Q1 2022

IDAHO DEAL FLOW REPORT

A COLLABORATIVE REPORT PRESENTED BY:

We are pleased to present the Q4 2021 Idaho Deal Flow Report, the first quarterly report of 2022. This year began with some landmark deals, including a $2.2 billion acquisition.

Q1 closed with $2.4 billion in disclosed M&A deals, $130 million in Private Placement deals, and one ESOP deal.

M&A Deals 
The biggest deal of the quarter was Republic Services (Phoenix) acquisition of US Ecology (Boise). US Ecology specializes in the treatment, disposal, and recycling of various waste. Republic Services will be able to vertically integrate and expand their environmental waste services. Republic Services acquired all outstanding shares at $48 each with a total value of $2.2 billion.

Meal Ticket (Boise), a food service software company, was acquired by MarketMan (New York) for $100 million. Meal Ticket complements MarketMan’s inventory management platform, and the acquisition will help the company move development initiatives forward.

Private Placement Deals
Q1’s Private Placement deals were led by Plextrac‘s $70 million Series B and Robocast‘s $35 million Series B. Plextrac, which closed a $10 million Series A in April of 2021, closed an exciting Series B in February of 2022. The round will fund growth including recruiting, brand image, product development, and market reach.

Robocast owns patents to help automate the web. The company raised $35 million from 2 NRP managers, and will benefit from the firm’s knowledge in IP law and patent initiatives.

Employee Stock Ownership Plan
Idaho saw two ESOP deals in 2021, and opened the year with a deal from Bardenay Restaurants, a Treasure Valley staple founded in 1999. Ownership of the company was transferred to a trust, which then allows employees to withdraw at retirement or leave.

We look forward to hearing from you—our collaborators—about other deals and additional details not yet included in this report.

If you know of additional details, please don’t hesitate to email Maggie Hyde at maggie@alturas.com.   

Thank you for all your support and enjoy our Q4 2021 Deal Flow Report!   

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DEAL FLOW DATA

Overview

Deals by Industry

DEALS

Employee Stock Ownership Plan

Bardenay Inc.

Consumer/Retail
January 1, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Kevin Settles
Bardenay Inc. operates the Bardenay Restaurant & Distillery’s three locations and Coyne’s Restaurant in Eagle.
Undisclosed

Private Placements

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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
INVESTOR: Capital Eleven, Connetic Ventures

AutoLOTO

Technology/Software
February 25, 2022
County: Kootenai
City: Couer 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: CAI(Consulting Services (B2B))

Convertkit

Technology/Software
January 1, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 68
CEO: Nathan Barry
The company raised an undisclosed amount of venture funding from Roach Capital in 2022.
UNDISCLOSED
INVESTOR: Roach Capital

Discount

Financial Services
January 1, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 66
CEO: Blake Bianchi
The company raised an undisclosed amount of venture funding from Capital Eleven in approximately January 2022.
UNDISCLOSED
STAGE: Seed/Angel
INVESTOR: Capital Eleven

EdPower

Technology/Software
February 8, 2022
County: Ada
City: Meridian
Region: Southwestern
Headcount: 17
CEO: James Lewis
The company raised $400,000 of convertible debt financing from undisclosed investors on February 8, 2022.
$400,000
STAGE: Seed/Angel
INVESTOR: Silverback Learning

Free to Feed

Healthcare
March 17, 2022
County: Ada
City: Meridian
Region: Southwestern
Headcount: 4
CEO: Trillitye Paullin
The company raised $600,000 of seed funding from SOSV on March 17, 2022. Of the total amount, $350,000 was raised in the form of SAFE notes. The funds will be used to manufacture the first allergen-detection technology for human milk.
$600,000
STAGE: Seed/Angel
INVESTOR: SOSV

Helium Vision

Technology/Software
February 25, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 1
CEO: Nicholas Hough
The company raised $350,000 of Seed funding from undisclosed investors on February 25, 2022, putting the company’s pre-money valuation at $1 million.
$350,000
STAGE: Seed/Angel

Hempitecture

Materials & Resources
February 4, 2022
County: Blaine
City: Ketchum
Region: South Central
Headcount: 3
CEO: Mattie Mead
The company raised $5.2 million of equity crowdfunding via Wefunder on February 4, 2022.
$5,200,000

Idaho Strategic Resources

Materials & Resources
February 9, 2022
County: Kootenai
City: Couer d’Alene
Region: Northern
CEO: John Swallow
The company (PINX:NJMC) received $2.7 million of development capital from undisclosed investors through a private placement as of February 9, 2021.
$2,700,000

Kahilla

Technology/Software
January 28, 2022
County: Blaine
City: Ketchum
Region: South Central
Headcount: 81
CEO: Kimberly Havens
The company raised $1.90 million of Seed funding in a deal led by Matchstick Ventures and Bread & Butter Ventures on January 28, 2022, putting the company’s pre-money valuation at $3 million.
$1,900,000
STAGE: Seed/Angel
INVESTOR: Bread & Butter Ventures, Matchstick Ventures

Karus

Technology/Software
January 1, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 9
CEO: Aaron Travis
The company raised an estimated $1.6 million of Seed Plus funding from StageDotO on January 1, 2022, putting the company’s pre-money valuation at $15 million.
$1,600,000
STAGE: Seed/Angel
INVESTOR: StageDotO

Karus

Technology/Software
February 28, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 9
CEO: Aaron Travis
The company raised $1 million of Seed Plus-2 funding in a deal led by StageDotO on February 28, 2022, putting the company’s pre-money valuation at $19 million.
$1,000,000
STAGE: Seed/Angel
INVESTOR: StageDotO

Light Bio

Consumer/Retail
February 15, 2022
County: Blaine
City: Ketchum
Region: South Central
Headcount: 2
CEO: Keith Wood
The company raised $10 million of an undisclosed targeted amount of Series A venture funding on February 15, 2022.
$10,000,000
STAGE: Series A

PlexTrac

Technology/Software
February 2, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 85
CEO: Daniel DeCloss
The company raised $70 million of Series B venture funding in a deal led by Insight Partners on February 2, 2022, putting the company’s pre-money valuation at $230 million. StageDotO, Noro-Moseley Partners and Madrona Venture Group also participated in the round.
$70,000,000
STAGE: Series B
INVESTOR: Insight Partners, Madrona Venture Group, Noro-Moseley Partners, StageDotO

Robocast

Technology/Software
February 14, 2022
County: Ada
City: Eagle
Region: Southwestern
Headcount: 2
CEO: Damon Torres
The company raised $35 million of Series B venture funding in a deal led by LLC and 2 NRP Managers on February 14, 2022.
$35,000,000
STAGE: Series B
INVESTOR: 2 NRP Managers

Tamarack Aerospace

Consumer/Retail
February 8, 2022
County: Bonner
City: Sandpoint
Region: Northern
Headcount: 30
CEO: Nicholas Guida
The company raised $114,808 of equity crowdfunding via StartEngine as of February 8, 2022.
$114,808

Mergers + Acquisitions

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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
INVESTOR: The Jordan Company, TransImpact

Business Interiors of Idaho

Services
January 14, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 50
CEO: Jeff Heath
Business Interiors of Idaho acquired Spokane-based Freeform Workplace Interiors to serve the Spokane market.
UNDISCLOSED
BUYER TYPE: Strategic

Can Do & Showers Insurance Agency

Financial Services
January 19, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 147
The company was acquired by Freeway Insurance, a subsidiary of Confie Holding, for an undisclosed amount on January 19, 2022.
UNDISCLOSED
INVESTOR: Freeway Insurance

Elite Utilities and Trenching

Services
February 1, 2022
County: Twin Falls
City: Buhl
Region: South Central
The company was acquired by Crown Utilities, a subsidiary of Excel Utility Contractors on February 1, 2022 for an undisclosed amount.
UNDISCLOSED
INVESTOR: Crown Utilities

Idaho First Bank

Financial Services
February 2, 2022
County: Valley
City: McCall
Region: Southwestern
CEO: Todd Cooper
The company (PINX:IDFB) was acquired by Bawag (WBO: BG) for $65 million on February 2, 2022. This acquisition provides BAWAG with a US banking platform to drive organic growth in Idaho and across the United States.
$65,000,000
BUYER TYPE: Strategic
INVESTOR: Bawag

Jackson Jet Center

Services
January 5, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 52
CEO: Jeff Jackson
Jackson Jet Center acquired Swift Aviation to expand services into Phoenix Sky Harbor airport. Jackson Jet will take over operations at the Swift Aviation terminal.
UNDISCLOSED
BUYER TYPE: Strategic

Meal Ticket

Technology/Software
January 12, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 44
CEO: Wink Jones
MarketMan, a New York-based private equity firm, acquired Meat Ticket for $100 million to merge with their existing food service platform.
$100,000,000
BUYER TYPE: Strategic

Orofino Builders Supply

Materials & Resources
March 15, 2022
County: Clearwater
City: Orofino
Region: North Central
The company was acquired by TAL Holdings for an undisclosed amount on March 15, 2022.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR: TAL Holdings

US Ecology

Services
February 9, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Jeffrey Feeler
The company was acquired by Republic Services (NYSE:RSG) for $2.2 billion on February 9, 2022.
$2,200,000,000
BUYER TYPE: Strategic
INVESTOR: Republic Services

Western Power Sports

Consumer/Retail
January 6, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 850
CEO: Craig Shoemaker
The company was acquired by Arrowhead Engineered Products, via its financial sponsor Ares Management, Ares Capital Corporation BDC, Genstar Capital, Varagon Capital Partners and Penfund through an LBO on January 6, 2022 for an undisclosed amount.
UNDISCLOSED
INVESTOR: Ares Capital Corporation BDC, Ares Management, Arrowhead Engineereed Products, Genstar Capital, Penfund, Varagon Capital Partners

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