Q1 2021

IDAHO DEAL FLOW REPORT

A COLLABORATIVE REPORT PRESENTED BY:

We are pleased to present the Q1 2021 Idaho Deal Flow Report. This is the first quarterly report of 2021, and it’s clear that Idaho continues to grow and prosper.   

With 37 deals and over $700 million of capital flow, 2021 is off to a strong start. Like Q4 of 2020, there were no Public Offerings in the first Quarter of 2021. However, there were 20 M&A deals and 15 private placements along with two employee stock ownership plans.   

M&A Deals  
Quarter one of 2021 was an exciting time for Idaho companies. Kount, an Artificial Intelligence fraud prevention and digital identity protection company founded in Idaho in 2007, was acquired by Equifax for $640 million. This is one of the largest publicly disclosed acquisitions in Idaho. This acquisition is also a testament of the quality of businesses founded and grown in Idaho. Equifax, the acquirer, is one of the three largest credit reporting agencies and is listed on the S&P 500.   

ECCO Safety Group (ESG), the world’s largest manufacturer of commercial and emergency vehicle warning and safety products based in Boise, was also acquired in the first quarter by Clarience Technologies. Clarience Technologies provides both products and services to enhance safety, fleet management, and supply chain efficiency. Though the deal price was undisclosed, the acquisition increases the capital and support behind another leading Idaho company.  

Idaho companies were not just getting acquired last quarter. Truckstop.com, a leading software solution for freight moving, acquired California-based Registry Monitoring Insurance Services. This strategic acquisition enhances Truckstop.com’s compliance-as-a-service (CaaS) and helps to maintain its position as an industry leader in innovation and safety.   

Private Placement Deals  
Idaho companies also experienced significant private placements in the first quarter of 2021 with over $60 million raised. Appdetex, a SaaS company that protects brands online, raised an additional round of funding of $12.2 million in January. In February, Fitted, which uses artificial intelligence to help retail businesses, raised $3.4 million less than a year after it secured $1.2 million in seed funding.   

Then in March, Tackle.io raised $35 million. Tackle, which closed its Series A round of $7.3 million in June of 2020, built off of a successful year and closed this significant Series B round led by Andreessen Horowitz and joined by existing investor Bessemer Venture Partners.   

This was followed up by a seed round of $1.4 million raised by Crave, a local restaurant delivery service and platform. Crave’s initial funding round of $7.3 million was led by local Venture firm StageDotO in December of last year and StageDotO continues to support the company as it looks to expand nationally.  

ESOP Deals 
The first quarter of 2021 also saw several Employee Stock Ownership Plans. In January, Tates Rents, founded by Idaho’s Tate family, transitioned to employee ownership the same year the company turns 75. This was followed closely by Commercial Tire which transitioned to employee ownership after 73 years of family ownership.  

We look forward to hearing from you—our collaborators—about other deals and additional details not yet included in this report. Keep your eye out for the 2020 Annual Deal Flow Report, going live on May 18th at the Capital Connect Conference!   

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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M+A DEALS

DEAL FLOW DATA

Overview

Deals by Industry

DEALS

Employee Stock Ownership Plan

Commercial Tire

Consumer/Retail
March 18, 2021
County: Ada
Location: Meridian, ID
Region: Southwestern
Headcount: 500
CEO: Bob Schwenkfelder
Commercial Tire transitioned ownership to employees in March of 2021 after 52 years of family ownership.

Tates Rents

Services
January 14, 2021
County: Ada
Location: Boise, ID
Region: Southwestern
CEO: Eric Tate
The Tate Family, the long time owners of Tates Rents, sold the company to its employees becoming the first Idaho company to do so in 2021.

Private Placements

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Appdetex

Technology/Software
January 28, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 100
CEO: Faisal Shah
Appdetex raised its Series C round of $12.2 million in January of 2021 in a round led by Baird Capital.
$12,200,000
STAGE: Series C
INVESTOR: Baird Capital

BlueSky Energy

Materials + Resources
March 17, 2021
County: Bonner
City: Ponderay, ID
Region: Northern
Headcount: 24
CEO: Lyle Gold
BlueSky Energy closed on $117,285 out of planned $1.07 million of equity crowdfunding via StartEngine.com on March 15, 2021, putting the company’s pre-money valuation at $19.88 million.
$120,000
STAGE: Seed/Angel

Crave

Consumer/Retail
March 18, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 42
CEO: Devin Wade
Crave raised $1.42 million of venture funding through a combination of equity and convertible debt from undisclosed investors on March 18, 2021.
$1,420,000
STAGE: Seed/Angel

Emmersion

Services
March 26, 2021
County: Madison
City: Rexburg, ID
Region: Eastern
Headcount: 59
CEO: Brigham Tomco
Emmersion raised $5.5 million of venture funding in the form of convertible debt in a deal led by Sepio Capital on March 26, 2021. Next Frontier Capital, Jeremy Andrus and Tamarak Capital also participated in the round.
$5,500,000
STAGE: Series A
INVESTOR: Jeremy Andrus

eTT Aviation

Technology/Software
January 12, 2021
County: Ada
City: Eagle, ID
Region: Southwestern
Headcount: 4
CEO: Tom LaJoie
eTT raised $400,000 of revenue-based financing on 1/12/2021 to help fund the integration of the newly acquired Eagle Cap Software into its SkedFlex Flight and Crew Management Suite.
$400,000
STAGE: Seed/Angel
INVESTOR: Sage Growth Capital

Fitted

Technology/Software
February 23, 2021
County: Ada
City: Eagle, ID
Region: Southwestern
Headcount: 21
Fitted received an additional $3.4 million in seed funding in February of 2021, less than a year after it received $1.2 million.
$3,400,000
STAGE: Seed/Angel
INVESTOR: Epic Ventures, Capital Eleven, Brad Wiskirchen, Matt Rissell, Mike Boren, Faisal Shah, Idaho Capital Ventures, Trolley House Ventures, Vynyl Partners

Grand Teton Distillery

Consumer/Retail
January 6, 2021
County: Teton
City: Driggs, ID
Region: Eastern
Headcount: 15
CEO: Linda Beckett
Grand Teton Distillery completed a round of seed funding worth $40,000.
$40,000
STAGE: Seed/Angel

nft42

Technology/Software
January 1, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 6
CEO: James McNelis
nft42 joined Outlier Ventures as part of the Base Camp Accelerator Program on January 1, 2021 and received $50,000 in funding.
$50,000
STAGE: Seed/Angel
INVESTOR: Outlier Ventures

nft42

Technology/Software
March 11, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 6
CEO: James McNelis
The company raised $3 million of seed funding in the form of SAFE notes from Mark Cuban and other undisclosed investors on March 11, 2021.
$3,000,000
INVESTOR: Mark Cuban

Planted People

Consumer/Retail
January 12, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 4
CEO: Ben Mayer
Planted People raised $50,000.
$50,000
STAGE: Seed/Angel

Pure-Light Technologies

Technology/Software
January 1, 2021
County: Madison
City: Rigby, ID
Region: Eastern
Headcount: 7
CEO: Roger Young
Pure-Light Technologies raised $535,227 of equity crowdfunding via Wefunder in January 2021.
$540,000
STAGE: Seed/Angel

Refactr

Technology/Software
February 5, 2021
County: Ada
City: Bellevue, WA
Region: Southwestern
Refactr received revenue based financing from Sage Growth Capital, a Boise based venture fund.
UNDISCLOSED
INVESTOR: Sage Growth Capital

Resource Data

Technology/Software
January 12, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 166
CEO: Lois Hansen
Resource Data raised $238,512 of angel funding from undisclosed investors on January 12, 2021.
$240,000
STAGE: Seed/Angel

Tackle.io

Technology/Software
March 9, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 72
CEO: John Jahnke
Tackle.io raised $35 million of Series B venture funding in a deal led by Andreessen Horowitz on March 9, 2021. Bessemer Venture Partners also participated in the round. The funds will be used to further its platform innovation and mission to transform the experience of selling and buying enterprise software
$35,000,000
STAGE: Series B
INVESTOR: Andreessen Horowitz

VR Institute of Health and Exercise

Healthcare
March 22, 2021
County: Ada
City: Meridian, ID
Region: Southwestern
Headcount: 4
CEO: Aaron Stanton
VR Institute of Healh raised $340,000 of angel funding from undisclosed investors on March 22, 2021.
$340,000
STAGE: Seed/Angel

Mergers + Acquisitions

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20/20 Produce

Consumer/Retail
January 19, 2021
County: Minidoka
City: Heyburn, ID
Region: South Central
Headcount: 6
CEO: Mark Williams
20/20 Global was acquired by Mycotopia Therapies through a reverse merger on January 19, 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Mycotopia Therapies

Advanced Asset Management

Services
March 30, 2021
County: Ada
City: Eagle, ID
Region: Southwestern
Atlas, a full-service real estate company acquired Advanced Asset Management to expand their footprint into the Treasure Valley market.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Atlas Real Estate

Advanced Health Care

Healthcare
January 4, 2021
County: Bannock
City: Pocatello, ID
Region: Southeastern
Headcount: 400
CEO: Dave Nattress
The Larry H. Miller Group acquired Advanced Health Care for an undisclosed sum in January of 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Larry H. Miller Group of Cos.

Ag-West Distributing Company

Materials + Resources
March 3, 2021
County: Minidoka
City: Burley, ID
Region: South Central
Headcount: 18
CEO: Don Knopp
Ag-West Distributing Company was acquired by Heartland Agriculture for an undisclosed amount on March 3, 2021. The acquisition includes Ag-West’s stores in Idaho, Montana and Washington, with coverage also including the states of Utah, Nevada, Wyoming and Oregon.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Heartland Agriculture

American Harvest

Consumer/Retail
February 18, 2021
County: Madison
City: Rigby, ID
Region: Eastern
American Harvest was acquired by Darco Capital for an undisclosed amount on February 18, 2021. The acquisition will lead the spirit brands to be a part of the newly formed 1776 Spirits Company.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Darco Capital

Cascadia Custom Molding

Materials + Resources
March 30, 2021
County: Kootenai
City: Coeur d’Alene, ID
Region: Northern
Headcount: 25
CEO: Dale Meyer
The company was acquired by Ritus Corporation, via its financial sponsor Blue Point Capital Partners, through an LBO on March 26, 2021 for an undisclosed sum. The acquisition will expand Ritus Corporation’s product offerings and geographic footprint into the Pacific Northwest while enhancing manufacturing capabilities and diversifying end markets served.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Blue Point Capital Partners

Clear Outcomes

Services
January 30, 2021
County: Ada
City: Boise, ID
Region: Southwest
Headcount: 12
CEO: Dr. Kerry Bruce
Clear Outcomes was acquired by Bixal Solutions Inc., a woman-owned consluting firm based out of Fairfax, VA.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Bixal

Conrad & Bischoff

Materials + Resources
February 26, 2021
County: Bonneville
City: Idaho Falls, ID
Region: Eastern
Headcount: 160
Conrad & Bischoff was acquired by Parkland USA for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Parkland Fuel

Ecco Safety Group

Materials + Resources
January 6, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 900
CEO: Doug Phillips
ECCO Safety was acquired by Truck-Lite, via its financial sponsors Genstar Capital and Apollo Investment, through an LBO on January 6, 2021 for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Apollo Investment

Fusionware

Technology/Software
February 17, 2021
County: Bonneville
City: Idaho Falls, ID
Region: Eastern
Headcount: 9
CEO: Reed Beus
Fusionware was acquired by C9 Capital for an undisclosed amount on February 17, 2021.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: C9 Capital

Kount

Technology/Software
February 11, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 120
CEO: Bradley Wiskirchen
Kount was acquired by Equifax (NYS: EFX) for $640 million on February 11, 2021. This acquisition will expand Equifax’s worldwide footprint in digital identity and fraud prevention solutions.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Equifax

M&W Markets

Consumer/Retail
March 29, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 415
M&W Markets, a Boise based operator of grovery and convinience stores acquired four stores from Logan’s Market in Easter Oregon and Southern Idaho.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: M&W Markets

Magic Valley Truck Brokers

Services
February 1, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 8
CEO: Wes Blaser
Magic Valley Truck Brockers was acquired by Allen Lund for an undisclosed amount on February 1, 2021
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Allen Lund

MarshallGIS

Services
February 5, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 41
CEO: Elizabeth Marshall
MarshallGIS was acquired by PreCise MRM, a subsidiary of FORCE America, for an undisclosed amount on February 5, 2021. The acquisition blends PreCise MRM’s depth with GPS based fleet management and company’s expertise in enterprise integration with business systems to provide public and private sector customers with a comprehensive and flexible solution.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: PreCise MRM

Medical Imaging Associates

Healthcare
March 1, 2021
County: Bonneville
City: Idaho Falls, ID
Region: Eastern
Headcount: 15
CEO: Michael Hodel
Medical Imaging Associates was acquired by Radiology Partners, via its financial sponsors Australia Future Fund, New Enterprise Associates and Starr Investment Holdings, through an LBO in March 2021 for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Australia Future Fund

R.M. Parks Inc.

Materials + Resources
January 26, 2021
County: Ada
City: Porterville, CA
Region: Southwestern
CEO: Tim Callison
PacWest, a joint venture between Jacksons and Shell based in Meridian, acquired R.M. Parks for an undisclosed sum in January of 2021 to expand its petroleum distribution.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: PacWest

Simplicity Collection Software

Technology/Software
January 5, 2021
County: Bonneville
City: Idaho Falls, ID
Region: Eastern
Headcount: 9
CEO: Jon Parker
Simplicity Collection Software a subsidiary of SeikoSoft, was acquired by Katabat, via its financial sponsors Terminus Capital Partners and Tritium Partners, through an LBO on January 5, 2021 for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Katabat

System One Holdings

Technology/Software
March 2, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 8000
CEO: Troy Gregory
System One Holdings was acquired by GFI Energy Group through an LBO on March 2, 2021, for an undisclosed sum. In support of the transaction, Truist, MUFG Union Bank, and Stifel Financial provided $335 million of debt financing in the form of a $45 million revolving credit line and a $290 million term loan B. Previously, the company was acquired by Thomas H. Lee Partners and ICG Enterprise Trust through a $410 million of LBO on October 31, 2016
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: GFI Energy Group

Tek-Hut

Technology/Software
February 25, 2021
County: Twin Falls
City: Twin Falls, ID
Region: South Central
CEO: Nate Bondelid
Tek-Hut was acquired by Ednetics and Fatbeam for an undisclosed amount on February 25, 2021. Fatbeam acquired the company’s internet and network solutions businesses, while Ednetics acquired the company’s voice, network, value-added reseller and managed services businesses.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR: Ednetics

Truckstop.com

Technology/Software
March 22, 2021
County: Ada
City: Boise, ID
Region: Southwestern
Headcount: 250
Truckstop.com, a Boise, ID based company, acquired Registry Monitoring Insurance Services (Westlake Village, CA) for an undisclosed amount in March of 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: Truckstop.com

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