Acquisitions in Montana in 2023

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.