Q3 2025 | 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.
This Quarter - National Transaction Value ($bn) and Transaction Count
Targets in Montana
Montana M&A Overview — Business Sale Activity for M&A Targets
In Q3 2025, Montana-based companies were the target of 9 transactions, reflecting a steady, middle-market cadence with mostly undisclosed values (the only disclosed figure was $0.03 million for Hi-Line Radio Fellowship’s pending acquisition of KTNY-FM, subject to FCC approval). Activity spanned broadcasting, commercial printing, coal and consumable fuels, insurance brokerage, waste & environmental services, food distribution/commodity trading, propane utilities, and application software—a sector mix typical of Montana’s diversified but small corporate base. Notable strategic moves included Republic Services (Tri County Disposal), Inszone Insurance (Rocky Mountain Insurance Group), StoneX Commodity Solutions (Right Corporation), Valley Wide Cooperative (PSI Propane), and Veylan (Advisr), alongside out-of-state acquirers such as Vomela Specialty Company (PFL, Tech) and Readen Holding (Okepay).
Overall, the quarter skewed toward bolt-ons and tuck-ins that expand route density, customer portfolios, and distribution or service footprints, rather than platform-scale or mega-cap deals. For founder-owners, buyer interest remained strongest where assets offered recurring revenue, local market share, and operational synergies—particularly in essential services (waste, utilities, insurance), niche industrials, and software enabling regional growth.
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.
1. KTNY-FM (07/08/2025)
• Hi-Line Radio Fellowship, Inc. agreed to acquire KTNY-FM in Montana from Lincoln County Broadcasters, Inc. for $0.03 million, pending FCC approval. The deal expands Hi-Line Radio’s broadcasting reach in the region.
2. PFL, Tech Inc. (07/09/2025)
• Vomela Specialty Company acquired PFL, Tech Inc. in Livingston, MT for an undisclosed value, enhancing its commercial printing capabilities. The acquisition integrates PFL’s technology into Vomela’s operations.
3. Signal Peak Energy, LLC (07/31/2025)
• An investor group comprised of Boich Companies, LLC and Gunvor Group Ltd acquired Signal Peak Energy, LLC in Roundup, MT from FirstEnergy Corp. for an undisclosed value. The deal focuses on coal and consumable fuels production.
4. Rocky Mountain Insurance Group, LLC (08/19/2025)
• Inszone Insurance Services, Inc. acquired Rocky Mountain Insurance Group, LLC in Bozeman, MT from Gena Gaub for an undisclosed value. The acquisition strengthens Inszone’s insurance-broker presence in Montana.
5. Okepay Inc. (08/22/2025)
• Readen Holding Corp. acquired Foxley & Carr Inc. (renamed Okepay Inc.) in Montana for an undisclosed value. The deal supports Readen Holding’s diversified business expansion strategy.
6. Tri County Disposal (09/01/2025)
• Republic Services, Inc. acquired Tri County Disposal in Montana for an undisclosed value, enhancing its environmental and facilities services. The acquisition integrates Tri County’s operations into Republic’s national network.
7. Right Corporation (09/04/2025)
• StoneX Commodity Solutions LLC acquired Right Corporation in Bozeman, MT from Leslie Wright for an undisclosed value. The deal expands StoneX’s food distribution network and international sourcing capabilities.
8. PSI Propane (09/17/2025)
• Valley Wide Cooperative, Inc. acquired PSI Propane in Montana from ThompsonGas, LLC for an undisclosed value, retaining local employees. The acquisition bolsters Valley Wide’s gas utilities and distribution services.
9. Advisr, Inc. (09/24/2025)
• Veylan, Inc. acquired Advisr, Inc. in Bozeman, MT from Revel Partners, Granite Capital Management, LLC, and Next Frontier Venture Fund III L.P. for an undisclosed value, appointing Quique Nagle as COO. The deal enhances Veylan’s application-software 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.
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