Acquisitions in Montana, United States

Impact Fire acquired High Tech Solutions - Systems Group, a fire alarm, security, and access control provider headquartered in Billings, Montana. The deal expands Impact Fire’s service footprint by establishing a presence and broader offering across Montana, adding capabilities in design, installation, inspection, maintenance, repair, monitoring, and low-voltage systems.

Epiphany Dermatology announced a partnership with Big Sky Dermatology, expanding Epiphany’s presence in the Montana market. Big Sky Dermatology’s team, led by founder Shannon Setzer, M.D., will continue providing care at its existing Bozeman location while gaining operational and administrative support from Epiphany Dermatology.

Edulog, a provider of K-12 student transportation software, received a strategic growth investment from Serent Capital. The investment will support expansion of Edulog’s market presence and further development of its cloud-native Athena platform; terms were not disclosed.

Atlantic Aviation expanded into Montana by acquiring Glacier Jet Center at Glacier Park International Airport in Kalispell, adding its first Montana location to its nationwide FBO network. The transaction also included the acquisition of Rocky Mountain Aircraft Services, which will provide Part 145 maintenance services at the airport under Atlantic Aviation.

Inszone Insurance Services acquired Rocky Mountain Insurance Group, LLC, a benefits and group health insurance agency founded in 2006 by Gena Gaub. The deal marks Inszone’s first expansion into the Montana market and strengthens its employee benefits capabilities while adding broader resources and carrier options for Rocky Mountain’s clients.

The Vomela Companies acquired PFL, a direct mail automation and printing company headquartered in Livingston, Montana, to expand Vomela’s data-driven, multi-channel marketing capabilities and national footprint. The deal is backed by The Riverside Company, which invested in Vomela in January 2025; Riverside described the transaction as an add-on investment to its portfolio company, Vomela.

Pacific Steel & Recycling announced it has acquired Steel Etc., a Great Falls, Montana-based business specializing in surplus steel and recycling solutions. Pacific Steel said all Steel Etc. employees will retain their jobs as part of the transaction, positioning the deal as an expansion of its presence and community commitment in Great Falls.

Visionary Broadband acquired Montana-based internet service provider MTWeb to expand its broadband presence in and around Whitehall, Montana, including Twin Bridges, Pipestone, and Cardwell. MTWeb owner Joel Andrews and two employees will join Visionary Broadband; financial terms were not disclosed.

Vero Broadband, LLC (dba Vero Fiber) acquired Montana Digital, LLC, a fiber broadband and enterprise connectivity provider operating under the MtnMax brand. The deal expands Vero’s fiber-to-the-premises footprint into Montana, adding Montana Digital’s purpose-built network in Flathead County and continuing operations under the MtnMax brand.

CyberlinkASP acquired Cosentus Technology Services (CTS), the managed service provider (MSP) business of Cosentus Holdings. The deal expands CyberlinkASP’s managed IT and cloud services footprint in the central U.S., adding offices in Billings, Montana and Springfield, Missouri and enhancing capabilities across remote monitoring, endpoint security, and network/email management. Cosentus Holdings is divesting the MSP unit to focus on its core revenue cycle management offerings for healthcare providers.

Benford Capital Partners and its portfolio company, R.M. Young Company, LLC, acquired SensorLogic Inc., a Bozeman, Montana-based provider of radar-based environmental sensors and instrumentation. The deal adds SensorLogic’s SNOdar snow-depth measurement technology to R.M. Young’s meteorological instrumentation portfolio. SensorLogic founder Doug Roberts will remain with the business after closing to support growth and distribution.

Hull Street Energy (HSE) has sold Basin Creek HoldCo, LLC (Basin Creek), previously part of its Milepost Power portfolio, to Basin Creek Acquisition LLC, an entity formed by Platform Partners LLC and William Pate. Basin Creek is a 53-megawatt natural gas-fired power generation facility located in Butte, Montana.

Jacksons Food Stores Inc. acquired the retail, wholesale, and transportation assets of Hi-Noon Petroleum Inc. in Missoula, Montana, including three convenience stores, 46 dealer accounts, and its transportation fleet. The transaction represents the sale of Hi-Noon’s operating assets, with Corner Capital Advisors LLC serving as advisor to Hi-Noon.

Groundworks announced the acquisition of Yellowstone Structural Systems, a foundation and water management solutions provider headquartered in Bozeman, Montana. The deal expands Groundworks’ presence in the Western United States and establishes its first office in Montana, with Yellowstone’s team continuing to serve customers under the Groundworks name.

The Colt Group, a provider of on-line industrial leak repair solutions backed by private equity firm Capstreet, acquired Plant Services, Inc. (PSI). PSI provides on-line leak repair, hot tapping, line stopping, and field machining services to heavy process facilities in the Rocky Mountain region and is headquartered in Worden, Montana. Terms were not disclosed.

O2 Commerce, a Montreal-based data-driven e-commerce agency, announced a merger with Whitefish, Montana-based web design and development agency ZaneRay to expand their combined digital commerce capabilities across North America. The combined company later unified under the new brand name Datmos, headquartered in Montreal, with financial terms undisclosed.

On October 1, 2024, NewSpring Franchise (a strategy of private equity firm NewSpring) completed an investment in Great Harvest Holdings, LLC, a franchised fast-casual bakery and café concept with approximately 175 locations across the U.S. Great Harvest plans to use the proceeds to enhance franchise development, supply chain, and marketing to accelerate growth. Transaction value was not disclosed.

Carson Wealth entered a strategic partnership with Billings-based True North Financial, which will now operate as Carson Wealth | True North Financial. The partnership expands Carson Wealth’s presence in Montana with a second Billings location and brings True North access to Carson’s investment, tax planning, and estate planning resources.

Bay State Milling acquired Montana Gluten Free’s oat milling facility in Belgrade, Montana, adding it to its U.S. and Canada network of milling and processing sites. Bay State Milling will operate the facility as “Bay State Milling Montana” and expects the deal to expand capacity for its SowNaked Mindfully Farmed Oats and other gluten-free oat ingredients after several years of partnership.

Above Food Ingredients Inc. acquired the specialty crop food ingredient division (assets) of Montana-based The Redwood Group, LLC. The acquisition expands Above Food’s pet food ingredients business and strengthens its position in the growing plant-based pet food market, bringing pro forma combined revenues to approximately US$110 million.

MiQ, a global programmatic media partner, announced plans to acquire Pathlabs, a Media Execution Partner providing end-to-end digital media execution services for independent agencies. Pathlabs will retain its brand and operate as an independent business unit under MiQ’s ownership, expanding MiQ’s managed services and programmatic capabilities for midsize U.S. agencies.

Cushing Terrell, a multidisciplinary design firm, announced the acquisition of Eclipse Engineering, a structural engineering firm with offices across Colorado, Oregon, Montana, and Washington. The combination expands Cushing Terrell’s structural engineering depth and specialty capabilities, with Eclipse Engineering President and CEO Jesse Fortune joining Cushing Terrell in a leadership role within the structural engineering service sector.

Rental Equipment Investment Corp. (REIC), a portfolio company of Kinderhook Industries, acquired Bigfork Rentals, Inc., a general equipment rental business serving Montana’s Flathead and Lake County markets. The deal expands REIC’s footprint in Montana and represents REIC’s ninth add-on acquisition under Kinderhook’s ownership; financial terms were not disclosed.

Vortex Companies (Vortex) acquired Planned and Engineered Construction, Inc. (PEC), a trenchless infrastructure rehabilitation contractor based in Helena, Montana. The acquisition expands Vortex’s service presence and capabilities across the Western United States and Canada, with PEC’s leadership remaining in place to support continued regional growth.

Borgman Capital made an undisclosed investment in Buck Bone Organics, a Bozeman, Montana-based maker of 100% natural antler chews, treats, and toys for dogs. Borgman Capital will partner with founders Jackie, Mark, and Shane Steigleman to support the company’s next phase of growth. Highland Bank provided senior financing; Reinhart Boerner van Deuren served as legal counsel to Borgman Capital, Eisner Amper provided accounting diligence, and Benjamin F. Edwards advised Buck Bone Organics.

Cortina Partners acquired a majority stake in Blacksford RV Rentals, a premium RV and camper van rental company headquartered in Bozeman, Montana with additional operations in Las Vegas and expansion to Phoenix. Following the May 1, 2023 transaction, Blacksford’s revenue more than tripled and its RV fleet nearly doubled as the company continued scaling and partnering with marketplaces such as RVshare.

H&E Equipment Services, Inc. signed a definitive agreement to acquire Lewistown Rental and three affiliated equipment rental operations located in Havre, Glasgow, and Great Falls, Montana. The acquired businesses serve non-residential construction, industrial, and agriculture end markets and have an estimated total fleet value of $28.5 million (original equipment cost). The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions.

Black Mountain Software, a provider of accounting and billing software for local government organizations and a portfolio company of Peterson Partners, acquired Cascade Software Systems. Cascade provides integrated cost and project accounting solutions (including its WinCAMS product), and the deal is intended to expand Black Mountain’s government accounting product suite for municipalities and other public-sector entities across the United States. Financial terms were not disclosed.

YETI Holdings, Inc. has signed an agreement to acquire Mystery Ranch, a designer and manufacturer of durable load-bearing backpacks, bags, and pack accessories serving outdoor, hunting, tactical, and military markets. Financial terms were not disclosed. Mystery Ranch will continue operating out of Bozeman, Montana as the companies integrate over the coming months.

R&H Mechanical, Inc. acquired EMC Enterprises, LLC (dba PJ's Plumbing & Heating), a plumbing, heating, and geothermal systems contractor based in Belgrade, Montana. The deal, advised by Generational Equity, closed on January 5, 2024.

Summit Fire & Security LLC, a subsidiary of SFP Holding, Inc. (Summit Companies), acquired Mountain Fire Protection, Inc., effective October 26, 2023. Mountain Fire Protection, based in Columbus, Montana, provides fire sprinkler system design, installation, and inspection services. The acquisition expands Summit Fire & Security’s fire protection service capabilities in the Billings and surrounding Montana market.

Summit Fire & Security LLC (a subsidiary of SFP Holding, Inc./Summit Companies) announced it has acquired Mahugh Fire & Safety, effective October 24, 2023. The deal expands Summit Fire & Security’s footprint in Montana, adding a Kalispell location and integrating Mahugh’s team and capabilities into Summit’s fire protection and life safety services offering.

Bridger Aerospace Group Holdings, Inc. acquired Ignis Technologies Inc. for $3 million, with contingent earn-out consideration of up to $9.0 million paid in restricted Bridger common stock. The acquisition expands Bridger’s wildland fire software and intelligence offerings and is intended to enhance integration with Bridger’s FireTrac wildfire data management platform.

Par Pacific Holdings, Inc. completed its acquisition of ExxonMobil’s Billings, Montana refinery and associated marketing and logistics assets for a base purchase price of $310 million. The transaction includes related pipeline, terminal, and marketing/logistics interests, and the acquired business will operate going forward as Par Montana.

Camping World Holdings, Inc. announced it intends to acquire I-90 RV, an RV dealer located in Billings, Montana. The deal is expected to close in the third quarter of 2023 and would mark Camping World's first retail location in Montana as it expands in the state.

Summit Fire & Security LLC, a subsidiary of SFP Holding, Inc. (Summit Companies), acquired SAFE Fire and Medical Services, a fire protection and medical services provider based in Missoula, Montana. Effective May 1, 2023, the deal expands Summit Fire & Security’s service capabilities in Montana, including fire extinguishers and pre-engineered systems expertise.

Hub International Limited acquired the assets of Cherokee Capital, Inc., doing business as Hobson Insurance, an independent agency providing commercial and personal insurance in Hobson, Montana. Transaction terms were not disclosed, and Hobson Insurance’s co-owners and team will join Hub Mountain.

Evermore Partners and New Castle Hotels & Resorts acquired the Montana Marriott Portfolio in downtown Missoula, Montana. The portfolio includes the 105-key AC Hotel by Marriott, the 175-key Residence Inn by Marriott, and The Mercantile—approximately 20,000 square feet of in-line experiential retail space.

HUB International Limited acquired the assets of Glacier Insurance of Libby, Inc., a full-service independent insurance agency headquartered in Libby, Montana. Glacier Insurance of Libby provides commercial and personal insurance to clients across Montana, Idaho, and Washington, and its owners Kevin Peck and Kim Peck and the broader team will join HUB Mountain. Financial terms were not disclosed.

Pye-Barker Fire & Safety acquired IT&M Division Inc., a Montana-based fire sprinkler services company. The deal expands Pye-Barker’s offerings in Montana to include sprinkler testing, maintenance, and installation for commercial clients, complementing its existing fire alarm and security services.

Iwatani Corporation of America, a wholly owned subsidiary of Iwatani Corporation, acquired Aspen Air U.S., LLC, a Billings, Montana-based manufacturer and distributor of bulk liquid industrial gases. The deal marks Iwatani's entry into the U.S. industrial gases market; financial terms were not disclosed.

Christy Sports acquired Grizzly Outfitters, a specialty outdoor retail and rental operator in Big Sky, Montana. The transaction closed on December 15, 2022, and financial terms were not disclosed. Grizzly Outfitters will continue operating under its current name and location through the winter season before transitioning to Christy Sports branding next summer.

Installed Building Products, Inc. (IBP) announced it has acquired Surface Purveyors, LLC, which operates as Lynch Insulation. Lynch Insulation, founded in 1979 with locations in Missoula and Hamilton, Montana, installs fiberglass and spray foam insulation for multifamily, residential, and commercial projects, and adds approximately $5 million in annual revenue to IBP.

Jackson Infrastructure Services (JIS), backed by KLH Capital, acquired Victory Equity Construction, Inc. (VECI), an underground telecommunications infrastructure services provider serving rural fiber optic cooperatives. The deal expands JIS’s footprint and field capacity across the Mountain West, with VECI CEO Jared Hanson continuing to lead the business as President of VECI within JIS.

Warburg Pincus agreed to invest $250 million in Montana Renewables LLC (MRL), Calumet Specialty Products Partners’ unrestricted subsidiary, via a participating preferred equity security valuing MRL at a $2.25 billion pre-commissioning enterprise value. Separately, Stonebriar Commercial Finance provided an additional $350 million to MRL through sale-leaseback contracts, while MRL’s prior $300 million convertible investment from Oaktree Capital Management was retired.

Bernhard Capital Partners Management, LP ("Bernhard Capital") acquired KC Harvey Environmental, LLC ("KC Harvey") to launch a dedicated environmental services platform. KC Harvey, headquartered in Bozeman, Montana, provides environmental and natural resources consulting, land reclamation, and field services for energy, mining and government customers; financial terms were not disclosed.

Peterson Private Equity has invested in Black Mountain Software, a provider of government accounting and billing software headquartered in Polson, Montana. The investment is intended to accelerate product expansion and innovation and support growth into new geographies, alongside management team enhancements including the appointment of co-CEOs Mike Fabrizio and Nate Quinn.

Pomp's Tire Service acquired Whalen Tire, a family-owned tire service center chain headquartered in Butte, Montana. The transaction expands Pomp's geographic footprint into Montana and Washington; financial terms were not disclosed.

Summit Fire & Security LLC, a subsidiary of SFP Holding, Inc. (Summit Companies), has completed the purchase of ByDesign LLC, doing business as Burtell Fire Protection. Burtell Fire Protection provides fire sprinkler inspections, service, and maintenance across Montana, Northern Wyoming, and Western North Dakota.

Solace Capital Partners acquired Sun Mountain Sports, a Missoula, Montana-based manufacturer of golf equipment and apparel, from founder Rick Reimers. Sun Mountain will remain headquartered in Missoula and continue under its existing management team, with Ed Kowachek serving as CEO and Blake Ludwig as CFO. White Oak Global Advisors supported the acquisition with a $40 million term loan to Solace and White Oak Commercial Finance provided a $10 million asset-based revolving credit facility for working capital; financial terms of the acquisition were not disclosed.

TopBuild Corp. acquired Billings Insulation, a residential insulation installer serving the Montana and Northern Wyoming markets. Billings Insulation has operated for over 17 years and generated approximately $6.5 million in revenue for the twelve months ended December 31, 2021. The acquired business will be welcomed into TopBuild's TruTeam contractor services segment.

Kinderhook Industries, LLC acquired Rental Equipment Investment Corporation (REIC) in partnership with REIC founder and CEO Kevin Fitzgerald; financial terms were not disclosed. REIC, founded in 2014 and headquartered in Kalispell, Montana, is a super-regional rental equipment services platform with a general and specialty fleet (including HVAC equipment) serving customers across 32 locations in the Pacific Northwest and Upper Midwest.

American Innotek, Inc. announced it has acquired Phillips Environmental Products dba Cleanwaste, expanding its personal portable lavatory and waste-management product offering. Cleanwaste will continue operating under its current dba name, while American Innotek’s RESTOP brand will be re-branded under the Cleanwaste product line and production will relocate to Cleanwaste’s Montana facility.

Caltius Structured Capital closed a junior capital (debt and equity) investment in Profitable Ideas Exchange (PIE). The financing was used to facilitate a management buyout of PIE, which provides outsourced business development services to consulting and professional services firms.

Tilia Holdings, a Chicago-based private investment firm, completed an investment in Wheat Parent, Inc. (Wheat Montana), a premium provider of fresh and frozen bakery products and milled grains/flours. The business was acquired from River Associates, which had owned Wheat Montana since 2015; financial terms were not disclosed. Wheat Montana’s CEO Laura Carden and the existing leadership team will continue to lead the company following the transaction.

Salt Creek Capital acquired OP/TECH USA, Inc., a manufacturer of branded and proprietary accessories, slings, straps, and harnesses serving photography, musical instrument, and warehouse-worker end markets. OP/TECH is headquartered in Belgrade, Montana and was previously owned by Terry Jackson and Leslie Jackson, with Richard Reuter named incoming CEO to lead the company’s next phase of growth.

Fortis Solutions Group LLC, a portfolio company of Main Post Partners, acquired Total Label USA, LLC. Total Label manufactures complex pressure-sensitive, extended content, and booklet labels using flexographic, letterpress, digital, and hybrid printing technologies, serving end-markets including agriculture, health and beauty, nutraceuticals, home goods, and food and beverage. Co-founders Janet Farris and Chris Farris will remain in leadership roles following the transaction.

Marsh & McLennan Agency LLC (MMA), a subsidiary of Marsh, acquired PayneWest Insurance, a large independent insurance agency headquartered in Missoula, Montana. PayneWest will operate as MMA’s Northwest regional hub, and its more than 700 employees will join MMA; financial terms were not disclosed.

K2 Insurance Services, LLC made an early-stage investment in Loss Run Pro, LLC, an insurtech company offering subscription-based software to request, track, and manage insurance loss runs. The investment is intended to help Loss Run Pro expand its carrier and broker distribution network.

Yooma Wellness Inc. acquired Socati Corp. in a transaction valued at US$25,000,000, implemented via a merger with Yooma Acquisition Inc., Yooma’s wholly owned subsidiary. Socati, a U.S.-based manufacturer and seller of premium-quality cannabinoid ingredients and wellness consumer products, became a wholly owned subsidiary of Yooma, expanding Yooma’s U.S. footprint and adding vertical integration manufacturing capabilities.

K2 Insurance Services, LLC (K2), in partnership with investor Lee Equity, completed the acquisition of a majority stake in Columbia Pacific Finance, LLC (CPF), a privately held premium finance company. Headquartered in Missoula, Montana, CPF provides insurance premium financing and billing solutions nationwide, and will continue to be led day-to-day by President Reghan Brandt.

Hometown Lenders (HTL) announced the acquisition of The Wood Team, a Bozeman, Montana-based mortgage lender. The deal adds an established local lending team to HTL’s national branch network as HTL continues its expansion across the United States.

Digital Force Technologies (DFT) acquired Adelos, Inc., a fiber-optic sensor development company majority owned by S&K Technologies Inc. FOCUS Investment Banking advised S&K Technologies on the sale. Adelos is based in Polson, Montana and develops surveillance and monitoring technology for U.S. defense and government applications.

Trinity Hunt Partners acquired a majority stake in Dayspring Restoration, a provider of restoration, mitigation, and renovation services headquartered in Missoula, Montana. Dayspring president Mark Springer will remain a significant shareholder and continue partnering with Trinity Hunt and the management team to accelerate growth through regional expansion and strategic initiatives.

Kelley Connect announced it has purchased J&H, Inc., a Montana-based office and business technology support company with offices in Bozeman, Billings, Missoula, and Kalispell. The acquisition expands Kelley Connect’s footprint in Montana and brings J&H’s employees into Kelley Connect as part of the transition plan.

Addus HomeCare Corporation acquired A Plus Health Care, Inc., a home care services provider based in Kalispell, Montana. The transaction closed on July 1, 2020 and was funded using Addus’s cash on hand, expanding Addus’s personal care footprint in Montana.

Trivest Partners’ affiliate, ASB Sports, acquired the team sports division (team dealer business) of Universal Athletic, headquartered in Bozeman, Montana. The deal expands ASB’s national sales coverage and adds management talent, with Universal Athletic’s key executives joining ASB’s management team and investing in the combined business. Universal Athletic’s separate retail store business will continue to be owned and operated independently from ASB, while maintaining cooperation between the organizations.

InterClean Equipment, LLC acquired Modern Wash Systems and Solutions, a specialty manufacturer of automatic wash machines used to clean the interior of transportation trailers and containers. The deal expands InterClean’s wash equipment capabilities and supports food transporter compliance with FDA cleaning and sanitization requirements, leveraging InterClean’s sales and distribution network to broaden Modern Wash’s reach.

ServiceTitan acquired CUC Software, Inc., an all-in-one service business software provider headquartered in Billings, Montana. The deal transitions CUC Software’s contractor customer base—many located in Canada—to ServiceTitan’s platform, with CUC continuing customer support through April 1, 2020.

Private investment firm BASE acquired MOVE, Inc. (MOVE Bumpers), an aftermarket steel truck bumper manufacturer known for heavy-duty DIY bumper kits. Auctus Capital Partners served as exclusive advisor to MOVE on the buyout transaction; terms were not disclosed. Founder Jim Steen will continue to lead operations in Lewistown, Montana.

Tender Corporation, the parent of outdoor consumer brands such as After Bite and Adventure Medical Kits, acquired Bushwacker Backpack & Supply, maker of the Counter Assault personal-defense and bear spray products. The acquired business is based in Kalispell, Montana and will continue manufacturing in Montana. A later company update also notes Tender’s January 2019 acquisition by Victor Capital Partners and lists Counter Assault/Bushwacker among subsequent portfolio acquisitions.

BJG Electronics, Inc., a Rockwood portfolio company, has completed the acquisition of Connector Tech LLC. Headquartered in Kalispell, Montana, Connector Tech is a value-added distributor of high-reliability electronic interconnect products serving harsh-environment applications across industrial, aerospace, and military markets. Connector Tech will continue operating from its Kalispell facility as a value-added center within BJG.

Beacon Communications, LLC announced the acquisition of PhotoScan NorthWest, Inc., a full-service security company serving residential, commercial, and industrial customers throughout Montana. The deal expands Beacon’s capabilities to design, implement, and support security and critical communications systems in Montana and enhances PhotoScan’s product line through alignment with Beacon Communications and Rauland Borg.

Schneider announced that it has acquired less-than-truckload carrier Watkins & Shepard Trucking and final-mile delivery carrier Lodeso Inc. to expand its e-commerce and omnichannel logistics capabilities. Financial terms were not disclosed. The acquisitions add LTL and final-mile capacity and networks intended to move oversized, high-value goods from first mile through final-mile home delivery.

NCSG Crane & Heavy Haul Corp., through its U.S. subsidiary NCSG Crane & Heavy Haul Services, Inc., acquired Great Falls-based H&H Crane Service Inc. As part of the transaction, founder Tom Harant took an ownership interest in NCSG and will continue to run the H&H business while partnering to expand crane and heavy haul capabilities in the Great Falls region.

Murdoch's Ranch & Home Supply agreed to acquire Quality Supply, a Montana-based western lifestyle and ranch & home retail business headquartered in Missoula. Upon closing on June 14, 2011, Quality Supply’s four store locations in Butte, Dillon, Hamilton, and Missoula will become Murdoch's Ranch & Home Supply stores. Quality Supply owners Dave and Suzanne Peterson are selling the business as part of a planned retirement and exit strategy.

Safeguard Acquisitions Inc., affiliated with Safeguard Business Systems and Deluxe Corp., acquired the substantial assets of Hammer's Quality Business Systems (QBS), an independent distributor in Helena, Montana. Shortly after closing, Safeguard Acquisitions completed a follow-on sale of the business to Safeguard distributors Greg and Vicki Schob, with former owners Ed and Cathy Hammer retained to support the transition.