Nearly $40 Million in Utah-focused Deals, Announcements Regarding 14 Utah Entities, Including 7 Executive Changes — Say Hello to NEWS OF NOTE No. 3
EXECUTIVE SUMMARY:
✅ L3Harris Technologies (Salt Lake City) has landed a $12.2 million U.S. Navy contract modification for work in Utah, while Salt Lake City-based Milestone Capital Partners closed $11.5 million of corporate notes;
✅ Ogden, Utah-based TAB Bank provided an $8 million working-capital facility to Optimum Foods, while Lehi, Utah-based private equity firm Banner Capital secured strategic backing from GCM Grosvenor;
✅ SLC-based SINTX Technologies raised ~$5 million and then announced over $3.2 million in purchase orders, while Lindon, Utah-based Trucordia acquired the assets of Hecht-Stout Insurance Agency; and
✅ Senior executive leadership moves were made by the Utah Mammoth (SLC), CenExel Clinical Research (Draper), Findd (Provo), and the Utah System of Higher Education, the University of Utah, and University of Utah Health (the last 3 also of SLC).
30 June 2026 — LEHI, Utah — In this week's edition of NEWS OF NOTE, we track nearly $40 million in deals across seven Utah-based entities in the national defense, banking, private equity, insurance, and MedTech industries, while also tracking senior executive changes involving seven additional Utah-based entities.
As such, NEWS OF NOTE No. 3 begins below.
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1. L3Harris Technologies' Salt Lake City Unit Lands $12.2 Million U.S. Navy Hawklink Contract Modification
A Salt Lake City unit of L3Harris Technologies has landed a $12.2 million U.S. Navy contract modification.
As noted in the 23 June 2026 federal contracts notice, L3Harris Technologies Communication Systems – West received a $12,220,633 firm-fixed-price modification to a previously awarded contract tied to the AN/SRQ-4 Radio Terminal Set Common Data Link Hawklink system for U.S. Navy surface combatants.
Work will be performed in Salt Lake City and is expected to be completed by June 2028.
The contract combines purchases from the U.S. Navy and the government of Spain under the Foreign Military Sales program, with Spain accounting for 80% of the funding and the U.S. Navy accounting for 20%.
2. Milestone Capital Partners Closes $11.5 Million Corporate Note Financing
As noted in the company’s release, Milestone Capital Partners is the holding company for Milestone Bank, a commercial specialty-finance platform.
Proceeds from the corporate notes are expected to support continued growth, fund new originations and refinance existing holding-company obligations.
Since inception, Milestone says it has originated more than $2.5 billion in loan and lease financings, with a focus on mid-ticket equipment, loans through the U.S. Small Business Administration, and asset-based lending.
3. TAB Bank Provides $8 Million Working-Capital Facility to Optimum Foods
Ogden, Utah-based TAB Bank has closed an $8 million working-capital facility for Optimum Foods, a veteran-owned small business with primary operations in Texas.
As noted in TAB Bank’s announcement, Optimum Foods provides and distributes shelf-stable meal solutions nationwide through parcel, less-than-truckload and full-truckload shipping.
The financing is expected to support increased production capacity, inventory purchases and working-capital needs as Optimum Foods expands among nonprofit organizations, school districts, food banks and community partners.
4. Banner Capital Takes GCM Grosvenor Backing for Fund II
Lehi, Utah-based Banner Capital Management has secured strategic backing from GCM Grosvenor (NASDAQ:GCMG), a Chicago-based global alternative asset management solutions firm with $91 billion in assets under management (AUM).
As noted in GCM Grosvenor’s announcement, Banner Capital is a lower middle-market private equity firm focused on founder-led and family-owned commercial and essential services companies in the Intermountain West.
According to its website, Banner
🔹 Operates from offices in Utah and Arizona,
🔹 Has approximately $630 million in AUM, and
🔹 Typically invests in companies generating $4 million–$15 million in EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization).
GCM Grosvenor is backing Banner Capital through its Sponsor Solutions platform, with its Elevate strategy providing catalytic anchor capital for Banner Capital Fund II and ongoing strategic support as Banner Capital scales.
5. SINTX Technologies Raises ~$5.0MM in Private Placement Funding, Then Announces $3.2MM+ in Purchase Orders
Based upon three recent announcements from Salt Lake City-based SINTX Technologies (NASDAQ:SINT), the company has had a fairly successful past two months.
On June 3, SINTX announced it had raised approximately $5 million of equity capital which, for a microcap valued at under $15 million, is a pretty big deal.
The funding included $4.5 million of gross proceeds from a private placement priced at-the-market under Nasdaq rules and a previously completed $500,000 sale through its at-the-market offering program.
The next day (June 4), SINTX announced that Maxim Group had resumed analyst coverage on the firm with a BUY rating and a target price of $6.00 per share.
Then last Monday, SINTX announced it had received over $3.2 million in purchase orders from multiple contract-manufacturing customers for advanced ceramic components.
The company said production and shipment activity tied to those purchase orders is expected to begin in the second half of 2026 and continue into 2027, subject to customer requirements, schedules and commercial terms.
6. Trucordia has Acquired the Assets of Hecht-Stout Insurance Agency
Lindon, Utah-based Trucordia continues to add to its national insurance brokerage platform.
As noted in the company’s announcement, Trucordia acquired the assets of Hecht-Stout Insurance Agency, a Dunlap, Illinois-based business serving the Peoria area.
Financial terms were not disclosed.
Trucordia describes itself as the group name for a top 20 U.S. insurance brokerage with over 5,000 team members across the U.S.
According to the firm, it ranked No. 18 on Business Insurance’s 2025 Top 100 Brokers list and No. 16 on Insurance Journal’s 2025 Top Property/Casualty Agencies list.
7. Utah Executive Leadership Moves: The Utah Mammoth, CenExel, Findd, the University of Utah, Utah System of Higher Education, and University of Utah Health
Several Utah-based organizations also made executive leadership moves recently we felt were worth noting.
A. The Utah Mammoth
After its breakout second year in the National Hockey League, the Salt Lake City-based Utah Mammoth re-signed Head Coach André Tourigny and Assistant Coach Blaine Forsythe to new multi-year contracts.
The Mammoth also added Adam Foote as an assistant coach.
Contract terms were not disclosed.
The new contracts follow the Mammoth making the NHL playoffs for the 2025–26 season with a 43–33–6 record and 92 points. (43 wins, 33 losses, and 6 losses in overtime)
As noted in this 19 April 2024 Utah Money Watch writeup titled — The Rumors Were True: The NHL is Coming to Utah — Smith Entertainment Group acquired the assets of the former Arizona Coyotes to eventually form the Utah-based NHL franchise, the Utah Mammoth.
{NOTE: The last time the Coyotes had a winning record was the 2019–2020 season when they finished 33–28–8 and 74 points. Conversely, the Mammoth did it in their second season, 2025–26.}
B. CenExel Clinical Research
As noted in CenExel Clinical Research’s recent announcement, the Draper, Utah-based company appointed Bethany Sensenig as its Chief Financial Officer and Head of Strategy.
CenExel noted in the release that Sensenig will oversee financial strategy, planning and accounting functions for the firm.
C. Findd
As noted in Findd’s announcement, Provo, Utah-based Findd appointed Dan Shaw as Chief Revenue Officer to lead go-to-market across marketing, sales, customer success and professional services.
The move follows a $21 million growth investment in Findd by Unbundled Capital earlier this year.
D. The Utah System of Higher Education, the University of Utah, and University of Utah Health
The pending 1 July 2026 retirement of Stephen Hess as Chief Information Officer for both the Utah System of Higher Education and the University of Utah has led to some executive changes as replacements are sought.
First (as announced by the UofU), Jake Johansen (the Chief Information Security Officer for the UofU for the past two years) has been tapped as the Interim CIO for both the UofU and Utah System of Higher Education.
Additionally (as announced last week by the UofU), Trevor Long has been named as the Interim CISO for both the UofU and University of Utah Health.
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