Acquisitions in Colorado in 2021

Omni Healthcare Financial Holdings, LLC merged with Injury Finance, LLC in a transaction that closed December 31, 2021. The deal combines Omni's national medical funding and pre-settlement advance capabilities with Injury Finance's medical lien financing platform to expand product offerings, relationships, and technology across the U.S. medical lien and pre-settlement funding markets.

Zynex, Inc. acquired 100% of Kestrel Labs, Inc. in a transaction that closed December 22, 2021 for approximately $31.0 million (about $16.0 million cash financed by Bank of America and $15.0 million in Zynex common stock). Kestrel Labs develops laser-based, noninvasive patient monitoring devices (NiCO CO‑Oximeter and HemeOx) that are not yet FDA-cleared; Zynex said it will integrate the technologies into its monitoring portfolio and pursue regulatory clearance and commercialization.

Innovative Packaging Company (IPC), a Shore Capital Partners–backed specialty packaging distributor based in Vancouver, Washington, has acquired Colorado-based Landmark Packaging, Inc. The add-on expands IPC's geographic footprint into the greater Colorado market and broadens its product and service capabilities across food & beverage, industrial, and cannabis end markets; terms were not disclosed.

Stem, Inc. acquired AlsoEnergy (Also Energy Holdings, Inc.), a global leader in solar asset management software, in a cash-and-stock transaction announced in December 2021 and closed in early 2022. The ~$695 million deal (approximately 75% cash / 25% stock) expands Stem's software capabilities and assets under management, adding ~32–33 GW of solar AUM and broadening cross-sell opportunities across utility and commercial & industrial customers.

Catalyze, a Boulder-based independent power producer, made a minority investment in and formed a strategic partnership with Microgrid Labs (MGL) to deliver turnkey fleet electrification planning, implementation, financing and operations across North America. The partnership combines Catalyze’s renewable generation, storage and charging deployment capabilities with MGL’s fleet electrification software and consulting to offer integrated fleet-as-a-service solutions to commercial, industrial and municipal customers.

Vistara Growth made a growth capital investment in meQuilibrium to accelerate the HR technology company's product roadmap, support hiring, pursue complementary acquisitions, and expand go-to-market efforts. meQuilibrium provides a digital resilience and workforce-wellbeing SaaS platform serving large enterprises and has experienced rapid revenue growth in recent years.

Rockwood Equity Partners completed a recapitalization of Pase Environmental, partnering with founder and president Rina Kabouk to establish Pase as the first platform of Rockwood’s Fund IV. Based in Parker, Colorado, Pase provides erosion control and stormwater remediation services across residential, commercial and municipal markets; the deal is intended to fund growth initiatives and build underlying infrastructure using Rockwood’s operating system.

Bentley Systems' Seequent business unit has acquired Denver-based Advanced Resources and Risk Technology, LLC (AR2Tech), a developer of geostatistical software and algorithms. The acquisition adds AR2Tech's high-performance geostatistics algorithms, IP, and cloud/desktop workflows to Seequent's geological modeling solutions to strengthen capabilities for mining, environmental sciences, and energy users.

Johns Lyng Group (ASX: JLG) has signed a definitive agreement to acquire 100% of Reconstruction Holdings, Inc. (and its operating subsidiary Reconstruction Experts) from Linx Partners and other existing shareholders. Reconstruction Experts, headquartered in Arvada, Colorado, provides specialized property repair and restoration services to homeowner associations, multifamily property managers, and commercial property owners and employs over 250 professionals. The acquisition expands Johns Lyng’s capabilities and U.S. footprint in property repair and restoration services.

An affiliate of American Pacific Group (APG) has acquired Interwest Distribution Company, a Denver-based regional distributor of 3M-branded automotive and building films. Interwest will be combined with APG portfolio company Fellers, Inc. as a platform consolidation to expand distribution capabilities across automotive and architectural end markets.

Asbury Automotive Group acquired Stevinson Automotive, adding eight dealerships in the Denver, Colorado market and approximately $715 million in annualized revenue. The transaction brings Stevinson’s more than 600 team members into Asbury’s dealer portfolio as part of Asbury’s continued geographic expansion and scale-building in high-growth markets.

JBC Technologies, a portfolio company of River Associates Investments, acquired Die Cut Technologies (DCT), a Northglenn, Colorado-based full-service die-cutting and flexible materials converter. The add-on acquisition — JBC's first — closed on December 7, 2021 and expands JBC's converting capabilities (laser cutting, cleanroom production, large-format die cutting), manufacturing footprint, and presence in medical, electronics, automotive, and aerospace end markets.

Aqua-Leisure Recreation, a Blackford Capital–backed maker of aquatic products, has acquired Denver-based Airhead Sports Group in the first add-on under Blackford's ownership. The deal combines two leading consumer brands in pool floats, towables and outdoor leisure products to expand sourcing, distribution and product development capabilities and pursue omni-channel retail and wholesale growth.

Synoptek has acquired Rapid Technologies, an Elite ServiceNow partner that provides consulting, implementation and managed services for the ServiceNow platform. The acquisition strengthens Synoptek's ServiceNow capabilities and expands its application-managed services and co-managed ServiceNow offerings; Rapid Technologies' leaders will join Synoptek as managing directors of its ServiceNow practice.

Tenex Capital Management has made a growth investment in Suited Connector, a Colorado-based MarTech lead generation and remarketing platform. The capital will be used to accelerate organic and inorganic growth while the Suited Connector management team remains in place.

Meriplex announced the asset acquisition of Colorado-based managed services provider Optimum Networking to expand Meriplex’s physical presence and service capabilities in Colorado. The deal brings Optimum’s managed IT, network security, cloud and VoIP services and workforce into Meriplex’s MSP/MSSP platform to provide local, 24x7 managed technology support for regional and Oil & Gas clients.

Helen of Troy Limited agreed to acquire Osprey Packs, Inc. for approximately $414.7 million in cash, adding the outdoor pack and travel-gear brand to its portfolio. The acquisition brings Osprey — headquartered in Cortez, Colorado, with roughly 270+ employees and ~ $155–160 million of 2021 revenue — into Helen of Troy's global consumer-products platform to expand its outdoor category and accelerate international growth.

High Tide Inc. has agreed to acquire an 80% stake in Denver-based NuLeaf Naturals for US$31.24 million, with a three-year option to buy the remaining 20%. The deal strengthens High Tide's vertical integration and global CBD capabilities by adding NuLeaf's cGMP-certified manufacturing, vegan softgel technology and D2C e-commerce distribution.

Ferguson Enterprises has acquired The Kitchen Showcase, Inc. (TKSI), a Denver-area kitchen and bath design center founded in 1984 and headquartered in Centennial, Colorado. SLATE Partners advised the Pfaff family shareholders on the sale, which will give TKSI access to Ferguson's distribution scale and resources to support continued growth and expanded customer offerings.

Global life sciences software company IDBS has acquired Boulder-based Skyland Analytics, developer of the Skyland PIMS data management and analytics platform. The acquisition integrates Skyland's product- and process-level biopharma manufacturing data capabilities into IDBS Polar to create a unified BioPharma Lifecycle Management offering that spans development through commercial manufacturing.

Next Sparc Growth Partners, a professional family office based in Chagrin Falls, Ohio, has made a growth investment in Revel Bikes, an award-winning designer and maker of high-end full-suspension mountain bikes based in Carbondale, Colorado. The partnership provides capital and operational support to help Revel scale product development, distribution, and brand growth.

Eurazeo has signed an agreement to acquire a majority stake in Scaled Agile, Inc., the provider of the SAFe framework, investing approximately $300 million alongside existing investors. Leeds Equity Partners will remain an investor and continue to serve on the board; the deal is expected to close in late 2021, and Scaled Agile will continue to scale its training, certification and digital platform for enterprise agility.

Armand Agra, a Founders Company backed by the Flocchini family and Founders Group of Food Companies, has acquired Seattle Fish Company. The deal transfers ownership from the Iacino family while retaining management and employees and positions Seattle Fish as part of the Purewater Foods platform to expand specialty protein and seafood distribution in the Rocky Mountain region.

ASTM International has acquired Wohlers Associates, a leading provider of market intelligence, reports, training, and consulting for the additive manufacturing (3D printing) industry. The acquisition brings the Wohlers Report and related advisory products into ASTM's AM Center of Excellence to expand ASTM's additive manufacturing programs, intelligence offerings and training services.

American Tower Corporation has acquired CoreSite Realty Corporation in an all-cash transaction valued at approximately $10.1 billion including assumed debt, paying $170.00 per share. The deal brings CoreSite's 25 highly interconnected U.S. data centers into American Tower's communications real estate platform to accelerate the combined company's edge-computing, interconnection and 5G-related capabilities.

Marlin Equity Partners has acquired Welltok and will merge the company into Virgin Pulse, a Marlin portfolio company, expanding Virgin Pulse’s digital health platform with Welltok’s analytics-driven consumer database and multi-channel outreach capabilities. The deal adds predictive analytics and new communication channels (text/SMS, mail, social, IVR) to Virgin Pulse’s Homebase for Health, broadening its reach across employers, health plans and health systems.

Ceridian has acquired substantially all assets of DataFuZion HCM, Inc., adding certified payroll reporting and complex payroll compliance capabilities to its Dayforce HCM platform. The acquisition expands Ceridian's functionality for industries with complex payroll requirements—such as construction, government contracting, and manufacturing—and brings DataFuZion's team and technology into Ceridian's product portfolio.

TELEO Capital Management completed a growth equity investment in Flatirons Solutions, acquiring the company from Presse Participations to support product innovation and expansion. Flatirons, a Boulder-based provider of technical content management SaaS for the aerospace, aviation and defense industries, will leverage TELEO's resources to accelerate development and market growth.

Welsh, Carson, Anderson & Stowe (WCAS) acquired a majority ownership stake in Leiters, an FDA-registered 503B outsourced pharmaceutical compounding provider. WCAS invested alongside health system investors including Intermountain Ventures, Novant Health, Rex Health Ventures, Spectrum Health Ventures and UNC Health, while existing investors — including Kaiser Permanente Ventures, Mayo Clinic, Frazier Healthcare Partners, SV Health Investors and H.I.G. BioHealth Partners — made reinvestments to support Leiters' growth, facility expansion and new product development.

Fleet Feet has acquired JackRabbit, bringing all JackRabbit retail locations across 15 states and the jackrabbit.com e-commerce business into the Fleet Feet network. The deal, completed in early December 2021 from affiliates of CriticalPoint Capital, expands Fleet Feet's national footprint to roughly 250 locally owned and operated running stores and strengthens its omnichannel capabilities.

Allied Motion Technologies Inc. (Nasdaq: AMOT) has acquired ALIO Industries, a designer and manufacturer of nano-precision linear and rotary motion systems, for $20.0 million (comprised of $15.0 million cash and $5.0 million Allied common stock) plus potential earn-outs tied to future EBITDA targets. ALIO, headquartered in Arvada, Colorado, brings patented hybrid hexapod and air-bearing positioning technologies intended to expand Allied Motion’s precision positioning and robotics capabilities across markets such as silicon photonics, genome sequencing and microelectronics.

Tide Rock Holdings, a San Diego–area strategic holding/PE firm, has acquired Altratek Plastics, a Longmont, Colorado custom injection molding and tooling company. The deal expands Tide Rock’s plastics manufacturing platform by adding mid-tonnage injection molding capacity, robot-assisted automated production and broader end-market coverage across commercial, industrial and specialty consumer products. Michael Engler (CEO of Tide Rock portfolio companies) will lead Altratek as CEO alongside Dan Kaven, the company’s former owner, to manage the transition.

Motorola Solutions has acquired Envysion, Inc., a cloud-based enterprise video and analytics software provider for retail and quick-service restaurant operators, from Parthenon Capital. The acquisition will integrate Envysion’s video analytics and business intelligence capabilities into Motorola Solutions’ portfolio of video security and access control solutions to enhance enterprise security and operational insights.

Bonanza Creek Energy and Extraction Oil & Gas completed their merger and subsequently acquired Crestone Peak Resources, rebranding the combined company as Civitas Resources (NYSE: CIVI). The transaction creates the largest pure‑play energy producer in Colorado's Denver‑Julesburg (DJ) Basin, with a stated focus on operational discipline, free cash flow generation and ESG leadership.

EagleTree Capital, on behalf of its EagleTree Partners V fund, has acquired Lignetics Inc. from Taglich Private Equity and Mill Road Capital. Lignetics — the largest consumer-focused wood pellet manufacturer in the U.S., headquartered in Louisville, Colorado — will serve as a new platform investment for EagleTree; co-investors include Alpha Associates, Bullingham Capital, Farol Asset Management, Manulife Investment Management, Misland Capital, Northwestern Mutual Capital, and Thrivent Financial. Terms were not disclosed; Lignetics operates 22 plant locations (U.S. and Canada) with ~1.4M tons annual production capacity and brands across residential heating, BBQ pellets and pet litter.

The Riverside Company has invested in Done Service Group (Done), an Aurora/Denver-area provider of residential plumbing, HVAC and excavation/sewer services, as an add-on to its Radiant Plumbing and Air Conditioning platform. Done completed more than 15,000 jobs in the last year and brings a high repeat-customer base and membership program to support Radiant’s expansion in home services across the Denver metro area.

Next Coast ETA has made a growth investment in TaskRay alongside TaskRay CEO Sam Swan and an unspecified syndicate of investors. TaskRay is a Denver-based, Salesforce-native customer onboarding SaaS that serves large and mid-market enterprises; Next Coast ETA said it will provide software expertise and network support to help scale the business.

Liberty Oilfield Services Inc. acquired PropX (Proppant Express Investments, LLC), a Denver-based provider of last-mile proppant delivery equipment, logistics and software, in a transaction valued at approximately $90 million (cash and stock). The deal adds PropX's wet sand handling technology, proppant containers and PropConnect logistics software to Liberty's completion services offering to improve logistics efficiency and reduce emissions.

Porch Group acquired Floify, a Boulder-based digital mortgage automation and point-of-sale SaaS provider, for $76.5 million in cash plus $10 million of Porch common stock. The acquisition is expected to add approximately $15 million of recurring B2B SaaS revenue in 2022 and gives Porch entry into the mortgage origination market and early access to high-intent homebuyers.

E Source has acquired Cairn ERA, a global market intelligence and consulting firm specializing in battery storage, to expand its analytics and advisory offerings for utilities and energy developers. The deal, announced by E Source (owned by Align Capital Partners), adds Cairn ERA’s battery expertise to E Source’s suite of data-driven solutions for US and Canadian utilities.

MarketTime, a Dallas-based provider of B2B omnichannel commerce solutions, has acquired Brandwise, a Denver-based provider of sales enablement tools for the gift and home industries. The deal combines the two companies' platforms and teams to create a larger omnichannel wholesale commerce provider, expanding MarketTime's capabilities and reach across retailers, brands, and sales agencies.

National Fire & Safety, a Denver-based fire protection platform backed by Highview Capital, has acquired All Pro Fire Protection, a Littleton, Colorado fire and life safety services provider. The deal strengthens National Fire & Safety's Colorado footprint and service offerings (Retrofit/Tenant Improvement and Service) while founder Dave Lennon will continue to lead the All Pro business from its Colorado headquarters.

Partners Group and Kohlberg & Company jointly acquired BluSky Restoration Contractors from majority owner Dominus Capital, which retained a minority stake; BluSky management also retains a meaningful ownership position. Denver-based BluSky is a national restoration, remediation, environmental, and roofing services provider with more than 900 employees and 40 branches; the new owners plan to expand branches, national accounts, capabilities, and pursue add-on acquisitions.

TransForce Group, majority owned by an affiliate of Palladium Equity Partners, acquired United States Truck Driving School (USTDS) in Denver and Colorado Springs, Colorado, with the sale finalized October 18, 2021. USTDS will retain its name and become part of The CDL School (a TransForce Group company), expanding TransForce's CDL training footprint and veteran placement programs as an add-on under Palladium's ownership.

NewSpring Healthcare, alongside co-investors Archimedes Health Investors and Heritage Group, invested in Panorama Eye Care, a Colorado-based management services organization for regional ophthalmology clinics. The capital is intended to support Panorama’s growth and expansion of clinical and management capabilities across the Mountain West and into additional states.

Canopy USA, a U.S. affiliate of Canopy Growth Corporation, has completed the acquisition of Wana (Wana Wellness, The CIMA Group, and Mountain High Products), the leading cannabis edibles brand in North America. The deal expands Canopy's U.S. brand portfolio and strengthens its position in the edibles category while providing additional distribution and DTC capabilities across state-legal and hemp-derived markets.

Hologic, Inc. agreed to acquire Bolder Surgical, a Colorado-based developer of advanced energy vessel sealing and dissection devices, for approximately $160 million and has completed the previously announced transaction. The acquisition adds laparoscopic vessel sealing, dividing and dissecting devices (including pediatric-focused 3 mm and 5 mm tools) to Hologic’s Surgical portfolio, enabling capability expansion and broader commercialization into OB/GYN and hospital markets; Bolder was expected to generate about $10 million of product revenue in the calendar year.

SteriPack Group has acquired Frederick, Colorado-based Halleck‑Willard, Inc. (HWI) to expand its medical device design and engineering capabilities. HWI — a turnkey R&D and engineering firm specializing in electronics, firmware, embedded software, IoT, RF and microminiature design for medical and other industries — will become SteriPack's electronics and software design center, augmenting SteriPack's product lifecycle services from concept through regulatory navigation and manufacturing.

Rocket Lab USA, Inc. completed the acquisition of Advanced Solutions, Inc. (ASI), a Colorado-based aerospace engineering firm specializing in flight software, mission simulation, and GNC, for $40 million plus up to $5.5 million of performance-based earnouts. The deal expands Rocket Lab's Space Systems capabilities and integrates ASI's proven flight software and GNC expertise into Rocket Lab's Photon and broader spacecraft offerings.

Tide Rock Holdings acquired Pikes Peak Plastics Co., a Colorado Springs-based plastic injection molder and components manufacturer, to expand its plastics manufacturing capabilities across thermoforming, overmolding and injection molding. The acquisition is an add-on to Tide Rock’s portfolio intended to broaden onshore plastics capability and create synergies across industrial, aerospace and medical end markets.