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Mars to purchase Cheez-It, Pop-Tarts maker in $35.9B deal
Updated Aug. 16 McLean-based snack and pet care giant Mars announced Wednesday it has entered into a $35.9 billion, all-cash deal to purchase Kellanova, the maker of Cheez-It, Pop-Tarts, Pringles, Eggo and other food brands. Kellanova, created in October 2023 when Kellogg split into two companies, had 2023 net sales of more than $13 billion, […]
Virginia Credit Union-Member One merger approved
Virginia Credit Union’s merger with Roanoke-based Member One Federal Credit Union was finalized Thursday, following a vote by Member One’s customers to approve the deal announced in January. Effective Thursday, Member One becomes a division of VACU “as the organization works toward full integration of its systems and service platforms,” according to a news release […[...]
Transom Capital-backed BridgeTower Media acquires Virginia Business to cover nation’s “Top State for Business”
LOS ANGELES and GREENSBORO, NC — BridgeTower Media, the authoritative source for business insights, data-driven marketing solutions and events across more than 40 media and research brands, is acquiring Virginia Business. Virginia Business is the only publication dedicated to covering economic activity in every sector and every region of the state of Virginia. More than […]
2024 Virginia CFO Awards: Large Business: Sean Daily, CAES
Sean Daily, chief financial officer of Arlington County defense technology contractor CAES, didn’t set out to forge a career in defense. But an interest in corporate finance, sparked by an internship at Marriott International, combined with an opportunity to join Lockheed Martin after his graduation from Virginia Tech. Soon enough, “I developed an interest in […]
Merger mania
Banking mergers and acquisitions are picking back up again after the slowest year in recent history, and Virginia is no exception. Last year marked a modern low in merger and acquisition activity, with only 98 deals completed nationwide. That’s not just the lowest level of activity since the pandemic — it’s the slowest year since […]
Reports: Novo Nordisk in talks to buy Petersburg Ampac plant
Two South Korean media outlets have reported that the South Korean owner of Ampac Fine Chemicals may sell its manufacturing plant in Petersburg to Novo Nordisk, the Danish global pharmaceutical company. Sources told The Korea Economic Daily that the Seoul-based manufacturing conglomerate SK Group, which purchased Ampac in 2018 for a reported $576 million, is […]
Dominion Energy to buy N.C. offshore wind lease for $160M
A Dominion Energy subsidiary has agreed to acquire a 40,000-acre offshore wind lease off North Carolina‘s Outer Banks for $160 million, the Fortune 500 utility announced Monday. Virginia Electric and Power Company, which does business as Dominion Energy Virginia, will purchase the Kitty Hawk North Wind lease from Avangrid, a Connecticut-based sustainable energy company, and […]
Mars acquires two veterinary diagnostics businesses
Mars has completed its acquisition of two veterinary diagnostics businesses based in France, the McLean-headquartered candy and pet care corporation announced Tuesday. Mars purchased Cerba HealthCare’s ownership stake in Cerba Vet, a network of six veterinary diagnostics laboratories in France, and Antagene, which provides DNA testing for dogs, cats, horses and wildlife, as well as […[...]
Boeing to purchase Spirit AeroSystems in $4.7B+ deal
Beleaguered aerospace and defense giant Boeing announced Monday it has entered an agreement to reacquire Boeing spinoff company Spirit Aerosystems in a $4.7 billion, all-stock transaction. The Fortune 500 company headquartered in Arlington County will also assume Spirit’s net debt, so the deal’s total value is approximately $8.3 billion, Boeing said in its announcement. Spirit [&hellip[...]
Honeywell to purchase Arlington-based CAES for $1.9B
Honeywell, a multinational conglomerate based in Charlotte, North Carolina, announced Thursday it plans to buy Arlington-based aerospace and defense technology company CAES for $1.9 billion in cash from private equity firm Advent International. Formerly known as Cobham Advanced Electronic Solutions, CAES was founded in 1934 and was acquired by Advent in 2020. According to Honeywell’s [&helli[...]
Lester Group acquires Williamsburg building supply company
The Lester Group, a Martinsville-based company with a diverse portfolio including lumber products and real estate development, acquired Williamsburg-based Custom Builder Supply on June 3, the company announced earlier in June. Lester Group CEO Jay Dickens declined to release financial terms of the deal. Randy Cooper founded Custom Builder Supply in 1988 and worked there […]
Dollar Tree to acquire 99 Cents Only stores
Chesapeake-based Fortune 500 discount retailer Dollar Tree has acquired 170 leases of another discount retailer, 99 Cents Only, the company announced Wednesday. The stores are across Arizona, California, Nevada and Texas. In April, Commerce, California-based 99 Cents Only filed for Chapter 11 bankruptcy protection and initiated a process to sell its assets, including inventory, owned […]
