Financial services consolidation and professional services integration point to Utah's business transaction ecosystem diversifying beyond tech.
SALT LAKE CITY, May 9, 2025 -- MountainWest Capital Network (MWCN) today announced the results of its annual Deal Flow Report, which points to compelling trends and growth across Utah's financial business transactions. Disclosed mergers and acquisitions (M&A) deal value remained above $30 billion for the second consecutive year, and overall transaction volume reached its highest level since 2021.
M&A transactions increased significantly from 120 in 2023 to 239 in 2024, while public deals more than doubled from 5 to 11. Private equity and venture capital from both outside and within Utah maintained significant investment in Utah businesses, while minority equity investments into Utah companies that were reported decreased slightly from 2022 highs.
The services sector emerged as the primary driver of M&A activity in 2024. Insurance, wealth management and accounting/financial services consolidators acquired smaller practitioners, reflecting a nationwide trend. Several major buyers in these categories operate from Utah.
Additional services businesses contributing to M&A growth in the Beehive State include companies specializing in training and education, cybersecurity and patient experience improvement. Other examples of growing services consolidation practices are occurring in tire and lube servicing, collision repair, HVAC and plumbing and concrete provision.
"The significant shift in 2024 toward services sector consolidation suggests a meaningful evolution in Utah's business landscape," said Matt Bartholomew, MWCN's Deal Flow Chair. "While technology has historically dominated our reports, this year's doubling of M&A activity demonstrates strength across multiple sectors, reinforcing Utah's position as a resilient and attractive market for business transactions."
Now in its 30th year, the Deal Flow Report is a publication of the MWCN, a nonprofit organization, created to foster a dynamic flow of information about capital formation and distribution. It does not report on transactions that were either confidential or otherwise not publicly disclosed.
The Deal Flow Report tracks equity-related financial transactions throughout Utah, including M&A (majority) transactions involving Utah buyers or targets, Utah-headquartered, public company capital markets deals and minority investments into companies headquartered in Utah from capital providers both within and outside Utah. MWCN includes deals with Utah-based businesses or buyers exceeding $50,000 that invest in company equity, excluding real estate companies.
View the full 2024 MWCN Deal Flow Report at www.mwcn.org.
About MountainWest Capital Network
MountainWest Capital Network is Utah's first and largest business networking organization devoted to supporting entrepreneurial success and dedicated to the flow of financial, entrepreneurial and intellectual capital. Learn more at www.mwcn.org.
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