Q4 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.
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’s M&A market in Q4 2025 demonstrated exceptional breadth and scale, underscoring the state’s evolution into a nationally recognized hub for technology, financial services, energy, and advanced manufacturing. The quarter was highlighted by transformative fintech and financial services transactions, including CommerceOne Financial Corporation’s $1.11 billion acquisition of Green Dot Corporation in Provo and Smith Ventures’ $690 million purchase of Green Dot’s non-bank assets, alongside Virtus Investment Partners’ $370 million acquisition of Keystone National Group in Salt Lake City. Private equity activity remained pronounced, with CVC Capital Partners acquiring Bamboo Ide8 Insurance Services for $848 million and TPG Capital purchasing Conservice, LLC, reinforcing institutional conviction in Utah-based platforms with recurring revenue and scalable operating models.
Strategic buyers were equally active across high-growth technology and advanced engineering sectors, including NVIDIA’s acquisition of SchedMD in Lehi, Motorola Solutions’ purchase of Blue Eye Corporation in Salt Lake City, Hexagon AB’s acquisition of Inertial Sense in Provo, and FOSS A/S’s $38.8 million acquisition of Cache Valley Photonics in Logan. Energy and natural resources transactions—spanning uranium, silver-antimony, and unconventional energy assets—further reflect Utah’s diversified industrial base. For founders and business owners across Salt Lake City, Provo, Ogden, and the broader Mountain West, Q4 activity reinforces a clear theme: institutional capital continues to target Utah companies with differentiated technology, durable cash flows, and regional scale, creating compelling liquidity and strategic partnership opportunities heading into 2026.
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. Star Range Silver-Antimony Project (10/1/2025)
Diablo Resources Limited acquired Star Range Silver-Antimony Project for $41.67M, expanding its precious and specialty metals portfolio with strategic antimony assets.
2. Bamboo Ide8 Insurance Services, LLC (10/3/2025)
CVC Capital Partners plc acquired Bamboo Ide8 Insurance Services, LLC of UT for $848M, strengthening its portfolio of specialty insurance and financial services platforms.
3. Carrier Holdings, LLC (10/7/2025)
Bluewave Technology Group, LLC of San Clemente, CA, acquired Carrier Holdings, LLC of Murray, UT, strengthening its technology solutions portfolio and expanding its presence in the Mountain West region.
4. Equipment Leases Inc. (10/7/2025)
Commercial Funding Partners, LLC of Draper, UT, acquired Equipment Leases Inc. of Draper, UT, consolidating its equipment financing capabilities within the local market.
5. Helpside, LLC (10/9/2025)
High Road Peo, LLC of Nampa, ID, acquired Helpside, LLC of Lindon, UT, strengthening its professional employer organization services and expanding its client base across the Mountain West region.
6. South Lisbon Valley East Property (10/14/2025)
Atomic Minerals Corporation acquired South Lisbon Valley East Property, expanding its uranium exploration footprint in Utah's prolific Lisbon Valley mining district.
7. Exit Ventures (10/20/2025)
KittyHawk Ventures LLC of Santa Monica, CA, acquired Exit Ventures of Holladay, UT, strengthening its venture capital portfolio and expanding its presence in the Mountain West investment market.
8. Vive Financial Credit Card Receivables Portfolio Of PROG Holdings, Inc. (10/22/2025)
Fortiva Funding, LLC of Atlanta, GA, acquired Vive Financial Credit Card Receivables Portfolio Of PROG Holdings, Inc. for $150M, consolidating its consumer credit portfolio and expanding its receivables management capabilities.
9. Assets Of Poulton Associates LLC (10/24/2025)
Wright National Flood Insurance Services, LLC of Clearwater, FL, acquired Assets Of Poulton Associates LLC, strengthening its flood insurance service capabilities and client portfolio.
10. Snow and Probe Mine (10/27/2025)
Urano Energy Corp. acquired Snow and Probe Mine for $0.19M, expanding its uranium exploration and mining asset portfolio.
11. LHM RCD, LLC (10/28/2025)
Young Automotive Group, LLC of Layton, UT, acquired LHM RCD, LLC of Riverdale, UT, consolidating its presence in the Utah automotive market.
12. WCEC Engineers, Inc. (10/28/2025)
Info Tech Operating LLC of Gainesville, FL, acquired WCEC Engineers, Inc. of Salt Lake City, UT, bolstering its engineering capabilities and geographic presence in the Mountain West region.
13. Zion Fire & Security (10/28/2025)
Pye-Barker Fire & Safety, LLC of Alpharetta, GA, acquired Zion Fire & Security of Saint George, UT, expanding its fire protection and security services footprint into the Utah market.
14. Forsgren Associates Inc. (11/3/2025)
Apex Companies, LLC of Rockville, MD, acquired Forsgren Associates Inc. of Salt Lake City, UT, strengthening its engineering and environmental consulting capabilities in the western United States.
15. Cache Valley Photonics, Inc. (11/10/2025)
FOSS A/S acquired Cache Valley Photonics, Inc. of Logan, UT for $38.78M, strengthening its analytical instrumentation capabilities through advanced photonics technology.
16. Inertial Sense LLC (11/10/2025)
Hexagon AB (publ) acquired Inertial Sense LLC of Provo, UT, strengthening its portfolio of precision positioning and navigation technologies for autonomous systems and robotics applications.
17. Ambia Energy, LLC (11/11/2025)
SunPower Inc. of Fremont, CA, acquired Ambia Energy, LLC of Lindon, UT for $34.36M, strengthening its distributed solar and energy storage capabilities in the Mountain West region.
18. Tonic Health LLC (11/12/2025)
Luma Health, Inc. of San Mateo, CA, acquired Tonic Health LLC of Murray, UT, strengthening its patient engagement and healthcare communication platform capabilities.
19. Innovasis, Inc. (11/14/2025)
Roots Equity Group LLC acquired Innovasis, Inc. of Salt Lake City, UT, strengthening its portfolio of healthcare technology and medical device innovation companies.
20. CanQualify, LLC (11/18/2025)
Asap Drug Solutions, Inc of Torrance, CA, acquired CanQualify, LLC of Lehi, UT, strengthening its pharmaceutical compliance and qualification capabilities.
21. Blue Eye Corporation (11/19/2025)
Motorola Solutions, Inc. of Chicago, IL, acquired Blue Eye Corporation of Salt Lake City, UT, advancing its video security and surveillance technology capabilities for public safety and enterprise customers.
22. Nebo Credit Union (11/20/2025)
Cyprus Federal Credit Union of West Jordan, UT, acquired Nebo Credit Union of Springville, UT, consolidating its presence in Utah's credit union market.
23. Green Dot Corp.’s Non-Bank Assets And Operations (11/24/2025)
Smith Ventures of Birmingham, AL, acquired Green Dot Corp.'s Non-Bank Assets And Operations for $690M, expanding its fintech capabilities and payment processing infrastructure.
24. Green Dot Corporation (11/24/2025)
CommerceOne Financial Corporation of Birmingham, AL, acquired Green Dot Corporation of Provo, UT for $1,111.90M, strengthening its fintech capabilities and prepaid financial services platform.
25. Undisclosed Insurance Agency (11/26/2025)
Inszone Insurance Services, Inc of Rancho Cordova, CA, acquired an undisclosed insurance agency, consolidating its position in the regional insurance brokerage market.
26. Ascent Federal Credit Union (12/1/2025)
Goldenwest Federal Credit Union of Washington Terrace, UT, acquired Ascent Federal Credit Union of Ogden, UT, consolidating its presence in the northern Utah market.
27. Petersen Medical, LLC (12/1/2025)
Norco, Inc. of Boise, ID, acquired Petersen Medical, LLC of Kaysville, UT, strengthening its healthcare product distribution capabilities in the Mountain West region.
28. Red Leaf Resources, Inc. (12/1/2025)
Questerre Energy Corporation acquired Red Leaf Resources, Inc. of Salt Lake City, UT for $3.78M, strengthening its unconventional energy technology portfolio and oil shale development capabilities.
29. Keystone National Group, LLC (12/5/2025)
Virtus Investment Partners, Inc. of Hartford, CT, acquired Keystone National Group, LLC of Salt Lake City, UT for $370M, strengthening its wealth management capabilities and expanding its presence in the western U.S. market.
30. Safety Management Services, Inc. (12/9/2025)
JENSEN HUGHES, Inc. of Baltimore, MD, acquired Safety Management Services, Inc. of West Jordan, UT, strengthening its comprehensive safety consulting and risk management capabilities.
31. SchedMD LLC (12/15/2025)
NVIDIA Corporation of Santa Clara, CA, acquired SchedMD LLC of Lehi, UT, strengthening its high-performance computing capabilities through advanced workload management and job scheduling software solutions.
32. Wray Mesa Project (12/15/2025)
Undisclosed Buyer acquired Wray Mesa Project for $0.11M, adding strategic real estate assets to its investment portfolio.
33. GlobalSim, Inc. (12/16/2025)
CM Labs Simulations Inc. acquired GlobalSim, Inc. of Sandy, UT, strengthening its position in the simulation software market and expanding its technological capabilities.
34. The Better Being Co., LLC (12/16/2025)
Snapdragon Capital Partners LLC of Riverside, CT, acquired The Better Being Co., LLC of Salt Lake City, UT, strengthening its portfolio in the health and wellness consumer products sector.
35. Conservice, LLC (12/22/2025)
TPG Capital, L.P. of San Francisco, CA, acquired Conservice, LLC of River Heights, UT, strengthening its portfolio of utility management and billing services for multifamily and commercial properties.
36. Vara 3D Inc. (12/23/2025)
ZenaTech, Inc., acquired Vara 3D Inc. of Murray, UT, advancing its technology capabilities in three-dimensional printing and manufacturing solutions.
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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