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ASSOCIATIONS
- 47G, an association of aerospace, defense and cyber companies in Utah, has announced Max Stitzer as an advisor focused on defense industry initiatives. Stitzer is a retired U.S. Air Force brigadier general with four decades of leadership and technical experience spanning military, federal government, private-sector and nonprofit organizations. He has expertise in supply chain management, aircraft, weapons system sustainment, and more. His experience includes serving on the board of directors for the Major Brent Taylor Foundation, the board of advisors of Ultraview AI and ThroughPut.ai, and the board of directors of Utah Honor Flight. Stitzer is a native of Ogden and a graduate of Weber State University.
CORPORATE
- Owlet Inc., a Lehi-based company offering a digital parenting platform, has announced it has entered into definitive documentation relating to a sale of shares of its newly issued Series B convertible preferred stock and warrants to purchase its Class A common stock in a private placement with certain institutional and other accredited investors, for gross proceeds to Owlet of approximately $9 million, before deducting offering expenses. The conversion ratio for the Series B preferred stock and exercise price for the warrants reflects a 25 percent premium to the market closing price Feb. 23. The transaction, which involves participation from existing investors, was expected to close Feb. 28.
DEFENSE
- Northrop Grumman Corp. recently completed tests of several crucial elements of the Sentinel intercontinental ballistic missile, marking significant progress for the program in its engineering, manufacturing and development phase. The program has significant operations in Northern Utah. Forward and aft sections of a Sentinel ICBM missile were evaluated through a test campaign at the company’s Strategic Missile Test and Production Complex in Promontory. The tests lower risk for the program with important data about the missile’s inflight structural dynamics. Data from the tests help engineering teams mature models, lower risk and ensure flight success. The shroud fly-off and missile modal tests were part of the company’s engineering, manufacturing and development, or design, contract for Sentinel. Northrop Grumman is closely partnered with the Air Force as the EMD phase progresses and key milestones are achieved. The Sentinel program is a modernization of the nation’s ground-based leg of the strategic triad and is planned to be viable through 2075. Northrop Grumman leads a nationwide team for Sentinel’s EMD contract.
DIVIDENDS
- The board of directors of Extra Space Storage Inc., based in Salt Lake City, has declared a first-quarter 2024 dividend of $1.62 per share on the company’s common stock. The dividend is payable March 29 to stockholders of record March 15. The company is a real estate investment trust that owns and/or operates 3,714 self-storage properties under the Extra Space, Life Storage and Storage Express brands. It is the largest operator of self-storage properties in the United States.
ECONOMIC INDICATORS
- Utah is ranked No. 10 on a list of states with the largest housing multiples in 2022, compiled by real estate technology platform RealtyHop. Utah’s figure is 4.08, meaning it would take four times the annual household income to purchase a median home in the state. The largest housing multiple was in Hawaii, at 6.85. The study found that every state in the U.S. has seen its housing multiple increases since 1970, from 1.77 nationally in 1970 to 3.04 in 2022. While 2023 ACS data has yet to be released, RealtyHop projects that the 2023 housing multiple for Utah will be 5.01. California had the largest percentage increase in housing multiple since 1970, rising from 2.15 in 1970 to 6.28 in 2022. Details are at https://www.realtyhop.com/blog/housing-affordability-boomers-vs-millennials-gen-z/.
- Salt Lake City is ranked No. 10 on a list of worst metro areas for first-time home buyers, compiled by Creditnews Research. Primary factors used in the scoring model include mortgage affordability, market access, and bargaining power. It also considered macro indicators such as employment growth and livability. The worst metro area is San Jose, California. The best is Pittsburgh. Details are at https://creditnews.com/research/best-and-worst-metro-areas-for-first-time-buyers-in-2024/.
- Nearly 1.5 million Utahns are approaching a “stress tipping point,” according to a study by CardRates.com. It aimed to uncover a critical threshold where the accumulation of financial obligations leads to overwhelming stress levels, threatening people’s mental well-being. The number equates to 71 percent of Utah adults, higher than the national average of 65 percent. The highest percentage is in Vermont, at 83 percent. The lowest is in Idaho, at 25 percent. Details are at https://www.cardrates.com/news/money-stress-study/.
- Ogden/Clearfield is ranked No. 21, St. George is No. 55 and Salt Lake City is No. 77 on a list of “Best Metro Areas for HVAC Technicians,” compiled by HVAC Gnome. It compared over 380 of the biggest U.S. metros based on five categories, considering the number of HVAC employers and jobs, average hourly wages, and access to training programs. The top-ranked area is New York/Newark/Jersey City. Details are at https://hvacgnome.com/blog/studies/best-metro-areas-hvac-technicians/.
- Having a gourmet food truck is the top dream business for Utahns in a post-AI world, according to a survey by HostingAdvice. Coming in second place in Utah was a boutique bookstore, followed by a specialty coffee shop, artisanal bakery, health and wellness retreat, pet boutique and grooming service, eco-friendly home goods store, and art gallery and studio space. Details are at https://www.hostingadvice.com/blog/survey-uncovers-ai-proof-dream-jobs/.
- “Green” burials are the top alternative burial option in Utah, according to a survey by Choice Mutual. Such burials skip the embalming process and use biodegradable caskets or shrouds. Other alternative options in Utah are tree pod burials, in which the body is placed in a biodegradable pod that is then buried in the ground to nourish a tree planted above the pod; memorial reefs, creating artificial coral reefs using remains mixed into an environmentally safe cement; human composting, involving placing the body in a special vessel with organic materials like wood chips and straw that decompose naturally; aquamation, a process that uses water and lye to break down the body; mushroom suits, involving a biodegradable burial suit or shroud embedded with mushroom spores; space burials, which sends ashes into orbit. Green burials was the top option in the U.S. Details are at https://choicemutual.com/blog/funeral-preferences/.
- One in four Utahns admit to having been a loan shark, according to a study by BadCredit.org. It surveyed 3,000 people who have loaned money to family or friends to identify how many admit to imposing unfavorable repayment terms. Twenty-tree percent of respondents have extended financial help to someone they know acknowledge they have done so under terms that could be considered highly unreasonable. These lenders said they imposed terms that were excessively stringent, often with inflated interest rates, on their close contacts. Thirty-nine percent of lenders reported a deterioration in their relationships with friends or family following a loan, and two-thirds lamented their decision to lend money to close ones. In Arizona and Iowa, only 7 percent of survey respondents conceded to setting unfair terms. The figure was highest in Rhode Island, at 57 percent. Details are at https://www.badcredit.org/studies/1-in-5-americans-admit-to-engaging-in-high-interest-lending/.
- Perhaps not surprisingly, Salt Lake County is ranked No. 786 on a list of “Most Vulnerable Counties for Tornado Damage,” compiled by Roof Gnome. It compared nearly 950 U.S. counties with a relatively moderate to very high tornado risk, according to FEMA. The most vulnerable is Cook County, Illinois. Details are at https://roofgnome.com/blog/studies/most-vulnerable-counties-tornado-damage/.
EDUCATION/TRAINING
- The U.S. Small Business Administration is accepting applications until March 21 for nonprofits and private firms to compete for up to $300,000 to provide entrepreneurship training to women veterans. The Women Veteran Entrepreneurship Training Program aims to support women veterans in starting or growing their businesses, with up to six grantees receiving awards for a base period of 12 months, extendable for three additional 12-month periods. Interested organizations need to apply through grants.gov.
- Salt Lake City Corp., Uplift Aerospace, the Salt Lake City School District and the Salt Lake Education Foundation have formed a partnerships designed to enhance STEM education for Salt Lake City students. The partnership will include an immersive, nine-week educational initiative called Starborn Academy Program, designed to increase critical thinking and performance in STEM. The partnership was established as a part of the ongoing Tech Lake City initiative, a concept guiding Salt Lake City’s current and future economic development efforts.
- Black Desert Resort, St. George, has formed a partnership with Utah Tech University’s Hotel & Resort Management program aimed at redefining the standards of excellence in the region’s hospitality sector and offering opportunities for students and professionals. Reef Capital Partners is developing Black Desert, which will have more than 3,000 hotel rooms and residences; a concert venue; miles of trails through ancient lava flows; a waterpark; a wellness spa; and more than 250,000 square feet of retail and restaurants. It also will have a 19-hole golf course and a 36-hole, illuminated putting course for day or night play.
ENERGY
- Applications are being accepted through March 9 for grants to put solar energy on business buildings. Salt Lake City’s Sustainability Department, in partnership with Utah Clean Energy, is seeking two to four locally owned small or medium-sized businesses to apply for the funding. The solar program, Salt Lake Solar Powered Communities, is part of a multi-year project to make solar more available to businesses in under-resourced areas of the city, with preference given to businesses owned by or serving BIPOC individuals. Utah Clean Energy serves as a technical expert to guide participants through the solar process. With help from Urban Sustainability Directors Network funding, the business owners receive grants to cover the bulk of their solar installation costs. Details are at https://utahcleanenergy.org/salt-lake-city-solar-powered-communities/.
HEALTHCARE
- Health Catalyst Inc., a South Jordan-based company offering data and analytics technology and services to healthcare organizations, has announced several personnel changes. Bryan Hunt has transitioned from chief financial officer to a strategic advisor role. He has been with the company for the past 10 years. Prior to Health Catalyst, he was a senior associate in the investment banking group at Deloitte Corporate Finance. He began his career as an investment banking analyst with Moelis & Co. He earned a bachelor’s degree in accounting from Brigham Young University. Jason Alger has taken over the role of CFO. He has been with Health Catalyst for more than 10 years, including most recently as chief accounting officer. Prior to joining Health Catalyst, Alger held various roles at Ernst & Young. Alber earned an associate of arts degree from the College of Eastern Utah and a master’s degree in accounting from BYU. Dan LeSueur has been promoted to chief operating officer, with responsibilities spanning both the Technology and Professional Services business units. He has been with the company for 12 years, most recently as the senior vice president and general manager of the Professional Services business unit. Prior to joining Health Catalyst, LeSueur owned and operated a management consultancy for five years that assisted ambulatory practices in the implementation of electronic health records and data-driven management methodologies. His education includes a bachelor of arts degree in economics from BYU.
- Nomi Health, based in Salt Lake City, has formed an advisory board of policy, executive, medical and legal experts to guide and advise on the development of solutions for its customers. The board members are Ali Khan, with 25 years of experience in public health, epidemiology and serving as assistant surgeon general; Kevin Lynch, founder and CEO of the Quell Foundation and with more than 20 years of his career devoted to reducing the number of suicides, overdoses and incarcerations of people with mental health illness; Solome Tibebu, founder and CEO of Behavioral Health Tech, a community focused on expanding access to mental health and substance use services; Dr. Andrey Ostrovsky, managing partner at Social Innovation Venture and investor, senior operating leader and health policy expert with over a decade of experience applying human-centered design and entrepreneurial principles to make progress addressing health disparities; and Rich Bagger, partner and executive director of Christie 55 Solutions and a public affairs and policy leader with extensive government, nonprofit and corporate experience. Founded in 2019, Nomi Health serves more than 3,200 customers nationwide, impacting 30 million lives and influencing over $150 billion in healthcare spending.
- Seek Labs, a Salt Lake City-based company developing molecular diagnostic systems and novel gene therapies, has appointed Alison O’Mahony as vice president of pharmaceutical development. She will spearhead the pharmaceutical research division, leading strategic initiatives to advance Seek Labs’ innovation in novel gene therapies. O’Mahony has nearly 20 years of experience in research and development, phenotypic drug discovery, and assay and scientific operations. An immunologist and cell biologist by training, O’Mahony has extensive experience leading scientific teams and assay operations in drug discovery. She has led academic research efforts, CRO-based phenotypic screening services, and drug discovery efforts in biotech. O’Mahony has served in scientific leadership roles at Recursion, Eurofins and DiscoverX.
INVESTMENTS
- rPlus Energies, a Salt Lake City-based renewable energy developer, has received an investment of up to $460 million in in partnership with Sandbrook Capital, a private investment firm focused on energy infrastructure. The investment is alongside continued support from Gardner Group, the founding investor in rPlus and a commercial real estate company in the Mountain West. rPlus said the transaction will enable it to bring an estimated 1 gigawatt of shovel-ready generation and storage projects online through 2026. The company has a 15-gigawatt pipeline of solar, wind, battery and pumped storage hydropower projects. Lazard Frères & Co. LLC served as financial advisor to rPlus. Foley & Lardner LLP served as transaction counsel. Kirkland & Ellis LLP served as transaction counsel to Sandbrook. Parr Brown Gee & Loveless served as transaction counsel to Gardner Group.
- Anagram, a Salt Lake City-based company offering a product data platform for brands, has raised $1.2 million in pre-seed financing led by Kickstart Fund and NextView Ventures. Anagram helps brands aggregate their product data from both obvious and overlooked data sources, allowing both internal users and online shoppers to get instant answers and hyper-personalized product recommendations.
- Xevant, a Lehi-based provider of healthcare analytics and technology solutions, has announced a large follow-on investment from HCAP Partners and Tech Council Ventures. The amount was not disclosed. Xevant offers a pharmacy benefits platform that infuses real-time automation and alerts throughout the data analysis process. Tech Council Ventures is a private equity firm specializing in providing mezzanine debt and private equity for lower-middle market companies throughout California and the western United States. Tech Council Ventures invests in seed, Series A and Series B financings across all industries.
MILESTONES
- Woodbury Corp., based in Salt Lake City, recently celebrated Rob Kallas for 50 years of employment and service to the University Place shopping center, where he serves as general manager, as well as the company and Woodbury family. Kallas has been involved in real estate management and development with the company since 1974 and has had the primary responsibility of managing University Mall, now University Place, since 1978. He has served on the board of directors of the Commission for Economic Development in Orem, the Provo-Orem Chamber of Commerce, and is currently on the Lindon City Planning Commission. He has also served on numerous committees, task forces and panels to improve and enhance business and economy in Utah County. After graduating from Brigham Young University, he spent three years at Fort Lee, Virginia, serving in the United States Army.
NONPROFITS
- Twelve Utah environmental nonprofit organizations will receive a total of $182,500 from the Dominion Energy Charitable Foundation. Grants totaling $1.3 million were awarded to 114 organizations in eight states. This year’s recipients will beautify local parks, restore and preserve waterways, host environmental education programs, protect native plants, and launch outdoor science programs, among other projects. The grants support projects that educate about environmental stewardship, protect and preserve habitat, and enhance or make nature more accessible. The Utah recipients are Canyonlands Field Institute Inc., Moab; Ducks Unlimited, Syracuse; Friends of Arches and Canyonlands, Moab; Grand Staircase Escalante Partners, Escalante; Red Butte Garden & Arboretum, Salt Lake City; Summit Land Conservancy, Park City; Jordan River Foundation, Salt Lake City; Leonardo Museum, Salt Lake City; The Living Planet, Draper; The Nature Conservancy, Salt Lake City; Utah Clean Air Partnership (UCAIR), Salt Lake City; and the Youth Garden Project, Moab. Virginia-based Dominion Energy has about 7 million customers in 15 states.
PARTNERSHIPS
- Troon, an Arizona-based company providing golf and club-related leisure and hospitality services, has announced a partnership with Lodging Dynamics Hospitality Group, a Provo-based third-party operator of hotels and resorts. The partnership calls for Troon to manage golf operations, agronomy, retail, and sales and marketing for Lodging Dynamics’ golf resort properties, which includes Homestead Resort and Golf Club in Midway. Lodging Dynamics maintains a portfolio of hotels throughout the continental United States and Hawaii. Troon provides services at 850-plus locations, including operational responsibility for 575-plus 18-hole-equivalent golf courses worldwide.
REAL ESTATE
- Hughes Marino, a national commercial real estate firm, and the Alzheimer’s Association have signed on as tenants at Stanton Road Capital’s Union Park Center III and IV in Cottonwood Heights. Hughes Marino will open its first Utah office with its 2,898-square-foot suite. The Alzheimer’s Association has renewed its 3,428-square-foot space. Stanton Road Capital has invested significant capital throughout the interior of the two-building office property, including full renovation of both two-story lobbies and integration of tenant relation technology. Dana Baird of Cushman & Wakefield handles leasing for Union Park Center III and IV. Caleb Bush of Tenant Services Group represented the Alzheimer’s Association. Hughes Mario self-represented.
- Western States Lodging and Management, a South Jordan-based management and development firm focused in hospitality, senior living and multifamily housing, and investment partner Garn Development have opened Grandview Apartments, a luxury apartment community managed by Nxt Property Management at 1390 W. Sky Rocket Road, St. George. The property has 240 total units, with 144 opened in 2023 and the remaining to be completed in 2024.
RECOGNITIONS
- Zions Bancorporation, based in Salt Lake City, has received 20 Greenwich Excellence and all six Best Brand Awards, a total of 26 awards in middle market and small-business banking for 2023. Zions ranked third in awards issued for all banks in the nation. Zions was recognized for providing distinctive service, advice, and overall performance to small-business and middle market clients. The awards are based on 27,000 market research interviews with businesses nationwide, resulting in the evaluation of more than 500 U.S. banks, out of which 39 were recognized for measurable distinctive quality in small-business banking and 23 in middle market banking. Zions received seven Excellence awards in the category of middle market, 13 in small business, and six related to its brand. Zions operates under local management teams and distinct brands in 11 western states.
- The Government Finance Officers Association of the United States and Canada has honored Salt Lake County with the Certificate of Achievement for Excellence in Financial Reporting for the fiscal year ended Dec. 31, 2022. It recognizes Salt Lake County’s commitment to maintaining the highest standards of governmental accounting and financial reporting. An impartial, nonpartisan panel of judges, appointed by the association, evaluated Salt Lake County’s annual comprehensive financial report. The recognition is the top achievement in the field of governmental accounting and financial reporting.
- Shae and Barry Sims of Athletic Republic West Jordan and Park City, and Teresa Hatter of Radiant Waxing Utah of Salt Lake City are on the list of 2023 Franchisee of the Year by the International Franchise Association. A total of 109 business owners were selected for the honor, which recognizes franchise owners from IFA member brands whose outstanding performance and contributions help protect, enhance, and promote the franchise business model. Nominated by their parent companies, individuals are selected for their service to their communities, fostering a strong and vibrant workforce, opening the doors for career growth and entrepreneurship, and supporting their fellow franchisees.
- Kelly Mahannah has been named to the Staffing Industry Analysts Staffing 100 list. SIA is a global advisor on staffing and workforce solutions. Mahannah is president of workforce solutions at Supplemental Health Care, a healthcare staffing provider based in Salt Lake City. She joined the SHC team in 2018 and named president of workforce solutions in 2022. She began working in staffing within the medical industry in 1999.
- Governor’s Fintech Advisor Council Awards for 2023 were recently presented to Steve Smith, Most Impactful Person in FinTech Award; LoanPro, FinTech of the Year Award; Paintbrush, Crew and 401Go, Exciting Startup Awards; YNAB (You Need a Budget), BootStrapper Award; ASA Financial, New Product Segment Award; Seis, Social Impact Award; and Album VC, Investor Award.
SERVICES
- Financial services firm Morgan Stanley has promoted Paul W. Shoemaker to managing director. Shoemaker is a financial advisor and branch manager in the firm’s wealth management office in Salt Lake City. He has been with Morgan Stanley Wealth Management since 2012. He earned his bachelor’s degree from Brigham Young University.
