Industry Briefs 1-27-25

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BANKING

• Bank of Utah, based in Ogden, has hired Nichole Kennedy as vice president and trust officer. Kennedy has over 30 years of financial industry experience, including an extensive financial planning and trust management background. Her experience includes two decades as a licensed financial advisor specializing in financial planning. She has worked at institutions including First National Bank Alaska, CUSO Financial Services and Morgan Stanley. Bank of Utah also has appointed branch managers for its Ogden and Layton locations. Rebecca Norman, who was branch manager for the Ogden corporate location, will now lead the Layton office. Norman has 19 years of banking experience, with 17 as a branch manager for a financial institution in the Brigham City area. In addition to managing a branch, Norman served as the customer service ambassador for her district. Trevor Eschler will replace Norman at the Ogden corporate location. He has been in the financial industry for 10 years, with eight years as a branch manager for another institution. Eschler earned a bachelor’s degree in Spanish from Utah State University.

CONSTRUCTION

• C.W. Group, a Centerville-based homebuilder and real estate developer, is merging all of its existing brands under the name Cole West. The company said the rebrand “aims to simplify the organization’s identity, strengthen its presence in the market, and better position the company for continued growth and innovation.” The transition brings together C.W. Urban, Cole West Home, C.W. Land Co., C.W. Design and C.W. Build under the one name.

CORPORATE

• Tonaquint, a St. George-based infrastructure company, has changed its name to ValorC3 Data Centers. The company said the “C3” highlights the company’s dedication to delivering dependable infrastructure across three core pillars: colocation, cloud and connectivity. ValorC3 owns and operates data centers with reliable cloud and connectivity solutions in St. George; Oklahoma City, Oklahoma; and Boise, Idaho.

DIRECT SALES

• LifeVantage Corp., a Lehi-based health and wellness products company, has hired Todd Thompson as chief information and innovation officer. Thompson has decades of experience driving transformative technology solutions and business growth for global organizations, including in senior leadership roles as chief information officer at JetBlue Airways, Starwood Hotels, Vivint and DoTerra. He also served as a consultant with SBI.Razorfish, Arthur Andersen Business Consulting and Andersen Consulting, and held IT leadership roles at Nu Skin.

ECONOMIC INDICATORS

• Utah is ranked No. 3 on a list of “Best States to Start a Business in 2025,” compiled by WalletHub. It compared the 50 U.S. states across 25 key indicators of startup success, including financing accessibility and labor costs and office-space affordability. Utah was No. 2 for average growth in the number of small businesses, No. 4 for the number of startup firms per capita, No. 14 for the availability of human capital, No. 24 for office space affordability, and No. 30 for cost of living. Details are at https://wallethub.com/edu/best-states-to-start-a-business/36934.
• Ogden/Clearfield is ranked No. 2, Salt Lake City is No. 3 and Provo/Orem is No. 15 among large cities on the Milken Institute’s Best-Performing Cities index. It evaluated the relative economic performance of 403 metropolitan areas. Among small cities, St. George is No. 2 and Logan is No. 48. The BPC index uses 13 metrics, combining labor market conditions, high-tech industry growth, and access to economic opportunities.
• Utah is ranked No. 39 on a list of “best states to retire in 2025,” compiled by Seniorly. It analyzed nine metrics of data across three main categories: affordability, health care and lifestyle. The most recent data from the SSA, CMS, HRSA, BLS, Census Bureau, Tax Foundation and others was used to determine the rankings. Utah is ranked No. 6 for arts and recreation centers (477 per 100,000 older adults), No. 11 for doctors (218 per 10,000 older adults), No. 12 for older adults with 3-plus chronic conditions (54 percent), No. 20 for maximum personal income tax (4.65 percent), No. 29 for long-term care spending ($2,475 per older adult, No. 32 for average Social Security payment ($651), No. 33 for average temperature (51.1 degrees), No. 51 for population over age 65 (12.2 percent), and No. 36 for cost of living index (109.5). On a breakout list, Utah was ranked No. 2 among worst states for quality of life. The best place for retirement is Washington, D.C. The worst is New Jersey. Details are at https://www.seniorly.com/resource-center/seniorly-news/best-and-worst-states-to-retire-in-2025.
• Utah residents lost a record $35.2 million to investment fraud in 2023, according to a study by investment fraud law firm Carlson Law, based on FBI Internet Crime Complaint Center data. That is a 13 percent increase from $31.1 million in 2022. The average victim lost $95,096. Utah has the No. 8 highest rates of investment fraud in the U.S., with 10.9 incidents per 100,000 residents. Nationally, investment fraud had a record 39,570 victims who lost a record $4.57 billion in 2023, a rise from 2018 when 3,693 victims lost $253 million. The worst state for investment fraud was California, whose residents lost $983.8 million in 2023, up 13.1 percent from 2022. The least investment fraud occurred in Maine, where residents lost a collective $2.5 million in 2023, a 58.5 percent decrease in total losses from 2022. Details are at https://www.carlsonlaw.com/investment-fraud-in-u-s-reaches-record-levels/.

EDUCATION

• Saras AI Institute, a Salt Lake City-based, AI-dedicated higher education institution, has added Rob Leach to its advisory board. He will help Saras AI Institute bridge the gap between technology and business, ensuring its programs align with industry needs. He also will provide insights into market-driven needs for AI skills, industry trends, student connections for future employment and corporate citizenship initiatives. Leach has expertise in applying cutting-edge technologies such as cloud computing, data analytics, and AI to solve business challenges. At Avanade, a joint venture between Accenture and Microsoft, he oversees the company’s Microsoft account as a global executive. He has over 30 years of experience in technology integration, business strategy and leadership roles at Accenture, Intel, Landmark Development Ventures and G2 Web Services.
• The Lassonde Entrepreneur Institute at the University of Utah’s David Eccles School of Business, awarded over $396,000 in scholarships to over 105 student entrepreneurs for the 2024-25 academic year. Recipients include undergraduate to graduate students and come from many different majors across campus. The majority of the students receiving scholarships serve as student leaders, managing a variety of programs at the institute, ranging from workshops and mentor sessions to a makerspace and high school outreach program.

ENERGY

• Sky Quarry Inc., a Woods Cross-based integrated energy solutions company focused on the waste asphalt shingle recycling industry, has appointed Leo Womack to its board of directors. He will also serve as a member of the Audit and Nominating Committee and as chair of the Compensation Committee. Womack has been the president and a director of Gulf Equities Realty Advisors Inc., a diversified real estate portfolio management company, since 1986. He also serves as the CEO of Ramsey Financial Group, a single-family office managing a diversified portfolio of assets for the Leo B. Womack Family Trust. Womack currently serves on the board of directors of numerous private companies, where he holds varying positions that include chairman, chairman of the audit committee and audit committee member. Since 2015, Womack has served as a member of the board of directors and as the chairman of the audit committee of Petrolia Energy Corporation Inc.

EXPANSIONS

• Kizik, a Lindon-based footwear company, has new distribution partnerships in South Korea, France, the Gulf countries and Spain. In South Korea, Kizik has partnered with Platform Inc., a distributor with over 20 years of expertise in introducing brands. In France, Kizik joins forces with Artcrafts, a distributor known for its success in introducing innovative brands across Europe. In the Gulf countries, Kizik is partnering with regional distributor Alyasra. In Spain and neighboring countries Portugal and Andorra, Kizik has teamed up with Proged, focused on sports and lifestyle distribution since 1989.

GOVERNMENT

• The Federal Communications Commission has selected 707 participants for the FCC’s Schools and Libraries Cybersecurity Pilot Program, including 645 schools and districts, 50 libraries, and 12 consortia. The list includes Centro de la Familia de Utah, based in Salt Lake City. It operates five rural Head Start centers and nine Head Start childcare partnerships in Utah, Colorado and Nevada. It will participate in the three-year pilot program and will receive support to defray the costs of eligible cybersecurity services and equipment and provide the FCC with data to better understand whether and how universal service funds could be used to improve school and library defenses against increasing cyberattacks. To select pilot participants, consistent with the commission’s rules, commission staff first looked at qualifying applicants’ discount rate and National School Lunch Program percentages, prioritizing the highest percentages. To ensure diversity in the participant pool, including geographic diversity, staff also considered applicants’ entity type, size, and location, among other things, as directed by the commission.

GRANTS

• The Central Wasatch Commission is accepted ideas through Feb. 9 for short-term project grants. The commission will begin to disperse funding to selected projects in May. The projects are specific to the commissions project area, which includes Millcreek Canyon, Big and Little Cottonwood canyons and the Wasatch Back. Projects should be focused on protecting the ecosystems or watershed originating in the project area, improve canyon transportation or transit, steward year-round recreation, and sustain the economic vitality of the Wasatch Canyons. Ideas should request no more than $20,000 and be proposed by a nonprofit organization, a community group, or Utah residents. Selected applicants will be invited to submit a full project proposal. Details are available by contacting Lindsey Nielsen at 801-706-1004 or lindsey@cwc.utah.gov.
• Applications are being accepted through Jan. 31 for Slow Food Utah’s 2025 microgrants, which support projects in line with its mission of good, clean and fair food for all. The program was created to fill gaps identified in traditional funding sources for local food-related projects, especially for small-scale food growers and producers, community innovators and educators. Grants are open to any individual, small business or nonprofit. Previous grant recipients may apply again, however, due to limited funds, applications from new projects may be given priority. Individual grants will be up to $2,000 with a total grant pool of $6,000. Grant recipients will be announced in March or April. The application is available at slowfoodutah.org by following the “Apply Here” link.

HEALTH CARE

• DW Healthcare Partners, a private equity firm focused exclusively on the healthcare industry and with a primary office in Park City, has promoted Michael Mitchnickto principal. Mitchnick started his career in the Securities and Communications, Media and Technology Group at Toronto-Dominion Bank. He joined DW Healthcare Partners in 2016 and works in the firm’s Toronto office. He currently sits on the board of directors of 360 Behavioral Health and Champion Manufacturing.
• Troomi, an Orem-based focused digital wellness and safety company, has appointed Tyler Feishman as chief strategy officer. He will lead efforts to advance digital wellness and empower families with innovative solutions designed to support mental wellness. Leishman also serves as vice president, chief strategy officer and interim chief operating officer at Riley Children’s Health, where he leads strategic and operational initiatives to address pediatric healthcare challenges, including mental and behavioral health. He previously held leadership roles at Children’s Hospital Colorado as vice president of strategic provider integration and executive director of the Pediatric Care Network.

HOSPITALITY

• LivAway Suites, a Salt Lake City-based extended-stay hotel company, and West77 Partners, based in Lehi, have broken ground on a new extended-stay hotel in Tolleson, Arizona, marking the first step in an expansion plan for the Phoenix metropolitan area. LivAway has plans to break ground at six locations in Arizona during 2025. It expects to reach 50 locations open or under construction nationwide by late 2026.
• CoralTree Hospitality, a Denver-based independent hospitality management company, has added Black Desert Resort and Red Mountain Resort in southwest Utah to its management portfolio. The two properties are owned by Utah-based Reef Capital Partners. Financial terms were not disclosed. The Black Desert Resort, developed by Reef, is a 600-acre resort and entertainment complex spanning Ivins, Santa Clara and St. George. The first phase of development features nearly 800 rooms, including hotel rooms, private homes, a 45,000-square-foot convention center, 15,000-square-foot spa, infinity pool and cabanas as well as seven restaurants and bars. It also features the 19-hole, Black Desert Resort Golf Course. Red Mountain Resort is a 55-acre, 130-room resort is adjacent to Snow Canyon State Park.

INSURANCE

• MGIS, a Salt Lake City-based national insurance program manager that builds specialized insurance programs for doctors, and Reliance Matrix, focused on financial protection and absence management solutions, are extending their disability insurance and specialty coverages to advanced practice clinicians (APCs). APCs, such as nurse practitioners and physician assistants, are professionals with advanced education and specialized experience, and are trained and capable of performing many services a doctor typically provides. MGIS announced its exclusive partnership in 2023 with Reliance Matrix. Together, they serve doctors in all practice settings and medical specialties.

INVESTMENTS

• Ruck, a Provo-based on-demand building material marketplace connecting construction professionals with local suppliers, has raised $5 million in a seed round. It was led by SNAK Venture Partners and ANIMO Ventures. VSC Ventures, Vitalize Venture Capital and returning investors Gold House Ventures, Convoi Ventures and Hustle Fund also participated. Ruck said the funding will enable it to deepen its engineering capabilities and expand its delivery and marketplace platform across key markets.
• Balentine LLC, an Atlanta-based, privately held wealth management firm, has received a 20 percent investment from holding company FJ Management Inc., based in Salt Lake City. FJM will hold one of five seats on the company’s board. Balentine will continue to operate as an independent entity under its current leadership team. Balentine offers its perspective to over 300 clients nationwide, advising on approximately $8 billion of assets.

MANUFACTURING

• BD (Becton, Dickinson and Co.), a New Jersey-based medical technology company, has announced additional investments in its U.S. manufacturing network to add capacity for critical medical devices, including syringes, needles and IV catheters. Among the investments is more than $30 million this year to expand manufacturing capacity for IV lines at its plant in Sandy to support continued growth in catheter solutions. This follows the company’s 2024 investment of more than $2 million for IV line improvements that resulted in increased IV catheter output by more than 40 million units annually. The Sandy site opened in 1956 and employs approximately 1,200 people with 650,000 square feet of operations. It is the largest producer of IV catheter lines in the world.
• Utility Trailer Manufacturing Co. LLC, based in California, has announced the merger of two prominent dealer groups: Utility Trailer Sales of Utah and Utility Trailer Sales of Idaho. It consolidates operations from locations in Salt Lake City, St. George, and Las Vegas with facilities in Boise and Idaho Falls, Idaho; and Spokane, Washington. The new entity will operate under the name Mountain West Utility Trailer Inc.and will be led by Justin Deputy as president and CEO, alongside brother Spencer Deputy, who will serve as chief sales officer. Both are majority shareholders in the new company.

NONPROFITS

• The Suazo Business Center, which empowers Latino/Hispanic and other underserved entrepreneurs, has announced the appointment of six people to its board of directors: Juanita Damon, Reyes Florez, Leo Gutierrez, Eli Madrigal, Marlon Morales and Marcia White. Damon, strategy and process improvement expert at American Express, has over 15 years of leadership in strategic initiatives. Florez, founder and CEO of Platform Accounting Group, is a third-generation Latino entrepreneur with extensive venture capital and multi-state business operations expertise. Gutierrez, Utah market executive in commercial banking at JP Morgan Chase, is a banking professional with over 20 years of experience dedicated to supporting businesses and enhancing community development. Madrigal, owner of Rancho Markets, is a former Suazo client turned successful business owner, represents the entrepreneurial community Suazo serves and understands the transformative impact of the center’s support. Morales, small-business lender at US Bank, has collaborated closely with Suazo’s advisors and taught financial literacy classes for entrepreneurs. White, Ogden City councilmember and the Wasatch Front Regional Council), is a public policy advocate and community leader representing Northern Utah and has insights into government relations and community development. The Suazo board has 17 members.

PHILANTHROPY

• The Utah Black Chamber of Commerce is partnering with Green Day Movers to deliver essential supplies and relief to families victimized by the California fires and is calling on community support in the effort. Green Day Movers has volunteered its fleet of trucks, drivers and resources to facilitate a statewide pickup, packing and delivery effort. Community members are asked to donate or collect supplies (high-priority items include bottled water, hygiene kits and baby supplies such as diapers and formula); volunteer their time to assist in collecting, sorting and packing donations or helping spread the word; and transporting collected donations to designated locations across Utah. Remaining pickup dates are Jan. 27, Salt Lake City; Jan. 28, Spanish Fork; Jan. 29, Nephi; Jan. 30, Fillmore; Feb. 1, Moab; Feb. 2, Beaver; Feb. 3, Cedar City; and Feb. 4, St. George, all at locations to be determined. Details are available by contacting Sidni Shorter, president and CEO of the Utah Black Chamber, at s.shorter@utahblackchamber.com.
• Ultradent Products Inc., a South Jordan-based developer and manufacturer of high-tech dental materials, is donating 5 percent of U.S. sales from orders placed on Jan. 16 to the Red Cross to support relief efforts for those affected by the wildfires in Southern California. The company also is offering dental supplies to affected care providers to assist in their recovery.
• KeyBank has awarded a $75,000 grant to People Helping People in Salt Lake City, a nonprofit providing employment training and resources to low-income women and single mothers who are working toward financial self-sufficiency through long-term successful employment. PHP offers a four-phased program for underserved females, focused on coaching, mentoring, developing employment strategies, and offering continued career development opportunities. PHP’s overall mission is to reduce the number of Utah families living in poverty by helping low-income women, primarily single mothers, reach adequate income through sustainable employment.
• The Have a Heart Home program and the efforts of Bank of Utah, Nilson Homes, Clearfield City and other community partners has led to a military family in Clearfield receiving a new home. The youngest child in the family has special needs. Bank of Utah played a key role by helping secure the financing needed to make the project possible. The home was constructed by Nilson Homes. Clearfield City donated the lot.

RECOGNITIONS

• The Utah Automotive Hall of Fame has inducted Brad Eichers into the Utah New Car Dealers Hall of Fame. Eichers is Ken Garff Automotive Group executive and partner. The Hall of Fame recognizes individuals who have made exceptional contributions to the automotive industry in Utah, demonstrating innovation, visionary leadership, and an enduring commitment to the community. Eichers’ career spans 45 years in Utah’s auto industry and more than 25 years at Ken Garff Automotive Group. Eichers co-founded Kornerstone Guaranty Insurance Co., where he developed captive finance and insurance products, managed risk through advanced risk financing strategies, and administered claims for automotive products sold at dealerships. Headquartered in Salt Lake City, Garff Enterprises, the parent company of Ken Garff Automotive Group, employs over 5,500 people across all its 70 dealerships in nine states.
• Chasity Caruso, the associate director in the Office of Simulation in Medicine and Surgery for Rocky Vista University, has earned the Pioneer Award, an international award in clinical simulation from Education Management Solutions, a health care simulation and competency management platform company. The Ivins resident is among the winners of the 16th Annual Excellence in Clinical Simulation Awards, which recognize professionals who have made significant contributions to the field of simulation in health care education over the past year. The Pioneer Award honors a group or individual who actively engaged in pioneering new ways of clinical simulation training. Caruso provides leadership in simulation for multiple programs, departments, staff and faculty across two campuses. Over the last few years, she has created and launched a standardized patient mentor program, increased virtual reality use on the Utah campus, and expanded simulation across clinical years for students.
• Three brands of Five Star Franchising, based in Springville, are on a list of the top 500 franchises in Entrepreneur’s Franchise 500. They are No. 136 Mosquito Shield (on the list for four consecutive years), No. 233 Five Star Bath Solutions (seven consecutive years) and No. 377 Gotcha Covered (six consecutive years). They were selected for outstanding performance in areas including unit growth, financial strength and stability, and brand power.
• The Clark Planetarium in Salt Lake City has been nomination as one of USA Today’s “20 Best Planetariums” in the United States. Selected by a panel of seasoned USA Today travelers, Clark Planetarium welcomes over 600,000 visitors annually. Voting is open until 10 a.m. Feb. 10 to select the top 10 planetariums at https://10best.usatoday.com/awards/travel/.

RESTAURANTS

• Savory, a Lehi-based private equity firm, has promoted Jessica Moyer to chief restaurant officer and Alonso Castañeda to chief concept officer. Moyer will focus on strategic planning, operations management and team leadership across Savory’s platform of brands. She has been with Savory for eight years, including a pivotal role in developing its leadership training institute and scaling operations. Formerly Savory’s vice president of learning and development, Moyer began her career at Best Buy, rising from cashier to general manager of the highest-volume location in the state of Utah, and then moved to the restaurant industry, where she has led, trained and developed leaders and teams across multiple brands. Castañeda will focus on implementing innovative restaurant strategies, enhancing customer experiences, and driving revenue and sustainable growth by aligning creative vision with operational excellence. He is a 10-year leader at Savory and president of Miami-based PINCHO, a Savory brand, and has a track record of scaling restaurant concepts into thriving multi-unit brands. He previously was Savory’s vice president of brand development and strategy. Savory Fund is currently invested in 11 restaurant brands and is expecting add more than 1,700 new jobs and 75 stores in 2025.
• Aubergine Kitchen, an Orem-based fast-casual dining brand, has announced plans to open five locations this year. They will be in Las Vegas; Salt Lake City International Airport; Meridian, Idaho; Spanish Fork; and Aubergine Bakery in Orem. Founded in 2014, Aubergine Kitchen has grown from a single location in Utah to a regional brand, with 11 locations, including 10 in Utah.

RETIREMENT

• 401GO, a Sandy-based retirement plan provider for employers, advisors and individuals, has appointed Stan Smith as chief growth officer. A resident of Southern California, Smith has a 26-year career that includes leadership positions at Fidelity Investments, SaveDaily and DriveWealth.

SERVICES

• MPR Associates Inc., a Virginia-based engineering and management services firm, has opened an office at 2150 S. 1300 E., Suite 200, Salt Lake City, to better serve the needs of its Mountain and western U.S. clients. Nationally, MPR has over 400 active clients in power, health and life sciences and the federal government.