Acquisitions in Colorado in 2024

Larry Van Tuyl, through VT Companies, has acquired Groove Toyota from Summit Automotive Partners. The acquisition gives Van Tuyl his first dealership presence in Colorado as he expands his multi-state automotive portfolio.

Guardian Capital Partners, an operationally focused private equity firm, has acquired Team LINX in partnership with the LINX executive management team. LINX, headquartered in Denver, provides technology infrastructure services for data centers and mission-critical applications across healthcare, financial services, education and other end markets; MidCap Financial provided financing for the transaction.

ALKEME, a Top 35 insurance brokerage based in Ladera Ranch, California, has acquired Aspen Gold Insurance Brokers, marking ALKEME's first expansion into Colorado. Aspen Gold, a family-owned agency based in Broomfield, Colorado, will leverage ALKEME's resources and technology to expand its commercial and personal insurance offerings; founder Caleb Joseph commented on the opportunity for clients and staff.

Labor Smart, Inc. (LTNC) has acquired Go Fast Sports and Beverage Company from Illumination Brands in exchange for 400,000,000 LTNC shares. Go Fast will operate as a standalone subsidiary with Samantha Brown remaining as President as LTNC expands its consumer beverage portfolio and global distribution plans.

Growable Ventures, led by Solomon Airhart and Jordan Agee, has acquired Denver-based Obex Pest Defense, a residential pest control company founded by Sean Licalzi in 2020. The buyers plan to scale Obex across Colorado, leveraging their experience from Aruza Pest Control to grow Obex into a leading residential pest control brand in the state.

Inszone Insurance Services, a Sacramento-based national insurance brokerage, has acquired Esquire Insurance, LLC (doing business as Loft & Co), a Denver-headquartered insurance agency with ~30 employees and locations in three states. The deal expands Inszone's national footprint and provides Loft & Co's clients access to a broader range of carriers, technology and resources.

Trace3 has acquired Denver-based Zivaro to expand its government, public sector and critical infrastructure capabilities and will create a new Trace3 Government vertical. Zivaro will operate as "Zivaro, a Trace3 Company" in the near term and full integration is expected in Q2 2025; financial terms were not disclosed.

Malvern, PA-based marketing-as-a-service provider 2X has acquired Intelligent Demand, a Denver-based B2B growth strategy and execution firm. The transaction (a PE-backed platform add-on) expands 2X's MaaS capabilities—adding GTM strategy, demand generation, RevOps and onshore U.S. delivery to its subscription-based marketing services.

MGA Homecare has acquired Ward Road Pharmacy, a Long Term Care Pharmacy and Home Medical Supply provider based in Arvada, Colorado. The acquisition expands MGA's capabilities to serve medically complex patients by integrating pharmacy services, home medical supplies, and compounding into its home- and community-based care offering and establishes a platform for national expansion of MGA's long-term care pharmacy services.

Les Schwab Tire Centers has acquired Four States Tire & Service in a strategic move to expand its regional footprint across Colorado and New Mexico. FOCUS Investment Banking advised Four States Tire & Service on the sale; the deal is intended to broaden Les Schwab’s retail and service presence while preserving the target’s customer- and community-focused operations.

Troon, the Scottsdale-based golf and club management company, has purchased The Club at Cordillera, a private 54-hole mountain golf club in Edwards, Colorado, from Wind Rose Holdings LLC. The deal closed December 10, 2024; Troon will retain the existing management team and employees and plans capital improvements including a bunker renovation in 2025.

EQS Group has acquired the ethics and compliance business division from OneTrust, including the Convercent platform. The acquisition adds Convercent’s ethics, whistleblowing, policy management and analytics capabilities and retains the employees supporting the solution—strengthening EQS’s compliance software footprint, particularly in the United States.

Aprio has combined with Denver-based Pontiff + Associates, P.C. and Elite Tax & Accounting, LLC to expand its presence and capabilities in the Denver market. The combinations, effective Dec. 1, 2024, add local tax, client accounting, valuation and tax resolution expertise to Aprio's Denver office as part of the firm's broader growth strategy.

Dallas-based private equity firm Crossplane Capital has completed the acquisition of Distributor Wire and Cable (DWC), a Denver/Aurora-headquartered master distributor of specialty electrical wire and cable. Crossplane partnered with DWC founder Bryce Huett and the management team to provide operational and financial resources to support the company's next phase of growth, including product, capability and geographic expansion.

Investment funds managed by Morgan Stanley Capital Partners (MSCP) have agreed to acquire Prescott's, a Monument, Colorado–based provider of outsourced clinical engineering, equipment repair, refurbishment and rental services, from Atlantic Street Capital. MSCP will partner with Prescott's management team, led by CEO Brian Straeb, to scale the business organically and via acquisitions to build a best-in-class outsourced clinical engineering platform.

Rhino-Rack, a brand within Clarus Corporation, has acquired certain assets of RockyMounts, a Boulder, Colorado-based maker of bicycle transport products. The transaction, funded with cash on hand and with terms undisclosed, will integrate RockyMounts into Rhino-Rack’s Colorado facility while founder Bobby Noyes will remain on the innovation team to support product development and expansion into U.S. and Australian markets.

Kodiak Building Partners has acquired Liberty Doors & Windows, a Colorado-based provider of doors, windows and millwork, to strengthen Kodiak's presence in the Colorado and Mountain Region markets. Liberty will continue to operate under its existing brand and management while benefiting from Kodiak's national resources and distribution scale.

Relevate Power has acquired Gravity Renewables, adding 40 MW of hydroelectric and one solar project to its portfolio. The transaction was financed by funds managed by Apollo and more than doubles Relevate’s generation capacity while expanding its footprint in the Northeastern United States.

Pins & Aces, a Denver-based premium golf accessories brand, has acquired Edel Golf, a Colorado-based maker of custom-fitting golf clubs and equipment. The deal brings Edel's club-fitting technology and product lines into Pins & Aces' portfolio while maintaining both brands and leadership roles (Doug Coors remains chairman; Rocky Hansler continues as Edel President).

Denver entrepreneur Charity Huff, through her company 5280 Elevated, Inc., has acquired longtime city magazine 5280 from founder Daniel Brogan. The acquisition, financed by FirstBank, will keep the existing local team in place while expanding the magazine's digital offerings and transforming 5280 into a broader multimedia brand.

Huron Capital's portfolio company Sunland Asphalt has acquired Metro Pavers, Inc., a Denver-area asphalt maintenance and paving contractor founded in 1975. The add-on expands Sunland's presence in Colorado and strengthens its service capabilities across public and private end markets; Honigman LLP and Moss Adams LLP served as legal and financial diligence advisors, respectively.

Stonehenge Partners, in partnership with Colville Group, completed a growth investment in Motion & Flow Control Products (MFCP), a Denver-area distributor of fluid connector and fluid power solutions. The capital will support MFCP's expansion of its ParkerStore network and service offerings across more than 50 locations in the Western United States.

Exclusive Networks has acquired 100% of Cloudrise, a Grand Junction, Colorado-based security services provider specializing in managed and professional services for SASE, DSPM and CNAPP solutions. The deal strengthens Exclusive Networks' U.S. footprint and service capabilities by integrating Cloudrise's expertise and delivery centers while allowing Cloudrise to continue operating under its brand within the Exclusive Networks ecosystem.

Trucordia, a top-20 U.S. insurance brokerage headquartered in Lindon, Utah, has acquired the insurance business of The DeLuca Agency and Denver Insurance Brokerage, which operate offices in Colorado, Maryland and Utah. The deal is part of Trucordia's Acquire growth strategy to expand capacity, geographic footprint and service offerings across commercial and personal lines.

Alterra Mountain Company has closed the purchase of Arapahoe Basin, adding the legendary Colorado ski area to its portfolio of mountain destinations. Alterra will retain A-Basin's leadership team and maintain existing pass access while working with the resort on a 10-year master development plan.

Lolli & Pops, a portfolio company of TerraMar Capital, has acquired Hammond's Candies, the century-old US confectioner. The deal — funded by a new revolving credit facility from PNC Bank, a term loan from Advantage Capital Management and additional investment from TerraMar — will allow Lolli & Pops to integrate Hammond's artisanal product lines across its stores and online platform to drive growth.

Salt Creek Capital, a San Francisco Bay Area-based private equity firm, has acquired AVI Roofing, a Denver-based provider of residential and commercial roofing services across the Colorado Front Range. The transaction facilitates founder succession as AVI's founder retires and provides Salt Creek with a platform to support AVI's growth and geographic expansion in Colorado.

Mercer Global Advisors (Mercer Advisors) has acquired Chapel & Collins, a Fort Collins, Colorado-based Registered Investment Adviser managing about $675 million for over 500 clients. The deal expands Mercer's advisor capacity and boosts its assets under management in the Greater Denver area to nearly $5 billion, deepening its regional presence and wealth management capabilities.

U.S. Compliance, a Susquehanna Growth Equity-backed EHS platform, has acquired Hellman & Associates, Inc., a Denver-area environmental, health and safety (EHS) consulting firm. The add-on expands U.S. Compliance’s Compliance-as-a-Service footprint into the Colorado/Rocky Mountain market; terms were not disclosed.

Corwin Automotive Group has purchased Groove Honda in Colorado Springs, Colorado; the transaction was facilitated by Pinnacle Mergers & Acquisitions and the dealership will operate under the Corwin Honda name. The press release did not disclose the selling party or transaction financials.

Generational Group advised A&Z Mechanical, Inc., an HVAC contractor based in Colorado Springs, Colorado, on its sale to an unnamed private investor, with the transaction closing November 1, 2024. A&Z Mechanical provides HVAC installation, repair, and maintenance services for new single-family construction as well as commercial and residential customers.

Inspired Beauty Brands, Inc. has acquired Fix Your Lid, a U.S.-made men’s grooming and styling products brand owned by HBB Consumer Products LLC. The acquisition brings the Fix Your Lid brand into IBB’s consumer beauty portfolio to expand its presence in the men’s grooming category; the seller was HBB Consumer Products LLC and owner Margaret Wernars.

ENVEA, the Carlyle-backed environmental monitoring group, has acquired Droplet Measurement Technologies from Benford Capital Partners. The deal, which closed on October 31, 2024, adds Droplet's high-precision aerosol and cloud-droplet instruments to ENVEA's particulate monitoring platform and expands the group's presence in the United States and research markets.

Coker, a national healthcare advisory and consulting firm backed by Trinity Hunt Partners, has acquired NorthGauge Healthcare Advisors, a clinical compliance and performance improvement consultancy based in Colorado. The deal is Coker’s first add-on since its December 2023 majority recapitalization with Trinity Hunt and expands Coker’s clinical compliance, physician peer review, and performance-improvement capabilities.

Waverly Advisors, a Birmingham-based registered investment adviser, has acquired Mueller Financial Solutions, an RIA based in Canon City, Colorado. The deal closed October 25, 2024; Jeffrey Mueller and his team joined Waverly as partners and Waverly continues to expand its Colorado footprint under its PE-backed ownership.

Eagle Merchant Partners has acquired a majority stake in Sam the Concrete Man, the largest residential concrete services franchisor in the U.S. Todd Stewart will remain CEO and an equity holder as Eagle partners with management to scale the franchise network, expand the company's footprint and explore additional service lines.

200x85 has acquired the USJDP Junior Prep Hockey Camp and the CCM Hockey Showcase from longtime owner and operator Mike Gempeler. The acquisitions expand 200x85's youth development and exposure offerings, with 200x85 planning to continue the Colorado Springs camp and expand the showcase series to multiple U.S. cities in 2025.

Verdantas, a Tampa-based consulting firm backed by Sterling Investment Partners, has acquired ASEC Engineers, a Denver-based power delivery and renewable energy engineering firm. The deal adds ASEC’s transmission, substation and distribution design capabilities and ~130 staff across offices in Colorado, California, Florida, Texas and Pune, India, expanding Verdantas’ energy transition service offerings and geographic footprint.

Gravity Global, backed by Elysian Capital, has acquired Denver-based social media agency VOCO to strengthen its organic and paid social media, content and creative capabilities. The acquisition will integrate VOCO's team into Gravity Global's global digital experience capability and support the group's full-funnel brand-to-demand services.

Flexential, a US data center and digital infrastructure provider, has received a strategic common-equity investment from Morgan Stanley Infrastructure Partners (MSIP), which will partner as a co-control investor alongside existing investor GI Partners to provide primary capital to accelerate expansion. The capital will fund growth of Flexential's FlexAnywhere platform, active development of its national data center footprint, and support demand from enterprise, cloud and AI workloads. The transaction is expected to close in Q4 2024 subject to regulatory approvals.

Innovative Food Holdings, Inc. (IVFH) entered into a definitive agreement to acquire 100% of the assets of Golden Organics, LLC for $1.75 million ($1.4M cash and a $350k five-year seller note). Golden Organics, a Denver/Golden, Colorado-based specialty organic food distributor with ~$6.8M trailing-twelve-month revenue and a 22,000 sq. ft. leased warehouse, will expand IVFH's product assortment, sourcing capabilities and customer base across foodservice, manufacturing and retail channels.

GM Ventures, the venture arm of General Motors, invested $10 million in Forge Nano to accelerate development and deployment of its Atomic Armor atomic layer deposition coatings for battery cathode materials. The investment includes a strategic partnership to explore using Forge Nano's high-throughput equipment to coat cathode active materials for GM's EV battery cells and supports Forge Nano's expansion of battery-material coating services, equipment sales and prototype cell production.

LLR Partners completed a strategic growth investment in TurboTenant, a Fort Collins–based property management software platform for independent landlords. The minority growth capital will be used to support TurboTenant's organic growth and future acquisitions as the company expands its subscription offerings and platform capabilities.

Veralto Corporation (NYSE: VLTO) has acquired the holding company that owns TraceGains for $350 million (subject to customary post-closing adjustments). TraceGains is a cloud-based SaaS provider of food and beverage compliance, traceability, and product development workflow solutions (2024 revenue just over $30M, >95% recurring). The acquisition expands Veralto's Product Quality and Innovation offerings (complementary to its Esko business) to accelerate growth and drive cross-sell synergies.

CivicPlus has acquired the PASS Lite software and PASS cost-recovery consulting services from ePRepSolutions, integrating the tools into its CivicPlus Recreation Management platform to enhance parks and recreation financial and operations reporting. Matthew Hickey, founder of ePRepSolutions, will join CivicPlus to lead integration efforts and support customers.

Manifest, a Denver-based lifestyle and travel club, has agreed to acquire Skyroads Aviation, a Part 135 certificated air carrier based at Centennial Airport outside Denver. The deal — expected to close by October 31 — will allow Manifest to operate its own private aviation services (it has also leased a Pilatus PC-12); Skyroads’ current five King Airs will not be part of the acquisition.

Inszone Insurance Services has acquired Erickson King & Associates, LLC to expand its employee benefits capabilities and regional footprint. The deal brings the boutique benefits brokerage under Inszone’s national platform, giving Erickson King clients access to broader carrier relationships, enhanced back-office support, and specialist resources.

IMEG has acquired Innovae, a Colorado-based multi-discipline industrial engineering design firm, expanding IMEG’s capabilities in pharmaceutical, food & beverage and other life-science related manufacturing sectors. Innovae will continue operating from its Centennial and Boulder locations and its president, Dan Weisiger, will remain as the client executive for the team.

Axis Energy Services and Brigade Energy Services have closed a merger to form a combined well-servicing company operating under the Axis Energy Services name and headquartered in Dallas. The combination creates a larger, technology-forward well services provider with expanded workforce and equipment capacity—positioning the company to better serve major U.S. oil and gas basins and accelerate P&A, completion and workover capabilities.

Patterson Companies, Inc. (Nasdaq: PDCO) has signed agreements to acquire Mountain Vet Supply (U.S.) and Infusion Concepts Ltd. (U.K.) through its Animal Health businesses. Animal Health International, Inc. will acquire a majority of Mountain Vet Supply's operating assets in Fort Collins, Colorado, while Patterson's U.K. arm, National Veterinary Services Limited, will acquire infusion and critical-care product maker Infusion Concepts to expand veterinary product offerings.