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

 

CONSTRUCTION

Sunroc Corp., an Orem-based civil construction subsidiary of Clyde Cos. Inc., has completed its asset acquisition of Idaho Falls-based company Depatco Inc. Financial terms were not disclosed. The acquisition will facilitate a strategic expansion into eastern Idaho for Sunroc, increasing their geographic footprint and product offering. The operations will continue doing business under the Depatco name. Depatco is a construction company in southeastern Idaho with about 200 employees.

 

DIVIDENDS

• The board of directors of Extra Space Storage Inc., Salt Lake City, has declared a quarterly dividend of 90 cents per share on the common stock of the company for the third quarter 2020. The dividend is payable Sept. 30 to stockholders of record Sept. 15. Extra Space Storage is a real estate investment trust that owns and/or operates 1,878 self-storage properties. It is the second-largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the nation.

 

ECONOMIC INDICATORS

West Valley City leads a ranking of Utah cities with the cheapest rent, compiled by Rent.com. The company compiled the list based on prices from April 2019 to April 2020 for a one-bedroom apartment (cities had to have an average of at least 20 units in Rent.com’s available inventory during that time). The average in West Valley City was $956. Following West Valley City were (in order) Midvale, $969; Taylorsville, $1,046; Pleasant Grove, $1,027; North Salt Lake, $1,011; West Jordan, $1,010; Bountiful, $1,014; Herriman, $1,095; Layton, $1,001; and Centerville, $1,071.

 

EDUCATION/TRAINING

Mountain America Credit Union, Sandy, is offering education grants to teachers and school leaders for the upcoming school year. Grants will be given to support learning-based projects in K-12 classrooms. Up to $1,500 will be awarded to 10 grant recipients. Applicants must be members of Mountain America to be eligible. The deadline for applications is Oct. 9. Details are at www.macu.com/scholarships.

 

ENERGY/NATURAL RESOURCES

CleanSpark Inc., a Salt Lake City-based software and services company, and International Land Alliance Inc., an international land investment and development firm based in San Diego, have announced project deployments to be executed as part their exclusive agreement. According to the latest agreement, CleanSpark will provide sustainable power solutions to ILAL’s portfolio of properties. Under this phase, International has agreed that CleanSpark will provide microgrid power solutions to more than 400 unique residential resort properties.

 

HEALTHCARE

• The proposed Noorda College of Osteopathic Medicine and Rocky Mountain University of Health Professions have announced the issuance of $42.8 million in Public Infrastructure District (PID) bonds for the development of a medical education research campus in Provo. The issuance is the first in Utah since a legislative bill in 2019 allowed the formation of a PID to finance public infrastructure for both new development and redevelopment projects across the state. Upon completion, the development is planned to contain 400,000 square feet of medical education and research space, including the proposed Noorda-COM and the affiliated campus of RMUoHP, a combined Noorda-COM and RMUoHP student union and surgical/research space; 685,000 square feet of multi-family housing consisting of 685 units; and 234,000 square feet of parking structures consisting of 780 stalls. Noorda-COM (proposed) has been approved to now accept medical student applications for its inaugural class to begin in August 2021. Noorda-COM and RMUoHP worked with D.A. Davidson & Co.’s Special District Group to secure the bond funding.

 

LAW

Filevine, a case management platform for attorneys, today announced plans to expand its operation to Salt Lake City. The company serves nearly 2,000 firms with over 20,000 users worldwide. The new 13,420-square-foot facility at 1242 Wilmington Ave. will ultimately move 100 employees to Salt Lake City, with a $1 million capital expenditure.

 

MANUFACTURING

Purple Innovation Inc., a Lehi-based manufacturer of comfort products, has announced that co-founders Terry and Tony Pearce have chosen to retire from their positions as co-directors of research and development and board directors, and that Paul Zepf has been appointed by the board to fill one of the vacant director seats. The Pearces have worked together for 31 years, founded Purple Innovation LLC, a subsidiary now owned and controlled by Purple, and served as managers of Purple LLC since its inception in 2010 up to the Feb. 2, 2018, business combination at which time Purple LLC was acquired in a reverse merger. They served as directors of R&D since 2016 and following the business combination they have served on the board of Purple. Terry Pearce also served as chairman of the board and on the HR & Compensation Committee of the board. Prior to founding Purple LLC, the Pearces managed technology companies focused on developing advanced cushioning technology. Gary DiCamillo will provide interim leadership on the board, in his current role as lead independent director, until a new chairman is appointed by the board. Zepf has been serving as an observer and advisor to the board since the business combination. He is a Management Advisory Board member at TowerBrook Capital Partners. Zepf was a member of the board of directors of Ironshore Ltd. and has also served on the boards of BIH Holdings and CP Financial.

 

NONPROFITS

Kevin Schwartz, a resident of Park City and CEO and a founding partner of private equity firm Paine Schwartz Partners, recently joined the seven-member board council for national nonprofit Hope for the Warriors, which is dedicated to restoring a sense of self, family and hope for veterans, service members and military families. Prior to co-founding Paine Schwartz Partners in 2006, Schwartz was a managing director at the Predecessor Firm, which he joined in 2002. Schwartz also worked for the private equity firms Fremont Partners and American Industrial Partners. He began his professional career at Goldman, Sachs & Co. in the investment banking division. Schwartz serves on the boards of Advanced Agrilytics, FoodChain ID, Lyons Magnus, SNFL Group, Verdesian Life Sciences and Wawona Packing. Previously, he served on the boards of Advanta, AgBiTech, Costa Group, Icicle Seafoods, Seminis, Sunrise Growers and Verisem.

 

PHILANTHROPY

The Malouf Foundation raised over $109,000 at its recent third annual Golf for Freedom tournament at Birch Creek Golf Course in Smithfield. All proceeds will support child abuse survivors as well as the social workers and law enforcement assisting these children. More than 30 teams participated in this year’s tournament, consisting of corporate partners, community sponsors and members of the public.

 

Valley Behavioral Health, a Salt Lake City-based nonprofit network of clinics providing treatment for behavioral and health conditions, recently hosted its third annual Children’s Services Back to School event at the Maverik Center in West Valley to provide school supplies for hundreds of at-risk youngsters. This year’s event featured a drive-through where current Valley clients received free lunch, shoes and backpacks as they pulled through the parking lot. Non-clients also were welcomed with free lunch. Real Salt Lake, Utah Food Bank and other local organizations helped collect the school supplies donations.

 

REAL ESTATE

Richmond American Homes of Utah Inc., a subsidiary of M.D.C. Holdings Inc., has debuted two model homes at its Hidden Springs community at 238 N. 1350 W., Pleasant Grove. The community offers two-story homes with three to six bedrooms.

 

RECOGNITIONS

Method Communications, a Salt Lake City-based tech PR firm, has been named to the Agency Elite Top 100 and Top 50 Places to Work lists by PRNEWS. The lists recognize exceptional work among PR agencies as well as efforts related to building company culture, such as diversity and inclusion, gender equality, career development, giving back to the community and work-life balance.

 

• Five Utah companies earned platinum and seven companies have earned gold Hermes Creative Awards. The international awards competition is administered by the Association of Marketing and Communication Professionals (AMCP) and recognizes creative professionals ranging from corporate marketing departments to freelancers for the concept, writing and design of materials. There were over 6,500 entries from the United States and 19 other countries this year. Earning platinum awards are Layton Construction, Sandy (three); USANA Health Sciences, Salt Lake City (three); ARIIX, Bountiful (two); England Logistics, Salt Lake City; and Tamarak, Springville. Earning gold awards are Layton Construction (six); USANA (three); Zions Bancorporation, Salt Lake City (three); England Logistics (two); ARIIX; BYU College of Nursing, Provo; and DoTerra International LLC, Pleasant Grove.

 

RETAIL

Valley Fair, West Valley City, has announced several stores that recently opened: The Candy BarrelPaik’s Noodle House and Awesome Coffee. Bank of America to is follow in September and the 133-room Marriott SpringHill Suites in January 2021.

 

SERVICES

Kestra Private Wealth Services LLC, a registered investment advisor subsidiary of Kestra Financial Inc., recently welcomed Elevated Private Wealth Advisors, a wealth management practice whose financial professionals manage approximately $325 million in total assets under management. It is based in Salt Lake City and has an office in Springville. Formerly Martucci Adams Wealth Advisors, Elevated Private Wealth Advisors focuses on delivering multigenerational wealth management services and comprehensive business planning solutions. As a key step in the firm’s succession plan, the team added managing partner Tyler Bolyard, who brings nine years of experience executing long-term financial planning strategies within the wirehouse setting.

 

TECHNOLOGY/LIFE SCIENCES

Patri, a Springville-based cloud software and consulting firm, has announced a new Board of Advisors. The members are Sunil Agrawal, vice president and head of commercial excellence at ISS A/S; Jeremy Brim, managing director at Growth Ignition; Larissa Cornelius, managing director at nFold; Naquan Ishman, director of solutions engineering at Decision Lens; Ashley Kayes, senior proposal consultant at AOC Key Solutions; Mike Mattson, vice president of sales and CS at OpenGov; Mike Maxwell, national director of state and local government and education sales at Databricks; Jennifer Namvar, capture director in the federal government contracting industry; and Jessie Yu, CEO at EcoInteractive.

 

Rizepoint, a Salt Lake City-based quality management software company, has named Derek Beckstead as vice president of finance. Beckstead has more than 20 years’ experience in finance and operations management, with expertise in streamlining business processes and enhancing efficiency. He previously worked 18 years and held various positions with Park City Group Inc., most recently as controller. Beckstead earned an MBA from Westminster College and a B.S. in accounting from the University of Utah.

 

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