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!