Utah Deal Intelligence - May 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
5/1/2023 Solo Brands, Inc. (NYSE:DTC) acquired Terra Flame Home Inc. The terms of the transaction were not disclosed. Terra designs portable fireplaces for offices, apartments, condos, and lofts and is based in Salt Lake City.
5/1/2023 MarketStar Corporation acquired Regalix, Inc. The terms of the transaction were not disclosed. MarketStar operates as a sales, marketing, and business process outsourcing agency and is based in Ogden.
5/1/2023 AJIS USA, Inc., dba AJIS Retail Solutions, acquired STH Inc., dba Rocky Mountain Merchandising & Services. The terms of the transaction were not disclosed. STH provides general merchandising services catering to the merchandising and promotional events industries and is based in Salt Lake City.
5/4/2023 Foundation Software, LLC acquired AboutTime Technologies, LLC. The terms of the transaction were not disclosed. AboutTime develops enterprise mobile time tracking and real-time resource management solutions for organizations and is based in Payson. Mayer Brown served as legal advisor to AboutTime.
5/8/2023 Recursion Pharmaceuticals, Inc. (NasdaqGS:RXRX) agreed to acquire Valence Discovery for $47.5 million. In a related transaction, Recursion agreed to acquire Cyclica for $40.0 million on 5/25/2023. Recursion is a clinical-stage biotechnology company based in Salt Lake City.
5/9/2023 HireVue, Inc. acquired Modern Hire, Inc. The terms of the transaction were not disclosed. HireVue develops and delivers video interviewing software solutions and assessment services for recruiting and hiring talent and is based in South Jordan.
5/17/2023 Nomi Health, Inc. acquired I Am Wellness AZ LLC. The terms of the transaction were not disclosed. Nomi is a health care services provider that supports medical testing, vaccination services, and self-insured healthcare plan administration and is based in Orem.
5/17/2023 Biomerics, LLC agreed to acquire the medical business of Precision Concepts International, LLC. The terms of the transaction were not disclosed. Biomerics designs, engineers, and manufactures polymer solutions for customers in the medical device, biotech, and healthcare industries and is based in Salt Lake City.
5/18/2023 Forum Health, LLC acquired Hormones by Design. The terms of the transaction were not disclosed. Forum provides precision health services and is based in Salt Lake City.
5/22/2023 Setpoint Technologies Inc. acquired Resolute Diligence Solutions. Resolute provides property and asset level reviews for single family rental, residential transitional loans, and transportation transactions and is based in Park City.
5/24/2023 ALKEME acquired Lincoln Insurance Group. The terms of the transaction were not disclosed. Lincoln is a full-service insurance agency based in Sandy.
M&A - Financial
5/19/2023 MedVenture Health acquired Canyon Laboratories, LLC, dba Canyon Labs. The terms of the transaction were not disclosed. Canyon Labs provides laboratory testing, scientific and technical consulting, clinical research, and Institutional Review Board services and is based in Bluffdale. MedVenture evaluates, invests in, and develops medical device technologies, products, and services that improve human health and wellness and is based in Salt Lake City.
Private Placements
5/1/2023 Extra Space Storage Inc. (NYSE:EXR) invested $150.0 million in shares of newly issued convertible preferred stock of Strategic Storage Trust VI, Inc., an affiliate of SmartStop Self Storage REIT, Inc. Extra Space manages, develops, sells, and rents self-storage facilities and is based in Salt Lake City. Latham & Watkins LLP served as legal advisor to Extra Space.
5/3/2023 Novo Idea Software Limited announced that it has raised $50.0 million in a round of funding led by Battery Ventures with participation from Cross Creek Advisors, LLC, Israel Growth Partners, and other investors. Cross Creek is a venture capital firm based in Salt Lake City.
5/4/2023 Solidcore Holdings, LLC announced that it has received a round of funding that included participation from Kohlberg & Company, L.L.C., VMG Partners, and Peterson Partners LP. Peterson is a private equity and venture capital firm based in Salt Lake City.
5/9/2023 Sensydia Corp announced that it has received $8.0 million in a round of funding led by new investor Orlando Health Ventures with participation from DFJ Frontier Management Company, LLC, Colle Capital Partners LP, and other investors. DFJ is a venture capital firm based in Lehi.
5/12/2023 Motherly, Inc. announced that it will receive $8.0 million in funding. As of 5/26/2023, the company has received $5.0 million in its first tranche from 29 investors. Motherly owns and operates a digital platform that provides news, information, products, and services to millennial mothers and is based in Park City.
5/15/2023 Utah Flour Milling, LLC announced that it has received a $25.0 million investment from NIPPN Corp. Established in February by Denver-based PHM Brands LLC, Utah Flour Milling will begin construction of the mill this summer at a yet-to-be-announced location in Utah.
5/17/2023 Biomerics, LLC announced that it will receive a round of funding that includes participation from ONCAP Management Partners L.P., Wasatch Venture Partners, and other investors. Biomerics designs, engineers, and manufactures polymer solutions for the medical device, biotech, and healthcare industries and is based in Salt Lake City. Wasatch is a venture capital firm based in Logan.
5/23/2023 Lifeforce Digital Inc. announced that it has received $12.0 million in a round of funding co-led by new investors M13 Ventures Management, LLC and Peterson Ventures, LLC with participation from Ridgeline Ventures, LLC, Rosecliff Venture Management LLC, and other investors. Peterson is a venture capital firm based in Salt Lake City.
5/30/2023 Qualis Flow Limited announced that it has received $8.9 million in a round of funding led by new investor Systemiq Capital with participation from Grosvenor Group Limited, Bridge Investment Group Holdings Inc. (NYSE:BRDG), Ascension Ventures Limited, and other investors. Bridge is an alternative investment manager based in Salt Lake City.
5/30/2023 Carrum Health, Inc. announced that it has received $45.0 million in an oversubscribed round of funding led by new investor OMERS Private Equity with participation from Tiger Global Management, LLC, Cross Creek Advisors, LLC, and other investors. Cross Creek is a venture capital firm based in Salt Lake City.
5/31/2023 Axuall, Inc. announced that it has received $20.0 million in funding from Noro-Moseley Partners, Intermountain Ventures, InHealth Ventures Limited, Hartford HealthCare Corporation, and other investors. Intermountain is a private equity and venture capital arm of Intermountain Healthcare and is based in Salt Lake City.
5/31/2023 CleanJoule LLC announced that it has received $50.0 million in a round of funding led by new investor Indigo Partners LLC with participation from Frontier Group Holdings, Inc. (NasdaqGS:ULCC), Wizz Air Hungary Ltd., Cleanhill Partners, and other investors. CleanJoule produces industrial goods for the aviation industry and is based in Salt Lake City.
5/31/2023 Measurabl, Inc. announced that it has raised $93.0 million in a round of funding co-led by returning investors Sway Ventures, Inc. and Energy Impact Partners LLC with participation from RETV Management LLC, Colliers International Group Inc., and other investors. RETV is a venture capital firm based in Park City.