April 2025 | Utah 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.
April 2025 - National Transaction Value ($bn) and Transaction Count
Targets in Utah
Utah - Transaction Value and Count by Month
Utah M&A Overview — Business Sale Activity for M&A Targets
In April 2025, Utah recorded nine M&A transactions targeting local companies across materials, industrials, consumer, healthcare, and energy sectors, with an aggregate transaction value of $1.0 billion. Deal volume rose 13% month-over-month but declined 31% year-over-year, reflecting a selective yet active market. Notable transactions included Bain Capital’s $1 billion acquisition of Sizzling Platter, LLC, a restaurant operator, and BayPine LP’s investment in CenExel Clinical Research, Inc., highlighting Utah’s strength in leisure and life sciences. The deal mix comprised three sponsor-led and six non-sponsor-led transactions, signaling balanced investor participation.
Utah — Strategic vs. Sponsor-led Activity
Utah — X / Y Plot By Sector
Utah — M&A Segmentation
Utah — Sector Breakdown
Second Level Primary Industry Breakdown
Utah 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.
Coyote Creek Project Claims Acquisition
On April 1, 2025, EV Resources Limited agreed to acquire 49 claims of the Coyote Creek Project in Utah, expanding its diversified metals and mining portfolio by tapping Utah’s mineral resources.
Tram Electric, Inc. Acquisition
Integrated Power Services, LLC acquired Tram Electric, Inc., a Utah electrical components provider, on April 1, 2025, enhancing its industrial power solutions with Tram Electric’s expertise, completed with Jones Day’s legal support.
Saela Denver, LLC Acquisition
Rollins, Inc. acquired Saela Denver, LLC, a Utah pest control service provider, on April 2, 2025, strengthening its diversified support services market presence using Saela’s regional operations, finalized with The Potomac Company as financial advisor.
Radix RDX LLC Acquisition
Empower Solar, Inc. acquired Radix RDX LLC, a Utah specialty retail firm, on April 8, 2025, merging retail strengths with renewable energy expertise to expand sustainable consumer offerings, completed under the Empower Solar brand.
Sizzling Platter, LLC Acquisition
Bain Capital, LP agreed to acquire Sizzling Platter, LLC, a Utah restaurant operator, for over $1 billion on April 10, 2025, positioning Bain to grow its leisure portfolio with Sizzling Platter’s restaurant network, pending regulatory approval.
CenExel Clinical Research, Inc. Acquisition
BayPine LP agreed to acquire a majority stake in CenExel Clinical Research, Inc., a Utah clinical research firm, on April 14, 2025, boosting its healthcare portfolio with CenExel’s life sciences expertise while Webster Equity Partners retains a minority stake, awaiting Q2 2025 regulatory approval.
Goal Zero LLC Acquisition
BioLite Inc. acquired Goal Zero LLC, a Utah electrical components manufacturer, on April 15, 2025, enhancing its renewable energy product line with Goal Zero’s portable power solutions under MPOWERD Inc.’s ownership, completed under Jonathan Cedar’s leadership.
Pedestal PRO, LLC Acquisition
ASSA ABLOY AB acquired Pedestal PRO, LLC, a Utah industrial machinery supplier, on April 17, 2025, bolstering its global machinery offerings with Pedestal PRO’s $11 million revenue stream for immediate EPS accretion, completed with Northern Edge Advisors as financial advisor.
Milford Property Royalty Acquisition
ETM UT Inc. acquired a 1% royalty on Utah’s Milford Property from Galleon Gold Corp. for $0.7 million on April 28, 2025, securing a steady copper mining revenue stream, completed on the same date.
Buyers in Utah
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.
Utah M&A Overview — Business Sale Activity for M&A Buyers
In April 2025, Utah-based buyers executed seven M&A transactions across financials, consumer, technology, materials, and industrials sectors, with a total transaction value of $0.7 million, driven by one disclosed deal. Key transactions included Larry H. Miller Sports & Entertainment Group’s acquisition of a majority stake in RSL Football Holdings and Filevine, Inc.’s purchase of Parrot Technologies Inc. All deals were completed, with two private equity-backed transactions.
Utah M&A Deal Summaries — Business Sale Activity for M&A Buyers
Channel Partners Capital, LLC Acquisition
On April 8, 2025, Onset Financial, Inc., based in Draper, Utah, acquired Channel Partners Capital, LLC, a Minnesota specialty finance firm, enhancing its commercial lending capabilities by integrating Channel Partners’ expertise, with the deal completed on the same day, advised by Keefe, Bruyette & Woods, Inc. and Simpson Thacher & Bartlett LLP for the seller.
Ocean Honda of San Juan Capistrano Acquisition
On April 17, 2025, Jerry Seiner Dealerships Inc., based in Salt Lake City, Utah, acquired Ocean Honda of San Juan Capistrano from Victory Automotive Group, Inc., expanding its automotive retail footprint in California, with the transaction completed on the same day.
RSL Football Holdings Acquisition
On April 18, 2025, Larry H. Miller Sports & Entertainment Group, based in Sandy, Utah, acquired a majority stake in RSL Football Holdings from David Blitzer, including Real Salt Lake and Utah Royals FC, strengthening its sports and entertainment portfolio, with the deal completed on the same day.
Parrot Technologies Inc Acquisition
On April 23, 2025, Filevine, Inc., based in Salt Lake City, Utah, acquired Parrot Technologies Inc, a New York application software firm, bolstering its legal tech offerings, with the transaction completed on the same day.
Rubber Ducky Car Wash/Snake River Car Wash Acquisition
On April 24, 2025, Tagg N Go Express Car Wash, LLC, based in Saint George, Utah, acquired Rubber Ducky Car Wash and Snake River Car Wash in Idaho, expanding its regional car wash network, with the deal completed on the same day.
Royalty on Milford Property Acquisition
On April 28, 2025, ETM UT Inc., based in South Jordan, Utah, acquired a 1% royalty on the Milford Property from Galleon Gold Corp. for $0.7 million, securing a revenue stream in the copper mining sector, with the transaction completed on the same day.
Roadrunner Paving and Asphalt Maintenance LLC Acquisition
On April 30, 2025, Banner Capital Management, LLC, based in Lehi, Utah, acquired Roadrunner Paving and Asphalt Maintenance LLC, an Arizona construction firm, integrating its team to enhance its industrials portfolio, with the deal completed on the same day.
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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