Utah Deal Intelligence - April 2021

This report is prepared as a courtesy to the Utah business community by Columbia West based on our research and information collected by our firm. Despite our dedicated efforts, occasionally a deal might be missed or appropriate credit not given to legal or financial advisors. Please feel free to contact us if you have information on a transaction that you want to ensure is included and credit attributed to appropriate advisors. Also, feel free to forward to others who may have interest; they can be added to the regular distribution by contacting our office. Our contact information is below.

M&A - Strategic

4/1/2021 Career Step, LLC acquired Archetype Innovations, LLC. The terms of the transaction were not disclosed. Career Step provides career-focused online corporate training and education for job opportunities in healthcare, administrative services, and technology and is based in Lehi. Winston & Strawn LLP served as legal advisor to Career Step.

4/1/2021 Overhead Door Corporation acquired Won-Door Corporation. The terms of the transaction were not disclosed. Won-Door designs, manufactures, and sells fire doors and is based in Salt Lake City.

4/3/2021 Sorenson Communications, LLC acquired Sign Language Interactions Limited. The terms of the transaction were not disclosed. Based in Salt Lake City, Sorenson provides videophones and software to deaf and hard-of-hearing individuals who require Sorenson Video Relay Service to place and receive calls. Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Sorenson Communications.

4/5/2021 Ripple Industries LLC acquired Aftermarket Performance Group, LLC (APG). The terms of the transaction were not disclosed. APG is a vertically integrated direct-to-consumer, eCommerce-retailer, private-label manufacturer, and distributor of performance automotive aftermarket parts and accessories for enthusiasts serving the pickup truck, compact performance, and Jeep and off-road segments and is based in Salt Lake City. Finn Dixon & Herling, L.L.P. and King & Spalding LLP served as legal advisors to APG and APG's management.

4/5/2021 Reputation.com, Inc. acquired NUVI LLC. The terms of the transaction were not disclosed. NUVI provides real-time dashboards and visualizations on a social media platform and is based in Salt Lake City.

4/6/2021 Integrity Marketing Group, LLC acquired Kellogg Insurance Marketing, Inc. The terms of the transaction were not disclosed. Kellogg provides training and support services to insurance agents and is based in Draper.

4/7/2021 Drive Wealth Advisors acquired Magellan Capital, LLC. The terms of the transaction were not disclosed. Magellan Capital offers investment advice and is based in Lehi. Drive specializes in providing fiduciary guidance to business founders, executives and high net worth families and is based in Lehi.

4/8/2021 Sunworks United, Inc. acquired Solcius, LLC for $51.8 million. Solcius, a full-service residential solar systems company, provides solar installation services and is based in Provo. Carman Lehnhof Israelsen LLP served as legal advisor to Solcius.

4/8/2021 HealthEquity, Inc. (NasdaqGS:HQY) agreed to acquire the medical spending account business of MII Life Insurance, Incorporated and SamCo Services, LLC for $500.0 million. HealthEquity provides technology-enabled services platforms to consumers and employers in the U.S. and is based in Draper. Willkie Farr & Gallagher LLP served as legal advisor to HealthEquity.

4/9/2021 OpenTech Alliance, Inc. agreed to acquire Adigma, LLC. The terms of the transaction were not disclosed. Adigma is a marketing agency based in Lehi that offers account-based marketing using its online platform to define customer intent and provides advertisement delivery; content and email marketing; search engine optimization and web analytics; and offers direct response and measurement services.

4/9/2021 Ultimate Billing acquired Medi-Serv, Inc. The terms of the transaction were not disclosed. Medi-Serv offers medical billing, management, and consulting services to medical professionals and is based in Bountiful.

4/12/2021 Intermountain Healthcare, Inc. agreed to acquire Classic Air Medical. The terms of the transaction were not disclosed. Classic Air provides air medical transport services and is based in North Salt Lake. Intermountain owns and operates hospitals and clinics and is based in Salt Lake City. Hall, Render, Killian, Heath & Lyman, P.C. is serving as legal advisor to Intermountain.

4/13/2021 Olive AI, Inc. acquired Empiric Health, Inc. The terms of the transaction were not disclosed. Empiric Health operates as an artificial intelligence-powered clinical analytics and service company that identify unwarranted clinical variation and improve patient outcomes and is based in Salt Lake City.

4/15/2021 Emodo, Inc. acquired Axonix Corporation. The terms of the transaction were not disclosed. Axonix manufactures and markets network multimedia and data storage sharing appliances and is based in Salt Lake City.

4/16/2021 Verdesian Life Sciences, LLC acquired Cytozyme Laboratories, Inc. The terms of the transaction were not disclosed. Cytozyme manufactures and supplies products and nutritional concepts for agricultural and animal production and is based in Salt Lake City.

4/23/2021 Recovery Ways, LLC acquired Omega Recovery, Breakthrough Recovery Group, Alpine Recovery Services Inc., and Colonial Clinic. The terms of the transaction were not disclosed. Recovery Ways owns and operates residential treatment and intensive outpatient centers and is based in Murray.

4/26/2021 Franklin Covey Co. (NYSE:FC) acquired Entrefuse Inc. The terms of the transaction were not disclosed. Franklin Covey Co. provides training and consulting services in the areas of execution, sales performance, productivity, customer loyalty, leadership, and educational improvement for organizations and individuals worldwide and is based in Salt Lake City.

4/26/2021 Sunpro Corporation acquired Columbia Millworks LLC. The terms of the transaction were not disclosed. Columbia supplies door and millwork products and is based in Vineyard. Sunpro distributes building and construction materials to contractors, builders, and homeowners throughout Utah and the Intermountain West and is based in Lindon.

4/27/2021 HealthEquity, Inc. (NasdaqGS:HQY) agreed to acquire the Health Savings Account Business of Fifth Third Bancorp for $60.8 million. HealthEquity provides technology-enabled services platforms to consumers and employers in the U.S. and is based in Draper.

4/27/2021 Valeo Home Health and Hospice acquired Hearts for Hospice & Home Health. The terms of the transaction were not disclosed. Hearts for Hospice provides home healthcare and hospice care services and is based in American Fork. Valeo offers health and hospice services and is based in Salt Lake City.

4/27/2021 Castle Biosciences, Inc. (NasdaqGM:CSTL) agreed to acquire Myriad myPath, LLC from Myriad Genetics, Inc. (NasdaqGS:MYGN) for $32.5 million. Myriad myPath provides melanoma laboratory services and is based in Salt Lake City.

4/27/2021 The Tool Report acquired Decipher Forensics LLC. The terms of the transaction were not disclosed. Decipher provides digital forensic consulting services and is based in American Fork.

M&A - Financial

4/16/2021 Desert Highlands Regenerative acquired an unknown majority stake in Apex Biologix, LLC. The terms of the transaction were not disclosed. Apex is a medical training and marketing company that provides regenerative injection therapy training courses and kits to physicians and is based in Murray. Desert Highlands is a private equity firm based in Salt Lake City.

Private Placements

4/1/2021 BrightPlan LLC announced that it has received $9.5 million in a round of funding co-led by Fremont Group and The Cynosure Group with participation from Still Capital Partners and Hawk Partners. The Cynosure Group is a private equity firm based in Salt Lake City.

4/5/2021 Sarcos Robotics announced a private placement for gross proceeds of $220.0 million with participation from funds and accounts managed by BlackRock, Inc. (NYSE:BLK), Millennium Management LLC, Palantir Technologies Inc., and other investors. Sarcos also announced that it will become publicly listed through a merger transaction with Rotor Acquisition Corp. (NYSE:ROT), a publicly-traded special purpose acquisition company. The combined company’s common stock is expected to trade on Nasdaq under ticker symbol STRC upon closing, with the transaction representing an enterprise value of $1.3 billion for the combined company, plus a potential earnout of an additional $281.0 million based on the combined company's future share trading price. Sarcos develops mobile, highly dexterous robotic systems designed for dynamic or unstructured environments and is based in Salt Lake City. Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal advisor to Sarcos.

4/8/2021 Seed CX Ltd. announced that it has received a strategic round of funding from new investor Moneylion, Inc. Moneylion is a mobile bank that operates a personal finance, banking, and investment platform and is based in Sandy.

4/13/2021 Degreed, Inc. announced that it has received $153.0 million in a round of funding co-led by new investors Riverwood Capital LLC and Sapphire Ventures, LLC with participation from Signal Peak Ventures, Owl Ventures, Contour Management, LLC, and other investors. Signal Peak is a private equity and venture capital firm based in Salt Lake City.

4/14/2021 MyPizza Technologies, Inc., dba Slice, announced that it has received $40.0 million in its Series D round of funding led by new investor Cross Creek Advisors, LLC with participation from Dick Costolo, Adam Bain, KKR & Co. Inc. (NYSE:KKR), GGV Capital, and other investors. Cross Creek is a venture capital firm based in Salt Lake City.

4/16/2021 Former Miami Heat guard Dwyane Wade acquired an unknown minority stake in The Utah Jazz. The terms of the transaction were not disclosed. The Utah Jazz operates as a basketball team and is based in Salt Lake City.

4/19/2021 Medchart Inc. announced that it has received $12.0 million in a round of funding led by CrossLink Capital, Inc. and existing investor Golden Venture Partners, Inc. with participation from Pelion Venture Partners, Stanford Law School, and other investors. Pelion is a venture capital firm based in Salt Lake City.

4/20/2021 Kenect, LLC announced a strategic growth investment from funds advised by new investor Providence Strategic Growth Capital Partners L.L.C. Kenect develops texting tools for businesses to connect with their customers and is based in Pleasant Grove. DLA Piper LLP served as legal advisor to Kenect.

4/20/2021 Frontier Aerospace Corporation announced that it has received an equity round of funding from new investor American Pacific Corporation, a manufacturer of specialty chemicals that is based in Cedar City. Kirkland & Ellis LLP served as legal advisor to American Pacific.

4/21/2021 FreeAgent CRM announced that it has received $12.6 million in a round of funding led by Pelion Venture Partners with participation from Altara Ventures and returning investor BlueRun Ventures. Pelion is a venture capital firm based in Salt Lake City.

4/21/2021 Gabb Wireless, Inc. announced that it has raised $14.1 million in its Series A round of funding from Sandlot Partners LLC, New Orleans Saints quarterback Taysom Hill, and other investors. Gabb provides cellular telecommunication services and mobile phones for kids that prevent access to inappropriate content and is based in Lehi. Sandlot is a principal investment firm based in Orem. Cooley LLP and VLP Law Group LLP served as legal advisors to Gabb.

4/22/2021 Overtime Sports Inc. announced that it has received $80.0 million in a round of funding co-led by Black Capital Management and returning investor Sapphire Sport, a fund managed by Sapphire Ventures, LLC, with participation from Bezos Expeditions, LLC, Alexis Ohanian and Jeff Kearl through Pelion Venture Partners, Drake, and many other notable investors. Pelion is a venture capital firm based in Salt Lake City.

4/23/2021 Vintage Wine Estates, Inc. announced a private placement for gross proceeds of $100.0 million with participation from returning investor Wasatch Advisors Inc., an employee-owned traditional investment manager based in Salt Lake City.

4/27/2021 Xenocor Inc. announced that it has received its Series A-2 round of funding from Growing Impact Ventures, LP. Xenocor offers a suite of fog-free, disposable surgical technologies for minimally invasive, abdominal and thoracic procedures and is based in Salt Lake City.