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byline: Katherine Schulte

Henrico EDA program will help international businesses get foothold

The Henrico Economic Development Authority is launching a global business gateway program for internationally headquartered companies seeking to establish a presence in the United States.

The Henrico Global Business Gateway, which the EDA announced Tuesday, will provide international businesses with office space for up to three staffers each in the upcoming Gather Workspaces coworking location at Innsbrook, set to open in early 2025, as well as wraparound business services.

“The idea is that they would have a home for 12 to 18 months,” said Anthony Romanello, executive director of the Henrico EDA. “And then, as they bring people on, as they sort of grow their U.S. business, they would move into a larger facility, hopefully in Henrico but certainly somewhere in the Richmond region.”

Richmond-based Gather, which has coworking properties in Hampton Roads and the greater Richmond area, is currently renovating the interior of its roughly 19,000-square-foot space at 4101 Cox Road. Raleigh, North Carolina-based Highwoods Properties, an office real estate investment trust, is its landlord.

“The idea with going in with Gather is that they’ve got a whole ecosystem,” Romanello said. “They’ll be there with other businesses. There’s coffee and telephones and conference rooms and a Xerox machine and all kinds of access to services, so you walk in, and it’s ready to go. The other thing is that there’ll be the opportunity for B2B because they would be in there with other businesses.”

The Henrico EDA is signing a membership with Gather, reserving 20 seats for the gateway. Under the two-year agreement that the EDA can renew, it will pay about $110,000 a year. Similar to subleasing, companies in the gateway will then join Gather as members under the EDA, paying it a subsidized rate.

“We are excited to have the Henrico Global Business Gateway join our newest community,” Gather CEO Doug White said in a statement. “Gather West End will provide these entrepreneurs with the environment needed to continue their growth and development. We are honored to partner with Henrico EDA on this important endeavor.”

The Henrico EDA will work with partners to offer wraparound services for companies in the gateway, including:

  • Business consulting services like market research, search engine optimization and website marketing services;
  • Professional services like legal counsel, immigration consulting, and marketing, accounting and real estate services;
  • Specialized workforce partners for recruiting and hiring staff;
  • Business development organizations and networking;
  • Startup community and capital/financing partners;
  • And tailored relocation assistance for company leadership or staff and their families.

The EDA is gathering partners in preparation for the gateway’s 2025 launch, although Long & Foster Real Estate is already on board to help with relocation services.

The first gateway program participant will be African fintech firm Rego.

“We are profoundly humbled to be the pioneering participant of the Henrico Global Business Gateway,” Yogo Dubois, founder and CEO of Rego, said in a statement. “Henrico’s strategic location, conducive business environment, proactive governance and the extensive support from the Henrico Economic Development Authority have been instrumental in the process of our establishment in the beautiful county of Henrico.”

Although localities elsewhere have “soft landing” programs similar to the Henrico Global Business Gateway, Henrico’s program has distinguishing factors, Romanello said.

“Where ours really stands out is the partnership with Gather and that we would be putting our new international companies in a coworking environment so that they’ve really got that opportunity for B2B interaction,” Romanello said, “and we’ve really got this whole suite of wraparound services that we’re going to be able to provide them.”

ACI doubles its Chesterfield HQ

Commercial and industrial contractor Atlantic Constructors Inc. (ACI) is doubling its headquarters in Chesterfield County, a roughly $25 million project.

The contractor, which provides mechanical, electrical, plumbing and fire protection products and services, plans to open a second 170,000-square-foot building on 18 acres beside its existing building, which sits on 25 acres, in early November. The facility will be primarily used for warehouse and manufacturing space, with some office space.

“Since so much of our work is non-office-based, that’s how we set up our facilities. They’re a large manufacturing center, along with some office that supports it,” said ACI CEO Evan Shriver.

The company will create modular construction components in the new facility, expanding its production.

“We’re dedicating that space to building some structural steel components that we can then put the main piping systems, electrical systems, plumbing systems and fire protection systems together on, and then ship them all across the country to then build the buildings in sections like that,” Shriver said.

“But it’s mainly achieved by building it here in our factory in Richmond,” he added, “as opposed to having to find skilled tradesmen across the country and move those people around. It’s much easier to just build it in a controlled environment and then ship it out there.”

ACI currently has 1,200 employees and plans to hire up to 100 people to work in the second headquarters building, likely within the first two years of its opening, Shriver said. The company expects to have about 50 people working in the facility when it opens.

As of Aug. 30, the exterior of the new building was complete. Over September, the company is working on final landscaping and the paving of parking lots and roads. Interior drywall and paint finishes are ongoing.

ACI began planning the expansion in 2019, Shriver said, and physical construction started in early 2023.

“This is part of the strategic vision of the company … to maximize offsite construction through modular building, and that increases safety, quality and productivity and helps remove geographic barriers so we can then pursue projects all across the country,” he said.

While a construction site has factors outside of a contractor’s control, a controlled environment like a manufacturing facility reduces safety risks and has the advantage of automated machinery, Shriver added.

ACI works on large commercial buildings for health care, advanced manufacturing, data centers, higher education, chemicals manufacturers and other industries. In addition to its Chesterfield County facilities, the contractor has offices in Roanoke, Sterling and Suffolk, as well as in Wilmington, North Carolina. In 2022, the company expanded its presence in Roanoke and Hampton Roads.

Peterson Cos. names president

Daniel McCahan, most recently chief operating officer of Madison Marquette, will become president of Fairfax-based real estate developer Peterson Cos. on Sept. 9.

McCahan worked at Washington, D.C.-based real estate investment firm Madison Marquette for 13 years, first joining as a senior vice president.

“We are pleased to welcome Daniel McCahan as president of Peterson Cos.” Jon Peterson, Peterson Cos.’ CEO and chairman of the executive committee, said in a statement. “Dan brings a wealth of experience and a proven track record of success in the both the commercial and residential real estate sectors, making him a valuable addition to our leadership team.”

As a senior vice president at Madison Marquette, McCahan managed the development of a 3 million-square-foot-plus portfolio and managed the company’s day-to-day activity as co-developer of The Wharf.

Before joining Madison Marquette, McCahan held executive roles at Archstone, where he contributed to the $700 million CityCenterDC project, and Urban Atlantic, where, as a project manager, he was responsible for Henson Ridge, a residential redevelopment of a former public housing site in Washington, D.C.

A Washington, D.C., resident, McCahan holds a bachelor’s degree in economics from the University of Virginia and a master’s degree in planning from the University of North Carolina at Chapel Hill.

Founded in 1965 by the late Milton V. Peterson, the privately held Peterson Cos. developed multiple major mixed-use projects in Northern Virginia and Maryland, including National Harbor in Maryland, home to the MGM National Harbor casino resort; the Gaylord National Resort & Convention Center; The Capital Wheel; Fairfax Corner; Fair Lakes; Burke Centre; and Tysons McLean Office Park.

Pump, valve manufacturer to expand in Henrico

KSB USA/North America, a Henrico County-based pump and industrial valve supplier, will invest $25 million to more than double the square footage of its facility there, a project expected to create 32 jobs, Gov. Glenn Youngkin announced Thursday.

As part of the expansion, KSB will add another loading dock office space and update its shipping and receiving area, as well as employee common areas.

“KSB’s expansion of its Henrico County facility is just the latest example of the resurgence of manufacturing in Virginia,” Youngkin said in a statement. “The Greater Richmond region offers the skilled workforce to support KSB’s continued growth, and we thank them for their investment in Virginia.”

A subsidiary of Germany-based KSB Group, KSB USA/North America has operated in Henrico since 1988. The company manufactures pumps, valves and mixers and provides spare parts and services, which include testing, automation and distribution services at the Henrico facility. Through a network of representatives and distributors, KSB serves varying industries, including energy, chemicals and petrochemicals, amusement parks, food and beverage processing and others.

“With initiatives like service efficiency consulting, regional sales and distribution, and expanded operations, today’s groundbreaking of our Henrico County facility will lead to positioning KSB as a market leader in several strategic target segments in the USA,” Luis Maturana, regional executive officer for KSB North America, said in a statement. “This state-of-the-art site, featuring an expanded warehouse, workshop and sustainable infrastructure, is an investment in our future as a market leader.”

The Virginia Economic Development Partnership worked with Henrico County to secure the project for Virginia. VEDP will support the company’s employee training through the Virginia Jobs Investment Program, a three-year incentive program that provides cash grant reimbursements for associated human resources costs after a company has had new employees on the payroll for at least 90 days.

Virginians bet $377.6M on sports in July

Virginians bet $377.6 million on sports in July, up 28.6% from July 2023, according to Virginia Lottery data released Friday.

July’s handle was a 9% decrease from the $415 million Virginians bet in June. Virginia bettors won $332.67 million last month and nearly $370 million in June.

About $376 million of July’s gross sports gaming revenues came from mobile operators, with the remaining roughly $1.63 million coming from casino retail activity. Virginia currently has three casinos: the temporary Bristol Casino: The Future Home of Hard Rock, the permanent Rivers Casino Portsmouth and the temporary Caesars Virginia casino in Danville. In July, the state’s casinos reported $59.3 million in gaming revenues.

The licensed operators included in July’s reporting were:

  • Betfair Interactive US (FanDuel) in partnership with the Washington Commanders
  • Crown Virginia Gaming (Draft Kings)
  • BetMGM
  • Rivers Portsmouth Gaming (Rivers Casino Portsmouth)
  • Caesars Virginia
  • Twin River Management Group
  • Penn Sports Interactive
  • Colonial Downs Group
  • Digital Gaming Corporation VA
  • VHL VA
  • HR Bristol
  • Hillside (Virginia)
  • DC Sports Facilities Entertainment
  • Betr VA
  • PlayLive Virginia

Virginia places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue (total wagers minus total winnings and other authorized deductions). With 10 operators reporting net positive AGR for July, state taxes for the month totaled $6.1 million.  Of that, 97.5% — about $5.9 million — will be deposited in the state’s general fund. The remaining roughly $151,000 will go to the Problem Gambling Treatment and Support Fund, which the Virginia Department of Behavioral Health and Developmental Services administers.

In early August, Virginia Lottery reported a record $5.5 billion in sales for fiscal 2024 and record profits of $934 million.

Serco wins $323M contract for Space Force base construction

Herndon-based technology and management contractor Serco Inc., a subsidiary of United Kingdom-based Serco PLC, has won a contract worth an estimated $323 million for construction work at the U.S. Space Force’s Pituffik Space Base in Greenland.

Under the four-year U.S. Army Corps of Engineers contract, which Serco announced last week, the company will manage facility repairs and upgrades to the backup electrical plant at the base.

Formerly known as Thule Air Base, Pituffik Space Base is locked by ice nine months out of the year, although the airfield is operated year-round. Serco will have a tight schedule to build a temporary backup power plant while a team of experts renovates the current backup plant.

The Pituffik base supports missile warning, missile defense and space surveillance missions. The Defense Department’s northernmost base, it exists because of mutual defense agreements between the U.S. and the Kingdom of Denmark.

“This contract award builds on Serco’s strong capabilities in systems design and installation, as well as our exemplary past performance on defense construction projects,” Tom Watson, Serco’s CEO in North America, said in a statement. “Serco is proud to have the opportunity to support this mission-critical large-scale system upgrade project for the U.S. Army Corps of Engineers and U.S. Space Force.”

Serco has subcontracted with Aarsleff, a Danish construction engineering company. The new alternate power plant will provide greater and more stable electrical capacity to the base, according to a news release.

Serco has more than 50,000 employees in 35 countries, about 9,000 of whom are employed in the Americas.

V2X lands up to $747M Navy contract

V2X has received an up to $747 million U.S. Navy contract to maintain F-5 supersonic fighter jets used in military training exercises, the McLean-based Fortune 1000 aerospace and defense contractor announced Monday.

Under the single-award, indefinite-delivery, indefinite-quantity contract, V2X will be responsible for providing critical support and operational readiness of the F-5 aircraft, which the Navy and Marine Corps use to train pilots by simulating air-to-air combat and adversary combat tactics. Falls Church-based Fortune 500 defense contractor Northrop Grumman manufactured the aircraft.

“We are honored to have been selected for this critical endeavor, further solidifying our dedication to providing industry-leading support for our nation’s defense,” V2X President and CEO Jeremy C. Wensinger said in a statement. “We look forward to leveraging our expertise and capabilities to ensure the operational excellence of the F-5 aircraft and, by extension, the readiness of the U.S. Navy and Marine Corps.”

Work is expected to continue through November 2028 on the base contract, although there are three one-year options that could extend the contract through November 2031.

V2X formed in 2022 from the $2.1 billion merger of Colorado-based government contractor Vectrus and Mississippi-based The Vertex Co. The company reported $3.96 billion in 2023 revenue and has about 16,000 employees.

Norfolk biopharma company appoints CEO, chief R&D officer

Norfolk-based biopharma company ReAlta Life Sciences has appointed David Marek its CEO and Paolo Martini its chief research and development officer, the company announced Thursday.

“I am confident that David and Paolo are the ideal leaders for these two pivotal roles,” Edward A. Heidt Jr., chairperson of ReAlta’s board of directors, said in a statement. “David has a strong track record of success driving business transformation including leading an organization with one of the most successful buyouts in recent years, while Paolo’s deep expertise in leading-edge drug discovery and development across an array of therapeutic areas, including rare diseases, will position ReAlta well as we look ahead to delivering potentially life-saving medications for patients with rare and acute inflammatory diseases.”

Marek was previously CEO and a member of the board of directors for Myovant Sciences, where he led its shift from clinical stage to commercial stage with three commercial launches of therapeutics focused on hormone-sensitive oncology and women’s health, according to a news release. Sumitovant Biopharma closed its approximately $1.7 billion acquisition of the company in March 2023.

“It’s rare to find a company so well-positioned with a novel scientific approach to take on one of the great challenges in human health — inflammation,” Marek said in a statement. “I am excited to bring my energy and experience to serve as the CEO of ReAlta and am proud to work alongside team members who work tirelessly to break new ground in advancing our mission on behalf of patients.”

Before joining Myovant, Marek was chief commercial officer of Axsome Therapeutics, leading the buildout of commercial capabilities for anticipated product launches. Prior to that, he was general manager of the neuroscience business unit at Amgen, a position in which he led the U.S. launch of the Aimovig medication for migraine prevention.

Paolo Martini, chief research and development officer of ReAlta Life Sciences
Paolo Martini, chief research and development officer of ReAlta Life Sciences

Marek also previously held roles with WebMD Health, Saatchi & Saatchi Healthcare Advertising, Eli Lilly and Co., and AstraZeneca. He holds a bachelor’s degree in business administration from Washington State University.

Now ReAlta’s chief research and development officer, Martini has more than 25 years of experience in drug discovery and development. He previously served as chief scientific officer and founder of Moderna Rare Diseases at Moderna. In those roles, he led a team focused on identifying novel therapies and applying translational approaches for drug development in rare diseases and hematological disorders.

Before that, Martini was senior director of discovery biology and translational research at Shire Pharmaceutical, where he helped launch VPRIV for Gaucher disease and Firazyr for hereditary angioedema.

Martini has authored more than 50 journal articles. He has a doctorate in molecular endocrinology from the University of Milan in Italy. Martini is a member of Certa Therapeutics’ scientific and clinical advisory board for nephrology and Ginkgo Bioworks’ biopharma advisory board.

Launched in 2018, ReAlta is a clinical mid-stage biotech company that focuses on addressing life-threatening acute inflammatory and rare diseases. It has locations in Norfolk and in Aguadilla, Puerto Rico.

Alexandria Restaurant Partners promotes CFO

Nazia Millwala has been promoted to chief financial officer for the Alexandria Restaurant Partners, the restaurant operator announced Monday.

Millwala joined ARP in January 2022 as the vice president of finance, and she helped restructure ARP’s financial framework. In her new role, she will lead the company’s finances and people management as well as working on operations with ARP’s leadership team.

“Nazia’s impact on ARP has been profound, and her expanded role within the company is a natural evolution of her commitment and expertise,” Scott Shaw, an ARP partner, said in a statement. “Her strategic vision will be vital as we continue to grow and strengthen our brand over the coming years.”

Before joining ARP, Millwala spent about 12 years at Yum! Brands, most recently as the national development director for KFC Canada. She led business transformations across multiple regions, including the Middle East and Canada, according to a news release. Millwala was part of a six-person leadership team that reversed a decade-long trend of KFC Canada store closures, instead growing the brand by opening more than 50 new restaurants in two years.

A chartered accountant, Millwala previously worked for KPMG as an audit associate. She holds a bachelor’s degree from the University of Wollongong in Australia and an MBA from IE Business School in Spain.

“I am thrilled to step into this role and continue working with an exceptional team at ARP,” she said in a statement. “Together, we will focus on sustainable growth, operational excellence and creating lasting value for both our team members and our guests.”

Alexandria Restaurant Partners owns, operates and/or manages more than 10 restaurants in Florida and Northern Virginia.

Leidos wins three contracts, worth up to $603M combined

Headquartered in Reston, Fortune 500 contractor Leidos announced last week it has won three government contracts — a $191 million Army contract, an up to $86 million National Geospatial-Intelligence Agency contract and an up to $326.5 million National Institutes of Health contract.

Under the $191 million contract, Leidos will provide integrated lifecycle software and management solutions for the U.S. Army Communications-Electronics Command, Software Engineering Center, C3T Directorate, Fires Division.

Leidos has previously performed mission software development work for the Army customer. The contractor will provide cyber-hardened software and systems engineering, technical services, and software integration, supporting more than seven mission software systems, including the Advanced Field Artillery Tactical Data System.

“For the U.S. Army to deliver precise, longer-range fires to counter continuous innovation from near-peer threats, they need software systems capable of incremental modernization,” Roy Stevens, Leidos’ national security sector president, said in a statement.

The contract has a five-year performance period and a six-month option.

For the National Geospatial-Intelligence Agency, Leidos will provide software development, systems engineering, integration and operations and sustainment services. Named Chinook, the single award, indefinite delivery, indefinite quantity contract has a ceiling value of $86.4 million, if all task orders are exercised over a five-year performance period.

Leidos will provide lifecycle management support for analytics systems including the Commercial-Joint Mapping Toolkit and the Tearline open-source intelligence system.

“Geospatial intelligence analysts use a spectrum of tools and need them to perform to support their missions,” Stevens said in a statement. “Building on our longstanding relationship with NGA, we are committed to sustaining and evolving these analysis systems for ongoing decision advantage.”

Leidos announced a contract award from the NIH on Aug. 15. The eRA Agile Software Development Support contract has a potential $326.5 million value over five years, if all options are exercised.

Under the NIH contract, Leidos will provide software development and design services to support eRA — NIH’s grants management system, which several other federal agencies also use — and other NIH Office of Extramural Research systems. The eRA system is an end-to-end electronic system that applicants and grantees use to apply for and manage grants, and that assists reviewers in the application review process. The system handles more than $40 billion annually in grants at more than 62,000 institutions worldwide.

“As the largest grants management system in the world, eRA requires continuous modernization and maintenance to sustain the work of tens of thousands of researchers and institutions worldwide,” Liz Porter, Leidos’ health and civil sector president, said in a statement. “Since 2008, Leidos has worked with NIH to enhance its modernization efforts, establishing it as a center of excellence in grants management and agile development across the federal government.”

The three contracts come after an $823 million task order from the U.S. Defense Information Systems Agency, which Leidos announced at the end of July.

Leidos provides technology, engineering and science services to defense, intelligence, civil and health market customers. It has about 48,000 employees and reported approximately $15.4 billion in 2023 revenue.