Q3 2022


Photo by Jason Schuller.


We are pleased to present the Q3 2022 Idaho Deal Flow Report, the third quarterly report of 2022. Q3 closed with 22 deals: $67.5 million in disclosed M&A deals and $127 million in Private Placement deals.

We are excited to introduce the College of Idaho as a new collaborator. Students in the Private Market Finance course assisted in providing deal flow analysis for this quarter’s report, and we look forward to working with them on future quarterly and annual Deal Flow Reports.

M&A Deals
Northwest Specialty Hospital was acquired by Hammes Partners, an investment firm focused on healthcare real estate. The hospital, a small surgical multispecialty facility, was acquired for $67.5 million, making it the largest deal of the quarter. The hospital has not publicly announced any material changes to the operations of the business.

The Services industry had 7 out of 13 M&A deals. The acquired companies include a wide range of competencies: commercial utilities, medical, transportation, and automobile services. While this could be considered an uptick in Services deals, there doesn’t seem to be a meaningful trend that would provide insights.

Private Placement Deals
This quarter’s largest private placement deal was MAD Energy‘s $98 million raise. MAD Energy is a “clean energy infrastructure developer and technology incubator”. The incubator focuses on competencies like liquid natural gas, hydrogen energy, and other alternative energy technologies. 

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 Q3 2022 Deal Flow Report!  

Did we miss anything?


Special thanks to the Deal Flow Report team at the College of Idaho, led by Professor Seth Ruhter.
Jahona Akbarova
Dorian Hardin
Benjamin Hermes
Blake Murray


$ 0 +


Total Deals






Deals by Industry


wdt_ID Company City Region County Company Description Headcount Founded Industry Executive Leader Date Amount Amount Internal Type Stage M&A Type Investor(s)/Acquired by
1 Magic Electric, Plumbing, Heating + Air Eagle South Central Jerome Provider of electrical, plumbing, heating and air conditioning services intended for home services to the Magic Valley and Treasure Valley areas. 100 2013 Services Billy Salts 07/01/2022 Undisclosed M&A Strategic Any Hour Services, Knox Lane, PennantPark Floating Rate Capital BDC
2 Decked Post Falls South Central Blaine Manufacturer of full-length drawers intended for use in truck beds and vans. 47 2013 Consumer/Retail Britt Domer 07/05/2022 $10,700,000 10,700,000 Private Placement Growth Equity
3 Smart HR Twin Falls South Central Twin Falls Provider of human resource management service platform catering to Idaho, Oregon, Tennessee, and Washington states. 2019 Technology /Software Byron McCurdy 07/06/2022 Undisclosed 0 M&A Strategic PassioHR
4 Kompliant Ketchum Southwestern Ada Developer of an online platform designed to make it simpler than ever to configure, deploy, and manage credit risk programs. 20 2020 Technology /Software Edward Katzin 07/06/2022 $14,000,000 14,000,000 Private Placement Seed/Angel John Partridge, Level One Fund, Stuart Sopp
5 MAD Energy Meridian Northern Bonner Provider of environmental services intended to build and operate clean energy projects in a growing ecosystem, including both transitional and next-generation technologies. 4 2020 Services George Wentz 07/07/2022 $98,260,000 98,260,000 Private Placement Seed/Angel
6 Super T Transport Eagle Eastern Bonneville Provider of transportation services intended to serve the logistics industry in and around United States. 300 2009 Services Heath Treasure 07/11/2022 Undisclosed 0 M&A Strategic Berger Logistik
7 Cauze Hayden Lake Southwestern Ada Developer of an online donation platform designed to allow individuals to donate to any public charity. 15 2017 Financial Services Jason Hausske 07/14/2022 $1,270,000 1,270,000 Private Placement Seed/Angel ImpactAssets
8 XCraft Idaho Falls Northern Kootenai Manufacturer of autonomous aerial vehicles designed to map and collect data from large areas. 8 2013 Technology /Software Jerry Claridge 07/29/2022 $148,195 148,195 Private Placement Seed/Angel StartEngine
9 Cognigenics Boise Southwestern Ada Provider of cognitive neuroengineering to transform mental health. 2 2019 Healthcare John L. Mee 08/01/2022 $1,588,889 1,588,889 Private Placement
10 LeanLaw Boise Southwestern Ada Developer of a cloud-based financial operating system designed to integrate the timekeeping and billing workflow. 19 2015 Financial Services Jonathon Fishman 08/02/2022 $250,000 250,000 Private Placement Growth Equity Capital Eleven
11 Snacktivist Foods Twin Falls Northern Kootenai Operator of a handcrafted dry-mixes company intended to offer high-quality foods. 6 2015 Consumer/Retail Joni Kindwall-Moore 08/17/2022 $515,000 515,000 Private Placement Seed/Angel Kennebago Food Ventures, Prota Ventures
12 Element Heating & Cooling Post Falls South Central Twin Falls Supplier of heating, ventilation and air conditioning (HVAC)products intended to serve both residential and commercial clients. 2009 Consumer/Retail Justin Bohrn 08/18/2022 Undisclosed M&A Financial The Seer Group
13 Kyani Sandpoint Eastern Bonneville Operator of a healthcare product company intended to provide healthcare and wellness product. 3000 2006 Consumer/Retail Katy Holt-Larsen 08/29/2022 Undisclosed M&A Strategic Amare Global
14 Master Plumbing Idaho Falls Southwestern Ada Provider of plumbing and liquid waste hauling services intended to serve homeowners and businesses. 1948 Services Lance Rackham 09/07/2022 Undisclosed Private Placement Growth Equity Bestige Holdings
15 Futura Title & Escrow Jerome Southwestern Ada Provider of title and escrow services intended for residential and commercial clients. 700 1980 Financial Services Larry Matney JD 09/12/2022 Undisclosed M&A Financial JM Family Enterprises
16 Treasure Valley Collision Center Twin Falls Southwestern Ada Provider of automotive collision repair services based in Boise, Idaho. 2005 Services Mike Barber 09/12/2022 Undisclosed M&A Strategic A&M Capital, Clearlake Capital Group, Crash Champions
17 Agency Software Coeur d’Alene Northern Kootenai Developer of insurance software systems intended to increase overall penetration of personal and commercial lines markets. 22 1988 Technology /Software Mitch Mcinelly 09/13/2022 Undisclosed M&A Strategic Harris Computer
18 Syringa Landscape Boise Southwestern Ada Provider of commercial landscaping services based in Eagle, Idaho. 2008 Services Rick Prescott 09/15/2022 Undisclosed M&A Strategic BrightView Landscapes
19 Northwest Specialty Hospital Boise Northern Kootenai Operator of a healthcare organization committed to providing healthcare services to all in a caring, compassionate and professional environment. 450 2002 Services Rick Rasmussen 09/20/2022 $67,500,000 67,500,000 M&A Financial Hammes Partners
28 United Oil (Distributors) Meridian South Central Twin Falls Distributor of petroleum fuels and lubricants intended to serve retail locations, agriculture, warehouses, commercial fueling networks and intrastate transport. 89 1939 Materials & Resources Robert Franklin 09/21/2022 Undisclosed M&A Strategic Christensen
29 EMT & Fire Training Boise Northern Kootenai Provider of emergency medical services and firefighting educational programs intended to serve emergency medical technicians and firefighters. 2009 Services Travis Holycross 09/29/2022 Undisclosed M&A Strategic KnowFully Learning Group, NexPhase Capital
30 T-O Engineers Coeur d’Alene Southwestern Ada Operator of full-service civil engineering firm focused on infrastructure market. 200 1984 Services William Russell 08/16/2022 Undisclosed M&A Strategic Ardurra Group, Envoy Management, Kain Capital, Pine Street Capital Partners, RTC Partners
Company City Region County Company Description Headcount Founded Industry Executive Leader Date Amount Amount Internal Type Stage M&A Type Investor(s)/Acquired by


Alturas owns and operates multiple companies and real estate assets. Everything is centered around creating value for our partners, employees and customers.


Built in Idaho is a digital community for Idaho business owners, investors and entrepreneurs on a mission to amplify investment and entrepreneurship within our state.