Q3 2021

IDAHO DEAL FLOW REPORT

A COLLABORATIVE REPORT PRESENTED BY:

We are pleased to present the Q3 2021 Idaho Deal Flow Report. Idaho continues to experience growth and exciting economic moments despite the continued impact of COVID-19.

The third quarter experienced 39 deals and $736 million of capital flow, which falls slightly below the second quarter. There was one IPO this quarter, 17 M&A deals and 21 private placements.

Initial Public Offering

One of the most exciting developments in Q3 of this year was the IPO of Clearwater Analytics in September. The company raised $540 million in its initial public offering which valued the company at just over $4 billion.

Clearwater joins a relatively small list of publicly traded companies based in Idaho (24 according to Crunchbase). This puts the company alongside storied Idaho businesses like Boise Cascade, Micron, and Albertsons among others.

M&A Deals

There were a total of 17 Mergers & Acquisitions with only one disclosing acquisition price.

The largest, and only disclosed deal in Q3 was Federal Signal’s acquisition of Ground Force Worldwide in early September. Ground Force Worldwide is a dedicated Original Equipment Manufacturer for the mining industry based in Post Falls. The company offers over 30 product lines in 60 countries around the world.

Another major acquisition was the sale of House of Design to Thomas H. Lee Partners, a leading private equity firm, on September 13, for an undisclosed sum. House of Design provides automated solutions to manufacturers in a wide range of industries. The company is a leading design and engineering firm of robotic systems that increase efficiencies while reducing labor input.

A deal of particular interest was the acquisition of LunchBox Wax by WellBiz Brands. LunchBox Wax, founded by Debi Lane in Boise in 2010, is a franchise waxing salon. It started with just one location in Boise and now has almost 50 around the country. These three transactions represent diverse companies in many different industries founded and grown in Idaho that experience large exits from nationally recognized firms.

Private Placement Deals

There were 21 private placements in Q3 totaling $151 million. Technology and software companies were once again a major beneficiary of investment as were several manufacturing companies. Additionally, there were four Series A rounds totaling almost $46 million in Q3. Two were Idaho based companies while two were companies with a major presence or second HQ located in Idaho.

Continuous Composites and Tovuti, Idaho based companies both experienced Series A rounds in July of $17 and $8 million, respectively. Continuous Composites, a cutting-edge 3D composites manufacturer is based in Coeur d’Alene and was founded in July of 2015. The round was led by B. Riley Venture Capital and will help the company keep up with demand and scale with their customers.

Tovuti is an industry leader in SaaS learning management systems that helps companies scale by providing platforms for learning and training programs. The $8 million round was led by Blueprint Equity and ScOp Venture Capital and aims to support continued growth and development.

These two Series A rounds further illustrate the continued success of Idaho based startups. The participation of capital providers outside of Idaho gives confidence to other Idaho founders that Idaho is no longer a “fly over state”. Rather, it is one of the best places to live and one of the best places to do business.

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 Q3 2021 Deal Flow Report!

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Overview

Deals by Industry

DEALS

Public Offering

Clearwater Analytics

Technology/Software
September 24, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: Sandeep Sahai
Clearwater analytics joined the New York Stock Exchange and raised $540 million in its initial public offering valuing the company at $4.17 billion on September 24, 2021.
$540,000,000

Private Placements

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AIMedica

Technology/Software
September 1, 2021
County: Twin Falls
City: Twin Falls
Region: South Central
CEO: Jordon Ritchie
On September 1, 2021 the company raised $100,000 of angel funding from undisclosed investors.
$100,000
STAGE: Seed/Angel

Boise Mobile Equipment

Consumer/Retail
September 16, 0221
County: Ada
City: Boise
Region: Southwestern
Headcount: 100
CEO: Chad Moffat
Boise Mobile Equipment entered into a strategic agreement with Oshkosh Inc. and it’s Pierce Manufacturing division. This partnership included an undisclosed amount of growth equity provided by Oshkosh to BME.
UNDISCLOSED
STAGE: Growth Equity
INVESTOR: Oshkosh Inc.

Continuous Composites

Materials + Resources
July 3, 2021
County: Ada
City: Coeur d’Alene
Region: Southwestern
Headcount: 20
CEO: Tyler Alvarado
Continuous Composites raised $17 million in a Series A round led by B. Riley Venture Capital.
$17,000,000
STAGE: Series A
INVESTOR: B. Riley Venture Capital

Flagship Food Group

Consumer/Retail
July 22, 2021
County: Ada
City: Eagle
Region: Southwestern
Headcount: 500
CEO: Rob Holland
BlackRock, Committed Advisors, Kline Hill Partners, PineBridge Investments and other investors provided an undisclosed amount of development capital to Flagship Food Group on September 29, 2021.
UNDISCLOSED
STAGE: Growth Equity

Goodbuy

Consumer/Retail
September 23, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 6
CEO: Cara Oppenheimer
Goodbuy raised an undisclosed sum in seed financing ina a round led by StageDotO.
UNDISCLOSED
STAGE: Seed/Angel
INVESTOR: StageDotO

Home Care Pulse

Services
August 4, 2021
County: Madison
City: Rexburg
Region: Southeastern
Headcount: 100
CEO: Erik Madsen
Cressey & Company provided an undisclosed amount of development capital to Home Care Pulse on August 4, 2021.
UNDISCLOSED
STAGE: Growth Equity
INVESTOR: Cressey & Company

indieDwell

Materials + Resources
September 30, 2021
County: Canyon
City: Pueblo
Region: Southwestern
Headcount: 33
CEO: Christina Bluth
indieDwell raised $5.75 million of Series A venture funding in a deal led by HMS Development and Bastogne Development Partners on September 30, 2021.
$5,750,000
STAGE: Series A
INVESTOR: Bastogne

Joule Case

Materials + Resources
August 4, 2021
County: Ada
City: Seattle
Region: Southwestern
Headcount: 13
CEO: James Wagoner
Joule Case raised $1.85 million of venture funding from Keiretsu Capital, Keiretsu Forum and Park City Angels on August 4, 2021.
$1,850,000
STAGE: Seed/Angel
INVESTOR: D4 Investments

Junolive

Technology/Software
August 11, 2021
County: Kootenai
City: Post Falls
Region: Northern
Headcount: 65
CEO: Josh Hotsenpiller
Junolive announced it raised $3,500,000 of Seed funding on August 11, 2021.
$3,500,000
STAGE: Seed/Angel
INVESTOR: Jerry Murdock

Kno2

Healthcare
July 14, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 32
CEO: Jon Elwell
Kno2 raised $15 million of Series A venture funding in a deal led by Providence Ventures and Health Enterprise Partners on July 14, 2021. Other undisclosed investors also participated in the round. The funds will be used to accelerate continued expansion of connectivity and workflows across the platform and expand to underserved markets.
$15,000,000
STAGE: Series A
INVESTOR: Health Enterprise Partners

Lake Street Software

Technology/Software
July 8, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 1
CEO: Nick Hough
Lake Street Software raised $100,000 of angel funding from undisclosed investors on July 8, 2021.
$100,000
STAGE: Seed/Angel

Lovevery

Consumer/Retail
August 1, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 177
CEO: Jessica Rolph
The company raised an estimated $98 million of Series C venture funding from The Chernin Group and other undisclosed investors on August 1, 2021, putting the company’s pre-money valuation at $740 million.
$98,000,000
STAGE: Series C+
INVESTOR: The Cherin Group

Oluko

Technology/Software
July 6, 2021
County: Ada
City: Eagle
Region: Southwestern
Headcount: 5
CEO: Scott Hublou
Oluko raised $200,000 of angel funding from undisclosed investors on July 6, 2021 in the form of SAFE notes.
$200,000
STAGE: Seed/Angel

OurPetPolicy

Healthcare
August 1, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 2
CEO: Logan Miller
The company raised an undisclosed amount of venture funding from Capital Eleven in August 2021.
UNDISCLOSED
STAGE: Seed/Angel
INVESTOR: Capital Eleven

RetroLux

Materials + Resources
September 14, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 14
CEO: Leif Elgethun
The company joined Pax Momentum’s Fall 2021 Cohort on September 14, 2021 and received $50,000 in funding.
$50,000
STAGE: Seed/Angel
INVESTOR: Pax Momeentum

Silverdraft Supercomputing

Technology/Software
August 1, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 13
CEO: Amy Gile
Silverdraft Supercomputing received an undisclosed amount of development capital from Dye Capital & Company in approximately August, 2021.
UNDISCLOSED
STAGE: Growth Equity
INVESTOR: Dye Capital & Company

Slayer Duck Calls

Consumer/Retail
July 1, 2021
County: Ada
City: Eagle
Region: Southwestern
CEO: Bill Ayer
Slayer Duck Calls raised an undisclosed amount of angel funding from Brandon Zehm and Matt Rissell on July 1, 2021.
UNDISCLOSED
STAGE: Seed/Angel
INVESTOR: Brandon Zehm

Stukent

Technology/Software
August 30, 2021
County: Bonneville
City: Idaho Falls
Region: Southeastern
Headcount: 134
CEO: Stuart Draper
Stukent received an undisclosed amount of development capital from Tritium Partners on August 30, 2021.
UNDISCLOSED
STAGE: Growth Equity
INVESTOR: Tritium Partners

The Caprock Group

Financial Services
September 28, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 39
CEO: William Gilbert
The Caprock Group received an undisclosed amount of financing from TA Associates Management on September 28, 2021.
UNDISCLOSED
STAGE: Growth Equity
INVESTOR: TA Associates Management

Tovuti

Technology/Software
July 23, 2021
County: Ada
City: Eagle
Region: Southwestern
Headcount: 35
CEO: Troy McClain
Tovuti raised $8 million of Series A venture funding in a deal co-led by Blueprint Equity and Scop Venture Capital on July 23, 2021.
$8,000,000
STAGE: Series A
INVESTOR: Blueprint Equity, ScOp Venture Capital

XOTHRM

Healthcare
July 6, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: JoHan Wang
The company is in the process of raising $1.5 million of convertible debt financing from undisclosed investors on July 6, 2021.
$1,500,000
STAGE: Seed/Angel

Mergers + Acquisitions

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American Crypto Systems

Technology/Software
July 6, 2021
County: Ada
Region: Southwestern
American Crypto Mining was acquired by TRON Group for an undisclosed amount on July 6, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: TRON Group

Blue Dog RV

Consumer/Retail
July 28, 2021
County: Kootenai
City: Post Falls
Region: Northern
Headcount: 400
CEO: John Asplund
Blue Dog RV entered into a definitive agreement to be acquired by RV Retailer, via its financial sponsor Redwood Capital Investments, through an LBO on July 28, 2021 for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Redwood Capital Investments

Born Simple

Consumer/Retail
August 10, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: Rob Johnson
Mizkan Americans acquired Born Simple for an undisclosed amount on August 10, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Mizkan Americans

Building Energy (Energy Rating)

Materials + Resources
July 26, 2021
County: Canyon
City: Star
Region: Southwestern
CEO: Darrell Gustaveson
Building Energy was acquired by DPIS Builder Services for an undislocsed sum, via its financial sponsor Saw Mill Capital, through an LBO on July 26, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Saw Mill Capital

Critical Process Systems Group

Technology/Software
August 24, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 400
CEO: Dmitry Shashkov
Critical Process Systems reached a definitive agreement to be acquired by Exyte Group, a subsidiary of Stumpf, for an undisclosed amount on August 24, 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Exyte Group

Good Superfoods

Consumer/Retail
July 16, 2021
County: Ada
City: Garden City
Region: Southwestern
Headcount: 13
CEO: Kim Hayes
Disruptive Technologies acquired Good Superfoods for an undisclosed amount on July 16, 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Disruptive Technologies

Ground Force Worldwide

Materials + Resources
September 8, 2021
County: Kootenai
City: Post Falls
Region: Northern
Headcount: 52
CEO: Ronald Nilson
Federal Signal (NYS: FSS) acquired Ground Force Worldwide for $45 million on September 8, 2021.
$45,000,000
BUYER TYPE: Strategic
INVESTOR: Federal Signal

Hands of Hope Home Health Hospice

Healthcare
July 27, 2021
County: Bonneville
City: Idaho Falls
Region: Southeastern
CEO: Jill Garrett
Mission Healthcare acquired Hands of Hope Home via its financial sponsor Vistria Group, through an LBO on July 27, 2021 for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Mission Healthcare

Heart 'n Home Hospice

Healthcare
July 1, 2021
County: Payette
City: Fruitland
Region: Southwestern
Headcount: 124
CEO: Todd Slice
Heart n’ Home Hospice was acquired by LHC Group (NAS: LHCG) for an undisclosed amount on July 1, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: LHC Group

House of Design

Materials + Resources
September 13, 2021
County: Canyon
City: Nampa
Region: Southwestern
Headcount: 100
CEO: Shane Dittrich
House of Design was acquired by Thomas H. Lee Partners for an undisclosed sum through an LBO on September 13, 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Thomas H. Lee

Impact Group

Services
July 12, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: Lloyd Johnson
Impact Group was acquired by Acosta, via its financial sponsors Oaktree Capital Management, Nexus Capital Management, Neuberger Berman, Government of Singapore Investment Corporation (GIC), Elliott Management and 3 other investors, through an LBO on July 12, 2021 for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Acosta

Kodiak America

Materials + Resources
October 15, 2021
County: Cassia
City: Burley
Region: South Central
Headcount: 150
Kodiak America was acquired by Snake River Holdings on Sept. 19 for an undisclosed amount. Snake River Holdings also acquired Double L Manufacturing and this new addition will foster greater manufacturing synergy for the company.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Snake River Holdings

LunchBox Wax

Services
July 20, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 124
CEO: Debi Lane
The company was acquired by WellBiz Brands, via its financial sponsors Golub Capital BDC and KSL Capital Partners, through an LBO on July 20, 2021 for an undisclosed sum. As part of the transaction, WellBiz Brands adds its fifth concept to its franchise portfolio and becomes the franchisor for 49 LunchboxWax salons.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Golub Capital BDC

RadQual

Materials + Resources
July 12, 2021
County: Bonneville
City: Idaho Falls
Region: Southeastern
Headcount: 1
CEO: Steve Laflin
International Isotopes (PINX: INIS) acquired RadQual for an undisclosed amount on July 12, 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: International Isotopes

Recovered Energy

Materials + Resources
August 13, 2021
County: Bannock
City: Pocatello
Region: Southeastern
Headcount: 18
CEO: Matthew Adams
Recovered Energy was acquired by H2O for an undisclosed amount on August 13, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: H2O

Summit Seed Coatings

Materials + Resources
September 14, 2021
County: Canyon
City: Caldwell
Region: Southeastern
Headcount: 25
CEO: Bill Talley
Tide Rock Holdings acquired Summit Seed Coating through an LBO on September 14, 2021 for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Tide Rock Holdings

Western Heating & Air Conditioning

Services
July 12, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 14
CEO: Bob Barnes
Western Heating & Air Conditioning was acquired by The Seer Group for an undisclosed amount on July 12, 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: The Seer Group

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ABOUT ITC

The voice of Idaho’s Technology Based Industry. Driving Idaho into a knowledge based economy with initiatives around Talent, Access to Capital and Commercialization.

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THE PEOPLE

Capital Connect + Deal Flow Committee

Blake Hansen
Co-chair, Alturas

Alison Johnson
Co-chair, Holland & Hart, LLP

Jay Larsen
Idaho Technology Council

Laura Squyres
Holland & Hart, LLP

Lucas Henken
Alturas

Maggie Hyde
Alturas

Coltin Barney
Alturas Intern

Carter Scoresby
Alturas Intern