Q2 2022
IDAHO DEAL FLOW REPORT
Photo by Jason Schuller.
A COLLABORATIVE REPORT PRESENTED BY:
WELCOME
We are pleased to present the Q2 2022 Idaho Deal Flow Report, the second quarterly report of 2022. This quarter was relatively quiet compared to previous quarters, but Idaho saw an acquisition of a hometown fitness company and plenty of seed investments in the Technology/Software industry.
Q2 closed with $31 million in disclosed M&A deals and $138 million in Private Placement deals.
M&A Deals
Valley Truss (Boise) had the only disclosed deal amount at $31,200,000 in an acquisition by Builders FirstSource. The Dallas-based company operates over 560 locations nationwide, and the Valley Truss location is its 12th in Idaho. Valley Truss was founded by Bob Buchwitz in 1962 and later sold to Jason and Mike Moodie, who will continue to be involved in the company during the transition.
Treasure Valley-based Axiom Fitness was acquired by VillaSport Athletic Club. VillaSport is known for its high-end fitness centers in Oregon, California, Colorado, and Texas. The company had previously planned to open its own branded center in 2020, but the site is now slated for housing development. This acquisition allows the company to penetrate the fast-growing Treasure Valley market, and plans to keep the current Axiom branding on its local centers.
Private Placement Deals
Q2 saw an increase in crowdfunding activity, with Lighting Clean (Boise), Hempitecture (Ketchum), Three Sisters (Boise), Xcraft Coeur d’Alene), and Pitch Aeronautics (Boise) raising seed capital via venture crowdfunding platforms. With the uncertainty of the market and multiple large venture firms cautioning startups about access to capital, we expect to see more creative types of fundraising in the coming months.
Tractor Beverage (Coeur d’Alene) received a notable amount of capital from their partnership with Keurig Dr. Pepper. The beverage company raised $18 million in a Series B deal in 2020, and another $15 million in Q2 2022. Another notable deal included Bank of Idaho‘s (Idaho Falls) $53 million raise. The bank has been expanding rapidly, with multiple new locations near Boise.
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 Q2 2022 Deal Flow Report!
DEAL FLOW SNAPSHOT
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M+A DEALS
DEAL FLOW DATA
Overview
Deals by Industry
DEALS
Private Placements
Deal Search
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Alphy
Technology/Software
June 14, 2022
County: Kootenai
City: Hayden
Region: Northern
Headcount: 21
CEO: Julian Guthrie
The company raised $7.5 million of seed funding from MJ Elmore, John Fisher and Jim Goetz on June 14, 2022.
$7,500,000
STAGE: Seed/Angel
INVESTOR(S): MJ Elmore
John Fisher
Jim Goetz
Theresia Gouw
William Hearst
Bill Lanfri
Meridee Moore
Sonja Perkins
Mark Pincus
S-Cubed Capital
Bank of Idaho Holding
Financial Services
May 11, 2022
County: Bonneville
City: Idaho Falls
Region: Eastern
Headcount: 129
CEO: Jeffrey Newgard
The company (PINX: BOID) received $53.2 million of development capital from undisclosed investors on May 11, 2022 through a private placement.
$53,200,000
STAGE: Growth Equity
Cauze
Technology/Software
June 27, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 15
CEO: Jason Hausske
The company raised $1.03 million of seed funding in the form of convertible debt from ImpactAssets and other undisclosed investors on June 27, 2022.
$1,030,000
STAGE: Seed/Angel
INVESTOR(S): ImpactAssets
Covr Financial Technologies
Technology/Software
April 7, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 107
The company raised $15 million in Series B3 funding from Stone Point Ventures, Sony Innovation Fund, and Aflac Ventures on April 7, 2022, putting the company’s pre-money valuation at $105 million.
$15,000,000
STAGE: Series B
INVESTOR(S): Aflac Ventures
Allianz Life Ventures
Citi Ventures
Commerce Ventures
Connecticut Innovations
Connectivity Ventures Fund
Contour Venture Partners
Fairview Capital Partners
Sony Innovation Fund
Stone Point Ventures
East Idaho Credit Union
Financial Services
May 20, 2022
County: Bonneville
City: Idaho Falls
Region: Eastern
Headcount: 76
CEO: Daniel Thurman
The company raised $10 million of venture funding from undisclosed investors on May 20, 2022.
$10,000,000
Hempitecture
Materials + Resources
May 1, 2022
County: Blaine
City: Ketchum
Region: South Central
Headcount: 5
CEO: Mattie Mead
The company raised $4.65 million of equity crowdfunding via Wefunder in May 2022.
$4,650,000
STAGE: Seed/Angel
Juno
Technology/Software
May 26, 2022
County: Kootenai
City: Post Falls
Region: Northern
Headcount: 62
CEO: Josh Hotsenpiller
The company raised $10 million through the combination of debt and Series A-1 venture funding in a deal led by Insight Partners on May 26, 2022, putting the company’s pre-money valuation at $30 million.
$10,000,000
STAGE: Series A
INVESTOR(S): Insight Partners
Lightning Clean
Consumer/Retail
April 27, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 5
CEO: Ethan Blount
The company raised $81,376 of equity crowdfunding via StartEngine as of April 27, 2022.
$81,376
STAGE: Seed/Angel
Natural Intelligence Systems
Technology/Software
May 9, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 15
CEO: Paul Dlugosch
The company raised $750,000 of Seed-2 funding from undisclosed investors on May 9, 2022, putting the company’s pre-money valuation at $1.4 million.
$750,000
STAGE: Seed/Angel
ONIT Marketing
Services
April 4, 2022
County: Ada
City: Meridian
Region: Southwestern
Headcount: 5
CEO: Chad McCloud
The company raised $720,000 in seed funding from Capital Eleven and an undisclosed investor on April 4, 2022.
$720,000
STAGE: Seed/Angel
INVESTOR(S): Capital Eleven
Pinnacle Integrated Medicine
Technology/Software
June 16, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Jason Haugen
The company raised $998,250 of angel funding from undisclosed investors on June 16, 2022.
$998,250
STAGE: Seed/Angel
Pitch Aeronautics
Technology/Software
May 31, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 6
CEO: David Bennett
The company raised $46,514 of equity crowdfunding via StartEngine as of May 31, 2022.
$46,514
STAGE: Seed/Angel
Regen
Materials + Resources
June 2, 2022
County: Custer
City: Stanley
Region: Southwestern
Headcount: 2
CEO: Griffin Johnson
The company raised $100,000 of angel funding from undisclosed investors on June 2, 2022.
$100,000
STAGE: Seed/Angel
RescueStat
Services
April 1, 2022
County: Ada
City: Meridian
Region: Southwestern
Headcount: 23
CEO: Carl Dixon
The company received an undisclosed amount of development capital from Saltoun Capital Partners and MidAmerica Ventures and Gelman Brothers in April 2022.
UNDISCLOSED
STAGE: Growth Equity
INVESTOR(S): Endurance Search Partners, Futaleufu Partners, Gelman Brothers, MidAmerica Ventures, Peterson Partners, Saltoun Capital Partners, Search Fund Partners
SeekingSimple
Technology/Software
May 9, 2022
County: Ada
City: Eagle
Region: Southwestern
Headcount: 10
CEO: Clay Young
The company raised $1.57 million of seed funding from Capital Eleven, Alturas Capital and other undisclosed investors on May 9, 2022.
$1,570,000
STAGE: Seed/Angel
INVESTOR(S): Capital Eleven
Alturas Ventures
Simply Eloped
Services
April 1, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 38
CEO: Janessa White
The company raised undisclosed amount of venture funding from Capital Eleven in April 2022.
UNDISCLOSED
STAGE: Growth Equity
INVESTOR(S): Capital Eleven, O’Reilly AlphaTech Ventures
Solitech Wireless
Technology/Software
June 8, 2022
County: Minidoka
City: Rupert
Region: South Central
Headcount: 6
CEO: Ehsan Soltan
The company raised $2.88 million of seed funding in a deal led by Homegrown Capital on June 8, 2022.
$2,880,000
STAGE: Seed/Angel
INVESTOR(S): Capital Eleven
Homegrown Capital
SturdyAI
Technology/Software
June 28, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 14
CEO: Stephen Hazelton
The company raised $3.1 million of Seed-2 funding in a deal led by Grotech Ventures on June 28, 2022, putting the company’s pre-money valuation at $13.9 million.
$3,100,000
STAGE: Seed/Angel
INVESTOR(S): Grotech Ventures
Tamarack
Consumer/Retail
June 6, 2022
County: Bonner
City: Sandpoint
Region: Northern
Headcount: 29
CEO: Nicholas Guida
The company raised $500,000 of angel funding from undisclosed investors on June 6, 2022.
$500,000
STAGE: Seed/Angel
Three Sisters Artisanal Meat
Consumer/Retail
May 4, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Jaime Fernandez
The company is in the process of raising equity crowdfunding via Silicon Prairie Portal & Exchange on May 4, 2022.
UNDISCLOSED
STAGE: Seed/Angel
Timberline Resources
Materials + Resources
May 2, 2022
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 3
CEO: Patrick Highsmith
The company (PINX: TLRS) received $4.73 million of development capital from Crescat Capital, Jupiter Asset Management and other undisclosed investors on May 2, 2022 through a private placement.
$4,730,000
STAGE: Growth Equity
INVESTOR(S): Crescat Capital
Jupiter Asset Management
Tractor
Consumer/Retail
May 3, 2022
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 24
CEO: Kevin Sherman
The company raised $15 million of venture funding in a deal led by Keurig Dr Pepper on May 3, 2022.
$15,000,000
INVESTOR(S): Keurig Dr Pepper
Ultimate Heating & Air
Services
April 1, 2022
County: Ada
City: Kuna
Region: Southwestern
Headcount: 40
The company received an undisclosed amount of development capital from SE Capital in approximately April 2022.
UNDISCLOSED
STAGE: Growth Equity
INVESTOR(S): SE Capital
Xcraft
Technology/Software
May 6, 2022
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 8
CEO: Jerry Claridge
The company raised $86,611 out of the targeted amount of equity crowdfunding via StartEngine Capital as of June 22, 2022.
$86,611
STAGE: Seed/Angel
Mergers + Acquisitions
Deal Search
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[searchandfilter id=”4414″]
Association Management
Services
May 18, 2022
County: Ada
City: Meridian
Region: Southwestern
CEO: Alana Ashby
The company was acquired by Keystone Pacific for an undisclosed amount on May 18, 2022.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Keystone Pacific
Axiom Fitness
Consumer/Retail
April 4, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 120
The company was acquired by VillaSport Athletic Club and Spa for an undisclosed amount on April 4, 2022. The acquisition enables VillaSport Athletic Club and Spa to build full-size sport clubs in Treasure Valley and broaden its offerings as well as services
UNDISCLOSED
BUYER TYPE: Strategic
Charter Seed Company
Materials + Resources
June 1, 2022
County: Ada
City: Nampa
Region: Southwestern
Headcount: 5
The company was acquired by Illinois Foundation Seeds, via its financial sponsor Armory Capital, through an LBO on June 1, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Armory Capital, Illinois Foundation Seeds
Curtis Orthodontics
Healthcare
May 16, 2022
County: Kootenai
City: Coeur d’Alene
Region: Northern
The company, a subsidiary of Dr. Jaime Curtis – Smiles By Dr. Curtis, was acquired by Beecken Petty O’Keefe & Company through an LBO on May 16, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR(S): Beecken Petty O’Keefe & Company
Elevation Labs
Consumer/Retail
June 30, 2022
County: Bonneville
City: Idaho Falls
Region: Eastern
Headcount: 450
CEO: Michael Hughes
The company entered into a definitive agreement to be acquired by Knox Lane through an LBO on June 30, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Knox Lane
J.A. Bertsch Heating & Cooling
Services
May 13, 2022
County: Kootenai
City: Coeur d’Alene
Region: Northern
The company was acquired by The Seer Group for an undisclosed amount on May 13, 2022.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR(S): The Seer Group
Lolly Labs
Technology/Software
April 20, 2022
County: Ada
City: Meridian
Region: Southwestern
Headcount: 2
CEO: Roger Levesque
The company was acquired by Bill4Time, via its financial sponsor Francisco Partners, through an LBO on April 20, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Bill4Time, Franciso Partners
Metageek
Technology/Software
April 11, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 8
The company was acquired by Auvik Networks, via its financial sponsor Great Hill Partners, through an LBO on April 11, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Auvik Networks, Great Hill Partners
Microbe Formulas
Consumer/Retail
April 4, 2022
County: Ada
City: Meridian
Region: Southwestern
Headcount: 130
CEO: Todd Watts
The company was acquired by Kainos Capital through an LBO on April 4, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR(S): Kainos Capital
NorthPoint Group
Services
June 16, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 73
The company was acquired by Argano, via its financial sponsor Trinity Hunt Partners, through an LBO on June 16, 2022 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Argano, Trinity Hunt Partners
Outbrand
Services
April 11, 2022
Headcount: 4
The company was acquired by Establish PR for an undisclosed amount on April 11, 2022.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Establish PR
Primary Weapons Systems
Technology/Software
April 2, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Tony Mariani
The company was acquired by Vigilant Gear for an undisclosed on April 2, 2022. The acquisition will help Vigilant Gear to branch out to different sectors in the firearms market.
UNDISCLOSED
BUYER TYPE: Strategic
Terry's Heating and Air Conditioning
Services
April 19, 2022
County: Twin Falls
City: Twin Falls
Region: South Central
Headcount: 3
The company was acquired by The Seer Group for an undisclosed amount on April 19, 2022.
UNDISCLOSED
BUYER TYPE: Financial
INVESTOR(S): The Seer Group
Valley Truss
Materials + Resources
April 1, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 14
The company was acquired by Builders Firstsource (NYS: BLDR) for $31.2 million on April 1, 2022.
$31,200,000
BUYER TYPE: Strategic
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