Salt Lake Business Journal | April 6, 2026

BUSINESS JOURNAL April 6, 2026 | Volume 4, Issue 13

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INSIDE SALT LAKE CITY City offering Parry Block for developers Page 4 TOOELE Area may be site for a nuclear innovation center Page 5 SOUTH JORDAN Miller Arts Center breaks ground Page 10 People on the Move Page 11 Industry Briefs Pages 12-13 Business Calendar Page 14

OF NOTE

A U.S. Forest Service sign marks an entrance to Dixie National Forest in Southern Utah, one of six national forests in the state. The Forest Service has announced it is moving its national headquarters from Washington, D.C., to Salt Lake City. (Stock photo courtesy Wikipedia)

U.S. Forest Service leaving D.C. for new headquarters in Salt Lake City John Rogers Salt Lake Business Journal

The Bees are back! The Salt Lake Bees have begun their second season in The Ballpark at America First Field in South Jordan. They return for their next six-game homestand starting April 14, when they take on Sugar Land, including a “Bark in the Park” promotion on April 19.

In a move that the U.S. Department of Agriculture terms “a common-sense approach to improve mission delivery,” the U.S. Forest Service will move its national headquarters from Washington, D.C., to Salt Lake City, the agency announced last week. United States Secretary of Agriculture Brooke L. Rollins said the move coincides with the beginning of a sweeping restructuring of the Forest Service, whose lands, partners and operational challenges are overwhelmingly concentrated in the West, in an effort to move leadership closer to the forests and communities it serves. Rollins said the overhaul, which is expected to be complete by mid-2027, will include shutting down research facilities in 31 states and concentrating efforts and resources in the West. About 260 Forest Service positions currently housed in Washington are expected to be moved to Salt Lake City, while 130 workers will stay in the nation’s capital, according to Rollins. Most of the land that the agency oversees — almost 90 percent — is in the West. Utah ranks No. 11 for the amount

of Forest Service coverage, with approximately 14,300 square miles. President Donald Trump made a similar move with the headquarters of the Bureau of Land Management during his first term. The administration moved the BLM base to Colorado, only to have the President Joe Biden move it back to Washington, D.C., early in his White House tenure. Since Trump was elected, the Department of Agriculture has moved thousands of its employees out of Washington and eliminated redundant management as part of Trump’s push to make federal government more efficient. “President Trump has made it a priority to return common sense to the way our government works,” said Rollins. “Moving the Forest Service closer to the forests we manage is an essential action that will improve our core mission of managing our forests while saving taxpayer dollars and boosting employee recruitment. Establishing a western headquarters in Salt Lake City and streamlining how the Forest Service is organized will position the chief and operation leaders closer to the landscapes we manage and the people who depend on them.” Along with the relocation of its headquarters, the Forest Service will begin

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transitioning to a state-based organizational model designed to shift authority closer to the field by organizing leadership around state-level accountability, supported by shared operational service centers and a unified national research enterprise, according to the announcement about the move. Under the new model, 15 state directors will be distributed throughout the country to oversee Forest Service operations within one or more states. State directors will serve as national leaders with primary oversight of forest supervisors, operational priorities and relationships with states, tribes and other partners. Each state office will include a small leadership support team responsible for functions such as legislative affairs, communications and intergovernmental coordination. A state director based in Salt Lake City — likely housed in the same office as the national headquarters — will oversee agency operations in Utah and Nevada. A state office in Fort Collins, Colorado, will manage Colorado and Kansas. Neighboring states Arizona, Idaho and Montana will have single-state control while the Northern Plains States office see FOREST page 2

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FOREST from page 1

in Cheyenne, Wyoming, will oversee Wyoming, North Dakota, South Dakota and Nebraska. This approach is intended to simplify the chain of command, strengthen local partnerships and give field leaders greater ability to respond to conditions on the ground. “This includes supporting our timber growers across the country, including those in the Southeast, by prioritizing a regional office and promoting policies that boost timber production, lowering costs for consumers,” Rollins continued. “In the past year, we have returned

the Forest Service to the leading forestry and fire management organization in the world. Proper forest management means a healthy and productive forest system that provides affordable, quality lumber to build homes right here in America and it means preserving and protecting the beautiful landscapes we are blessed with across this great country.” “This is a big win for Utah and the West,” said Utah Gov. Spencer Cox. “Nearly 90 percent of Forest Service lands are west of the Mississippi, so putting leadership closer to the lands they manage just makes sense. “This isn’t symbolic. It means better, faster decisions on the ground. Everyone who depends on our public lands,

from hikers and campers to ranchers and timber producers, will benefit from this change. Moving away from a regional model to a more state-focused approach strengthens federalism and helps the Forest Service do its job more effectively.” “This is about building a Forest Service that is nimble, efficient, effective and closer to the forests and communities it serves,” said Forest Service Chief Tom Schultz. “Effective stewardship and active management are achieved on the ground, where forests and communities are found — not just behind a desk in the capital. Through this transition, we will strengthen our connection to the forests and the people who depend on them, while supporting our employees

and honoring the dedication that has always defined our service. I’m honored to help guide this new chapter for the Forest Service, following the vision set forth by President Theodore Roosevelt and Gifford Pinchot more than a century ago.” As the agency transitions to the statebased model, the Forest Service will shift many functions currently housed in regional offices to a network of operational service centers that will be established in Albuquerque, New Mexico; Athens, Georgia; Fort Collins, Colorado; Madison, Wisconsin; Missoula, Montana; and Placerville, California. Additional service center locations may be added as the transition progresses.

Former NFL players acquire operating rights to LOVB Salt Lake Tom Haraldsen Salt Lake Business Journal LOVB Salt Lake, the women’s professional volleyball team, has received a major investment from a private equity group. Former NFL player Terrence C. Murphy Sr. and his Synergy Sports Capital firm has acquired operating rights for the team, part of Synergy’s continued focus on investing in emerging leagues and teams. Murphy came to Salt Lake City in late March to meet with the team members and coaches and announce his firm’s plan. Fellow NFL player Reggie Bush is also part of the Synergy firm. Murphy, who owns property in Park City and is designing a home there, proudly calls himself “a volleyball dad” and credits his daughter Teryn for “putting volleyball on my radar. Going to youth tournaments and seeing the excitement of these young ladies, you can clearly see why women’s volleyball is the fastest-growing sport in America for those under 18. It’s great and exciting to watch, and it’s a lot like football in that it teaches you a lot of lessons for life. We use sports as those drivers to teach life’s lessons.” Teryn plays with LOVB’s Houston Skyline-The Woodlands developmental team. League One Volleyball (LOVB) is the nation’s first professional league built from the club up, Murphy said. Unlike traditional sports leagues, LOVB operates a fully integrated volleyball ecosystem, connecting youth clubs, collegiate recruiting pathways and professional

competition under one national brand. The model allows athletes to develop through elite club systems, compete at the collegiate level, and pursue professional careers in the U.S., while current pro athletes reconnect with youth clubs as mentors to the next generation. “When we look for owners, we look for leaders who see what this league can become, not just what it is today,” said Sandra Idehen, commissioner of LOVB Pro. “Terrence, Reggie and the Synergy team understand the journey of elite athletes, the cultural power of sports, and how to build businesses that last. Their investment in LOVB and leadership of the Salt Lake team strengthens our foundation as we build the next great professional league in America.” “We love Salt Lake,” Murphy said. “I played there a couple of times while I was in college at Texas A&M and we played at Utah. That was my first exposure to the area. Then we got a place there in Park City, a piece of land where we’ve been designing a property, and we get up there once or twice a year. … Obviously we’ll try to get there a lot more now. It’s just a beautiful area.” He called Utahns “some of the kindest, most genuine people in the United States. That’s kind of where it started, and then I began looking at LOVB volleyball. I’ve been really passionate about it for some time. When I looked at Salt Lake as an emerging sports capital, from a sports and general market, I think Salt Lake has a lot of upside. I love the culture the team is building and it really resonated with me personally.” He said Bush shares a lot of that pas-

Terrence Murphy Sr. (back row, fourth from left) met with players and coaches for LOVB Salt Lake to announce his acquisition of operating rights for the team. (Courtesy Synergy Sports Capital) sion, and they even wore the same number as college players, number 5, with Murphy playing at Texas A&M and Bush at USC. “We were both versatile in college — not just one position in football,” Murphy said. So the Swiss Army knives like Reggie and myself, we kept up with each other. His passion for emerging leagues and teams in joining my firm just made sense. I told him I’ve been really engulfed in this volleyball world as a volleyball dad. When I went over my vision for Synergy Sports Capital, I knew he wanted to be a part of that.” Murphy’s long-term goals for the team and the organization are aggressive — including the building of a venue specifically for LOVB Salt Lake.

“For me, being a real estate guy which is where I cut my teeth in real estate development, my vision is to have our own facility and to do some make use projects in stadium districts, practice facilities around our LOVB Salt Lake team. Obviously, I really need to get there with boots on the ground and get connected with the cities and movers and shakers of the area. I want to create an ecosystem for our athletes. I want to create an atmosphere in our home stadium where it’s really tough for opponents to play in because of our fans, the noise, the excitement rockin’ it. It’s like Lambeau Field, where I played as a Green Bay Packer.” The team just finished its regular season and will compete in the league playoffs that start April 10.

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City lists downtown Parry Block for sale – with some conditions John Rogers Salt Lake Business Journal A prime chunk of downtown Salt Lake City real estate has hit the market at a reasonable price. But if you want to develop it, you have to do so according to the vision for the area by the Salt Lake City Community Reinvestment Agency (CRA). The parcel, which CRA calls the Parry Block, is located on 100 South between 600 West and Dansie Drive, along I-15 and the FrontRunner rail line. Located in Salt Lake City’s Rio Grande District, the site is listed at 2.33 acres and priced at $12.175 million, The property “gives developers a chance to shape one of the city’s quickly transforming neighborhoods,” the listing says. But shaping the neighborhood comes with some conditions. Developers must build at least 116 housing units, with half of those being condominiums for sale. The design for the development must also include a minimum of 10,000 leasable square feet for “arts uses” and 1.5 percent of the hard costs of development must be spent on “public art.” The agency will also require sustainable design with all-electric buildings that will earn an Energy Star score of 90 or greater and net-zero electric operations using on-site or off-site renewable generation. The bulk of parking spaces for the development must be other than ground-level.

Parry Block is currently zoned as Gateway-Mixed Use (G-MU), which allows building heights up to 180 feet with a minimum height of 75 feet. The land is currently mostly vacant with the exception of a vacant house, a vacant barn and a self-storage building. The area was once the home to a Wasatch Community Gardens urban farm. “Parry Block offers convenient access to so much of what downtown Salt Lake City has to offer,” the listing on commercial real estate site crexi.com says. “It is just one block from The Gateway and two blocks from the Delta Center. It is only two blocks away from UTA’s Salt Lake Central and North Temple stations which provide frequent service to SLC International Airport, Park City and the entire I-15 corridor from Provo to Ogden.” When plans for Parry Block were announced last year, CRA said the land would be sold to help cover the cost of needed infrastructure in the Rio Grande District. Previous agency policy had called for long-term ground leases for lots owned by the city The CRA said it will accept proposals for the land until May 15. This may not be the only city land becoming available for purchase and development in the Rio Grande District. The city council voted in a meeting late in March to rezone 32 parcels of land between 200 and 300 South and between 500 and 600 West. The proposed upzone would change the designation to Downtown Secondary Central Business

A rendering furnished by the Community Reinvestment Agency of Salt Lake City suggests how a developer might build out the Parry Block in the west part of downtown. The city agency has listed the land for sale and is seeking proposals from developers until May 15. District usage, likely opening the way for the CRA to seek additional requests for proposals for the area from develop-

ers. In addition to city ownership, some of the 32 parcels are owned by the University of Utah.

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Utah seeks to have nuclear innovation center Brice Wallace Salt Lake Business Journal Utah officials want the state to win a nuclear race. Not involving nuclear arms, but instead nuclear energy. The state is among those vying for a potential Nuclear Lifecycle Innovation Campus, part of a national move by the U.S. Department of Energy that hopes to advance innovation across the nuclear fuel cycle. “Utah is well positioned to lead,” Gov. Spencer Cox said at a news conference in Tooele County, a site being promoted for a campus. “We have the talent, we have the institutions and the work ethic to build something that will last for generations.” The Department of Energy is seeking possible host communities interested in supporting research, development and demonstration activities related to the nuclear lifecycle, including advanced fuel technologies, recycling of used nuclear fuel and long-term fuel management. Speakers at the news conference listed several potential benefits of such a campus, including the belief that it could, at full buildout, have a long-term economic impact akin to that of Hill Air Force Base by supporting tens of thousands of jobs and generating billions of dollars in economic activity for Utahns. Among other benefits are possible water-efficient energy technologies that could help protect and restore the Great Salt Lake. Cox said a campus could help keep energy affordable, strengthen the economy and national security, protect the Great Salt Lake and provide “a future of abundance.” “Nuclear energy,” he said, “offers something very few resources can: reliable, around-the-clock power with a small land footprint and extremely low emissions. Some advanced designs can also significantly reduce water use compared to traditional generation.” Tooele County is uniquely suited for an innovation campus, he said. The county’s geology, its arid climate, its existing infrastructure, its distance from major population centers and its people “make it one of the most practical locations for this kind of work,” the governor said. Nuclear power is “an energy source that America needs more of,” said Utah Sen. Scott Sandall, R-Tremonton. “If we make critical investments now in nuclear power, along with the geothermal power that we can produce in the state, [they] can be dispatchable, base load sources of energy that we need to power our homes, keep our farms in business, run our factories and build the data centers that we need to win the AI race,” he said. “There’s no better place in the country to build a nuclear innovation campus than here in Utah. We have the land, we have the skilled workforce and, quite honestly, we have the grit to get this done.” Utah Sen. Derrin Owens, R-Fountain Green, said an innovation campus would benefit the entire state. “Many

At a news conference in Tooele County, Gov. Spencer Cox details Utah’s efforts to become a location for a Nuclear Lifecycle Innovation Campus, a national initiative by the U.S. Department of Energy. (Courtesy Utah Governor’s Office) businesses will come, innovators and builders will come to build, and Utah will continue to be strong for generations to come,” he said. Jared Hamner, Tooele County Council chair, noted that a single nuclear generator can produce the equivalent output of 1.5 million horsepower “with minimal air pollution.” He vowed to have the county continue to work with the DOE, the governor’s Office, local communities “and anybody that will get this right.” “We want to work with the right people and have them here — no shortcuts,” Hamner said. “We will not compromise on safety; we will not compromise on the environment. … Every decision made will be the correct one, and we will ferret that out with the right people.” Cox stressed that nuclear development can be done safely and responsibly because the U.S. has been generating nuclear power, creating nuclear fuel and storing used fuel for decades, and other countries have been using nuclear recycling technology that the U.S. invented. “Safety,” Cox said, “is non-negotiable.” Lt. Gov. Deidre Henderson said a trip to the United Kingdom last year confirmed the safety at fuel production and processing facilities. “There were towns and communities, playgrounds,

right next to these facilities,” she said. “The community had grown up around it and it just demonstrated to me that the technologies, the advancements that have come, are so safe that there are communities throughout the world that love having facilities next to them.” Cox said nuclear energy development “should not be controversial.” The U.S. built the nuclear industry and at one time led the world, and still today nuclear accounts for more than 20 percent of U.S. electricity generation. But the nation for decades has been falling behind China. With the proper technologies, nuclear fuel recycling can generate more power out of the same resource. Used nuclear fuel still contains about 95 percent of its original energy potential, he said. The governor noted that an innovation campus would help “Operation Gigawatt,” a plan announced two years ago to more than double Utah’s energy production. “If we want Utah to remain a place where families can succeed and businesses can grow, energy must be reliable, it must be affordable and it must be available when we need it,” he said. “Developing a safe, secure location for consolidated fuel management, building on decades of safe storage in this country, while improving efficiency, is critical to advancing our nation’s energy dominance.”

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Utah women and finances: UWLP white paper explores awareness, understanding and attitudes Nearly all Utah women believe that it is important for them to be competent and confident with money. More than 95 percent think that way, according to the findings reported in the fourth of five white papers published on the state of Utah women by the Utah Women & Leadership Project (UWLP) at Utah State University. Based on a survey conducted last fall, the survey, titled “Women, Finance & Education 2025: Utahns’ Awareness, Understanding and Attitudes,” supports “A Bolder Way Forward,” a statewide UWLP initiative focused on ensuring that more Utah girls, women and their families thrive. Although the vast majority of Utah women agree on the importance of understanding the way finances work, 15.9 percent of them disagreed on some level or were neutral when asked about their ability to manage personal finances independently and make informed decisions. “For those who want to understand the perceptions and attitudes regarding the challenges Utah women and girls face, this 36-page report contains critical data that can help and we invite the public to review it,” said lead researcher and author Susan Madsen, UWLP founder and director and the USU Extension professor of leadership. “This is our third year of data collection, and the report addresses data changes compared to the 2023 and 2024 surveys.” April Townsend, a research fellow at the Utah Women & Leadership Project, is a co-author of the report. The 83-item survey, administered from Oct. 1 to Nov. 19, included both representative and convenience samples totaling 5,212 Utah participants. The white paper reported on survey items that examined Utahns’ awareness and perceptions in three key areas: finance, higher education attainment and K-12 education initiatives. Five survey items provide additional insights regarding girls, women and fi-

The leadership team of the Utah Women & Leadership Project at Utah State University includes (from left to right) Megan Roper, Karen Deardeuff, Kimberly Williamson, Director Susan Madsen, Robbyn Scribner and Heather Sundahl. (Courtesy Utah State University Extension) nancial literacy, intending to reduce financial vulnerability among Utah women. The survey included statements to which respondents indicated their level of agreement: 1. I am aware of resources that help me achieve financial security. 2. I have used resources to help me achieve financial security. 3. I believe it is valuable for me to understand my personal finances. 4. I can manage my personal finances independently and make informed decisions to improve my financial wellness. 5. It is important for women to be competent and confident with money. “Financial literacy needs to be taught and thoroughly understood in high school,” said one respondent. “Understanding financial literacy could be a determining factor to push young adults to aspire to get upper-level degrees.” Madsen said that because higher education is positively linked with longterm economic, social, and physical

well-being, earning a post-secondary credential is an important step for every Utah woman. Four survey items provide additional insight to improve enrollment in and completion of programs, certificates and degrees among women: 1. In addition to improving economic opportunity, higher education is also important for intellectual growth, personal development and life-long societal contributions. 2. College is worth the financial investment. 3. It is important for more Utah women to complete graduate degree programs. 4. It is important for all those considering attending college to apply for federal financial aid (FAFSA). Nearly three of four respondents (74.4 percent) agreed that college is worth the financial investment. Respondents with graduate degrees agreed most strongly, followed by individuals with bachelor’s and associate degrees. A similar sentiment emerged regarding the importance of women completing graduate degrees, with

73.8 percent of respondents agreeing. The qualitative findings, however, highlighted obstacles for women who would like to complete higher education. One respondent shared that there is limited access to educational resources for girls, especially in rural areas. “There is an ongoing need for financial aid, grants and scholarships specifically for women, including those returning to school while raising children,” another respondent said. Early education and experiences in school lay a foundation for children’s growth, development and confidence, white paper authors said. These all have an immense impact on how a children view their own potential or imagine the possibilities available to them. One survey section explored support for initiatives in the K-12 environment that have the potential to positively impact Utah’s girls, women and their families.: Respondents overwhelmingly agreed (91.1 percent) that advanced coursework in high school is as important for girls as it is for boys. All counties had some level of agreement that girls’ advanced coursework is important, but Cache, Davis, Carbon, Salt Lake and Iron counties had significantly higher levels of agreement, while Daggett, Rich, Morgan, Beaver and Piute counties had lower levels of agreement. Madsen reiterated that Utah must do better to ensure everyone thrives. “As Utah decision-makers and residents join to find ways to strengthen the impact of girls and women, it is essential that we acknowledge the importance of lifelong learning,” Madsen said. “This is especially true as it relates to a woman’s long-term well-being in every aspect of her life, including her career prospects, confidence as a contributor and leader in her community and as a thriving retiree. Investing in the education of women and girls through K-12 initiatives, financial literacy and higher education attainment not only lifts them but lifts all Utahns.”

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WORK Daze DAZE Work

No breathing, please. We’re working

It doesn’t matter if they’re managing you from across the office or from across the country, having a boss telling you what to do and when to do it, is bad. What’s worse is having a boss who’s sitting on your wrist. I refer to your Apple Watch, or whichever digital device you strap to your wrist or press to your finger. Whether it comes from Costco or Gucci, devices like the Apple Watch can tell you when to start exercising and when to stop. They tell you when to stand up and when to sit down. They wake you from your sleep and remind you when it’s time for nightnight. They can also provide a good deal of health information, like tracking your heart rate and monitoring your blood pressure. With the proper apps, a digital device can count your steps, record your menstrual cycles, evaluate the quality of your sleep and notify emergency services when you get in a tizzy and fall off your office chair. And — oh, yes! — they also tell you the time. Which used to be the main reason people wore a watch. Not anymore. Now the reason you want an Apple Watch or an Oura ring or a Fitbit or a Whoop wristband is to measure your heart rate variability — HRV to its friends.

BOB

GOLDMAN

I can’t give you an in-depth medical definition of HRV because I am not a doctor, though I never miss an episode of “The Pitt.” (I think Dr. Robby is being very unfair to Dr. Langdon,

don’t you?) Suffice it to say, if you think a steady heart rate is ideal, think again. The heart rate you want is uneven, “a heart that beats not every second on the dot but after, say, 1.1 seconds, then 1.05 seconds, then 0.95, then one.” Why? Because an uneven heart rate “tends to reflect physiological resilience.” And maximum resilience, physical and emotional, is an attribute you need in a crazy-making workplace like your own. Or so I learned from “When Your Apple Watch Becomes an Office Taskmaster,” a recent Noam Scheiber article in The New York Times. Measuring your HRV is just one of the many edgy obsessions of biohackers, people who, in their quest for perfect bodies and eternal life, have moved past the tiresome truths of traditional medicine to practice intermittent fasting, ice immer-

sion, sauna sessions, brain enhancers, like Nootropics — just say noo to Nootropics — not to mention of passel of supplements, stimulants, patches and pouches, plus blue-light blocking, nutrigenomics, ketogenics, biofeedback, neurostimulation, blood panels and urinalysis. All before breakfast. Of all the wacky and wonderful aspects of biohacking, it’s HRV that has moved most forcibly into the workplace. Schneider writes, “more and more gadget geeks have focused such biohacking efforts on their performance not just at the gym but at the office, as well. The once eccentric quest for immortality is becoming a feature of the 9-to-5 hustle.” Not only are individual employees tracking their own heart rates, but corporate management has also taken an interest. To track the trackers, they’re turning to consultants for companywide efforts to improve their employees’ HRV scores, like centralized digital dashboards to measure individuals and teams. Scary! And how can you control your heart rate to produce the kind of results management demands? Better sleep is one way to improve HRV. Unfortunately, companies are not responding by establishing official nap times. The corporate response is a touch more intrusive. They’re spending

megabucks to teach you how to breathe. “To help clients raise their HRV some consultants train them to breathe at a slow, steady rate,” Scheiber reports. It “generally means inhaling and exhaling three and a half to seven times a minute.” If you’re too busy working to breathe seven times a minute, take a deep breath. Your career trajectory is at risk here. The last thing you want is a quarterly review that states your work has been excellent, but your breathing has been below expectations, so pack your Apple watch and leave. For some people, the availability of around-the-clock monitoring can become a compulsion. Add it to remembering and recording all your other bio-hacks and you may not have any time left to work or, for that matter, to live. And considering all the time and effort it takes to hack and track every bodily function, from breathing to burping, I’m not sure why you’d really want to. If this worries you, just stop breathing altogether. Frankly, with your job, you don’t have time.

Bob Goldman was an advertising executive at a Fortune 500 company. He offers a virtual shoulder to cry on at bob@bgplanning.com Copyright 2026 Creators Syndicate Inc.

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SALT LAKE BUSINESS JOURNAL

Utah still outpacing national economy Brice Wallace Salt Lake Business Journal Awash in a sea of charts and numbers, a pair of prominent economists recently provided some context and advice for businesspeople at a series of economic outlook events. Speaking in Kaysville, Michael Jeanfreau, a senior economist at the Utah Department of Workforce Services, gave audiences reasons to feel good about Utah’s economic situation. Meanwhile, Tim Mahedy, founder and chief economist at Access/Macro, gave small-business owners guidance on how to handle a volatile economic landscape. Their remarks came during annual Bank of Utah Economic Forecast Events, which took place over a few days in Kaysville, Logan, Lehi, Ogden and Salt Lake City. “It’s not all doom and gloom, I promise,” Jeanfreau said about the economic future of the state. “There are positive points to this, and again Utah will continue to outperform the rest of the United States.” Utah, he said, has several strengths, including a diverse economy, a young population and a generally positive attitude. “Why does this matter?” he asked when discussing economic diversity. “When a huge shock comes along, like COVID, it can heavily impact tourist areas, right? But as a state, as a whole, we’re diverse enough that no single one really should put us on our butt. We should be able to survive these really well.” Meanwhile, Utah’s population is the nation’s youngest. The median age in Utah is 32.4, far below the national median of 39.1. “That younger generation is a huge driv-

Tim Mahedy, founder and chief economist at Access/Macro, discusses the national economy at a recent Bank of Utah Economic Forecast Event in Kaysville. (Brice Wallace/Salt Lake Business Journal) er of job creation,” Jeanfreau said. “We’re still situated in a good position — other than other states may try and take our youth from us and steal the young because they can pay more, right?” Another Utah positive is that its consumer sentiment and outlook sentiment are higher than elsewhere in the U.S., which can be a hedge against uncertainty. The local and national economies have suffered huge spikes in uncertainty in recent years — thanks to COVID and tariffs — leading to people cutting their costs and spending. But that has not happened as much in Utah. “We’re pretty rosy about the future and that plays into, again, if you’re uncertain, you pull back spending. If you’re confident, you spend. And we’re more confident

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here than we are in other places,” he said. “In the United States, in the last few years … a lot of uncertainty. People are unsure of the future. And yet, Utah, we feel like things are going to get better, and, in a really weird way, that generally means that it will, right? We’ll continue to spend, we’ll continue to consume goods, the economy will continue to grow.” While emphasizing that a business owner should focus on certain economic numbers, Mahedy suggested that they instead concentrate more of their efforts on shaping and telling their company’s story. Part of the reason is that numbers are ubiquitous, and many are now unreliable. “Macro models are broken. All financial models are broken,” Mahedy said. “The pandemic did that, thank you. Nothing you can do about it, right? They’re all based

on history, [and] history changed. You just can’t make them better. Over time, they will improve, but that’s the world.” But in the current world, “people undersell the importance of a story, especially in the world of AI,” he said. “‘This number said this and I can show a number and it says 4.8’ and blah blah blah.’ … When you give a presentation or you’re talking about modeling or you’re talking to a board or whatever, you need to be telling a story. That story needs to make sense and be consistent, grounded in data, but it needs to be a cogent story that holds together. That’s enormously important.” Companies also should focus on the “right” statistics, he stressed. “What in your business are the stats you should focus on and not focus on? There are numbers everywhere,” Mahedy said. “Paralysis by analysis is way more likely than not knowing enough information. So, focus. Your job as an analyst is to know which numbers matter.” Business owners should constantly assess how changes “go against your story” and also should nurture a growth mindset, always being on the lookout for new possibilities. “Just because the economy changes, just because everything structurally changes, doesn’t mean there’s not opportunity,” he said. Mahedy said even Hall of Fame baseball players get hits only three times out of 10 at-bats, so not every decision will be the right one. But finding the right data, thinking about their ramifications on a particular industry, will improve the chances of making better choices, he said. “You will get to a place,” he said, “where your models, even if they’re not right, they’re directionally correct, and, more importantly, it gives the humans in your organization — not the AI — an opportunity to make better decisions.”

Professional musicians embrace AI, Salt Lake City firm reports

Moises, an AI-powered music creation platform based in Salt Lake City, has released findings from a comprehensive survey of 1,525 musicians conducted in partnership with Water & Music. The study challenges prevailing narratives about AI in music, revealing that professional musicians are embracing AI tools at significantly higher rates than amateurs, using them to enhance their craft rather than shortcut the creative process. Moises survey found that 78 percent of professional musicians report using AI for music-related work in the past 12 months, compared to 60 percent of hobbyists. Pros are also twice as likely to spend $50 or more per month on AI tools, signaling that musicians with the most at stake financially are the most willing to invest in these technologies. Among musicians who earn income from music, 26 percent report that AI has increased their earnings, while fewer than 4 percent report a decrease. The top outcomes musicians report are not about efficiency or cost savings but related to professional growth. Forty percent say AI helped them learn more songs, 33 percent experimented with new genres and 30 percent improved production quality. Rather than outsourcing creativity, respondents are using AI to expand their capabilities, accelerate practice and refine their craft, according to the survey.

While authenticity and copyright issues remain top concerns, 92 percent of AI users would still recommend AI tools to their peers, and professionals are more likely than hobbyists to plan increased usage in the next year (64 percent to 56 percent). The data points to a pragmatic mindset: Professional musicians are evaluating tradeoffs and adopting what works. “The biggest misconception about AI in music today is that there’s a hard binary — you’re either for it or against it,” said Cherie Hu, founder of Water & Music. “What our data shows is that musicians are adopting these tools at higher rates across the board and making deliberate choices about how these tools fit into their craft. That’s exactly how healthy adoption should work.” “The narrative around AI in music often focuses on what it might replace,” said Geraldo Ramos, CEO of Moises. “What this data shows is something different: Musicians are using AI to go further with their ideas, practice more effectively, and explore sounds they might not have reached otherwise. The most serious creators are treating these tools as instruments, not shortcuts.” The study was conducted between November and December 2025. Approximately 80 percent of respondents were surveyed through Moises’ user base, and the remaining 20 percent through Water & Music’s community.

April 6, 2026 | 9

SALT LAKE BUSINESS JOURNAL

Ivanti report: 87 percent of IT pros see adopting AI as a priority IT professionals are warming up to artificial intelligence, according to a new report from Salt Lake City-based Ivanti, a global enterprise IT and security software company. Ivanti’s research, titled “2026 State of Cybersecurity Report: Bridging the Divide,” which draws on insights from more than 1,200 cybersecurity professionals worldwide, said that 87 percent have made adopting AI a priority. The report also reveals a rapidly widening divide between escalating cyberthreats and organizations’ ability to defend against them. AI is reshaping cybersecurity for both its defenders and attackers, but defenders believe they are gaining the edge, the research found. It finds that security professionals are 2.4 times more likely to believe defenders use AI as effectively as threat actors, if not more effectively. Additionally, that confidence level grows to 5.5 times in favor of defenders using AI as effectively or more effectively than threat actors over the next 24 months. However, to effectively gain their edge, defenders must operationalize AI and automation in cybersecurity, but that remains limited. Although nearly all respondents (92 percent) say automation re-

duces their team’s mean time to respond, the use of AI across critical security functions varies. Fifty-three percent of security teams utilize AI for cloud security policy enforcement, 44 percent employ it for incident response workflows, 43 percent for threat intelligence correlation and just 42 percent for vulnerability response and remediation. Organizations are actively exploring how best to utilize these technologies, yet there remains a degree of caution. Agentic AI — autonomous systems capable of making real-time decisions and acting independently — has not yet earned universal trust. In addition to security professionals saying integrating agentic AI is a priority for their teams, 77 percent report at least some comfort with allowing autonomous AI systems to act without human oversight. This marks a growing, albeit cautious, trust in automated cybersecurity defenses and signals a shift toward greater acceptance of agentic AI solutions, even as challenges persist, study authors said. “Although defenders are optimistic about the promise of AI in cybersecurity, Ivanti’s findings also show companies are falling further behind in terms

Irish medtech to acquire SLC’s Scientia Vascular

Medtronic, a global medical technology company headquartered in Galway, Ireland, has signed an agreement to acquire Scientia Vascular, a Salt Lake City company developing technology across the neurovascular medical field. The acquisition is valued at $550 million, subject to post-acquisition adjustments and milestone payments. Scientia is a private company with approximately 310 employees. Under its founder and current chief technology officer, John Lippert, the company has developed products that enable simplicity and access for physicians treating complex neurovascular conditions. Scientia’s portfolio of guidewires and catheters will be integrated with Medtronic’s existing suite of neurovascular products, strengthening the company’s ability to support physicians across the full procedural workflow, the firm said in its announcement. “Medtronic is thrilled to acquire Scientia to accelerate meaningful innovation in neurovascular care,” said Linnea Burman, senior vice president and president of Medtronic’s neurovascular business unit, which is part of its neu-

roscience portfolio. “This acquisition positions Medtronic with a full suite of products. It builds a strong foundation for Medtronic and supports procedures across both hemorrhagic and acute ischemic stroke. Medtronic’s best-inclass therapies, combined with Scientia’s leading access portfolio, will be incredibly powerful. With 12 million people globally suffering from stroke each year, we look forward to contributing to better patient outcomes around the world.” “As a company committed to improving patients’ lives, we are humbled and excited for what’s ahead,” said Rick Randall, CEO of Scientia. “Scientia has developed critical technology that has been embraced by physicians. This deal allows us to take our engineering into disease states globally and positions Medtronic with a comprehensive portfolio and complete guidewire line. With the size and scale of Medtronic, the opportunity to treat more patients and drive more impact is truly exciting.” This acquisition is expected to close in the first half of fiscal year 2027.

of how well prepared they are to defend against a variety of threats. This is what I call the ‘cybersecurity readiness deficit’ — a persistent, year-over-year widening imbalance in an organizations’ ability to defend their data, people and networks against the evolving threat landscape,” said Daniel Spicer, chief security officer at Ivanti. “This challenge is intensified by the accelerating pace of technological change, particularly as organizations advance their SaaS transformation initiatives and the speed at which new technologies are adopted. Security leaders understand that time and people are their most valuable assets.” The study also concluded that there is a growing IT security rift as teams clash over cyber risk priorities. Nearly half (48 percent) of security professionals say IT teams do not respond urgently to cybersecurity concerns, while 40 percent believe IT lacks an understanding of their organization’s risk tolerance. This disconnect is particularly damaging for exposure management, which relies on collaboration between security and IT to connect technical exposure to business expectations, the study said. Study respondents said the majority

of companies have already faced deepfake attacks and employees are the new front line. A staggering 77 percent of organizations have already been targeted by deepfake attacks, with over half (51 percent) facing sophisticated, personalized phishing emails powered by deepfake technology. These threats extend well beyond traditional office roles; executives are equally vulnerable. Just 30 percent of security professionals are confident that their CEOs could reliably identify a deepfake, underscoring a critical gap in organizational readiness and awareness. Human burnout is also a concern to IT professionals. Cybersecurity teams face unsustainable stress, creating a second systemic vulnerability. Ivanti’s findings reveal 43 percent of security pros report high stress and 79 percent say it harms their physical and mental health. When companies cannot access the right skills, it has a significant negative effect on human burnout, security preparedness and business outcomes. Lack of skilled talent is the No. 1 barrier to cybersecurity excellence, according to survey respondents. Ivanti’s report can be seen on its website at www.ivanti.com.

SINTX Tech names Ryan Elmore president

SINTX Technologies Inc. of Salt Lake City has named Ryan Elmore as its new president. The appointment becomes effective on March 16. SINTX Technologies is an advanced ceramics and biomaterials company focused on silicon nitride solutions for medical and other high-value applications, including biomedical implants, such as spinal fusion devices. Elmore most recently served as core business director at Invibio, a division of U.K.-based Victrex. With more than 15 years of experience in advanced biomaterials and medical device commercialization, he has a track record of building goto-market strategies, developing strategic accounts and scaling revenue through partner-driven commercialization. The company said he will be responsible for executing SINTX’s business and operational strategy as the company accelerates its evolution from a product-focused medical device manufacturer to a broader biomaterials platform company. “Ryan is a proven commercial leader, and his appointment represents an important step as we continue to advance SINTX’s evolution into a platform company,”

said Eric K. Olson, chairman and CEO of SINTX. “SINTX is uniquely positioned at the intersection of advanced ceramics, polymer composites and biomaterials. Ryan’s mandate is clear: implement a disciplined commercial execution strategy that translates our platform assets into scalable revenue opportunities. “I am excited to join SINTX at a defining moment in its evolution,” said Elmore. “SINTX has built a differentiated platform around silicon nitride biomaterials, supported by deep materials science expertise, a strong intellectual property foundation and U.S.-based manufacturing. My focus will be to execute a commercial strategy aimed at supporting market engagement across multiple verticals. We believe these technologies have the potential to address meaningful clinical needs, and we intend to build momentum through disciplined execution, quality and service.” Olson said Elmore will work closely with the company’s manufacturing, quality, regulatory and R&D teams to support product development, regulatory compliance and business development initiatives, including potential distribution, licensing and strategic partnership opportunities.

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10 | April 6, 2026

SALT LAKE BUSINESS JOURNAL

Ground broken for construction of Larry H. & Gail Miller Arts Center in South Jordan Tom Haraldsen Salt Lake Business Journal Construction has begun on an arts and cultural center in South Jordan. Thanks to a contribution of $25 million from the Larry H. and Gail Miller Family Foundation, the center to be named in their honor will join Salt Lake County’s portfolio of venues — including Maurice Abravanel Hall, Janet Quinney Lawson Capitol Theatre, George S. and Dolores Dore Eccles Theater, Mid-Valley Performing Arts Center, Rose Wagner Performing Arts Center and the Utah Museum of Contemporary Art. At a groundbreaking ceremony March 19, Salt Lake County Mayor Jenny Wilson said the new center “gives seasoned and emerging artists a space to share

their talents while providing the community with a place to learn, grow creatively, and be entertained.” Plans for the center, which will be approximately 89,000 square feet in size, include an 800-seat proscenium theater, flexible performance and rehearsal spaces, an art gallery and classrooms. The Miller Arts Center has a projected budget of $90 million and is being built on three acres of land just south of The Ballpark at America First Square donated by the Larry H. Miller Real Estate Co. The remaining $65 million was proposed by Wilson and approved by the Salt Lake County Council. “This arts center will be a beautiful addition not only to the South Jordan community, but to the many individuals across this area of the valley who will come to enjoy a performance, partici-

From left, South Jordan Mayor Dawn Ramsey, Miller Family Foundation Chairperson Gail Miller and Salt Lake County Mayor Jenny Wilson lend their artistic skills to a color-by-number rendering of the new Miller Arts Center. (Courtesy Salt Lake County)

pate in a class, or experience arts in a new way,” said Gail Miller, who chairs the Miller Family Foundation and is co-founder of the Larry H. Miller Co. “We are proud to help create spaces like this where ideas can take shape, creativity can flourish and communities can gather.” “South Jordan is excited to welcome the Larry H. & Gail Miller Arts Center to our city,” said South Jordan Mayor Dawn Ramsey. “We are strong supporters of the arts, and we’re grateful for Salt Lake County and the Miller Family Foundation who collaborated to turn a good idea into a great reality.” Wilson said the idea for a performing arts center in the southwest part of the county has been floating around among leaders for some time, but said this groundbreaking has brought its fru-

ition “about 10 years sooner than we thought.” It will become part of the rapidly growing Downtown Daybreak development that has included not just the ballpark but also entertainment venues, restaurants and new residential housing. The groundbreaking ceremony took place on the roof terrace of the county’s Daybreak Library branch. Miller, Wilson and Ramsey were invited to put their touches on a color-by-number rendering of the new building. That portrait will be displayed permanently in the new center. Construction is anticipated to be completed in 2028, with inaugural performances and programming expected to begin shortly thereafter. The center will also become conveniently located near the TRAX Red Line that features a stop by the complex.

An artist rendering depicts the new center being built in Downtown Daybreak thanks to a $25 million contribution from the Larry H. and Gail Miller Family Foundation. (Tom Haraldsen/Salt Lake Business Journal)

April 6, 2026 | 11

SALT LAKE BUSINESS JOURNAL

PEOPLE on ON THE People the MOVE Move Company news information may be sent to brice.w@thecityjournals.com.

BANKING

• Bank of Utah, based in Ogden, has appointed David Pierce as senior vice president, foreign exchange manager, and named Spencer Pack as vice president, relationship manager. Pierce will lead the bank’s currency trading, risk management and interDavid Pierce national treasury strategies. He has more than 38 years of experience in corporate finance, foreign exchange and strategic consulting. He most recently served as the founder and CEO of FinnSavvy Consulting, where he advised Spencer Pack organizations on treasury operations, liquidity strategy, mergers and acquisitions, and financial leadership development. He previously spent more than two decades at GPS Capital Markets as director of strategic initiatives and managing director of global hedging products and quantitative risk. Earlier in his career, Pierce held leadership positions at Wells Fargo, KeyBank and First Security Bank, where he specialized in foreign exchange trading and corporate risk management. Pierce also is the author of Managing Foreign Exchange Risk and The Invisible Hedge. He regularly appears as a foreign exchange expert on CNBC and has been featured in various publications. Pierce earned a bachelor’s degree in business marketing from Utah State University. Pack has more than 20 years of banking and business development experience, with expertise in commercial lending and relationship management. Pack has held various roles in the banking industry, including personal banker, branch manager, business banking officer, business development officer, commercial loan officer and relationship manager. He most recently served as a vice president, commercial loan officer, at D.L. Evans Bank and as a vice president, acquisition relationship manager, at JPMorgan Chase. He also previously worked as a business development officer at Bank of the West. In addition to his banking career, Pack has more than 20 years of business-to-business sales experience. Pack earned an associate degree in business administration and management from Ensign College. • Sunwest Bank, based in Sandy, has named Kari Coover as senior vice president and Colorado regional president. Coover will lead Sunwest’s Colorado expansion strategy, overseeing market development, talent acquisition and relationship growth across the reKari Coover gion. She will focus on deepening partnerships with entrepreneurs, privately held businesses, and family-owned enterprises while accelerating Sunwest’s presence in key Colorado markets. Coover has more than 20 years of finance and commercial banking experience, most recently serving as senior vice president at UMB Bank in Denver. Previously, she held leadership roles including commercial lending

officer at Elevations and vice president of commercial lending at First Citizens Bank. Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $4 billion in assets.

HEALTH CARE

• Recursion, a Salt Lake City-based techbio company, has hired Dr. Vicki Goodman as chief medical officer. She succeeds Dr. David Mauro, who will be transitioning from his role after approximately three years. Goodman’s experience spans executive roles in biotech Dr. Vicki and large pharma, with Goodman particular expertise in oncology, as well as experience in clinical practice and as an FDA reviewer. She has more than two decades of experience in oncology drug development and medical leadership, most recently serving as chief medical officer of Mural Oncology. Previously, she was executive vice president of product development and medical affairs and chief medical officer at Exelixis. She has held senior oncology leadership roles at Merck, where she served as vice president of clinical research and therapeutic area head of late-stage oncology, and at Bristol Myers Squibb she was a member of the oncology senior leadership team and led cross-functional development for Opdivo and Yervoy in melanoma and genitourinary cancers. Earlier in her career at GlaxoSmithKline, Goodman led development of dabrafenib from early clinical expansion through regulatory approval, and contributed to the advancement of multiple oncology assets entering clinical development.

OUTDOOR PRODUCTS

• Salomon North America, an Ogden-based mountain sports lifestyle brand offering footwear, apparel and winter sports equipment, has appointed Laura Stauth as senior vice president of sales. Stauth will oversee Salomon’s North American soft goods sales orgaLaura Stauth nization. Stauth joins from VF Corp-owned Vans, where she most recently served as vice president of sales, leading the Americas wholesale strategy.

REAL ESTATE

• Tri Pointe Homes Utah, based in Salt Lake City, has appointed Claire Larson as vice president of community experience. Larson will focus on elevating the homebuyer journey across Tri Pointe’s Utah communities, including in HollaClaire Larson day, West Jordan, Orem and Heber City. Larson has more than 30 years of experience in the homebuilding industry. Her background includes working with both local and national builders. Larson is also an active industry leader and served as president of the Salt Lake Board of Realtors in 2025. • CBRE Group Inc., a Texas-based commercial real estate services and investment firm, has hired Brandon Rawlins and Vicente Cantua for its Salt

Lake City office. Rawlins joins CBRE as a senior vice president in the firm’s industrial services line. He has more than 20 years of commercial real estate experience and most recently served as the principal Brandon broker for JLL’s BoiRawlins se office. During his career, Rawlins has overseen retail, office, industrial and multifamily developments and has advised clients on site selection, strategy and portfolio planning. Rawlins began his commercial real estate caVicente Cantua reer in 2002 with Smoot Commercial Brokers in Davis County, where he served as executive vice president and principal broker overseeing the commercial division. He later joined NAI West Commercial Real Estate. Rawlins was recruited by JLL in 2012 to help establish the firm’s Utah presence and has since advised clients on site selection, strategy and portfolio planning. Cantua joins CBRE as a vice president, specializing in private capital multifamily sales. He brings experience across Arizona and Utah. Cantua previously ranked among the top producers in Cushman & Wakefield’s Salt Lake City office and relocated to Utah in 2019 to expand his capital markets practice.

SERVICES

• Rasa Legal, a Salt Lake Citybased legal technology company making it simple and affordable for eligible people to clear their criminal records, has announced that Frank Monestere has joined its board of directors. He will advise on scaling operaFrank tions and technology as Monestere the company expands nationwide. Monestere previously served as president and COO of LegalZoom, where he helped scale the company’s legal services platform. Rasa’s lawyers provide criminal record sealing and expungement services in Pennsylvania, Utah and Arizona. Rasa Legal has helped more than 26,000 people learn what is on their criminal record and determine eligibility for sealing and expungement under state law. To date, over 5,000 records have been successfully cleared since the platform launched in late 2022.

TECHNOLOGY

• Strider Technologies Inc., a Salt Lake City-based provider of strategic intelligence, has hired Trevor Neiman as country manager for Canada and international associate general counsel. Neiman will lead Strider’s Canadian strategy to continue driving market growth, Trevor Neiman strategic partnerships and client engagement, as well as support Strider’s global legal and regulatory work, including the advancement of economic security initiatives. Nieman joins Strider from the Business Council of Canada, where he served as vice president of policy and

general counsel, working closely with senior business executives and government leaders on issues at the intersection of business, geopolitics and national security. Before that, he worked as a technology and regulatory lawyer at a leading international law firm. While completing his law degree, he served as a legal advisor to a Canadian senator and to a bi-national regulatory agency. Before becoming a lawyer, Trevor worked in public policy in the Ontario Public Service and as an advisor for the Canadian Council for Public-Private Partnerships. • Limble, a Lehi-based company offering a maintenance and asset management platform, has appointed Jason Penkethman as chief product and technology officer. He will oversee the company’s product and engineering teams, focusing on accelerating innovation, enhancing the customer expeJason Penkethman rience, and advancing the capabilities of the Limble platform. Penkethman has extensive experience building and scaling global product and engineering organizations. Most recently, he served as CPTO at Simpro Group, where he led global engineering and guided the evolution of the company’s product portfolio. He held similar roles at Qlik and Solera. • Block Reign Inc., an Orem-based company specializing in SaaS products that seamlessly integrate with Web3 blockchain technology, has appointed Cory Clinton as chief technology officer. Clinton will lead the company’s technology strategy as Block Reign expands its infrastructure, products and enterprise integrations built around the Gnodi blockchain. Clinton has experience in software engineering, platform architecture and scalable infrastructure. He has led engineering teams building distributed systems, cloud-based platforms and secure enterprise software, with a focus on modernizing technology stacks and delivering high-performance systems that support large-scale applications. • Listen Technologies, a Bluffdale-based provider of advanced wireless listening solutions, and Ampetronic, a United Kingdom-based producer of hearing loop systems, have named Chris Linford as vice president of human resources. LinChris Linford ford has been a consultant to Ampetronic/ Listen Technologies for the past 11 months as the two brands have aligned leadership, resources and over 65 years of combined experience under Allvida, a group of accessibility-focused companies. In her role as vice president of HR, Linford will help shape the culture at Ampetronic/Listen Technologies as she oversees talent acquisition, employee experience, performance management, compliance, learning and development, and total rewards. Linford is an experienced senior HR executive and people leader, with expertise in HR operations, succession planning, organizational development, and diversity and inclusion. Linford previously held senior HR and chief people officer roles at organizations across the financial services industry.

12 | April 6, 2026

SALT LAKE BUSINESS JOURNAL

INDUSTRY BRIEFS Industry Briefs Company news information may be sent to brice.w@thecityjournals.com.

CONSTRUCTION

• Big-D Cos., a Salt Lake City-based group of contractors, has announced that Rob Moore, executive chairman, has reached the 50-year mark at the company. Moore joined Big-D in 1976, during which Big-D has grown to 18 offices across nine states. His leadership tenure includes serving as Rob Moore CEO from 2018 to 2021, as well as previously holding the roles of president and chief operations officer. His oversight has contributed to more than 400 project awards. Moore has also served in key community and industry roles for decades. His service includes leadership positions with the Salt Lake Chamber of Commerce Water Committee, Economic Development Corporation of Utah and the Associated General Contractors of America at both state and national levels. In 2010, he was named the Ernst & Young Entrepreneur of the Year for the Utah region and later served as a national judge for the program.

CORPORATE

• Varex Imaging Corp., based in Salt Lake City, has entered into a credit and guaranty agreement that includes a secured term loan facility in aggregate principal amount of $350 million, a secured revolving credit facility in aggregate principal amount of $100 million, and a secured delayed draw term loan facility in aggregate principal amount of $40 million, providing for aggregate commitments of $490 million and maturing in March 2031. Zions Bancorporation NA acted as lead arranger and bookrunner for the new credit facility and will act as the administrative agent and collateral agent. The refinancing is expected to reduce annualized cash interest expense by more than $7 million, reflecting lower interest rates and an $18 million reduction in outstanding debt. Varex designs and manufactures X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are components of X-ray imaging systems, as well as X-ray imaging systems for industrial applications. The company employs approximately 2,400 people in North America, Europe and Asia.

ECONOMIC INDICATORS

• Four Utah locations are on a list of “most envied shopping districts” in the U.S., compiled by financial media company MarketBeat and based on a survey. They are 9th & 9th District in Salt Lake

City (ranked No. 51 nationally), No. 135 Main Street in Park City, No. 164 Downtown Moab and No. 165 Sugar House in Salt Lake City. The most envied shopping district in the country is The Magnificent Mile in Chicago. Details are at www.marketbeat.com/originals/americas-most-envied-shopping-districts/. • Three Utah locations are on a list of stores with the “friendliest staff,” compiled by direct business loan lender Advance Funds Network and based on a survey and Google review scores. They are Harmony in Provo (ranked No. 94 nationally), No. 128 Burns Cowboy Shop in Park City, and No. 136 Deseret Book flagship store in Salt Lake City. The top location nationally is Matchbox Candle Co. in Sioux Falls, South Dakota. Details are at https://advancefundsnetwork.com/surveyreveals-the-top-150-friendliest-smallbusinesses-in-the-us-2026/. • Utah residents were affected by 556 food recalls from 2021 to 2025, according to TradeOne, which specializes in regulatory compliance and PLM solutions for the food and beverage industry. It used FDA and USDA recall records in the study. Utah’s rate of 21.1 percent of all U.S. food recalls places Utah No. 30 among states. Nationally, the food recall total jumped 1.4 percent during that time, driven largely by a 36.4 percent spike in the most dangerous Class I recalls. Utah’s recalls included 223 Class I recalls. Thirty-one of Utah’s food recalls originating from producers in the state. Details are at www.traceone.com/resources/plm-compliance-blog/states-mostimpacted-by-food-recalls-in-recent-years. • Vacationing in Salt Lake City costs 23.8 percent more than it did in 2019, according to online booking platform Luxury Link. It calculated what it costs to take a four-night domestic trip for a family of four in 100 major U.S. cities. It analyzed airfare, lodging, meals and rental car costs from 2025. Researchers also compared the figures to 2019 (before COVID) to see where travel inflation has hit the hardest. The total cost for a Salt Lake City vacation is $4,865. Salt Lake City saw the fourth-largest percentage increase in family vacation costs of the cities analyzed. The largest contributor to rising costs in Salt Lake City was meals, which increased by 42.9 percent. Nationally, vacation prices are up 14.5 percent since 2019, reaching $4,668 in 2025. Details are at www.luxurylink.com/blog/family-vacation-costs-risen-most/. • Three Utah locations are on a list of “most beautiful towns to visit when spring arrives,” compiled by Portland Real Estate and based on a survey of real estate agents. They are Capitol Hill in Salt Lake City (No. 68 nationally), No. 89 The Avenues in Salt Lake City, and No.

109 Kayenta in St. George. The top location nationally is Central Park West in New York City. Details are at https://www. portlandrealestate.com/blog/most-beautiful-neighborhoods-survey/. • Interstate 15 from Point of the Mountain to downtown Salt Lake City is the “angriest” commute in Utah, according to a survey by personal injury law firm Munley Law. The survey asked commuters which roads they associate most with stress, frustration and aggressive driving. I-15 is followed by No. 2 Legacy Parkway in Farmington and No. 3 I-15 at I-215 in Sandy. The most toxic traffic nationally is on the Baltimore–Washington Parkway in Maryland. Details are at https://munley. com/toxic-traffic-survey/. • Utah has the No. 7 fastest-rising senior care costs in America, tied with Oregon, according to a study by CareScout. Since 2022, a private nursing home room in the state surged to $127,750 per year, up 5.3 percent. In Utah, semi-private nursing home rooms rose during this period by 14 percent to $104,025; assisted living by 33.5 percent to $62,790; and adult day health care by 254.4 percent to $36,400. Nationally, costs have increased in every state since 2022, although costs stabilized last year, up just 1.8 percent compared to 9.2 percent in 2024. The annual median cost of a private room in a nursing home now exceeds $129,000 per year, while a semi-private room tops $114,000. Assisted living costs have also climbed to around $74,400, and adult day health care costs are approaching $25,000. The largest increases were in Hawaii. The most-stable state is Idaho. Details are at https://www. carescout.com/resources/where-seniorcare-costs-are-rising.

EDUCATION

• Utah Treasurer Marlo M. Oaks, the Utah Jump$tart Coalition and the Utah State Board of Education are accepting nominations through May 8 for the Utah Financial Education Hall of Fame. Honorees will include four educators, one administrator and one community partner, who will be recognized at a Utah Jump$tart Coalition induction ceremony June 22. The recognition honors educators, administrators and community partners who have made outstanding contributions to financial education in Utah, helping prepare students to manage money responsibly, instill strong financial habits, and build long-term financial stability. The Financial Education Hall of Fame grew out of a 2018 statewide review of financial education and recognizes the educators and partners strengthening the efforts. Details and nomination forms are at treasurer.utah. gov/halloffame/. • The Utah State Board of Education

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EXPANSIONS

• Co-Diagnostics Inc., a Salt Lake City-based molecular diagnostics company, has signed an agreement for CoSara Diagnostics Pvt. Ltd., the Indian joint venture between Co-Dx and Ambalal Sarabhai Enterprises Ltd., to significantly expand its commercial and distribution territory across South Asia to now include Bangladesh, Pakistan, Nepal and Sri Lanka. It said CoSara’s addressable market across South Asia is an estimated $13 billion, based on internal analyses and third-party market data. Co-Diagnostics’ technologies are used for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA).

GRANTS

• Applications are being accepting until 6 p.m. April 30 for the Wasatch County Small Business Microgrant program, recently launched by the Heber

April 6, 2026 | 13

SALT LAKE BUSINESS JOURNAL

INDUSTRY BRIEFS Industry Briefs Valley Tourism and Economic Development office. The program is a $90,000 funding initiative designed to help local businesses expand, improve efficiency, and strengthen the county’s economy. The program is made possible through funding from the Governor’s Office of Economic Opportunity. The microgrant offers a 50/50 matching reimbursement of up to $5,000 for eligible projects that support business growth. Funding can be used for equipment purchases; facility improvements; technology upgrades; and other investments that increase capacity, productivity or services. Awards will be announced in late May. Local businesses interested in applying are encouraged to prepare project cost estimates in advance and review eligibility requirements before submitting. Details are at gohebervalley. com/microgrants.

MANUFACTURING

• The Utah Inland Port Authority board recently approved a post-performance incentive to support the LS Electric Co. Ltd. planned expansion of the MCM Engineering II advanced manufacturing campus within UIPA’s Iron Springs Project Area in Iron County. MCM’s 5-to-7-year, $168 million investment will add three manufacturing facilities by 2030, significantly expanding LS Electric’s U.S. production footprint in the West. MCM Engineering II was acquired by LS Electric in 2022. LS Electric is a global South Korean company specializing in smart energy, power transmission, automation and renewable energy systems and employs over 4,500 people. Since that acquisition, MCM has added 27,000 square feet of manufacturing space and 45 new jobs. The newly approved expansion will add approximately 294,000 square feet of manufacturing capacity and create more than 250 high-quality jobs in Iron County. Under the agreement, LS Electric-MCM Engineering is eligible to receive up to 30 percent of the qualified tax differential over a 25-year period. The tax differential applies only to new property tax value generated by development within the project area. Under UIPA’s structure, 75 percent of new property tax growth is administered by UIPA; the company may receive up to 30 percent of that portion as a post-performance rebate tied directly to verified capital investment and job creation milestones.

MILESTONES

• Image Studios, a Salt Lake Citybased franchisor of turnkey salon suites for beauty and wellness professionals in the U.S., has reached 135 locations open across 29 states. It surpassed 100 open studios early in 2025. The brand is debuting in numerous new markets in 2026, including New York, Virginia and additional high-demand territories. Image Studios is ranked No. 265 on Entrepreneur Magazine’s 2026 Franchise 500 list, rising 79 spots from last year’s placement. The company again secured a spot on Franchise Business Review’s 2026 list of Top 200 Franchises, as well as a designation as a Top Franchise for Women. Partnered with MPK Equity Partners, Image Studios was founded in 2009 and franchised since 2015.

PARTNERSHIPS

• NetSTAR Global Inc., a Salt Lake City-based company focused on OEM web categorization, IP reputation and threat intelligence solutions, and Varist, an Iceland-based AI-scale malware detection company, have announced a strategic alliance designed to strengthen cybersecu-

rity defenses in response to the rapid rise of generative AI-powered threats. The two companies will share intelligence data to enhance their respective platforms. NetSTAR provides visibility into Internet traffic from more than 1.8 billion endpoints and has categorized over 48 billion URLs, domains and IP addresses across more than 200 content and security categories. The Varist Hybrid Detection Engine protects more than 5 billion mailboxes worldwide with hyperscale malware detection. • Advertiser Perceptions, a New York-based provider of strategic market intelligence for the advertising industry, and Data Quality Co-op, a Salt Lake Citybased clearinghouse for data quality measurement, have announced a strategic partnership to strengthen transparency in B2B advertising research. The collaboration integrates DQC’s shared quality infrastructure into Advertiser Perceptions’ research operations, adding an independent layer of validation to the company’s data standards.

REAL ESTATE

• Promontory, a 7,200-acre recreational, private mountain community in Park City, has announced reimagined amenities, a new design center for personalized homebuilding and further expansion plans. Promontory has debuted a new Spa at Promontory. It features 10 treatment rooms, a relaxation lounge and a hydrotherapy circuit. At the end of 2025, the reimagined fitness center opened with new cardio and spin rooms, expanded weight room, refreshed locker room facilities and new offerings of healthy food and beverages at The Village Café. In January, Promontory unveiled a new design center for its members so they can create their custom or semi-custom dream home. In 2025, over $637 million in homes and homesites closed, marking a 21 percent increase over 2024. Promontory accounted for 34 percent of all home and homesite sales in Park City. Promontory includes 1,924 total homesites, with 1,422 homesites sold so far; 1,139 members; three 18-hole golf courses plus four simulator lounges; six restaurants; two slope-side, private ski lodges at Deer Valley Resort and Park City Mountain; and an equestrian center. Nine of Promontory’s 43 neighborhoods feature new home construction by Promontory Homes.

RECOGNITIONS

• Seven women were presented with ForgeHER awards at the recent “Lace Up & Lead” Women in Manufacturing Conference in Midvale, an annual Utah Manufacturers Association event. ForgeHER awards recognize outstanding contributions to the manufacturing industry in leadership, innovation, mentorship and technical expertise. Recipients were nominated by their peers and reviewed by a UMA panel and chosen by their merit. Recipients are Jenean Goodsell, chief people officer, Paramount Machine; Danielle Hadley, director of product development engineering, 3Form; Melissa Loader, executive director of sales operations and CX, Mitylite; Kari Kovar, president/ CEO, Cottonwood Millwork+Cabinets; Leann Bice, finance-OPEX, Traeger Inc.; Kalecia Hulsey, human resources, Compass Minerals; and Marianne Greenland, material supply operator, Lakanto. • Sunwest Bank, based in Sandy, received the Benefits Innovator Award at the Thrive Summit 2026, an annual health and well-being innovation event. Sunwest Bank was selected for its use of Personify Health solutions to reimagine employee

benefits and enhance the overall employee experience. Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $4 billion in assets.

RESTAURANTS

• The Great Greek Mediterranean Grill has opened at 515 Ring Road, Layton. It is owned by Joseph Nichols, who is running the new eatery with his family. It is a Greek, Mediterranean and Middle Eastern fast-casual restaurant. The new restaurant covers 1,512 square feet, seating 30 guests in its dining room and two outside. Pickup and delivery are available. It also will offer catering for large parties, events and meetings. The restaurant will host a ribbon-cutting ceremony with the Davis Chamber of Commerce on April 9, 11 a.m.-1 p.m., during which the restaurant will also be encouraging donations to the Utah Youth Village, a nonprofit organization that operates a network of Treatment Foster Homes, home intervention, Alpine Academy and Smarter Parenting website for families with troubled teens. Nichols has two master’s degrees in business administration from Weber State University and biomedical engineering from The University of Utah. He also holds an undergraduate degree in chemical engineering from Brigham Young University.

RETAIL

• Harmons Neighborhood Grocer, based in West Valley City, has announced its 2026 Harmons Local Supplier Development Grants for Utah businesses that strengthen communities, create local jobs and deliver high-quality products for Harmons customers. Each will receive a $5,000 grant. Happy Trowels Farm is a flower farm that has partnered with Harmons Floral for 20 years, supplying thousands of tulips and peonies annually. The grant will help purchase industrial labeling equipment to improve crop tracking and highlight the

farm’s local roots for customers. Heber Valley Cheese is a fourth-generation, family-owned dairy farm and cheesemaker that has partnered with Harmons for 11 years. The grant will support the installation of a live-feed camera from their dairy farm to Harmons stores, giving customers a direct connection to where their cheese is made. Salsa Del Diablo, selling at Harmons for seven years, creates 16 local jobs, sources ingredients from local farms, and donates more than 1,500 meals annually. The grant will fund a new commercial mixer to increase production efficiency and support continued growth. Sushi Max, a Harmons partner for four years, employs 25 associates and provides fresh sushi across Harmons stores. The grant will support charitable initiatives, including the Sushi Max Scholarship Fund, helping invest back into the local community it serves. Established in 1932, Harmons has 20 locations in Utah.

WHOLESALE

• ABC Supply Co. Inc., a Wisconsin-based wholesale distributor of roofing and other select exterior and interior building products, has opened a new location at 9255 S. 255 W., Sandy. The new location is managed by Nicolas Vazquez, who joined ABC Supply in May 2023 as a delivery Nicolas Vazquez services manager at the Twin Falls, Idaho, location. His experience includes supporting customers in both the branch and the field. He was promoted in January to lead the location in Sandy. Prior to joining ABC Supply, Vazquez served in the U.S. Marine Corps as a logistics specialist from 2017 to 2021, stationed at Marine Corps Air Station Miramar in California. ABC Supply has more than 1,000 locations across the U.S. and Canada.

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SALT LAKE BUSINESS JOURNAL

CALENDAR Calendar

“Bites & Insights Breakfast,” a ULI (Urban Land Institute) Utah event. Location is Hunt Electric Technology Building, 1811 S. Alexander St., Salt Lake City. Details are at https://utah.uli.org/events-2.

strategies, emerging threats, cloud security, AI security, hardware hacking, and more; hands-on workshops and trainings offering practical skill-building in areas such as cloud and cloud-native security, red/blue team tactics, forensics, secure DevSecOps and embedded systems; community sessions and panels focused on leadership, GRC, threat detection, adversary emulation, career development, and human factors in security; “capture-the-flag” competitions, hardware challenges and hands-on contests; and networking opportunities with security professionals, students, mentors, hiring managers and local industry leaders. Location is Karen Gail Miller Conference Center, Salt Lake Community College, 9750 S. 300 W., Building 2, Sandy. Details are at https://www.siliconslopes.com/c/events/ bsidesslc2026.

April 7, 10 a.m.

April 9, 6-8 p.m.

Information about upcoming events may be sent to brice.w@thecityjournals.com.

April 6, 10-11 a.m.

A Bolder Way Forward Quarterly Impact Forum, a Utah Women & Leadership Project event that will include updates on new and emerging resources, recent research findings, and progress happening across the BWF movement. Event takes place online. Free (register in advance). Details are at https://www.usu.edu/uwlp/calendar/?id=100065.

April 7, 9-10 a.m.

“Business 101: Essential Steps for New Entrepreneurs,” a Women’s Business Center of Utah event that takes place online. Free. Details are at wbcutah.org.

April 7, 5-7 p.m.

“Tech Tuesday: Academia & Industry,” a University of Utah Technology Licensing Office event featuring discussions about research collaboration and innovation. An expert panel will share the latest developments and explore opportunities for collaboration between academia and industry. Location is 303 Chipeta Way, Salt Lake City. Must be 21 or older to attend. Details are at https://technologylicensing.utah.edu/ news-events/upcoming-events/technology-licensing-office-events/tech-tuesday/ tech-tuesday.

April 8, 11:30 a.m.-1 p.m.

“Chamber Connections,” a Davis Chamber of Commerce event. Location is the Davis Chamber, 450 S. Simmons Way, Suite 220, Kaysville. Details are at davischamberofcommerce.com.

April 8, 5-7 p.m.

“Business After Hours,” an Ogden-Weber Chamber of Commerce event. Location is Myers Mortuaries, 2302 S. Washington Blvd., Ogden. Free for members and first-time guests, $35 for nonmembers. Details are at ogdenweberchamber. com.

April 8, 6-7:30 p.m.

“Online Marketing Fundamentals,” a Small Business Development Center event that takes place online. Details are at https://clients.utahsbdc.org/events.aspx.

April 9-10

BSidesSLC, produced by nonprofit Utah Cybersecurity Society. Event will include talks and presentations covering the latest research, real-world attacks, defense

sessions and exhibitor booths. Speakers are retired Maj. Gen. Cauley von Hoffman; Jennifer Colosimo, FranklinCovey; and Katy Blommer, founder of Women’s Best Life University. Location is Utah Cultural Celebration Center, 1355 W. 3100 S., West Valley City. Cost is $125 for ChamberWest members, $150 for nonmembers. Details are at chamberwest.com.

April 14, 9 a.m.-noon

“Cash Flow is King” Workshop Series, a Small Business Development Center event. Location is Salt Lake SBDC at Salt Lake Community College. Coste is $99. Details are at https://clients.utahsbdc.org/ events.aspx.

April 14, 5-7 p.m.

“Business Essentials,” a Small Business Development Center event that takes place online. Details are at https://clients. utahsbdc.org/events.aspx.

Business Women’s Forum Spring Mixer. Location is Squatters Pub Brewery, 147 W. Broadway, Salt Lake City. Cost is $40 for members and $60 for nonmembers until April 7, $50 for members and $70 for nonmembers thereafter. Details are at slchamber.com.

April 10

April 14, 7-9 p.m.

Ski-LE 2026: The Mountain Summit for FDA Regulatory & Compliance Leaders, hosted by Gardner Law and featuring learning and networking experiences designed for in-house attorneys and regulatory, quality and compliance professionals in the medical device, biotech and pharmaceutical industries. Location is Cliff Lodge, 9320 S. Cliff Lodge Drive, Snowbird. Details are at https://gardner.law/news/ski-lemountain-summit-fda-leaders.

Pillar of the Valley Gala, a Utah Valley Chamber of Commerce event honoring individuals who have made extraordinary contributions to the business, civic, social, educational and cultural climate of Utah Valley. Location is Utah Valley Convention Center, 220 W. Center St., Provo. Details are at thechamber.org.

April 15-16

CMI Bench to Bedside Competition Night, presented by the Center for Medical Innovation at the University of Utah and featuring student teams showcasing their projects offering solutions to problems facing health care professionals. Location is Sorenson Center for Medical Innovation, 15 S. Mario Capecchi Drive, Salt Lake City. Details are at Eventbrite.com.

“Ecom Elevated,” a Commerce Catalyst event covering operations, marketplaces and multichannel brand-building. April 15th is a brand-only day, featuring roundtables, keynotes and a kick-off party. April 16 opens up to everyone, with full conference programming, including workshops, breakouts and main-stage sessions. Location is Le Meridien Hotel, 131 S. 300 W., Salt Lake City. Cost ranges from $149 to $249. Details are at https://ticketspotapp.com/e/ catalyst26spring.

April 14, 7 a.m.-1:30 p.m.

April 15, 8-9:30 a.m.

April 13, 6-9 p.m.

38th annual Employment Law Symposium, presented by Parsons, Behle & Latimer, in partnership with Salt Lake SHRM. Keynote speaker is Johnny C. Taylor Jr., president and CEO of SHRM. Location is Grand America Hotel, 555 S. Main St., Salt Lake City. Cost through April 13 is $270 for members, $320 for nonmembers. Cost at the door is $320 for members and $370 for nonmembers. Cost for student members of SLSHRM is $120. Details are at https:// slshrm.org/index.php/events#!event-list.

April 14, 7:15 a.m.-2:30 p.m.

Annual Spring Conference, a ChamberWest Women in Business event featuring three keynote speakers, six breakout

Executech Business Technology Series, a three-part series presented by the South Salt Lake Chamber of Commerce and Executech designed to help local business leaders confidently navigate modern technology. April session is titled “AI in Action: How Small Businesses Are Saving Time, Money and Headaches.” Location is The Co-Op, 2531 S. 400 E., South Salt Lake. Cost is $30 for single session. Details are at sslchamber.com.

April 15, 11 a.m.-1 p.m.

Business Boot Camp, a South Valley Chamber of Commerce event with the theme “Sell Smarter. Grow Faster.” Instructor is Travis Johnson, owner of Axio Auto-

motive/Southtowne Mitsubishi. Location is Salt Mine Productive Workspace, 7984 S. 1300 E., Sandy. Cost is $35 for members, $55 for nonmembers. Details are at southvalleychamber.com.

April 15, 11:30 a.m.-1 p.m.

Business Alliance, a Davis Chamber of Commerce event. Location is Boondocks Fun Center, 525 Deseret Drive, Kaysville. No RSVP needed. Free. Lunch available for purchase. Details are at davischamberofcommerce.com.

April 15, noon-1 p.m.

“Solve the Business Puzzle,” a Women’s Business Center of Utah event. Speaker Estefany Marte-Bäckman, international speaker and leadership strategist, will discuss “How to Handle Hard Conversations Without Burning Bridges.” Event takes place online. Free. Details are at wbcutah.org.

April 15, noon-1 p.m.

“Walkable Wednesday,” a ULI (Urban Land Institute) Utah event focused on Citizens West, a multi-phase, transit-oriented, carbon-neutral, mixed-income, mixed-use development located in Salt Lake City’s North Temple corridor. Location is Citizens West 2 and 3, 255 N. 500 W., Salt Lake City. Details are at https:// utah.uli.org/events-2.

April 15, 4-9 p.m.

Altitude Lab Demo Day, hosted by Altitude Lab and BioHive and showcasing achievements of resident companies, exchanging ideas, and building more inclusive and accessible health care. Location is Gallivan Center, 50 E. 200 S., Salt Lake City. Cost is $40, with higher costs for BioHive Live and Demo Day VIP and BioHive Week All-Access tickets. Details are at https://luma.com/axc3jho1.

April 15, 5:30-6:30 p.m.

Tax Planning Clinic, a Small Business Development Center event that takes place online. Details are at https://clients.utahsbdc.org/events.aspx.

April 15, 6-8 p.m.

Marketing Clinic, a Small Business Development Center event that takes place online. Details are at https://clients.utahsbdc.org/events.aspx.

April 16, 8-11:30 a.m.

Workplace Mental Health & Well-Being Series, with the theme “Power of Purpose through Voluntarism,” a Salt Lake Chamber Foundation event featuring Cambia Health and Utah Community Builders. Location is 201 S. Main St., second floor, Salt Lake City. Cost is $$75 for members and $100 for nonmembers. Details are at slchamber.com.

April 6, 2026 | 15

SALT LAKE BUSINESS JOURNAL

Savage sells its railroad business to Canadian company

Savage Enterprises LLC of Midvale has announced plans to sell its railroad company, Savage Rail, to a major Canadian industrial railway service firm. Savage has signed a definitive agreement to sell Savage Rail to Cando Rail & Terminals of Brandon, Manitoba, Canada. Terms of the transaction were not disclosed. Founded in 1946 in American Fork by the Savage brothers, Kenneth, Neal and Luke, along with their father, Cornelius, Savage Enterprises is a major family-owned provider of transportation, logistics and materials management services. The company manages supply chains for industries like oil, gas, mining and agriculture. Savage employs more than 4,000 people at about 200 worldwide locations. Cando is an employee-owned railway service provider founded in 1978 and specializes in first-mile and last-mile connectivity, railcar staging, storage and transloading. It operates over 50 locations across Canada and the U.S., serving industries like petroleum, agriculture and forestry. Following completion of the acquisition, the combined company will manage 36 railcar storage, staging and transload terminals, three short-line railways, and 80 first- and last-mile rail service opera-

tions, with access to all North American Class I railroads. Cando said the acquisition will accelerate its expansion in the U.S. while reinforcing its existing Canadian network. The companies stated there is no geographic overlap between their terminal and rail service footprints, which should assure regulatory approval of the merger. The deal is expected to close in the second quarter of 2026. The combined workforce will total more than 2,000 employees across both countries. Cando will retain its global headquarters in Manitoba and establish a U.S. headquarters in Salt Lake City. Most notable of the Savage assets acquired in the transaction are the Savage Bingham & Garfield Railroad Co. and Savage Tooele Railroad. Savage Enterprises will continue operating its other business lines, including its food and fuel-focused activities. The sale is intended to provide capital for further investment in those segments, Savage said in a release. Cando noted that the Savage Rail acquisition follows its purchase of the Channelview Terminal and associated rail operations on the Houston ship channel. The Savage Rail transaction is Cando’s fourth acquisition in just over two years,

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TerraPowe r, in Bellevue, a nuclear energy developme Washington, nt company Gates, is looking and backed based by for a spot to plant in Utah. put a nuclear billionaire Bill power generating In late August, the company derstanding signed a memorand (MOU) with um of unopment (OED) the Utah and land developer Office of Energy the project. DevelFlagship Cos. to pursue According to the MOU, search for a the three companies potential site will together energy storage suitable for the plant. The nary list by goal is to come nuclear reactor and the end of the up with a prelimiyear. TerraPowe This concept r seeks to build drawing of one of its Natrium reactor power TerraPowe r’s Wyoming reactors in generating the Kemmerer , is likely what station, currently under Natrium nuclear when built. the construction Utah’s Office company’s project see NATRIU near in memorand M page um of understanof Energy Developm Utah will look like 3 for ent is signatory ding the reactor. to a (Photo courtesy that launched the search for TerraPowe a site r)

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representing more than $1 billion in total capital investment. “This is a great opportunity for Savage Rail and Savage as a whole,” said Jeff Roberts, Savage’s president and CEO. “We’re excited about the additional offerings Cando will provide for our rail services customers as a pure-play rail company as well as the investment opportunities that this sale will provide for our other businesses.” “Combining with Cando represents a logical next step in our growth journey and the continued evolution of our rail assets. Cando shares our commitment to deliver safe, reliable rail operations at critical points in our customers’ supply chains and provides meaningful opportunities

for our people,” said Mike Miller, senior vice president and rail services leader at Savage Rail. “This combination allows us to preserve what makes our rail business special while giving our customers and teams access to broader resources and a North American platform that’s built for sustainable growth.” Brian Cornick, president and CEO of Cando Rail, said, “By combining two highly complementary teams and capabilities with Cando’s strong financial profile, we’re creating a stronger, more resilient platform to support our customers, team members and communities today and invest for the long term. We are excited to welcome the Savage Rail team to the Cando family.”

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SALT LAKE BUSINESS JOURNAL

Promotion is for new members, ages 18 and above only. You must open this account with a Financial Service Representative and mention this promotion for enrollment. Must meet membership requirements and a minimum balance of $10 must be maintained. With the exception of the mortgage loan bonus, eligibility for payouts is limited to 6 months from the primary savings open date. Contact us for more information, and full terms and conditions. Promotion cannot be combined with other new member offers and is valid thru 12/31/26. This offer is subject to change without notice, and other restrictions may apply. Fees could reduce earnings. Equal Housing Lender. NMLS #654272. Federally insured by NCUA.