Utah Deal Intelligence - November 2025

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

11/3/2025 JT Thorpe Group, Inc. acquired ThorCan Construction & Refractories. The terms of the transaction were not disclosed. Based in Salt Lake City, JT provides industrial maintenance services, including refractory, fireproofing, insulation, coatings, scaffolding, and mechanical services.

11/3/2025 Apex Companies, LLC acquired Forsgren Associates Inc. The terms of the transaction were not disclosed. Forsgren operates as a civil engineering and surveying service provider and is based in Salt Lake City.

11/10/2025 Hexagon AB (OM:HEXA B) agreed to acquire Inertial Sense LLC. The terms of the transaction were not disclosed. Based in Provo, Inertial is a provider of high-performance navigation solutions across a wide range of defense and commercial applications. Eversheds Sutherland (US) LLP is serving as legal advisor to Inertial.

11/10/2025 FOSS A/S acquired Wasatch Photonics for $39.0 million. Based in Logan, Wasatch is a supplier of transmission gratings and spectrometers for applications ranging from Raman spectroscopy, OCT, Astronomy and Laser Pulse Compression.

11/12/2025 Luma Health, Inc. acquired Tonic Health LLC from R1 RCM Inc. The terms of the transaction were not disclosed. Tonic develops a patient data collection and payments platform designed to collect any information from any patient on any device and is based in Murray. R1 provides managed and automated healthcare revenue management solutions and is based in Murray.

11/13/2025 Trucordia acquired Assured Insurance Consultants, LLC. In separate but related transactions on 11/13/2025, Trucordia also acquired Charles River Insurance Brokerage, Inc., Eberle Insurance Agency Inc., Breezy Seguros LLC, and Osborn Insurance Agency, LLC. The terms of the transactions were not disclosed. Trucordia offers insurance brokerage services and is based in Lindon.

11/14/2025 Palladyne AI Corp. (NasdaqGM:PDYN) acquired GuideTech LLC and two Crucis Partners, LLC companies, Warnke Precision Machining and MKR Fabricators. The combined purchase price is approximately $31 million, consisting of $20 million in stock and $5 million in upfront cash, along with the assumption of approximately $6 million in equipment finance and real estate debt. Palladyne is a developer of artificial intelligence software for autonomous platforms in the defense and commercial sectors and is based in Salt Lake City.

11/18/2025 Tang+Company acquired CanQualify, LLC. The terms of the transaction were not disclosed. CanQualify develops a web-based contractor management platform to help clients identify and mitigate risks within their supply chain and is based in Lehi.

11/19/2025 Motorola Solutions, Inc. (NYSE:MSI) acquired Blue Eye Corporation, dba Blue Eye Monitoring. The terms of the transaction were not disclosed. Blue Eye offers custom designed remote video monitoring solutions and is based in Salt Lake City.

11/23/2025 CommerceOne Financial Corporation agreed to acquire Green Dot Corporation (NYSE:GDOT) for approximately $1.1 billion. In a related transaction, Smith Ventures agreed to acquire and privatize Green Dot’s non-bank financial technology business assets and operations in a $690.0 million all-cash deal, and TPG Credit provided a debt financing commitment as part of the transaction. Based in Provo, Green Dot is a financial technology and registered bank holding company that provides various financial services to consumers and businesses in the U.S. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Green Dot.

11/24/2025 Any Hour, LLC agreed to acquire Lee's Plumbing Inc. The terms of the transaction were not disclosed. Any Hour offers maintenance and repair services and is based in Orem. Lee's provides residential plumbing services and is based in Hyde Park.

11/24/2025 Bed Bath & Beyond, Inc. (NYSE:BBBY) and The Brand House Collective, Inc. (Nasdaq:TBHC) announced that they have entered into a definitive merger agreement under which Bed Bath & Beyond will acquire The Brand House Collective. Based on the companies' respective closing stock prices on 11/21/2025, the transaction implies an equity value of approximately $26.8 million, which includes The Brand House Collective stock already held by Bed Bath & Beyond as previously disclosed and reflects an exchange ratio of 0.1993 shares of Bed Bath & Beyond common stock for each The Brand House Collective share. Based in Murray, Bed Bath & Beyond is an ecommerce-focused retailer with an affinity model that owns or has ownership interests in various retail brands. Latham & Watkins LLP is serving as legal advisor to Bed Bath & Beyond.

11/25/2025 Pacific Group Resorts, Inc. acquired SilverStar Mountain Resort in Vernon, British Columbia from POWDR Corp. The terms of the transaction were not disclosed. Pacific is an international resort operating company based in Park City. POWDR offers adventure lifestyle solutions and is based in Park City.

M&A - Financial

11/14/2025 Roots Equity Group LLC acquired Innovasis, Inc. The terms of the transaction were not disclosed. Based in Salt Lake City, Innovasis engages in the research, development, manufacturing, and marketing of spinal implant devices and related products.

Private Placements

11/5/2025 Creekstone Energy announced that it has received funding led by Trident Ridge with participation from Pelion, Inc. Creekstone develops and operates energy and computing infrastructure that supports large-scale artificial intelligence and data processing operations and is based in Salt Lake City. Pelion is a venture capital firm based in Draper.

11/5/2025 Cravd, Inc. announced that it has raised $7.0 million in a round of funding co-led by Wellington Management Company LLP and Y Combinator Management, LLC with participation from Pelion, Inc., Rebel Fund Management, LLC, and other strategic investors. Pelion is a venture capital firm based in Draper.

11/17/2025 Ramp Business Corporation announced the completion of a $312.0 million funding round led by returning investor Lightspeed Ventures, LLC with participation from Founders Fund, D1 Capital Partners, Kultura Capital, and other investors. Kultura is a privately owned hedge fund sponsor based in Park City.

11/19/2025 Advanced Volumetric Alliance, LLC announced that it has received an investment from Decathlon Capital Partners, LLC, a venture capital firm based in Park City.