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Targets in Idaho

Idaho M&A Overview — Business Sale Activity for M&A Targets

In Q1 2026, Idaho-based target companies recorded 12 M&A transactions with approximately $3.514 billion of aggregate disclosed transaction value. Four transactions reported values in the supplied Transaction Value column, with the $3.5 billion MWI Veterinary Supply transaction accounting for approximately 99.6% of disclosed volume; excluding that transaction, aggregate disclosed value was approximately $13.74 million. Buyer activity was dominated by out-of-state strategic and operating acquirers, alongside institutional sponsor Baird Capital and several resource-focused buyers. Technology and business services, industrial and engineering businesses, and mining and natural-resource assets were recurring themes, highlighting Idaho's breadth as a seller and strategic-asset market.

The quarter's defining transaction was Portland-based Covetrus' approximately $3.5 billion agreement to acquire Boise-based MWI Veterinary Supply from Cencora, adding a major veterinary-supply distribution platform while leaving Cencora with an approximately 34.3% ownership interest in CVET TopCo. Natural-resource activity accounted for the other disclosed transactions: Integra Resources acquired a 6,600-acre ranch adjacent to the DeLamar Project in Owyhee County for $12.5 million; Giant Mining agreed to acquire Dalton Gardens-based Premium Exploration (USA) for $1 million, gaining exposure to the Friday Gold Project; and Copper Quest acquired the Auxer Gold Property in Bonner County for approximately $0.24 million through an option agreement.

The quarter reinforced the diversity of strategic interest in Idaho-based businesses and assets. Although headline disclosed value was overwhelmingly driven by one large healthcare-distribution transaction, the underlying deal flow extended across technology, automotive services, engineering, manufacturing, agricultural products, and natural resources, illustrating an active buyer universe for Idaho owners across both middle-market operating companies and strategic assets.

Idaho — Strategic vs. Sponsor-led Activity

Idaho — X / Y Plot By Sector

Idaho — M&A Segmentation

Idaho — Sector Breakdown

Idaho 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.

Eon Collective, LLC (1/5/2026)
FormativGroup, LLC of Detroit acquired Eon Collective, LLC of Boise, ID, adding Idaho-based IT consulting and services capabilities.
Bailey Engineering, Inc. (1/7/2026)
Wapiti Holdings LLC acquired Bailey Engineering, Inc. of Eagle, ID, adding an Idaho-based construction and engineering business to its portfolio.
Battle Road Digital, Inc. (1/13/2026)
Onebrief, Inc. of Honolulu, HI, acquired Battle Road Digital, Inc. of Meridian, ID, deploying capital from its Series D financing to complete the acquisition.
Pharmgrade, Inc. (1/13/2026)
HGS BioScience of Jacksonville, FL, acquired Pharmgrade, Inc. of Idaho Falls, ID, adding fertilizer and agricultural-chemical capabilities to its platform.
Blac-Rac Manufacturing, Inc. (1/14/2026)
Gamber-Johnson, LLC of Stevens Point, WI, acquired Blac-Rac Manufacturing, Inc. of Boise, ID, adding Idaho-based aerospace and defense manufacturing capabilities.
Silverlake Automotive (1/27/2026)
O2 Auto Service Midco, LLC of Lansing, MI, acquired Silverlake Automotive of Post Falls, ID, expanding the Straightaway platform while retaining the Silverlake brand under Will Sando's leadership.
6,600-acre Ranch Adjacent to DeLamar Project (2/17/2026)
Integra Resources Corp. of Vancouver acquired a 6,600-acre ranch adjacent to the DeLamar Project in Owyhee County, ID, for $12.5 million, expanding its land position surrounding the Idaho mining project.
MWI Veterinary Supply, Inc. (2/17/2026)
Covetrus, Inc. of Portland, ME, agreed to acquire MWI Veterinary Supply, Inc. of Boise, ID, from Cencora, Inc. for approximately $3.5 billion, adding a major veterinary-supply distribution platform while providing Cencora with an approximately 34.3% ownership position in CVET TopCo, LP.
AutoLOTO, Inc. (2/25/2026)
Baird Capital Partners of Chicago, IL, acquired a majority stake in AutoLOTO, Inc. of Coeur d'Alene, ID, establishing sponsor-backed majority ownership of the Idaho application-software company.
Total Scale Service, Inc. (2/27/2026)
G. T. Michelli, Co., Inc. of Harahan, LA, acquired Total Scale Service, Inc. of Boise, ID, expanding its scale-services platform ahead of the acquired company's planned rebrand.
Premium Exploration (USA) Inc. (3/6/2026)
Giant Mining Corp. of Vancouver agreed to acquire Premium Exploration (USA) Inc. of Dalton Gardens, ID, for $1 million, adding ownership of the Friday Gold Project in Idaho's historic Orogrande Mining District.
Auxer Gold Property (3/12/2026)
Copper Quest Exploration Inc. of Vancouver acquired the Auxer Gold Property in Bonner County, ID, for approximately $0.24 million through an option agreement, adding another Idaho gold exploration property to its portfolio.

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.

Q1 2026 | Idaho M&A Insights

Q2 2026 | Idaho M&A Insights

2025 Year in Review | Idaho M&A Insights