The Cynosure Group acquires Utah Development and Construction creating a new joint partnership with Clyde Capital Group
The new partnership joins forces to develop hospitality and mixed-use properties throughout the Intermountain West.
Salt Lake City, UT — February 12, 2026 — The Cynosure Group (Cynosure), a Salt Lake City- based investment firm, announced today its acquisition of Park City-based Utah Development and Construction (UDC) to facilitate a new joint venture with Clyde Capital Group. The venture is set to develop hospitality and mixed-use projects in premier resort markets throughout the Intermountain West.
As part of the acquisition, UDC will be reorganized into a new development platform jointly owned by Clyde Capital Group, a subsidiary of Clyde Companies, and Cynosure Elevations, Cynosure’s real estate investment division. Cynosure Elevations will operate as an integrated part of Cynosure’s broader asset management business.
The acquisition of Utah Development and Construction marks a pivotal milestone for The Cynosure Group. In December 2024, the firm closed its $750 million growth fund, and in May 2025 announced a joint venture with Checketts Sports Capital — further strengthening Cynosure’s focus on strategic, long-term investment partnerships.
“At Cynosure, we seek out best-in-class partners who share our long-term vision and core values,” said Spencer P. Eccles, Co-Founder and Managing Director of The Cynosure Group. “Clyde Capital Group exemplifies that alignment, and we believe that together, we’re well-positioned to create some of the most compelling lifestyle and resort destinations in the country.”
Christopher M. Conabee, Founder and Principal of Utah Development and Construction, and Brook Cole, Land Acquisition Executive at Clyde Capital Group will serve as Co-Managers of the new joint venture.
“Over the past decade, we have continued to grow and build UDC into a development firm recognized by its award-winning projects” said Conabee. “In planning for our future, scaling thoughtfully and strategically with integrous partners has always been a priority. With Clyde Capital Group’s rapid growth and our longstanding relationship with Cynosure, the decision to unite under a shared vision was both natural and compelling.”
Clyde Capital Group manages a diverse portfolio of more than 20,000 acres across premier resort and lifestyle destinations throughout the Intermountain West. “With a legacy rooted in infrastructure, master planning, and horizontal development, Clyde has been involved in the development of large-scale, thoughtfully integrated communities that reflect and enhance their natural and cultural surroundings”, said Brook Cole
Brandon Henrie, President of Clyde Capital Group, underscored the strong strategic alignment between the two firms. “What makes this partnership truly special is our shared DNA,” he added. “We’re aligned in strategy, values, and purpose — from our dedication to building community to a mutual commitment to philanthropy and high- impact development in resort markets across the United States.”
With multiple projects already underway, the partnership is building on strong, early momentum to scale its development platform — reaffirming a shared commitment to expanding investment in high-growth resort markets and mixed-use destinations across the United States.
About The Cynosure Group Founded in 2013, The Cynosure Group is a private investment firm backed by the Eccles family of Salt Lake City. The firm manages billions of dollars on behalf of family offices, institutional investors, and endowments across private equity, real estate, credit, and public markets with offices in Salt Lake City and New York.
Spencer P. Eccles, Co-Founder and Managing Director, is a fifth-generation member of the Eccles family and a former U.S. Ski Team member. He previously led Utah’s economic development office and plays a key role in the 2034 Olympic Games, having also played key roles in the 2002 Olympic Games.
Randal Quarles, Chairman of Cynosure, is a former Vice Chair of the Federal Reserve and has held senior roles at The Carlyle Group, the U.S. Treasury, and the International Monetary Fund.
About Clyde Capital Group Founded in 2014 as the real estate and development division of Clyde Companies, Clyde Capital Group was created to meet the evolving needs of its vertical construction clients and to advance the sustainable development of its extensive property holdings. Rooted in a strong legacy of infrastructure expertise and driven by the talent of its team, Clyde Capital Group has experience in resort and mixed-use development throughout the Intermountain West. The company remains committed to building strong, sustainable communities and sharing its expertise to contribute to a better future.
About Utah Development and Construction (UDC) UDC draws inspiration from the legacy of the Utah Construction Company, known for completing the Hoover Dam two years ahead of schedule and under budget. That legacy of excellence and leadership — embodied by Marriner Eccles, a key figure in the project — continues to guide UDC today. The firm is known for its collaborative, values- driven approach to tackling large, complex developments.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation to buy securities.