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 July 2023.

News

Extra Space Storage and Life Storage merge in a $12 billion all-stock transaction—the largest business acquisition ever by a Utah company.

The Delta Center name returns to Salt Lake City’s sports and entertainment arena after 17 seasons apart, making it the first naming rights partnership to be re-established in sports history.

The Utah Pacific Islander Chamber of Commerce, a 501(c)(6) nonprofit, officially forms. The chamber also establishes the Women’s Executive Alliance, which will serve as the women in business arm of the chamber. 

Fortune Magazine’s Brainstorm Tech Conference relocates to Park City, bringing together influential leaders and innovators for discussions on technology’s future and its impact on business and society.

Weber State University becomes an education partner for Amazon’s Career Choice program. 

Utah sees a 500 percent increase in capital investments in FY23 driven by the EDTIF tax credit program. Sixteen companies are set to create 3,630 jobs and invest over $12 billion, with a notable rise in technology and automation sectors.

ARUP Blood Services updates its donor eligibility processes to align with new FDA guidelines, focusing on a uniform HIV risk assessment for all donors. 

Vivint Smart Home hits a major milestone, celebrating two million customers in the U.S.

ARUP Laboratories receives FDA approval for AAV5 DetectCDx™, a pioneering companion diagnostic immunoassay. The approval marks a significant advancement in gene therapy.

Avista signs a contract with Pine Creek RNG to purchase renewable natural gas (RNG) to be produced at the Bayview Landfill in Elberta, Utah. This project aims to capture methane from organic waste and convert it into RNG.

The Utah Inland Port Authority establishes the Verk Industrial Park Project Area in Spanish Fork, creating Utah’s third inland port.

Salt Lake Community College celebrates the graduation of 23 students from its Prison Education Program, with 16 earning associate degrees and seven receiving certificates.

Ultimate Fighting Championship returns to Salt Lake City with BMF title bout.

The Home Depot Foundation collaborates with the Housing Authority of Salt Lake City to renovate over 120 housing facilities for formerly homeless veterans with the help of 500 volunteers.

The Utah Women’s Giving Circle, a grassroots group formed to change the statistics for women in Utah, celebrates its 12th and final round of grants, collectively investing more than $225,000 through a total of 62 high-impact nonprofit projects since inception. 

The Office of the State Auditor in Utah releases a new tool providing real-time insights into property valuations across the state. This tool addresses taxpayer concerns about inequitable valuations and enhances transparency in property assessment.

Funding

Recipient	Funding Amount	Led By
Alysio	$1.4M	Kickstart Fund
Recursion	$50M	NVIDIA

M&A Activity

Acquisitions of Utah companies

• Gibraltar acquires SBC Supply
• Entrata acquires Rent Dynamics
• ONCAP acquires Biomerics
• Any Hour Electric, Plumbing, Heating & Air acquires Black Diamond Experts
• Maddix Capital acquires AK Masonry

Acquisitions by Utah companies

• DWHP acquires Collab Infotech
• Extra Space Storage acquires Life Storage
• Cynosure Partners acquires Raymond F. Book & Associates
• ACAP acquires Veridian Healthcare
• Peterson Partners acquires 49 Mile Orthodontics
• Wize Solutions acquires Warehouse Equipment Contractors, Inc.
• CCFS acquires Express 2000
• Leavitt Group acquires Chandler Insurance and MJC Insurance Group
• Nomi Health acquires Everyone Health and Sano Surgery 
• Ascend Staffing acquires Employee Solutions