Utah Deal Intelligence - December 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

12/1/2022 Sunroc Corporation acquired the assets of J.K. Merrill & Sons. The terms of the transaction were not disclosed. Sunroc is a civil construction company that provides materials and services to the Intermountain West and is based in Spanish Fork.

12/1/2022 Commonwealth Electric Company of the Midwest Inc. acquired Rydalch Electric Inc. The terms of the transaction were not disclosed. Rydalch provides electrical construction services for commercial, institutional, and industrial markets and is based in Salt Lake City.

12/6/2022 NRG Energy, Inc. (NYSE:NRG) agreed to acquire Vivint Smart Home, Inc. (NYSE:VVNT) for $5.5 billion. Vivint engages in the sale, installation, servicing, and monitoring of smart home and security systems and is based in Provo. Simpson Thacher & Bartlett LLP is serving as legal advisor to Vivint.

12/7/2022 PCF Insurance Services acquired Direct Dealer Services, Inc. On 12/13/2022, PCF acquired TCU Agency, LLC. The terms of the transactions were not disclosed. PCF is a full-service consultant and insurance brokerage firm offering an array of commercial, life and health, employee benefits and workers' compensation solutions and is based in Lehi.

12/12/2022 HUB International Limited acquired Dale Barton Agency. The terms of the transaction were not disclosed. Dale Barton operates as a commercial insurance and surety bond brokerage firm and is based in Salt Lake City.

12/13/2022 Flowers Foods, Inc. (NYSE:FLO) agreed to acquire Papa Pita Bakery. The terms of the transaction were not disclosed. Papa Pita operates as a manufacturer and distributor of various breads and baked goods and is based in West Jordan. Kirton & McConkie, PC is serving as legal advisor to Papa Pita.

12/15/2022 Williams Partners Operating LLC agreed to acquire MountainWest Pipeline, LLC for $1.5 billion. MountainWest, formerly known as Dominion Energy Questar Pipeline, LLC, provides natural gas transportation and underground storage services and is based in Salt Lake City. Morrison & Foerster LLP is serving as legal advisor to MountainWest.

12/15/2022 Instructure Holdings, Inc. (NYSE:INST) acquired LearnPlatform, Inc. The terms of the transaction were not disclosed. Instructure provides cloud-based learning, assessment, development, and engagement systems and is based in Salt Lake City.

12/19/2022 Mars, Incorporated agreed to acquire Tru Fru, LLC. The terms of the transaction were not disclosed. Tru Fru engages in the production and sale of snacks, including fruit-based chocolates, and is based in West Valley City. Parr Brown Gee & Loveless is serving as legal advisor to Tru Fru.

12/19/2022 CONSOR Engineers, LLC acquired Project Engineering Consultants (PEC). The terms of the transaction were not disclosed. PEC provides civil, engineering, and environmental consulting services and is based in West Jordan.

M&A - Financial

12/2/2022 LendingClub Bank, National Association agreed to acquire the Personal Loan Portfolio of MUFG Union Bank, National Association for $1.1 billion. Based in Lehi, LendingClub operates as a bank and diversified specialty lender.

12/20/2022 Metar Capital, LLC acquired Ready Made Builders Supply, Inc. The terms of the transaction were not disclosed. Based in Kearns, Ready Made manufactures and supplies custom kitchens, bathroom vanities, cabinets, entertainment centers, wet bars, book shelves, mantles, and in-wall ironing boards under the brand Concept Kitchens.

Private Placements

12/6/2022 Expeto Wireless Inc. announced that it has raised $12.0 million in its Series B round of funding led by Sorenson Capital. Sorenson is a private equity and venture capital firm based in Lehi.

12/6/2022 CarPutty Inc. announced that it has received $12.3 million in a round of funding co-led by Fontinalis Partners, LLC and TTV Capital LLC with participation from Kickstart Seed Fund and other investors. Kickstart is a private equity and venture capital firm located in Cottonwood Heights.

12/6/2022 Cacheflow Inc. announced that it has received $10.0 million in a round of funding led by GV Management Company, LLC with participation from Pelion, Inc. and other investors. Pelion is a venture capital firm based in Salt Lake City.

12/15/2022 MasterControl, Inc. announced that it has raised $150.0 million in a round of funding led by new investor Sixth Street Growth. MasterControl provides web-based process, document, and quality management software solutions and is based in Salt Lake City. Wilson Sonsini Goodrich & Rosati, P.C. served as legal advisor to MasterControl.

12/16/2022 Halia Therapeutics, Inc. announced that it will receive $50.0 million in funding. As of 12/30/2022, the company received $12.2 million in its first tranche from 24 investors. Halia operates as a biotechnology company that engages in the discovery and development of small molecule therapeutics to treat inflammatory disorders and neurological diseases and is based in Salt Lake City.

12/26/2022 Eduvanz Financing Private Limited announced that it has received $12.6 million in its Series B1 round of funding led by new investor Rethink Education Management LLC with participation from Juvo Ventures and other investors. Juvo is a venture capital firm based in Salt Lake City.