March 2025 | Colorado M&A Insights

Colorado Market ActivityM&A TrendsBusiness Transactions
Written By William & Wall

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.

March 2025 - National Transaction Value ($bn) and Transaction Count

Colorado - Transaction Value and Count by Month

Colorado — Overview

Colorado’s M&A landscape in March 2025 showcased 23 transactions, weaving activity from Denver to Colorado Springs, as the state drew a mix of domestic and international buyers. Industrials led with deals like Honeywell International’s $2.16 billion acquisition of Sundyne LLC, while financials followed closely with Jet HomeLoans’ purchase of Cherry Creek Mortgage, LLC, complemented by consumer plays such as AutoNation’s acquisition of Arapahoe Ford, Inc. and Burt Lincoln Mercury Inc., which reported $219 million in 2024 revenue. The month tallied $2.28 billion across three disclosed deals, ranging from Kraken Robotics’ $17 million buy of 3D at Depth, Inc. to Summit Midstream Holdings’ $88.33 million deal for Moonrise Midstream, LLC, reflecting Colorado’s appeal across sectors like energy and tech. Private equity backed 22% of the deals, underscoring steady investor interest in the state’s diverse economic fabric. Transaction volume is up 21% YoY for the month of March.

Colorado — Strategic vs. Sponsor-led Activity

Colorado — X / Y Plot By Sector

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.

Colorado — M&A Segmentation

Colorado — Sector Breakdown

Second Level Primary Industry Breakdown

Colorado — March 2025 M&A Deal Summaries

  1. Cherry Creek Mortgage, LLC (Announced: March 4, 2025)

    • Jet HomeLoans LP, a unit of Dream Finders Homes, Inc., acquired Cherry Creek Mortgage, LLC on March 4, 2025. Mcglinchey Stafford, Sterling Point Advisors, and Milliman advised Dream Finders during the transaction. The deal expands Jet HomeLoans’ mortgage services portfolio.

  2. Excellence in Giving LLC (Announced: March 4, 2025)

    • OneAscent Holdings LLC acquired Excellence in Giving LLC on March 4, 2025, with CEO Al Mueller also joining as OneAscent’s Chief Philanthropy Officer. Excellence in Giving will continue operations in Colorado Springs, maintaining its regional presence. The transaction, finalized on the same day, enhances OneAscent’s financial services offerings.

  3. Holben Group LLC (Announced: March 4, 2025)

    • EP Wealth Advisors, LLC acquired Holben Group LLC, a financial services firm, on March 4, 2025. The deal strengthens EP Wealth’s portfolio in the financial sector. The transaction was completed swiftly.

  4. Sundyne LLC (Announced: March 4, 2025)

    • Honeywell International Inc. agreed to acquire Sundyne LLC from Warburg Pincus for $2.2 billion on March 4, 2025, with closure expected in Q2 2025, advised by Kirkland & Ellis and J.P. Morgan. The cash deal, valued at 14.5x Sundyne’s 2024 EBITDA, is set to boost Honeywell’s sales growth and margins immediately. It enhances Honeywell’s industrial portfolio, pending regulatory approvals.

  5. Carver & Associates Insurance Services (Announced: March 5, 2025)

    • CCIG Insurance acquired Carver & Associates Insurance Services on March 5, 2025. The deal expands CCIG’s insurance services offerings. The transaction was finalized on the same day.

  6. Danko Manufacturing, LLC (Announced: March 6, 2025)

    • Lippert Components, Inc. acquired Danko Manufacturing, LLC, an industrial firm, on March 6, 2025. The deal strengthens Lippert’s manufacturing capabilities in the industrials sector. The transaction was completed swiftly.

  7. Moonrise Midstream, LLC (Announced: March 10, 2025)

    • Summit Midstream Holdings, LLC, a unit of Summit Midstream Corporation, acquired Moonrise Midstream, LLC from Fundare Resources Company for $90 million on March 10, 2025. Troutman Pepper and Baker Botts advised the parties, with Evercore supporting Fundare. The deal, enhancing Summit’s midstream operations, was finalized on the same day.

  8. Stored Energy Systems LLC (Announced: March 10, 2025)

    • Industrial Growth Partners VI, L.P., alongside Stored Energy Systems’ management and investors, acquired Stored Energy Systems LLC on March 10, 2025, advised by Paul Hastings. The deal strengthens IGP Industries’ portfolio in the energy sector. The transaction was completed promptly.

  9. Agathos, Inc. (Announced: March 12, 2025)

    • EvidenceCare, Inc. acquired Agathos, Inc., a health care tech firm, on March 12, 2025. The deal enhances EvidenceCare’s health care technology offerings. The transaction was finalized on the same day.

  10. Concurrent HRO, LLC (Announced: March 12, 2025)

    • Prestige PEO Holdings, LLC acquired Concurrent HRO, LLC, a professional employer organization, on March 12, 2025. The deal expands Prestige PEO’s human resources services portfolio. The transaction was completed swiftly.

  11. 3D at Depth, Inc. (Announced: March 13, 2025)

    • Kraken Robotics Inc. acquired 3D at Depth, Inc. for $17 million on March 13, 2025, finalized on April 2, 2025, reporting $14 million in 2024 revenue. The cash deal, subject to adjustments, is expected to close by April 1, 2025, pending lender consent. It bolsters Kraken’s tech capabilities in the robotics sector.

  12. Preferred Security Life Insurance Company (Announced: March 19, 2025)

    • Sierra Financial Holdings, LLC acquired Preferred Security Life Insurance Company on March 19, 2025, finalized on April 7, 2025, after Texas Department of Insurance approval. The deal, set to close by April 1, 2025, expands Sierra Financial’s insurance portfolio. It strengthens Sierra’s financial services presence.

  13. RSDL.io, Inc. (Announced: March 19, 2025)

    • Alternative Distribution Alliance acquired RSDL.io, Inc. on March 19, 2025, with Mike Holmes and Jim Sella leading integration into ADA’s ecosystem. The deal enhances ADA’s tech-driven distribution capabilities in the media sector. The transaction was finalized on the same day.

  14. 1 Branch from Inbank (Announced: March 20, 2025)

    • The Colorado Bank and Trust Company, a unit of Grinnell Bancshares, Inc., agreed to acquire one branch from Inbank on March 20, 2025, with closure expected in Q3 2025. The deal, pending regulatory approvals, expands Colorado Bank’s regional banking presence. It aims to strengthen Grinnell’s financial services footprint.

  15. Stratum Consulting Partners, Inc. (Announced: March 20, 2025)

    • Total Resource Management, Inc. acquired Stratum Consulting Partners, Inc. on March 20, 2025, with 78th Street Ventures representing Stratum. The deal enhances TRM’s IT consulting services portfolio. The transaction was completed on the same day.

  16. Codence Inc. (Announced: March 24, 2025)

    • Fullcity LLC acquired Codence Inc., a tech firm, on March 24, 2025. The deal bolsters Fullcity’s technology service offerings. The transaction was finalized swiftly.

  17. Reliable Roll-Off Waste Systems, Inc. (Announced: March 24, 2025)

    • Fuzion Field Services acquired Reliable Roll-Off Waste Systems, Inc., an environmental services firm, on March 24, 2025. The deal expands Fuzion’s waste management capabilities in the industrials sector. The transaction was completed on the same day.

  18. Tortuga Agricultural Technologies, Inc. (Announced: March 24, 2025)

    • Oishii Farm Corporation acquired Tortuga Agricultural Technologies, Inc. on March 24, 2025. The deal strengthens Oishii Farm’s agricultural technology portfolio. The transaction was finalized promptly.

  19. Crystal Packaging, Inc. (Announced: March 25, 2025)

    • D-A Lubricant Company, Inc. acquired Crystal Packaging, Inc., a packaging firm, on March 25, 2025. The deal enhances D-A Lubricant’s packaging capabilities in the industrials sector. The transaction was completed on the same day.

  20. Rotera LLC (Announced: March 25, 2025)

    • VisiQuate, Inc. acquired Rotera LLC, a tech firm, on March 25, 2025. The deal bolsters VisiQuate’s health care technology offerings. The transaction was finalized swiftly.

  21. Reliance Industries, LLC (Announced: March 26, 2025)

    • SureWerx acquired Reliance Industries, LLC, an industrial firm, on March 26, 2025. The deal expands SureWerx’s industrial equipment portfolio. The transaction was completed on the same day.

  22. Hotel Boulderado (Announced: March 28, 2025)

    • Adventurous Journeys Capital Partners, LP acquired a majority stake in Hotel Boulderado from Frank and Gina Day on March 28, 2025. The deal enhances Adventurous Journeys’ hospitality portfolio in the consumer sector. The transaction was finalized promptly.

  23. Arapahoe Ford, Inc. and Burt Lincoln Mercury Inc. (Announced: March 31, 2025)

    • AutoNation, Inc. acquired Arapahoe Ford, Inc. and Burt Lincoln Mercury Inc. from Summit Automotive Partners for $219 million in 2024 revenue on March 31, 2025, advised by Pinnacle Mergers & Acquisitions. The dealerships were rebranded as AutoNation Ford Arapahoe and AutoNation Mazda Arapahoe. The deal expands AutoNation’s automotive retail presence.

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