Private Equity-Backed Acquisitions in Montana

Impact Fire has acquired High Tech Solutions - Systems Group, a Billings, Montana-based provider of fire alarm, security, access control and low-voltage systems, establishing Impact Fire's presence in Montana. The deal brings High Tech Solutions' installation, inspection, maintenance and monitoring capabilities and its team to Impact Fire; owners Mike Ard and Justin Becker supported the partnership.

Bear Castle Capital formed a new electrical services platform, Allied Services Group, and completed the acquisition of Colstrip Electrical, Inc. (CEI). CEI — a full‑service electrical contractor serving Montana, North Dakota, South Dakota and Wyoming across power, industrial, aerospace/defense, healthcare and data center end markets — will remain led by its existing management as Allied scales the platform with Bear Castle's capital and industry expertise.

Edulog, a Missoula-based provider of K-12 student transportation software, received a strategic growth investment from Serent Capital to accelerate development of its cloud-native Athena platform and expand its reach across U.S. and Canadian school districts. As part of the partnership, Perry Turbes will join Edulog’s board through Serent’s OED program and Macquarie Capital served as exclusive financial advisor; terms were not disclosed.

The Vomela Companies has acquired PFL, a Livingston, Montana-based direct mail automation and printing company, as an add-on to Vomela's platform. PFL will operate as a division in its Livingston facility and its automation platform (which integrates with Salesforce, Adobe Marketo Engage, Iterable and others) expands Vomela's data-driven, multi-channel marketing and direct mail capabilities; the deal is backed by Vomela sponsor The Riverside Company.

Benford Capital Partners and its portfolio company R.M. Young Company have acquired SensorLogic Inc., a Bozeman, Montana–based maker of radar-based environmental sensors including the SNOdar snow-depth sensor. The deal expands R.M. Young's product portfolio and distribution footprint in meteorological and environmental measurement solutions; SensorLogic founder Doug Roberts will remain with the business post-closing.

Vagaro, a provider of salon, spa and fitness business management software, has acquired scheduling platform Schedulicity. The deal brings Schedulicity's appointment-booking user base and capabilities into Vagaro's product suite to expand services and support for beauty, wellness and fitness professionals.

Groundworks, a Virginia Beach–based national foundation and water management platform, has acquired Yellowstone Structural Systems of Bozeman, Montana. The deal expands Groundworks' western U.S. footprint and establishes its first office in Montana to provide foundation repair, waterproofing and related services to local residential and commercial customers.

The Colt Group, a Houston-based provider of on-line industrial leak repair solutions backed by Capstreet, has acquired Plant Services, Inc. (PSI), a Worden, Montana-based specialist in on-line leak repair, hot tapping, line stopping and field machining, expanding Colt's footprint across the Rocky Mountain region. Terms were not disclosed; NXT Capital provided financing in support of Capstreet's add-on acquisition and refinancing of The Colt Group.

NewSpring Franchise, the franchise-focused strategy of NewSpring, completed an investment in Great Harvest Holdings, LLC, a franchised fast-casual bakery and café with approximately 175 locations across the United States. Proceeds will be used to accelerate franchise development, strengthen supply chain capabilities, and expand marketing to drive growth.

Mad Markets, PBC has launched with the acquisition of Timeless Seeds, Inc., a lentil and chickpea processor founded in 1987, to build regenerative organic ingredient supply chains. The purchase is anchored by impact investors including Terra Regenerative Capital and Builders Vision; terms were not disclosed. Mad Markets says it will scale Timeless' sales and use the acquisition as the first step in a broader strategy to invest in legacy agricultural infrastructure.

Rental Equipment Investment Corp. (REIC), a portfolio company of Kinderhook Industries, has acquired Bigfork Rentals, Inc., a general equipment rental business headquartered in Bigfork, Montana. The deal is an add-on to REIC’s platform (its ninth under Kinderhook) and expands REIC’s presence and density in Flathead and Lake counties; financial terms were not disclosed.

Private equity firm Borgman Capital has acquired Buck Bone Organics, a Bozeman, Montana-based maker of 100% natural antler chews, treats and toys for dogs. Terms were not disclosed; Borgman will partner with founders Jackie, Mark and Shane Steigleman to support the company's next phase of growth with senior financing provided by Highland Bank.

Cortina Partners acquired a majority stake in Blacksford RV Rentals on May 1, 2023, and has since helped drive rapid growth: Blacksford's revenue more than tripled to $1.43 million (May 2023–March 2024) and its RV fleet nearly doubled to about 60 rigs. The company, headquartered in Bozeman, Montana with offices in Las Vegas (and a planned Phoenix location), has expanded distribution via a partnership with RVshare and is rolling out additional markets.

Denver-based Evermore Partners and Ridgefield-based New Castle Hotels & Resorts acquired the Montana Marriott Portfolio in downtown Missoula, Montana, comprising a 105-key AC Hotel by Marriott, a 175-key Residence Inn by Marriott, and The Mercantile (approx. 20,000 sq. ft. of retail). The co-sponsors said the acquisition expands their presence in the Rocky Mountain region and broadens New Castle's management platform to the West.

L Squared Capital Partners has made a growth investment in Foundant Technologies, a Bozeman-based provider of mission-critical SaaS for the philanthropic sector. The investment will support Foundant's platform expansion and growth, with co-founders Mark Larimer and Daren Nordhagen joining the company's board.

Trifecta Collective LLC, a trade-show platform backed by private equity firm GreyLion, acquired the International Mass Timber Conference (IMTC) and the International Mass Timber Report (IMTR) from Forest Business Network. Forest Business Network’s leadership (Craig Rawlings, Arnie Didier and Tom Waddell) will remain in place as Trifecta looks to grow the conference and report as part of its events portfolio.

Sparus Holdings, a portfolio company of Ridgemont Equity Partners, has acquired United Locating Services (ULS), a utility locating and damage prevention services provider with operations across the Midwest and Southwest. ULS's leadership team will remain in place to run the business within the Sparus platform; terms were not disclosed.

Jackson Infrastructure Services (JIS), a KLH Capital–backed utility and infrastructure services platform headquartered in West Jordan, Utah, has acquired Victory Equity Construction (VECI), an underground telecommunications infrastructure contractor based in Missoula, Montana. The bolt-on expands JIS’s capacity and geographic footprint across the Mountain West and adds experienced field crews to serve growing rural fiber and utility demand.

Warburg Pincus agreed to invest $250 million in Montana Renewables LLC (an unrestricted subsidiary of Calumet Specialty Products) via participating preferred equity, valuing the business at a pre-commissioning enterprise value of $2.25 billion. Stonebriar Commercial Finance separately provided approximately $350 million of sale-and-leaseback financing (on top of an existing $50 million commitment), while Oaktree's $300 million convertible investment in MRL was retired.

Bernhard Capital Partners has launched a dedicated environmental services platform through the acquisition of KC Harvey Environmental, a Bozeman, Montana-based environmental consulting, land reclamation, and field services firm. KC Harvey will retain its headquarters and management team while Dirk Applegate joins Bernhard as a Senior Advisor to oversee the new platform; financial terms were not disclosed.

Peterson (Peterson Private Equity / Peterson Partners) has made a growth equity investment in Black Mountain Software, a Polson, Montana-based provider of government accounting, utility billing, and school district accounting software. The capital will be used to accelerate product expansion, innovation, and growth into new geographies, and Black Mountain has added Mike Fabrizio and Nate Quinn as co-CEOs to support that growth.

Summit Fire & Security (a subsidiary of SFP Holding, Inc./Summit Companies) has completed the purchase of ByDesign LLC, dba Burtell Fire Protection, a Billings, Montana-based fire sprinkler and protection services provider. Burtell will continue providing inspections, service and maintenance across Montana, northern Wyoming and western North Dakota as part of Summit's branch network expansion.

DC Capital Partners Management, LP has acquired uAvionix Corporation, a maker of small form-factor communications, navigation, and surveillance avionics for unmanned and manned aircraft. The private equity firm said it will support uAvionix in scaling operations, expanding product capabilities, and pursuing adjacent and defense markets globally.

Los Angeles-based private equity firm Solace Capital Partners has acquired Sun Mountain Sports, a Missoula, Montana-based maker of golf bags, push carts and performance outerwear, from founder Rick Reimers. White Oak provided $40 million in term loan financing and a $10 million ABL revolver to support the transaction; Sun Mountain will remain headquartered in Missoula and be led by existing management with Ed Kowachek named CEO.

Kinderhook Industries, in partnership with REIC founder and CEO Kevin Fitzgerald, has acquired Rental Equipment Investment Corporation (REIC). The private equity firm said the investment will accelerate REIC's organic growth and enable a program of strategic add-on acquisitions and new specialty site openings across its 32-location fleet.

Sedgwick has acquired Candau, Inc., a full-service claims adjusting firm serving Montana, Wyoming and the surrounding Mountain West region. The deal expands Sedgwick's automotive and heavy equipment appraisal and adjusting coverage in the Mountain West, broadening its adjuster network and local capabilities.

Caltius Structured Capital provided a junior debt and equity financing package to Profitable Ideas Exchange (PIE) to facilitate a management buyout. The investment will support PIE's management team as they continue to grow the Bozeman-based business development services firm for consulting and professional services clients.

Salt Creek Capital, a San Francisco Bay Area private equity firm, has acquired OP/TECH USA, Inc., a Belgrade, Montana-based manufacturer and distributor of camera, musical instrument and industrial straps, slings and harnesses. The transaction represents a founder exit for owners Terry and Leslie Jackson and Salt Creek intends to build OP/TECH as a platform to expand product offerings and enter new markets under incoming CEO Richard Reuter.

Chicago-based private investment firm Tilia Holdings completed its acquisition of Wheat Parent, Inc. (doing business as Wheat Montana) from River Associates on April 30, 2021. Wheat Montana, headquartered in Three Forks, Montana, will continue to be led by CEO Laura Carden and the existing management team as Tilia provides capital and board support to expand the company's premium bakery and milled products business.

Fortis Solutions Group LLC, a portfolio company of Main Post Partners, has acquired Total Label USA, LLC, a pressure-sensitive and specialty label manufacturer with locations in Whitefish, Montana and Memphis, Tennessee. The deal expands Fortis’s product portfolio and geographic reach into the Pacific Northwest while keeping Total Label co-founders Janet and Chris Farris in leadership roles.

K2 Insurance Services has acquired a majority stake in Columbia Pacific Finance (CPF), a Missoula, Montana–based premium finance and billing solutions provider for insurance agencies. The partnership will expand K2's product offerings and national footprint in premium financing and billing; CPF President Reghan Brandt will continue to lead day-to-day operations.

Trinity Hunt Partners acquired a majority stake in Dayspring Restoration, a Missoula, Montana-based provider of restoration, mitigation and renovation services. Trinity Hunt will partner with Dayspring management (with President Mark Springer remaining a significant shareholder) to scale the business as the first investment in a broader Restoration Services platform focused on regional expansion and add-on M&A.

ASB Sports, an affiliate of Trivest Partners, acquired the team sports division of Universal Athletic, headquartered in Bozeman, Montana. The deal expands ASB's nationwide sales coverage, brings management talent into the combined business (with Universal executives joining and investing), and leaves Universal Athletic's retail stores as a separately operated business.

Private investment firm BASE has acquired MOVE, Inc. (MOVE Bumpers), a Lewistown, Montana-based manufacturer of aftermarket steel truck bumpers. The founder Jim Steen will continue to lead the Lewistown operation and the investment will support customer acquisition, product-line expansion and e‑commerce growth; terms were not disclosed.

Tender Corporation (doing business as Adventure Ready Brands), a PE-backed owner of outdoor consumer brands, acquired Bushwacker Backpack & Supply, the maker of the Counter Assault personal-defense product line. The acquisition expands Tender/Adventure Ready Brands' outdoor and personal-protection portfolio and will keep Counter Assault's manufacturing operations in Kalispell, Montana.

Ronkonkoma, New York-based BJG Electronics, a Rockwood portfolio company, has acquired Connector Tech LLC, a value-added distributor of high-reliability electronic interconnect products headquartered in Kalispell, Montana. The add-on expands BJG's value-added production capabilities and provides access to commercial and industrial end markets including aerospace, military, oil & gas, and other industrial customers; Connector Tech will continue operating from its Kalispell facility with its existing employees.

Canadian-based 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. Founder Tom Harant has taken an ownership interest in NCSG and will continue to run the local business as NCSG expands its crane and heavy-haul capabilities in the Great Falls region.