Check out details on recent mergers and acquisitions.
Yeti is getting into the backpack business. The Austin-based cooler and thermos maker said Jan. 31 that it has signed an agreement to acquire Bozeman, Montana-based heavy duty backpack and bag maker Mystery Ranch for an undisclosed amount.
“Mystery Ranch packs have earned a global reputation within the most demanding communities by building load-bearing equipment that delivers in the harshest environments," Yeti CEO Matt Reintjes stated. "Their ethos, passion and people not only align with the YETI team, but also connect well with our commitment to innovation and our customers."
Yeti said the Mystery Ranch team will continue to operate out of Bozeman. The company didn't respond to questions about Mystery Ranch's headcount or how much Yeti has agreed to pay to complete the acquisition.
This appears to be Yeti's second acquisition in the company's 17-year history.
Mystery Ranch, founded in 2013 and led by co-founder Dana Gleason, makes a wide variety of load-bearing bags intended for military use, firefighting, hunting, hiking and skiing. It also sells hats, T-shirts and a variety of accessories to add hydration packs, rifle slings and tools to its packs.
– Brent Wistrom
Austin-based Elevate Entertainment Group LLC has acquired multiple out-of-state movie theaters.
The company said on Jan. 29 it acquired three Paragon Theaters and Penny Lanes locations in three new markets: Delray Beach, Florida; Cary, North Carolina; and Fredericksburg, Virginia.
Rebranding will be complete by May 1. This move will add almost 200,000 square feet of entertainment space with a total of 35 screens.
Late last year, EEG acquired Violet Crown Cinemas. The company now has 240 screens across 25 locations.The company, which has a portfolio of brands such as EVO Cinemas and EVO Entertainment, stated there will be more new venues slated to open this year and beyond.
“This strategic acquisition expands our presence and furthers our mission of being at the forefront of experiential entertainment, and we look forward to these communities experiencing EVO for the first time," Mitch Roberts, CEO and founder of parent company EEG, said in a statement.
— Sahar Chmais
ORCA Computing, a full-stack photonic quantum computing company that grew out of the University of Oxford, said Jan. 30 that it is acquiring the photonics division of Austin-based 5G connectivity company GenXComm Inc., which does business as GXC. Terms of the deal weren't disclosed. The acquisition includes GXC's IP and technology. Meanwhile, the company photonics team will merge with ORCA's existing photonics group.
GenXComm, which focuses on 5G networks and cellular mesh technology, was founded in 2016 after being developed at the University of Texas. It is led by CEO Allen Proithis and co-founder and CTO Hardik Jain. The startup has raised $38.5 million, including a $20 million series B in 2021.
– Brent Wistrom
Infleqtion, a fast-rising star in Austin's tech scene, said Jan. 29 that it acquired two integrated silicon photonics companies, SiNoptiq Inc. and Morton Photonics Inc., for an undisclosed amount. The company, legally known as ColdQuanta Inc., develops and manufactures quantum computing components. The new acquisitions will help it with its plans for chip-scale integration of lasers and photonic and atomic systems needed to commercialize quantum products.
Infleqtion, led by CEO Scott Faris, earlier this year made several notable additions to its board of directors and group of advisors. The company has raised about $185 million since its founding in 2007, according to Crunchbase.
– Brent Wistrom
San Francisco-based genetic testing company Invitae (NYSE: NVTA) sold some of its assets to Natera Inc. (Nasdaq: NTRA).
Austin-based Natera, a cell-free DNA testing company, acquired certain reproductive health assets from the company for $10 million cash upfront and a possible $42.5 million in potential milestone payments, including cash and litigation-related credits, according to a Monday announcement.
San Francisco Business Times reporter Ron Leuty reported that Invitae cut 238 jobs and is undergoing a corporate makeover to focus its business and trim costs. Natera also hired Invitae sales representatives, though it wasn't clear how many people shifted companies.
The Austin-based genetic testing company focuses on cancer, women's health and organ injuries and operates labs in Austin and San Carlos, Calif. It was founded by Matthew Rabinowitz and Jonathan Sheena in 2004. It underwent an initial public offering in 2015 and is currently led by CEO Steve Chapman.
– Kathryn Hardison
Austin-based petsitting software company Time to Pet has been acquired by Ann Arbor, Michigan-based business management software company DaySmart Software for an undisclosed amount, according to a Feb. 5 announcement. Time to Pet, founded in 2014 by Kyle Thielk and Michael Grenier, makes software for pet care businesses and solo operators. Its apps and software manage pet-sitting, dog-walking and cat-sitting with scheduling, invoicing and in-app messaging. Its features will be integrated into DaySmart's pet grooming and daycare offerings.
– Brent Wistrom
