Utah Deal Intelligence - August 2024

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

8/1/2024 PACS Group, Inc. (NYSE:PACS) acquired a 37-facility skilled nursing and seniors housing portfolio located in the Pacific Northwest for $43.0 million. PACS, through its subsidiaries, operates skilled nursing facilities and assisted living facilities and is based in Farmington.

8/1/2024 Health Catalyst, Inc. (NasdaqGS:HCAT) acquired Lumeon Limited for $65.0 million. Health Catalyst provides data and analytics technology and services to healthcare organizations and is based in South Jordan.

8/7/2024 Zimmer Biomet Holdings, Inc. (NYSE:ZBH) agreed to acquire OrthoGrid Systems, Inc. The terms of the transaction were not disclosed. OrthoGrid provides anatomy-specific radiopaque grid patterns for orthopedic surgery and is based in Salt Lake City.

8/8/2024 ATL Technology, Inc. acquired MDCM Solutions, LLC. The terms of the transaction were not disclosed. ATL provides electromechanical contract manufacturing services for assemblies and devices and is based in Springville.

8/8/2024 Recursion Pharmaceuticals, Inc. (NasdaqGS:RXRX) agreed to acquire Exscientia plc (NasdaqGS:EXAI) for approximately $650.0 million. Based in Salt Lake City, Recursion is a clinical stage TechBio company decoding biology to industrialize drug discovery. Wilson Sonsini Goodrich & Rosati and Clifford Chance LLP are serving as legal advisors to Recursion.

8/8/2024 PCF Insurance Services of the West, LLC acquired the insurance business of DLD Insurance Brokers Inc. The terms of the transaction were not disclosed. PCF operates as an insurance brokerage company and is based in Lindon.

8/12/2024 Quick Roofing, LLC acquired Excel Construction Group. The terms of the transaction were not disclosed. Excel is a commercial general contractor based in Lehi.

8/13/2024 Ultradent Products, Inc. acquired an unknown majority stake in Medicinos Iinija, UAB. The terms of the transaction were not disclosed. Ultradent develops, manufactures, packages, and distributes dental products, materials, devices, and application techniques worldwide and is based in South Jordan.

8/13/2024 Sunroc Corporation acquired Arizona Metro Mix, LLC. The terms of the transaction were not disclosed. Based in Spanish Fork, Sunroc specializes in construction services and supplying concrete, asphalt, aggregate, masonry, and other construction materials.

8/13/2024 An undisclosed buyer agreed to acquire Select Portfolio Servicing, Inc. The terms of the transaction were not disclosed. Select operates a mortgage servicing company and is based in Salt Lake City.

8/14/2024 DigiCert, Inc. agreed to acquire Vercara, LLC. The terms of the transaction were not disclosed. Based in Lehi, DigiCert develops and provides public key infrastructure, secure socket layer certificates, and management tools for identity and encryption. Sidley Austin LLP is serving as legal advisor to DigiCert.

8/15/2024 PCF Insurance Services of the West, LLC acquired Asset Insurance Agency LLC. PCF operates as an insurance brokerage company and is based in Lindon.

8/16/2024 Proficient Auto Logistics, Inc. (NASDAQ:PAL) acquired Auto Transport Group, LC (ATG) for approximately $28.9 million in cash and issuance of approximately 1.07 million shares of its common stock to former members of ATG. Based in Ogden, ATG is a vehicle transportation service provider.

8/19/2024 Wheeler Machinery Co. acquired Diamond Equipment & Tool Rental. The terms of the transaction were not disclosed. Diamond engages in the equipment rental business and is based in Utah. Based in Salt Lake City, Wheeler provides heavy equipment sales, rental, financing, parts, repair, and maintenance services.

8/19/2024 Purcell Tire & Rubber Company Inc. acquired Jack's Tire & Oil Management Company, Inc. The terms of the transaction were not disclosed. Jack's provides automotive and tire service and is based in Logan.

8/21/2024 Diversify Advisor Network acquired Perspective Financial Services LLC. The terms of the transaction were not disclosed. Diversify operates as a wealth management firm and is based in Sandy.

8/22/2024 PCF Insurance Services of the West, LLC acquired 360 Insurance Company. The terms of the transaction were not disclosed. PCF operates as an insurance brokerage company and is based in Lindon.

8/22/2024 VION Biosciences LLC acquired Echelon Biosciences, Inc. The terms of the transaction were not disclosed. Echelon develops and provides lipid cell signaling and critical metabolic enzymes for the development of potential drugs and is based in Salt Lake City.

8/26/2024 GoEngineer, Inc. acquired Inceptra LLC. The terms of the transaction were not disclosed. Based in Cottonwood Heights, GoEngineer distributes product design tools for customers in high-tech, medical, machine design, energy, and other industries.

8/29/2024 Innovar Solutions Inc. acquired Warmzone, LLC. The terms of the transaction were not disclosed. Warmzone engages in the manufacturing of electric radiant heat systems and is based in Salt Lake City.

8/29/2024 PCF Insurance Services of the West, LLC acquired the insurance business of Kentucky Health Solutions. The terms of the transaction were not disclosed. PCF operates as an insurance brokerage company and is based in Lindon.

M&A - Financial

8/13/2024 The Carlyle Group Inc. (NasdaqGS:CG) and Atmas Health agreed to acquire the Kidney Care segment of Baxter International (NYSE:BAX), which will be named Vantive, for a total of $3.8 billion. Atmas is a private equity firm based in Park City.

8/27/2024 Citation Capital Management, LLC acquired a majority stake in Aptive Environmental, LLC. The terms of the transaction were not disclosed. Aptive provides pest control services for residential and commercial customers and is based in Provo.

Private Placements

8/1/2024 Mountain West Brands, LLC announced that it has raised $14.0 million in a round of funding that included participation from Trident Management LLC and Stonehenge Growth Capital, LLC. Mountain West operates as a restaurant franchise chain and is based in Salt Lake City.

8/5/2024 AutoComplete, Inc. announced that it has received a round of funding led by Bain Capital Ventures, LP with participation from First Move Capital, Butler Automotive Group, Inc., Ken Garff Automotive, LLC, and other investors. Ken Garff engages in the retail of new and used cars and is based in Salt Lake City.

8/6/2024 Boostly, Inc. announced that it has raised $5.6 million in a round of funding led by new investor Trestle Partners with participation from Relish Works, Inc., Singularity Capital Management, Y combinator Management, LLC, and other investors. Boostly develops and offers text marketing and customer feedback solutions to restaurants and is based in Orem.

8/6/2024 Tracknow Inc. announced that it has received a round of funding that included participation from RF Investment Partners and Greenridge Equity Partners, LLC. Tracknow develops workforce management software to the post-acute care industry and is based in Springville.

8/21/2024 Cancer IQ Inc. announced that it has received a round of funding from new investor Decathlon Capital Partners, LLC. Decathlon is a venture capital firm based in Park City.

8/22/2024 HandsFree Labs, Inc. announced that it will receive $18.0 million in funding. As of 9/5/2024, the company has received $6.0 million in its first tranche from 2 investors. HandsFree designs and manufactures hands-free footwear under brands KIZIK and PILAR and is based in Lindon.

8/27/2024 Planera Inc. announced that it has received $13.5 million in a round of funding led by new investor Sierra Ventures Management, LLC with participation from Brick & Mortar Ventures, Prudence Holdings, Inc., Sorenson Capital, and Firebolt Ventures. Sorenson is a private equity and venture capital firm based in Lehi.

8/28/2024 Salad Technologies, Inc. announced that it will receive $8.0 million in funding. As of 9/12/2024, the company has received $7.3 million in its first tranche from 8 investors. Salad designs and develops a computesharing network to exchange idle compute resources for rewards and is based in Salt Lake City.

8/28/2024 Pluralsight, LLC announced its recapitalization agreement with a group of existing lenders led by funds managed by Blue Owl Capital Inc. and including funds managed by Ares Management Corp., Goldman Sachs Asset Management, and by Oaktree Capital Management, L.P., among others. The recapitalization will provide over $200 million of capital to accelerate growth initiatives and support long-term strategic goals. Pluralsight is a technology workforce development company based in Draper.

8/30/2024 Cortex Applications, Inc. announced that it will raise $60.0 million in its Series C round of funding led by Scale Venture Partners with participation from Wil, LLC, Cross Creek Advisors, LLC, Alpha Square Group Inc., Institutional Venture Partners, Sequoia Capital Operations LLC, and other investors. The transaction closed 9/4/2024. Cross Creek is a venture capital firm based in Salt Lake City.