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 Month - National Transaction Value ($bn) and Transaction Count

Targets in Colorado

Colorado - Transaction Value and Count by Month

Colorado — Business Sale Overview

In May 2025, Colorado’s M&A market saw robust activity with 23 target-based transactions, reflecting the state’s dynamic economic landscape, particularly in technology, media, and telecom (TMT), which accounted for 10 deals. The total disclosed deal value reached $962 million, driven by high-profile acquisitions like Zscaler’s $680 million agreement for Red Canary and Roku’s $185 million deal for Frndly TV, underscoring Colorado’s appeal as a hub for innovative tech and media companies. The transactions spanned diverse sectors, including healthcare, industrials, and consumer goods, with both private equity-backed and corporate buyers targeting firms to bolster technological and market capabilities.

The TMT sector’s dominance highlights Colorado’s growing reputation as a technology and innovation center, with deals like WorkBoard’s acquisition of Quantive USA and Kore.co’s purchase of Smart Box Technology enhancing digital and enterprise solutions. Other notable transactions included FJ Management’s $97 million real estate acquisition of Outlook Table Mesa and Agrify’s $5.1 million purchase of MC Brands, indicating strong interest in real estate and consumer sectors. Private equity played a significant role in 8 of the 23 deals, supporting strategic growth in areas like healthcare staffing and environmental consulting, positioning Colorado as a key market for high-value, innovation-driven M&A activity in May 2025.

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.

BuilderFax Inc. (05/01/2025)
Lumberfi Inc. acquired BuilderFax Inc. in Westcliffe, CO, on May 1, 2025, enhancing its construction technology solutions in the industrials sector without private equity involvement.
Frndly TV, Inc. (05/01/2025)
Roku, Inc. (NasdaqGS:ROKU) agreed to acquire Frndly TV, Inc. in Denver, CO, for $185 million on May 1, 2025, expanding its streaming platform offerings in the technology, media, and telecom sector, with the deal expected to close in Q2 2025.
Corvus Publishing Group, LLC (05/05/2025)
The Globe Pequot Publishing Group, Inc. acquired Corvus Publishing Group, LLC (Bower House Books) in Denver, CO, on May 5, 2025, strengthening its publishing portfolio in the media sector without private equity backing.
Epic River Healthcare, Inc. (05/06/2025)
Cash Flow Management, LLC acquired Epic River Healthcare, Inc. in Fort Collins, CO, on May 6, 2025, bolstering its healthcare financial solutions in the healthcare sector, with founder Jeff Grobaski remaining in a leadership role.
Gutterwise Marketing LLC (05/06/2025)
Mr. Pipeline Internet Marketing acquired Gutterwise Marketing LLC in Boulder, CO, on May 6, 2025, enhancing its digital marketing services in the technology sector without private equity involvement.
Integrity Healthcare Locums, LLC (05/06/2025)
All Star Recruiting Locums, LLC acquired Integrity Healthcare Locums, LLC in Englewood, CO, on May 6, 2025, expanding its healthcare staffing services in the healthcare sector with private equity support.
Rocky Mountain Cutting Tools, LLC (05/06/2025)
Stellar Industrial Supply, Inc. agreed to acquire Rocky Mountain Cutting Tools, LLC in Frederick, CO, on May 6, 2025, strengthening its industrial tool distribution in the industrials sector, with completion expected by June 30, 2025.
TRACOM Group (05/07/2025)
Educate 360, LLC acquired TRACOM Group in Centennial, CO, on May 7, 2025, enhancing its professional training services in the consumer sector, with Cherry Tree Companies as financial advisor.
Lewis Wealth Management, LLC (05/08/2025)
Mercer Global Advisors Inc. acquired Lewis Wealth Management, LLC in Greenwood Village, CO, on May 8, 2025, expanding its wealth management services in the financials sector with private equity backing.
Old Elk Distilleries, LLC (05/13/2025)
Middle West Spirits, LLC acquired Old Elk Distilleries, LLC in Fort Collins, CO, on May 13, 2025, bolstering its craft spirits portfolio in the consumer sector without private equity involvement.
Precision Flexo & Gravure LLC (05/13/2025)
Provident, LLC acquired Precision Flexo & Gravure LLC in Englewood, CO, on May 13, 2025, enhancing its printing technology solutions in the industrials sector without private equity backing.
Outlook Table Mesa (05/14/2025)
FJ Management Inc. acquired Outlook Table Mesa in Wheat Ridge, CO, from Evergreen Devco, Inc. for $97 million on May 14, 2025, expanding its real estate portfolio in the financials sector with a cash transaction.
Moving Mountains, Inc. (05/15/2025)
StayTerra acquired an unknown minority stake in Moving Mountains, Inc. in Steamboat Springs, CO, from Robin and Heather Craigen on May 15, 2025, enhancing its hospitality services in the consumer sector with private equity support.
United Energy Partners (05/15/2025)
One X A Completions Partner acquired United Energy Partners in Greeley, CO, on May 15, 2025, strengthening its energy services in the energy sector with private equity backing and multiple advisory firms involved.
Pairin, Inc. (05/20/2025)
DigiCap LLC acquired Pairin, Inc. in Denver, CO, on May 20, 2025, enhancing its human capital management solutions in the technology sector, with key management retained for strategic continuity.
MC Brands LLC (05/20/2025)
Agrify Corporation (NasdaqCM:AGFY) agreed to acquire MC Brands LLC in Denver, CO, from Green Thumb Industries Inc. for $5.1 million on May 20, 2025, expanding its cannabis-related operations in the consumer sector.
Habitat Management, Inc. (05/27/2025)
Aventia acquired Habitat Management, Inc. in Englewood, CO, on May 27, 2025, bolstering its environmental consulting services in the industrials sector with private equity support and IronRooster as transaction advisor.
Offbeat Ventures, LLC (05/27/2025)
VNYL, Inc. acquired Offbeat Ventures, LLC in Denver, CO, on May 27, 2025, enhancing its music-related services in the consumer sector without private equity involvement.
Red Canary, Inc. (05/27/2025)
Zscaler, Inc. (NasdaqGS:ZS) signed a definitive agreement to acquire Red Canary, Inc. in Denver, CO, for approximately $680 million on May 27, 2025, strengthening its cybersecurity solutions in the technology sector, with closure expected in August 2025.
Integrated Health Center of the Rockies LLC (05/28/2025)
Forum Health, LLC acquired Integrated Health Center of the Rockies in Denver, CO, on May 28, 2025, expanding its integrative healthcare services in the healthcare sector without private equity backing.
Quantive USA, Inc. (05/28/2025)
WorkBoard Inc. acquired Quantive USA, Inc. in Denver, CO, on May 28, 2025, enhancing its enterprise performance management solutions in the technology sector, with Quantive investors joining WorkBoard’s board.
Pocket Change Partners LLC (05/29/2025)
The Shipyard, LLC acquired Pocket Change Partners LLC (Tiny Wins LLC) in Englewood, CO, on May 29, 2025, strengthening its marketing services in the technology sector with private equity backing and leadership integration.
Smart Box Technology, LLC (05/30/2025)
Kore.co acquired Smart Box Technology, LLC in Denver, CO, on May 30, 2025, enhancing its technology solutions in the technology sector without private equity involvement.

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 May 2025, Colorado-based buyers completed 21 M&A transactions, focusing on technology, media, healthcare, and fitness sectors, reinforcing the state’s role as a hub for innovative acquisitions. Key deals included CPI Card Group’s $45.5 million purchase of Arroweye Solutions and Mercer Global Advisors’ acquisitions of wealth management firms, highlighting strategic growth in financial services and tech. The total deal value approximated $1.2 billion, with a mix of private equity-backed and corporate acquisitions driving market expansion.

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

All State Communications, Inc. (05/01/2025)
Beacon Communications LLC in Littleton, CO, acquired All State Communications, Inc. on May 1, 2025, from Arvig Communication Systems, enhancing its telecommunications infrastructure in the technology sector with private equity backing.
Northwater LLC (05/01/2025)
Spheros Environmental Group Parent, Inc. in Denver, CO, acquired Northwater Consulting on May 1, 2025, strengthening its unclassified environmental consulting services in the industrials sector without private equity involvement.
Sonoma Media Investments, LLC (05/01/2025)
MediaNews Group, Inc. in Denver, CO, a unit of Alden Global Capital LLC, acquired Sonoma Media Investments, LLC on May 1, 2025, expanding its media portfolio in the technology, media, and telecom sector with legal counsel from Sidley Austin LLP.
Orange Screw (05/02/2025)
Nite Ize, Inc. in Boulder, CO, acquired Orange Screw on May 2, 2025, bolstering its outdoor gear offerings in the consumer sector through a non-private equity-backed transaction.
Arroweye Solutions, Inc. (05/06/2025)
CPI CG Inc. in Littleton, CO, a unit of CPI Card Group Inc. (NASDAQGM:PMTS), acquired Arroweye Solutions, Inc. for $45.5 million on May 6, 2025, enhancing its payment solutions in the financials sector with funding from cash and an ABL revolver.
Azibo Inc. (05/06/2025)
TurboTenant, Inc. in Fort Collins, CO, acquired Azibo Inc. on May 6, 2025, strengthening its property management software offerings in the technology sector with private equity support.
ILLUME Advising, LLC (05/06/2025)
E Source Companies LLC in Boulder, CO, acquired Illume Advising LLC from Anne Dougherty and Sara Conzemius on May 6, 2025, expanding its consulting services in the industrials sector with private equity backing.
Network assets in Thornton and Greenwood Village, Colorado (05/06/2025)
BIF IV Interpid OpCo LLC in Broomfield, CO, acquired network assets in Thornton and Greenwood Village on May 6, 2025, enhancing its telecommunications infrastructure in the technology sector without private equity involvement.
Wealth Ops, LLC (05/06/2025)
Branzan Investment Advisors, Inc. in Littleton, CO, acquired Wealth Ops, LLC on May 6, 2025, launching BZ Wealth Advisors, LLC to expand financial planning services in the financials sector.
Lewis Wealth Management, LLC (05/08/2025)
Mercer Global Advisors Inc. in Denver, CO, acquired Lewis Wealth Management, LLC on May 8, 2025, strengthening its wealth management portfolio in the financials sector with private equity support.
Tufton Capital Management, LLC (05/08/2025)
Mercer Global Advisors Inc. in Denver, CO, acquired Tufton Capital Management, LLC on May 8, 2025, further expanding its wealth advisory services in the financials sector with InCap Group as financial advisor.
Comprehensive Behavioral Health Center, Inc. (05/12/2025)
Porch Light Health in Fort Collins, CO, acquired Comprehensive Behavioral Health Center, Inc. on May 12, 2025, enhancing its behavioral health services in the healthcare sector without private equity backing.
Airstream of Utah (05/13/2025)
Windish RV Center, Inc. in Lakewood, CO, acquired Airstream of Utah from the Decker family on May 13, 2025, expanding its recreational vehicle operations in the consumer sector.
Airstream of Wyoming (05/13/2025)
Windish RV Center, Inc. in Lakewood, CO, acquired Airstream of Wyoming from the Decker family on May 13, 2025, further growing its RV dealership network in the consumer sector.
Euphoria Institute of Beauty Arts and Sciences (05/13/2025)
Dvmd LLC in Colorado Springs, CO, acquired Euphoria Institute of Beauty Arts and Sciences on May 13, 2025, integrating it as a branch campus to expand its educational services in the consumer sector.
Spark Plug Chargers Inc. (05/14/2025)
Intellabridge Technology Corp. in Boulder, CO, signed a letter of intent to acquire Spark Plug Chargers Inc. on May 14, 2025, aiming to enhance its technology offerings pending due diligence and regulatory approvals.
StructShare Technologies (US), Inc. (05/19/2025)
Trimble Inc. (NasdaqGS:TRMB) in Westminster, CO, acquired StructShare Technologies Inc. on May 19, 2025, strengthening its construction technology solutions in the industrials sector with private equity backing.
VaultOne Software Ltd (05/19/2025)
JumpCloud Inc. in Louisville, CO, acquired VaultOne Software Ltd on May 19, 2025, enhancing its identity and access management solutions in the technology sector without private equity involvement.
Habitat Management, Inc. (05/27/2025)
Aventia in Lakewood, CO, acquired Habitat Management, Inc. on May 27, 2025, bolstering its environmental consulting services in the industrials sector with IronRooster as transaction advisor.
Portfolio of four gyms (05/27/2025)
Primetime Fitness Equipment LLC in Colorado Springs, CO, acquired a portfolio of four gyms under the Crunch Fitness brand on May 27, 2025, expanding its fitness operations in the consumer sector with CapitalSpring support.
Troupe Health, Inc. (05/29/2025)
Centered Care, Inc. in Wheat Ridge, CO, acquired Troupe Health, Inc. on May 29, 2025, enhancing its healthcare services in the healthcare sector without private equity backing.

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.

May 2025 | Colorado M&A Insights

June 2025 | Colorado M&A Insights

April 2025 | Colorado M&A Insights