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Utah's Top 15 Monetary, Financial and Business News Nuggets from the First Half of June 2024 that You Might have Missed

In this writeup, you'll find info about 18 Utah-based firms and nine separate Utah-based executives.

Utah's Top 15 Monetary, Financial and Business News Nuggets from the First Half of June 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 18 Utah-based firms and nine separate executives. This being the case, welcome to this writeup on Utah's Top 15 Monetary, Financial and Business News Nuggets from the First Half of June 2024.}

Enclosed below (in no particular order), are Utah's 15 Top Monetary, Financial and Business News Nuggets from the First Half of June 2024 that may not have hit your radar.

For example ...

{AUTHOR'S NOTE: Separately, in the same BambooHR news release, the company stated that "Leaf is one of hundreds of new hires the company looks to add in 2024 ..." (Emphasis added.) The statement continues:

{"This growth is not fueled by outside investment, but by the company's unique long-term approach to fund its growth through profitable operations." (Emphasis added.)

{Very interesting. And I believe, BambooHR is definitely worth watching this year.}

  • Apparently, Park City, Utah-based Powered by MRP has closed a Series A round of funding. Unfortunately, according to the news release, no financial terms were disclosed about the funding. Duh!
  • Lehi-based Lumio has hired Dan Larkin as its Chief Strategy Officer. According to the company news release, Larkin joins Lumio from Solo where he was its Founder and CEO.
  • Logan, Utah-based Utah State University has promoted Jeff Aird to Chief Data Analytics Officer, a new position at the university. According to USU's news release, Aird previously served as the university's Executive Director and Associate Vice President for Analysis, Assessment, and Accreditation.
  • South Jordan, Utah-based Health Catalyst (NASDAQ:HCAT) has acquired Carevive Systems. According to the acquisition news release, Carevive is "... a leading oncology-focused health technology company centered on understanding and improving the experience of patients with cancer." Terms of the acquisition were not disclosed by either party.
  • The Utah Transit Authority has named Patrick Preusser as its new Chief Operating Officer. According to the UTA news release, Preusser has replaced Cherryl Beveridge who officially retires June 28th after spending 45 years with the UTA. Most recently Preusser was Director of Rapid Transit for the City and County of Honolulu Department of Transportation Services.
  • Salt Lake City-based Savage Companies has opened a new "transload" facility in Cedar City, Utah in support of the state's efforts to create a network of Inland Ports throughout Utah. (See https://savageco.com/press-release/grand-opening-of-savage-cedar-city-ut-transload-sets-stage-for-regional-economic-growth/ to learn more.)
  • Salt Lake City-based Zions Bancorporation (NASDAQ:ZION) has sold its $4.4 billion Enterprise Retirement Solutions portfolio to OneDigital Investment Advisors, a Registered Investment Advisory (RIA) firm headquartered in Overland Park, Kansas with over $6.3 billion in Assets Under Management (AUM). According to the news release,
  • Murray, Utah-based FinWise Bancorp (NASDAQ:FINW) has been named by American Banker as the No. 2 best-performing publicly traded bank in the United States with assets under $2 billion. According to the FinWise news release, the " ... ranking is based on the three-year Return On Average Equity ("ROAE") as of 31 December 2023 (which, for FinWise was) 27%, well above the peer median of 10.91%." According to the American Banker article, it "... publishes (annually) a list of the top-performing publicly traded banks with under $2 billion of assets using data compiled by the consulting firm Capital Performance Group. These banks usually best their colleagues in a variety of financial metrics, such as loan growth, revenue and efficiency."
  • Stockholm, Sweden-based Epiroc (OTCBB:EPIAF) has acquired the remaining 64% of Mendon, Utah-based ASI Mining. According to the news release announcing the purchase, ASI Mining is a subsidiary of Logan, Utah-based "... Autonomous Solutions, Inc. ... a leading provider of mining automation systems, such as remote control, teleoperation, and fully autonomous solutions." Unfortunately, terms of the purchase were not disclosed by any of the parties.
  • After 21 years with Salt Lake City-based O.C. Tanner, Scott Sperry has been promoted to CEO while retaining the title/responsibilities of President. According to the company announcement, "... O.C. Tanner now employs more than 1,600 technologists, researchers, craftspeople, and other professionals in six global locations."
  • Utah-based Mountain West Brands, owner of three of Utah's iconic restaurant brands — Chuck-A-Rama, Market Street Grill, and Grub Steak — has tapped a restauranteur with 30+ years experience as its new CEO: Neil Harfert. According to Harfert's post on LinkedIn, he describes as Mountain West Brands as "... a private equity-backed portfolio company with annual revenues (of over) $50 million." [NOTE: The PE owner is not named in Harfert's post or on the company website.]
  • Utah was recently named by The Fraser Institute as the top governmental entity in the world on its Policy Perception Index in its 2023 Survey of Mining Companies. As such, its annual Survey of Mining Companies presents information gathered from mining companies around the world, with its Policy Perception Index identifying the perceived ranking of support for mining by various governmental jurisdictions around the globe. Based upon data collected from 293 respondents, the state of Utah received the highest PPI score (100) of any jurisdiction. In other words, executives at mining and exploration companies ranked Utah as the most mining-favorable jurisdiction in 2023. {NOTE: The Fraser Institute is a 50-year-old, nonprofit research and education organization headquartered in Vancouver, British Columbia, Canada that focuses on data / information that impacts Canadians.}

PUBLISHER'S NOTE

In case you're not aware of Utah Money Watch, our goal is to publish Utah-focused monetary, financial, and/or 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, and/or business news and information that impact the organizations and people of Utah.]

Here again, the intent is to publish news, information, context, and analysis NOT available through any other source.

To that end, this article was originally published and distributed to our Subscribers at approximately 7:15am (MT) on Monday, 17 June 2024.

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