Utah Deal Intelligence - December 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

12/1/2023 BluSky Restoration Contractors, LLC announced a merger with Liberty Restoration LLC. Liberty offers restoration services, such as fire, water damage, flood, mold, storm damage, asbestos abatement, board-up services, biohazard/trauma cleanup, and commercial services and is based in Salt Lake City.

12/4/2023 NewMarket Corporation (NYSE:NEU) agreed to acquire American Pacific Corporation (AMPAC) for $700.0 million. AMPAC manufactures critical performance additives used in solid rocket motors for space launch and military defense applications and is based in Cedar City. Kirkland & Ellis LLP served as legal advisor to AMPAC.

12/5/2023 ToolWatch Corporation acquired Busybusy, Inc. The terms of the transaction were not disclosed. Busybusy develops software solutions for the construction industry and is based in St. George.

12/6/2023 R1 RCM Inc. (NasdaqGS:RCM) agreed to acquire Acclara Solutions, LLC for $680.7 million. R1 provides technology-driven solutions that transform the patient experience and financial performance of hospitals, health systems, and physician groups and is based in Murray. Perkins Coie LLP, Kirkland & Ellis LLP, and Baker Donelson are serving as legal advisors to R1.

12/6/2023 Spencer Fane LLP agreed to acquire Snow, Christensen & Martineau. The terms of the transaction were not disclosed. Snow, Christensen & Martineau provides legal services and is based in Salt Lake City.

12/7/2023 Evive Brands, LLC acquired The Brothers that just do Gutters. The terms of the transaction were not disclosed. The Brothers provides gutter installation and maintenance services for residential customers and is based in South Salt Lake. Quarles & Brady LLP served as legal advisor to The Brothers.

12/8/2023 Good Earth Markets acquired Fairweather Natural Foods. The terms of the transaction were not disclosed. Good Earth Markets offers natural groceries, all-organic produce, supplements, and personal care and other items at its seven locations throughout Utah and is based in American Fork. Fairweather Natural Foods is a community market and café based in Park City.

12/12/2023 TrendyMinds, Inc. acquired Faktory, Inc. The terms of the transaction were not disclosed. Faktory operates a full-service creative, media, and PR agency and is based in Centerville.

12/18/2023 Salesforce, Inc. (NYSE:CRM) agreed to acquire Spiff, Inc. The terms of the transaction were not disclosed. Spiff develops a SAAS-based sales commission and compensation software platform and is based in Sandy.

12/21/2023 Bridgesource LLC acquired First Source Fuels LLC. The terms of the transaction were not disclosed. First Source engages in the distribution of fuels and lubricants and is based in Springville. Bridgesource produces fly ash for construction and is based in Orem.

M&A - Financial

12/14/2023 Argosy Capital Group, Inc. acquired a controlling interest in Wize Solutions, Inc. The terms of the transaction were not disclosed. Wize provides material handling installation services and is based in West Valley City.

12/27/2023 American Industrial Partners agreed to acquire Boart Longyear Group Ltd. (ASX:BLY). The terms of the transaction were not disclosed. Boart Longyear provides drilling services, drilling equipment, and performance tooling for mining and mineral drilling companies and is based in West Valley City. Osler, Hoskin & Harcourt LLP and Ashurst Australia are serving as legal advisors to Boart Longyear.

Private Placements

12/5/2023 Action Target, Inc. announced that it has raised an equity round of funding that included participation from returning investor Praesidian Capital. Action Target designs, manufactures, and installs shooting range products and equipment and is based in Provo.

12/5/2023 Tower Arch Capital in partnership with Allen Powell and the S&N leadership team has completed the recapitalization of S&N Communications Inc. with financing for the transaction provided by Zions Bank, UMB Bank, and Carter Bank & Trust. Tower Arch is a private equity firm based in Salt Lake City. Zions Bank provides traditional banking and innovative technology services to individuals, small-to middle-market businesses, nonprofits, corporations and institutions and is based in Salt Lake City. Gibson, Dunn & Crutcher LLP served as legal advisor to Tower Arch.

12/7/2023 Wellington-Altus Financial Inc. announced that it has raised $29.4 million in a round of funding in a transaction that included participation from returning investor The Cynosure Group. The Cynosure Group is a private equity firm based in Salt Lake City.

12/8/2023 Merit Medical Systems, Inc. (Nasdaq:MMSI) closed a convertible debt offering in which Merit raised $747.5 million in gross proceeds (after exercise of the over-allotment option). Merit is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, and is based in South Jordan. Parr Brown Gee & Loveless served as legal advisor to Merit.

12/8/2023 PT&C Group, LLC announced that it will receive $87.4 million in funding. As of 12/15/2023, the company has received $57.4 million in its first tranche from 3 investors. PT&C offers forensic consulting services and is based in Salt Lake City.

12/14/2023 On Top Roofing, Inc. announced that it has raised a round of funding that included participation from new investor Bestige Holdings, LLC. On Top is a construction and engineering company and is based in Park City. Bestige is a private equity and venture capital firm based in Park City.

12/15/2023 Tava Health, Inc. announced that it will receive $20.0 million in funding. As of 12/29/2023, the company received $16.0 million in its first tranche from 4 investors. Tava operates a mental telehealth platform and is based in Salt Lake City.

12/18/2023 Leland Inc. announced that it will receive $7.0 million in funding. The transaction closed on 1/3/2024 with participation from 30 investors. Leland operates an online higher education marketplace that simplifies the process of finding and connecting with higher education admissions coaches and is based in Lehi.

12/19/2023 Farmstead Manufacturing, LLC announced that it has received a round of funding that included participation from new investor Advantage Capital Management Corporation. Farmstead manufactures and supplies baked goods that include croissants, donuts, danishes, and pastries for cafés, hotels, and wholesalers and is based in Leeds.

12/19/2023 Savi Solution, Inc. announced that it will receive $12.6 million in funding. The transaction closed 1/9/2024 and included participation from Next Coast Ventures, LLC, Rock Creek Capital, LLC and other investors. Savi offers user interfaces for monitoring and controlling surveillance and onsite data collection services and is based in Woods Cross. Rock Creek is a private equity and venture capital firm based in Salt Lake City.

12/21/2023 Accelerate Dental Holdings, LLC announced that it will receive $12.0 million in funding. As of 1/5/2024, the company received $11.7 million in its first tranche from 28 investors. Accelerate operates in the healthcare industry and is based in Murray.

12/21/2023 Cinch Solutions, Inc. announced that it will receive $7.5 million in funding. The transaction closed on 1/9/2024 and included participation from 14 investors. Cinch develops a marketing enablement software designed to automate marketing strategies and is based in Draper.

12/22/2023 Techcyte, Inc. announced that it will receive $8.4 million in funding. The transaction closed on 1/11/2024 and included participation from 1 investor. Techcyte offers a deep learning software platform that uses image analysis to assist pathologists in the diagnostic process and is based in Orem.

12/28/2023 Applause Technology, Inc. announced that it will receive $7.0 million in funding. The transaction closed on 1/11/2024 and included participation from 12 investors. Applause designs and develops employee engagement software that motivates employees by offering financial benefits and incentives and is based in Salt Lake City.

12/31/2023 Onboard RS, Inc. announced that it has received investment in a round of funding from new investor PeakSpan Capital, LLC. Onboard owns and operates a third-party platform that helps to deploy, support, and manage custom bulk programs and is based in Salt Lake City.