Q2 2021

IDAHO DEAL FLOW REPORT

A COLLABORATIVE REPORT PRESENTED BY:

We are pleased to present the Q2 2021 Idaho Deal Flow Report. This is the second quarterly report of 2021, and Idaho continues to experience significant investment. 

With 43 deals and over $1 billion of capital flow, Q2 eclipsed Q1 by six deals and over $300 million in capital flow. There were no public offerings and no ESOPS in the second quarter but an uptick in private placements and M&A deals. There were 20 M&A deals and 23 private placements.   

M&A Deals  
The second quarter of 2021 was another strong quarter for Idaho. There was a total of 20 Mergers & Acquisitions with only three disclosing acquisition prices. However, these three M&A deals account for almost $950 million in capital flow.  

The largest disclosed deal in Q2 was Enlight Renewable Energy’s acquisition agreement to acquire 90% of Clenera for $389 million. Founded in 2013 by Jason Ellsworth and Adam Pishl, Clenera is a renewable energy company that acquires, develops, builds and manages utility-scale solar farms and energy storage facilities.  

VisitPay, a healthcare software provider focused on the patient receivables market was acquired for $300 million by R1 RCM. This acquisition adds to R1 RCM’s portfolio of healthcare related software products and is another major exit for an Idaho based company this quarter.  

The final disclosed deal of Q2 was the $260 million acquisition of Boise based Design Space Modular Buildings by McGrath Rentcorp. For over 50 years, Design Space Modular Buildings has manufactured modular buildings and mobile office space. The acquisition expands McGrath Rentcorp’s footprint into the Western US and expands their capacity to provide business-to-business support through the renting of modular buildings, electronic test equipment, portable storage and tank solutions.  

These three transactions represent nearly $1 billion of deal flow, a significant amount for the state of Idaho, the founders, and the employees.  

Private Placement Deals  
There were 23 private placements totaling almost $78 million in Q2 of this year. Technology and Software companies accounted for the majority of the deals at 17 and $86 million, respectively. These numbers represent a significant increase from Q1 and indicate the continued interest in starting and investing in technology and software companies.  

Two deals of particular interest were the Series A investments in PlexTrac and Teal. PlexTrac, an Idaho based provider of cybersecurity software raised a $10 million Series A in April after successfully partnering with StageDotO during its seed stage. This was followed a week later with Teal’s (Seattle, WA) $9.1 million dollar Series A round led by StageDotO with participation from Capital Eleven, another Idaho based capital provider. 

These Series A deals demonstrate the growing impact of Idaho capital locally and regionally. StageDotO recently relocated their headquarters to Boise while Capital Eleven, based in Meridian, continues to actively invest in Idaho and beyond. The increase in deal count and capital flow is a positive sign heading into the second half of 2021. 

If you know of additional details, please don’t hesitate to email Lucas Henken at lucas@alturas.com.   

Thank you for all your support and enjoy our Q1 2021 Deal Flow Report!  


     

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Continuous Composites

Technology/Software
May 24, 2021
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 23
CEO: Tyler Alvarado
he company received $750,000 of grant funding from United States Department of Defense on May 24, 2021.
$750,000
STAGE: Seed/Angel
INVESTOR: United States Department Of Defense

Covr Financial Technologies

Technology/Software
April 29, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 88
CEO: Michael Kalen
The company raised an undisclosed amount of venture funding from Sony Innovation Fund on April 29, 2021.
UNDISCLOSED
INVESTOR: Sony Innovation Fund

Economic Modeling Specialists International

Technology/Software
June 14, 2021
County: Latah
City: Moscow
Region: Northern
Headcount: 301
CEO: Andrew Crapuchettes
The company entered into a definitive agreement to be acquired by Burning Glass Technologies, via its financial sponsor Kohlberg Kravis Roberts, through an LBO on June 14, 2021 for an undisclosed sum.
UNDISCLOSED
INVESTOR: Burning Glass Technologies

Gestalt Diagnostics

Technology/Software
April 15, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 18
CEO: Daniel Roark
The company raised $2 million of seed funding from Inland Imaging, Morningstar Foundation and Tacoma Venture Fund on April 15, 2021.
$2,000,000
STAGE: Seed/Angel
INVESTOR: Cowles Company

Grand Teton Distillery

Consumer/Retail
May 1, 2021
County: Teton
City: Driggs
Region: Eastern
Headcount: 15
CEO: Linda Beckett
The company raised $357,380 of equity crowdfunding via StartEngine on May 1, 2021.
$357,380
STAGE: Seed/Angel

IPSecure

Technology/Software
June 21, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: David Cooper
IPSecure secured seven-figures in seed funding from Manhattan Venture Partners.
UNDISCLOSED
STAGE: Seed/Angel

Killer Creamery

Consumer/Retail
April 29, 2021
County: Ada
City: Meridian
Region: Southwestern
Headcount: 6
CEO: Louis Armstrong
The company raised $1.5 million of seed funding in the form of equity and convertible debt from Connetic Ventures on April 29, 2021. The funds will be used to expand the company’s product line and its distribution channels in 2021.
$1,500,000
STAGE: Seed/Angel
INVESTOR: Connecticut Ventures

KORE Power

Technology/Software
June 29, 2021
County: Ada
City: Coeur d’Alene
Region: Southwestern
Cleanhill Partners, a private equity firm, invested an undisclosed sum in KORE as part of a strategic partnership.
UNDISCLOSED
STAGE: Growth

LeanLaw

Technology/Software
June 9, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 10
CEO: Gary Allen
The company raised $450,000 of angel funding from undisclosed investors on June 9, 2021.
$450,000
STAGE: Seed/Angel

Make a Difference

Financial Services
June 1, 2021
County: Bonner
City: Sandpoint
Region: Northern
Headcount: 4
CEO: Walt Teter
The company raised $4.56 million of angel funding through a combination of debt and equity from undisclosed investors on June 1, 2021.
$4,560,000
STAGE: Seed/Angel

Medico CX

Healthcare
May 28, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 2
CEO: Matt Patterson
The company raised $505,000 of angel funding from undisclosed investors on May 28, 2021.
$505,000
STAGE: Seed/Angel

Natural Intelligence Systems

Technology/Software
May 17, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 15
CEO: Paul Dlugosch
The company raised $5.74 million of angel funding from undisclosed investors on May 17, 2021.
$5,740,000
STAGE: Series B

PlexTrac

Technology/Software
April 14, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 24
CEO: Daniel DeCloss
The company raised $10 million of Series A venture funding in a deal led by Noro-Moseley Partners and Madrona Venture Group with the participation of Idaho based investor StageDotO on April 14, 2021.
$10,000,000
STAGE: Series A
INVESTOR: Madrona Venture Grouo

SafeSend

Financial Services
May 6, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 25
CEO: Carl Pennington
The company raised an undisclosed amount of venture funding from Lead Edge Capital on April 6, 2021. The company intends to use the funds to accelerate workflow automation technology for the tax & accounting profession.
UNDISCLOSED

SigmaSense

Technology/Software
May 3, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 52
CEO: Richard Seger
The company raised $8.30 million of venture funding in the form of convertible debt from undisclosed investors on April 30, 2021.
$8,300,000
STAGE: Series B
INVESTOR: Lakewood Exploration

Slate Click

Technology/Software
June 11, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 8
CEO: Kirk Uhler
The company has raised $7,936 of Equity Crowdfunding in the form of SAFE Note via Republic on June 11, 2021. The company plans to close the deal of the remaining $1.062 million by November 1, 2021.
$7,836
STAGE: Seed/Angel

Slayer Duck Calls

Consumer/Retail
July 1, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: Bill Ayer
Matt Rissell and Brandon Zehm, co-founders of TSheets, invested an undisclosed sum in Slayer Duck Calls in Seed funding.
UNDISCLOSED
STAGE: Seed/Angel

SmartStory

Technology/Software
April 15, 2021
County: Ada
City: Meridian
Region: Southwestern
Headcount: 10
CEO: Cristopher Minor
The company raised $5.61 million of Series AAA venture funding from undisclosed investors on April 15, 2021.
$5,610,000
STAGE: Series B

Solar Roadways

Materials + Resources
May 1, 2021
County: Bonner
City: Sandpoint
Region: Northern
Headcount: 4
CEO: Scott Brusaw
The company raised $2,498,021 of equity crowdfunding via StartEngine on May 1, 2021.
$2,498,021
STAGE: Seed/Angel

Teal Communications

Technology/Software
April 20, 2021
City: Bellevue
Region: Southwestern
Headcount: 10
CEO: Michael Johnston, Robby Hamblet
StageDotO led Teal’s Series A round of $9.1 million in April.
$9,100,000
STAGE: Series A

TerraClear

Technology/Software
May 26, 2021
County: Idaho
City: Grangeville
Region: North Central
Headcount: 23
CEO: Brent Frei
The company raised $25.00 million of Series A venture funding in a deal led by Madrona Venture Group on May 26, 2021, putting the company’s pre-money valuation at $58.00 million.
$25,000,000
STAGE: Series B
INVESTOR: Madrona Venture Group

Univeris

Technology/Software
June 29, 2021
County: Ada
City: Toronto
Region: Southwestern
TELEO Capital (Boise) placed a growth stage invesment in Toronto-based enteprise software company Univeris.
UNDISCLOSED
STAGE: Growth
INVESTOR: TELEO Capital

ZonGuru

Technology/Software
May 21, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 17
StageDotO invested an initial $1.5 million in seed capital into ZonGuru, a LA based company expanding in Boise.
$1,500,000
STAGE: Seed/Angel

Mergers + Acquisitions

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Aftermarket Performance Group

Consumer/Retail
April 1, 2021
County: Madison
City: Rexburg
Region: Eastern
Headcount: 81
CEO: Victor Pompino
The company was acquired by Ripple Industries for an undisclosed amount on April 1, 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Ripple Industries

Berkeley Building

Technology/Software
May 3, 2021
County: Ada
City: Meridian
Region: Southwestern
Headcount: 10
CEO: Joe Atalla
The company was acquired by Summit Custom Homes, a subsidiary of Clayton Homes, for an undisclosed amount on May 3, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Summit Custom Homes

Clenera

Materials + Resources
June 30, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 80
CEO: Jason Ellsworth
The company reached a definitive agreement to be acquired by Enlight Renewable Energy (TAE: ENLT), a subsidiary of Eurocom Group, for $389.7 million on June 30, 2021.
$389,700,000
BUYER TYPE: Strategic
INVESTOR: Enlight Renewable Energy

Cole Architects

Services
July 1, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: Matt Huffield
Cole Architects merged with DKA Architecture and Design of Bend, Oregon.
UNDISCLOSED
BUYER TYPE: Strategic

Conrad & Bischoff

Materials + Resources
April 13, 2021
County: Bonneville
City: Idaho Falls
Region: Eastern
Headcount: 160
CEO: James Hansen
The company was acquired by Parkland Fuel (TSE: PKI) for an undisclosed amount on April 13, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Parkland Fuel

Convertkit

Technology/Software
April 12, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 5
CEO: Nathan Barry
Convertkit acquired FanBridge, an email platform company focused on musicians for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Strategic

Design Space Modular Buildings

Consumer/Retail
May 17, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 110
CEO: Paul McShane
The company was acquired by Mcgrath Rentcorp (NAS: MGRC) for $260 million on May 17, 2021.
$260,000,000
BUYER TYPE: Financial
INVESTOR: McGrath Rentcorp

Epic Realty

Services
July 1, 2021
County: Ada
City: Meridian
Region: Southwestern
Epic Realty, a regoinal brokerage firm based in Meridan with over 350 agents, was acquired by Fathom Holdings Inc. through its real estate arm, Fathom Realty Holdings, LLC. for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Strategic

First Mortgage Company

Financial Services
May 20, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: Eric Murrell
The company was acquired by Amerant Bank (NAS: AMTB) for an undisclosed amount on May 20, 2021. The acquisition positions Amerant Bank with direct access to important federal housing agencies.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Amerant Bank

Great Floors

Services
June 2, 2021
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 500
CEO: Doug Chadderdon
The company was acquired by Artisan Design Group, via its financial sponsors Constitution Capital Partners and The Sterling Group, through an LBO on June 2, 2021 for an undisclosed sum.
UNDISCLOSED
INVESTOR: Artisan Design Group

HVAC Controls & Specialties

Services
April 5, 2021
County: Ada
City: Garden City
Region: Southwestern
CEO: Todd Petersen
The company was acquired by Harris Contracting Company for an undisclosed amount on April 5, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Harris Contracting Company

Impact Group

Services
June 24, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 1400
CEO: Lloyd Johnson
The company entered into a definitive agreement to be acquired by Acosta, via its financial sponsors Oaktree Capital Management, Nexus Capital Management, Neuberger Berman, Government of Singapore Investment Corporation (GIC), Elliott Management, Eaton Vance and other sponsors, through an LBO on June 24, 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Acosta

Incopro

Technology/Software
June 10, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 220
CEO: Simon Baggs
The company was acquired by Corsearch, via its financial sponsors Cobepa, Audax Group and Astorg (Paris), through an LBO on June 10, 2021 for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Astorg

Jacksons

Materials + Resources
May 19, 2021
County: Ada
City: Meridian
Region: Southwestern
CEO: John Jackson
Jacksons acquired 63 additional stores for an undisclosed sum from 7-Eleven in May of 2021.
UNDISCLOSED
BUYER TYPE: Strategic

Like Nu Car Wash

Services
May 7, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: John Bleymaier
The company was acquired by Metro Express Lube for an undisclosed amount on May 7, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Metro Express Lube

Perspecta

Technology/Software
May 6, 2021
County: Ada
City: Meridian
Region: Southwestern
Perspecta was acquired by Peraton, another leading defense contractor, in May of 2021. Shortly after the acquisition, Peraton fired all 300+ employees at the former Perspecta location in Meridian.
UNDISCLOSED
BUYER TYPE: Strategic

Silver Hammer Mining

Materials + Resources
May 31, 2021
Region: Southwestern
CEO: Philip Mulholland
The company reached a definitive agreement to be acquired by Lakewood Exploration (CNQ: LWD) for an undisclosed amount on May 31, 2021.
UNDISCLOSED
BUYER TYPE: Financial

SoulCraft

Materials + Resources
June 1, 2021
County: Ada
City: Meridian
Region: Southwestern
The “Mill Roll, Flaker roll, Flour Roll” division of SoulCraft was acquired by Scherer for an undisclosed amount on June 1, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Scherer Inc.

VisitPay

Financial Services
May 4, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 9
CEO: Kent F. Ivanoff
VisitPay was acquired by Chicago-based R1 RCM, a revenue cycle management partner for hospitals and healthcare systems.
$300,000,000
BUYER TYPE: Strategic

Wildflour Bakery

Consumer/Retail
April 1, 2021
County: Ada
City: Boise
Region: Southwestern
Ketchum-based Bigwood Bread acquired Wildflour Bakery to futher increase their presence in the Treasure Valley.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Bigwood Bread

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