News

SALT LAKE CITY, UT | September 2017

Three Banyan Ventures portfolio companies recently received national recognition and local distinctions for their record-breaking growth in 2016.

Nationally, Intermountain Nutrition, RCA Holdings (Kore Refrigeration), and Western Peaks Logistics (WPL) each ranked on Inc. Magazine’s 36th annual Inc. 5000, the most prestigious listing of the country’s fastest-growing private companies. Intermountain Nutrition ranked No. 745 for its astounding 615 percent growth in revenue over the past three years (2013–2016). WPL ranked No. 1509 for its impressive 269 percent growth in revenue and Kore Refrigeration ranked No. 3678 with 82 percent growth in revenue over this time period.

With all three companies headquartered in Utah, each business was also honored by Utah Business Magazine for their tremendous growth. Kore Refrigeration ranked No. 31 and WPL ranked No. 36 on the magazine’s Fast 50, the 50 fastest-growing companies in the state of Utah. As a new company with less than five years of operation, Intermountain Nutrition was included among Utah Business's Emerging Eight, companies that are young in age but already aggressive in their growth.

The three companies received similar distinctions from the Mountain West Capital Network (MWCN). Kore Refrigeration and WPL were named on the organization’s Utah 100 list, the 100 fastest-growing companies in Utah, with ranks of No. 41 and No. 49, respectively. Intermountain Nutrition was included on MWCN’s Emerging Elite list, companies with less than five but more than two years of operation that show significant promise for future success.

“These three companies have grown to employ over 400 exceptional people and they actively contribute to their local economies,” said Darin Gilson, a Banyan Ventures managing director. “We are excited about the continued growth of these businesses and look forward to backing other great companies in Utah and the Intermountain West.”

The complete Inc. 5000 list can be found at www.inc.com/inc5000; the complete Utah Business Fast 50 list can be found at www.utahbusiness.com/category/events/fast-50/; and the complete MWCN Utah 100 list can be found at www.mwcn.org/utah-100/. Contact info@banyanventures.com for more information.

SALT LAKE CITY, UT | June 2017

Banyan Ventures is building its portfolio company Western Peaks Logistics (WPL) with the acquisition of PTC Air Freight.

Banyan formed WPL in 2016, merging long-time portfolio company Rev It Logistics with Kangaroo Express. Adding PTC under the WPL umbrella will expand and enhance WPL’s coverage of the western United States in providing customized freight-forwarding, delivery, and logistics solutions.

“Adding PTC to the WPL portfolio significantly enhances our ability to serve the freight-forwarding industry,” said WPL CEO and Banyan Managing Director Tyler Thatcher. “Combining the managerial expertise and services of these two great businesses will enable us to offer a compelling solution for shippers that are servicing customers in the Rocky Mountain West.”

WPL has become the premier same-day/next-day and last-mile delivery and logistics provider serving Utah, Colorado, New Mexico, Wyoming, Idaho, and surrounding areas. WPL’s current customers include several of the country’s most recognized brands in national retail, express shipping, bulk mail, laboratory companies, and pharmaceutical wholesalers.

PTC has been recognized for more than 40 years as the standard of excellence in specialty distribution and expedited freight-handling services along the Wasatch Front. The company also considers its highly experienced staff and sophisticated technology to track deliveries and communicate with customers to be competitive advantages.

“By partnering with WPL, we will significantly expand our reach and our resources while continuing to provide the high levels of customer service to which PTC customers have become accustomed,” said Dennis Gardner, president of PTC. “With benefits like access to a new and larger warehouse and a significantly expanded service area, this partnership will enable us to be even more responsive to our customers’ needs in a more cost-effective way.”

The PTC team will continue to be responsible for the company’s day-to-day operations, with Gardner in a senior leadership role during the transition. PTC and WPL are both based in Salt Lake City.

The companies’ combined service offerings include: last-mile, same-day/next-day, and on-demand distribution; parcel and freight; warehouse storage; dedicated fleets; white-glove home delivery and assembly service; packaging; palletizing; hot shot service; and critical parts management and fulfillment.

For more information, visit www.deliverthewest.com and www.ptcslc.com.

SALT LAKE CITY, UT | August 2016

Banyan Ventures recently announced that Western Peaks Logistics, a Banyan portfolio company, ranked NO. 1800 on Inc. Magazine’s 35th annual Inc. 5000, the most prestigious ranking of the nation’s fastest-growing private companies.

The premier same-day/next-day and last-mile delivery and logistics provider serving the western United States, Western Peaks Logistics achieved its Inc. 5000 ranking for its impressive 207 percent growth in revenue over the past three years (2012–2015) while operating as Rev It Logistics and Kangaroo Express. The two companies joined forces in 2016 to become Western Peaks Logistics.

On their own, Rev It Logistics and Kangaroo Express were leaders in their respective markets, primarily Utah and Colorado. By combining forces into Western Peaks Logistics, the companies were able to expand their footprint and offer a regional solution for national shippers, reaching areas of the west known to be geographically isolated.

“WPL’s growth plan is to expand and provide last-mile and same-day/next-day delivery and logistics solutions in the areas that are adjacent to our current service area in the Intermountain West,” said Tyler Thatcher, a Banyan managing director and CEO of Western Peaks Logistics. “We know what lies between two points on a map in this area, perhaps the most challenging terrain in the United States. We are experts in navigating the expansive western terrain and often unpredictable weather conditions. We will grow to provide cross-dock facilities in areas where our current customers have delivery needs that are underserved.”

To accommodate the growth of the business, Western Peaks Logistics will be moving its Salt Lake City dock this fall to a new facility that will more than triple the company’s existing warehouse space.

For more information, visit www.deliverthewest.com.

SALT LAKE CITY, UT | March 2016

Banyan Ventures, a professional venture-building firm in Salt Lake City, has made a new investment in Intermountain Nutrition, a supplement manufacturer in Provo, Utah.

Intermountain Nutrition manufactures nutrition supplements, including vitamins, protein powders, and herbal extracts. The company is known for high quality and short lead times. Products are developed and manufactured under the direction of a team of professionals with decades of experience. All production takes place in Intermountain Nutrition’s own FDA-registered and GMP-certified manufacturing facility.

“Intermountain Nutrition has grown so fast over the past three years that we have had to move facilities four times,” says Ryan Gledhill, CEO of Intermountain Nutrition. “We plan to capitalize on Banyan’s experience and expertise to manage this growth while building our company in a competitive marketplace.”

Banyan will provide Intermountain Nutrition with growth capital to expand into a new facility, purchase new equipment, and broaden its product offerings. Banyan Managing Director Tim Barney will be actively involved with corporate development, consulting the Intermountain Nutrition leadership team on strategies to scale business operations and facilitate growth. Barney will also serve on the company’s Board of Directors.

For more information, please contact Tim Barney, Managing Director at Banyan Ventures, at (801) 456-1550 or tbarney@banyanventures.com or visit www.intermountainnutrition.com.

SALT LAKE CITY, UT | February 2016

Banyan Ventures, a professional venture building firm in Salt Lake City, has launched its newest committed fund, the Banyan Opportunity Fund.

The Banyan Opportunity Fund will provide the firm with ready-access capital to invest in and grow early-stage companies into valuable and sustainable businesses. The fund will target and serve Utah-based companies with annual revenues between $2 million and $15 million, with the average equity investment ranging from $2 million to $4 million. Companies in the manufacturing, construction, services, logistics, industrials, and similar industries are preferred.

“We are excited about the prospect of new investments and future growth that the creation of the Banyan Opportunity Fund brings,” said Darin Gilson, a Managing Director of Banyan Ventures. “Following in the success of our previous funds, this fund will provide the growth capital necessary to take businesses to the next level, while our team continues to supply executive talent and leadership, operational and financial management, and other services to further fuel our enterprises’ development.”

A differentiating feature of the Banyan business model, a small group of investors serve on the fund’s Investment Board and play an active role in the fund’s operations. Investment Board member Tim Barney has joined Banyan’s management team to lead the Banyan Opportunity Fund as a Managing Director.

Barney is well-known in Salt Lake City’s private equity industry, having served as President of NJMC Investments and as a Founder and Principal of Longview Partners for the past eight years. Prior to moving to venture capital, Barney was an Executive Vice President at EnergySolutions, where he retired in 2008 after nearly 12 years with the company.

Barney will also help manage Banyan’s first investments to be financed through the Banyan Opportunity Fund, Intermountain Nutrition and RCA Holdings.

SALT LAKE CITY, UT | January 2016

Rev It Logistics is officially one of the most buzzed about companies in Utah.

The Salt Lake City-based provider of last-mile and same-day delivery, warehousing, and logistics services received the Utah Venture Entrepreneur Forum’s Hot 100 Award. The award, sponsored by EPIC Ventures, recognizes outstanding Utah companies that are fewer than five years old.

“It’s an honor to be included on a list of Utah’s most influential and buzzed about companies,” said Rev It Logistics CEO Tyler Thatcher. “We’ve worked hard over the past five years to position our company as the premier delivery and logistics provider in the state and throughout the western United States. It’s great to see the public taking notice of our efforts.”

The UVEF’s Hot 100 list was composed by two-thirds of public voting and one-third from internal UVEF voting.

Rev It Logistics has experienced exponential growth since becoming a Banyan Ventures portfolio company in 2011.

For more information, visit www.RevItLogistics.com.

SALT LAKE CITY, UT | September 2014

Banyan Ventures, a professional venture-building firm in Salt Lake City, has invested in RCA Holdings, a leading provider of commercial refrigeration, HVAC, and electrical equipment and infrastructure services in the Mountain West.

Also based in Salt Lake City, RCA is a family of companies that delivers the highest quality service for the mission-critical infrastructure and equipment of its customers. A few of RCA’s premier customers include Maverik, Costco, Associated Foods, Walmart, Olive Garden, and Chili’s.

RCA began in 2012 as a refrigeration services company for restaurants and grocery stores and has quickly expanded to become a one-stop solution for commercial refrigeration, HVAC, and electrical services. Subsidiaries include Epic Refrigeration and Ace Electric.

“RCA has grown quickly over the past three years,” says Tye Rogers, CEO of RCA Holdings. “By partnering with Banyan, RCA hopes to continue expanding successfully by systematically putting the people, processes, and strategies in place to achieve sustainable growth.”

Two of Banyan’s Managing Directors will serve as active members of the RCA Board of Directors, and one of Banyan’s Investment Board members will also join the RCA Board. In these roles, they will advise and work closely with the RCA leadership team to scale business operations, devise strategy and growth plans, and provide acquisition support as RCA brings more companies under the brand.

RCA will utilize Banyan’s capital investment to expand the company’s footprint across the Mountain West region and improve operational efficiencies.

For more information, please contact Darin Gilson, Managing Director at Banyan Ventures, at (801) 456-1550 or dgilson@banyanventures.com.

SALT LAKE CITY, UT | May 2014

Banyan Ventures recently announced that Tex Tech Industries, Inc., has acquired Banyan portfolio company Chapman Innovations and Chapman Innovations’ flagship brand CarbonX®.

Tex Tech, a leading global developer and manufacturer of engineered, high-performance materials, is a ShoreView Industries portfolio company headquartered in Portland, Maine. ShoreView assisted Tex Tech in the acquisition of Chapman Innovations.

Chapman Innovations was founded in Salt Lake City, Utah, in 1998. The company develops, produces, and markets thermal fabric solutions under the brand CarbonX. Made of a patented blend of high-performance fibers, CarbonX non-flammable fabrics and apparel are widely used in protective applications for industrial safety, construction, welding, molten metal, utilities, pulp and paper, oil and gas, firefighting, motorsports, and tactical/police.

Also based in Salt Lake City, Banyan assumed majority ownership and management control of Chapman Innovations in 2003, the same year that Banyan was founded. Chapman Innovations was one of Banyan’s first investments. Banyan recapitalized the company, established a new management team to support the company’s growth strategy, and helped develop and refine the company’s manufacturing, marketing, sales, distribution, and administrative processes.

Under Banyan’s leadership, Chapman Innovations experienced exponential growth. The company received numerous product and corporate awards for being one of Utah’s most innovative and rapidly growing businesses. In addition, Chapman Innovations was featured in 2008, 2009, and 2012 on the Inc. 500|5000, Inc. Magazine’s exclusive listing of the nation’s fastest-growing private companies.

The acquisition of Chapman Innovations is complementary to TexTech’s highly engineered product portfolio and expands cross-selling and product development opportunities within the existing customer base.

“Chapman Innovations looks forward to being a part of the Tex Tech family of companies,” says Tyler Thatcher, President of Chapman Innovations and a Banyan Ventures Managing Director. “Tex Tech’s global distribution platform and sophisticated in-house engineering, testing, and manufacturing capabilities will enable Chapman Innovations to bring new products to the market more quickly.”

Chapman Innovations will operate as a wholly owned subsidiary with the same team members and Salt Lake City location. All operational procedures will remain unchanged.

Visit www.textechindustries.com and www.carbonx.com for more information.

SALT LAKE CITY, UT | April 2014

Banyan Ventures recently announced that its portfolio company Cell Again has been acquired by eRecyclingCorps (ERC), now known as HYLA Mobile. HYLA Mobile is a leading provider of products and services that capture, extend, and optimize the life and value of used mobile phones.

Banyan’s investment in Cell Again provided the company with venture leadership and growth capital to open new stores across the United States. Cell Again operates out of mall kiosks to buy, sell, trade, and repair used cell phones. This direct interaction with consumers was a primary driver of the acquisition for ERC.

“Cell Again benefited from Banyan’s experience and expertise in growing our business and in helping us navigate the acquisition process,” said Cell Again Chief Operating Officer Steve Guymon. “Banyan helped establish Cell Again as a reputable leader in the industry.”

Cell Again management and day-to-day operations will remain unchanged. Cell Again’s headquarters and warehouse are located in Draper, Utah.

For more information, visit www.hylamobile.com.

SALT LAKE CITY, UT | November 2013

Rev-It Logistics was recently honored by the MountainWest Capital Network (MWCN) as being one of the fastest-growing companies in Utah.

Rev-It Logistics ranks #79 on the MWCN’s elite Utah 100 list, which represents the 100 fastest-growing companies in the state. Thousands of eligible companies throughout the state representing all industries were evaluated.

The Utah 100 rankings were determined by the percentage of revenue increase from 2008 through 2012. Rev-It Logistics more than doubled its sales during this time period.

“Rev-It Logistics is honored to be included among this distinguished group of companies driving Utah’s economic growth,” said Tyler Thatcher, CEO of Rev-It Logistics. “Our inclusion is the result of our team’s hard work, dedication, and reputation for providing the highest level of service in meeting our customers’ transportation management and delivery needs.”

This is the 19th year for the MWCN Utah 100 Awards Program. MWCN is the largest business networking organization in Utah.

Rev-It Logistics was also included on the 2012 Inc. 500|5000, ranking 2325 on the renowned list of America’s fastest-growing companies.

Visit www.revitlogistics.com for more information.