Acquisitions in Utah in 2023

Bridgesource, a subsidiary of Clyde Companies, has acquired First Source Fuels, a Utah-based provider of fuel, oil and lubricants. The acquisition expands Bridgesource's product and geographic reach across the Intermountain West and is intended to improve operational efficiency and customer service.

Heckens & Wood Capital, a lower middle-market private equity firm, has acquired FortifyIT, a Utah-based managed IT, cybersecurity and cloud services consultancy. The deal is Heckens & Wood’s first acquisition as it seeks to build an integrated managed IT services platform; terms were not disclosed.

Advantage Capital provided a $1.75 million growth capital investment in Utah-based Farmstead Manufacturing to fund a land purchase and expand a commercial bakery from 1,000 to 5,000 square feet. The financing will support increased production capacity and distribution via wholesale, e-commerce, and catering, and the expansion is expected to create 25–30 new jobs in Leeds, Utah.

Argosy Private Equity has acquired a controlling interest in Wize Solutions, a Salt Lake City–based full-service warehouse racking, automation, and dock & door installation company. Argosy will deploy its Value Acceleration Methodology to expand sales and marketing, improve processes and technology, pursue strategic hiring, and evaluate add-on acquisitions to drive growth.

Global home-furnishings company Surya has purchased Salt Lake City-based outdoor furniture seller RST Brands as a going-concern following a turnaround led by Tiger Group’s Advisory Services. The acquisition expands Surya’s outdoor furnishings capabilities and market share; RST sells direct-to-consumer and through major retailers and marketplaces including Wayfair, The Home Depot, Costco, Target, Lowe’s and Amazon.

Praesidian Capital made a strategic equity investment in Action Target Inc., a Provo, Utah–based provider of shooting range solutions and services. The investment (Praesidian previously provided debt financing in 2016) will support Action Target’s aggressive growth strategy and expansion into new markets, while Praesidian brings private equity resources and industry experience.

Nearmap has signed an agreement to acquire Betterview, a property-intelligence and risk-management platform that applies AI and computer vision to aerial imagery for insurance underwriting and claims. The deal will combine Nearmap's high-resolution imagery and geospatial tools with Betterview's AI-driven property attributes to expand capabilities and accelerate product development for insurance customers; financial terms were not disclosed and closing is subject to customary conditions.

ToolWatch, the Riverside-backed construction operations platform, has acquired busybusy, a Saint George, Utah-based developer of mobile time-tracking software for construction and remote industries. The add-on, funded by The Riverside Company, expands ToolWatch's capabilities into workforce management and strengthens its integrated construction operations suite.

Brook + Whittle, a North American label and flexible packaging manufacturer, has acquired Salt Lake City-based FlexoOne and its eCommerce arm InStockLabels.com. The deal expands Brook + Whittle's eCommerce offerings and strengthens its manufacturing and service footprint in the Mountain West.

BV Investment Partners has made an investment in CallTower, a South Jordan, Utah–based provider of cloud-based enterprise communications, contact center and collaboration solutions. The capital—backed by debt financing from AB Private Credit Investors and Boundary Street Capital—is intended to accelerate CallTower's organic growth and support acquisitions; the parties anticipated closing in Q4 2023.

Lazydays (Nasdaq: LAZY) has acquired RVzz, an RV dealership in St. George, Utah, rebranding it as Lazydays RV of St. George. The acquisition expands Lazydays' retail footprint to 23 locations, strengthens its presence in the Southwest, and is expected to contribute approximately $35 million in annualized revenue; the seller was Rick Loghry.

Rodda Paint Company acquired Valley Paint Manufacturing (Woods Cross, Utah) effective November 1, 2023. The acquisition adds manufacturing, formulation and distribution capacity for light industrial coatings and supports Rodda/Cloverdale's strategy to expand coating production and national distribution while Valley Paint continues to operate locally.

Pearl Street Equity LLC, a New York-based single-family office, has acquired Famous Brands Franchising (the parent company of Mrs. Fields and TCBY). The Salt Lake City–headquartered franchising business operates more than 350 franchised locations worldwide and will pursue expanded franchisee support and global growth under new ownership.

Vensure Employer Solutions, a privately held HR/HCM technology and managed services provider headquartered in Chandler, Arizona, has acquired Utah-based Resource Management Inc. (RMI). The deal expands Vensure's HR outsourcing, payroll, benefits and compliance capabilities and extends its geographic and client reach within the HR/PEO market.

All-In Nutritionals, a Springfield, Ohio-based natural supplements company, acquired Agape Herbals LLC, a Salt Lake City herbal supplements maker, in an all-cash asset purchase finalized in September. The deal expands All-In Nutritionals' product portfolio and brings Agape's gut-health and immunity product lines and R&D talent into the buyer's manufacturing and product development operations.

PDQ, a Salt Lake City–based provider of IT asset and endpoint management software, received a significant growth investment led by Berkshire Partners alongside existing investor TA Associates and PDQ's founders and management. The capital will be used to accelerate product innovation and expand PDQ's portfolio of endpoint management, inventory and patch management solutions.

ieDigital has acquired US-based digital banking SaaS provider Connect FSS to form the ieDigital Group and accelerate international growth. The deal, led by Parabellum Investments (the family office of Rami Cassis), will keep Connect FSS as a standalone brand and aims to expand ieDigital's US footprint and product capabilities for banks and credit unions; terms were not disclosed.

CentraCom, a wholly owned subsidiary of LICT Corporation, has agreed to acquire Manti Telephone Company (MTC), sister company Manti Tele Communications Company (MTCC), and AFConnect (AFI). The deal — which expands CentraCom’s statewide fiber footprint into Manti, Sterling, Ephraim and American Fork, Utah — is expected to close on October 31, 2023 pending regulatory approval.

Atwell has acquired the operations of Summit Engineering Group, a civil engineering and land surveying firm headquartered in Heber City, Utah, marking Atwell’s first permanent office in Utah and expanding its western U.S. footprint. Terms were not disclosed; Summit, founded in 2001, will integrate into Atwell’s national consulting, engineering, and construction services platform to broaden service offerings for clients in Utah.

AMBA, an Austin-based affinity marketing and benefits provider, has acquired the assets of Salt Lake City digital marketing agency Oozle Media and its sister company Beauty as a Business. The acquisition expands AMBA's digital marketing capabilities — including paid search, social advertising, SEO, website development and social media curriculum — to better serve its association and affinity-group clients.

Alliance US Holdings, LP (backed by Lee Equity Partners and Twin Point Capital) has acquired DiscountCell, LLC, a government-contract-awarded vendor providing procurement access for state and local governments and education organizations. The deal expands Alliance's value-added wireless distribution platform (which includes Alliance Corporation, GetWireless, and TESSCO) and strengthens its government/public-sector and IoT/fixed wireless capabilities.

Cal-Maine Foods, the largest U.S. producer and distributor of fresh shell eggs, has signed a definitive agreement to acquire substantially all commercial shell-egg production and processing assets of Fassio Egg Farms, including facilities in Erda, Utah with capacity of ~1.2 million laying hens. The asset purchase expands Cal‑Maine’s cage‑free production capacity and market presence in Utah and the western United States; the deal is expected to close in the coming weeks subject to customary conditions.

Heartwood Partners has acquired Somafina, a nutraceutical manufacturer and brand builder, to support the company's growth and platform expansion. The investment will fund capacity and capability expansions — including R&D, automation and gummy manufacturing — and enable Somafina to pursue add-on acquisitions and broader customer support.

Armanino (through Armanino Advisory LLC and Armanino LLP) has acquired the assets of Cooper Savas LLC, a Salt Lake City–based public accounting firm. The deal marks Armanino’s first entry into the Utah market and adds a 35-person team to expand its tax, accounting, assurance and advisory capabilities.

Chevron U.S.A. Inc., through its Chevron New Energies division, has closed the acquisition of 100% of Magnum Development, LLC from Haddington Ventures, gaining a majority interest in ACES Delta, LLC — the developer of the Advanced Clean Energy Storage hydrogen production and salt-cavern storage project in Delta, Utah. The project will produce and store renewable hydrogen (first phase ~100 metric tons/day) to serve utility, transportation and industrial customers in the western United States and is expected to enter commercial-scale operations in mid-2025.

Acacium Group has acquired SUMO Medical Staffing, a Utah-based locum tenens and physician placement agency, expanding Acacium’s US healthcare staffing footprint and complementing its existing Favorite Healthcare Staffing brand. SUMO’s founding owners will continue to lead the business as part of Acacium’s US Healthcare Staffing Division.

New York-based private equity firm Eden Capital has acquired Phlebotomy Training Specialists (PTS), a U.S. phlebotomy training and healthcare education provider with approximately 90 centers. Eden Capital will work with PTS management to scale the business nationally, expand its educational offerings and deepen corporate partnerships to address healthcare workforce shortages.

Gibson, an employee-owned top-100 U.S. insurance agency, has acquired Brisk Advisors (formerly Insurance Network) to establish a presence in Utah. The acquisition brings Brisk’s risk management and employee benefits capabilities into Gibson’s platform and adds a new Gibson office in Midvale/Salt Lake City as Gibson expands across Utah.

Dômes Pharma has completed the acquisition of SentrX Animal Care, a Salt Lake City–based developer and manufacturer of veterinary ophthalmology and wound-care products built on its patented BioHAnce crosslinked hyaluronic acid technology. The deal expands Dômes Pharma's product capabilities in veterinary ophthalmology and establishes a stronger foothold for the French family-owned group in North America.

Maddix Capital, a Utah-based growth-stage private equity firm, has acquired a 51% stake in AK Masonry, a West Jordan, Utah masonry and concrete contractor. The minority-to-control investment (partially financed by Hillcrest Bank) will fund AK Masonry's geographic expansion beyond Utah and enable a roll-up strategy while founder Alex Short remains CEO.

Pye-Barker Fire & Safety has acquired AAA Fire Safety & Alarm, a Layton, Utah-based fire protection and alarm company, expanding Pye-Barker’s presence across the Intermountain West. The acquisition brings AAA’s 24-hour service, inspection, maintenance, repair, design and installation capabilities into Pye-Barker’s national platform to strengthen service and market share in Utah.

Bentley Systems' corporate venture arm, iTwin Ventures, has acquired Blyncsy, a Salt Lake City–based provider of AI and computer-vision services for transportation operations and roadway asset analytics. Blyncsy will adopt Bentley's iTwin Platform and its AI roadway analytics will be incorporated into Bentley's mobility and infrastructure digital twin offerings to accelerate asset analytics for departments of transportation and other infrastructure owners.

MicroCare, a Heartwood Partners-backed company, acquired Infection Control Technology, LLC (ICT), a Clearfield, Utah-based manufacturer of infection control chemistries focused on the dental market. The add-on strengthens MicroCare's medical infection prevention portfolio, adds private-label and concentrate capabilities, and retains ICT management including founder Nathan Johnson.

Tendit Group, a portfolio company of Osceola Capital, has acquired Utah-based Precision Asphalt Maintenance (PAM). The add-on expands Tendit Group's self-perform paving and materials-hauling capabilities and strengthens its footprint in the Salt Lake City / Western U.S. market.

Brookside Capital Partners provided subordinated debt and an equity co-investment in American Equipment Solutions (AES) to support an add-on acquisition by AES, an existing Rotunda Capital Partners portfolio company. AES, headquartered in Salt Lake City, Utah, is a leading provider of overhead crane/hoist, weighing and measurement solutions with more than 60 locations serving over 8,000 customers across the United States.

Patriot Capital provided subordinated debt and an equity co-investment to support an add-on acquisition by American Equipment Solutions, a portfolio company of Rotunda Capital Partners. American Equipment Solutions, headquartered in Salt Lake City, Utah, is a leading independent provider of overhead crane and hoist, weighing and measurement solutions with a nationwide footprint of more than 60 locations and over 8,000 customers.

Entrata, a multifamily property management operating system, acquired 100% of the equity in Rent Dynamics to integrate RentPlus rent-reporting and resident financial tools into Entrata’s platform. The deal expands Entrata’s resident services capabilities to help renters build credit and provides additional retention and revenue tools for property managers; financial terms were not disclosed.

WM Partners, through its fund HPH III Investments, LP, has acquired Allergy Research Group LLC (ARG) from Kikkoman Corporation. ARG is a practitioner-channel focused supplements company (with a UK Nutri-Link subsidiary); terms were not disclosed and the deal is positioned as the first acquisition for the HPH III fund to build a natural consumer health portfolio.

Clairvest Group Inc., together with its Clairvest Equity Partners VI co-investment pool, made a minority growth equity investment in Mountain Land Physical Therapy, an outpatient physical therapy operator in the Mountain West. The deal will support Mountain Land's expansion across the Mountain West while existing management (led by CEO Rick Lybbert and COO Jason Lobb) rolls equity and retains majority ownership.

Silver Lake, in partnership with Canada Pension Plan Investment Board (CPP Investments) and several co-investors including Accel, BDT & MSD Partners and DFO Management, completed a transaction to take Qualtrics private in a deal valuing the company at approximately $12.5 billion. The investors acquired 100% of outstanding shares (including SAP’s majority stake) for $18.15 per share to support Qualtrics’ continued product and AI-driven growth as an independent, privately held enterprise cloud software platform.

Applied Value Group has acquired ES Solar as a new platform investment. ES Solar, Utah's largest residential and commercial solar and battery installer with operations in Utah, Idaho and Wyoming, will keep its existing management team and work with Applied Value to expand into new markets, launch new products, and accelerate deployment of residential and commercial solar and storage systems.

North Branch Capital has made a platform investment in ControlByWeb, a Nibley, Utah-based designer and manufacturer of Industrial IoT control products. The deal closed June 1, 2023; North Branch plans to add sales and engineering resources to accelerate organic growth and pursue add-on opportunities.

Outdoor Living Supply (OLS), a Trilantic-backed distribution platform focused on hardscapes, acquired C&R Stone World Inc., Stoneworld Utah L.L.C. and Cedar Stone Supply, expanding OLS's footprint with five strategic locations in Utah and Idaho. The acquired businesses, founded and led by Rhett Robison and colleagues, will continue under existing management to preserve continuity while OLS pursues product synergies and regional growth.

MedVenture Health, a Salt Lake City-based private investment firm focused on medical devices and life sciences, has acquired Canyon Labs, an FDA-approved regulatory and laboratory testing services provider. The acquisition adds regulatory testing, analytical and microbiological capabilities (in a 17,000-sf facility) to MedVenture's portfolio to support its companies and accelerate product development and compliance.

ONCAP (Onex) has made a significant investment in Biomerics and is merging the medical business of Precision Concepts (Precision Concepts Medical) into Biomerics. The transaction, completed with participation from Biomerics' founder Travis Sessions, current shareholder Wasatch Equity Partners and the Marino family, creates a larger vertically integrated medical device contract manufacturer with expanded capabilities and scale to pursue further strategic M&A.

Solo Brands, Inc. (NYSE: DTC) has acquired TerraFlame, a maker of clean-burning indoor and portable fireplace products. The acquisition adds indoor fire products to Solo Brands' DTC and wholesale portfolio and brings TerraFlame's founder-led team into Solo Brands to support growth across e-commerce and retail channels.

Foundation Software, a provider of construction accounting and project management software, has acquired AboutTime Technologies, the developer of WorkMax — a mobile project cost and resource management platform for the construction industry. The deal combines AboutTime's field-to-office resource management capabilities with Foundation's back-office construction software to deliver a more integrated suite of solutions for contractors; terms were not disclosed.

J.P. Morgan has completed its acquisition of Aumni, a provider of investment analytics software for the venture capital industry. The purchase strengthens J.P. Morgan’s private markets platform and complements its Capital Connect initiative and recent private market investments, bringing Aumni’s analytics and portfolio data capabilities into the bank’s Corporate & Investment Bank offerings.

Flexpak, LLC (a Shorehill Capital portfolio company) completed the acquisition of select assets in St. George, Utah on April 14, 2023 to establish a new branch distributing packaging supplies. The move expands Flexpak's Mountain West footprint to better serve Southern Utah and the Las Vegas market and strengthens its local sales presence with the addition of branch lead Doug Bardsley.

Rollins, Inc. (NYSE: ROL) has acquired FPC Holdings, LLC (Fox Pest Control) for $350 million, including $32 million of contingent payments. Fox Pest Control, headquartered in Logan, Utah, employs more than 1,300 people, generated over $120 million in revenue in 2022, and provides residential pest control services across 13 states — the acquisition will accelerate Rollins/HomeTeam's geographic expansion and add scale in new markets.