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Top 23 Utah-focused Monetary, Financial and/or Business News Nuggets from August 2024 that You Might have Missed

Top 23 Utah-focused Monetary, Financial and/or Business News Nuggets from August 2024 that You Might have Missed

{AUTHOR'S NOTE: Clearly, not every news announcement deserves to be the top story of the day. Nevertheless, many news items are significant and should be acknowledged as such. And in this writeup, you'll find info about 20 Utah-based firms and 18 separate executives that we feel are "newsworthy." This being the case, welcome to this writeup on Utah's Top 23 Monetary, Financial and Business News Nuggets from August 2024.}

Enclosed below (in no particular order), are Utah's 23 Top Monetary, Financial and Business News Nuggets from August 2024 that may not have hit your radar.

For example:

  • Lindon, Utah-based PCF Insurance Services acquired four companies during August 2024, its 11th, 12th, 13th, and 14th acquisitions of the year, as it continues its "... goal of adding $50 million in EBITDA from M&A by year-end." That said, PCF did not disclose the acquisition prices for any of these transactions. {Talk about a busy month. Not bad, PCF!!! đź‘Ź đź‘Ź đź‘Ź}

That said, PCF has acquired

  1. DLD Insurance Brokers, a 35-year-old firm in Irvine, California;
  2. Asset Insurance Agency of Peabody, Massachusetts;
  3. 360 Insurance of Las Vegas, Nevada; and
  4. The insurance business of Kentucky Health Solutions of Lexington, Kentucky.
According to the PCF acquisition news release about DLD, DLD is a 35-year-old firm that "... specializes in serving companies with multibillion-dollar portfolios in the construction, real estate, manufacturing, medical device and technology sectors as an extension of their risk management departments."
According to its Asset Insurance acquisition release, PCF wrote that Asset Insurance "... specializes in auto, home, commercial and life insurance solutions for individuals and businesses across Massachusetts, New Hampshire, Maine, Florida, Rhode Island and Connecticut."
According to its 360 Insurance acquisition release, PCF wrote that "... 360 Insurance has served their business and personal lines clients with auto, home, commercial and life insurance solutions for over 75 years."
According to the PCF news release about its acquisition of the insurance business of Kentucky Health Solutions, "... Kentucky Health Solutions brings a portfolio of health and life insurance coverage solutions, including individual and family health, term and permanent life, and dental plans ..." to PCF clients in Kentucky.
  • Murray, Utah-based OrthoGrid Systems is being acquired by Zimmer Biomet Holdings (NYSE: ZBH). According to the Zimmer news release, OrthoGrid is "... a privately-held medical technology company focused on artificial intelligence (AI)-driven surgical guidance systems for total hip replacement. The acquisition includes OrthoGrid's AI-powered, fluoroscopy-based surgical assistance platform Hip AI, as well as two additional FDA-cleared orthopedic applications and over 40 patents." Terms of the acquisition were not disclosed.
  • Salt Lake City, Utah-based rPlus Energies has hired Natalie Jackson as its Chief Financial Officer. According to the company news release, Jackson has "... over 27 years of experience in project finance and development across the renewable and conventional power industries worldwide." Most recently, Jackson was Chief Capital Markets and Structuring Officer of TES.
  • Ogden, Utah-based TAB Bank has named Tami Fisher as its new Chief Information Officer (CIO). According to the company news release, Fisher joins TAB from Zions Bancorporation where she served as its Director of Technology Strategy and Governance.
  • Salt Lake City-based SINTX Technologies (NASDAQ:SINT) has hired Eric Olson as the Company’s new Chief Executive Officer and President. According to the company news release, Olson replaces B. Sonny Bal, MD who had previously announced his retirement.
  • Salt Lake City-based Martin Door has been acquired by Midland Garage Door out of West Fargo, North Dakota. According to the Midland's CEO, Mike Whittrock, “The acquisition of Martin represents a highly strategic opportunity for Midland that marks a significant step in Midland’s strategic expansion with several identified benefits." Financial terms of the acquisition were not disclosed.
  • Salt Lake City-based Prime Insurance Co. has hired Peggy Day as its Sr. Vice President of Operations. According to the company news release, Day was most recently SVP Head of Operations - Energy Evolution for Distinguished Programs in New York City.
  • In a return to its past, FJ Management has tapped its former CEO, Crystal Maggelet, as the new permanent CEO and Chief Adventure Guide of FJ subsidiary, Salt Lake City-based Maverik. This change occurred after Maggelet has served as Maverik's Interim CEO since March 2024. According to Maggelet's LinkedIn Profile, she has served as the CEO and Chairwoman of FJ Management since late 2008. She also posted the following on her LinkedIn Profile to announce this career change:
"I am thrilled to announce that I am stepping into the long-term role of CEO and Chief Adventure Guide at Maverik – Adventure’s First Stop. As I embark on this new journey, I’m honored to work with nearly 15,000 talented Team Members across our now 20-state footprint. Together, we will deliver an elevated, differentiated, adventurous c-store experience from the Midwest to the West Coast. Thank you to everyone who has supported me along the way. Here’s to the future and the remarkable journey that awaits us!"
  • Salt Lake City-based CHG Healthcare has named Leslie Snavely as its new Chief Executive Officer. According to the CHG news release, Snavely has been part of the company's executive team since 2010, including being named President in 2015.
  • Lehi, Utah-based DigiCert has announced its plans to acquire Herdon, Virginia-based Vercara. According to the acquisition announcement news release, Vercara is being acquired DigiCert from two private equity firms (Golden Gate Capital and GIC, respectively). However, for the record, DigiCert is itself owned by private equity firms, specifically Clearlake Capital Group, Crosspoint Capital Partners, and TA Associates, respectively. Both DigiCert and Vercara are leading players in the so-called "Digital Trust" marketplace, meaning they provide software tools designed to protect the digital assets of organizations and individuals from nefarious activities, regardless of the source. Financial terms of the acquisition were not disclosed, but it's expected to close by the end of 2024.
  • Richmond, Utah-based Casper's Ice Cream, the 99-year-old frozen novelty company known for such delectable favorites as FatBoy Premium Ice Cream and Jolly Llama, has hired Russell Stokes as its new Chief Executive Officer. According to the company news release, Stokes joins Casper's from Mars Inc. where he was Chief Strategy Officer and then CEO of KIND Snacks North America. 
  1. Alsip, Illinois;
  2. Bakersfield, California;
  3. Bedford, Illinois;
  4. Bronx, New York;
  5. Chantilly, Virginia;
  6. Easton, Pennsylvania;
  7. Exton, Pennsylvania; and
  8. Langhorne, Pennsylvania.
  • Salt Lake City-based EnviroServe has acquired Auburn, Maine-based Environmental Projects, Inc. According to the company news release, "... EPI is a provider of environmental remediation and waste management services for customers across a diverse set of end markets." Financial terms of the acquisition were not disclosed.
  • Provo-based Aptive Environmental, one of the nation's leading pest control companies, has sold a majority interest to Dallas, Texas-based Citation Capital. According to the news release, "Aptive's Co-Founder and CEO, along with (its) leadership team, will retain significant interest in (Aptive)." Financial terms of the transaction were not disclosed.
  • Salt Lake City-based Method Communications has hired Katy Spaulding as its Chief Operating Officer. According to its news release, Spaulding replaces Heather England who has moved into a strategic advisor role for the agency.

Most recently, Tilley was with Amyris as its SVP of Global Operations, Consumer Division, Taylor was with TruHearing as its Human Resources Director, and Hildebrandt was with LifeWave Corporate as its Global VP of Marketing.

MĹŤdere is a portfolio company of ZCP, the private equity arm of ZCG, a leading privately held merchant bank.

  • American Fork, Utah-based Domo (NASDAQ:DOMO) has announced that its Chief Financial Officer, David Jolley, will step down from his position due to "personal health challenges." According to the company news release, Jolley will remain in his role with the company until the end of Domo's third quarter (ended October 31), at which point the company's SVP of Finance, Tod Crane, will become its CFO.
  • Separately, Domo also announced two additional senior leadership changes. Specifically, Jeff Skousen has been promoted to President of Worldwide Sales and Field Operations from Chief Revenue Officer, while RJ Tracy has been promoted to Chief Revenue Officer from his role as SVP of Partners, Strategic Development and Channel.
  • Springville, Utah-based Sunroc has acquired Arizona Metro Mix of Mesa, Arizona. According to the Sunroc news release, Sunroc President, Mark Elder, is quoted as saying, “This acquisition marks the beginning of an exciting chapter for Sunroc in the Phoenix market." Financial terms of the acquisition were not disclosed.
  • According to its news announcement, Lehi-based Ancestry has hired Attica Alexis Jaques as its new SVP & GM of US Marketing. Most recently Jaques was employed as Google's Head of Global Brand Marketing, Consumer Apps.
  • After entering a plea deal with the U.S. Attorney's Office (District of Utah), a Salt Lake City man was "... was sentenced (earlier this month) to 12 months’ and one day imprisonment ..." for stealing $1.88 million in COVID relief funds. According to the news release announcing sentencing, Giuseppe Mirenda, 29, of Salt Lake City, "a co-owner of five Utah restaurants and Sicilia Restaurant Management," was sentenced to 366 days in prison, "... three years (of) supervised release, and a fine of $250,000." As noted in the release, Mirenda agreed in his plea deal that he "... fraudulently applied for and signed agreements for six Economic Injury Disaster Loans (EIDL loans) between March 2020 and June 2020 (totaling nearly $1.9 million)." Those monies were used by Mirenda to

— Buy houses in West Jordan, Utah and Las Vegas, Nevada;
— Obtain $39,000 in cryptocurrency; and
— Purchase two luxury vehicles: "a BMW M3 and a Jaguar F-PACE."

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