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BANKING
• Mountain America Credit Union has opened a location at 1183 W. 400 S., Springville. It is one of the first completed buildings in the Marketplace Center and the first Mountain America in Springville. Matthew Staples is the branch manager. He has worked at Mountain America Credit Union for five years, serving as the branch manager in Provo and North Orem. Mountain America has more than 95 branches across five states.
DIVIDENDS
• The board of directors of SkyWest Inc., St. George, has declared a quarterly dividend of 12 cents per share. The dividend will be paid Jan. 7 to shareholders of record Dec. 31. SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company.
• The board of directors of Overstock.com Inc., a Salt Lake City-based online retailer and technology company, has declared a regular annual cash dividend for 2019 of 16 cents per share on the company’s Voting Series A-1 preferred stock and of 16 cents per share on its Voting Series B preferred stock. Each is payable Dec. 16 to shareholders of record Nov. 29.
• 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 fourth quarter of 2019. The dividend is payable Dec. 31 to stockholders of record Dec. 16. Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 1,797 self-storage properties.
ECONOMIC INDICATORS
• A ZIP code area in Fort Duchesne is the least-expensive place for housing in Utah and an area in Park City has the most-expensive, according to a study by UnitedStatesZipCodes.org, using data from the U.S. Census Bureau. The median monthly housing cost in Utah is $1,122. The area in Fort Duchesne has a median monthly housing cost of $217. It is followed by areas in Mexican Hat, Monument Valley, Bluff, Montezuma Creek, Whiterock, Marysvale, Randlett, Lynndyl and East Carbon. Following Park City, at $1,981, in most-expensive list are areas in Salt Lake City, Alpine, Herriman, Draper, 1, Riverton, South Jordan, Saratoga Springs and Hooper.
ENERGY
• ETC Group, a Salt Lake City-based energy engineering firm, has hired 14 people for various aspects of the business. In accounting, finance and business administration, the company hired Josh Christensen, vice president of finance; Lena Ribar, accounting supervisor; and Chelsey Peterson, executive/administrative assistant. In commissioning and engineering, the company hired Madison Williams, active energy management; Annie Wesolek, energy engineer; and Micale Ward, energy engineer. In marketing and business development, the company hired Brad T. Rutledge, vice president of marketing; Marcus Sylvester, business development manager; Jim Mulloy, business development; and Robert Hooper, business development. In project management, the company hired Seth Christensen, project administrator; Jill Landis, project administrator; Jon Zbuka, senior project manager; and Liz Toone, project manager.
ENVIRONMENT
• Newly opened The Store, 90 S. Rio Grande St., Salt Lake City, at The Gateway is offering a new program focused on caring for the environment. The “Fill the Bag” program allows customers to bring reusable bags or buy one for 99 cents from The Store and receive 10 percent off everything that fits in the bags. The offer is available on Saturdays through Dec. 7 and is limited to three bags per person.
EXPANSIONS
• Young Living Essentials Oils, Lehi, has opened a South Africa market in Johannesburg, the first Young Living market in Africa. Nearly 1,300 people recently attended the opening celebration event.
• Sundance, a Salt Lake City-based retailer of women’s apparel, jewelry, footwear, accessories, art and home furnishings, has opened a store in the Greater Cincinnati Tri-State area, in Kenwood, Ohio. It is the first Sundance retail location in that area. It is one of three new stores to open across the U.S. this year, making a total of 17 stores.
GOVERNMENT
• Jordan S. Cullimore has been appointed as the new director of the Utah Office of Property Rights Ombudsman. The Land Use and Eminent Domain Advisory Board voted unanimously Nov. 12 to select Cullimore to succeed the former director, Brent Bateman, who is returning to private law practice. Cullimore has served as a staff attorney with the Office of Property Rights Ombudsman since September 2015. Before joining that office, he worked for Utah local governments in various planning and zoning capacities. Cullimore’s education includes a B.A. in political science from Brigham Young University.
HEALTHCARE
• Lipocine Inc., a Salt Lake City-based clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders, has closed on a public offering of 10.45 million Class A units, each consisting of shares of its common stock and common warrants to purchase its common stock, and 1.55 million Class B units, each consisting of pre-funded warrants and warrants to purchase its common stock, at a price of 50 cents per Class A unit and 49.99 cents per Class B unit. Gross proceeds to the company are expected to be approximately $6 million, before deducting placement agent fees and other estimated offering expenses. The company intends to use the net proceeds from this offering for working capital and general corporate purposes.
• Union Pacific Railroad Employes Health Systems (UPREHS) has changed its name to Iron Road Healthcare. UPREHS has been operating for more than 140 years. It said the rebranding “pays homage to the company’s extensive history and commitment to being the trusted health ally for employees of Union Pacific Railroad.” The rebranding and name change involved a partnership with Struck, a Salt Lake City-based creative agency.
INVESTMENTS
• Impartner, a Salt Lake City-based pure-play channel management platform company, has received $20 million in growth capital financing from Vector Capital, a global private equity firm specializing in transformational investments in technology businesses. Impartner said the financing will allow it to further accelerate its growth by increasing sales and marketing spending and acquiring complementary technologies.
MANUFACTURING
• Purple Innovation Inc., an Alpine-based comfort products manufacturer, has announced the pricing of an underwritten secondary public offering of 10 million shares of its Class A common stock to be sold by InnoHold LLC, Tony Pearce and Terry Pearce for $7 per share. The offering was increased from the previously announced offering price of 8 million shares of Class A common stock. The underwriters have a 30-day option period to purchase up to 1.5 million additional shares of Class A common stock from the selling stockholders. The sellers will receive all of the net proceeds.
MILESTONES
• MMA Energy Capital, a Park City-based provider of capital in the renewable energy space, has reached over $2 billion in originations of renewable energy investments. Since 2015, the company has originated development, construction and other custom debt financing for approximately 150 solar, wind, and other clean energy projects across 21 U.S. states and territories, totaling more than 6 gigawatts of installed capacity. The company, which is a trade name under which Hunt Investment Management LLC does business, originates financing for the benefit of several institutional capital clients, including MMA Capital Holdings Inc., a public investment vehicle that focuses on investments that generate positive environmental and social impacts.
OUTDOOR PRODUCTS/RECREATION/SPORTS
• Snowsports Industries America (SIA), Park City, has announced its intention to acquire the consumer-focused Boston and Denver Ski and Snowboard Expos from BEWI Productions Inc. BEWI, founded in 1979, is the producer of the Boston Ski & Snowboard Expo and the Colorado Ski & Snowboard Expo. The transaction is expected to close by the end of the year and is subject to certain closing conditions. Thereafter, SIA plans to start the transformation of the Denver and Boston shows in the fall of 2020, with an eye on expanding to additional cities soon, thereby creating a nationwide network of consumer-focused events for the industry.
PHILANTHROPY
• Bank of Utah, Arctic Circle Restaurants and Red Hanger are cosponsoring the annual “Warm Bodies, Warm Souls” coat drive through Dec. 15 to benefit 13 Utah charities. The public is invited to drop off new or gently used coats, hats, scarves, gloves and blankets and new underwear and socks for adults and children at any of Bank of Utah’s 20 full-service bank branches and mortgage offices; Arctic Circle’s 33 restaurants from Tremonton to Spanish Fork and Red Hanger’s 22 locations along the Wasatch Front. Bank of Utah is also accepting cash donations that can be earmarked for the participating charities. After Dec. 15, Bank of Utah and partners will distribute donations to Joyce Hansen Hall Food Bank, Ogden; The Lantern House, Ogden; Cache Community Food Pantry, Logan; Tremonton Community Pantry, Tremonton; Family Support Center, Brigham City; Community Action Services and Food Bank, Provo; Crossroads Urban Center, Salt Lake City; The Road Home’s Midvale Family Shelter and Men’s Homeless Resource Center, Salt Lake City; Geraldine King Women’s Homeless Resource Center operated by Volunteers of America, Utah, Salt Lake City; Gail Miller Homeless Resource Center for Men and Women operated by Catholic Community Services, Salt Lake City; Bountiful Community Pantry, Bountiful; Heber Valley Center Stage, Heber; and Hope Pregnancy Center, St. George. Details are at bankofutah.com/warm-bodies-warm-souls.
• The Salt Lake Board of Realtors has awarded a $5,000 “American Dream” grant to Bogar Vega, a 21-year-old electronics technician in the Utah Army National Guard. The American Dream Grant is an initiative started this year to help first-time home buyers with down payment assistance. Four grants — amounting to $20,000 — have been awarded in 2019 by the board. The grants were presented to school teachers, first-responders, single parents and veterans.
• Delta Restoration Services of North Salt Lake , a provider of restoration services to commercial and residential properties, has announced a fundraising campaign with All Hands and Hearts, a disaster relief nonprofit organization. Delta Restoration Services will be raising funds for the nonprofit’s immediate and long-term programs. For each new restoration job it begins between Nov. 1 and Dec. 3, Delta Restoration Services of North Salt Lake will be making a donation to All Hands and Hearts. Details are at http://bit.ly/35TCrA6.
REAL ESTATE
• The Street Team at Colliers International has added Amber May Sheldon and Nic Woods as specialists in the services group. They will work from Colliers’ Utah County headquarters in Pleasant Grove. Sheldon has a marketing and people management background. A recent graduate of the University of Utah with a master’s in real estate development, she offers financial analysis, development modelling and investment underwriting. Woods previously was a sales professional and manager of warehouse logistics. He will focus on tenant representation and project management.
• Salt Lake City Mayor Jackie Biskupski recently joined with Wishcamp Development, Utah Housing Corp. and Salt Lake County officials for a groundbreaking of the rehabilitation of Lincoln Tower Apartments at 2017 S. Lincoln St., Salt Lake City. Lincoln Tower Apartments is a nine-story, 95-unit affordable senior living community in Sugarhouse originally built in 1980. Salt Lake City’s Housing Trust Fund, using dollars from the city’s “Funding Our Future” initiative, provided a $1.3 million low-interest loan to assist with the project.
RECOGNITIONS
• Sterling Nielsen, president and chief executive officer of Mountain America Credit Union, has been named 2019 Outstanding Chief Executive of the Year by the Credit Union Executives Society. The award recognizes credit union CEOs who have made a significant impact in their community and exceptional contributions to their credit union and the industry. Nielsen became the president and chief executive officer of Mountain America in 2008.
• BrainStorm, American Fork, and Skullcandy Inc., Park City, are listed among the “50 Best Places to Work in 2019,” compiled by Outside Magazine. BrainStorm is listed at No. 42, while Skullcandy is No. 46. Receiving an honorable mention is Gcommerce, Park City. Developed in collaboration with Best Companies Group, the “2019 Best Places to Work” awards 50 companies from a variety of industries, including outdoor brands, marketing agencies, education, manufacturing, and health and wellness industries. Together, Outside Magazine and Best Companies Group work with companies to survey employees about everything from leadership and company strategy, benefits and compensation to culture and extra perks.
• Thomas Witbeck, a Weber State University senior, recently was selected from more than 750,000 automotive professionals to receive the Subaru University/National Institute for Automotive Service Excellence (ASE) Technician of the Year award. Witbeck was one of 54 technicians nationwide — only two are students — selected this year. He is also the first student from Weber State to receive the award, which was presented Nov. 13 in Phoenix, Arizona. To receive the Technician of the Year award, automotive professionals must pass the ASE certification tests with high scores and actively work in the industry, as well as receive supervisor recognition and nomination from an ASE partner. Witbeck is currently pursuing two degrees, a bachelor of advanced vehicle systems and a bachelor of integrated studies, which includes three areas of emphasis: field service operations, supply chain management and Spanish.
RESTAURANTS
• Captain D’s, a fast-casual seafood restaurant company, has signed a development agreement with MH & Sons Enterprises, led by Maqsood Merchant, for three locations in Salt Lake City and surrounding areas. A location in Pleasant Grove will open next summer. The other locations were not disclosed. Merchant is a multi-unit operator with more than 15 years of industry experience, operating several Quiznos and Popeyes restaurants and 7-Eleven convenience stores and gas stations throughout the market. Utah will be the 23rd state for the company and will be its westernmost point in company history. Tennessee-based Captain D’s has more than 530 restaurants.
• The Birdhouse has opened at 856 E. 900 South, Salt Lake City. The restaurant specializes in “chicken for everyone” and offers craft soda, wine, beer and other options. The 1,600-square-foot business received assistance from Salt Lake City’s Economic Development Loan Fund (EDLF) to open in the neighborhood. The Birdhouse is part of the Pago Restaurant Group, which invested $500,000 into the project with additional help from the city’s EDLF of $150,000. It is the seventh establishment the group owns and operates in the area.
RETAIL
• REI Co-op, a Seattle-based specialty outdoor retailer, has opened a store at Station Park in Farmington. It is the company’s third location in Utah. REI offers outdoor gear, experiences and expertise. REI hired 60 employees for the Farmington location and has more than 320,000 lifetime members in Utah. By year-end, REI will have opened eight new stores, relocated two existing stores to larger locations, and opened three new boathouses in 2019. While anyone may shop at REI, members pay $20 for a lifetime membership and share in the company’s profits through an annual dividend. In addition, REI annually invests 70 percent of its profits in the outdoor community through member dividends, employee retirement contributions and investments in nonprofits. In 2018, REI invested $8.4 million in 431 nonprofits across the country.
RURAL UTAH
• The Governor’s Office of Economic Development (GOED) board, at its November meeting, endorsed a pair of Rural Fast Track grants. Ty’s Cabinets, in Cleveland in Emery County, was endorsed for a $50,000 grant to help it purchase an edge bander and double-head sander. The $111,600 project is expected to result in one new full-time position. Desert Stream, of Nephi in Juab County, was endorsed for a $35,000 grant to help it purchase a gusset bag filling machine. The $70,000 project is expected to result in one new full-time position. Each company can qualify for a grant fund reimbursement of up to $1,500 if it retains the position for 12 consecutive months. The grants had been approved by the Governor’s Rural Partnership Board.
SPORTS
• Entrada at Snow Canyon County Club’s golf course in St. George will undergo a $7 million renovation project, led by golf course designer David McLay Kidd. On-course work is expected to begin in November 2020 and be completed by September 2021. During the 10-month project, the golf course is expected to be fully closed to member and guest play for approximately five months. Entrada at Snow Canyon Country Club was founded in 1996. McLay Kidd will be assisted on the Entranda project by golf management company Troon’s design, development and agronomy team.
TECHNOLOGY/LIFE SCIENCES
• The board of directors of Instructure, a Salt Lake City-based company that offers its Canvas Learning Management Platform for schools and the Bridge Employee Development Platform for businesses, has begun a process to “explore strategic alternatives in order to maximize shareholder value.” The company said the action was in response “to interest received from multiple third parties.” The alternatives may include continuing as a standalone public company, going private, or being purchased by a strategic partner. The board has retained J.P. Morgan as its financial advisor and Cooley LLP as its legal advisor in connection with the review. The company said it does not expect to make additional public comment regarding the situation until the board approves a specific action or otherwise concludes the process. The previously scheduled financial analyst day on Dec. 3 has been canceled to allow management and the board to explore the strategic alternatives.
• Podium, a Lehi-based interaction management platform for businesses, has appointed Rick Hasselman as its first chief financial officer and Chance Olson as executive vice president of strategy and business operations. Hasselman has more than two decades of experience in public and private corporate finance and operations leadership roles. He most recently served as vice president of finance and operations for Sumo Logic. Prior to that, he served in several roles at Google and was a director at PwC. Olson has a decade of experience guiding both high-growth technology companies as well as Fortune 500 corporations in a variety of financial and operational functions. Most recently, he served as the vice president of strategy and M&A at Pluralsight. Prior to that, he was a consultant at McKinsey & Co. Olson’s education includes a B.S. in business management from Brigham Young University. With the new hires, the company’s employee count has risen from 430 at the beginning of the year to 661 at the start of November.
• MasterControl, a Salt Lake City-based digital platform company that enables life sciences and regulated companies to develop, manufacture and commercialize life-changing products, has hired Alan Rencher as vice president of engineering, Rajesh Talpade as vice president of product, and Sue Marchant as product management director. Rencher will scale MasterControl’s growing engineering team and practices. Prior to MasterControl, Rencher served as chief information officer at chief architect at Target Corp. Talpade will oversee all product management, design and delivery at MasterControl. He previously was vice president of product at Clarifai and a product area manager at Google. Marchant will help infuse MasterControl solutions with machine learning and artificial intelligence. He previously was director of product at NICE Systems Ltd.
• Weave, a Lehi-based company offering a business toolbox for service-based businesses, has hired Jeff Lyman as its first chief product officer. Prior to joining Weave, Lyman spent more than six years at Vivint Smart Home. Most recently, he served as its chief product officer. Prior to Vivint, Jeff held various leadership roles during nine years at Nike.
• Verisys, a South Jordan-based company offering a cloud-based technology platform of data, analytics and services that supports enterprise-wide compliance in the U.S. healthcare industry, has hired Srini Chillara as chief technology officer. He will lead a team of more than 60 developers and software engineers. Chillara has more than three decades of experience in architecture, design and development of complex software systems to support our ongoing engineering efforts. Prior to joining Verisys, Chillara worked at Experian Health, managing multiple products.