Last Wednesday, Kinect Capital held its 41st Investors Choice conference, an event designed to showcase startup enterprises actively looking for outside investment capital. As reported by Utah Money Watch last week in "Kinect Capital Welcomes 23 Presenting Companies to this Week's Investor Choice Conference in Salt Lake City," since 2009, Investors Choice "... alumni firms have raised over $1.2 billion in investment capital while also achieving financial exits of over $10 billion." To be honest, this year's event was quite good. That said, I thought it might be helpful / instructive to share ..read more

This is the second $400 million debt financing PCF has closed in the past nine months, the prior one occurring in August 2023, with both led by Blue Owl, a global alternative asset manager that acted as lead arranger and administrative agent.  Concurrent with this incremental debt funding, PCF has also negotiated an interest rate reduction of 0.5% for the "majority of its debt" (aka, a drop of 50 basis points). As a result, the company expects to see "... a significant annual savings in ongoing interest expense." Lehi, Utah-based PCF Insurance Services has just closed a $400 million round ..read more

Utah's market-leading Brain-Computer-Interface company, Salt Lake City-based Blackrock Neurotech, has sold controlling interest to Tether for a $200 million investment In news that will shock most executives in Utah's business, life sciences, and technology communities, Salt Lake City-based Blackrock Neurotech has sold controlling interest in its firm to Tether for a $200 million investment. According to the Tether announcement that was released on Monday, the firm "... has made a strategic investment of $200 million into Blackrock Neurotech, the globally leading pioneer for Brain-Computer-Int ..read more

Following a 134-year journey that saw it become a publicly traded firm in 2007, Boart Longyear is now fully owned by a private equity firm with over $16 billion in assets under management. In an agreement originally announced in December 2023, Salt Lake City-based Boart Longyear has now been acquired in a "Take Private" deal by New York City-based American Industrial Partners via its Capital Fund VIII that saw Boart eventually valued at $383 million. In contrast, when the firm went public on the Australian Stock Exchange in June 2007, it did so at a market capitalization of over A$2.35 billion ..read more

I knew I was in trouble within moments of pulling onto the onramp at 11400 South and Bangerter Highway this past Saturday morning as I saw the temporary traffic sign flashing these two messages: SB BNGRT CLOSED USE DETOURS OR ALT "Dang it," I thought, as at that instance I remembered seeing advance notifications on similar traffic signs in the preceding weeks courtesy of the Utah Department of Transportation. Unfortunately, I'd simply forgotten. Well, in case you don't know, major road work is now underway on federal, state, county and local highways, freeways, bridges, and more all across th ..read more

Southern Utah University broke ground yesterday for its planned two-story, 44,000-square-foot Music Center, with construction slated to start in June 2024 with completion targeted in time to host classes beginning with the fall 2026 semester. According to a university spokesman, costs for SUU's new Music Center are pegged at $37.5 million. SUU's announcement about the Music Center says it will feature Two spacious classrooms, A piano lab, A computer lab, A 510-seat concert hall, A dedicated recital space (which will also serve as a choral rehearsal room), Rehearsal space for instrumental ens ..read more

Coral Gables, Florida-based Driftwood Capital has secured $33 million in capital from Goldman Sachs to refinance the Sheraton Park City Hotel in Park City, Utah. Backed by over 1,200 active accredited investors, Driftwood specializes in acquiring and managing hospitality properties (primarily hotels). It currently owns over 85 properties with over 16,500 "keys" (aka, hotel rooms) for an AUM (Assets Under Management) total of over $3 billion. The Sheraton Park City has 200 rooms and was acquired by Driftwood in June 2017. It's one of at least two properties the firm owns in Utah, another being ..read more

This Wednesday, Kinect Capital will hold its annual Investors Choice conference, which will feature 23 startup companies, each of which will deliver vetted, 10-minute investor presentations in an effort to raise outside capital for their businesses. {NOTE: An outline of all 23 companies is shared below.] The theme for Investors Choice 2024 is "The Rising Tide Lifts All Boats," which will be held from 7am to 8pm MT on Wednesday, 24 April 2024 at Venue 6SIX9 in Salt Lake City at 669 So. West Temple Street. According to Kinect Capital, over 400 individuals have already made reservations to atten ..read more

As it turned out, it was one of the worst kept secrets of the sports world during the past decade. But early Thursday morning, the Board of Governors of the National Hockey League vote unanimously to approve the sale and relocation of the hockey assets of the Arizona Coyotes to Smith Entertainment Group for a reported $1.2 billion. According to the official NHL announcement, when the transaction is closed, an NHL franchise will be established in Utah that will be owned by SEG. Ashley & Ryan Smith, owners of Smith Entertainment Group (SEG), address the media during the press conference ann ..read more

A 75% ownership stake in the real estate of 1) Davis Hospital and Medical Center, 2) Jordan Valley Medical Center, 3) Jordan Valley Medical Center-West Valley Campus, 4) Mountain Point Medical Center, and 5) Salt Lake Regional Medical Center have been sold by Alabama's Medical Properties Trust to a newly formed, yet unnamed, Joint Venture for $886 million, a transaction that values the land and properties of the five healthcare providers at nearly $1.2 billion. Birmingham, Alabama-based Medical Properties Trust (NYSE:MPW) has sold 75% of its ownership of the property and buildings of five Utah ..read more