Utah's Top 10 Monetary, Financial, and/or Business Stories of May 2024

We published 26 separate stories at Utah Money Watch during May 2024 (stories ranging from news about a surprising Initial Public Offering to several corporate acquisitions). In those stories, we reported on over 175 different Utah-based organizations.

This being the case, we feel that the 10 stories outlined below were the most important to Utah's business ecosystem in May 2024 from a monetary / financial standpoint.

And so, without further ado, here is our list of Utah's Top 10 Monetary, Financial, and/or Business Stories for May 2024 (ranked below in reverse order from No. 10 to No. 1).

Story No. 10: Utah Sets a New Record of at least $39.2 Billion in Financial Transactions in 2023

For 27 years, the Salt Lake City-based MountainWest Capital Network has been publishing an annual report outlining the known financial transactions that occurred in the prior year throughout the state of Utah.

This Deal Flow Report catalogs everything from public offerings to acquisitions and equity financings across the entire state, and I was privileged to have been an officer and board member of the MWCN's predecessor organization back when the first such Report was published.

As outlined in our 16 May 2024 writeup — Utah Set a New Record of at Least $39.2 Billion in Equity Deals in 2023 vs. the Previous High of $31.2 Billion Set in 2021, the Latest "Deal Flow Report" Says — it was this nearly 30% jump in transaction value on a Year-over-Year basis that really grabbed my attention.

To get the full rundown on the aspects of this year's Report we found most captivating, please check-out our writeup via the one of the links above.

{AUTHOR'S NOTE: Although $39.2 billion in financial transactions for 2023 is a highly impressive figure for Utah, the reason this story ranks as Utah's No. 10 Monetary/Financial/Business story for May 2024 and not higher is fact that this information refers to 2023 data and not present activity.}

Story No. 9: West Valley City-based 3form is Acquired for $95 Million by Armstrong World Industries from Hunter Douglas Group

It wouldn't surprise me if most Utahns had never heard of 3form previously, the West Valley City, Utah-based " ... designer and manufacturer of sustainably crafted architectural resin and glass products used for ceilings, walls and other applications."

And yet, this 22-year-old firm has over 350 employees, three facilities, did roughly $96 million in revenue in 2023, and has been a wholly owned subsidiary of Hunter Douglas since 2007.

To get the full rundown on this news, please check-out our writeup via the headline link above.

Story No. 8: Controlling Interest in Salt Lake City-based Blackroch Neurotech has Been Sold to Tether for $200 Million

Brain-computer-interfaces? That is Blackrock Neurotech's "bread and butter."

And based upon our research, this 16-year-old, Salt Lake City, Utah-based spin-out from the University of Utah is arguably the leading player in the global BCI world.

So when Blackrock Neurotech announced it had sold controlling interest in its firm to Tether for $200 million, it was a big deal.

To get the full rundown on this news, along with background context and our analysis, please check-out our writeup via the headline link above.

Story No. 7: Salt Lake City-based Peterson Partners Raises $265 Million for Fund X and Private Equity Investments

With over $2.0 billion in Assets Under Management (AUM), Salt Lake City-based Peterson Partners is clearly one of the top investment firms in Utah.

So when Peterson announced that it had closed a new fund with $265 million available for private equity investments, it's hard not to pay attention.

To get the full rundown on this news from Peterson, along with background context and our analysis, please check-out our writeup via the headline link above.

Story No. 6: In Q1 2024, Farmington-based PACS Group Set a New Record for Quarterly Revenue at $934.7 Million

So far, Farmington, Utah-based PACS Group (NYSE:PACS) is the leading "story" of 2024, a hidden gem of a company that few Utahns knew about before it surprised the ecosystem with an initial public offering in April that raised over $450 million in gross proceeds for the firm.

So when we saw that PACS had set a new high for quarterly revenue — ever — when it filed its Q1 2024 quarterly results, we knew this was clearly a big deal.

Hence, this story's ranking as Utah's No. 6 most important monetary, financial, and/or business "event" in May 2024.

To get the full rundown on this news from PACS, along with background context and our analysis, please check-out our writeup via the headline link above.

Story No. 5: Salt Lake City-based Boart Longyear has been Taken Private in a Transaction that Valued the 134-Year-Old Firm at $383 Million

Described as "... the world's leading provider of drilling services, drilling equipment and performance tooling for mining and drilling companies," Salt Lake City-based Boart Longyear has survived many ups and downs during its 134-year history.

But the decisions that led management to take the firm public in 2007 at a valuation of ~$1.54 billion eventually led to a convoluted 17-year journey that saw it acquired in a "take private" transaction in early 2024 for a "mere" $383 million.

To get the full rundown on this Boart Longyear news, along with background context and our analysis, please check-out our writeup via the headline link above.

Story No. 4: Lehi-based PCF Insurance Services Lands $400 Million in Incremental Debt Financing

I find it fascinating to uncover a decades-old firm that transforms itself seemingly overnight into something much bigger and bolder than ever before.

Such is the case of Lehi, Utah-based PCF Insurance Services which, until 2017, was arguably a sleepy ol' insurance brokerage headquartered in southern California.

But since then, the firm has totally remade itself across the board, and it's now the 20th largest insurance brokerage in the United States.

To learn more about PCF, this particular news announcement, and our analysis about this now transformed firm, please check-out our writeup via the headline link above.

Story No. 3: Draper-based HealthEquity Completes the $425 Million Acquisition of the BenefitWallet HSA Portfolio from Conduent

With its $425 acquisition of the BenefitWallet HSA portfolio from Conduent, Draper-based HealthEquity (NASDAQ:HQY) now serves over 9 million individuals with over 16 million total Health Savings Accounts, HSAs managed/administered through the HealthEquity platform(s).

To get the rundown on this HealthEquity news, please check-out our writeup via the headline link above.

Story No. 2: Lehi-based Waystar Holdings Files an IPO to Raise ~$1.0 Billion

In our write-up about this forthcoming initial public offering from Lehi-based Waystar Holdings, we termed it a "sneaky" IPO.

Why? Because by our calculations, few Utahns have ever heard of Waystar, let alone know that its headquarters is now based in Lehi.

Anyway ... to learn more about Waystar, its IPO news announcement, and our analysis about this fascinating HealthTech firm, please check-out our writeup via the headline link above.

No. 1 Story: Salt Lake City-based Venafi is Being Sold for $1.54 Billion to CyberArk by Thoma Bravo

From our perspective, Salt Lake City-based Venafi is another example of a company we suspect few Utahns have heard of before, unless they work in the technology world, or more specifically, in the cybersecurity world.

Regardless, the $1.54 billion cash and stock acquisition of Venafi by Israel-based CyberArk (NASDAQ:CYBR) from Thoma Bravo certainly caught our eye.

To get the full rundown on this acquisition news, along with background context and our analysis, please check-out our writeup via the headline link above.

Five Other Utah Monetary/Financial/Business Stories Worth Noting from May 2024

From my perspective, there were at least five other Utah-focused monetary/financial/business stories during May 2024 that I think should have hit your radar too.

Though not listed in any particular order, those stories were:

• NEWS BRIEF: A Global Leader in French Pastries and Breads Will Spend $220 Million to Build a New Manufacturing Plant in Brigham City, Utah
• Hurricane, Utah-based Utah Prep Lands the No. 1 Boys Basketball Prospect in America
• Has Salt Lake City, Utah-based Seek Labs Cracked the Code on Defeating the Near 100% Deadly African Swine Fever Virus? {AUTHOR'S COMMENT: Although this announcement clearly represents pre-regulatory-clearance news from Seek Labs, the global risk to the pork supply from the African Swine Fever Virus is so high, I felt this write-up was at least worth re-surfacing here.}
• Kent Outdoors Lands a $100 Million Credit Facility and Plans to Sell its Kona Bicycles Brand. But What About its Other Non-"Water Sports Businesses?" {AUTHOR'S COMMENT: Not counting those Utahns who work within the outdoors/recreation industry, I suspect few in the state are aware that Kent Outdoors moved its HQ to Park City in 2023.}
• SLC-based Zanskar Geothermal & Minerals has Raised $30 Million in New Funding to Accelerate its Efforts to Uncover Likely Productive Geothermal Sites in the U.S. {AUTHOR'S COMMENT: I felt this news was particularly noteworthy because of the potential benefits geothermal energy present for both the United States, and the world, as an especially "clean" renewable energy source.}

PUBLISHER'S NOTE

In case you're not aware of Utah Money Watch, our goal is to publish Utah-focused monetary/financial/business news, context, and analysis on a timely/regular basis, ideally information NOT available through any other source.

[You might think of us at the opposite of Bloomberg, CNBC, and/or The Wall Street Journal, each of which focus on international/national news first and rarely report on local happenings. Conversely, we are passionately focused on uncovering the most important monetary/financial/business news and information that impact the organizations and people of Utah.]

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