Utah Deal Intelligence - April 2022

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

4/1/2022 Precinmac Precision Machining acquired Petersen Inc. The terms of the transaction were not disclosed. Petersen provides custom fabrication, precision machining, and manufacturing services and is based in Ogden. Polsinelli PC served as legal advisor to Petersen.

4/1/2022 Boston Omaha Corporation (NYSE:BOC), through its wholly owned subsidiary FIF St George, LLC, has completed the acquisition of the businesses operated by InfoWest, Inc. and Go Fiber LLC for $49.4 million. FIF provides fiber communication services to homes and is based in Draper. InfoWest and Go Fiber are fiber and fixed wireless internet service providers based in St. George.

4/1/2022 Wheel Pros, LLC acquired TeraFlex, Inc. The terms of the transaction were not disclosed. TeraFlex manufactures and markets suspension systems, wheel rims, and accessories and is based in West Jordan.

4/4/2022 Microsoft Dynamics 365 Commerce acquired Experlogix, Inc. The terms of the transaction were not disclosed. Experlogix develops automated configurator solutions for enterprise resource planning and customer relationship management systems and is based in Salt Lake City.

4/5/2022 American Residential Services, LLC, dba ARS/Rescue Rooter, acquired ESCO Services Inc. The terms of the transaction were not disclosed. ESCO offers repair, maintenance, diagnosis, and installation services for air conditioning, plumbing, heating, and electrical equipment and is based in West Valley City.

4/5/2022 PDH Academy LLC acquired DermQBank (DBQ). The terms of the transaction were not disclosed. DQB provides a dermatology board certification exam preparatory website and is based in Holladay.

4/7/2022 BigBear.ai Holdings, Inc. (NYSE:BBAI) acquired ProModel Corporation. The terms of the transaction were not disclosed. ProModel provides predictive analytic decision support solutions and is based in Orem.

4/8/2022 Presidio Real Estate Company acquired Anasazi Realty, Inc. The terms of the transaction were not disclosed. Anasazi is an independent real estate company that helps its clients to buy, sell, rent, or lease real estate property and is based in Moab. Presidio offers a residential and commercial real estate listing and buying platform for brokers and buyers and is based in Pleasant Grove.

4/13/2022 Instructure Holdings, Inc. (NYSE:INST) acquired Concentric Sky, Inc. for $22.0 million. Instructure provides cloud-based learning, assessment, development, and engagement systems worldwide and is based in Salt Lake City.

4/18/2022 Alpine Air Express, Inc. acquired Suburban Air Freight, Inc. The terms of the transaction were not disclosed. Alpine is a regional air cargo carrier providing critical air infrastructure and is based in Provo. Akerman served as legal advisor to Alpine.

4/18/2022 National Bank Holdings Corporation (NYSE:NBHC) agreed to acquire Community Bancorporation, the holding company for Rock Canyon Bank, for $136.0 million. Rock Canyon offers personal and business banking and lending services throughout Utah and is based in Provo. Kirton McConkie is serving as legal counsel to Community Bancorporation.

4/20/2022 Blackrock Neurotech acquired MindX Corp. The terms of the transaction were not disclosed. Blackrock develops brain-computer interface technology and is based in Salt Lake City.

4/27/2022 Ingenovis Health, Inc. acquired VISTA Staffing Solutions, Inc. from Envision Physician Services. The terms of the transaction were not disclosed. VISTA provides physician staffing services to hospitals, medical practices, and government agencies and is based in Cottonwood Heights.

M&A - Financial

4/4/2022 Ariel Alternatives, LLC acquired a 52.5% stake in Sorenson Communications, LLC. The terms of the transaction were not disclosed. Sorenson provides videophones and software to deaf and hard-of-hearing individuals and is based in Salt Lake City. Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Sorenson.

Private Placements

4/11/2022 North Atlantic Imports, LLC, dba Blackstone Products, announced that it has raised $75.0 million in a round of funding that included participation from returning investor White Oak Global Advisors LLC. Blackstone engages in the manufacture of outdoor kitchen equipment and is based in Logan.

4/12/2022 PassiveLogic, Inc. announced that it has received $15.0 million in a round of funding that included participation from returning investor Brookfield Growth Partners. PassiveLogic develops artificial intelligence driven building automation products, such as hive, cell, and swarm, and is based in Salt Lake City.

4/12/2022 AlpineReplay, Inc. announced that it has received $47.0 million in a round of funding led by new investor Pelion, Inc. with participation from Lakestar, Toba Capital, and NextGen Venture Partners. Pelion is a venture capital firm based in Salt Lake City.

4/12/2022 Project Map Ltd. announced that it has received $7.0 million in a round of funding led by new investor 2.0 Ventures with participation from returning investors Mangrove Capital Partners and Cresson Management. 2.0 Ventures is a venture capital firm based in Salt Lake City.

4/12/2022 Grain Intelligence, Inc. announced that it has received $16.0 million in a round of funding led by Tiger Global Management, LLC, Zoom Video Communications, Inc., Peterson Ventures, LLC, and other investors. Peterson is a venture capital firm based in Salt Lake City.

4/13/2022 VUE Corp. announced that it has received its Series A round of funding led by new investor SolutionStream, LLC. SolutionStream offers information technology consulting services and is based in Lehi.

4/13/2022 Falkbuilt Ltd. announced that it has closed a $27.8 million equity investment led by Stephens Capital Partners and RET Ventures. RET is a venture capital firm based in Park City.

4/18/2022 Picket Houses, Inc. announced that it has received its Series A round of funding led by new investor RET Ventures. RET is a venture capital firm based in Park City.

4/19/2022 AuctionIQ, LLC announced that it has received a round of funding from new investor Copley Equity Partners. AuctionIQ is a technology enabled cost management and profitability improvement company based in Sandy.

4/25/2022 johnnie-O, Inc. announced that it has received $108.0 million in an equity round of funding from new investors Wasatch Advisors Inc. and funds managed by Ares Management Corporation (NYSE:ARES). Wasatch is an employee-owned traditional investment manager based in Salt Lake City.

4/26/2022 SQAD Inc. announced that it has received a round of funding that included participation from new investor Dreamscape LLC. Dreamscape provides marketing technology services and is based in Salt Lake City. Kirkland & Ellis LLP served as legal advisor to Dreamscape.

4/26/2022 Harness, Inc. announced that it has closed $230.0 million in new financing from Norwest Venture Partners, JPMorgan Chase & Co., Capital One Ventures, Sorenson Capital, and other investors. Sorenson is a private equity and venture capital firm based in Lehi.

4/27/2022 Elevar Therapeutics, Inc. announced that it will issue common shares for gross proceeds of $24.7 million. Elevar is a biopharmaceutical company that engages in the development of anti-cancer drug therapies for the treatment of various solid tumor cancers and is based in Salt Lake City.

4/27/2022 Optisys, Inc. announced that it will receive $15.0 million in funding from 13 investors. The transaction closed on 5/11/2022. Optisys manufactures technology to provide metal 3D printed antenna products for aerospace and defense applications and is based in West Jordan.

4/28/2022 Pay2Day Solutions, Inc. announced that it has received $7.0 million in a round of funding led by Red Door Capital Partners LLC. Red Door is a private equity and venture capital firm based in Salt Lake City.