Q2 2026 | Montana 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.
Targets in Montana
Montana M&A Overview — Business Sale Activity for M&A Targets
In Q2 2026, Montana-based target companies recorded 12 M&A transactions, with four transactions reporting values totaling approximately $20.05 million. The proposed $15 million acquisition of Vision Aerial represented approximately 74.8% of total disclosed value; excluding that transaction, disclosed value totaled approximately $5.05 million. Buyer activity was predominantly led by strategic and operating-company acquirers, alongside sponsor-backed platform activity, with buyers coming largely from outside Montana and, in several cases, from international markets. Critical minerals and mining, industrial and infrastructure-related businesses, and specialized technology and services were among the quarter’s most active themes, highlighting Montana’s breadth as a seller and exit market.
The largest disclosed transaction was Mobix Labs’ proposed $15 million acquisition of Bozeman-based Vision Aerial, which would extend Mobix into U.S.-built drones, autonomous systems, and aerial intelligence. Resources activity also produced several of the quarter’s larger disclosed transactions: Red Mountain Mining acquired the Pioneer Tungsten Project for approximately $4.19 million, Helix Exploration agreed to acquire Oilmont-based Treasure State Drilling for $0.6 million, and Omnia Metals agreed to acquire the Stibnite Ridge Project for approximately $0.26 million. Beyond the disclosed-value transactions, United Flow Technologies’ acquisition of Belgrade-based Peak Group Companies expanded its Mountain West water and wastewater platform, while Marsh & McLennan Agency’s acquisition of Sidney-based Seitz Insurance Agency extended its insurance brokerage footprint into eastern Montana.
Montana — Strategic vs. Sponsor-led Activity
Montana — X / Y Plot By Sector
Montana — M&A Segmentation
Montana — Sector Breakdown
Second Level Primary Industry Breakdown
Montana 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.
Seitz Insurance Agency (4/7/2026)
Marsh & McLennan Agency LLC of White Plains, NY, acquired Seitz Insurance Agency of Sidney, MT, expanding its insurance brokerage presence in eastern Montana and adding agriculture, crop, and energy expertise.Radix Project (4/15/2026)
Omnia Metals Group Ltd of Subiaco, Australia, acquired the Radix Project in Montana through a staking transaction, adding another Montana exploration property to its metals portfolio.Stibnite Ridge Project (4/15/2026)
Omnia Metals Group Ltd of Subiaco, Australia, agreed to acquire the Stibnite Ridge Project in Montana for approximately $0.26 million, expanding its Montana metals exploration portfolio.Pando, Inc. (4/28/2026)
Kore US, Inc. of New York, NY, entered into a definitive memorandum of understanding to acquire Pando, Inc. of Bozeman, MT, adding a Montana-based application software business to its portfolio.Motor Power Equipment Co. (5/5/2026)
W.W. Wallwork, Inc. of Fargo, ND, acquired Motor Power Equipment Co. of Billings, MT, expanding its regional distribution and equipment operations.The R.L. Winston Rod Co., Inc. (5/14/2026)
An entity owned by Lance Robertson acquired The R.L. Winston Rod Co., Inc. of Twin Bridges, MT, adding a Montana leisure-products manufacturer to the buyer’s holdings.Peak Group Companies, LLC (5/27/2026)
United Flow Technologies of Irving, TX, acquired Peak Group Companies, LLC of Belgrade, MT, expanding its Mountain West water and wastewater platform.Pioneer Tungsten Project (5/28/2026)
Red Mountain Mining Limited of West Perth, Australia, acquired the Pioneer Tungsten Project in Montana for approximately $4.19 million, expanding its U.S. critical-minerals project portfolio.Stillwater Hospice Holdings, LLC (5/29/2026)
Waypoint Acquisitions LLC acquired Stillwater Hospice Holdings, LLC of Billings, MT, adding a Montana hospice operator to its healthcare portfolio.Vision Aerial, Inc. (6/4/2026)
Mobix Labs, Inc. of Irvine, CA, agreed to acquire Vision Aerial, Inc. of Bozeman, MT, for approximately $15 million, extending its technology platform into U.S.-built drones and aerial intelligence.Treasure State Drilling LLC (6/8/2026)
Helix Exploration PLC of London, United Kingdom, agreed to acquire Treasure State Drilling LLC of Oilmont, MT, for $0.6 million, adding local drilling capabilities to support its Montana operating footprint.Fasst Extinguishers Inc (6/30/2026)
Pye-Barker Fire & Safety, LLC of Alpharetta, GA, acquired Fasst Extinguishers Inc of Black Eagle, MT, expanding its fire-protection products and services footprint in Montana.
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.
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