Utah Deal Intelligence - February 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

2/1/2023 Flexpak Inc. acquired Preferred Packaging Products, Inc. The terms of the transaction were not disclosed. Flexpak provides packaging supplies and materials and is based in Woods Cross.

2/1/2023 PCF Insurance Services of the West, LLC acquired Oak Point Risk Advisors. The terms of the transaction were not disclosed. PCF provides commercial, employee benefits, personal lines, and specialty insurance brokerage services and is based in Lehi.

2/2/2023 Standard Cognition, Corp. agreed to acquire GoSkip, Inc. The terms of the transaction were not disclosed. GoSkip develops a mobile checkout application that allows customers to scan their purchases at the store and pay with their phone without waiting in line and is based in South Jordan.

2/3/2023 ExpressTech International, LLC, dba Fishbowl, acquired Sellware. The terms of the transaction were not disclosed. Fishbowl is a provider of ERP software for small-to-mid and mid-to-enterprise-sized businesses and is based in Orem.

2/5/2023 Meal Plan Pros acquired Go Buddha LLC. The terms of the transaction were not disclosed. Meal Plan Pros offers a platform for reviews of meal delivery services and is based in Kaysville.

2/9/2023 WorkforceQA LLC acquired Corporate Medical Services, Inc. The terms of the transaction were not disclosed. WorkforceQA is a human resource and employment services company based in Salt Lake City.

2/14/2023 Prosperity Behavioral Health LLC acquired Elevated Billing Solutions, LLC. The terms of the transaction were not disclosed. Elevated provides medical billing services primarily for substance abuse and mental health centers and is based in South Jordan.

2/21/2023 Corporate Visions, Inc. acquired Primary Intelligence, Inc. The terms of the transaction were not disclosed. Primary Intelligence develops a Win-Loss analysis platform to help B2B businesses scale their business and is based in Draper.

2/28/2023 Redemption Holding Company agreed to acquire Holladay Bank and Trust. The terms of the transaction were not disclosed. Holladay provides community banking services and is based in Salt Lake City. Parsons, Behle & Latimer PC is serving as legal advisor to Holladay.

2/28/2023 Forbes AAC acquired CoughDrop, Inc. The terms of the transaction were not disclosed. Based in South Jordan, CoughDrop develops an augmentative and alternative communication (AAC) platform that provides communication services to individuals with disabilities.

M&A - Financial

2/14/2023 Bridge Investment Group Holdings Inc. (NYSE:BRDG) agreed to acquire substantially all of the business of Newbury Partners LLC for approximately $320.1 million. Based in Salt Lake City, Bridge is a vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $43.3 billion of assets under management as of 12/31/2022. Latham & Watkins LLP and Kirkland & Ellis LLP are serving as legal advisors to Bridge.

Private Placements

2/1/2023 Warp announced that it has raised $5.7 million in a round of funding that included participation from MaC Venture Capital, Bonfire Ventures Management, LLC, and DFJ Frontier Management Company, LLC. DFJ is a venture capital firm based in Lehi.

2/17/2023 Plansight, Inc. announced that it has received $7.4 million in funding from 22 investors and 10 non-accredited investors. Plansight operates an online platform to compare various insurance plans and is based in Midvale.

2/17/2023 Owlet, Inc. (NYSE:OWLT) announced that it has received $30.0 million in a round of funding that included participation from Eclipse Ventures, LLC, Trilogy Equity Partners, and other investors. Owlet operates a digital parenting platform providing real-time data and insights to parents and is based in Lehi.

2/17/2023 PCF Insurance Services of the West, LLC announced that it has received $500.0 million in a round of funding led by Carlyle Global Credit Investment Management L.L.C. and HGGC, LLC with participation from OwlRock Capital, LLC and Crescent Capital Group, LP. PCF provides commercial, employee benefits, personal lines, and specialty insurance brokerage services and is based in Lehi.

2/21/2023 Fortem Technologies, Inc. announced that it has raised $17.8 million in a round of funding led by Lockheed Martin Ventures and Hanwha Aerospace USA with participation from AIM13|Crumpton Venture Partners, Data Collective, Boeing HorizonX Ventures, and other investors. Fortem develops and manufactures intrusion detection and detect-and-avoid solutions that alert, identify, and classify drones and other unmanned aircraft vehicles and is based in Pleasant Grove.

2/22/2023 Gauge Automotive Inc. announced that it has received $5.3 million in a round of funding led by Maniv Mobility with participation from Proeza Ventures and FJ Labs, Inc. Gauge is an online auction to buy vehicles directly from consumers and is based in Salt Lake City.

2/24/2023 Rebuy announced that it has received $17.0 million in its Series A round of funding led by M13 Ventures Management, LLC with participation from Dynamism Capital LP, Peterson Ventures, LLC, and other investors. Peterson is a venture capital firm based in Salt Lake City.

2/28/2023 Angel Studios, Inc. announced that it has received $5.5 million in funding from a single investor. Angel operates an online video streaming platform that provides movies and television show streaming services and is based in Provo.

2/28/2023 Studio Science announced that it has received a strategic growth investment from Inoca Capital Partners and other investors. Inoca is a private equity firm based in Park City.