MWCN’s 2024 Deal Flow Report shows Utah’s M&A deal value exceeded $30B again, with record-high transaction volume and a marked shift toward services sector consolidation across multiple industries.
Salt Lake City, Utah – May 9, 2025
MountainWest Capital Network (MWCN) has announced the results of its 2024 Deal Flow Report, highlighting notable growth and trends in Utah’s financial business transactions. Unveiled in the Founders Room at Zions Bank in downtown Salt Lake City, the report reveals that disclosed Utah mergers and acquisitions (M&A) deal value has remained above $30 billion for the second consecutive year, with overall transaction volume reaching its highest level since 2021.
The 2024 report also reveals that M&A activity surged dramatically last year, with the number of transactions increasing from 120 in 2023 to 239. Public M&A deals in Utah also saw significant growth, more than doubling from 5 to 11. Investment from both private equity and venture capital firms—within and outside of Utah—remained strong, while minority equity investment volume declined slightly from 2022’s record highs.
The services sector emerged as the leading driver of M&A activity in 2024, with consolidations in insurance, wealth management, and accounting/financial services. Several major acquirers in these sectors are based in Utah, reflecting a national trend. Additional M&A growth came from sectors such as cybersecurity, training and education, patient experience improvement, tire and lube services, collision repair, HVAC, plumbing, and concrete supply.
“The shift toward services sector consolidation in 2024 marks a significant evolution in Utah’s business landscape,” said Matt Bartholomew, Deal Flow Chair at MWCN. “While technology has traditionally led M&A activity, this year’s surge across multiple industries reinforces Utah’s resilience and attractiveness as a market for transactions.”
“We value the opportunity to highlight the companies and capital investors doing deals in and around Utah,” added Bartholomew. “The state is a strong example of where the deal community and entrepreneurs can thrive, have thrived, and will continue to thrive and create capital momentum for tomorrow's ideas and opportunities.”
Now in its 30th year, MWCN is a nonprofit organization dedicated to fostering a dynamic flow of capital and information to support business growth in Utah. MWCN's annual Deal Flow Report tracks equity-related financial transactions involving Utah buyers or targets, including M&A, public company capital market deals, and minority investments.
While the report is a comprehensive compilation of Utah’s equity-related transactions, Terry Pratchett, MWCN Deal Flow Vice-chair noted in his remarks this caveat: “While its a comprehensive report, it’s worth knowing that some deals don’t make it into the book—and for good reasons. It has to do with disclosure. Some of the data is not reported, or it's insufficient. So if you wonder why a deal is not in the book, there was probably a good reason for it.”
Access the full 2024 MWCN Deal Flow Report at www.mwcn.org.
