Utah Deal Intelligence - July 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
7/1/2024 Merit Medical Systems, Inc. (NasdaqGS:MMSI) entered into an asset purchase agreement with EndoGastric Solutions, Inc. to acquire the business and substantially all the assets of EndoGastric Solutions for a total cash consideration of approximately $105.0 million. Based in South Jordan, Merit is engaged in the development, manufacture, and distribution of proprietary disposable medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care, and endoscopy. Parr Brown Gee & Loveless served as legal advisor to Merit.
7/1/2024 Instructure Holdings, Inc. (NYSE:INST) acquired Scribbles Software, LLC. The terms of the transaction were not disclosed. Instructure provides cloud-based learning assessment, development, and engagement systems and is based in Salt Lake City.
7/11/2024 SilencerCo, LLC agreed to acquire certain business operations of ZEV Technologies, Inc. The terms of the transaction were not disclosed. SilencerCo manufactures firearm sound suppression products and is based in West Valley City.
7/15/2024 DNA Labs International, Inc. acquired laboratory operations of Intermountain Forensics. The terms of the transaction were not disclosed. Intermountain operates as a nonprofit DNA testing laboratory that processes evidence for SNP testing and is based in Salt Lake City.
7/17/2024 C&L Water Systems Inc. acquired Twin D, Inc. The terms of the transaction were not disclosed. Twin D offers recurring maintenance plans for waste and storm water systems services and is based in Layton
7/19/2024 Forum Health, LLC acquired RevolutionaryMD Holistic Medicine. The terms of the transaction were not disclosed. Forum provides precision health services and is based in Salt Lake City.
7/19/2024 Fluid Tech, Inc., dba Fluid, acquired NOW Technologies, LLC. The terms of the transaction were not disclosed. Based in Orem, Fluid develops an e-commerce and mobile app platform to amplify brand and empower affiliates to share products, nurture leads, and sell products.
7/23/2024 Intelvio announced the acquisition of Professional Crisis Management Association (PCMA). The terms of the transaction were not disclosed. Intelvio is a Lindon-based healthcare education company backed by Eden Capital.
7/25/2024 PCF Insurance Services of the West, LLC acquired Montalvo Insurance Agency, Inc. The terms of the transaction were not disclosed. PCF operates as an insurance brokerage company and is based in Lehi.
7/26/2024 Stripe, Inc. acquired Lemon Squeezy, LLC. The terms of the transaction were not disclosed. Lemon designs and develops a payments, tax and subscription SaaS platform for software companies and is based in Salt Lake City.
7/30/2024 HB Workplaces acquired MBI Business Designs. The terms of the transaction were not disclosed. MBI offers office furniture and design services and is based in Salt Lake City. HB is a workplace solutions provider based in Draper offering furniture, accessories, specialty storage, flooring, and prefabricated interior construction.
7/30/2024 Midland Garage Door Manufacturing Company acquired Martin Door Manufacturing, Inc. The terms of the transaction were not disclosed. Martin manufactures and designs custom garage doors, sectional doors, and house doors and is based in Salt Lake City.
M&A - Financial
7/8/2024 Banner Capital Management, LLC acquired SBR Technologies, dba Vision Graphics. The terms of the transaction were not disclosed. Banner is a venture capital and private equity firm based in Lehi. Vision provides commercial printing services and is based in Salt Lake City.
7/11/2024 Wealth Enhancement Group, LLC acquired RH Advisors, LLC. The terms of the transaction were not disclosed. RH is an employee-owned investment manager based in Farmington.
7/15/2024 Catalyze Partners acquired Axcend, LLC. The terms of the transaction were not disclosed. Axcend develops and delivers compact capillary high-performance liquid chromatography systems for chemical analysis and is based in Provo.
7/25/2024 KKR & Co. Inc. (NYSE:KKR), with participation from Dragoneer Investment Group, LLC, agreed to acquire Instructure Holdings, Inc. (NYSE:INST) in an all-cash transaction valued at an enterprise value of approximately $4.8 billion. Instructure provides cloud-based learning, assessment, development, and engagements systems and is based in Salt Lake City. Kirkland and Ellis LLP is serving as legal advisor to Instructure.
7/31/2024 TowerBrook Capital Partners L.P. and Clayton, Dubilier & Rice, LLC agreed to acquire remaining 70.6% stake in R1 RCM Inc. (NasdaqGS:RCM) in an all-cash transaction with an enterprise value of approximately $8.9 billion. Clayton is a private equity firm specializing in buyouts, acquisitions, and growth capital financing. R1 provides technology-driven solutions for the financial performance and patient experience of health systems, hospitals, and physician groups and is based in Murray. Kirkland & Ellis LLP is serving as legal advisor to R1.
Private Placements
7/1/2024 Vision International, Inc. announced that it has raised a round of funding from new investor Banner Capital Management, LLC in a recapitalization transaction. Banner is a venture capital and private equity firm based in Lehi. Vision provides commercial printing services and is based in Salt Lake City.
7/3/2024 Strider Technologies, Inc. announced that it will receive $55.0 million in funding. As of 7/18/2024, the company has received $40.0 million in its first tranche from 9 investors. Strider develops a SaaS software platform for corporations, research organizations, universities, and governments and is based in South Jordan.
7/8/2024 Medical Review Institute of America LLC announced that it has received a round of funding from new investor PCP Managers, L.P. Based in Salt Lake City, Medical Review offers medical and pharmaceutical claims consulting, utilization management, and workers' compensation review services.
7/10/2024 Hayden AI Technologies, Inc. announced that it has raised $90.0 million in the first tranche of its Series C round of funding led by new investor TPG The Rise Fund with participation from returning investors Tiger Grass Capital, LP, AutoTech Ventures, LLC, and others. Tiger is a private equity firm based in Park City.
7/12/2024 Zartico, Inc. announced that it will receive $5.8 million in funding. As of 7/17/2024, the company has received $5.6 million in its first tranche from 3 investors. Based in Salt Lake City, Zartico operates as a destination operating system and provides data science, benchmarking, and analytical services for use in marketing, and community development and sustainability efforts.
7/23/2024 Level AI announced that it has received $39.4 million in its Series C round of funding led by new investor Adams Street Partners, LLC with participation from Cross Creek Advisors, LLC, BrightLoop, Inc., Battery Ventures, and other investors. Cross Creek is a venture capital firm based in Salt Lake City.
7/26/2024 Remi Labs announced that it will receive $23.3 million in its Series A funding round led by Pelion Venture Partners’ Tyler Hogge with additional participation from Cervin Ventures, Todd Pedersen, Y Combinator, and other investors. The transaction closed on 8/12/2024. Remi develops a marketplace that streamlines the bidding process for homeowners seeking new roofing services from contractors and is based in Lehi. Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to Remi.
7/29/2024 unspun announced that it has raised $34.9 million in funding from DCVC, Decathlon Partners, LLC, E12 Venture Capital, and other investors. Decathlon is a venture capital firm based in Park City.
7/31/2024 WellBe Senior Medical, LLC announced that it has received a strategic investment from Intermountain Ventures and Excellus Health Plan, Inc. Intermountain is a private equity and venture capital arm of Intermountain Healthcare and is based in Salt Lake City.
7/31/2024 Protect AI, Inc. announced that it will raise $80.8 million in its Series B round of funding from Evolution Equity Partners, 01 Advisors, Pelion Ventures, StepStone Group Inc. (NasdaqGS:STEP), and other investors. The final tranche of the transaction closed on 8/15/2024. Pelion is a venture capital firm based in Salt Lake City.