Publicly disclosed mergers and acquisitions (M&A) exceeded $30 billion for the second consecutive year in 2024, according to the MountainWest Capital Network’s recently released annual Deal Flow Report.
The research, which details trends and growth across Utah’s financial business transactions, also found overall transaction volume reached its highest level since 2021.
The annual Deal Flow Report is published by the nonprofit MWCN, a Utah-based business networking organization devoted to supporting entrepreneurial success and dedicated to the flow of financial, entrepreneurial and intellectual capital. The study tracks equity-related financial transactions throughout Utah, including M&A 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.
M&A transactions increased significantly from 120 in 2023 to 239 in 2024, while public deals more than doubled from 5 to 11, according to the report. 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, said MWCN.
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 does not report on transactions that were either confidential or otherwise not publicly disclosed.