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This Quarter - 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

Utah recorded 32 (31 settled) middle-market transactions in Q3 2025, representing approximately $3.0 billion in disclosed deal volume. Activity was led by CRH plc’s $2.1 billion acquisition of Eco Material Technologies Inc., marking one of the largest industrial and materials transactions of the year. Strategic buyers dominated the quarter, with repeat acquirers such as BroadStreet Partners continuing to consolidate the insurance brokerage space, while technology and software firms —including Boss Startup Science, DataBank, and JumpCloud—executed targeted platform acquisitions to strengthen their digital capabilities. Healthcare and financial services also saw steady expansion through deals involving Lido Advisors, Forefront Dermatology, and OneDigital Investment Advisors, illustrating the state’s sectoral diversity beyond its traditional technology core. Overall, Utah’s deal landscape in Q3 reflected a resilient buyer environment driven by strategic synergies, private equity participation, and ongoing confidence in the region’s growth trajectory despite macro headwinds.

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.

1. Certain Insurance Assets (07/01/2025)
• BroadStreet Partners, Inc. acquired certain insurance assets from an undisclosed insurance agency in UT. This transaction expands BroadStreet’s insurance broker network in the financials sector by incorporating these specialized assets into its operations.

2. Startup Stack, Inc. (07/02/2025)
• Boss Startup Science, LLC acquired Startup Stack LLC in Farmington, UT. The acquisition integrates Startup Stack’s application software into Boss’s portfolio, enhancing its technology, media, and telecommunications offerings for startup ecosystems.

3. 5% Royalty on Milford Mine (07/07/2025)
• Empress Royalty Corp. signed a binding term sheet to acquire a 5% gross royalty on gold and silver from the Milford Copper Mine in UT from Milford Mining Company Utah, LLC for $3 million. This royalty investment provides Empress with exposure to the mine’s production in the materials sector, with a $12 million termination fee provision for added security.

4. Commerce Logic, LLC (07/15/2025)
• Fleetworthy Solutions, Inc. acquired Commerce Logic, LLC in Lehi, UT. The deal bolsters Fleetworthy’s application software capabilities in technology, media, and telecommunications, focusing on compliance and fleet management solutions.

5. Baxter BIM, LLC (07/17/2025)
• ENG BIM acquired Baxter BIM, LLC in Orem, UT from Todd Baxter. This acquisition enhances ENG’s construction and engineering services in industrials by incorporating Baxter’s building information modeling expertise.

6. Level Nine Sports, Inc. (07/24/2025)
• Backcountry.com, LLC acquired Level Nine Sports, Inc. in Woods Cross, UT. The transaction keeps Level Nine’s retail locations open and integrates its employees into Backcountry’s team, expanding specialty retail offerings in the consumer sector with refreshed online products.

7. Eco Material Technologies Inc. (07/29/2025)
• CRH plc acquired Eco Material Technologies Inc. in South Jordan, UT from Green Cement Investments, Warburg Pincus LLC, and OEP Capital Advisors L.P. for $2.1 billion, funded by cash on hand. This deal integrates Eco Material as a CRH company, strengthening its construction materials portfolio in the materials sector with sustainable technologies.

8. Olympus Wealth Management, LLC (07/29/2025)
• Lido Advisors, LLC acquired Olympus Wealth Management, LLC in Cottonwood Heights, UT. The acquisition retains Olympus’s team and office as a key Lido location, enhancing asset management services in the financials sector.

9. EQV Ventures Acquisition Corp. (08/05/2025)
• Presidio Petroleum LLC entered into a Business Combination Agreement to acquire EQV Ventures Acquisition Corp. in Park City, UT via a reverse merger at $660 million enterprise value, renaming to Presidio Production Company listed as “FTW” on NYSE. The merger advances oil and gas exploration in energy and utilities, with EQV shareholders owning 13% post-transaction.

10. Four Seasons Behavioral Health (08/07/2025)
• New Directions Mental Health, P.C. acquired Four Seasons Behavioral Health in Orem, UT. This deal expands New Directions’ specialized health care providers network, integrating Four Seasons’ services for comprehensive mental health support.

11. Certain Insurance Assets (08/07/2025)
• BroadStreet Partners, Inc. acquired certain insurance assets from an undisclosed insurance agency in UT. The transaction further bolsters BroadStreet’s insurance broker operations in financials through the addition of these assets.

12. Tonaquint, Inc. (08/08/2025)
• DataBank, Ltd. acquired Tonaquint, Inc. in St. George, UT from EdgePoint Holdings, LLC. This acquisition enhances DataBank’s internet services in technology, media, and telecommunications with Tonaquint’s data center infrastructure.

13. Elase Medical Spas (08/12/2025)
• Forefront Dermatology, S.C. acquired Elase Medical Spas in Draper, UT. The deal integrates Elase’s health care facilities into Forefront’s network, expanding dermatology and aesthetic services.

14. Moki Mobility, LLC (08/13/2025)
• JumpCloud Inc. acquired Moki Mobility, LLC in Lehi, UT. This transaction strengthens JumpCloud’s application software offerings in technology, media, and telecommunications by adding Moki’s device management capabilities.

15. Certain Insurance Assets (08/15/2025)
• BroadStreet Partners, Inc. acquired certain insurance assets from an undisclosed insurance agency in UT. This move reinforces BroadStreet’s position in the insurance broker sector within financials.

16. BlueSky Innovations Inc. (08/21/2025)
• Crio, Inc. acquired BlueSky Innovations Inc. in Lehi, UT. The acquisition enhances Crio’s application software offerings in technology, media, and telecommunications with BlueSky’s innovative tools.

17. Certain Insurance Assets (08/22/2025)
• BroadStreet Partners, Inc. acquired certain insurance assets from an undisclosed insurance agency in UT. The deal continues to grow BroadStreet’s insurance broker portfolio in financials through strategic asset integration.

18. K2 Insurance Services, LLC (08/23/2025)
• Warburg Pincus LLC acquired an unknown majority stake in K2 Insurance Services, LLC in Salt Lake City, UT from Lee Equity Partners, LLC. This investment supports K2’s growth in the insurance broker sector, with leadership transitions and Warburg’s expertise driving expansion.

19. Certain Insurance Assets (08/26/2025)
• BroadStreet Partners, Inc. acquired certain insurance assets from an undisclosed insurance agency in UT. This acquisition adds to BroadStreet’s expanding network in the financials insurance broker space.

20. Echelon Edge Private Limited (08/26/2025)
• Qualtrics International Inc. acquired Echelon Edge Private Limited in Salt Lake City, UT. The deal integrates Echelon’s specialized health care providers into Qualtrics’ platform for enhanced experience management.

21. Xyngular Corporation (09/02/2025)
• A private investor acquired Xyngular Corporation in Lehi, UT from Mary Julich. This transaction transitions ownership of the health care distributors in the sector to new hands for continued growth.

22. Health Benefits Associates, Inc. (09/03/2025)
• OneDigital Investment Advisors LLC acquired Health Benefits Associates, Inc. in Bountiful, UT. The acquisition brings HBA’s team, led by Jeff and Brad Tracy, to OneDigital, enhancing asset management services in financials.

23. Certain Insurance Assets (09/04/2025)
• BroadStreet Partners, Inc. acquired certain insurance assets from an undisclosed insurance agency in UT. The deal further strengthens BroadStreet’s insurance broker operations in the financials sector.

24. nClouds, Inc. (09/09/2025)
• Accenture PLC acquired nClouds, Inc. in Salt Lake City, UT from Booz Allen Hamilton Holding Corporation. This acquisition bolsters Accenture’s IT consulting and other services in technology, media, and telecommunications with nClouds’ cloud expertise.

25. Avalaunch Media, LLC (09/10/2025)
• Ampleo LLC acquired Avalaunch Media, LLC in Lehi, UT. The transaction positions David Mink as president of Ampleo Marketing, retaining Avalaunch’s leadership to enhance advertising services in technology, media, and telecommunications.

26. Two Low Power TV Stations (09/11/2025)
• Lowcountry 34 Media, LLC agreed to acquire two low power TV stations in UT from Soule Video Productions, Inc. for $0.03 million, subject to FCC approval. This deal expands Lowcountry’s broadcasting assets in technology, media, and telecommunications.

27. Green Vein Mesa Claims (09/16/2025)
• Terra Clean Energy Corp. entered into an agreement to acquire Green Vein Mesa Claims in Swell, UT from undisclosed sellers through an earn-in transaction for $0.215 million over five years. The acquisition advances Terra’s coal and consumable fuels exploration in energy and utilities.

28. Sunder Energy LLC (09/22/2025)
• Complete Solar, Inc. acquired Sunder Energy LLC in South Jordan, UT from Chicken Parm Pizza LLC for $55.8 million, including cash, a promissory note, and phased stock issuance funded by convertible debentures. This deal integrates Sunder’s construction and engineering services in industrials, with closing subject to stockholder approval.

29. American Insurance & Investment Corp. (09/23/2025)
• Digital Insurance, LLC acquired American Insurance & Investment Corp. in Salt Lake City, UT. The acquisition retains the American Insurance team, expanding Digital’s insurance broker services in financials.

30. Arbiter, LLC (09/23/2025)
• Accel-KKR LLC acquired an unknown majority stake in Arbiter, LLC in Sandy, UT from Serent Capital Management Company, L.L.C., with Serent retaining a minority position. This investment supports Arbiter’s application software growth in technology, media, and telecommunications, maintaining leadership and headquarters in Utah.

31. Alpine Testing Solutions, Inc. (09/30/2025)
• Volaris Group Inc. acquired Alpine Testing Solutions, Inc. in Orem, UT. The deal enhances Volaris’s research and consulting services in industrials with Alpine’s testing expertise.

32. S3 Software Solutions LLC (09/30/2025)
• Crush Software Solutions LLC acquired S3 Software Solutions LLC in Salt Lake City, UT. This merger rebrands S3 as Crush, with Ryan Paterson as CEO and Dimitri Gerontis as COO, strengthening consumer staples merchandise retail offerings.

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 Business Acquisition Overview (Buyers)

In Q3 2025, Utah-based buyers executed 32 deals with a disclosed transaction value of approximately $1.37 billion in disclosed value, led by Waystar Holding Corp.'s $1.26 billion acquisition of Iodine Software, LLC in Lehi to enhance health care technology with AI-driven revenue management. Other key transactions included Complete Solar, Inc.'s $56 million purchase of Sunder Energy LLC in Orem for construction and engineering expansion, BluSky AI, Inc.'s $46 million acquisition of a 9.3 MW data center in Murray for AI infrastructure, and Bed Bath & Beyond, Inc.'s $10 million buy of Kirkland’s Home, Inc. in Murray to bolster homefurnishing retail. Private equity backed 28% of deals, with PCF Insurance Services of the West, LLC in Lindon acquiring multiple agencies to grow its insurance broker portfolio, while DigiCert, Inc. in Lehi targeted systems software with ValiMail Inc., and nClouds, Inc. in Salt Lake City expanded IT consulting via PREDICTif Solutions.

Utah M&A Deal Summaries — Business Sale Activity for M&A Buyers

1. Undisclosed Insurance Agency (07/01/2025)
• PCF Insurance Services of the West, LLC (Lindon, UT) acquired an undisclosed insurance agency in ID. This transaction expands PCF's insurance broker operations in the financials sector, strengthening its regional presence with the integration of the agency's assets.

2. 9.3 MW to Launch Flagship Data Center in Central, Utah (07/08/2025)
• BluSky AI, Inc. (Murray, UT) acquired 9.3 MW to Launch Flagship Data Center in Central, Utah from Digital Asset Management LLC for $46 million, issuing 20 million restricted shares. The deal enables BluSky to establish its unclassified AI-focused data center, leveraging the power rights for advanced computing infrastructure.

3. The Wizard Marketing Group, LLC (07/09/2025)
• Finch, LLC (Salt Lake City, UT) acquired The Wizard Marketing Group, LLC in Maricopa, AZ. This acquisition integrates Wizard's team, with Jake and Nicole Tlapek in leadership roles, enhancing Finch's advertising capabilities in technology, media, and telecommunications.

4. Fuhriman Insurance Agency, Inc. (07/14/2025)
• PCF Insurance Services of the West, LLC (Lindon, UT) acquired Fuhriman Insurance Agency, Inc. in Boise, ID. The deal bolsters PCF's insurance broker portfolio in financials, incorporating Fuhriman's established client base and expertise.

5. Vegas Valley Benefit Plans (07/16/2025)
• PCF Insurance Services of the West, LLC (Lindon, UT) acquired Vegas Valley Benefit Plans in Las Vegas, NV. This transaction further grows PCF's presence in the insurance broker sector within financials, adding specialized benefit plans to its offerings.

6. Liquid Tech Solutions LLC (07/22/2025)
• Velocity Rail Solutions, Inc. (Draper, UT) acquired Liquid Tech Solutions LLC from Lindsay Goldberg LLC. The acquisition, supported by Yukon Partners and Wind Point Partners, expands Velocity's automotive retail services in the consumer sector through Liquid Tech's capabilities.

7. Iodine Software, LLC (07/23/2025)
• Waystar Holding Corp. (Lehi, UT) entered into a definitive agreement to acquire Iodine Software, LLC in Austin, TX from Advent International, L.P., Bain Capital Ventures, LP, Silversmith Management, L.P., Valspring Capital Management, LP, and others for approximately $1.2 billion, funded 50/50 in cash and stock. This deal integrates Iodine's health care technology into Waystar's platform, enhancing revenue cycle management with AI-driven solutions for improved financial performance.

8. Level Nine Sports, INC. (07/24/2025)
• Backcountry.com, LLC (Park City, UT) acquired Level Nine Sports, INC. in Woods Cross, UT. The transaction keeps Level Nine's retail locations open and integrates its employees into Backcountry's team, expanding other specialty retail offerings in the consumer sector with refreshed online products.

9. Seven Peaks Fence And Barn, LLC (07/25/2025)
• Tenex Capital Management, L.P. (Lehi, UT) acquired an unknown majority stake in Seven Peaks Fence And Barn, LLC in Lehi, UT. This investment marks Tenex's expansion in home improvement retail, with founder Nick Jensen retaining ownership and transitioning to a board role while the leadership team remains in place.

10. East Fork Royalty (07/26/2025)
• Centerra Gold Inc. (Sandy, UT) acquired East Fork Royalty from an undisclosed seller for $2.5 million. The royalty acquisition provides Centerra with interests in gold production from the East Fork Project, diversifying its materials portfolio.

11. Olympus Wealth Management, LLC (07/29/2025)
• Lido Advisors, LLC (Sandy, UT) acquired Olympus Wealth Management, LLC in Cottonwood Heights, UT. The acquisition retains Olympus's team and office as a key Lido location, enhancing asset management services in the financials sector.

12. Certain Insurance Assets (07/31/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. This transaction bolsters BroadStreet's insurance broker operations in financials by integrating specialized assets.

13. Certain Insurance Assets (08/01/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. The deal further expands BroadStreet's network in the insurance broker sector within financials.

14. The Whitman Co. Inc. (08/12/2025)
• Silver State Refrigeration, HVAC, & Plumbing (Salt Lake City, UT) acquired The Whitman Co. Inc. in Yorba Linda, CA. The transaction reinforces Silver State's industrials presence in construction and engineering through The Whitman's HVAC and plumbing capabilities.

15. Echelon Edge Private Limited (08/26/2025)
• Qualtrics International Inc. (Provo, UT) acquired Echelon Edge Private Limited in Bengaluru, India. The deal integrates Echelon's specialized health care providers into Qualtrics' platform for enhanced experience management.

16. Certain Insurance Assets (08/26/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. This acquisition adds to BroadStreet's expanding network in the financials insurance broker space.

17. Certain Insurance Assets (08/27/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. The move continues to grow BroadStreet's insurance broker portfolio in financials through strategic asset integration.

18. Certain Insurance Assets (08/28/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. This transaction further strengthens BroadStreet's position in the insurance broker sector within financials.

19. Certain Insurance Assets (08/29/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. The deal supports BroadStreet's growth strategy in the financials sector with additional insurance assets.

20. Certain Insurance Assets (09/01/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. This acquisition enhances BroadStreet's insurance broker capabilities through targeted asset addition.

21. Certain Insurance Assets (09/02/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. The transaction bolsters BroadStreet's presence in the financials insurance broker market.

22. Certain Insurance Assets (09/03/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. This move reinforces BroadStreet's network expansion in the insurance broker sector.

23. Certain Insurance Assets (09/04/2025)
• BroadStreet Partners, Inc. (Orem, UT) acquired certain insurance assets from an undisclosed insurance agency in UT. The deal continues BroadStreet's strategic growth in financials through asset integration.

24. Documotion Research, Inc. (09/10/2025)
• Tower Arch Capital, L.P. (Draper, UT) acquired an unknown majority stake in Documotion Research, Inc. in Denver, CO. This investment supports Documotion's growth in paper and plastic packaging and materials, with founders retaining significant ownership and leadership continuity.

25. Key Assets of Berkeley Street Beverage Company, Inc. (09/11/2025)
• Freezing Point LLC (Salt Lake City, UT) acquired key assets of Berkeley Street Beverage Company, Inc. This transaction expands Freezing Point's unclassified beverage portfolio by incorporating Berkeley Street's assets.

26. Kirklands Home, Inc. (09/15/2025)
• Bed Bath & Beyond, Inc. (Murray, UT) acquired Kirkland’s Home, Inc. in Brentwood, TN from The Brand House Collective, Inc. for $10 million. The acquisition enhances Bed Bath & Beyond's homefurnishing retail offerings in the consumer sector with Kirkland's home decor products.

27. ValiMail Inc. (09/16/2025)
• DigiCert, Inc. (Lehi, UT) acquired ValiMail Inc. in Boulder, CO from Insight Venture Management, LLC. This deal integrates ValiMail's systems software into DigiCert's platform, strengthening email security in technology, media, and telecommunications.

28. Alligator Ice (09/19/2025)
• Freezing Point LLC (Salt Lake City, UT) acquired Alligator Ice in MO from family owners. The acquisition bolsters Freezing Point's soft drinks and non-alcoholic beverages portfolio in the consumer sector with Alligator Ice's branded products.

29. Assets of OPSEC Specialized Protection (09/22/2025)
• Sentinel Holdings Ltd. (Sandy, UT) entered into an agreement to acquire assets of OPSEC Specialized Protection. This transaction positions Sentinel to expand its unclassified security and protection services through OPSEC's specialized assets.

30. Sunder Energy LLC (09/22/2025)
• Complete Solar, Inc. (Orem, UT) acquired Sunder Energy LLC in South Jordan, UT from Chicken Parm Pizza LLC for $55.8 million, including cash, a promissory note, and phased stock issuance, funded by convertible debentures. This deal integrates Sunder's construction and engineering services in industrials, with closing subject to stockholder approval.

31. PREDICTif Solutions (09/23/2025)
• nClouds, Inc. (Salt Lake City, UT) acquired PREDICTif Solutions in Houston, TX. The acquisition enhances nClouds' IT consulting and other services in technology, media, and telecommunications with PREDICTif's predictive analytics expertise.

32. Fairfield by Marriott Inn & Suites in Bloomington (09/29/2025)
• Terratron, Inc. (Park City, UT) acquired Fairfield by Marriott Inn & Suites in Bloomington in the last week of September 2025. This transaction adds to Terratron's unclassified hotel portfolio, expanding its hospitality holdings.

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.

Q3 2025 | Utah M&A Insights

June 2025 | Utah M&A Insights