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BANKING
• FinWise Bank, based in Murray, has appointed Robert Keil as senior vice president and chief fintech officer. Keil will be responsible for supporting existing customers, business line strategy, and growth initiatives within the bank’s Strategic Programs line of business. Keil has over 20 years of experience in payments and the banking-as-a-service industry, most recently serving as senior vice president and chief payments officer at Sutton Bank. Before that, he served as the vice president of fintech and emerging payments at Fiserv as well as various roles with US Bank and Wells Fargo. His career in financial services began in Germany with the Dresdner Bank AG. Over his career, he has held roles in relationship management, sales support, product development and marketing. He was the first chairman of the BaaS Association when it was founded in 2022.
CONSTRUCTION
• VCBO Architecture, Salt Lake City, has promoted Julia Oderda to principal. She will assume additional decision-making responsibilities while continuing to spearhead major projects with the architectural team. Oderda has more than 20 years of experience in the industry, most recently as an associate principal at the firm. She joined VCBO in 2005. Before that, she gained hands-on experience in the industry as an undergraduate at the University of Maryland, College Park. After graduating with her bachelor’s in architecture in 2005, she then completed the Master of Architecture program at the University of Utah in 2007.
• ARW Engineers, an Ogden-based structural consulting firm, has announced the retirement of Barry Arnold, vice president and senior principal. Arnold worked for the company for more than 30 years. Established in 1969, ARW provides consulting services that include design and analysis of new structures, structural and seismic investigations, and evaluations and upgrades of existing structures.
CORPORATE
• Purple Innovation Inc., a Lehi-based comfort products manufacturer, has announced the pricing of an underwritten public offering by the company of 13.4 million shares of its Class A common stock at a public offering price of $4.50 per share, before underwriting discounts and commissions. The underwriters have a 30-day option period to purchase up to 2 million-plus additional shares of Class A common stock from the company at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by the company, are expected to total $60.3 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering was expected to close Feb. 13. The company said it intends to use net proceeds from the offering to discharge outstanding indebtedness under the company’s credit agreement. BMO Capital Markets and KeyBanc Capital Markets are acting as joint lead book-running managers for the offering. Truist Securities and Raymond James are acting as book-running managers. Craig-Hallum, Roth Capital Partners and Wedbush Securities are acting as co-managers.
DIVIDEND
• The board of directors of LifeVantage Corp. has approved a quarterly cash dividend of 3 cents per share of common stock. The dividend will be paid March 15 to stockholders of record March 1. LifeVantage is a Lehi-based company that identifies, researches, develops, formulates and sells advanced nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath and body, and targeted relief products.
ECONOMIC INDICATORS
• Salt Lake City is ranked No. 6 on a list of the “Fastest-Growing Startup Cities,” compiled by York IE. Its report highlights 10 places where startup funding has increased the most, plus the companies helping to drive that growth. In the fourth quarter of 2022, it said, Salt Lake City saw total raised funding of $424.5 million, 10 rounds and 101 percent growth. The top three funding rounds involved TripActions, $154 million Series G; MasterControl, $150 million Series A; and Dandelion Energy, $70 million Series B. Overall, it said, U.S. startups received $30.4 billion in angel investments and venture capital funding in the 2022 fourth quarter, down from $36.8 billion in the third quarter and down from $88 billion in the fourth quarter of 2021. The top-ranked city is Somerville, Massachusetts. Details are at https://york.ie/blog/americas-fastest-growing-startup-cities/.
• Utahns’ dream home is a four-bed, mid-century, modern-style house set in the suburbs, according to a study by real-time coupon and deals discovery engine CouponBirds. The home would feature a swimming pool, solar panels, a single garage, medium-sized backyard, modern kitchen and gym. In contrast, people in Connecticut would choose an opulent four-bedroom Greek Revival-style house, and people in Wyoming prefer a large country ranch-style home. Details are at https://www.couponbirds.com/research-center/data/what-would-your-dream-home-be-like.
• Salt Lake City is No. 29 and West Valley City is No. 148 on a list of “Best Cities for Movie Lovers,” compiled by Lawn Love. It compared the 200 biggest U.S. cities based on movie theater access and ratings, as well as streaming quality for those who prefer to watch at home. It also considered affordability of movie tickets, film groups and festivals, among 13 total metrics. The top-ranked city is New York City. The No. 200 city is Pomona, California. Details are at https://lawnlove.com/blog/best-cities-movie-lovers/.
• Salt Lake City is ranked No. 107 and West Valley City is No. 197 on a list of “Best Cities for Pizza Lovers,” compiled by Lawn Love. It considered the largest 200 cities for the number of highly rated pizza vendors and award-winning pizzerias. It also considered pizza affordability and popularity. On a breakout list, West Valley City is No. 2 for fewest pizza vendors. The top-ranked city overall is New York City. The No. 200 city is Hayward, California. Details are at https://www.lawnstarter.com/blog/studies/best-cities-for-pizza-addicts/.
• Salt Lake City is ranked No. 42 and West Valley City is last at No. 200 on a list of “Most Glamorous Cities,” compiled by Lawn Love. It compared the 200 biggest U.S. cities based on six categories broken down into 39 factors. They include metrics like the share of million-dollar homes, access to Michelin-starred restaurants, and the number of exclusive yacht clubs. On a breakout list, West Valley City was tied with several other cities for fewest plastic surgeons per 100,000 upper-income households. The top-ranked overall city is New York City. Details are at https://www.lawnstarter.com/blog/studies/most-glamorous-cities-in-us/.
• The average blue-collar worker in Utah reports having just three college-educated friends, according to a study by public relations news agency Cherry Digital. The majority of respondents reported having little to no interaction with people who have attended college, and many said that they did not know anyone with a college degree. About one-third of respondents said they felt that they were not respected or valued by their college-educated peers. The survey also found that blue-collar workers in Utah are more likely to have friends and social connections within their immediate community, rather than outside of it. This is in contrast to college graduates, who tend to have a more diverse and geographically dispersed network of friends and social connections. Utah was among several states where surveyed blue-collar workers reported having just three college-educated friends. In several states, the number was one. Hawaii and Idaho had the highest, at four. Details are at https://www.cherrydigital.co/college-educated-friends/.
EDUCATION
• Sylvan Learning, a Maryland-based provider of supplemental and enrichment education for students in grades K-12 with more than 710 points of presence worldwide, has welcomed a new franchisee with the signing of Lynne Hudson. She has acquired four Sylvan Learning locations in Utah (Sandy, Riverton, Lehi and Orem), with plans to add more across the state. Hudson’s background is in supplemental education, sales, marketing and client relations. It includes serving as a client relations director for an online writing academy that helped students improve their literary skills.
• The Ibarra Foundation and Western Governors University have announced the Ibarra Foundation Scholarship, to be awarded to at least four WGU students to cover the cost of tuition and fees. The scholarships are made possible through the Ibarra Foundation’s donation of $100,000 over three years with the intent to support students of Mexican or Latino heritage who are pursuing higher education. WGU is a Salt Lake City-based online, nonprofit with more than 130,000 students nationwide.
• Joyce University of Nursing and Health Sciences, Salt Lake City, has expanded its three-year Bachelor of Science in Nursing program, permitting students from Colorado to receive their BSN degree from Joyce. The accredited program requires no prerequisites, provides a flexible format for local and distance learners, and prepares graduates to take the National Council Licensure Exam upon completion. Joyce launched its three-year BSN program in 2021.
GOVERNMENT
• Applications are being accepted through March 5 for Salt Lake City’s first-ever Food Equity Microgrant program designed to increase resident access to fresh, healthy, affordable and culturally relevant food. Administered by the Sustainability Department, the microgrant program has a total budget of $35,000. Individuals may apply for grants of $250 to grow or raise their own food and community grants up to $5,000 are available for organizations. The applications are open to individuals, local businesses, and certain community organizations. Details are at https://www.slc.gov/sustainability/food-equity-grant/.
• The U.S. Department of Housing and Urban Development has announced that about 2 million homeowners with Federal Housing Administration mortgages, including 16,000 in Utah, were able to stay in their homes during the pandemic because of HUD assistance. The time period was March 2020 through December 2022. FHA borrowers struggling to make mortgage payments due to the pandemic received either COVID-19 forbearance or a more permanent solution such as a loan modification that allowed them to avoid foreclosure. In the past two years, FHA said, it has helped 1,845,000 mortgage holders enter into an agreement with their mortgage servicer to have their mortgage payments paused or reduced due to COVID-19. Also, 1.2 million were able to resume payments and put any arrearages at the end of their mortgage, or obtain a loan modification that reduced their payment to avoid foreclosure. Currently, another 58,000 borrowers are working with their servicer to finalize an option to avoid foreclosure. For borrowers of color specifically, FHA helped 800,000 individuals and families of color through forbearance, and almost 550,000 through a loss mitigation option. FHA recently extended its COVID-19 toolkit at least for the next 18 months to help all eligible borrowers struggling to avoid foreclosure, regardless of the reason for their hardship.
INVESTMENT
• Mercato Partners, a Salt Lake City-based multi-practice investment firm, has announced the final close of Traverse Fund IV, a $400 million growth fund that will be deployed to high-growth, mature technology and branded consumer companies. Mercato Partners’ growth-stage fund, Traverse, is led by investors, operators and managing directors Ryan Sanders, Joe Kaiser and Greg Warnock, co-founder of Mercato Partners. The Traverse Fund IV raise was led by commitments from institutional allocators, including public pension funds, university endowments, charitable foundations, healthcare systems and insurance companies. Mercato Partners reserved a portion of Fund IV for accomplished service affiliates, executives and business leaders.
LAW
• Parr Brown Gee & Loveless, a Salt Lake City-based commercial law firm, has announced the formation of a Receivership Practice Group and added attorneys Tom Melton, Robert Wing and Joni Ostler. Melton spent more than 20 years as an SEC lead enforcement attorney. In that role, he pioneered the use of Court-appointed receivers in regulatory enforcement actions, and he investigated and litigated through trial numerous cases involving enforcement of the SEC’s anti-fraud, broker-dealer, investment adviser and transfer agent regulations. He later represented Utah’s Department of Commerce in regulatory enforcement matters in administrative, state and federal courts. Wing has developed controlling receivership caselaw in multiple jurisdictions. Wing was one of the founding members and the first president of the National Association of Federal Equity Receivers. He joins Parr Brown after representing the state of Utah in regulatory enforcement actions. Over the past five years, Robert served as director of the White Collar and Commercial Enforcement Division. Prior to his time with the state, he worked at three private Salt Lake City firms handling significant receivership, commercial litigation and intellectual property matters. Ostler joins Parr Brown from the SEC, where she worked as an enforcement attorney. Before that, she handled complex litigation, independent investigations and regulatory enforcement matters in the Palo Alto office of Wilson Sonsini. She also worked at the Utah Attorney General’s Office, where she handled regulatory enforcement actions in administrative, state and federal courts.
PARTNERSHIPS
• Novarad Corp., Provo, has announced a partnership with Ikonopedia, based in Texas, designed to enhance clinical excellence with breast care platform NovaMG Pro. The partnership combines Ikonopedia’s cloud-based breast imaging reporting system and Novarad’s advanced viewing and image management technology.
PHILANTHROPY
• Arctic Circle, West Jordan, and its nonprofit foundation arm, Arctic Cares, have combined to donate $32,768.56 to pay off outstanding lunch balances at 44 schools across Utah, Idaho and Wyoming. The donation will pay off a significant portion of outstanding lunch balances for 5,239 students. Founded in 2015, Arctic Cares is nonprofit charitable organization that makes public and private donations to worthy nonprofits and individuals throughout the Intermountain West. Its initial funding came from selling bottles of Original Fry Sauce, with $1 from each sale going into the fund. Another funding source is the annual Arctic Cares Hearts promotion, in which customers can make a donation in exchange for a free ice cream cone, sundae or shake.
REAL ESTATE
• Orion Real Estate Partners, based in Los Angeles, has acquired Lakeside Village, an active adult multifamily community in Salt Lake City, in a partnership with Denver-based Headwaters Group and Atlanta-based Formation Development Group. Built in 1977, it sits on a 7.7-acre site. Orion said the property will undergo renovations to improve its amenities and unit interiors. It is Orion’s third acquisition in Utah and 23rd deal overall since 2016. Orion secured a fixed rate loan from CBRE’s San Diego Capital Markets team through Fannie Mae. Orion will use Salt Lake City-based property management company AMC, which currently manages over 1,200 units for Orion. Orion owns 2,511 units in Colorado, Texas, Utah and California.
• Sonnenblick-Eichner Co., based in California, has arranged $50 million of construction financing for Phase I of the Lionsback Resort in Moab. Proceeds from the fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single-family homes, as well as the horizontal infrastructure of Phase II. To be built over five phases, the completed $350 million, 175-acre development will include 188 single-family residences and a luxury resort hotel.
SUPPLEMENTS
• Trace Minerals, an Ogden-based trace minerals supplement brand, has appointed Kamini Natarajan as chief marketing officer, a new position at the company. Natarajan most recently spent time at Topix Pharmaceuticals as vice president of digital marketing.
TECHNOLOGY
• InMoment, a Salt Lake City-based company focused on experience improvement, has appointed Nitin Somalwar as chief technical officer. Somalwar most recently was senior vice president of engineering at Bottomline Technologies. Prior to Bottomline Technologies, he served as general manager and built an engineering organization. He was head of engineering/CISO/CIO for a healthtech platform, and he held leadership roles focused on early-to-mid-stage, fast-growth companies, including Salesforce.
• Energy4Life has been created by entrepreneur and human bioenergetics expert Harry Massey in Park City. It is designed to restore users’ energy by detecting, correcting and protecting human emotional energy through its Guided Energy Management wearable device and subscription service. The company will launch the GEM and the subscription service later this year.