USA – IDAHO Trends and Developments Contributed by: Steve Frinsko, Christopher Cook, Paul Street and Matthew Havili, Hawley Troxell
Hawley Troxell 877 W Main Street Suite 200 Boise, ID 83702 USA Tel: +1 208 344 6000 Fax: +1 208 954 5257
Email: info@hawleytroxell.com Web: www.hawleytroxell.com
Trends M&A market
Overview of Regulatory Field Acquiring a company
The Idaho M&A market generally follows the larger US trends and has been strong since at least 2020. Activ - ity tailed off a bit at the end of 2025 but seems to be returning to previous levels in 1Q 2026. Key trends As observed over the past several years, there are large numbers of outside investors looking to acquire entities in Idaho. Some of those have been strategic buyers but the greatest percentage is from private equity aggregators or “roll-ups” (ie, private equity sponsors creating a “platform” and acquiring entities serving a local market in related fields such as Heat - ing, Ventilation, and Air Conditioning (HVAC) and auto body repair). Key industries Idaho has seen M&A activity across a wide variety of industries including Software as a Service (SaaS) providers in a variety of segments, HVAC, auto body repair. It has also been observed that a number of national homebuilders are acquiring ready-to-build properties (ie, entitled land, with approved plats, and, in some cases, basic infrastructure completed). Healthcare also remains strong with larger hospitals or hospital systems acquiring physician practices, although activity here has slowed a bit. In a market likely somewhat unique to Idaho, because of the lim - ited availability of licences to sell liquor by the drink under state law, the market for sales and other trans- fers of those liquor licences has been quite active.
The vast majority of deals are asset sales, with a much smaller percentage being equity purchases. A significant number of the asset sales include a roll- over equity component, particular with private equity buyers. Primary regulators Idaho has very little in the way of M&A regulation and, as such, the primary regulators are the federal regu - lators such as the Federal Trade Commission (FTC) and the Department of Justice (DOJ) if the deal size implicates federal antitrust laws. If the transaction involves a utility subject to Idaho regulatory oversight, Idaho Public Utilities Commission approval may be required. In addition, if the deal involves transfer of a liquor licence, the transfer of that licence is subject to approval by the Alcohol Beverage Control Division of the Idaho State Police. Restrictions on foreign investments There are no restrictions on foreign investments other than those imposed under US federal law. Antitrust regulations There are no antitrust regulations other than those established under US federal law. Labour law regulations There are very few labour law regulations beyond those established under US federal law. Idaho does not have a “mini-WARN” act. Restrictive covenants in employment agreements are generally permitted. The maximum restricted period for employee non-
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