May 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 Month - 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 May 2025, Utah-based companies were the target of 14 M&A transactions, with activity in technology, consumer, industrials, and financials sectors, reflecting the state’s diverse economic activity. High-value deals included Nakamoto Holdings Inc.’s $86.5 million reverse merger with Kindly MD, Inc., Karman Holdings Inc.’s $60.24 million acquisition of RCS RMC, Inc., and Merit Medical Systems, Inc.’s $120 million purchase of Biolife, L.L.C., contributing to a total disclosed transaction volume of approximately $270.38 million. With 5 private equity-backed deals, these transactions highlight Utah’s appeal to buyers seeking strategic assets in healthcare, technology, and industrials.
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. NexTalk, Inc. (05/01/2025)
An undisclosed buyer acquired NexTalk Inc. in Murray, UT, on May 1, 2025, enhancing its application software offerings in the technology sector, advised by Foley & Lardner, without private equity backing.
2. Winder Farms, Inc. (05/01/2025)
James Winder acquired Winder Farms, Inc. in West Valley City, UT, on May 1, 2025, expanding its packaged foods and meats operations in the consumer sector with a cash consideration, without private equity backing.
3. Bryce Glamp and Camp, LLC (05/06/2025)
Nationwide RV & Resorts, Inc. (OTCPK:NWRV) acquired Bryce Glamp and Camp, LLC in Cannonville, UT, from the Childs family for $3.6 million on May 6, 2025, expanding its hotels and resorts in the consumer sector, with 2024 revenue exceeding $1 million.
4. SpeakWorks, Inc. (05/08/2025)
Echo360, Inc. acquired Goreact in Orem, UT, on May 8, 2025, enhancing its application software offerings in the technology sector without private equity backing.
5. Kindly MD, Inc. (05/12/2025)
Nakamoto Holdings Inc. acquired Kindly MD, Inc. (NasdaqCM:KDLY) in Salt Lake City, UT, for $87 million in a reverse merger on May 12, 2025, expanding its healthcare services in the healthcare sector, with closure expected in Q3 2025, advised by Cohen & Company.
6. Illumination Enterprises Inc. (05/13/2025)
Corinthian Capital Group, LLC and Valesco Industries, Inc. acquired an unknown majority stake in Illumination Enterprises Inc. in West Jordan, UT, on May 13, 2025, expanding its electrical components and equipment in the industrials sector with private equity backing, advised by Latham & Watkins.
7. S&S Mechanical ST George, Corp (05/13/2025)
The SEER Group, LLC acquired S&S Mechanical in Saint George, UT, on May 13, 2025, enhancing its construction and engineering services in the industrials sector with private equity backing.
8. InMoment, Inc. (05/14/2025)
Forsta group acquired InMoment, Inc. in South Jordan, UT, on May 14, 2025, strengthening its application software offerings in the technology sector with private equity backing, advised by Jefferies Group.
9. Cooper Savas, LLC (05/15/2025)
Armanino Advisory LLC acquired Cooper Savas, LLC in Salt Lake City, UT, on May 15, 2025, expanding its human resource and employment services in the industrials sector without private equity backing.
10. DecisionWise, LLC (05/15/2025)
TMA B.V. acquired DecisionWise, LLC in Springville, UT, on May 15, 2025, enhancing its human resource and employment services in the industrials sector with private equity backing.
11. 49 Mining Claims (05/19/2025)
Trigg Minerals Limited (ASX:TMG) acquired 49 Mining Claims in Utah from EV Resources Limited for A$1 million ($0.64 million USD) on May 19, 2025, expanding its diversified metals and mining in the materials sector, with closure expected within 20 business days.
12. RCS RMC, Inc. (05/28/2025)
Karman Holdings Inc. (NYSE:KRMN) acquired RCS RMC, Inc. in Cedar City, UT, for $60 million on May 28, 2025, expanding its aerospace and defense capabilities in the industrials sector, with a $5 million earnout, advised by Citigroup.
13. Mcdonnell Holdings, LLC (05/29/2025)
Strata Landscape Services acquired Boulder Landscaping in Bluffdale, UT, on May 29, 2025, enhancing its environmental and facilities services in the industrials sector without private equity backing.
14. Riggs Capital Management, LLC (05/30/2025)
Merit Financial Group, LLC acquired Riggs Capital Management, LLC in American Fork, UT, from DFPG Investments, LLC on May 30, 2025, expanding its asset management services in the financials sector with private equity backing, with four principals joining Merit.
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 May 2025, Utah-based buyers executed 6 M&A transactions, with activity in healthcare, real estate, financials, and technology sectors, reflecting the state’s growing economic diversity. High-value deals included Merit Medical Systems, Inc.’s $120 million acquisition of Biolife, L.L.C. and FJ Management Inc.’s $97 million purchase of Outlook Table Mesa, contributing to a total disclosed transaction volume of approximately $252 million. With 2 private equity-backed deals, these transactions highlight Utah’s appeal to buyers seeking strategic assets in healthcare and consumer sectors.
Utah M&A Deal Summaries — Business Sale Activity for M&A Buyers
1. Undisclosed Insurance Agency (05/01/2025)
PCF Insurance Services of the West, LLC in Lindon, UT, acquired an undisclosed insurance agency in Virginia on May 1, 2025, expanding its insurance brokerage services in the financials sector with private equity backing, advised by Sica Fletcher, LLC.
2. Vidurama, Inc. (05/05/2025)
Weave Communications, Inc. (NYSE:WEAV) in Lehi, UT, acquired Vidurama, Inc. in Palo Alto, CA, for $35 million on May 5, 2025, enhancing its healthcare technology offerings in the healthcare sector with private equity backing, completed on May 19, 2025, advised by Wilson Sonsini.
3. Insurance business of Huffman Insurance (05/06/2025)
Trucordia in Lindon, UT, acquired the Insurance business of Huffman Insurance on May 6, 2025, expanding its unclassified insurance operations in the unclassified sector without private equity backing.
4. Outlook Table Mesa (05/14/2025)
FJ Management Inc. in Salt Lake City, UT, acquired Outlook Table Mesa in Wheat Ridge, CO, for $97 million on May 14, 2025, expanding its homebuilding operations in the consumer sector with a cash consideration, without private equity backing.
5. Biolife, L.L.C. (05/16/2025)
Merit Medical Systems, Inc. (NasdaqGS:MMSI) in South Jordan, UT, acquired Biolife, LLC in Sarasota, FL, for $120 million on May 16, 2025, enhancing its pharmaceuticals in the healthcare sector, completed on May 20, 2025, advised by Piper Sandler.
6. Flicker Algo (05/31/2025)
GO INVEST LLC in West Jordan, UT, acquired Firefly Star LLC in New York, NY, on May 31, 2025, enhancing its application software offerings in the technology sector, integrating into Flicker Algo, without private equity backing.
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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