Arizona Deal Intelligence - July 2023
This report is prepared as a courtesy to the Arizona 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
7/1/2023 Spirit Electronics acquired Insight Analytical Labs. Insight provides electronics analytical services including DPA, failure analysis, reverse engineering, and IP litigation support and is based in Phoenix.
7/5/2023 The Middleby Corporation (NasdaqGS:MIDD) acquired TERRY Water Treatment Solutions. The terms of the transaction were not disclosed. TERRY develops water treatment solutions for steamers, ice, ice makers, and ware washer products and is based in Chandler.
7/6/2023 Troon Golf, LLC acquired Applied Golf, LLC. The transaction closed on 6/30/2023. The terms of the transaction were not disclosed. Troon Golf operates as a golf and club management, development, and marketing company worldwide and is based in Scottsdale. Jennings Strouss & Salmon, PLC served as legal advisor to Troon Golf.
7/10/2023 Global Market Innovators, Inc. acquired CyVig, LLC. The terms of the transaction were not disclosed. CyVig operates as a managed security service provider company and is based in Scottsdale. Global offers information technology infrastructure products and services and is based in Phoenix.
7/11/2023 HonorHealth signed an agreement to acquire the remaining stake in 26 urgent care centers in Arizona from FastMed Urgent Care, P.C. The terms of the transaction were not disclosed. HonorHealth operates as a non-profit healthcare system that offers a network of hospitals and healthcare centers. FastMed owns and operates urgent care facilities in North Carolina and Arizona and is based in Scottsdale.
7/12/2023 Cornerstone Advisors of Arizona, LLC acquired BankSmart Solutions LLC. The terms of the transaction were not disclosed. Cornerstone provides consulting services for regional and community banks; start-up businesses; insurance companies; credit unions; and finance companies internationally and is based in Scottsdale.
7/17/2023 LightRidge Solutions acquired Trident Systems Incorporated. The terms of the transaction were not disclosed. LightRidge designs, manufactures, and integrates small-to-medium sized electro-optical/infrared sensors for national security space missions and is based in Tucson.
7/19/2023 CISO Global Inc. (NasdaqCM:CISO) acquired SB Cyber Technologies, LLC. The terms of the transaction were not disclosed. CISO operates as a cybersecurity and compliance company in the U.S., Chile, and internationally and is based in Scottsdale.
7/20/2023 Bowlero Corp. (NYSE:BOWL) agreed to acquire Mavrix and Octane Raceway in Scottsdale. The transaction closed in August. The terms of the transaction were not disclosed. Mavrix is an entertainment hub offering 22 lanes of bowling, a laser tag arena, 85 arcade games, a full-service restaurant, and multiple sports bars. Octane Raceway is a go-kart raceway featuring a year-round indoor/outdoor track. Weiss Brown served as legal advisor to Mavrix and Octane.
7/26/2023 Carmell Therapeutics Corporation (NasdaqCM:CTCX) announced the execution of a definitive agreement and plan of merger with Axolotl Biologix, Inc. Per the terms of the merger agreement, Axolotl’s shareholders will receive $65.0 million in initial equity value (structured as $8.0 million in cash and $57.0 million in CTCX stock at closing), plus up to $75.0 million in potential milestone equity payments (structured as 12% cash and 88% in CTCX stock). Axolotl is a regenerative medicine company developing products for active soft tissue repair, aesthetics, and orthopedic indications and is based in Flagstaff. Doyen Sebesta & Poelma LLP served as legal advisor to Axolotl.
7/28/2023 Concord Servicing Corporation acquired Equiant Financial Services, Inc. The terms of the transaction were not disclosed. Equiant provides receivable management and reporting, early-stage collections/customer service, and document custody services and is based in Scottsdale. Concord offers third-party portfolio servicing and is based in Scottsdale.
Private Placements
7/20/2023 Pyx Health, Inc. announced that it has received a round of funding that included participation from new investor TT Capital Partners, LLC. Pyx develops and operates a healthcare technology platform that connects with members outside of the traditional care setting for reducing loneliness and social isolation and is based in Tucson. Weiss Brown served as legal advisor to Pyx.
7/24/2023 PetSmart LLC announced that it will raise funding in a transaction that will include participation from new investor Apollo Global Management, Inc. and returning investor BC Partners LLP. PetSmart, together with its subsidiaries, operates as a specialty retailer of products, services, and solutions for pets in the U.S., Puerto Rico, and Canada and is based in Phoenix.
7/26/2023 Prolaio, Inc. announced that it has received $25.5 million in funding from 3 investors. Prolaio operates in the healthcare industry and is based in Scottsdale.