Acquisitions in Montana in 2024

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.