No Longer ‘Flyover States’: The Case for Dealmaking in the Rodeo Region
The Rodeo Region is a landscape of growth, innovation and opportunity— and your next great deal might be waiting in its backyard
When thinking of middle-market M&A, attention typically gravitates toward financial centers along the East and West Coasts of the United States. But dealmaking in these regions is increasingly crowded, competitive and often overpriced. The pace of deal flow in these markets can overshadow the fundamentals of the deal itself.
Enter Middle America.
It is a great time to look to the economic powerhouse in the center of the country—an area that Bow River Capital calls the “Rodeo Region.” The Rodeo Region spans 14 states located in the country’s plains, mountains and Southwest.
Once dismissed as “flyover states,” the region’s population and employment growth offer a destination for innovative dealmaking. Bow River Capital focuses on this region, finding investment opportunity with less competition.
A New Frontier for Business and Life
The Rodeo Region is more than just a geographic area—it represents a culture of hard work, integrity and community rooted in traditional values. In this part of America, communication and respect replace business litigation; investment partnerships thrive on trust and mutual respect.
Bow River Capital leverages these principles by closing deals that value long-term partnerships over shortterm gains. In the past decade, migration trends have accelerated expansion in cities like Bozeman, Boise, Salt Lake City and Dallas. This population shift is reshaping the country’s gravity centers.
The Rodeo Region consistently outperforms the rest of the nation in, for example, income growth, unemployment rates and workforce productivity. These statistics highlight the region’s deep pool of engaged, motivated workers— essential for scaling businesses.
Handshakes That Matter: Building Trust in the Rodeo Region
The intangible advantages of the Rodeo Region are just as compelling as its economic metrics. These states consistently rank higher in social capital, reflecting higher degrees of trust, communication and collaboration. People living and working in the middle of America report being happier, with better health, education and work-life balance.
The Rodeo Region’s work ethic and way of doing business create an environment where businesses thrive.
The Rodeo Region’s work ethic and way of doing business create an environment where businesses thrive.
Dealmaking in the Rodeo Region feels refreshingly different. Agreements are built on authenticity and shared values. Transparency and personal connections carry weight, making it possible to forge stronger partnerships that lead to both financial success and community impact.
Harvesting Opportunities Across the Heartland
Middle-market M&A in the Rodeo Region often involves family-owned, multigenerational businesses with deep local roots. These firms frequently bring niche expertise, loyal customer bases and valuable intellectual property to the table. For investors, this means opportunities not only to achieve financial gains but to preserve legacies and contribute to community development. Moreover, relatively lower enterprise values and operating costs are attractive for investors. Competitive dynamics allow for higher returns and access to talent at favorable terms, setting the stage for sustainable growth: The Rodeo Region is underinvested.
In the Rodeo Region, dealmaking is not solely about numbers—it is about doing the right thing. It is about understanding the people, respecting the culture and creating long-term partnerships that benefit all stakeholders. This dynamic creates a powerful opportunity for investors to tap into the Rodeo Region’s high growth potential and cost-efficient advantages.
How can dealmakers break into these markets? Start by immersing yourself in the local culture. Relationships matter in the Rodeo Region. Face-to-face interactions and trust-building are critical to success. Engage with the players—business owners, brokers, accountants and attorneys—to build a network of knowledgeable partners who understand the region’s economic and social fabric.
Networking can take many forms. Look for regional M&A events beyond the larger dealmaking conferences. Organizations like the Association for Corporate Growth (ACG) host chapter events that provide opportunities to connect with local professionals. Even small touches, like bonding over local sports events or dining at favorite restaurants, can go a long way in establishing relationships.
The Rodeo Region is a landscape of growth, innovation and opportunity—and your next great deal might be waiting in its backyard. By harnessing the region’s competitive advantages, you will not only unlock investment returns but also redefine what it means to do business in America’s prosperous center.
Greg Hiatrides is Managing Director, Head of Private Equity at Bow River Capital.
Middle Market Growth is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.
