Western States M&A by the Numbers

Western States M&A by the Numbers

Since 2018, the 12 Western states have consistently accounted for approximately one-quarter of all annual domestic M&A transactions. Over the past seven-plus years, some 750 design and environmental consulting firms have merged or been acquired in the West. As we prepare for the 11^th annual Western States M&A and Business Symposium, the Morrissey Goodale research team has prepared this assessment of how consolidation is playing out in the West on a state-by-state basis ranked in order of M&A activity. 

• California: The Golden State continues to be the “Big Kahuna” of M&A west of the Rockies. The state averages 44 transactions a year, placing it in a perennial three-way, deal-making race with Texas and Florida. Indeed, in any given year, California accounts for about 11% of all domestic consolidation. When firms look to establish a full national business model, they have to be in California. And for most national firms, the preferred mode of entry into the market is via acquisition. The state’s busiest year on record was 2021 when we recorded 63 transactions. Year-to-date, California has seen 10 announced deals with the most recent being the acquisition of Paradigm Environmental (San Diego, CA) by Ulteig (Fargo, ND) (ENR #116). Last year, one of the more notable deals in the state involved the April acquisition of Project Navigator (Tustin, CA) by Verdantas (Dublin, OH) (ENR #113), one of our “Ten Movers and Shakers to Watch in 2025.”
• Colorado: The Centennial State is typically the second- or third-most active Western state when it comes to M&A, averaging 16 transactions per year. Last year was busier than usual with 23 deals announced. This year is off to a fast start with three deals already on the books, one of which was the acquisition of Reliable Power Consultants (Fort Collins, CO) by Hunt, Guillot & Associates (Ruston, LA) (ENR #364).
• Washington: There have been 84 transactions in the Evergreen State since the beginning of 2018. Last year was the most active in the state’s history with 20 announced deals. Already in 2025, there are…read more