Industry Briefs 10-21-24

Industry Briefs are provided as a free service to our readers. Company news information may be sent to brice.w@thecityjournals.com. The submission deadline is one week before publication.

BANKING

• Bank of Utah, based in Ogden, has provided a homeownership path for 34 community members through a special relief program this year. In partnership with the Federal Home Loan Bank of Des Moines and its Mortgage Rate Relief program, Bank of Utah provided a 2-percentage point reduction on mortgage rates to eligible borrowers, locking in a lower rate for the duration of their loan term. The program concluded in September. Bank of Utah funded 34 loans through this program, totaling $10 million, helping both first-time homebuyers and those looking to refinance.
• TAB Bank, based in Ogden, has extended a $10 million revolving asset-based loan to Mobility Trust Group, a company specializing in financing mission-critical assistive technology products, including wheelchair-accessible vehicles and home accessibility equipment for people living with disabilities. The loan enables Mobility Trust to secure the liquidity needed for growth while continuing to focus on the community’s needs. In addition to expanding Mobility Trust’s capacity to finance wheelchair-accessible vehicles, the $10 million warehouse line of credit loan also will enable the company to grow its home modification and accessibility equipment divisions, financing essential products such as wheelchairs, stair lifts, home transfer systems, and home elevators.
• Goldenwest Credit Union has broken ground on a new branch in Mountain Green in Morgan County. The branch at 4950 W. Old Highway Road, will be Goldenwest’s second in Morgan County. It is expected to open in the spring of 2025. Goldenwest has more than 50 branches.
• Mountain America Credit Union has held a grand opening for its new branch at 653 E. 450 N., Vineyard. The branch manager is Jonathan Sasser. Mountain America has more than 100 branches across six states and more than 50,000 ATMs.

CORPORATE

• Sky Quarry Inc., a Woods Cross-based oil production, refining and development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and the remediation of oil-saturated sands and soils, recently raised more than $6.7 million through the sale of more than 1.1 million shares of its common stock priced at $6 per share. Sky Quarry began trading on NASDAQ under the ticker symbol “SKYQ” earlier this month. Digital Offering LLC acted as the lead managing selling agent for the offering.

ECONOMIC DEVELOPMENT

• The Economic Development Corporation of Utah has made a few staff changes. Jaime Hernandez has transitioned to a new role as a community insights manager. He previously worked on EDCUtah’s business development team, where he focused on creating and strengthening synergies for collaboration between the Utah Inland Port Authority and EDCUtah. Bre Yamauchi has joined EDCUtah as director of operations. She oversees day-to-day operations, optimizes internal processes, and leads strategic initiatives to enhance the organization’s impact. Prior to joining EDCUtah, she worked as a fractional operations executive, advising clients across various industries within Utah. She currently serves on the Foundation Board at Utah State University and mentors students in the Huntsman Scholar Program at the Jon M. Huntsman School of Business. Joseph Wirthlin has joined the organization as a research analyst, specializing in analyzing economic and business data to inform companies seeking to relocate or expand in Utah. Wirthlin also provides his analytical expertise to enhance in-house research reports and publications. He has a background in economics as well as language and area studies.

ECONOMIC INDICATORS

• Salt Lake City is ranked No. 9 on a list of U.S. cities for best encouragement of work-life balance, compiled by Blueground. It analyzed 50 U.S. cities that recognize the importance of a work-life balance both directly and indirectly through policies and urban infrastructure. The top-ranked U.S. city is Boston. Details are at https://www.theblueground.com/research/us-best-cities-work-life-balance.
• Utah is ranked No. 15 among states for electric vehicle market share in the 2024 second quarter, according to the Alliance for Automotive Innovation, which represents the full auto industry. EVs represent 9.41 percent of new light-duty vehicle sales in Utah, up from 8.4 percent in the first quarter and 7.14 percent from a year earlier. A total of 3,590 EVs were sold in the second quarter. The state also is No. 29 in the ratio of EVs to public chargers. Nationally, EVs represented 9.96 percent of new light-duty vehicle sales in the second quarter, up from 9.34 percent in the first quarter and 9.05 percent in the year-earlier quarter.
• Provo is ranked No. 69 on a list of cities supportive of embracing smart city technology, according to a survey by HostingAdvice.com. However, four Utah cities are skeptical of smart technology and would vote to reject it, the survey indicated: Salt Lake City, West Valley City, Orem and West Jordan. The city most enthusiastic to become a fully integrated smart city is Los Angeles. Details are at https://www.hostingadvice.com/studies/smart-cities-survey/.
• Skydiving in Moab is the “perfect way to pass away” in Utah, according to insurance agency Choice Mutual following a survey about the preferred way to spend final moments. A state-by-state breakdown is available at https://choicemutual.com/blog/americans-ideal-ways-to-spend-their-last-moments/.
• Six Utah locations are on a list of “Best Metro Areas for Football Fans,” compiled by Lawn Love. It compared 203 of the biggest U.S. metros across 18 metrics, including the number of NFL, UFL, and NCAA Division I teams, social media followers and season ticket prices. The Utah metros are No. 32 Salt Lake City, No. 48 Provo-Orem, No. 64 Logan, No. 82 Ogden-Clearfield, No. 88 Cedar City and No. 123 St. George. Topping the overall list is Dallas, Fort Worth and Arlington, Texas. The bottom-ranked location is Houma and Thibodaux, Louisiana. Details are at https://www.lawnlove.com/blog/best-metro-areas-football-fans.
• Three Utahns are on a list of “America’s Greatest Mentors,” from a national poll compiled by coaching software company Paperbell.com. Utahns on the list are No. 18 Martha Hughes Cannon, No. 71 Philo T. Farnsworth and No. 122 Brigham Young. The No. 1 overall mentor in the survey is the Rev. Martin Luther King. Details are at https://paperbell.com/blog/americas-greatest-mentors.

EDUCATION

• Three Utah colleges are automatically admitting over 10,000 high school seniors in Davis, Morgan and Weber counties. They are Davis Technical College, Ogden-Weber Technical College and Weber State University. Every senior across the counties’ public school districts, along with some charter and private schools, will receive acceptance letters beginning in October. Students will not need to go through the application process, which has historically been a barrier to attending college. They will already have student records on file, and will only need to fill out an interest form to receive more information on one or all three of the schools that have admitted them. The acceptance letters will also explain financial aid and scholarship options, including offers of partial and full tuition coverage in some cases.
• Brigham Young University has appointed Dr. Mark Ott as the inaugural dean of its medical school. A surgeon with Intermountain Health, Ott has held academic and affiliate appointments at Johns Hopkins, Harvard Medical School, Stanford School of Medicine and the University of Utah School of Medicine. He previously led the surgical departments at both Intermountain LDS Hospital and Intermountain Medical Center and also served as the medical director of the Intermountain Medical Center. Ott’s education includes earning a bachelor’s degree and a Doctor of Medicine degree from the University of Utah. Plans for the BYU medical school were announced in July. It will be located on BYU’s campus and will offer Doctor of Medicine degrees.

ENERGY

• Utah Clean Energy has added three people to its board of directors: Theresa Foxley, chief of staff at rPlus Energies; Stanton B. Johnson, chairman of the Board of Deacons at Calvary Baptist Church; and Ryan Westwood, chairman and CEO of Fullcast. Foxley started her career as an attorney, specializing in business finance and project finance. She joined rPlus after spending six years as the president and CEO of the Economic Development Corporation of Utah. She serves as chair of the Salt Lake City International Airport Advisory Board and on the Envision Utah Executive Committee. She earned a Bachelor of Arts in political science from Utah State University and a Juris Doctorate from the S.J. Quinney College of Law at the University of Utah. Stanton is the former CEO and regional director of Maxam North America, a subsidiary of Maxam Corp. Inc. He retired from Maxam after a 27 year career. Stanton also serves as chairman of the global board of advisors of Harvest Intercontinental American University, a private, nonprofit university established in Maryland to help provide quality tertiary education to underprivileged students in Sub-Saharan Africa. Westwood is a tech entrepreneur who has successfully exited three companies. He co-founded Simplus and has served as a public and private company director. He authored the book The Five Characteristics of a Successful Entrepreneur.

INVESTMENTS

• MARAbio Systems Inc., a Salt Lake City-based precision immunology company that focuses on detecting, treating and preventing maternal autoantibody related autism (MARA), has raised $19 million in a Series A round led by MAK Capital One LLC, based in New York. The funds will enable the commercialization of a new diagnostic tool to benefit potentially millions of families during pre- and post-pregnancy. As part of the investment, CEO Michael A. Kaufman and Craig Nemiroff, both of MAK, will join MARAbio’s board of directors.
• Vozzi, a Holladay-based provider of fan communication, engagement and text-to-buy software for sports teams, entertainment venues and events, has received a $7 million minority growth investment from Growth Street Partners, based in California. Vozzi will use the investment to expand its platform and invest in its team. Tim Ballantyne, co-founder of Suralink and a Salt Lake City entrepreneur, will also join the Vozzi board of directors, as will Tim Jenkins, co-founder of SendGrid and angel investor in Vozzi.

LAW

• Gilmore & Bell PC, a public finance law firm, has hired Jane Hopkins as an associate in its Salt Lake City office. Her education includes a J.D. from the University of Utah’s S.J. Quinney College of Law in 2024.

LOGISTICS

• The Utah Inland Port Authority will host a webinar Oct. 21 to present the final findings of its statewide logistics study. It aims to provide stakeholders and the public an opportunity to engage with the study’s results, learn about UIPA’s specific project areas, and explore the goals and plans of the authority. The statewide logistics study examined key aspects of transportation, distribution, supply chain dynamics, and goods movement across Utah. It identified significant trends, risks, and opportunities for investment that would enhance the efficiency, reduce congestion, and improve the overall effectiveness of the region’s freight infrastructure. The study also outlines how these changes will impact UIPA’s project areas and the Intermountain West as a whole. The webinar address is https://inlandportauthority.utah.gov/logisticsstrategy/.

NONPROFITS

• Park City Community Foundation will host its 14th annual day of community giving Nov. 15 to help support 128 nonprofits. Last year, 7,160 donors raised $4.8 million-plus by contributing a minimum of $5 to the local nonprofits of their choosing. More than 16,000 donations were made. The foundation is now looking to see participation from 7,300 donors and $5 million in donations for all the nonprofits in 24 hours. “Live PC Give PC” has raised nearly $31 million during the past 13 years. Nonprofits compete for $37,000 in prize money, which the foundation awards to those that get the most unique donors. Details are at livepcgivepc.org.

PARTNERSHIPS

• Kinetic, a California-based automotive infrastructure company that delivers digital repair and servicing for modern vehicles through its service hubs, has announced a partnership with Young Automotive Group, which has dealerships and collision centers located across Northern Utah, Idaho and Montana. The new partnership result in Kinetic opening its first Kinetic Hub in Clearfield., initially to serve customers of YAG’s Young Collision Centers in north Layton, south Layton and Ogden. Kinetic’s technicians will use AI and advanced robotics to expedite the calibration and digital programming of modern vehicles equipped with advanced driver-assistance systems. The company operates four hubs in California, with plans to further expand.

PHILANTHROPY

• As part of National Get Smart About Credit Day, Paul Burdiss, president and CEO of Salt Lake City-based Zions Bank, participated in financial education outreach targeting high school students before most of them obtain credit cards or take out loans. Burdiss on Oct. 9 involved East High School students in hands-on activities comparing credit card offers and deciphering credit reports, accompanied by Zions Bank Executive Vice President Rob Brough.

REAL ESTATE

• A $9 million land refinance for the development of a build-to-rent community at 1176 W. 2100 S., Salt Lake City, was arranged by Marcus & Millichap Capital Corp. Paul Winterowd, managing director in MMCC’s Salt Lake City office, secured the financing with a local credit union on behalf of a private client. The development will consist of townhomes varying in size.
• Miller Sports + Entertainment has announced plans for a second Megaplex Entertainment cinema entertainment center in Southern Utah. The location at The Paseo in St. George is being developed in partnership with Larry H. Miller Real Estate and Elevated Property Co. as part of The Paseo master-planned community and regional shopping center. Project development for the Megaplex Entertainment is underway, with construction details to be announced. The entertainment complex will feature auditoriums, bowling with lane-side dining, a scratch kitchen offering a variety of food and beverage options, an arcade, and private event and party space. The Paseo location is the third announced Megaplex Entertainment project, joining Desert Color, also in the St. George area. The first is under construction in Downtown Daybreak in South Jordan, next to the new Bees ballpark. The Daybreak location is scheduled to open in summer 2025.

RECOGNITIONS

• This year’s PharmaVoice 100 honorees list includes David Bearss, CEO, president and co-founder of Halia Therapeutics, a Lehi-based company developing therapies addressing chronic inflammation. Bearss has more than 20 years of experience in drug development. He has launched eight companies, including Tolero Pharmaceuticals, which was sold to Sumitomo Dainippon in 2016.
• The U.S. Chamber of Commerce and CO—, its digital platform for small businesses, has honored two Utah-based companies by listing them on the “CO—100: America’s Top 100 Small Businesses.” Beehive Meals, based in Layton, was named an honoree in the “Champions of Adaptability” category, while Lux Catering & Events, based in Salt Lake City, is in the “Community Champions” category. The list includes businesses from 31 states and Washington, D.C. As a category winner, Beehive Meals is now part of the Top 10 small businesses in the U.S., positioning it for a chance to be recognized as America’s Top Business. Each of the Top 10 honorees will be awarded $2,000 for their outstanding achievements and will compete for the ultimate title of CO—100 Top Business, which comes with a $25,000 prize.

RESTAURANTS

• FAT Brands Inc., a California-based parent company of 18 restaurant concepts, has announced a development agreement in partnership with franchisee Valor Acquisitions Group LLC to bring five Fazoli’s locations to Utah over the next five years. The first unit of the Italian restaurant chain is expected to open in 2025 in Saratoga Springs, with future openings to take place in Salt Lake and Utah counties. Founded in 1988 in Kentucky, Fazoli’s franchises and owns over 200 restaurants in 26 states.

RETAIL

• Sportsman’s Warehouse Holdings Inc., a West Jordan-based an outdoor specialty retailer, has named Ryan Carroll as vice president of performance marketing. He will lead brand management, creative strategy, trade marketing, and integrated sales and marketing planning. Carroll has over 20 years of retail experience in full-funnel performance marketing, growth strategy, brand-building and driving measurable ROI for both mid-sized and enterprise businesses.
• The Gateway in Salt Lake City has announced some business changes this fall. Asher Adams, a hotel that features a renovation of the 1908 Union Pacific Depot, will open this fall. It also will include a new eight-story guestroom tower, restaurant, patisserie, three bars, fitness center, and three meeting and event spaces. Women Owned Small Business Collective, a retailer offering clothing, accessories and art, has relocated to a different space within The Gateway at 152 S. Rio Grande St. The Nerd Store’s third Utah location offers children’s books, card games, toys and Funko, wall décor, clothing accessories and more. It had a grand opening Oct. 12 at 136 S. Rio Grande St. Two years after its departure from The Gateway, Utah Arts Alliance is returning Dreamscapes, an immersive art experience, in a new space at 16 N. Rio Grande St.
• Smith’s Food & Drug will build a Smith’s Marketplacestore on the northwest corner of 2400 North Street and State Highway 36 in Tooele. The store will anchor the new shopping center called The Peak at Compass Point that is being co-developed by Perry Commercial Utah. The 123,000-square-foot multi-department store will offer groceries, sushi a Starbucks Coffee café, a floral department, apparel, household goods, drive-through pharmacy, and online grocery pickup. It also will have an on-site Smith’s Fuel Center. The store is expected to be completed in early 2026, and Smith’s will hire approximately 230 workers.

TECHNOLOGY

• Avetta, a Lehi-based provider of supply chain risk management software, has named Brandon Grinwis as chief financial officer. Grinwis has over 20 years of experience in finance and accounting, ranging from management consulting to private equity and publicly traded environments. Previously, he served as CFO and executive vice president of customer operations at Insurity. Prior to that, he he held leadership roles at Ascentis as CFO and Code42 as vice president of finance and business operations.