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I’m interested in the Deal Flow community of where ever I’ve lived. I’ve followed Deal Flow in Chicago, where we lived for a few years while I was in graduate school and in Southern California, where we just moved from 10 months ago.
I recently obtained access to a pretty accurate Deal Flow database for Utah. From time to time, I’ll highlight deals from that database. Here’s an interesting deal that closed in September 2006:
Batteries & Bands Inc., is a company that sells watches, bands, and provides watch repair service. This company has operations in over 50 locations and in 12 states in the U.S., mostly located in shopping malls. But, it’s headquarters are in Utah. We don’t know how they are doing financially, but we know that they raised $10,000,000 in venture capital from undisclosed investors and took on an additional $1,400,000 in debt. The company was founded in 2000 and has over 250 employees.
It’s interesting to see what types of companies money is actually flowing in to. This company was one that I wouldn’t have suspected to be receiving such a substantial investment. These types of deals also reveal a little bit about the general interest of Utah investors — true, investors will almost jump at any good financial deal, but most are restricted by industry or by some other criteria. Interesting.
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Hey Peter,
It just so happens that I know one of the officers for B&B. He’s a watch nut. From what I understand (I’ve never really discussed this with him in detail) they’ve been growing at a good clip. This group is also networked so I don’t think it’s a regular situation.