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Targets in Utah

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

In Q1 2026, Utah-based target companies recorded 32 M&A transactions in the supplied dataset, with aggregate disclosed transaction value of approximately $5.318 billion across 11 transactions with numeric values. Strategic and operating-company acquirers represented the majority of activity, alongside financial investors including Riverside Merchant Partners and Green Courte Partners. Only two buyers are explicitly coded as Utah-headquartered in the dataset, while the balance includes out-of-state U.S. and international acquirers, as well as several records with incomplete buyer-location fields. Technology, media and telecommunications and industrials led the quarter with eight transactions each, followed by materials with six, demonstrating a broad Utah seller market spanning software, specialty services, manufacturing, construction, healthcare, and natural resources.

Financial services accounted for the quarter's largest disclosed transaction, with Capital One Financial Corporation of McLean, Virginia, agreeing to acquire Salt Lake City-based Brex for approximately $4.521 billion on the spreadsheet's transaction-value basis. In healthcare, Medtronic agreed to acquire West Valley City-based Scientia Vascular for $550 million. Industrial and energy-related activity included Aqua Metals' $90.8 million proposed acquisition of American Fork-based Lion Energy, which is expected to remain a separately operated subsidiary under existing management. Resource transactions included Blue Moon Metals' approximately $38.9 million acquisition of Utah's Apex Project, while Iida Group Holdings agreed to acquire a 51% interest in Draper-based Wright & Associates for $38.21 million.

The quarter reinforced Utah's ability to attract both domestic and international buyers across technology, industrial services, healthcare, financial services, and resource assets. Disclosed value was highly concentrated: Brex represented approximately 85.0% of the quarter's reported transaction value. Excluding Brex, disclosed value totaled approximately $796.9 million, providing a more representative view of the remaining disclosed middle-market and strategic activity.

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.

Esonus, LLC (1/1/2026)
Foretopia LLC of Layton, UT, acquired Esonus, LLC of Sandy, UT, retaining former Esonus leadership while maintaining Utah operations and expanding into new markets.
C.E.M. Maintenance, Inc. (1/7/2026)
Landmark Aquatic, LLC of Maryland Heights, MO, acquired C.E.M. Maintenance, Inc. of Salt Lake City, UT, retaining the target’s existing staff and leadership while integration proceeds.
Asset of Great Salt Lake (1/12/2026)
Traxys North America LLC of New York, NY, acquired the Asset of Great Salt Lake in Utah through an offtake agreement with Lilac Solutions, Inc.
Rivet Health, Inc. (1/12/2026)
Zelis Healthcare Inc. of Boston, MA, acquired Rivet Health, Inc. of Salt Lake City, UT.
KTUB (1/13/2026)
Bible Clarity of Sparks, NV, agreed to acquire KTUB in Utah for $115,000, subject to FCC approval.
KPDR-LD (1/14/2026)
HC2 Station Group, Inc. of New York, NY, agreed to acquire KPDR-LD in Utah for $215,000, subject to FCC approval.
Premier Vehicle Installation, Inc. (1/14/2026)
Lehr Upfitters, LLC of Reno, NV, acquired Premier Vehicle Installation, Inc. of Salt Lake City, UT, consolidating the business with six other acquired companies under the unified LEHR brand.
Commercial Asset Preservation, LLC (1/21/2026)
Maintera Facility Services acquired Commercial Asset Preservation, LLC of Salt Lake City, UT, retaining Commercial Asset Preservation and TCG Services under their existing names within the Maintera platform.
Distro, LLC (1/21/2026)
Vensure HR, Inc. of Chandler, AZ, acquired Distro, LLC of Lehi, UT.
Brex Inc. (1/22/2026)
Capital One Financial Corporation of McLean, VA, agreed to acquire Brex Inc. of Salt Lake City, UT, for approximately $4.521 billion, bringing Brex into Capital One while founder and CEO Pedro Franceschi continues to lead the business.
Freedom & Prospector Mines Project (1/26/2026)
Terra Clean Energy Corp. of Vancouver agreed to acquire the Freedom & Prospector Mines Project in Marysvale, UT, for approximately $922,666.
Dutch Mountain Project and Mill (1/28/2026)
American Tungsten and Antimony Ltd of Subiaco agreed to acquire the Dutch Mountain Project and Mill in Utah for $2.25 million, subject to due diligence and required regulatory and third-party approvals.
Hess Travel Inc (2/4/2026)
American Safety LLC of Belle Chasse, LA, acquired Hess Travel Inc of Bountiful, UT, retaining the Dixieland Tours name, employees, and existing leadership.
Novotx LLC (2/5/2026)
Accela, Inc. of San Ramon, CA, acquired Novotx LLC of Riverdale, UT.
Sharpr corporation (2/5/2026)
Aserdin of Lehighton, PA, acquired Sharpr corporation of Salt Lake City, UT, continuing the business as the independently operated Sharpr Software LLC under new ownership.
SEELY'S ENTERPRISES (2/6/2026)
Ridley's Food Corporation of Jerome, ID, agreed to acquire SEELY'S ENTERPRISES of Mount Pleasant, UT.
Lumi Consulting Group, Inc (2/10/2026)
HR Path SAS of Paris acquired Lumi Consulting Group, Inc of American Fork, UT, retaining the Lumi brand and existing management team within HR Path.
Lion Energy, LLC (2/11/2026)
Aqua Metals, Inc. of Reno, NV, entered into a term sheet to acquire Lion Energy, LLC of American Fork, UT, for $90.8 million, with Lion Energy expected to remain a separately operated wholly owned subsidiary under its existing management.
Western Botanicals, Inc. (2/12/2026)
Riverside Merchant Partners, LLC of New York, NY, acquired Western Botanicals, Inc. of Spanish Fork, UT, supporting expanded product capabilities, geographic reach, and strategic acquisitions while management retains a meaningful ownership stake.
Laco Technologies, Inc. (2/20/2026)
Atlas Copco AB of Nacka agreed to acquire Laco Technologies, Inc. of Salt Lake City, UT, adding the business and approximately 110 employees to Atlas Copco's Scientific Vacuum Division.
Direct Mortgage, Corp. (2/23/2026)
Lendermac Holdco LLC of Cypress, CA, entered into a definitive agreement to acquire Direct Mortgage, Corp. of Midvale, UT, subject to regulatory approvals.
Apex Project (2/27/2026)
Blue Moon Metals Inc. of Toronto agreed to acquire the Apex Project in Utah for approximately $38.895 million.
Morgan Asphalt, Inc. (2/27/2026)
Knife River Corporation of Bismarck, ND, acquired Morgan Asphalt, Inc. of Magna, UT, adding a Utah construction business employing approximately 250 people during peak season.
Narwhal Met LLC (3/6/2026)
GreenArrow Inc. acquired Narwhal Met LLC of Salt Lake City, UT.
Scientia Vascular, Inc. (3/10/2026)
Medtronic plc of Galway agreed to acquire Scientia Vascular, Inc. of West Valley City, UT, for $550 million, with the transaction expected to become accretive to Medtronic's adjusted earnings following initial dilution.
Triple J Parking Inc (3/10/2026)
Green Courte Partners, LLC of Chicago, IL, acquired Triple J Parking Inc of Salt Lake City, UT, enabling consolidation into an approximately 4,400-space, 40-plus-acre integrated parking facility.
Wright & Associates, LLC (3/10/2026)
Iida Group Holdings Co., Ltd. of Tokyo agreed to acquire a 51% interest in Wright & Associates, LLC of Draper, UT, for $38.21 million.
Charles James Cayias Insurance, Inc. (3/12/2026)
Inszone Insurance Services, Inc. of Rancho Cordova, CA, acquired Charles James Cayias Insurance, Inc. of Salt Lake City, UT, retaining Charley Cayias following the transaction.
CMO Zen, LLC (3/17/2026)
Ampleo Marketing Services LLC of Lehi, UT, acquired CMO Zen, LLC of Pleasant Grove, UT.
Gage Project (3/18/2026)
Blue Moon Metals Inc. of Toronto agreed to acquire the Gage Project in Utah for approximately $2.667 million.
Goldstrike Project (3/23/2026)
Helio Five Resources Ltd. of Vancouver agreed to acquire the Goldstrike Project, described in the deal narrative as being located in southern Idaho, for approximately $72.783 million.
Additional Claims (3/31/2026)
Silver Range Resources Ltd. of Vancouver acquired additional claims at the Drum Property in Juab County, UT through staking, expanding the property from seven to 37 federal lode claims.

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 | Utah M&A Insights

Q2 2026 | Utah M&A Insights

2025 Year in Review | Utah M&A Insights