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 Washington

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

In the third quarter of 2025, Washington's mergers and acquisitions landscape saw robust activity with 44 announced deals totaling approximately $1.6 billion in disclosed transaction value. The technology sector dominated, accounting for a significant portion of the volume and value, driven by high-profile acquisitions in application software, health care technology, and systems software. Notable transactions included OpenAI's $1.1 billion all-stock agreement to acquire Statsig, Inc. in Bellevue, enhancing its AI ecosystem with advanced analytics tools, and CoreWeave's definitive agreement for OpenPipe, Inc. in Seattle, bolstering cloud infrastructure capabilities. Other tech highlights encompassed Incode Technologies' purchase of AuthenticID, Inc. in Kirkland to strengthen identity verification solutions, and Samsung Electronics' planned acquisition of Xealth Inc. in Seattle to expand digital health offerings. Beyond tech, the quarter featured diverse industries such as banking, hospitality, and environmental services, with cross-border and out-of-state buyers playing a key role in fueling growth amid a favorable economic environment for consolidation.

Financial services and real estate also contributed meaningfully to the quarter's momentum. Heritage Financial Corporation's $176.6 million agreement to acquire Olympic Bancorp, Inc. in Port Orchard stood out as a major banking deal, expected to expand Heritage's footprint with 17 additional branches and deliver substantial EPS accretion and cost savings. In hospitality, Seafront Fjord Owner's $145 million purchase of the Marriott Seattle Waterfront from Ashford entities highlighted investor interest in premium assets, allowing sellers to reduce debt while retaining net proceeds. Smaller but strategic moves included Sage Investment Group's $9.5 million cash acquisition of the Econo Lodge in Everett and Bustos Media Holdings' $1.5 million agreement for KXXO-FM, both underscoring targeted expansions in niche markets. Health care and manufacturing sectors added depth, with Alcon's $132 million acquisition of LumiThera, Inc. in Poulsbo focusing on eye care innovations, and ProAmpac's pending deal for PAC Worldwide Corporation in Redmond to consolidate packaging capabilities.

Overall, Q3 2025 reflected a vibrant M&A environment in Washington, with a mix of large-scale tech-driven transactions and mid-market deals across sectors like IT services, human resources, and broadcasting. The aggregate value was propelled by a handful of blockbuster deals, while the high deal count indicated broad-based interest from private equity firms, strategic corporates, and investors seeking synergies in innovation hubs like Seattle and Bellevue. As regulatory approvals progress for pending transactions, such as those involving Surface Transportation Board or FCC oversight, the quarter's activity positions Washington as a key player in national M&A trends, particularly in emerging technologies and infrastructure.

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.

Twin City Bank (07/03/2025)
• Darragh Buckley acquired an unknown stake greater than 10% in Twin City Bank in Longview, WA. This investment positions Buckley as a significant stakeholder in the local banking sector.
LumiThera, Inc. (07/07/2025)
• Alcon Inc. acquired LumiThera, Inc. in Poulsbo, WA for $132 million, including up-front consideration and potential milestone payments. The deal allows Alcon to expand its eye care portfolio with LumiThera's Photobiomodulation Device for treating early and intermediate dry age-related macular degeneration, while excluding spun-off diagnostic devices.
Marriott Seattle Waterfront (07/03/2025)
• Seafront Fjord Owner, LLC acquired Marriott Seattle Waterfront in Seattle, WA from Ashford Seattle Waterfront LP and Ashford Trs Seattle Waterfront LLC for approximately $145 million. This transaction enables the buyer to add a high-performing hotel asset to its portfolio, while allowing the sellers to pay down $88.4 million in debt and retain $50.8 million in net proceeds.
Xealth Inc. (07/07/2025)
• Samsung Electronics Co., Ltd. signed an agreement to acquire Xealth Inc. in Seattle, WA. The acquisition aims to bolster Samsung's capabilities in health care technology through Xealth's digital health platform.
Columbia Basin Railroad Company, Inc. (06/27/2025)
• Jaguar Transport Holdings LLC acquired Columbia Basin Railroad Company, Inc. in Yakima, WA, following Surface Transportation Board approval. This deal, alongside the related acquisition of Central Washington Railroad, expands Jaguar's rail transportation network in the region with operations commencing on August 27, 2025.
OutBack Power Technologies, Inc. (07/15/2025)
• Energy Access Innovations acquired OutBack Power Technologies, Inc. in Commerce, WA. The transaction integrates OutBack's expertise in electrical components and equipment, with Randy Taylor appointed as the new General Manager to drive growth.
Cielo WiGle Inc. (07/18/2025)
• DiversiTech Corporation acquired Cielo WiGle Inc. in Bellevue, WA. This move reinforces DiversiTech's position in the HVACR industry by expanding its product range and complementing its PRO1 Thermostat line with Cielo's innovative electronic equipment and instruments.
Ginnie Mae Mortgage Servicing Portfolio of HomeStreet Bank (07/16/2025)
• An undisclosed buyer entered into a purchase agreement to acquire the Ginnie Mae mortgage servicing portfolio of HomeStreet Bank, with a principal balance of $794 million as of June 30, 2025. The sale allows HomeStreet to divest this asset at current market value without realizing a gain or loss, streamlining its operations.
Seattle Storm Foundation (07/22/2025)
• Bobby Wagner acquired an unknown minority stake in Seattle Storm Foundation in Seattle, WA. This investment supports the foundation's diversified support services for the WNBA team, aligning with Wagner's involvement in sports and community initiatives.
Spectrum Pension Consultants, Inc. (07/24/2025)
• Daybright Financial acquired Spectrum Pension Consultants, Inc. in Tacoma, WA, including all affiliated companies. The acquisition enhances Daybright's research and consulting services in retirement solutions, with key leaders continuing to manage the business within its Private Sector Retirement Solutions segment.
BlackPoint IT Services, LLC (07/28/2025)
• CompassMSP, LLC acquired BlackPoint IT Services, LLC in Kent, WA. This deal strengthens CompassMSP's offerings in IT consulting and other services by incorporating BlackPoint's expertise and client base.
Ticketure LLC (07/28/2025)
• Dahlia Equity Partners, LP. acquired Ticketure LLC in Seattle, WA from TixTrack, Inc. The transaction positions Ticketure as an independent entity in application software for ticketing, with new leadership including Steven Sunshine as CEO to drive its growth.
Innovative Advantage, Inc. (07/29/2025)
• Heads Up Technologies, Inc. acquired Innovative Advantage, Inc. in Kirkland, WA. This acquisition expands Heads Up's unclassified technology portfolio, integrating Innovative Advantage's solutions to enhance its market offerings.
BlueBin Inc. (07/31/2025)
• Capsa Solutions, LLC acquired BlueBin Inc. in Seattle, WA. The deal bolsters Capsa's health care technology capabilities by adding BlueBin's inventory management systems.
Four Peaks Environmental Science & Data Solutions LLC (07/31/2025)
• Spheros Environmental Group Parent, Inc. acquired Four Peaks Environmental Science & Data Solutions LLC in Wenatchee, WA. This move strengthens Spheros' environmental and facilities services through Four Peaks' specialized science and data expertise.
Masterworks, Incorporated (07/31/2025)
• Gloo, LLC acquired Masterworks, Incorporated in Poulsbo, WA, which will operate as a wholly owned subsidiary. The acquisition enhances Gloo's advertising capabilities, with leadership transitions and board additions to support integrated operations.
Certain Insurance Assets (08/01/2025)
• BroadStreet Partners, Inc. acquired certain insurance assets from an undisclosed insurance agency in WA. This transaction expands BroadStreet's insurance broker network by incorporating the acquired assets.
The Computer Manager, Inc. (08/01/2025)
• N.A.R., Inc. acquired The Computer Manager, Inc. in Bremerton, WA. The deal integrates The Computer Manager's application software into N.A.R.'s portfolio to enhance its technology offerings.
Wilderness Medical Staffing, Inc. (08/04/2025)
• Staffing Management, LLC acquired Wilderness Medical Staffing, Inc. in Livingston, WA, with the team joining the buyer. This acquisition broadens Staffing Management's human resource and employment services in the medical staffing sector.
Centurion Power LLC (08/07/2025)
• Atwell, LLC acquired an unknown majority stake in Centurion Power LLC in Washougal, WA. The investment allows Atwell to expand its diversified support services in the power sector through Centurion's operations.
JL Darling, LLC (08/11/2025)
• Pennington Creek Capital, LLC acquired an unknown majority stake in JL Darling, LLC in Tacoma, WA. This deal supports JL Darling's growth in paper products, backed by financial and due diligence expertise from advisors.
Aerostrat Corp. (08/12/2025)
• AAR Corp. acquired Aerostrat Corp. in Seattle, WA for $20 million, including up to $5 million in contingent consideration. The acquisition integrates Aerostrat's Aerros software into AAR's Trax product suite, enhancing its application software offerings for aviation.
NewsON (08/12/2025)
• Zeam Media acquired NewsON in Seattle, WA from Sinclair, Inc. This transaction expands Zeam's broadcasting platform by incorporating NewsON's local news streaming services.
ABC Legal Services, Inc. (08/14/2025)
• Gridiron Capital, LLC acquired ABC Legal Services, Inc. in Seattle, WA from Aquiline Capital Partners LP. The deal positions ABC Legal to accelerate growth in research and consulting services under new private equity ownership.
AuthenticID, Inc. (08/17/2025)
• Incode Technologies, Inc. acquired AuthenticID, Inc. in Kirkland, WA. This acquisition strengthens Incode's systems software for identity verification by integrating AuthenticID's advanced biometric and AI technologies.
Kevala Technologies, Inc. (08/18/2025)
• Residex, Inc. acquired Kevala Technologies, Inc. in Seattle, WA. The deal enhances Residex's health care technology solutions with Kevala's specialized software.
KXXO-FM (08/07/2025)
• Bustos Media Holdings, LLC entered into a definitive agreement to acquire KXXO-FM in WA from 3 Cities, Inc. for $1.5 million, subject to FCC approval. This acquisition expands Bustos Media's broadcasting footprint in the region with the addition of the FM station.
Certain Assets Of Boom Commerce (08/19/2025)
• Priority Technology Holdings, Inc. acquired certain assets of Boom Commerce in WA. The transaction bolsters Priority's payment processors capabilities by incorporating Boom's specialized assets.
WattB, Inc. (08/21/2025)
• EnergySage, LLC and Qmerit Electrification LLC acquired WattB, Inc. in Bellevue, WA from a group of sellers. This deal integrates WattB's interactive media and services into the buyers' energy and electrification platforms, with continued leadership from the current team.
Goodwork World Inc. (08/25/2025)
• ProRank, Inc acquired Goodwork World Inc. in Spokane, WA. The acquisition combines their human resource and employment services, creating a stronger portfolio under new unified leadership.
PAC Worldwide Corporation (08/26/2025)
• ProAmpac Intermediate, Inc. agreed to acquire PAC Worldwide Corporation in Redmond, WA, subject to regulatory approval. This transaction aims to consolidate their positions in paper and plastic packaging and materials.
Change State LLC (08/28/2025)
• Recruitics, LLC acquired Change State LLC in Seattle, WA, which will operate under the Recruitics brand. The deal enhances Recruitics' human resource and employment services through Change State's specialized recruitment technology.
Infinite Commerce, Inc. (08/28/2025)
• Whele LLC acquired Infinite Commerce, Inc. in Seattle, WA. This merger positions the combined entity to lead consolidation in the e-commerce aggregator space, with integrated leadership driving future growth.
Moser Wealth Advisors, LLC (09/01/2025)
• KKR & Co. Inc. unit Beacon Pointe Advisors, LLC acquired Moser Wealth Advisors, LLC in Bellevue, WA. The acquisition expands Beacon Pointe's asset management services by incorporating Moser's wealth advisory expertise.
Statsig, Inc. (09/02/2025)
• OpenAI, L.L.C. agreed to acquire Statsig, Inc. in Bellevue, WA for $1.1 billion in an all-stock deal, subject to regulatory approval. This deal integrates Statsig's application software into OpenAI's ecosystem, with leadership transitions to support application development.
Tax Advisors, Pllc (09/02/2025)
• DuCharme, McMillen & Associates, Inc. acquired Tax Advisors, Pllc in Vancouver, WA. The transaction strengthens DuCharme's unclassified tax consulting services through Tax Advisors' specialized expertise.
OpenPipe, Inc. (09/03/2025)
• CoreWeave, Inc. entered into a definitive agreement to acquire OpenPipe, Inc. in Seattle, WA. This acquisition aims to enhance CoreWeave's application software capabilities with OpenPipe's AI infrastructure tools.
TreasuryGo Inc. (09/10/2025)
• Treasury 4, Inc. acquired TreasuryGo Inc. in Redmond, WA. The deal bolsters Treasury 4's application software for treasury management, with TreasuryGo's founder joining as Chief Strategy Officer.
ASENTRIA, LLC (09/15/2025)
• Trystar, LLC acquired ASENTRIA, LLC in Seattle, WA. This transaction expands Trystar's communications equipment offerings by integrating ASENTRIA's remote monitoring and control solutions.
Providence Behavioral Health Concierge (09/17/2025)
• ADURO, LLC entered into a definitive agreement to acquire Providence Behavioral Health Concierge in WA, expected to close in late November 2025. The acquisition enhances ADURO's health care technology platform with Providence's behavioral health services.
FIRE #2, INC. (09/18/2025)
• MES Service Company, LLC acquired FIRE #2, INC. in Spokane, WA. This deal strengthens MES's security and alarm services through the addition of FIRE #2's specialized capabilities.
Econo Lodge in Everett (09/23/2025)
• Sage Investment Group, LLC acquired Econo Lodge in Everett, WA from Double Star Corp for $9.5 million in cash. The transaction allows Sage to expand its hotels, resorts, and cruise lines portfolio with this established property.
Olympic Bancorp, Inc. (09/25/2025)
• Heritage Financial Corporation entered into a definitive agreement to acquire Olympic Bancorp, Inc. in Port Orchard, WA for $176.6 million, expected to close in the first quarter of 2026 subject to approvals. The merger expands Heritage's banking presence in Washington by 17 branches, delivering EPS accretion, cost savings, and a 3.05% market share in deposits.
RTB Digital, Inc. (09/30/2025)
• Ryvyl Inc. signed a definitive agreement to acquire RTB Digital, Inc. in Seattle, WA at an enterprise value of $41.2 million, anticipated to close by year-end 2025 subject to approvals. This combination creates a stronger interactive media and services entity under the Roundtable brand, with shared ownership and leadership focused on media platform innovation.

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 | Washington M&A Insights