2022

IDAHO DEAL FLOW REPORT

A COLLABORATIVE REPORT PRESENTED BY:

OPENING NOTES

We are pleased to present the 2022 Idaho Deal Flow Report, our ninth annual report. In total, 111 deals transacted with over $6.5 billion of total volume. While 2022 had the lowest number of deals since we started tracking data in 2010, total volume exceeded the annual average by $1 billion. We saw new startups emerging in a range of industries and established companies expanding operations. The state’s supportive business climate has helped to attract and retain businesses of all sizes, driving continued growth in the region. 

Significant deals include the acquisition of US Ecology for $2.2 billion, MAD Energy’s $98 million raise, and Bardenay’s employee stock ownership plan. Returning companies to the report included Plextrac, which closed a Series B round, Pitch Aeronautics, which closed a crowdfunded Seed round, and Natural Intelligence Systems, which successfully raised their second seed round. Kompliant’s $14 million seed round and Soiltech’s $2.8 million seed round represent companies featured for the first time.  

We are optimistic that the business ecosystem will support more companies starting and growing in Idaho. This year’s report is proof that Idaho companies have access to capital to start, grow, and thrive. With expanded interest from capital providers inside and outside the state, we expect entrepreneurs to keep building, innovating, and experimenting here in Idaho. 

Blake J. Hansen
Alturas

Special thanks to the Deal Flow Report team at the College of Idaho, led by Professor Seth Ruhter.
2022 Idaho Deal Flow Report Team

Jahona Akbarova
Loi Ha
Dorian Hardin
Benjamin Hermes
Blake Murray

OPENING REMARKS

Dear Friends,

It is an honor for me to introduce the 2022 Idaho Deal Flow Report, “TECH GROWS HERE!” We eagerly await this publication every year because it spotlights many of the industries flourishing in Idaho along with their investment partners.

Idaho’s success is no accident. We have the strongest economy in the nation thanks to years of responsible governing, strategic investments, and the unrelenting can-do attitude of Idaho businesses and entrepreneurs. I’m particularly proud of the investments we’re making in our workforce with Launch, our new and upcoming plan to invest in “real world” jobs like those you find in the technology sector. Launch, along with our historic investments in education, will help position Idaho’s technology sector for even more strength and success.

For those who have called Idaho home for years – and for many of us, a lifetime – it is no wonder companies and people from other parts of the country and the world are choosing the Gem State to invest, do business, and live life. Our communities share in the excitement of an entrepreneur starting a business. We root for innovation and investment in our existing businesses, large and small. We extend open arms to anyone wishing to come here from somewhere else to retire, raise their families, or expand or relocate a business.

I appreciate the Idaho Technology Council and all the volunteers and organizers for contributing to the 2022 Idaho Deal Flow Report. Once again, you have put together an outstanding resource that summarizes trends in business activity and identifies where we excel and where can improve.

Together we will remain intently focused on public policies that support education, workforce development, economic growth and prosperity because the next generation of Idahoans need the same kind of job opportunities in Idaho that they can find in large cities. With your help, we will continue to meet my goal of making Idaho the place where our children and grandchildren choose to stay.

Governor Brad Little
State of Idaho

DEAL FLOW SNAPSHOT

$ 0
Billion

TOTAL CAPITAL

0
Total Deals

TOTAL DEALS

$ 0
Billion

M+A DEALS

BIGGEST DEALS OF 2022

Private Placements

$ 0 M
Undisclosed Investors
$ 0 M
Led by Siemens Financial
$ 0 M
Led by Insight Partners

Mergers + Acquisitions

$ 0 B
Acquired by Churchill Downs
$ 0 B
Acquired by Republic Services
$ 0 M
Acquired Coastal Plywood

ESOP

DEAL FLOW DATA

Data Overview

2022 showed slower growth than in previous years, but with transactions slowing nationwide this was to be expected. Total deal count was 111, well  below the 10-year median of 142.9 deals per year. Total private placement deals came in at 57 deals, which is significantly lower than the 10-year average of 77 private placement deals per year. 2022 had a total of 54 M&A deals, below the 10-year average count of 63.
The year’s average deal amount was $123.2 million, with the average private placement deal at $11.1 million and the average disclosed M&A deal at $753.5 million. This year’s averages were highly skewed by two large acquisitions: US Ecology for $2.2 billion and Peninsula Pacific Entertainment for $2.75 billion. Of 53 disclosed amount deals, 31% were under $1 million, with 43% between $1 million and $16 million, and 26% above $16 million.

ESOP

An employee stock ownership plan (ESOP) is an ownership structure that allows employees to own shares of their employer’s stock. ESOPs can be a way for employees to accumulate wealth and benefit from the success of the company they work for. Bardenay Inc. had the only ESOP deal in Idaho in 2022.

Bardenay Inc is a restaurant chain and distillery based in Boise. The company was founded in 1999 by Kevin Settles, who converted a historic brick building in downtown Boise into a restaurant and distillery. Bardenay quickly became popular for its unique combination of dining and spirits, and the company expanded to additional locations in Eagle and Coeur d’Alene.

Bardenay also produces its own line of spirits, including vodka, gin, and rum, which are distributed to liquor stores throughout Idaho. The company has been recognized with numerous awards for its spirits, including a gold medal at the San Francisco World Spirits Competition.

Today, Bardenay continues to expand with new locations, as well as plans for a new distillery in the Boise area. The company remains committed to its roots as a locally owned and operated business, with a focus on using high-quality, locally sourced ingredients in its food and drinks.

Bardenay Inc.

Consumer/Retail
January 6, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 55
CEO: Kevin Settles
Bardenay Inc. transitioned ownership to a trust-based ESOP. The trust is executed by an independent trustee, and employees withdraw at time of leave or retirement.
UNDISCLOSED

Bardenay Inc.

Consumer/Retail
UNDISCLOSED
January 6, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 55
CEO: Kevin Settles
Bardenay Inc. transitioned ownership to a trust-based ESOP. The trust is executed by an independent trustee, and employees withdraw at time of leave or retirement.

PRIVATE PLACEMENTS

DATA

DEAL FLOW HIGHLIGHT

Jasper Health

by Sharon Fisher

Jasper Health is an app intended to help people manage their cancer care.

“Jasper starts with the patient first,” Pellegrini said. It’s a platform that connects the patient to various kinds of coaches, as well as its broader healthcare team.”

“No one really knows what to do in the unfortunate situation where you have cancer,” Pellegrini said. “Your mind goes blank. It’s an actual physiological change that happens in your mind.”

DEAL FLOW PROFILE

Jasper Health


Seed/Angel

MAR 2021
$6,800,000

Series A

FEB 2022
$25,000,000

The app acts as a guide from diagnosis through treatment through remission. “We’re not trying to do second opinions or clinical treatment,” Pellegrini said. Instead, the app offers suggestions and manages aspects such as mental health, diet and nutrition, lifestyle, and how to deal with stress and anxiety. Meanwhile, the various coaches and clinicians using the app can see all of their patients that need help today, as well as those who can wait a little bit.

For example, if a patient is starting chemotherapy, the app will tell them how they should be eating and come up with a diet plan. “It’s all in partnership with the clinicians,” Pellegrini said.

How Jasper Health came to be

Jasper Health was incubated out of a venture firm in New York called Redesign Health, Pellegrini said. The idea came from his cofounder, Kira Wampler, who also worked for Redesign, after serving as chief marketing officer for startups such as Lyft and Trulia. “She had a loved one going through this very terrible experience,” he said. “When this experience happened, she said, ‘I can’t believe there’s not a digital experience to help people in these times right away.’”

For its first year, the firm was headquartered in New York, but Wampler knew she needed a partner who knew the digital health side. “So that’s where she recruited me,” Pellegrini said.

Then two years ago April – perhaps you remember the time – Pellegrini took over as cofounder and CEO.

“We still work almost every day brainstorming,” Pellegrini said.

Pellegrini’s involvement

So how did Pellegrini get involved? And what’s the connection to Yellow Pine?

“I live there part-time,” Pellegrini explained. “My wife’s family actually homesteaded Yellow Pine,” and he and his wife have three cabins of the original homestead. They’re there almost every weekend, even in the winter – when it’s a 4 ½-hour single-lane drive from Eagle – and they live there full time during the summer.

On Pellegrini ‘s grandmother’s side, his family is from New Meadows and worked at the Stibnite mine, not far from Yellow Pine. “My family has been around these parts since the very early days,” he said. While Pellegrini himself traveled around in the military to Tacoma, Chicago, and Texas, “my wife and family have always had property in Yellow Pine,” he said. “Our goal was, ‘how do we get closer to Yellow Pine.’”

Pellegrini has been involved in digital health care for more than 20 years, he said. It includes stints working for the American Cancer Society and Microsoft Health, followed by becoming an executive for Walgreens in Chicago. He built their digital health strategy, then worked for the founder of FitBit, followed by CVS Health and Aetna.

“When this came along, it was all of my former jobs rolled into one,” he said.

The venture firm knew Pellegrini from his previous positions, primarily the Microsoft one, and they knew his track record. “Digital health is a very small world,” he said. So they offered him the position running the company.

Read the full story at the Built in Idaho blog →

PRIVATE PLACEMENT DEALS

Alphy

Technology/Software
$7,500,000
STAGE: Seed/Angel
June 14, 2022
County: Kootenai
City: Hayden
Region: Northern
Headcount: 21
CEO: Julian Guthrie
The company raised $7.5 million of seed funding from MJ Elmore, John Fisher and Jim Goetz on June 14, 2022.
INVESTOR(S): MJ Elmore
John Fisher
Jim Goetz

American Revolution Vodka

Consumer/Retail
UNDISCLOSED
STAGE: Growth Equity
December 13, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Michael Carrosino
The company received an undisclosed amount of development capital from Cypress Ascendant on December 13, 2022.
INVESTOR(S): Cypress Ascendant

Athlyt

Technology/Software
$775,000
STAGE: Seed/Angel
March 29, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Kirk Uhler
The company raised $775,000 venture funding from Capital Eleven, Connetic Ventures and other undisclosed investors on March 29, 2022.
INVESTOR(S): Capital Eleven
Connetic Ventures

AutoLOTO

Technology/Software
$1,100,000
February 25, 2022
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 6
CEO: Daniel Furbush
The company received $1.1 million of financing from CAI on February 25, 2022. The funds will be used to support bringing applications to market in critically underserved areas around construction and manufacturing.
INVESTOR(S): CAI

Bank of Idaho Holding

Financial Services
$53,200,000
STAGE: Growth Equity
May 11, 2022
County: Bonneville
City: Idaho Falls
Region: Eastern
Headcount: 129
CEO: Jeffrey Newgard
The company (PINX: BOID) received $53.2 million of development capital from undisclosed investors on May 11, 2022 through a private placement.

Build

Technology/Software
$450,000
STAGE: Seed/Angel
February 22, 2023
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 3
The company raised $450,000 of seed funding from Balaji Srinivasan.
INVESTOR(S): Balaji Srinivasan

Alphy

Technology/Software
June 14, 2022
County: Kootenai
City: Hayden
Region: Northern
Headcount: 21
CEO: Julian Guthrie
The company raised $7.5 million of seed funding from MJ Elmore, John Fisher and Jim Goetz on June 14, 2022.
$7,500,000
STAGE: Seed/Angel
INVESTOR(S): MJ Elmore
John Fisher
Jim Goetz

American Revolution Vodka

Consumer/Retail
December 13, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Michael Carrosino
The company received an undisclosed amount of development capital from Cypress Ascendant on December 13, 2022.
UNDISCLOSED
STAGE: Growth Equity
INVESTOR(S): Cypress Ascendant

Athlyt

Technology/Software
March 29, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Kirk Uhler
The company raised $775,000 venture funding from Capital Eleven, Connetic Ventures and other undisclosed investors on March 29, 2022.
$775,000
STAGE: Seed/Angel
INVESTOR(S): Capital Eleven
Connetic Ventures

AutoLOTO

Technology/Software
February 25, 2022
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 6
CEO: Daniel Furbush
The company received $1.1 million of financing from CAI on February 25, 2022. The funds will be used to support bringing applications to market in critically underserved areas around construction and manufacturing.
$1,100,000
INVESTOR(S): CAI

Bank of Idaho Holding

Financial Services
May 11, 2022
County: Bonneville
City: Idaho Falls
Region: Eastern
Headcount: 129
CEO: Jeffrey Newgard
The company (PINX: BOID) received $53.2 million of development capital from undisclosed investors on May 11, 2022 through a private placement.
$53,200,000
STAGE: Growth Equity

Build

Technology/Software
February 22, 2023
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 3
The company raised $450,000 of seed funding from Balaji Srinivasan.
$450,000
STAGE: Seed/Angel
INVESTOR(S): Balaji Srinivasan

MERGERS & ACQUISITIONS

M+A DATA

M+A DEALS

Agency Software

Technology/Software
UNDISCLOSED
BUYER TYPE: Strategic
July 11, 2022
County: Kootenai
City: Hayden Lake
Region: Northern
CEO: Mitch McInelly
The company was acquired by Harris Computer, a subsidiary of Constellation Software (TSE: CSU), for an undisclosed amount on July 11, 2022.

Albeni Falls Building Supply

Materials + Resources
UNDISCLOSED
BUYER TYPE: Strategic
October 24, 2022
County: Bonner
City: Oldtown
Region: Northern
Headcount: 40
CEO: David Melbourn
The company was acquired by Kodiak Building Partners, via its financial sponsor Court Square, through an LBO on October 24, 2022 for an undisclosed amount.

Association Management

Services
UNDISCLOSED
BUYER TYPE: Strategic
May 18, 2022
County: Ada
City: Meridian
Region: Southwestern
CEO: Alana Ashby
The company was acquired by Keystone Pacific for an undisclosed amount on May 18, 2022.

Avercast

Technology/Software
UNDISCLOSED
BUYER TYPE: Strategic
January 18, 2022
County: Jefferson
City: Rigby
Region: Eastern
Headcount: 22
CEO: Jason Averill
The company was acquired by TransImpact, via its financial sponsor The Jordan Company, through an LBO on January 18, 2022 for an undisclosed amount.

Axiom Fitness

Consumer/Retail
UNDISCLOSED
BUYER TYPE: Strategic
April 4, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 120
CEO: Billy Malkovich
The company was acquired by VillaSport Athletic Club and Spa for an undisclosed amount on April 4, 2022. The acquisition enables VillaSport Athletic Club and Spa to build full-size sport clubs in Treasure Valley and broaden its offerings as well as services

Berggren Diesel

Services
UNDISCLOSED
BUYER TYPE: Strategic
December 13, 2022
County: Bonneville
City: Idaho Falls
Region: Eastern
CEO: Mike Duffy
The company was acquired by FleetPride, via its financial sponsors American Securities and ACE & Company, through an LBO on December 13, 2022 for an undisclosed amount.

Agency Software

Technology/Software
July 11, 2022
County: Kootenai
City: Hayden Lake
Region: Northern
CEO: Mitch McInelly
The company was acquired by Harris Computer, a subsidiary of Constellation Software (TSE: CSU), for an undisclosed amount on July 11, 2022.
UNDISCLOSED
BUYER TYPE: Strategic

Albeni Falls Building Supply

Materials + Resources
October 24, 2022
County: Bonner
City: Oldtown
Region: Northern
Headcount: 40
CEO: David Melbourn
The company was acquired by Kodiak Building Partners, via its financial sponsor Court Square, through an LBO on October 24, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic

Association Management

Services
May 18, 2022
County: Ada
City: Meridian
Region: Southwestern
CEO: Alana Ashby
The company was acquired by Keystone Pacific for an undisclosed amount on May 18, 2022.
UNDISCLOSED
BUYER TYPE: Strategic

Avercast

Technology/Software
January 18, 2022
County: Jefferson
City: Rigby
Region: Eastern
Headcount: 22
CEO: Jason Averill
The company was acquired by TransImpact, via its financial sponsor The Jordan Company, through an LBO on January 18, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic

Axiom Fitness

Consumer/Retail
April 4, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 120
CEO: Billy Malkovich
The company was acquired by VillaSport Athletic Club and Spa for an undisclosed amount on April 4, 2022. The acquisition enables VillaSport Athletic Club and Spa to build full-size sport clubs in Treasure Valley and broaden its offerings as well as services
UNDISCLOSED
BUYER TYPE: Strategic

Berggren Diesel

Services
December 13, 2022
County: Bonneville
City: Idaho Falls
Region: Eastern
CEO: Mike Duffy
The company was acquired by FleetPride, via its financial sponsors American Securities and ACE & Company, through an LBO on December 13, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic

ABOUT ALTURAS

Alturas owns and operates multiple companies and real estate assets. Everything is centered around creating value for our partners, employees and customers.

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Built in Idaho is a digital community for Idaho business owners, investors and entrepreneurs on a mission to amplify investment and entrepreneurship within our state.

ABOUT THE COLLEGE OF IDAHO

The College of Idaho’s Business and Accounting Department offers a comprehensive curriculum, preparing students for careers in a variety of fields, from finance and accounting to entrepreneurship and management.