MountainWest Capital Network’s 2025 Deal Flow Report event today at Zions Bank brought together Utah business leaders to review transaction trends, recognize contributors, and highlight the state’s active investment and capital markets.
Salt Lake City, Utah - May 21, 2026
At today’s MountainWest Capital Network Deal Flow Report event, hosted by Zions Bank in its top floor Founders Room in downtown Salt Lake City, business and capital market leaders gathered to mark the release of the MWCN 2025 Deal Flow Report and to highlight the continued strength of Utah’s deal community.
Speakers included Cheri Waldron, MWCN executive director; Terry Prachett, Deal Flow Chair; Jerom Casey; Kevin Jessup, chairman of MountainWest Capital Network; and a Zions Bank host who welcomed attendees and emphasized the bank’s long-standing commitment to Utah’s business community.
The newly released report shows that Utah recorded 435 total transactions in 2025, up from 426 in 2024 and equal to the high-water mark shown for 2021. The figures suggest that Utah’s transaction ecosystem remained highly active even as overall deal values moderated from the outsized levels seen in the prior two years.
According to the report, aggregate disclosed transaction value totaled $17.2 billion in 2025, compared with $36.9 billion in 2024 and $39.2 billion in 2023. In other words, deal count stayed strong while aggregate value fell back, indicating a market still producing steady activity even without as many blockbuster-value transactions.
By type, mergers and acquisitions continued to lead the market in 2025, with 249 transactions and $11.7 billion in aggregate value. Private placements accounted for 177 transactions totaling $3.4 billion, while public transactions totaled 9 deals and $2.0 billion in aggregate value.
The report also points to the sectors that continue to shape Utah’s economy. In 2025, Technology/Software represented 38% of total transactions, followed by Consumer/Retail at 21% and Finance at 11%. Together, those categories reinforce Utah’s reputation as a technology-driven market with broad activity across consumer and financial services businesses as well.
Several standout transactions helped define the year. Among the largest disclosed deals listed in the report were Edifecs, Inc. at $3.05 billion, Eco Material Technologies Inc. at $2.10 billion, and Bridge Investment Group Holdings, Inc. at $1.99 billion. On the private placement side, Trucordia led with a $1.3 billion transaction, while Angel Studios Inc. stood out in the public category with a $1.6 billion transaction.
Regionally, the report shows that the Salt Lake City CBSA remained the state’s largest center of transaction activity, with 2,338 records and 1,884 transactions per one million residents. Provo-Orem-Lehi followed with 1,287 records and 1,758 transactions per one million residents, while Heber posted the highest per-capita figure shown in the table at 2,115 transactions per one million residents, albeit from a smaller base.
Throughout the event, speakers stressed that the Deal Flow Report serves not only as a market snapshot but also as a reflection of the people behind the data: entrepreneurs, investors, capital providers, advisors, sponsors, and volunteers who contribute to Utah’s business ecosystem. They also noted that the report is based on publicly disclosed deal data, meaning some confidential transactions are not captured.
The message from today’s gathering was clear: Utah’s deal community remains active, resilient, and deeply interconnected. Even in a year with lower aggregate value, the state continued to post strong transaction volume, meaningful sector diversity, and several headline-making deals.
A PDF version of the 2025 MWCN Deal Flow Report can be downloaded at www.mwcn.org.
2025 MWCN Deal Flow Report: Selected Highlights
Category | 2025 Data | Why It Matters |
|---|---|---|
Total Transactions | 435 | Matched the five-year high shown in the report and exceeded 2024’s 426 transactions. |
Aggregate Disclosed Value | $17.2B | Deal volume stayed strong even though total disclosed value fell from 2023 and 2024 levels. |
M&A Transactions | 249 | Mergers and acquisitions remained the dominant transaction type in Utah. |
M&A Aggregate Value | $11.7B | Most of the year’s disclosed value came from M&A activity. |
Private Placements | 177 | Private capital formation remained a major part of Utah’s transaction ecosystem. |
Public Transactions | 9 | Public market activity was limited in count but still meaningful in value. |
Technology/Software Share | 38% | Technology/software remained the largest industry segment by share of transactions. |
Consumer/Retail Share | 21% | Consumer-facing businesses continued to represent a significant portion of Utah deal activity. |
Finance Share | 11% | Financial services maintained a notable presence in the state’s transaction mix. |
Largest Disclosed M&A Deal | Edifecs, Inc. — $3.05B | The largest value transaction listed in the report. |
Largest Disclosed Private Placement | Trucordia — $1.3B | The biggest private placement highlighted in the report. |
Largest Disclosed Public Transaction | Angel Studios Inc. — $1.6B | The top public-market transaction listed. |
Top Regional Market by Records | Salt Lake City — 2,338 records | Salt Lake City remained Utah’s largest concentration of transaction activity. |
Highest Transactions per 1M Population | Heber — 2,115 | Heber posted the highest per-capita rate shown in the regional table. |
Source: MWCN 2025 Deal Flow Report
Note: Values are based solely on publicly disclosed deal data.
