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Deal Flow Report UTAH DEAL FLOW REPORT 2015 Announcing a merger between confidence and value M & A is one of the quickest paths to growth. But it’s not always the surest. That’s why at PwC, we help you understand the risks in your transactions, so you can be confident that you are making informed strategic decisions. From your deal negotiations, to capturing synergies during integration, we help clients gain value. And ultimately, deliver this value to stakeholders. Like we’ve done for the majority of the top 50 global private equity and Fortune 100 companies. Leverage the experience of our global network of firms. For more information, contact: Ryan Dent at [email protected]/(801) 534 3883 or visit pwc.com/deals © 2016 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 153067-2016-MWCN Deal Flow Awards 2016 Ad.indd 1 3/18/2016 10:52:40 AM TABLE OF CONTENTS INTRODUCTION Introduction ...................................................................................................................................................................................................................3 Data Findings & Conclusions................................................................................................................................................................... 4–5 2016 MWCN Board of Trustees ...................................................................................................................................................................7 2015 – 2016 Deal Flow Committee........................................................................................................................................................... 9 Scheduled Events — 2016 ..............................................................................................................................................................................11 The Rewards of MWCN Membership ................................................................................................................................................. 13 ARTICLES VC Investment in Software Continues to Dominate in Utah and Nationally ....................................................... 17 Improving Business Processes via Vacation ..................................................................................................................................19 Management and Control of Foreign Exchange Risk ............................................................................................................ 21 The Five Temptations of a CEO ................................................................................................................................................................23 Startup Crowdfunding .......................................................................................................................................................................................25 Sandbagging: Tips for Buyers and Sellers in Mergers and Acquisitions ...............................................................27 Four Lessons of a New M&A Associate ............................................................................................................................................ 29 DEALS Public Offerings ......................................................................................................................................................................................................33 Private Placements .............................................................................................................................................................................................. 41 Mergers & Acquisitions ..................................................................................................................................................................................121 INDEX Deal Flow Company Index .........................................................................................................................................................................193 Deal Flow Outside Professionals Index ...........................................................................................................................................201 #utahdealflow | mwcn.org 1 Where ambition becomes reality. With more than 500 lawyers in 14 offices, Ballard Spahr combines the depth and experience of a national firm with portfolio practices focused on the needs of local markets. Our attorneys go beyond the transactions, introducing buyers and sellers and connecting clients with investment bankers and other business leaders who can help our clients achieve their goals. For more than 25 years, our Salt Lake City lawyers have been providing results-driven counsel and helping turn ambition into profitable enterprise. • Business and Finance • Patents and Trademarks • Corporate and Securities • Intellectual Property Litigation • Mergers and Acquisitions/ • Labor and Employment Private Equity/Venture Finance • Tax • Commercial Litigation • Real Estate Proud supporter of MountainWest Capital Network. Todd A. Reece 801.517.6872 | [email protected] Quinton J. Stephens 801.531.3089 | [email protected] Atlanta | Baltimore | Bethesda | Denver | Las Vegas | Los Angeles | New Jersey | New York | Philadelphia | Phoenix Salt Lake City | San Diego | Washington, DC | Wilmington | www.ballardspahr.com INTRODUCTION The MountainWest Capital Network is pleased to present the 2015 Deal Flow Report. The Deal Flow Report is Utah's only comprehensive publication tracking the equity-related financial transactions throughout the State of Utah on an annual basis. Our goal is to both showcase Utah's dynamic business environment and to attract and promote greater attention from the investment communities, both locally and nationwide. Information presented in this year's Deal Flow Report was predominantly collected from the following methods: • Direct contacting and verification efforts of the MountainWest Capital Network Deal Flow Committee Members with investors, companies, service providers, and media sources; • Electronic data gathering from various reputable sources (i.e. PitchBook, S&P, etc.); and • Review of all form Ds filed by Utah-based companies. This is the 21st year of the MountainWest Capital Network Deal Flow Report. Similar to previous years, the transactions reported are separated into the following three categories: 1. Public Offerings 2. Private Placements (of at least $50,000) — Venture Capital, Private Equity, and Angel Investments 3. Mergers and Acquisitions We encourage you to continue to report your deals throughout the year by contacting the MountainWest Capital Network or the Deal Flow Committee. We would like to personally thank the members of this year's MountainWest Capital Network's Deal Flow Committee. Their level of dedication and hard work cannot be overstated. Also, we would like to thank this year's sponsors, many of whom played a very active role in the Deal Flow Committee. Without each sponsor's support, the Deal Flow Report would not be possible. Lastly, we would like to congratulate each of the companies and principals recognized in this year's Deal Flow report. You help make Utah a great state in which to do business. Sincerely, Ryan Dent Quinton J. Stephens PricewaterhouseCoopers, LLP Ballard Spahr, LLP Deal Flow Chair Deal Flow Vice-Chair #utahdealflow | mwcn.org 3 DATA FINDINGS & CONCLUSIONS The number of deals in 2015 remains strong. Significant dollars were spent in deals in 2015, but overall dollars spent continues to trend down from 2013. 544 $12.5B 536 $11.7B 426 $9.8B 2013 2014 2015 2013 2014 2015 Number of Deals Dollars Spent in Deals The technology/software sector continues to dominate Utah deals, and is continuing its yearly growth. Consumer/ retail and financial services sectors also continued an upward growth while services and "other" categories decreased in 2015. The healthcare sector stayed at almost the same amount of deals as 2014. 2013 114 Technology 2014 135 & Software 2015 192 2013 47 Consumer 2014 52 & Retail 2015 82 2013 58 Healthcare 2014 70 2015 69 2013 61 Services 2014 92 2015 55 2013 19 Financial 2014 25 Services 2015 31 2013 127 All Others 2014 170 2015 107 * The information in this report has not been independently verified and should not be relied upon in any way. Furthermore, this is not a complete listing of all the deals in Utah, since many were confidential, not reported, or had insufficient data for inclusion. 4 #utahdealflow | mwcn.org DATA FINDINGS & CONCLUSIONS While Mergers & Acquisitions saw record levels of volume, the volatility of the public markets impacted transaction volume for Public Offerings. Private Placements decreased in overall volume but continued the trend of increasing in amount spent. 306 $8.8B 242 279 231 215 $6.0B $5.9B $5.5B 173 $2.3B $1.4B $1.5B $1.5B $1.2B 22 23 15 2013 2014 2015 2013 2014 2015 2013 2014 2015 Mergers & Acquisitions Private Placements Public Offerings The top 10 deals by size for each category (as reported) showcase the diverse opportunities that continue to be offered in the Utah economy. Extra Space Storage, Inc. $1,644M Electronic Funds Source LLC $1,470M Vista Outdoor Inc. $453M Rockwell Holdco, Inc. $367M
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