Q4 2021
IDAHO DEAL FLOW REPORT
A COLLABORATIVE REPORT PRESENTED BY:
WELCOME
We are pleased to present the Q4 2021 Idaho Deal Flow Report, the final quarterly report of 2021. Idaho’s entrepreneurial ecosystem continues to thrive.
2021 closed with $895 million in disclosed M&A deals, $244 million in Private Placement deals, and $340 million in an exciting IPO deal.
M&A Deals
December 2021 proved to be a landmark month with one of Idaho’s largest M&A deals. NxEdge, a Boise-based semiconductor value chain company, was acquired for $850 million by Enpro Industries. Enpro Industries is an industrial technology company based in Charlotte, North Carolina. The company plans to increase their offerings with the acquisition of NxEdge.
Ground Force Worldwide, a provider of specialty mining support equipment, was acquired by Federal Signal for $45 million. Federal Signal acquired the company in order to strengthen their position in the specialty vehicle market. Ground Force Worldwide has proven their expertise and value-add in the mining equipment business with presence in over 60 countries and 30 years in business.
Private Placement Deals
Quarter 4 had two $100 million deals: Tackle.io‘s Series C led by Coatue Management and Andreessen Horowitz and Lovevery‘s Series C led by TCG Partners.
We shouldn’t be too surprised to see Tackle in this quarter’s deal flow report; the cloud marketplace startup has been making big moves in deal flow with a Series B earlier this year and is on track to keep growing at an exceptional rate. You can hear more about the company’s background from their founders in Idaho Technology Council’s first annual 50 to the A Celebration which took place in Fall 2021.
Lovevery, a curated development subscription box company, raised their $100 million Series C led by TCG Partners. The Boise-based company has gained national attention over the last few years with their beautifully designed products and targeted branding. The funding is planned for developing their mobile app and expanding internationally.
Initial Public Offering
IPO deals are few and far between in Idaho, but the state has seen two this year. Following Clearwater Analytic’s IPO in Q3, Vacasa went public on December 7 via a merger with a SPAC, TPG Pace Solutions. The company closed the day with a valuation of $4.4 billion and a payout of $340 million. Vacasa plans to use the payout to invest in technology and new properties.
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!
DEAL FLOW SNAPSHOT
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M+A DEALS
DEAL FLOW DATA
Overview
Deals by Industry
DEALS
Initial Public Offering
Vacasa
Consumer/Retail
December 7, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 2700
CEO: Matt Roberts/Jamie Cohen
Vacasa went public through a deal with SPAC TPG Pace Solutions.
$340,000,000
Private Placements
Deal Search
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Elevar Supply Chain Solutions
Services
November 29, 2021
County: Ada
City: Boise
Region: Southwestern
The company raised $1.2 million of convertible debt financing from undisclosed investors on November 29, 2021.
$1,200,000
STAGE: Seed/Angel
Gravwell
Technology/Software
October 4, 2021
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 6
CEO: Corey Thuen
The company raised $3 million of seed funding from Gula Tech Adventures, Next Frontier Capital and Kickstart Seed Fund on October 6, 2021. Rise of the Rest also participated in the round. The funds will be used to escalate its customer success and sales operations.
$3,000,000
STAGE: Seed/Angel
INVESTOR(S): Gula Tech Adventures; Kickstart Seed Fund; Next Frontier Capital; Rise of the Rest; Alliance of Angels
Historik
Technology/Software
December 13, 2021
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 1
CEO: Chris Whalen
The company raised $75,000 of angel funding through a combination of debt and equity from undisclosed investors on December 13, 2021.
$75,000
STAGE: Seed/Angel
IdeaRoom
Technology/Software
December 1, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 25
CEO: Russ Whitney
The company raised an undisclosed amount of venture funding from Giant Ventures (United States) and Will Fowler in December 2021.
$300,000
STAGE: Seed/Angel
INVESTOR(S): Giant Ventures; Will Fowler
Joule Case
Materials & Resources
October 22, 2021
County: King
City: Seattle
Region: West-central
Headcount: 8
CEO: James Wagoner
The company closed on $535,000 of planned $250,000 of equity crowdfunding via Wefunder on October 22, 2021 putting the the company’s pre-money valuation at $29 million.
$535,000
STAGE: Seed/Angel
Lovevery
Consumer/Retail
June 1, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 215
CEO: Jessica Rolph
Lovevery raised a $100M Series C led by TCG Partners.
$100,000,000
STAGE: Series C+
New Jersey Mining
Materials & Resources
November 12, 2021
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 31
CEO: John Swallow
The company (PINX:NJMC) received $600,000 of development capital from undisclosed investors on November 12, 2021 through a private placement. The proceeds from the private placement will be used, in part, to build needed redundancy in critical and important inventory that could adversely impact operations at the mill and the mine and will also allow for added financial flexibility after the up-listing process and the focused advancement of our REE projects.
$600,000
Rapid Innovation
Technology/Software
November 23, 2021
County: Kootenai
City: Post Falls
Region: Northern
CEO: Jesse Anglen
The company raised $800,000 of angel funding from undisclosed investors on November 23, 2021.
$800,000
STAGE: Seed/Angel
SigmaSense
Technology/Software
October 6, 2021
City: Austin
Headcount: 51
CEO: Richard Seger/Rudy Prince
The company raised $24 million of Series B venture funding from undisclosed investors on October 6, 2021. The funding will be used by the company to expand its reach in the touch and HMI (Human Machine Interface) markets.
$24,000,000
STAGE: Series C+
Slate Click
Technology/Software
November 1, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 8
CEO: Kirk Uhler
The company raised $51,525 of equity crowdfunding in the form of SAFE Notes via Republic on November 1, 2021, putting the company’s pre-money valuation at $4.46 million.
$51,525
STAGE: Seed/Angel
SmartStory
Technology/Software
December 20, 2021
County: Ada
City: Meridian
Region: Southwestern
Headcount: 6
CEO: Christoph Minor
The company raised $6.28 million of Series AAA venture funding from undisclosed investors on December 20, 2021. Of the total amount, $750,000 was originally raised in the form of convertible debt and subsequently converted to Series AAA equity.
$6,280,000
STAGE: Series C+
Snacktivist Foods
Consumer/Retail
December 29, 2021
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 2
CEO: Diana Kindwall-Moore
The company raised $102,000 of convertible debt finance from undisclosed investors on December 29, 2021.
$102,000
STAGE: Seed/Angel
Tackle.io
Technology/Software
December 21, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 160
CEO: John Jahnke
The company raised $100 million of Series C venture funding in a deal led by Coatue Management and Andreessen Horowitz on December 21, 2021, putting the company’s pre-money valuation at $1.15 billion. Bessemer Venture Partners also participated in the round. The funding will be used to accelerate the execution of its product roadmap, scale its go-to-market (GTM) teams, expand its global reach and continue to innovate.
$100,000,000
STAGE: Series C+
INVESTOR(S): Andreessen Horowitz; Bessemer Venture Partners; Coatue Management
Treasure Valley Urology
Services
December 8, 2021
City: Austin
Headcount: 3
The company raised $33,355 of angel funding from undisclosed investors on December 8, 2021.
$33,355
STAGE: Seed/Angel
WarrCloud
Technology/Software
October 1, 2021
County: Ada
City: Meridian
Region: Southwestern
Headcount: 15
CEO: Jason Patz
The company raised an estimated $4 million through a combination of Seed 3A and Seed 3B funding in a deal led by FM Capital (First Move Capital) on October 1, 2021, putting the company’s pre-money valuation at $12.5 million. Automotive Ventures also participated in the round. The funds will be used by the company to increase its service and platform offering, supporting its innovative development and IP, attracting key talent, and accelerating growth domestically.
$4,000,000
STAGE: Seed/Angel
INVESTOR(S): Automotive Ventures; FM Capital (First Move Capital)
Mergers + Acquisitions
Deal Search
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American Geotechnics
Materials + Resources
November 15, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 11
CEO: Chuck Burgert
The company reached a definitive agreement to be acquired by Shannon and Wilson for an undisclosed amount on November 15, 2021. The acquisition will enable Shannon and Wilson to enhance its capability to serve its clients in Idaho.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Shannon and Wilson
Busch Distributors
Materials + Resources
December 1, 2021
County: Latah
City: Moscow
Region: Northern
CEO: Eric Busch
The company was acquired by Coleman Oil Company for an undisclosed amount on December 1, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Coleman Oil Company
Carew Co.
Technology/Software
November 1, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: Paul Carew
The company was acquired by Brandcraft for an undisclosed amount on November 1, 2021. The acquisition will increase Brandcraft’s production capabilities for design projects and add new digital marketing services.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Brandcraft
Critical Process Systems Group
Materials + Resources
November 2, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 400
CEO: Dmitry Shashkov/Mark Davitt
The company was acquired by Exyte Group, a subsidiary of Stumpf, for an undisclosed amount on November 2, 2021. The acquisition enhances Exyte’s global offering for customers in the semiconductor, biopharma and life sciences businesses.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Exyte Group; FreshTracks Capital; Sequel Holdings; Wynnchurch Capital
Crown Utilities (Idaho)
Services
December 6, 2021
County: Canyon
City: Nampa
Region: Southwestern
Headcount: 5
CEO: Ken Killingbeck/Michael Melhorn
The company was acquired by Excel Utility Contractors, via its financial sponsors Brightwood Capital Advisors, Sileo Capital and Mizzen Capital, through an LBO on December 6, 2021 for an undisclosed amount.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Excel Utility Contractors; Brightwood Capital Advisors; Mizzen Capital; Sileo Capital
Ground Force Worldwide
Materials + Resources
October 4, 2021
County: Kootenai
City: Post Falls
Region: Northern
Headcount: 52
CEO: Ronald Nilson/Jared Hundrup
The company was acquired by Federal Signal (NYS: FSS) for $45 million on October 4, 2021. The transaction enhances Federal Signal’s position as an industry leading diversified industrial manufacturer of specialized vehicles for maintenance and infrastructure markets.
$45,000,000
BUYER TYPE: Strategic
INVESTOR(S): Federal Signal
Hayden Lake Marina
Consumer/Retail
October 4, 2021
County: Kootenai
City: Coeur d’Alene
Region: Northern
The company was acquired by Southern Marinas Holdings II, a partnership between a Denver-based private investment firm and Southern Marinas Holdings, for an undisclosed amount on October 4, 2021. The acquisition enables Southern Marinas to expand its geographic footprint into the western US and complements its recent acquisition of Elliott Bay Marina in Seattle.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Southern Marinas Holdings
Lynch Energy
Materials + Resources
November 11, 2021
County: Cassia
City: Burley
Region: South Central
CEO: Todd Murdock
The company reached a definitive agreement to be acquired by Parkland USA, a subsidiary of Parkland Fuel (TSE: PKI), for an undisclosed amount on November 11, 2021. The acquisition strengthens Parkland’s growth platform across the Pacific Northwest and complements its existing retail, commercial and wholesale businesses in Idaho.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Parkland Fuel
Mac's Custom Tie-Downs
Materials + Resources
October 12, 2021
County: Bonner
City: Sagle
Region: Northern
Headcount: 7
The company was acquired by Discount Ramps, via its financial sponsors First Capital Partners, Rotunda Capital Partners and Seward Capital, through an LBO on October 12, 2021 for an undisclosed sum.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Discount Ramps; First Capital Partners; Rotunda Capital Partners; Seward Capital
McCall Rental and Sales
Consumer/Retail
October 20, 2021
County: Valley
City: Boise
Region: Southwestern
CEO: Haley Hennessy
Tates Rents acquired McCall Rental and Sales to expand services to the McCall area.
UNDISCLOSED
BUYER TYPE: Strategic
Medicare Instructors
Financial Services
October 4, 2021
County: Bonneville
City: Idaho Falls
Region: Eastern
Headcount: 1
The company was acquired by Senior Market Sales, a subsidiary of Alliant Insurance Services, for an undisclosed amount on October 4, 2021.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): Senior Market Sales
NxEdge
Materials + Resources
December 17, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 95
CEO: Jackson Chao/James Mitchell
The company was acquired by EnPro Industries (NYS: NPO) for $850 million on December 17, 2021. The acquisition marks a transformative next step in Enpro’s strategy to drive value through the addition of unique, high-margin, high-cash flow industrial technology businesses in secular growth markets.
$850,000,000
BUYER TYPE: Strategic
INVESTOR(S): EnPro Industries
Red Label Sports
Technology/Software
October 6, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 11
Fivestar, a sports tech company, acquired Red Label Sports. The company plans to shift to a sports news and gear focus.
UNDISCLOSED
BUYER TYPE: Strategic
Skyline Transitional Care Center
Healthcare
October 1, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 28000
CEO: Barry R Port
Ensign Group acquired the operations of Skyline Transitional Care Center and added the company to its existing healthcare portfolio.
UNDISCLOSED
BUYER TYPE: Strategic
Tamarack Resort
Consumer/Retail
October 15, 2021
County: Valley
City: Tamarack
Region: Southwestern
Headcount: 80
CEO: Scott Turlington
MMG Equity Partners, an investment company based in Florida, acquired Tamarack Resort. The firm added Tamarack Resort to its existing commercial property portfolio.
UNDISCLOSED
BUYER TYPE: Financial
TELEO Capital
Financial Services
November 9, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 34
TELEO Capital acquired Flatirons Solutions, an aviation and aerospace solutions company.
UNDISCLOSED
BUYER TYPE: Financial
TELEO Capital
Financial Services
December 15, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 34
TELEO Capital acquired FIOS Insights to merge with existing portfolio company UMT360.
UNDISCLOSED
BUYER TYPE: Strategic
INVESTOR(S): TELEO Capital
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