Acquisitions in Montana

Specialty Program Group (SPG) has acquired Proper Insurance, a Bozeman, Montana-based provider of insurance solutions for short-term rental properties. The acquisition expands SPG's specialty property insurance platform into the short-term rental market; Proper will be led by Michael Grimland as President and continues to offer coverage backed by Lloyd's of London and Concert Specialty.

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.

Epiphany Dermatology announced a partnership with Big Sky Dermatology to expand its presence in Montana; Dr. Shannon Setzer and her clinical team will continue seeing patients at their Bozeman location while gaining Epiphany’s operational support. The partnership expands Epiphany’s provider network and enhances access to medical and cosmetic dermatology care in the greater Bozeman area.

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.

NoFraud has acquired Yofi AI to expand its ecommerce protection capabilities beyond payment fraud into returns and policy abuse detection. Yofi AI — backed by Nyca Partners, Point72 Ventures, and eBay Ventures — will be integrated into NoFraud’s platform ahead of the holiday season to provide unified, real-time protection for merchants.

Atlantic Aviation expanded its FBO network to 106 locations with the acquisition of Glacier Jet Center and Rocky Mountain Aircraft Services at Glacier Park International Airport (GPI) in Kalispell, Montana. The deal brings Atlantic’s full range of passenger/crew support, fueling, heated hangars and on-field Part 145 maintenance under its brand as it enters the Montana market.

Fullcast has acquired Atrium to combine Atrium's AI-driven sales performance insights with Fullcast's GTM planning and execution capabilities, creating an end-to-end, AI-powered revenue lifecycle platform. The deal integrates analytics, coaching and commission management with territory and quota planning to provide a unified platform for revenue operations teams.

Inszone Insurance Services has acquired Rocky Mountain Insurance Group, LLC, marking Inszone’s first expansion into Montana. The acquisition brings the benefits-focused agency founded by Gena Gaub into Inszone’s platform, enhancing Inszone’s benefits capabilities and providing Rocky Mountain’s clients access to broader carrier options and commercial/property lines.

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.

Pacific Steel & Recycling has acquired Steel Etc., a Great Falls, Montana-based surplus steel and recycling business. Pacific Steel said all Steel Etc. employees will retain their jobs and framed the deal as an expansion of its regional footprint and commitment to the Great Falls community.

Visionary Broadband has acquired Montana-based MTWeb to expand its footprint in Whitehall and nearby communities including Twin Bridges, Pipestone and Cardwell. The MTWeb owner Joel Andrews and two employees will join Visionary Broadband as the buyer rolls out expanded/faster internet services in the area; no financial terms were disclosed.

Vero Broadband, LLC (dba Vero Fiber) has acquired Montana Digital, LLC (operating as MtnMax), a fiber broadband and enterprise connectivity provider serving Flathead County, Montana. The acquisition expands Vero's FTTP footprint into Montana, adding roughly 261 route miles of fiber and more than 1,500 residential and commercial customers while keeping the MtnMax brand and operations intact.

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.

Hull Street Energy sold Basin Creek HoldCo, LLC, a 53 MW natural gas-fired power plant in Butte, Montana, to Basin Creek Acquisition LLC, an acquisition vehicle formed by Platform Partners LLC and William Pate. The sale transfers ownership of the plant (formerly part of the Milepost Power portfolio) as Hull Street Energy exits the asset and the new owners take on a local generation and grid-reliability asset.

Meridian, Idaho-based Jacksons Food Stores Inc. has acquired the retail, wholesale and transportation assets of Hi-Noon Petroleum Inc., a Missoula, Montana-based petroleum marketer, including three convenience stores, 46 dealer accounts and its transportation fleet. The deal transfers ownership of Hi-Noon's assets from owner Dirk Cooper (Hi-Noon Petroleum) to Jacksons, expanding Jacksons' retail and fuel distribution footprint into Montana.

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.

Carson Wealth announced a partnership with Billings-based True North Financial, bringing the six-person True North team into the Carson Wealth network as Carson's second Billings location. The True North team — led by Ty Vogele and including David Guenthner and Ryan Wittman — manages over $400 million in assets and will retain client relationships while gaining access to Carson's investment, tax and estate planning resources.

Bay State Milling has acquired the Montana facility of Montana Gluten Free (Montana Gluten Free Processors, LLC), assuming full ownership of the oat-processing operation. The acquisition expands Bay State's capacity for high-protein, gluten-free SowNaked oats and extends its milling footprint into Montana to support customers in clean-label and gluten-free product markets.

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.

Above Food Ingredients Inc. acquired the specialty crop food ingredients division (the Assets) of The Redwood Group, LLC, expanding its plant-based pet food ingredient capabilities and adding pro forma pet-food revenues to roughly US$110M. The acquisition (assets previously reported as Montana-based) strengthens Above Food’s seed‑to‑fork platform and U.S. presence to better serve global pet food manufacturers and capture growth in the plant‑based pet food market.

Experian has acquired NeuroID, a behavioral analytics company that provides real-time digital behavioral signals to detect bots and sophisticated fraud. NeuroID's technology will be integrated into Experian's Ascend platform (CrossCore) to strengthen its identity verification and fraud-detection capabilities across industries like financial services, healthcare and e-commerce.

Global programmatic media partner MiQ has acquired Pathlabs, a Missoula, Montana–based Media Execution Partner (MEP) founded in 2021 with a ~100-person team. Pathlabs will remain an independent business unit under MiQ as the deal expands MiQ’s programmatic and managed-service capabilities for independent and mid-sized agencies across the U.S.

Multidisciplinary design firm Cushing Terrell has acquired structural engineering firm Eclipse Engineering, bringing Eclipse's regional offices and specialty structural capabilities into Cushing Terrell's platform. Eclipse's leadership will join Cushing Terrell's structural engineering practice to expand capabilities in mass timber, tilt‑up concrete, seismic retrofits, and other specialty services.

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.

Vortex Companies has acquired Planned and Engineered Construction, Inc. (PEC), a Helena, Montana-based trenchless infrastructure rehabilitation contractor. The acquisition expands Vortex's service presence and capabilities across the Western United States (and into Canada) while retaining PEC leadership with Chris Peccia joining Vortex as Regional Vice President.

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.

H&E Equipment Services, Inc. signed a definitive agreement to acquire Lewistown Rental, a Lewistown, Montana-based equipment rental business, along with three affiliated locations in Havre, Glasgow and Great Falls, Montana. The deal extends H&E's branch footprint in Montana and adds a diverse fleet with an original equipment cost estimated at $28.5 million; the transaction is expected to close in Q2 2024.

YETI Holdings, Inc. has agreed to acquire Mystery Ranch, a designer and manufacturer of load-bearing backpacks, bags and pack accessories serving outdoor, hunting, tactical and military markets. Mystery Ranch will continue to operate out of Bozeman, Montana and will work with YETI to integrate teams and functions; terms were not disclosed.

R&H Mechanical, an employee‑owned mechanical contractor based in Eagle, Colorado, acquired PJ's Plumbing & Heating (EMC Enterprises, LLC) of Belgrade, Montana. The transaction closed on January 5, 2024 and brings PJ’s plumbing, heating and geothermal installation and service capabilities into R&H’s ESOP-owned platform to expand its geographic footprint and service capacity.

Summit Fire & Security LLC, a subsidiary of SFP Holding, Inc. (Summit Companies), has acquired Mountain Fire Protection, Inc., effective October 26, 2023. The acquisition brings Mountain Fire Protection's fire sprinkler design, installation and inspection capabilities and employees in Columbus, Montana into Summit's Billings, MT team to expand Summit's fire protection footprint and service offering in the region.

Summit Fire & Security LLC, a subsidiary of SFP Holding, Inc. (Summit Companies), acquired Mahugh Fire & Safety effective October 24, 2023. The acquisition adds a fourth Montana location in Kalispell and expands Summit's fire protection and life-safety services in the region while Mahugh's owner will focus on his fire equipment business, Northern Rockies Fire.

Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER) has acquired Ignis Technologies Inc. for $3.0 million plus up to $9.0 million in contingent restricted stock consideration tied to milestones and integration. The acquisition adds Ignis’s mobile and web wildfire intelligence platform to Bridger’s FireTrac and other fire-intelligence SaaS capabilities to expand the company’s firefighting situational-awareness technology offering.

ikeGPS (IKE) has acquired the training assets of Marne and Associates, Inc., bringing NESC and OSHA training capabilities and expertise into IKE's offering. David J. Marne will continue to lead the training programs through 2023 as IKE integrates the safety-code training into its suite of grid infrastructure products and services.

TransMedics Group, Inc. has signed a definitive agreement (and subsequently completed) to acquire Summit Aviation, a U.S. charter flight operator, to establish TransMedics Aviation and provide dedicated air logistics for organ transplantation. The acquisition brings Summit's charter expertise and team (founder Ben Walton to join TransMedics as VP of Aviation Services) to support TransMedics' National OCS Program and expand its organ transport capabilities nationwide.

Par Pacific Holdings completed the acquisition of ExxonMobil's Billings refinery and related Upper Rockies marketing and logistics assets for a base purchase price of $310 million, closing June 1, 2023. The assets include the 63,000 bpd Billings refinery, a 65% interest in an adjacent cogeneration facility, multiple pipelines and terminals (including the Silvertip and an interest in the Yellowstone pipeline), and supply arrangements for ~250 Exxon/Mobil-branded retail locations.

Camping World Holdings, Inc. announced it intends to acquire I-90 RV in Billings, Montana, marking Camping World’s first location in Montana. The deal is expected to close in Q3 2023 as part of Camping World’s geographic expansion into the Montana market; I-90 RV has served the Billings community for over 20 years.

Summit Fire & Security LLC (part of SFP Holding, Inc./Summit Companies) acquired SAFE Fire and Medical Services, a Missoula, Montana-based fire protection and medical services firm, effective May 1, 2023. The deal brings SAFE's employees and fire-extinguisher and pre-engineered systems capabilities into Summit's platform to expand service coverage and capabilities across Montana (Billings, Bozeman and Missoula).

Hub International Limited acquired the assets of Cherokee Capital, Inc., d/b/a Hobson Insurance, a full-service independent agency based in Hobson, Montana. The Hobson team, led by co-owners Kristy Longfellow and Misty Kriskovich, will join Hub Mountain to expand Hub's commercial and personal insurance capabilities in the region; terms were not disclosed.

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.

Hub International Limited acquired the assets of Glacier Insurance of Libby, Inc., a full-service independent insurance agency based in Libby, Montana. The Glacier Insurance team, led by owners Kevin and Kim Peck, will join Hub Mountain to expand Hub’s commercial and personal insurance capabilities in the Mountain region; terms were not disclosed.

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.

Pye-Barker Fire & Safety has acquired IT&M Division Inc., a Helena, Montana-based fire sprinkler services company. The acquisition enables Pye-Barker to add sprinkler testing, maintenance and installation capabilities in Montana and expand its integrated life safety service offering to commercial and multi-family residential customers in the region.

Iwatani Corporation of America, the U.S. subsidiary of Japan-listed Iwatani Corporation, has acquired Aspen Air U.S., LLC, a Billings, Montana-based manufacturer and distributor of bulk liquid industrial gases. The acquisition marks Iwatani's entry into the U.S. industrial gases market to expand its hydrogen, industrial and specialty gases footprint; financial terms were not disclosed.

Christy Sports has acquired Grizzly Outfitters, a specialty outdoor retail and rental operator in Big Sky, Montana. The acquisition, which closed December 15, 2022, expands Christy Sports' retail and rental footprint in Montana and preserves the Grizzly Outfitters brand and staff during the transition.

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.