilities within the Colorado market.

20. Justin's, LLC (10/28/2025)

Forward Consumer Partners, LLC of Greenwich, CT, acquired Justin's, LLC of Boulder, CO, expanding its portfolio of premium natural food brands in the growing specialty nut butter market.

21. Mortgage Cadence, LLC (10/28/2025)

PartnerOne of Riverside, CA, acquired Mortgage Cadence, LLC of Denver, CO, strengthening its mortgage technology and origination capabilities.

22. CSG Systems International, Inc. (10/29/2025)

NEC Corporation acquired CSG Systems International, Inc. of Englewood, CO for $2,783M, strengthening its telecommunications software and digital customer engagement capabilities.

23. Bright Angel Project (10/30/2025)

Solitario Resources Corp. of Wheat Ridge, CO, acquired Bright Angel Project, expanding its mineral exploration and development portfolio.

24. Infinitus Pay Inc. (10/30/2025)

AppTech Payments Corp. of Carlsbad, CA, acquired Infinitus Pay Inc. of Greenwood Village, CO for $4M, strengthening its fintech capabilities and payment processing infrastructure.

25. Solera National Bancorp, Inc. (10/30/2025)

Undisclosed buyer acquired Solera National Bancorp, Inc. of Lakewood, CO for $70M, consolidating its presence in the Colorado banking market.

26. Dream Lumber Inc. (10/31/2025)

SRS Distribution Inc. of McKinney, TX, acquired Dream Lumber Inc. of Aurora, CO, strengthening its building materials distribution footprint in the Colorado market.

27. Certain Insurance Assets (11/1/2025)

BroadStreet Partners Group, LLC of Columbus, OH, acquired Certain Insurance Assets, strengthening its insurance services portfolio and expanding its risk management capabilities.

28. FluentStream Technologies, LLC (11/2/2025)

Ooma, Inc. of Sunnyvale, CA, acquired FluentStream Technologies, LLC of Denver, CO for $45M, strengthening its cloud communications platform and expanding its unified communications capabilities for business customers.

29. Civitas Resources, Inc. (11/3/2025)

SM Energy Company of Denver, CO, acquired Civitas Resources, Inc. of Denver, CO for $7,747M, consolidating operations in the Denver-Julesburg Basin to create a dominant unconventional oil and gas producer.

30. L&L Insulation, LLC (11/3/2025)

TopBuild Corp. of Daytona Beach, FL, acquired L&L Insulation, LLC of Fort Collins, CO, strengthening its insulation installation capabilities in the Colorado market.

31. SavedBy LLC (11/3/2025)

Relay Commerce, Inc. of Atlanta, GA, acquired SavedBy LLC of Edgewater, CO, strengthening its e-commerce technology capabilities and customer retention solutions.

32. Western Excelsior Corporation (11/3/2025)

MKB Company, LLC of Belleville, PA, acquired Western Excelsior Corporation of Evansville, CO, strengthening its position in the erosion control and environmental restoration materials market.

33. Joel Rieth Insurance Agency, Inc. (11/4/2025)

Inszone Insurance Services, Inc of Rancho Cordova, CA, acquired Joel Rieth Insurance Agency, Inc. of Colorado Springs, CO, strengthening its presence in the Colorado market and adding established client relationships in the region.

34. Surescape Insurance Services, LLC (11/4/2025)

Arthur J. Gallagher & Co. of Rolling Meadows, IL, acquired Surescape Insurance Services, LLC of Littleton, CO, strengthening its insurance brokerage presence in the Colorado market.

35. Technology Navigation Inc. (11/5/2025)

Bluewave Technology Group, LLC of San Clemente, CA, acquired Technology Navigation Inc. of Lone Tree, CO, strengthening its technology consulting and navigation solutions capabilities.

36. Baytex Energy USA, Inc. (11/12/2025)

Undisclosed Buyer acquired Baytex Energy USA, Inc. of Houston, CO for $2,140M, consolidating oil and gas production assets in key North American basins.

37. Tatvam Analytics Inc. (11/12/2025)

Cinchio Solutions, LLC of Denver, CO, acquired Tatvam Analytics Inc. of Denver, CO, strengthening its data analytics capabilities and expanding its technology service offerings.

38. Leafbuyer Technologies, Inc. (11/13/2025)

RagingBull.com, LLC of Lee, NH, acquired Leafbuyer Technologies, Inc. of Greenwood Village, CO, advancing its digital platform capabilities in the cannabis technology and marketplace sector.

39. Upslope, LLC (11/13/2025)

Wilding Brands LLC of Lafayette, CO, acquired Upslope, LLC of Boulder, CO, strengthening its craft beverage portfolio and expanding its presence in the Colorado brewing market.

40. IWP Wealth Management LLC (11/17/2025)

Matter Family Office of Saint Louis, MO, acquired IWP Wealth Management LLC of Denver, CO, expanding its wealth management capabilities into the Colorado market.

41. Skyloom Global Corp. (11/17/2025)

IonQ, Inc. of College Park, MD, acquired Skyloom Global Corp. of Broomfield, CO, advancing its quantum computing capabilities through enhanced satellite-based quantum communication networks.

42. Injectech LLC (11/18/2025)

Vance Street Management LLC of Los Angeles, CA, acquired Injectech LLC of Fort Collins, CO, strengthening its portfolio in advanced injection molding and manufacturing technologies.

43. Momentum Ventures, LLC (11/18/2025)

CoreTrust Purchasing Group LLC of Nashville, TN, acquired Momentum Ventures, LLC of Denver, CO, strengthening its group purchasing capabilities and expanding its geographic reach into the western markets.

44. Rampart Surveys, LLC (11/18/2025)

ZenaTech, Inc. acquired Rampart Surveys, LLC of Woodland Park, CO, strengthening its geospatial data collection and surveying capabilities.

45. Masalsa Inc. (11/19/2025)

Ad.com Interactive Media, Inc. of Woodland Hills, CA, acquired Masalsa Inc. of Denver, CO, strengthening its digital advertising capabilities and expanding its interactive media platform offerings.

46. Eos Energetics, Inc. (11/20/2025)

Voyager Technologies, Inc. of Denver, CO, acquired Eos Energetics, Inc. of Penrose, CO, strengthening its position in the energy technology sector.

47. TalkBox, LLC (11/20/2025)

Mamava, Inc. of Burlington, VT, acquired TalkBox, LLC of Niwot, CO, advancing its workplace wellness technology platform with enhanced communication capabilities.

48. RockSol Consulting Group, Inc. (11/24/2025)

Egis SA acquired RockSol Consulting Group, Inc. of Thornton, CO, strengthening its geotechnical and environmental consulting capabilities in the Colorado market.

49. Energy Fuels Inc. (11/25/2025)

Undisclosed Buyer acquired Energy Fuels Inc. of Lakewood, CO for $10M, consolidating its position in the uranium and rare earth elements mining sector.

50. In-Situ Inc. (11/25/2025)

Veralto Corporation of Waltham, MA, acquired In-Situ Inc. of Fort Collins, CO for $435M, strengthening its environmental monitoring and water quality measurement capabilities.

51. Creative Natural Products, Inc. (11/26/2025)

Alfred Ritter GmbH & Co. KG acquired Creative Natural Products, Inc. of Boulder, CO, strengthening its position in the natural and specialty food ingredients market.

52. Centennial State Insurance Agency (12/1/2025)

Alkeme Holdings, LLC of New Castle, DE, acquired Centennial State Insurance Agency of Denver, CO, expanding its insurance services footprint into the Colorado market.

53. Fermyon Technologies, Inc. (12/1/2025)

Akamai Technologies, Inc. of Cambridge, MA, acquired Fermyon Technologies, Inc. of Longmont, CO, positioning itself in the emerging WebAssembly and serverless computing market.

54. Trinity Brewing Company (12/1/2025)

Castle Rock Brewery Ltd. acquired Trinity Brewing Company of Colorado Springs, CO, expanding its craft beer portfolio and strengthening its presence in the competitive Colorado market.

55. Aquawolf LLC (12/2/2025)

Qualus, LLC of Lake Mary, FL, acquired Aquawolf LLC of Golden, CO for $26M, expanding its portfolio in the water technology and equipment sector.

56. Innovative Mechanical & Design, LLC (12/2/2025)

Legence Corp. of San Jose, CA, acquired Innovative Mechanical & Design, LLC of Nunn, CO, strengthening its engineering capabilities and expanding its mechanical design services portfolio.

57. FirstSun Capital Bancorp (12/4/2025)

Castle Creek Advisors VIII LLC acquired FirstSun Capital Bancorp of Denver, CO for $40M, consolidating its position in the Colorado banking market.

58. Getro Inc. (12/4/2025)

Findem Inc. of Redwood City, CA, acquired Getro Inc. of Boulder, CO, strengthening its talent intelligence platform with advanced professional networking capabilities.

59. Synaptec Software, Inc. (12/4/2025)

Onit, Inc. of Atlanta, GA, acquired Synaptec Software, Inc. of Denver, CO, strengthening its legal technology platform with enhanced workflow automation capabilities.

60. Foresight Diagnostics, Inc. (12/5/2025)

Natera, Inc. of Austin, TX, acquired Foresight Diagnostics, Inc. of Boulder, CO for $450M, strengthening its liquid biopsy capabilities for cancer detection and monitoring.

61. Limitless AI, Inc. (12/5/2025)

Meta Platforms, Inc. of Menlo Park, CA, acquired Limitless AI, Inc. of Denver, CO, strengthening its artificial intelligence capabilities and advancing its position in the competitive AI assistant market.

62. Loenbro, LLC (12/11/2025)

Kohlberg & Company, L.L.C. of Mount Kisco, NY, acquired Loenbro, LLC of Westminster, CO, strengthening its portfolio of infrastructure services and construction capabilities.

63. Placekey (12/11/2025)

Senzing, Inc. of Las Vegas, NV, acquired Placekey of Denver, CO, strengthening its entity resolution capabilities with advanced location intelligence and address standardization technology.

64. AquaWorks DBO, LLC. (12/15/2025)

Apex Companies, LLC of Rockville, MD, acquired AquaWorks DBO, LLC. of Denver, CO, strengthening its water infrastructure and municipal services capabilities.

65. Inspirato Incorporated (12/17/2025)

Exclusive Investments, LLC of Kaukauna, WI, acquired Inspirato Incorporated of Denver, CO for $224M, consolidating its position in the luxury vacation and hospitality membership market.

66. Refrigerants Inc. (12/17/2025)

Hudson Technologies, Inc. of Woodcliff Lake, NJ, acquired Refrigerants Inc. of Denver, CO for $3M, strengthening its refrigerant reclamation and distribution capabilities in the western U.S. market.

67. 5th Gear Automotive, Inc. (12/18/2025)

EAS Tire & Auto, LLC of Littleton, CO, acquired 5th Gear Automotive, Inc. of Broomfield, CO, strengthening its local market presence in the Denver metro automotive service sector.

68. CO2Nexus, Inc. (12/19/2025)

Promus Capital Management LLC of Chicago, IL, acquired CO2Nexus, Inc. of Englewood, CO, strengthening its portfolio of carbon capture and environmental technology solutions.

69. Sample Insurance Group, LLC (12/30/2025)

Inszone Insurance Services, Inc of Rancho Cordova, CA, acquired Sample Insurance Group, LLC, strengthening its independent agency platform and broadening its commercial and personal lines distribution capabilities.

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.

Q4 2025 | Colorado M&A Insights

2025 Year in Review | Colorado M&A Insights

Q3 2025 | Colorado M&A Insights