Q2 2026 | Washington M&A Insights

Washington M&A TrendsWashington Deal Activity

Jul 1

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.

Targets in Washington

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

In Q2 2026, Washington-based target companies recorded 48 M&A transactions, with aggregate disclosed transaction value of approximately $2.60 billion across the six transactions for which values were reported. Eli Lilly’s $1.5 billion acquisition of Curevo represented approximately 57.6% of total disclosed value; excluding that transaction, disclosed value totaled approximately $1.10 billion. Strategic acquirers drove the majority of activity, complemented by institutional and investor-led transactions involving firms such as Cistern Capital Management, Spring Capital Group, Sagard Real Estate, Wise Equity and Kingdom Holding Company. The buyer base was overwhelmingly sourced from outside Washington, while the quarter’s most consistent themes included software and digital infrastructure, financial and insurance services, and industrial, aerospace and building-services consolidation. The breadth of activity across both large strategic transactions and lower-middle-market acquisitions continued to position Washington as a durable market for business-owner liquidity and strategic exits.

The quarter’s largest transaction was Eli Lilly’s $1.5 billion acquisition of Bothell-based biotechnology company Curevo, advancing Lilly’s investment in differentiated healthcare technology platforms. In industrials, International Paper acquired Longview-based North Pacific Paper Corporation for $360 million, adding paper manufacturing capacity to its platform. Financial-services activity included Empower’s $340 million acquisition of Milliman’s retirement administration business and Banner Corporation’s approximately $187.5 million acquisition of Aberdeen-based Pacific Financial Corporation, which expands Banner’s branch network across Washington and Oregon. Healthcare technology also produced a significant disclosed transaction, with Med-Metrix acquiring Yakima-based Vitalware for $147 million, while Kingdom Holding Company invested $68 million for a minority interest in Kirkland-based Breakthrough Energy Ventures.

The quarter reinforced the depth of Washington’s exit environment across company sizes and industries. Large strategic buyers demonstrated willingness to deploy substantial capital toward differentiated life-sciences, industrial and financial-services assets, while continued consolidation in software, insurance brokerage, engineering, aerospace and business services created additional pathways for founder-owned and sponsor-backed companies evaluating strategic alternatives.

Washington — Strategic vs. Sponsor-led Activity

Washington — X / Y Plot By Sector

Washington — M&A Segmentation

Washington — Sector Breakdown

Second Level Primary Industry Breakdown

Washington 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.

Breakthrough Energy Ventures, LLC (4/1/2026)
Kingdom Holding Company of Riyadh acquired an unknown minority stake in Breakthrough Energy Ventures, LLC of Kirkland, WA, for $68 million, adding exposure to the venture investment platform using internally funded cash consideration.
Buckley Investment Group, LLC (4/1/2026)
CWM, LLC of Omaha, NE, acquired Buckley Investment Group, LLC of Walla Walla, WA, expanding Carson Group’s wealth-management network through a new Carson Wealth office.
Business Alliance, Inc. (4/1/2026)
International Franchise Professionals Group Inc of Parlin, NJ, acquired Business Alliance, Inc. of Tacoma, WA, expanding its franchise consulting and advisory capabilities.
Meridian Capital LLC (4/1/2026)
CliftonLarsonAllen LLP of Minneapolis, MN, acquired Meridian Capital LLC of Seattle, WA, accelerating the growth and expansion of CLA’s investment banking services.
Real McCoy Tea Company (4/1/2026)
The Better For You Company acquired Real McCoy Tea Company of Bellingham, WA, adding a specialty tea business to its better-for-you beverage offering through a bankruptcy-court-approved transaction.
Financial Assistance, Inc. (4/2/2026)
Cistern Capital Management Inc. of Dover, DE, acquired Financial Assistance, Inc. of Bellevue, WA, establishing a private equity investment in a provider of financial recovery solutions for credit unions and banks.
Katanemo Labs. Inc (4/2/2026)
DigitalOcean Holdings, Inc. of Broomfield, CO, acquired Katanemo Labs. Inc of Bellevue, WA, adding AI technology and leadership capabilities to DigitalOcean’s platform.
Ballard Natural Gas Service, Inc. (4/7/2026)
Fix-It Group, LLC of Golden, CO, acquired Ballard Natural Gas Service, Inc. of Lynnwood, WA, expanding its home-services platform while retaining the target’s existing local leadership.
Gdm Private Financial Solutions, Llc (4/7/2026)
Soltis Investment Advisors, LLC of Saint George, UT, acquired Gdm Private Financial Solutions, Llc in Washington, adding an 11-person team and expanding Soltis’s tax and financial advisory capabilities.
SportsBox.AI Inc. (4/7/2026)
A private investor group led by Bryson DeChambeau acquired SportsBox.AI Inc. of Bellevue, WA, backing the continued development of the company’s AI-enabled sports technology platform.
Keyplay Inc (4/8/2026)
Inflection.io, Inc. of Seattle, WA, acquired Keyplay Inc of Seattle, WA, adding senior go-to-market and engineering talent to its software platform.
Mervin Manufacturing, Inc. (4/10/2026)
Spring Capital Group acquired Mervin Manufacturing, Inc. of Sequim, WA, backing the leisure-products manufacturer while retaining its existing leadership team.
Merchant Investments, Inc. (4/14/2026)
OSP Holdings Co., Ltd. of Osaka acquired Merchant Investments, Inc. of Kent, WA, expanding its commercial printing capabilities through the Washington-based business.
North Pacific Paper Corporation (4/16/2026)
International Paper Company of Memphis, TN, acquired North Pacific Paper Corporation of Longview, WA, for $360 million, adding paper manufacturing capacity to its operating platform.
Brown and Haley Inc. (4/17/2026)
BHM Group LTD acquired Brown and Haley Inc. of Fife, WA, supporting the packaged-food company’s APAC growth strategy under a new operating leadership structure.
Avalanche Strategy, Inc. (4/21/2026)
QuestionPro, Inc. of Beaverton, OR, acquired Avalanche Strategy, Inc. of Bainbridge Island, WA, broadening its research and strategy capabilities.
Additional Claim (4/22/2026)
Cambria Gold Mines Inc. of Vancouver acquired an Additional Claim in Washington through a staking transaction, expanding its mineral-claim position.
Luxor Technology Corporation (4/26/2026)
Inflection Technology Limited acquired an unknown minority stake in Luxor Technology Corporation of Bellevue, WA, establishing an investment position in a Washington internet-infrastructure platform.
Miller Mendel, LLC (4/27/2026)
Governmentjobs.com, Inc. of El Segundo, CA, acquired Miller Mendel, LLC of Seattle, WA, adding application-software capabilities to its technology platform.
Arnold & Smith Insurance Agency, Inc. (4/28/2026)
Inszone Insurance Services, Inc of Rancho Cordova, CA, acquired Arnold & Smith Insurance Agency, Inc. of Shelton, WA, expanding its insurance brokerage presence in Washington.
Hostwinds, LLC (4/29/2026)
HostPapa, Inc. of Burlington acquired Hostwinds, LLC of Seattle, WA, expanding its internet hosting and infrastructure capabilities.
Addtional Claims (4/30/2026)
Adamera Minerals Corp. of Vancouver acquired Addtional Claims at the Talisman project in Ferry County, WA, expanding its mineral position through additional staking.
Evolve Supply Chain Solutions, Llc (4/30/2026)
iGlobal Exports, LLC of Saint George, UT, acquired Evolve Supply Chain Solutions, Llc of Seattle, WA, adding licensed brokerage capabilities supporting Zonos Brokerage Services.
Pacific Financial Corporation (4/30/2026)
Banner Corporation of Walla Walla, WA, acquired Pacific Financial Corporation of Aberdeen, WA, for approximately $187.5 million, expanding Banner’s branch presence across Washington and Oregon and creating a combined institution expected to hold approximately $18 billion in assets.
Kristin Manwaring Insurance Associates, Inc. (5/1/2026)
Heffernan Insurance Brokers, Inc. of Walnut Creek, CA, acquired Kristin Manwaring Insurance Associates, Inc. of Port Townsend, WA, expanding its insurance brokerage presence in Washington.
Guide Care Inc. (5/4/2026)
Timely Telehealth, LLC of Fort Worth, TX, acquired Guide Care Inc. of Seattle, WA, bringing the business into TimelyCare’s platform while maintaining continuity for existing partners during integration.
Coastal Administrative Services, Inc. (5/5/2026)
Benefit Plan Administrators of Eau Claire, Inc. of Eau Claire, WI, acquired Coastal Administrative Services, Inc. of Bellingham, WA, expanding its benefits-administration capabilities in Washington.
Community Link Consulting, Inc. (5/5/2026)
Value Management Group L.L.C of Dallas, TX, acquired Community Link Consulting, Inc. of Otis Orchards, WA, combining teams to provide expanded expertise and resources to rural and community healthcare organizations.
Additional Property (5/7/2026)
Adamera Minerals Corp. of Vancouver acquired an Additional Property in Washington, adding a third tungsten property approximately 14 kilometers east of its Talisman Tungsten Project.
Halo Privacy LLC (5/7/2026)
Cycurion, Inc. of McLean, VA, acquired Halo Privacy LLC of Seattle, WA, adding digital investigations and attribution capabilities through Halo Privacy and its HavenX division.
Gates And Controls, Inc. (5/12/2026)
Southwest Automated Security, Inc. of Dallas, TX, acquired Gates And Controls, Inc. of Kent, WA, expanding its security and controls distribution capabilities in Washington.
Assure CPA, LLC (5/14/2026)
Sadler, Gibb & Associates, LLC of Salt Lake City, UT, acquired Assure CPA, LLC of Spokane, WA, establishing a Spokane presence and adding six members of the Assure team to the combined accounting firm.
18463 Blueberry Ln (5/26/2026)
Sagard Real Estate of Denver, CO, acquired the property at 18463 Blueberry Ln in Washington, adding a Washington real-estate asset to its portfolio.
Core S.R.L./C3 Worldwide, LLC (5/26/2026)
Wise Equity SGR S.p.A. acquired a majority stake in Core S.R.L./C3 Worldwide, LLC, with the target location not stated in the source data, backing the Union and CAPiTA snowboard brands while retaining founder investment and existing CEO leadership.
Curevo, Inc. (5/26/2026)
Eli Lilly and Company of Indianapolis, IN, acquired Curevo, Inc. of Bothell, WA, for $1.5 billion, advancing Lilly’s strategy of investing in differentiated technology platforms addressing significant healthcare needs.
It Synergistics (5/27/2026)
InVita Healthcare Technologies, Inc. of Baltimore, MD, acquired It Synergistics of Flowood, WA, creating a more integrated technology ecosystem for comprehensive blood management.
Seattle Hockey Partners, LLC (6/1/2026)
Melinda French Gates acquired an unknown minority stake in Seattle Hockey Partners, LLC of Seattle, WA, adding a new investor to the ownership group subject to NHL approval.
Automatic Products Co., Inc. (6/2/2026)
RTC Aerospace LLC of Chatsworth, CA, acquired Automatic Products Co., Inc. of Sumner, WA, expanding its aerospace manufacturing and industrial components capabilities.
Aero Controls, Inc. (6/4/2026)
Air Transport Components, LLC of Gilbert, AZ, acquired Aero Controls, Inc. of Auburn, WA, expanding its aerospace platform through its second add-on acquisition since partnering with AE Industrial Partners.
Vitalware, LLC (6/4/2026)
Med-Metrix, LLC of Parsippany, NJ, acquired Vitalware, LLC of Yakima, WA, for $147 million, adding healthcare technology capabilities to the Med-Metrix platform.
Fire Protection Specialists, LLC (6/8/2026)
Pye-Barker Fire & Safety, LLC of Alpharetta, GA, acquired Fire Protection Specialists, LLC of Liberty Lake, WA, expanding its fire-protection services presence in Washington.
Bitlancer Tech LLC (6/10/2026)
Xplor Technologies of Atlanta, GA, acquired Bitlancer Tech LLC of Spokane, WA, adding embedded payroll and AI capabilities across Xplor’s software platform.
Hypelinks/OptimizeAds (6/10/2026)
Podean LLC of New York, NY, acquired Hypelinks/OptimizeAds in Washington, adding advertising-technology capabilities and bringing Sarang Fegde into the combined company as Chief Technology Officer.
POSDATA Group, Inc. (6/11/2026)
Levata US, LLC of Chicago, IL, acquired POSDATA Group, Inc. of Gig Harbor, WA, expanding its payments-infrastructure capabilities through the Washington-based business.
Hayre Mcelroy & Associates, LLC (6/29/2026)
GEI Consultants, Inc. of Woburn, MA, acquired Hayre Mcelroy & Associates, LLC of Redmond, WA, expanding its engineering and consulting presence in Washington.
Blue Lion Insurance, LLC (6/30/2026)
Alkeme Inc. of Ladera Ranch, CA, acquired Blue Lion Insurance, LLC of Snohomish, WA, expanding its insurance brokerage platform as part of a broader series of second-quarter acquisitions.
Retirement Administration Business of Milliman, Inc. (6/30/2026)
Empower Annuity Insurance Company of America of Greenwood Village, CO, acquired the Retirement Administration Business of Milliman, Inc. in Washington for $340 million, expanding its retirement-services platform with approximately $20 million of anticipated cost synergies within three years.
Wilder Technologies LLC (6/30/2026)
Amphenol Corporation of Wallingford, CT, acquired Wilder Technologies LLC of Vancouver, WA, adding communications-hardware capabilities to Amphenol’s Communications Solutions segment.

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.