Acquisitions in Colorado in 2022

Assure Holdings Corp. completed an asset acquisition of substantially all assets of Neuroprotect Neuromonitoring, LLC ("NervePro") on December 31, 2022, acquiring A/R (post-Dec 1, 2022), material contracts, business relationships and other tangible assets. NervePro is a Colorado-based intraoperative neuromonitoring (IONM) provider that performed ~750 managed cases in 2022 and employed three technologists; as consideration Assure issued 1,500,000 common shares to the seller (owned by Dr. J. Paul Elliott/CBSI).

StairSlide acquired outdoor-play products maker b4Adventure (deal finalized December 30, 2022) to expand its product offering with nearly 200 outdoor items including ziplines, slacklines and swings. The acquisition moves StairSlide beyond indoor slide products into the backyard/outdoor active-play market and broadens its portfolio aimed at children and families.

Service Champions Group, a PE-backed home services platform, has agreed to acquire locally owned M and M Heating, Cooling, Plumbing & Electrical of Longmont, Colorado. The add-on strengthens Service Champions' footprint in the greater Denver market and expands its residential and commercial HVAC, plumbing and electrical capabilities.

Applied UV, Inc. (NASDAQ:AUVI) entered into definitive agreements to acquire PURO Lighting, LLC and LED Supply Co. in a combined transaction valued at approximately $20 million (cash and restricted shares). The deals would roughly double Applied UV's size—adding an estimated $18 million of revenue—and expand its distribution, sales capabilities and access to PURO's strategic relationships (including Acuity Brands) for FDA‑cleared disinfection products.

TSG Consumer Partners has acquired a majority stake in Radiance Holdings, a Denver-based platform that owns and operates premier beauty, wellness, and self-care brands including Sola Salons and Woodhouse Spas. Radiance's management will remain in place; financial terms were not disclosed and TSG said it will support growth through digital marketing, accelerated franchise development and strategic acquisitions.

Brookfield Renewable, together with unnamed institutional partners, finalized a purchase agreement to acquire Scout Clean Energy from Quinbrook Infrastructure Partners for $1.0 billion, with the potential to invest an additional $350 million to support development activities. Scout will continue to operate under its brand as a utility-scale renewable energy developer-owner-operator headquartered in Boulder, Colorado, with ~1,200 MW of operating wind assets and a pipeline of wind, solar and storage projects across the United States.

H.W. Lochner, Inc. has acquired Armstrong Consultants, a Grand Junction, Colorado–based airport engineering and planning firm. The acquisition expands Lochner's aviation practice, broadens its geographic presence across the western United States, and adds Armstrong's airport planning, engineering, and construction administration capabilities to Lochner's service offering.

Lithia Motors purchased three Denver-area luxury dealerships — Ferrari of Denver, Bentley of Denver and Lotus (Lotus of Denver) — in a transaction brokered by Pinnacle Mergers & Acquisitions. The dealerships were sold by owner Aleks Vekselberg as Lithia expands its luxury and regional retail footprint in Colorado.

Philadelphia-based Houwzer has acquired Denver-based Trelora, a next-generation flat-fee real estate brokerage. The deal expands Houwzer’s footprint to 14 states, adds Trelora’s management team (including Rod Ward as CRO), and broadens Houwzer’s product and enterprise offerings across consumer and institutional real-estate end markets.

3E, a global provider of EHS&S and product compliance solutions, acquired Toxnot, a SaaS platform for product compliance and supply chain sustainability. The acquisition expands 3E's supply chain transparency and sustainability capabilities by integrating Toxnot's digital product passport and supplier data-sharing technology into its compliance suite.

Buyers Edge Platform acquired RASI (Restaurant Accounting Services, Inc.), adding RASI’s accounting, payroll and managed finance software to Buyers Edge’s back-office and procurement offerings. The deal integrates RASI’s restaurant-focused AP and payroll capabilities into Buyers Edge’s SaaS procurement platform to deliver end-to-end ordering, accounting, payroll and food cost management to restaurant customers.

SS&C Technologies Holdings, Inc. has acquired Complete Financial Ops, Inc. (CFO Fund Services), a Colorado-based fund administration firm. The all-cash transaction (terms undisclosed) adds 25 clients and eight employees to SS&C and expands its fund administration capabilities—particularly for venture capital and family office funds—while extending SS&C's servicing footprint in the Denver region.

Inszone Insurance Services, a Sacramento-based full-service insurance brokerage, has acquired Kirsch Insurance Group, a Denver-based Medicare-specialist brokerage founded by Marlin Kirsch. The deal expands Inszone’s presence in Colorado and adds Medicare expertise as part of its ongoing Colorado growth strategy.

NFP has acquired Olson & Olson Insurance Services, Inc., adding the Denver-area insurance brokerage's commercial P&C, surety and group benefits capabilities to NFP's West region. The Olsen team — including leaders Darrell Olson II and Lance Olson — will join NFP to expand the firm's construction-specialty commercial property & casualty offering across Colorado and the broader West region.

Highlander Partners, through its newly formed High Point Aerotechnologies division, acquired Liteye Systems, a U.S.-based developer and integrator of counter-unmanned aircraft systems (C-UAS). The transaction marks the first investment by High Point as Highlander pursues a buy-and-build strategy to create a platform in the C-UAS/UAS and related defense markets to support government and military customers.

Orange Tree Employment Screening, a portfolio company partnered with Tonka Bay Equity Partners, has acquired Info Cubic, a Colorado-based background screening provider that serves heavily regulated industries including healthcare and DOT-regulated sectors. The transaction is an add-on acquisition intended to deepen Orange Tree's vertical expertise and accelerate its growth plans.

Wireless industry executive Melissa Acosta has acquired a majority stake in Front Range Wireless and will lead the company as President, transitioning the business to a Woman-Owned Business Enterprise (WBE) in 2023. Founder Aaron Kingstrom remains co-owner and board member; Front Range Wireless provides cell site construction, tower installations and other telecommunications infrastructure services from offices in Centennial and Colorado Springs, Colorado.

Bowman Consulting Group Ltd. (Bowman) has acquired SEI Engineering, LLC (operating as SEI Professional Services), a Paonia, Colorado-based provider of engineering, design and commissioning services for utility and commercial-scale solar and battery storage projects. The deal, financed with cash and seller notes, is expected to add approximately $1.5 million of annualized net service billing and strengthen Bowman's renewable energy planning, engineering and commissioning capabilities.

Privately held JARS Cannabis has entered into a definitive agreement to acquire Euflora LLC, adding six recreational dispensaries and a 7,200 sq. ft. cultivation center and greenhouse in Colorado. The deal expands JARS' retail footprint to 26 storefronts across three states, increases product assortment and customer reach, and is intended to drive operational and retail synergies in core recreational markets.

Penguin Solutions' Penguin Computing group acquired all software and intellectual property assets of Colorado Code Craft and brought Colorado Code Craft employees into the Penguin Computing team. The asset purchase expands Penguin's remote-visualization, remote desktop and application-streaming capabilities for its Scyld Cloud Workstation and Scyld Cloud Central offerings, extending availability across cloud and on-premises HPC/AI environments.

Momentive Technologies has completed the acquisition of CoorsTek's crucibles business, adding CoorsTek's crucible product line and employees to Momentive. The deal expands Momentive's portfolio of high-purity fused quartz and specialty ceramic products for semiconductor wafer and fabrication customers worldwide.

International Money Express, Inc. (Intermex) completed the acquisition of Envios de Valores La Nacional Corp., paying $42.3 million in cash plus up to $2.4 million of contingent consideration, strengthening its remittance footprint to the Dominican Republic and other Latin American corridors. Intermex also announced a related transaction to acquire LAN Holdings Corp., which includes Spain-based I-Transfer Global Payments, expanding Intermex’s reach into Europe and increasing its global footprint to more than 70 countries.

Hint Health, the San Francisco-based platform powering Direct Primary Care (DPC) practices, acquired AeroDPC, a Denver-based EMR and practice management software built for DPC clinics. The acquisition integrates AeroDPC's EMR and practice tools into Hint's HintOS membership, billing and network platform to create an end-to-end solution for DPC providers; AeroDPC co-founder Dr. Brad Brown joins Hint as Medical Director.

EIS Holdings, LLC acquired Eagle Environmental Consulting, Inc., a Wheat Ridge, Colorado-based environmental consulting firm, expanding EIS’ remediation and environmental services footprint into the Northwest (Colorado and New Mexico). The deal is EIS’ second strategic acquisition in 2022 as the company continues building a national environmental remediation and infrastructure platform.

Toluna has acquired GutCheck, a North America-based agile market research agency, integrating GutCheck’s research methodologies and team into Toluna’s technology platform and global panel. The deal expands Toluna’s agile insights capability and strengthens its presence in North America; GutCheck was previously backed by Piper Jaffray, Rally Ventures, Grotech Ventures, and Crawley Ventures.

MSP Sports Capital acquired a majority (controlling) interest in the X Games from ESPN Productions, Inc., with ESPN retaining a minority, non-controlling stake and remaining the domestic linear broadcast partner under a multi-year agreement. MSP will assume day-to-day operational control of the X Games, appointing Steven Flisler as CEO, and has enlisted Tony Hawk as a brand steward as it seeks to reinvigorate the action-sports property and expand fan experiences.

CMT Technical Services, a portfolio company of CAI Capital Partners, has acquired CTC-Geotek, a Denver-based consulting engineering firm specializing in construction material testing, inspection, geological consulting, and geotechnical and environmental engineering. The add-on strengthens CMT’s presence and service offering in Colorado and integrates CTC leadership into CMT’s Colorado inspection services team.

ACA Group, a provider of governance, risk, and compliance (GRC) solutions, has acquired Compliance Resource Partners, Inc. (CRP), a regulatory compliance advisory firm serving registered investment advisers in Colorado and across the U.S. The acquisition is intended to bolster ACA's compliance advisory capabilities and expand its roster of experienced compliance professionals; financial terms were not disclosed.

Thoma Bravo completed its previously announced all-cash acquisition of Ping Identity for approximately $2.8 billion. Ping Identity stockholders received $28.50 per share, Ping Identity will be delisted from the NYSE, and Thoma Bravo said it will support Ping's next phase of product innovation and growth.

Inszone Insurance Services, a Sacramento-based full-service insurance brokerage, acquired Precision Insurance, a Colorado-based independent insurance agency founded by Heather McBroom in November 2017. The deal brings Precision’s small-business and personal-lines clients into Inszone’s growing national platform as the firm continues geographic expansion in Colorado and beyond.

An affiliate of Veritas Capital has entered into a definitive agreement to acquire CAES Space Systems from CAES. Headquartered in Colorado Springs, CAES Space Systems supplies radiation-hardened electronics and mission-critical space components; management will remain in place and the transaction was expected to close in Q1 2023 (terms undisclosed).

Alogent has acquired AccuSystems, a provider of document imaging and tracking software for banks and credit unions, to expand its enterprise content and information management and process automation capabilities for financial institutions. The deal brings AccuSystems’ workflow and compliance-focused solutions into Alogent’s product suite to accelerate digital transformation for banks and credit unions of all asset sizes.

Louisville-based Protect Environmental has acquired Reliant Radon Solutions, expanding its radon testing, mitigation, and monitoring capacity across Colorado and the western United States. The transaction brings Reliant's local expertise into Protect Environmental's national platform and positions the company to better serve Denver-area and statewide customers.

Boecore, a Colorado Springs-based defense and space systems contractor backed by Enlightenment Capital, has acquired Ascension Engineering Group (AEG), a space systems and satellite communications engineering provider founded in 2017. The acquisition is an add-on to Boecore's platform to expand capabilities and service offerings for Space Force, NASA, the Army and commercial space customers.

Affiliated funds of Longbow Capital Inc. closed an investment in Amped Up Power Solutions, acquiring debentures, rights to purchase additional debentures, and an equity kicker that results in a substantial minority stake. The financing will support Amped Up’s deployment of cleaner on-site power and microgrid integrations for oil and gas well sites as customers shift away from diesel power.

AE Industrial Partners has agreed to acquire a majority stake in York Space Systems, a Denver-based manufacturer of small satellites and turnkey mission operations, with funds managed by BlackRock Private Equity Partners investing alongside. The deal provides York with institutional capital to scale production capacity and accelerate growth across government and commercial satellite markets; CEO Dirk Wallinger and Chairman Charles Beames will remain in leadership and retain significant ownership.

Dura-Line, the Connectivity Solutions business of Orbia, has acquired Denver-based Biarri Networks, a provider of fiber-optic network design software and engineering services. The acquisition adds Biarri's data-driven engineering and software capabilities to Dura-Line's infrastructure offerings to deliver more complete end-to-end network design and deployment solutions for telecommunications, transportation and electrical markets.

Confie, the U.S. personal-lines insurance distribution company, has acquired Colorado-based CoWest Insurance Group and its network of 30 independent agencies. CoWest will continue to operate under its current brand in Colorado and Confie will retain CoWest employees as it expands its InsureOne agency-network strategy.

An affiliate of Peak Rock Capital has completed the acquisition of Spatial Business Systems (SBS) in partnership with the company's founders and management. SBS, a Denver-based provider of intelligent design and spatial data integration software for utilities and infrastructure firms, will receive investment to accelerate product development and geographic expansion.

Delaware North has acquired substantially all assets of Nova Guides, Inc., a Colorado-based outdoor recreation and adventure tour operator that also operates Camp Hale Weddings. Hext Capital Partners served as exclusive advisor to Nova Guides on the transaction; the acquisition expands Delaware North's parks-and-resorts tours and outdoor recreation offerings.

K1 Investment Management invested $117 million in Ocelot, a Boulder-based edtech AI communications and student engagement platform. The growth capital will be used to fuel expansion, build new functionality, and develop additional solutions for colleges and universities to improve student engagement and retention.

Toronto-based private equity firm Imperial Capital has made a majority investment in Integral Consulting Inc., establishing Integral as a growth platform to scale its environmental and engineering consulting services. The partnership will fund expansion of services, staff, and geographies and installs Ryan Brain as incoming CEO to lead the firm's growth strategy.

Seaside Equity Partners has partnered with PayReel, a tech-enabled provider of HR compliance, worker classification, and payrolling solutions based in Golden, Colorado. Seaside will provide capital and strategic support to accelerate PayReel's technology development, broaden capabilities, and drive growth with enterprise clients.

Anser Advisory, a PE-backed program and project management firm, has acquired RLH Engineering, Inc., an owner's representative, project management, and environmental consulting firm headquartered in Windsor, Colorado. The acquisition expands Anser Advisory's geographic presence in Northern Colorado and the Rocky Mountain region and brings additional environmental consulting capabilities to support K-12, healthcare, and municipal clients.

TREES CORPORATION signed a definitive agreement to acquire the assets of Green Tree, including the Green Tree Longmont and Green Tree Berthoud dispensaries, over 34,000 square feet of cultivation and a manufacturing (MIP) facility in Colorado. The deal expands TREES' Colorado footprint to four dispensaries (and seven retail locations across Colorado and Oregon) and is expected to generate more than $10M of revenue for the TREES platform.

Chicago-based data and analytics consultancy Analytics8 acquired Denver-based Mashey, a boutique data analytics consultancy, to expand its capabilities in modern data technologies. The acquisition, finalized Sept. 16, 2022, brings Mashey’s team and expertise in tools like Snowflake, dbt, Fivetran and Looker into Analytics8 to accelerate capability expansion and client service offerings.

Spectra Contract Flooring, a Diverzify company, has acquired ReSource Colorado, a long-standing Denver-area commercial flooring contractor. The add-on expands Spectra/Diverzify's regional footprint in Colorado and brings ReSource Colorado's installation and product-care capabilities into the platform.

Gravity Haus, a Colorado-based membership-focused hospitality operator, has acquired The Ptarmigan Inn in Steamboat Springs, Colorado, expanding its resort outposts and member offerings. The Ptarmigan leadership will remain in place and Gravity Haus plans property improvements and new member-facing amenities to support growth in the region.

Patriot Rail Company LLC has completed the acquisition of Denver-based Pioneer Lines, Inc., a holding company operating 15 short line railroads, from BRX Transportation Holdings. The deal (completed following regulatory approval) expands Patriot Rail's short line operations from 16 to 31 railroads and extends its service footprint across 23 U.S. states; Patriot Rail is majority-backed by Igneo Infrastructure Partners.

Bow River Capital's Software Growth Equity team has made a majority-controlled recapitalization investment in HRSoft to accelerate the build-out of its full HCM application suite, scale operational infrastructure, and support profitable growth. As part of the transaction, Bow River fund managers John Raeder, Maitlan Cramer, and Sean O'Connell joined HRSoft's board; CIBC Innovation Banking provided debt financing and JMP Securities served as exclusive financial advisor to HRSoft.