Acquisitions in Utah in 2024

BearCom has acquired Stone Security, a Salt Lake City–based provider of enterprise physical security products and services, adding more than 225 technical staff and a footprint across the U.S., Mexico and Brazil to BearCom’s security solutions portfolio. The deal, announced Dec. 20, 2024, expands BearCom’s video surveillance and access control capabilities and is the company’s second acquisition since Siris’ 2023 investment.

Quality Collision Group (QCG), a McKinney, Texas-based MSO backed by Susquehanna, has acquired Auto Crafters Auto Body & Paint in Layton, Utah. The family-run, I-CAR Gold Class certified shop will join QCG's growing portfolio as the company expands its presence in Utah.

Graham Partners has acquired Becklar LLC, a tech‑enabled provider of connected safety, monitoring and emergency response solutions headquartered in Ogden, Utah. Becklar management and existing sponsor BV Investment Partners rolled substantial stakes into the transaction while Graham becomes the new lead investor; financial terms were not disclosed and the deal closed in early December 2024.

WellRX, the parent company of ReviveRX and Ways2Well, has acquired Bioreach, a bloodwork and genetics laboratory, to bring advanced diagnostic capabilities in-house. The acquisition is intended to speed testing turnaround, enable deeper diagnostic integration across WellRX’s telehealth, pharmacy and preventative-care offerings, and support scaled delivery of advanced tests to partner clinics and patients nationwide.

Wind Point Partners, a Chicago-based private equity firm, has completed a corporate carveout and acquired Velocity Rail Solutions, a provider of mission-critical locomotive services across North America. Wind Point will partner with Velocity management to invest in organic growth and pursue strategic add-on acquisitions to expand the company's rail-related services.

Thermal Product Solutions LLC (TPS), a New Columbia, Pennsylvania-based thermal-processing equipment manufacturer, has acquired Redline Chambers, a Clearfield (Salt Lake City), Utah-based maker of vacuum chambers and systems. The purchase expands TPS’s vacuum chamber and test-systems capabilities to better serve aerospace, defense, medical and electronics customers as part of its family of thermal processing and test brands.

Investment funds managed by KKR, with participation from Dragoneer Investment Group, acquired Instructure Holdings, Inc. in an all-cash transaction at $23.60 per share, valuing the company at approximately $4.8 billion. Instructure will become privately held and remain headquartered in Salt Lake City as KKR supports product innovation, global expansion and continued investment in the Canvas and Parchment products.

Sumeru Equity Partners has made a $330 million control investment to acquire JobNimbus, a Lehi, Utah–headquartered SaaS provider for roofing and exterior contractors. The funding — supported by a senior credit facility arranged by Monroe Capital — will be used to scale product development (including AI features), expand the team, and accelerate growth; existing investors and founders will remain on the cap table and Sumeru will join the board.

Argosy Private Equity has made a platform investment in Western Peaks Logistics, a Salt Lake City–based provider of same-day and next-day final-mile delivery services across the Mountain West. Argosy said it will support WPL’s network expansion, invest in fleet and technology, and leverage the company’s routed and on-demand networks to accelerate growth.

Inszone Insurance Services has acquired L.A. Bowen Insurance, a long-established agency based in Orem, Utah, expanding Inszone’s footprint in Utah Valley. The deal brings L.A. Bowen’s personal and commercial lines expertise into Inszone’s national brokerage platform while allowing owner Layne Bowen to remain with the agency as Inszone provides marketing, accounting, and administrative support.

Utah-based Burt Brothers Tire & Service Inc. has acquired both Tire Buster's service centers in Payson and American Fork, Utah, in a transaction effective November 9. The locations will continue operating under the Tire Buster's name and existing employees will be retained as Burt Brothers expands its statewide footprint.

Paramount Health Management, led by behavioral health executive James Bailey, acquired St. George, Utah–based Life Launch Centers, which operates four outpatient facilities offering IOP and PHP programs. Bailey plans to rebrand the business as Anxiety, Trauma and Depression Treatment Centers and scale it into a larger behavioral health platform (targeting ~50 outpatient programs over five years) with geographic expansion into northern Utah, southern Idaho, California and Texas.

Francisco Partners has signed a definitive agreement to acquire AdvancedMD, a cloud-native medical office software provider, from Global Payments. The transaction (expected to close in Q4 2024) will return AdvancedMD to Francisco Partners' portfolio and aims to accelerate product investment and growth while keeping the existing management team in place.

Gideon Taylor Consulting, LLC has acquired IntraSee, Inc., including Ida Artificial Intelligence, Inc., bringing the Ida conversational AI digital assistant and IntraSee's enterprise UX capabilities into Gideon Taylor's product and services portfolio. The deal positions Gideon Taylor to embed conversational AI into enterprise suites like PeopleSoft and Oracle Fusion Cloud to improve usability for employees and students.

Cincinnati-based creative strategy and branding agency Hyperquake has acquired Salt Lake City–area digital marketplace engineering firm MarCore Group and merged its team into Hyperquake’s Growth Marketing pillar. MarCore’s founder Ari Monkarsh joins Hyperquake as Executive Director of Growth Marketing as the firms integrate digital engineering, performance marketing and affiliate capabilities to broaden Hyperquake’s service offering.

Blue Marlin Partners and Trive Capital have acquired a majority stake in Mo' Bettahs Hawaiian Style Food from Savory Fund, with Savory and the company's founders retaining minority ownership. The investment will support Mo' Bettahs' next phase of growth and geographic expansion as the fast-casual Hawaiian chain continues to scale across the mainland U.S.

SunPower Corporation acquired Blue Raven Solar in a cash transaction of up to $165 million to accelerate its residential solar business and expand its geographic footprint into underpenetrated U.S. regions. Blue Raven’s CEO Ben Peterson will join SunPower’s executive team as SunPower combines its products and digital tools with Blue Raven’s direct-to-consumer sales and installation capabilities to grow residential solar and related financing products.

ShareWillow, a platform for small businesses to design and manage employee incentive plans, has acquired Utah-based Plentive, a bonus plan software company. The acquisition expands ShareWillow’s product capabilities and market share in the incentive compensation software space, bringing Plentive’s existing customer base and bonus-plan functionality into ShareWillow’s platform.

Pye-Barker Fire & Safety has acquired PEAK Alarm Company, adding six Western U.S. locations and roughly 120 employees. The acquisition expands Pye-Barker's geographic footprint across the Intermountain West and brings PEAK's security, monitoring and life-safety capabilities into the Pye-Barker platform.

Stax Payments has acquired BlockChyp to add the company's payments gateway, APIs, and onboarding capabilities to Stax's payment technology stack. The deal expands Stax's end-to-end processing capabilities and brings BlockChyp's founders and team into Stax's leadership to accelerate product innovation for ISV and merchant customers.

Ogden-based Fast Stop Travel Centers has acquired three gas stations in Ogden, Willard and Pleasant View, Utah from Willard-based retailer Trigon. The transactions, brokered by Mountain West Commercial Real Estate, are part of Fast Stop's ongoing expansion of its travel-center and convenience-store footprint across the Rockies.

Guild Garage Group has completed a strategic partnership to add A Plus Garage Doors, a portfolio company of Asilia Partners, to its alliance of residential garage door service brands. Under the agreement Asilia principals will join Guild's advisory board to support the platform's buy-and-build strategy; A Plus brings more than 140 employees and ~80 service trucks and will retain its management team while partnering with Guild.

Grain Craft has closed an acquisition partnership to acquire Utah-based Central Milling, including three flour mills in Logan, Richmond and Collinston, Utah, the Central Milling corporate office and associated trademarks. Central Milling — a longtime organic and artisan flour miller employing over 90 people — will continue to operate under its existing leadership while Grain Craft provides resources to expand reach and capabilities. Financial terms were not disclosed.

American Holt, a portfolio company of Arcline Investment Management, has acquired Servi-Tech, Inc., a Salt Lake City–based maker of aftermarket replacement parts for beverage packaging machinery. The deal expands the American Holt platform's aftermarket parts portfolio for high-throughput food and beverage production equipment; Servi-Tech's founder Jeff Nish will remain with the business.

Peachtree Group acquired the 100-room AC Hotel by Marriott in Park City, Utah — its sixth hotel purchase of the year as the firm expands its hospitality portfolio. The asset will be operated by Peachtree's hospitality management division as part of its growing hotel platform.

RLDatix has acquired SocialClimb LLC to integrate patient satisfaction, reputation management and patient-experience analytics into its Connected Healthcare Operations suite. The acquisition expands RLDatix's capabilities to provide a 360-degree view of providers and patient experience, enabling healthcare organizations to improve care quality, safety and revenue generation.

Estancia Capital Partners and LLR Partners have entered into a capital partnership with Soltis Investment Advisors, a registered investment adviser with over $9 billion in client assets, providing growth capital and strategic resources. The investment will support Soltis's expansion of advisor hiring, potential acquisitions, enhanced service offerings and will see Emigrant Partners exit its minority stake.

CSC Generation Enterprise acquired Backcountry and its family of brands (MotoSport, Competitive Cyclist, Steep & Cheap), adding the specialty outdoor retailer to CSC’s multi-brand, digital-first platform. The deal is supported by a $112.0 million senior secured credit facility provided by Second Avenue Capital Partners, SB360 Capital Partners, and Ares Commercial Finance to refinance prior debt and support the acquisition.

RoadSafe Traffic Systems, a Chicago-based provider of infrastructure safety services backed by Investcorp and Trilantic North America, has acquired Utah-based All Star Striping. The deal adds All Star's specialized pavement- and airport-striping capabilities to RoadSafe's operations in the Salt Lake Valley and surrounding states as an add-on to its platform.

Savvas Learning Company has acquired Pointful Education to expand its K-12 career and technical education (CTE) and online course offerings. The deal brings Pointful’s catalog of ~55 career-focused digital courses into Savvas’s portfolio to accelerate development of technical, certification-aligned courses for middle and high school students.

MGT, a national technology and advisory solutions leader, has acquired Cicero, a social-impact focused management consulting firm with an 80-person consulting corps. The acquisition expands MGT's strategic consulting capabilities—strengthening its data, analytics, and advisory services to SLED and commercial clients—and marks MGT's 10th acquisition over the past four years.

ReSource Pro has acquired Lowry & Associates, Inc., a premium audit and underwriting survey provider, to expand its capabilities serving commercial P&C insurance carriers and MGAs. The deal adds Lowry’s experienced audit and survey teams and proprietary training program to ReSource Pro’s insurance-focused operations, enabling more integrated exposure management and technology-enabled services for carriers and brokers.

Citation Capital, a Dallas-based private equity firm, acquired a majority stake in Aptive Environmental, a leading residential pest control company headquartered in Provo, Utah. Aptive’s founder and leadership team retain significant ownership; the investment will accelerate Aptive’s organic growth and M&A strategy to expand services and geographic footprint.

Wheeler Machinery Co., a Salt Lake City-based Caterpillar dealer, has acquired Utah-based Diamond Equipment & Tool Rental. The acquisition expands Wheeler’s Cat Rental Store footprint across Utah, enlarges its fleet and product offering, and integrates Diamond’s employees, trucks and equipment into Wheeler’s Rental Store division.

VION Biosciences, the life-science platform backed by Iron Path Capital, has acquired Salt Lake City-based Echelon Biosciences, a specialist supplier of lipid-based excipients and lipid nanoparticles. The add-on strengthens VION's capabilities in lipid synthesis and lipid nanoparticle technology to support mRNA and gene-therapy development and advances the platform toward drug manufacturing while keeping Echelon’s leadership and operations intact.

Proficient Auto Logistics is acquiring Ogden, Utah-based Auto Transport Group, adding the carrier as the sixth operating company in its vehicle-transport portfolio. The deal — expected to close in Q3 — expands Proficient's presence in the western United States; Auto Transport Group operates roughly 117 power units and 115 drivers according to FMCSA data.

Zimmer Biomet signed a definitive agreement to acquire OrthoGrid Systems, a privately held developer of AI-driven, fluoroscopy-based intraoperative surgical guidance systems for total hip replacement. The deal expands Zimmer Biomet’s hip portfolio with OrthoGrid’s Hip AI platform, two additional FDA-cleared orthopedic applications and an IP portfolio of over 40 patents; the transaction is expected to close by Q4 2024 pending customary conditions.

Midland Garage Door, a LongWater portfolio company, has acquired Martin Door, a Salt Lake City-based manufacturer of residential and commercial overhead garage doors. The add-on acquisition expands Midland's manufacturing capabilities and geographic footprint across the Mountain West, West Coast, and Southwest, aiming to deliver product and distribution synergies.

Investment funds affiliated with TowerBrook Capital Partners and Clayton, Dubilier & Rice agreed to acquire all outstanding shares of R1 RCM Inc. in an all-cash transaction valuing the company at approximately $8.9 billion ($14.30 per share). The transaction will take R1 private to support continued investment in its revenue-cycle automation platform and expansion of intelligent automation and generative AI capabilities for healthcare providers.

HB Workplaces has acquired MBI Business Designs, a Salt Lake City-based office furniture dealer and design firm, to expand its workplace solutions and client base. The acquisition adds MBI’s longstanding government and commercial contracts and brings expanded access to MillerKnoll product lines under HB Workplaces’ operations.

Stripe has acquired Lemon Squeezy, a four-year-old payments and merchant-of-record platform that serves SaaS and digital-product businesses. Terms were not disclosed; Lemon Squeezy — a ~13-person startup that surpassed $1M ARR within nine months of launch — will help Stripe scale merchant-of-record selling and related billing/tax capabilities.

Azuria Water Solutions has acquired Twin D, Inc., a family-run pipeline maintenance services provider operating in the Greater Salt Lake City area. Twin D will operate as part of C&L Water Solutions (an Azuria company) and its leadership and local staff will remain in place to continue serving municipalities, local utilities and engineering firms across Utah, Idaho and Wyoming.

Catalyze Partners completed the acquisition of Axcend, LLC on July 15, 2024, acquiring the developer of compact, portable HPLC systems to serve as the cornerstone of a new analytical instrumentation platform. The deal positions Catalyze to commercialize Axcend's eco-friendly, portable HPLC products (including the Focus LC) across pharmaceuticals, environmental monitoring, chemical manufacturing and other end markets.

Wealth Enhancement Group has acquired Rock House Financial, an independent RIA based in Farmington, Utah that manages over $272 million in client assets. The deal gives Wealth Enhancement Group its first presence in Utah and expands its footprint across the Mountain West while Rock House Financial's advisors gain access to centralized services including IT, compliance, legal, security, and marketing.

Banner Capital Management, a private equity firm based in Lehi, Utah, acquired SBR Technologies dba Vision Graphics (Salt Lake City) in a transaction that closed July 8, 2024. Banner will recapitalize and provide growth capital to support Vision Graphics' expansion beyond Utah and Nevada into additional Western U.S. markets.

Parthenon Capital has made a strategic growth investment in Medical Review Institute of America (MRIoA), a Salt Lake City–based provider of utilization management and clinical review solutions for payers. Summit Partners and MRIoA management will retain significant positions following the transaction; financial terms were not disclosed. Mizuho (and affiliate Greenhill & Co.) served as MRIoA's financial advisor and Kirkland & Ellis advised Parthenon.

UpSwell, a Clearview Capital Fund III platform company, has acquired Digital Print Marketing (d.b.a. Dental Marketing). The add-on acquisition, which closed on June 14, 2024, expands UpSwell’s capabilities and footprint in the dental marketing vertical by adding direct-mail expertise and enhanced campaign tracking; Dental Marketing’s president Shawn Rowbotham will remain with the business.

Corpay, Inc. (NYSE: CPAY) has completed the acquisition of GPS Capital Markets, LLC, a business-to-business cross-border payments and treasury management provider. The deal expands Corpay's cross-border capabilities, adds FX netting technology and specialist teams, and will increase the company's corporate payments revenue and customer reach while Corpay also completed the divestiture of Comdata Merchant POS Solutions to PDI Technologies.

Fullcast has acquired Datajoin to integrate customer-journey analytics and marketing data micro-integrations into its Go-to-Market platform. Datajoin founder Sam Fonoimoana will lead the new product line at Fullcast, which expects the combined capabilities to improve data accuracy and deliver actionable insights for marketing and sales teams.

RDO Equipment Co. (Fargo, North Dakota) has acquired Rocky Mountain Transit & Laser, a regional provider of surveying and construction positioning equipment and services. The deal brings Rocky Mountain Transit & Laser employees into RDO, will rebrand locations in Las Vegas and Salt Lake City as RDO construction technology stores, and expands RDO's construction-technology capabilities across its recently acquired Mountain-region John Deere and WIRTGEN GROUP stores.