Acquisitions in Utah in 2022

NMG Aerospace, a family-owned aerospace manufacturer based in Stow, Ohio, has acquired Matco Manufacturing, a Salt Lake City maker of aircraft wheels, brakes, and related components. The deal, finalized in Q4 2022, brings Matco's expertise in experimental, light sport, and advanced air mobility landing systems into NMG's broader design and manufacturing platform; Matco owner George Happ will remain with the business.

The Staverton Group LLC, an owner-operator vehicle founded by Scott Sorenson and headquartered in Salt Lake City, Utah, has acquired CITTA Brokerage Company, a customs brokerage and duty-drawback specialist based in Ogden, Utah. The transaction was announced by Woodbridge International, which represented the seller; financial terms and the selling shareholders were not disclosed.

Mars, Incorporated has signed an agreement to acquire Trü Frü, a better-for-you whole-fruit snacking brand, from its founders and management team. Trü Frü, headquartered in West Valley City, Utah with approximately 50 employees, will operate as a separate business within Mars to preserve its brand and will be led by current CEO Brian Neville; the transaction is expected to close in Q1 2023.

The Larry H. Miller Company has acquired a majority stake in Swig, the Salt Lake City–based drive-thru "dirty soda" concept, from Savory Fund. Financial terms were not disclosed; Savory Fund and Swig founder Nicole Tanner (with partners) will retain minority stakes as the brand pursues national expansion and new placements within LHM Megaplex Theatres.

Hub International Limited has acquired Dale Barton Agency, a Salt Lake City-based commercial insurance and surety bond brokerage, to strengthen Hub's construction, transportation and commercial insurance capabilities in Utah. Terms were not disclosed; MarshBerry served as financial advisor to Dale Barton Agency.

NRG Energy has agreed to acquire Vivint Smart Home in an all-cash transaction valued at $12 per share (approximately $2.8 billion in cash plus assumed debt, $5.2 billion total enterprise value). The acquisition expands NRG's consumer-focused strategy by adding Vivint's smart-home platform, subscription-based monitoring, and approximately 1.9–2.0 million customers to NRG's portfolio, delivering recurring revenue and cross-sell opportunities.

RedAwning has acquired the business and client base of Lexicon Travel Technologies, a U.S.-based channel manager for vacation rental property managers. The deal brings hundreds of Lexicon clients and thousands of properties onto RedAwning's marketing, distribution and reservations platform and adds Lexicon's team and technology to RedAwning's capabilities.

Creditntell, an information services and data analytics firm backed by Endicott Capital, has acquired MTN Retail Advisors, a provider of store-level grocery sales estimates and grocery retail research. The deal expands Creditntell's capabilities by adding MTN's boots-on-the-ground grocery data and advisory services to its retail intelligence offerings.

GNCO, Inc. acquired Intermountain Lift Truck effective November 1, 2022, expanding GNCO’s footprint in the Intermountain West. Intermountain Lift Truck will remain under local management and will leverage GNCO resources to enhance parts, service, rental and technician capabilities across Utah and neighboring states.

Tyler Technologies has signed a definitive agreement to acquire Rapid Financial Solutions for approximately $68 million in cash and Tyler stock. Rapid, a Logan, Utah-based payments platform provider with more than 1,500 customers in courts, county offices and correctional facilities, will join Tyler's Payments business unit within the NIC Division to expand Tyler's payment disbursement and card issuance capabilities for government clients.

FleetPride, the nation's largest distributor of heavy-duty truck and trailer parts, has acquired the assets of Best Deal Spring & Truck Parts, a third-generation, family-owned parts and service provider in Utah. The acquisition expands FleetPride's parts inventory and service capabilities across Utah (locations include Salt Lake City, St. George, Price, Vernal and Payson) and integrates Best Deal’s existing team and service centers into FleetPride's national network.

PGT Innovations, Inc. (PGT) acquired Martin Door Holdings, Inc. for approximately $185 million, expanding PGT’s product portfolio into premium overhead garage doors. Martin, headquartered in Salt Lake City, Utah, generated about $60 million of expected 2022 sales and ~173 employees; the acquisition is intended to broaden PGT’s Western U.S. footprint and create cross-selling and operational synergies.

Nextech has acquired TouchMD, a visual consultation, marketing, and imaging software platform serving plastic surgery, medspa, dermatology, and ophthalmology practices. The deal integrates TouchMD’s patient-facing touchscreen and marketing capabilities into Nextech’s EHR and practice management platform to enhance both the digital and in-person patient and clinical experience for specialty practices.

Genius Group Limited acquired Revealed Films Inc., a Utah-based documentary and film production company, in a transaction valued at $10 million plus earnouts. The deal (closed October 4, 2022) will allow Genius Group to expand its content production capabilities and integrate high-quality entrepreneurial and instructional video content into its lifelong learning curriculum.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Lehi, Utah, has acquired 1 Source Business Solutions, a Salt Lake City-based professional employer organization (PEO) that provides payroll, benefits administration, HR compliance, and workers' compensation services. The acquisition expands PCF's service offering for its agency partners and enables deeper client relationships by adding complementary HR and payroll capabilities.

Spreetail has acquired Buy Box Experts, an eCommerce performance marketing agency known for Amazon marketplace services and the NEXT technology platform. The acquisition strengthens Spreetail’s eCommerce accelerator capabilities by adding Buy Box Experts’ marketing services, analytics tech, and expertise to Spreetail’s logistics and channel management platform.

Bregal Sagemount has made a minority strategic growth investment in Solo LLC, a Lehi, Utah–based provider of cloud-based solar sales, proposal, and design software. The capital will be used to accelerate Solo's product development, expand talent, and scale go-to-market efforts across the solar industry; financial terms were not disclosed.

Simplicity Group has entered into an agreement to acquire Allegis Advisor Group, a Salt Lake City-based independent marketing organization that supports advisors in annuity, long-term care, disability, and life insurance sales. Allegis will join Simplicity as its 43rd partner, with founder Chris Miller and several leaders joining the Simplicity partnership while Allegis' day-to-day operations remain under its existing management team.

Amynta Group has acquired the extended warranty operations of iFIT Health & Fitness Inc., operated through its wholly owned subsidiary Universal Technical Services (UTS). The deal creates a long-term strategic partnership to deliver warranty protection and maintenance plans for iFIT brands (including NordicTrack, ProForm and FreeMotion) while allowing iFIT to focus on fitness technology and member content.

Petra Capital Partners and Patriot Capital have acquired Shipley Associates, a Kaysville, Utah-based business development consulting and training firm. The transaction transfers ownership from Shipley's legacy owners to the two investment firms to support Shipley's global growth, technology-enabled innovation, and continued leadership in capture, proposal, and training services.

Alterra Mountain Company has acquired Ski Butlers, a Park City–based ski and snowboard rental delivery service that operates in ~50 resort destinations across North America and Europe. The acquisition will keep Ski Butlers as a standalone business and aims to expand guest services and equipment delivery across Alterra's resort portfolio to enhance the guest experience.

IXL Learning, the San Mateo-based education technology company, has acquired Emmersion, a Lehi, Utah-based developer of AI-powered language assessments. The deal expands IXL's language and literacy offerings by integrating Emmersion's automated speaking, writing and placement assessments into IXL's portfolio of products including Rosetta Stone and Vocabulary.com.

Purple Innovation, Inc. (NASDAQ: PRPL) has acquired Intellibed, a sleep health and wellness company known for its Gel Matrix mattress technology. The deal consolidates related gel/IP under Purple, expands Purple’s premium-to-luxury product range, and aims to accelerate product development and market reach while retaining Intellibed employees.

Upfront, a Baird Capital-backed patient engagement and access platform, has acquired PatientBond, a consumer-science leader in healthcare. The deal combines PatientBond’s psychographic segmentation and consumer insights with Upfront’s omnichannel engagement platform to expand personalization and patient activation capabilities across health systems, urgent care, payers, and life sciences customers.

Dallas-based private equity firm Trive Capital has made an investment in Wilson Electronics, a U.S.-based leader in cellular signal amplification and wireless connectivity solutions. The partnership will support Wilson Electronics’ next phase of growth, including expanding its product offerings, target customer base, and geographic coverage while continuing U.S.-based design and manufacturing.

Pattern, the ecommerce acceleration leader, has acquired Current, an influencer marketing platform. Current's creator-first technology will be folded into Pattern's ecommerce acceleration platform to help brands scale ambassador programs, drive high-quality traffic, and improve conversion across D2C sites and global marketplaces.

SpendMend, in partnership with Morgan Stanley Capital Partners, has acquired Trulla, a Draper, Utah-based provider of pharmacy procurement software and analytics. The deal integrates Trulla's procurement, pricing-algorithm and analytics capabilities into SpendMend's pharmacy suite to help health systems, hospitals, and clinics reduce pharmacy costs and manage 340B program compliance.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Lehi, Utah, has acquired A Insurance Agencies, which operates locations in Syracuse, Kaysville and Marriott-Slaterville, Utah. The deal brings A Insurance's ~5,000 clients into PCF's agency partner network; financial terms were not disclosed.

Equifax has entered a definitive agreement to acquire Midigator LLC, a provider of post-transaction chargeback mitigation and dispute-management solutions. The acquisition will integrate Midigator's automated chargeback and analytics capabilities with Equifax's Kount Identity Trust network to expand Equifax's end-to-end digital identity and fraud prevention offerings.

PCF Insurance Services (also referenced as Trucordia in one source) has acquired Provo, Utah-based property and casualty managing general agent United Underwriters. The acquisition expands PCF's specialty insurance capabilities and diversifies its product offerings across personal and commercial lines while bringing United Underwriters' network of 150+ agencies into the PCF platform.

Branford Castle Partners II has acquired Handi Quilter, a North Salt Lake, Utah-based manufacturer and designer of longarm quilting machines, from Premier Needle Arts (a Blue Point Capital platform). Handi Quilter's CEO Mark Hyland and President & COO Darren Denning are investing alongside Branford; senior debt was provided by Apogem Capital and mezzanine financing by Siguler Guff. Terms were not disclosed.

Descartes Systems Group acquired XPS Technologies, a Cottonwood Heights, Utah-based provider of cloud-based multi-carrier parcel shipping solutions, for approximately $65 million upfront plus up to $75 million in performance-based earn-outs. The acquisition expands Descartes' ecommerce shipping and fulfilment capabilities and brings XPS's network of more than 10,000 customers into Descartes' logistics SaaS portfolio.

Eltropy, a digital communications platform for credit unions, has acquired video-banking and contact-center technology provider POPi/o to add end-to-end virtual branch capabilities. The deal expands Eltropy’s product capabilities (text, secure chat, video banking, co-browsing and related tools) and strengthens its offering to credit unions and community banks.

Eos Partners led a majority recapitalization of MetaSource, a Draper, Utah-based provider of technology-enabled BPO and digital transformation services. Longshore Capital Partners sold the majority stake but remains a minority investor and board representative, while MetaSource senior management also invested and will continue to lead the business.

Luminate Capital Partners has made a strategic growth investment in Suralink, a Salt Lake City–based SaaS provider of request list and workflow management software for accounting and professional services firms. Terms were not disclosed; existing investor Growth Street Partners will remain involved as Suralink scales its platform and expands market penetration.

Nitto Denko Corporation has acquired Bend Labs, Inc., a Farmington, Utah-based developer of flexible sensor technologies. Bend will merge into the Nitto Group as Nitto Bend Technologies to combine Bend's sensor devices with Nitto's adhesive and flexible printed circuit capabilities to develop next-generation products and sensor-data services for automotive, healthcare, sports and robotics markets.

Quench USA, Inc., a Culligan company based in King of Prussia, Pennsylvania, has acquired Pure Water Solutions of America, a Wellsys dealer operating across five U.S. states (Utah, Nevada, Arizona, Idaho and Washington). The acquisition — Quench's largest dealer purchase to date — increases Quench's market density in Salt Lake City, Las Vegas, Phoenix and Boise and brings Pure Water Solutions' customers and operations into Quench's dealer network.

Fusion (a global BPO) acquired Boomsourcing, a full-service outsourcing and call center provider headquartered in Lehi, Utah, in April 2022. The acquisition expands Fusion's global footprint (notably in North America and the Philippines) and strengthens its lead generation, sales program and white-glove customer experience capabilities.

H.I.G. Capital (through an affiliate) signed a definitive agreement to acquire Terra Millennium Corporation, a national provider of outsourced industrial maintenance services headquartered in Salt Lake City, Utah. The transaction — previously backed by Court Square Capital Partners — positions Terra Millennium to accelerate geographic expansion, broaden its service offerings and pursue add-on acquisitions under H.I.G.'s ownership; the deal was expected to close in Q2 2022.

Pye-Barker Fire & Safety (Rapid Fire Protection Group) has acquired Paradise Fire Protection, a Logan, Utah-based provider of fire alarm, sprinkler and extinguisher installation, inspection, testing and maintenance. The acquisition strengthens Pye-Barker's presence in Utah and increases market density in the suburban communities north of Salt Lake City; Paradise Fire owner John Blankman and his team will remain with the business.

Skylark Private Equity Partners closed an investment to acquire Cost Segregation Authority (CSA), a Lindon, Utah–based provider of cost segregation studies and tax-related services for real estate investors. Skylark said the deal will help scale CSA’s market reach and operational capabilities as part of the firm’s focus on lower middle market, tech-enabled business services in the tax advisory space.

Tendit Group, a portfolio company of Osceola Capital, has acquired Salt Lake City–area Birrell Services, a provider of commercial pressure washing, snow removal, parking lot sweeping, striping, landscaping and other exterior facility services. The add-on expands Tendit Group’s geographic footprint into Utah and broadens its exterior facilities services coverage across the Mountain West.

TriArtisan Capital Advisors, an existing minority investor, acquired the remaining majority ownership interest in EnergySolutions from Energy Capital Partners. The transaction, which closed in May 2022, positions TriArtisan to provide long-term ownership stability and support EnergySolutions' expansion across nuclear utility, commercial and government waste management and decommissioning markets.

Orion Advisor Solutions has acquired TownSquare Capital, a Provo-based boutique investment and trading platform, adding about $6 billion in TAMP assets to Orion's wealth management business. TownSquare will operate as a wholly owned, indirect subsidiary of Orion, with TownSquare CEO Kurt Brown becoming Orion's Chief of OCIO Services; the deal expands Orion's capabilities for high-net-worth and advisor-focused investment solutions.

Funds managed by SDC Capital Partners acquired a majority interest in Consolidated Smart Systems, LLC (dba Smartaira), providing the multifamily-focused ISP with capital to accelerate organic growth and an acquisition strategy. SDC committed up to an additional $100 million to expand Smartaira’s footprint while Smartaira has already used the backing to close add-on acquisitions (including portfolios from Just In Time Technology Solutions and Blue Rim Networks).

EP Wealth Advisors, a Torrance, California-based registered investment adviser, has acquired St. George, Utah-based Vantage Advisors, LLC, marking EP Wealth's first office in southern Utah. The deal adds Vantage's financial planning and tax-preparation capabilities and increases EP Wealth's AUM by $349 million; financial terms were not disclosed.

Ingenovis Health, a PE-backed diversified healthcare workforce solutions platform, has acquired VISTA Staffing Solutions from Envision Physician Services. The deal expands Ingenovis' physician services capabilities—adding VISTA's locum tenens and permanent placement expertise and broadening its ability to serve hospitals, clinics and government clients nationwide.

Bow River Capital's Software Growth Equity team made a majority investment in Xima Software, the South Jordan, Utah-based developer of the Chronicall contact center SaaS platform. The financing is intended to scale Xima's global growth, strengthen operational and technical infrastructure, and support go-to-market expansion; Bow River partners joined Xima's board as part of the transaction.

Copley Equity Partners has made a growth equity investment in AuctionIQ (AIQ) to help the technology-enabled cost management and profitability improvement firm scale operations and expand its client base; terms were not disclosed. Jan Prokop of Copley will join AIQ’s board as the firm and founder Brad Buxton said the capital will be used to grow the team and broaden market reach.

Ellucian has completed the acquisition of CampusLogic, an ed‑tech provider of Student Financial Success SaaS solutions that serves nearly 800 higher‑education institutions and more than five million students. The deal brings CampusLogic's financial aid, scholarship and student-finance tools into Ellucian's Experience Platform and ERP/SIS/CRM suite to strengthen student financial success and improve enrollment and completion outcomes.