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Sauer Brands acquired by Boston firm; new CEO named
A Boston private equity company completed its purchase of Richmond-based Sauer Brands, which produces Duke’s Mayo, Sauer spices and other food products, the companies announced Wednesday. With the change in ownership comes a new CEO for Sauer. E. Yuri Hermida, most recently executive vice president and chief growth and strategy officer for alcoholic beverage company […]
UR students launch food startup — for school credit and profit
Lindsay Batten never thought she’d become a CEO before leaving college, but the University of Richmond senior is beginning her final semester as head of a brand-new startup. The company — which will produce a newly conceived pesto Caesar salad dressing called Envee — is the result of a marketing class focused on entrepreneurship, Bench […]
2025 Virginia Black Business Leaders Awards: Benita Thompson-Byas
Thompson-Byas joined the company started by her brother Warren Thompson right at its launch in 1992. Over the past three decades, Thompson Hospitality has grown from a group of 31 Big Boy restaurants to become the nation’s largest minority-owned hospitality business. Thompson-Byas is in charge of the company’s partnership with Compass Group, including more than […]
Smithfield Foods raises $522M in first day on Nasdaq
Smithfield Foods officials rang the opening bell Tuesday at the Nasdaq MarketSite in New York City, as the packaged meat and fresh pork giant launched its initial public offering of 26 million stock shares at $20 per share on the Nasdaq Global Select Market, raising $522 million. The offering consists of 13,043,479 shares of common […]
Boston private equity firm to acquire Sauer Brands
Duke’s Mayo and its parent company, Richmond’s Sauer Brands, will change hands in a deal between Boston-based private equity firm Advent International and North Carolina’s Falfurrias Capital Partners, which purchased Sauer a little over five years ago. Terms of the pending acquisition, which was announced Monday, were not disclosed. Sauer, a family-owned company for more [&hellip[...]
Smithfield Foods files for IPO
Virginia’s Smithfield Foods announced Monday it has filed a registration statement to the U.S. Securities and Exchange Commission for its initial public offering. This is the first step toward the pork and packaged meats giant’s plan of selling common stock on the Nasdaq Global Select Market under the ticker symbol SFD. In November 2024, Smithfield’s […]
Greensville ‘bouncing back’ after Boar’s Head plant closure
Nearly three months after Boar’s Head shut down its Jarratt plant, North Carolina-based Carolina Structural Systems announced Nov. 25 that it would spend $5.5 million to build a manufacturing site for custom trusses and similar products in Greensville County, adding 58 jobs. The county’s economic development director, Natalie Slate, calls the announcement a good start […]
Smithfield to form new hog production company ahead of IPO
Smithfield Foods has inked a deal with VisionAg, an affiliate of North Carolina’s HD3 Farms, to start a new hog production business early next year as the meat producer gears up to go public, the company announced Friday. Smithfield, a giant in packaged meats and pork products, will provide 28,000 sows to the new company, […]
Smithfield Foods to pay $2M to settle child labor claims
A subsidiary of Virginia-based Smithfield Foods has agreed to pay $2 million to settle allegations it hired children to work at a meat packaging plant in Minnesota. According to the Minnesota Department of Labor and Industry, Smithfield’s operation in Minnesota allegedly employed at least 11 children between the ages of 14 and 17 during the […]
Dairy products manufacturer to expand in Augusta
Shamrock Farms, an Arizona-based dairy products manufacturer, will invest $59 million to expand its Augusta County manufacturing operation, Gov. Glenn Youngkin announced Tuesday. Shamrock Farms expects to create 28 jobs through the expansion, which will add 81,000 square feet to the manufacturer’s 250,000-square-foot facility in Mill Place Commerce Park. The company opened its Augusta facility [[...]
Gordon Ramsay to open restaurant at Caesars Virginia
Cantankerous celebrity chef Gordon Ramsay plans to open a restaurant called Ramsay’s Kitchen at the $750 million Caesars Virginia casino in Danville by the end of 2024, the casino resort announced Tuesday. “Caesars Virginia sets the standard for approachable luxury, and I’m so proud to open my first [Virginia] restaurant here inside this beautiful resort,” […]
Growth in the valley
It can take a village — or a valley — to attract a multinational corporation. Shenandoah Valley economic and workforce development officials combined forces to entice Northrop Grumman to locate a 315,000-square-foot advanced electronics manufacturing and testing facility on a 63-acre site in Waynesboro, a project announced in November 2023. Construction of the $200 million-plus […]
