Utah Deal Intelligence - September 2023
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
9/1/2023 Flexpak, LLC acquired Katzke Paper Co. and Packaging Converting. The terms of the transaction were not disclosed. Flexpak provides packaging supplies and materials and is based in Woods Cross.
9/1/2023 Kaizen Automotive Group acquired Flex Fleet Rental LLC. The terms of the transaction were not disclosed. Flex engages in finance leasing of light and medium-duty trucks and is based in Salt Lake City.
9/6/2023 PCF Insurance Services of the West, LLC acquired Allied Marketing Insurance Group, Inc. The terms of the transaction were not disclosed. PCF provides commercial, employee benefits, personal lines, Medicare, and specialty insurance brokerage services and is based in Lehi.
9/8/2023 Acacium Group Limited acquired Sumo Medical Staffing. The terms of the transaction were not disclosed. Sumo operates as a healthcare staffing and recruiting company, offering clients locum tenens and permanent placement staffing services, and is based in Draper.
9/8/2023 Rock West Composites, Inc. acquired the assets of Performance Plastics, Inc. The terms of the transaction were not disclosed. Rock West designs, engineers, and manufactures composite products and is based in West Jordan.
9/12/2023 Solo, LLC acquired SolarNexus Inc. The terms of the transaction were not disclosed. Solo develops a sales conversion platform for solar and roofing service providers and is based in Lehi.
9/14/2023 Surya Carpet Inc. acquired RST Brands, LLC. The terms of the transaction were not disclosed. RST designs, manufactures, and sells outdoor and indoor furniture and is based in Salt Lake City.
9/14/2023 Green Growth CPA acquired the business of Pinnacle Accountancy Group, PLLC. The terms of the transaction were not disclosed. Pinnacle is an auditing and accounting firm based in Kaysville.
9/15/2023 GoEngineer, Inc. acquired Rapid PSI. The terms of the transaction were not disclosed. GoEngineer distributes product design tools for customers in high-tech, medical, machine design, energy, and other industries and is based in Salt Lake City.
9/18/2023 Veracio Ltd agreed to acquire Minalyze AB for $29.3 million. Veracio develops key digital sensing platforms and AI that helps miners move beyond the borehole and see the entire orebody in fine detail and is based in West Valley City.
9/18/2023 HealthEquity, Inc. (NasdaqGS:HQY) agreed to acquire BenefitWallet’s Health Savings Account portfolio from Conduent Business Services, LLC for $425.0 million. HealthEquity is an independent health savings account custodian that provides technology-enabled services platforms to consumers and employers and is based in Draper. Willkie Farr & Gallagher LLP is serving as the advisor to HealthEquity.
9/18/2023 Trilon Group, LLC acquired Horrocks Engineers, Inc. The terms of the transaction were not disclosed. Horrocks provides civil engineering infrastructure services and is based in Pleasant Grove.
9/21/2023 Domotz, Inc. acquired Glasswire Inc. The terms of the transaction were not disclosed. Domotz develops network monitoring software solutions and is based in Draper.
9/28/2023 Cal-Maine Foods, Inc. (NasdaqGS:CALM) agreed to acquire substantially all the assets of Fassio Egg Farms, Inc. The transaction closed on 10/4/2023 and the terms were not disclosed. Fassio engages in shell egg production and processing activities and is based in Salt Lake City.
9/28/2023 eHub acquired ShipKey, LLC. The terms of the transaction were not disclosed. eHub connects ecommerce businesses with solutions needed to optimize their shipping and fulfillment and is based in Sandy.
9/30/2023 All-In Nutritionals (USA), LLC agreed to acquire the assets of Agape Herbals LLC. The transaction closed on 10/18/2023 and the terms were not disclosed. Agape manufactures herbal medicines for gut health, anti-inflammatory diseases, and resistance and is based in Salt Lake City.
M&A - Financial
9/6/2023 Eden Capital Management LLC acquired Phlebotomy Training Specialists, LLC (PTS). The terms of the transaction were not disclosed. PTS provides phlebotomy training and certification in the healthcare sector and is based in Lehi. Wilson Bradshaw LLP served as legal advisor to PTS.
Private Placements
9/7/2023 Noetik Inc. announced that it has received $14.0 million in a round of funding led by Data Collective with participation from Intermountain Ventures, EPIC Ventures, and other investors. Intermountain is a private equity and venture capital arm of Intermountain Healthcare and is based in Salt Lake City. EPIC is a private equity and venture capital firm based in Salt Lake City.
9/12/2023 Treasury 4, Inc. announced that it has raised $20.0 million in a round of funding led by WestCap Investment Partners, LLC with participation from Fortson VC LLC, Cowles Company, Kickstart Seed Fund, and other investors. Kickstart is a private equity and venture capital firm based in Cottonwood Heights.
9/12/2023 Shanghai Electric Energy Storage Technology Co., Ltd. announced that it has raised $54.9 million in an equity round of funding from Huaqiang Capital, Monarch, Cornerstone Capital, and other investors. Monarch is a venture capital firm based in Salt Lake City.
9/14/2023 Griptape, Inc. announced that it has received $12.5 million in funding from Fuse Ventures Management, LLC, CrossLink Capital, Inc., Acequia Capital Management, LLC, Peterson Ventures, LLC, and other investors. Peterson is a venture capital firm based in Salt Lake City.
9/15/2023 Pantomath Inc. announced that it has received $14.0 million in its Series A round of funding that included participation from Sierra Ventures Management, LLC, Bowery Capital, and EPIC Ventures. EPIC is a private equity and venture capital firm based in Salt Lake City.
9/20/2023 Xevant, Inc. announced that it has received $5.0 million in funding from one investor. Xevant develops software to manage client pharmacy spending with real-time insights and alerts based on client-specific needs and is based in Lehi.
9/26/2023 Formant, Inc. announced that it has received $21.0 million in funding from BMW i Ventures, Inc. with participation from Intel Capital Corporation, Signalfire, LLC, Pelion, Inc., and other investors. Pelion is a venture capital firm based in Salt Lake City.