Utah Deal Intelligence - March 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

3/1/2024 Neovest, Inc. acquired LayerOne Financial L.P. The terms of the transaction were not disclosed. Neovest, a wholly owned subsidiary of JPMorgan Chase, is a global, multi-asset, broker-neutral order and execution management platform and is based in Orem. Gibson, Dunn & Crutcher LLP served as legal advisor to Neovest.

3/5/2024 Red Oak Compliance Services, LLC acquired Sitequest Inc. The terms of the transaction were not disclosed. Sitequest designs and develops AI-based compliance monitoring and website surveillance software and is based in Layton.

3/5/2024 camLine GmbH acquired Romaric Automation Design, Inc., dba Romaric Corp. The terms of the transaction were not disclosed. Romaric offers software products and integration services for factory automation in the semiconductor, retail, automated parking, solar, medical device, and other related industries and is based in Sandy.

3/6/2024 Drilling Tools International Corp. (NasdaqCM:DTI) agreed to acquire Superior Drilling Products, Inc. (NYSEAM:SDPI) for total consideration of approximately $32.2 million payable in cash and DTI stock. Superior designs, engineers, manufactures, sells, rents, and repairs drilling and completion tools and is based in Vernal. Ewing Jones, PLLC and Mayer Brown LLP are serving as legal advisors to Superior.

3/11/2024 Savage Services Corporation acquired the transloading business of Cascade Warehouse Company, Inc. The terms of the transaction were not disclosed. Savage provides supply chain solutions to businesses and is based in Midvale.

3/11/2024 EnergySolutions, Inc. acquired Cabrera Services Inc. The terms of the transaction were not disclosed. EnergySolutions provides nuclear services to government and commercial customers and is based in Salt Lake City.

3/15/2024 Caddis Sports and Blue Coolers announced the merger of their business operations, sales, and distribution. Blue Coolers is a manufacturer and supplier of coolers, drinkware and other outdoor goods and is based in Salt Lake City.

3/18/2024 Sun Print Solutions acquired Plumb Marketing. The terms of the transaction were not disclosed. Sun is an offset commercial printer based in West Valley City and offers direct mail, digital printing, packaging, fulfillment, and other services.

3/25/2024 Imperative Chemicals Partners, Inc. acquired Western Chemical LLC. The terms of the transaction were not disclosed. Western offers chemical products for drilling, completion, production, and gas gathering and is based in Roosevelt.

3/26/2024 Marshall & Stevens Incorporated acquired Rocky Mountain Advisory, LLC. The terms of the transaction were not disclosed. Rocky is an accounting firm specializing in forensic accounting, bankruptcy and turnaround, dispute analysis, and business valuation and is based in Salt Lake City.

3/27/2024 Aegion Corporation acquired Toncco, Inc. The terms of the transaction were not disclosed. Toncco will now operate as part of Insituform, an Aegion portfolio company. Toncco operates as a water utility maintenance and emergency service provider for sanitary sewer, storm sewer, and potable water pipe systems and is based in Morgan.

M&A - Financial

3/11/2024 Ex Nihilo Capital acquired ten U.S. locations of Sky Zone, LLC. Sky Zone is a developer, operator, and franchisor of indoor active entertainment brands Sky Zone, Defy, and Rockin' Jump and is based in Provo.

Private Placements

3/5/2024 Seeding, Inc., dba Tiny Health, announced that it has raised $8.5 million in a round of funding led by Spero Ventures with participation from Peterson Ventures, LLC, Tamarisc, LLC, Overwater Ventures LLC, and other investors. Peterson is a venture capital firm based in Salt Lake City.

3/5/2024 Service Truck Depot announced that it has raised a round of funding from Rock Hill Capital Group, LLC and The Cynosure Group. Cynosure is a private equity firm based in Salt Lake City.

3/6/2024 CarPutty Inc. announced that it has raised $5.0 million in equity funding led by returning investor TTV Capital LLC with participation from Fontinalis Partners, LLC, Kickstart Seed Fund, University Venture Fund, and other investors. Kickstart is a private equity and venture capital firm based in Cottonwood Heights. University Venture Fund is the venture capital arm of The University of Utah and is based in Salt Lake City.

3/7/2024 Wobble Genomics Limited announced that it has received $10.9 million in a round of funding co-led by Mercia Ventures Limited and BGF Investment Management Ltd. with participation from University Venture Fund, IQ Capital Partners LLP, EOS Technology Investment Syndicate, and Old College Capital. University Venture Fund is the venture capital arm of The University of Utah and is based in Salt Lake City.

3/20/2024 IMAGE Studios announced that it has received an investment from MPK Equity Partners, LLC. IMAGE operates as a franchisor of ultra-modern, upscale, turnkey salon suites for beauty and wellness professionals and is based in Salt Lake City.

3/22/2024 Derivita, Inc. announced that it will receive $10.0 million in funding. The transaction closed on 4/4/2024 with participation from 4 investors. Founded in Salt Lake City, Derivita is a fully remote company that provides math software for students and allows educators to easily create, curate, and deliver math activities, assignments, and assessments.

3/24/2024 Sandfly Security Limited announced that it has received a round of funding in a transaction that included participation from Gula Tech Adventures, Inc., Alt Ventures Limited, and Sorenson Capital. Sorenson is a private equity and venture capital firm based in Lehi.

3/25/2024 GSS UK Services Limited announced that it has received $46.8 million in a round of funding that included participation from Commonwealth Bank of Australia, The Cynosure Group, AlixPartners, LLP, and Mitsubishi UFJ Financial Group, Inc. Cynosure is a private equity firm based in Salt Lake City.

3/26/2024 Be Fulfilled announced that it has received growth funding from Decathlon Capital Partners, LLC. Be Fulfilled is a full-service tech-enabled platform operations company based in Bluffdale that helps creators bring their product dreams to life by developing, sourcing, and fulfilling product orders and providing other services. Decathlon is a venture capital firm based in Park City.