Idaho Deal Flow Report highlights deals during 2022

Idaho saw more than $6.5 billion in deals during 2022, according to the yearly Idaho Deal Flow Report from Built in Idaho and Alturas.

The annual report aggregates information from news reports, public filings, outreach and research to put together a picture of mergers, acquisitions, investments and other financial transactions across the state each year.

For 2022, the report listed 111 deals – the lowest number since the effort began in 2010. It follows a national trend of decreased activity as the cost of financing has increased as the Federal Reserve has worked to tamp down inflation.

But, despite a lower quantity of deals, the total value climbed to $6.5 billion – which is above the median total deal value by about $1 billion. 2022’s total deal value was only topped by 2012, 2013 and 2015. The deal flow total doesn’t include a significant number of deals where participants didn’t disclose how much money changed hands.

“We saw new startups emerging in a range of industries and established companies expanding operations,” Alturas Founder Blake Hansen said. “The state’s supportive business climate has helped to attract and retain businesses of all sizes, driving continued growth in the region.”

The biggest deal of the year involved an under-the-radar company that quietly called the Sun Valley area its formal home.

Fabled horse racing operation Churchill Downs bought out Ketchum-based Peninsula Pacific Entertainment. P2E, as it’s called, was formerly controlled by Brent M. Stevens, and founded in 1999. It operates and develops casino and gaming properties – including hotels and resorts.

The deal brought Colonial Downs Racetrack in Virginia, Del Lago Resort & Casino in New York and the Hard Rock Hotel & Casino in Sioux City, IA into the Churchill Downs fold.

The second largest deal of the year was Republic Services’ buyout of Boise-based US Ecology. The deal, which BoiseDev first reported last year, saw the garbage giant buy the Boise waste management and environmental services company for $2.2 billion.

US Ecology was founded in Houston 70 years ago, but moved its HQ to Boise under former CEO Jack Lemley. US Ecology was a public company before the acquisition by Republic closed.

Thanks for reading! Our stories are made possible because readers like you provide support. It allows us to keep from running intrusive ads or having a paywall. Plus, members get great benefits. Your membership makes our journalism possible. Join here!