Utah Business is proud to present the 2023 year in review. This recap features notable news, M&A activity and closed funding rounds within Utah’s business community in January 2023.

News

In collaboration with the Stena Foundation, the University of Utah announces the Stena Center for Financial Technology, backed by a $65 million donation. This initiative will offer students real-world fintech opportunities and support startups.

The Outdoor Retailer trade show returns to Salt Lake City, drawing up to 12,000 attendees and over 400 exhibitors. 

The Salt Lake Chamber and Women’s Business Center of Utah launch the Diverse-Owned Business Accelerator, a seven-week program sponsored by Bank of America. Designed for diverse small business owners, the program aims to enhance their skills, direction and strategy to foster business growth and success.

ARUP Laboratories and the University of Utah’s Division of Medical Laboratory Sciences secure $3 million in federal funding to establish the Advanced Practice Clinical Laboratory Training Center. This initiative enhances educational opportunities, addresses the demand for skilled laboratory professionals, and is set to double graduate numbers by 2024.

The 2023 Sundance Film Festival, embracing a hybrid format, attracts over 86,000 in-person attendees and achieves a total viewership of 423,234. Contributing over $118 million to Utah’s GDP, the festival supports 1,608 jobs and generates $62 million in earnings.

Nu Skin Enterprises reaches the milestone of providing 800 million meals to malnourished children across 65 countries since 2002 through its Nourish the Children initiative.

Maverik opens its 400th store in Magna, Utah, marking a significant expansion milestone for the company and its nearly 7,000 team members.

Carlos Boozer, a former Utah Jazz player, partners with Katrina Campins and The Campins Company to offer real estate services to athletes and entertainers nationwide. 

Funding

Recipient	Funding Amount	Led By
Dentive	Strategic growth investment	HGGC
Elements	$5M	Flyover Capital
pieFi	$4.6M	Kickstart Fund

M&A Activity

Acquisitions of Utah companies

• NMG Aerospace acquires MATCO
• Codex IT acquires Intranet Consulting, Inc.
• DIF Capital Partners acquires Tonaquint Data Centers
• Mendocino acquires Utah Wood Preserving
• PetIQ, Inc. acquires Rocco & Roxie 
• HomeRiver Group acquires Sentinel Sales & Management 
• Intermountain Home Services acquires Beehive Plumbing
• CompTIA acquires TestOut
• Home Care Pulse acquires Pinnacle Quality Insight
• Graham Partners acquires OptConnect
• Iron Bow acquires Guardsight
• Bish’s RV acquires Stewart’s RV

Acquisitions by Utah companies

• Nomi Health acquires Artemis Health
• CaseWorthy acquires MediSked
• Pacific West acquires Eagle Premeditation and Demolition Services
• American Equipment acquires Shannahan Crane & Hoist
• TaxBit acquires Tactic
• Inside Real Estate acquires BoomTown
• AMP Smart acquires Titanium Solar
• MemberPress acquires MemberMouse
• Any Hour Services acquires 3 Mountains Plumbing; Connor’s Plumbing, Heating & Air; EJ Plumbing; Oak Island Heating & Air Conditioning; Pacific Aire; We Care Plumbing, Heating & Air; and Wizard Plumbing, Heating, Cooling and Drain