Virginia Beach-based real estate company Rose & Womble Realty Co. announced last week that its president and CEO, Art Zachary, will retire in June 2021.
Zachary started with the company in June 1970. It became Rose & Womble in June 1998. He will continue to serve as chairman of the board and work with the operating committee to determine his duties. Chief Operating Officer J. Van Rose Jr. will become the next president of the company
“We are incredibly grateful for Art’s vision and dedication to our organization and industry over the past 50 years,” Van Rose Jr. said in a statement. “He will remain an integral part of our company as an owner and leader.”
During his career, Zachary served for 20 years on the board of directors of Real Estate Information Network Inc. (REIN), the multiple listing service (MLS) for Hampton Roads, holding six terms as president and three as vice president. He was also president of Leading Real Estate Companies of the World (LeadingRE), served on the board of directors for Tidewater Builders Association and was named Hampton Roads Realtors Association 1997 Broker of the year.
Rose and Womble has more than 600 licensed agents.
Tysons-based information technology company By Light Professional IT Services LLC announced Friday it has acquired Port Orange, Florida-based technology training company Raydon.
Financial terms of the acquisition were not disclosed.
Founded in 2002, By Light provides engineering, cyber, modeling and simulation services to defense and government agencies, employing more than 2,000 people. Raydon, which formed in 1988, provides engineering, custom manufacturing and supply chain management services to support the Department of Defense’s virtual training and simulation programs.
“The acquisition of Raydon strategically expands By Light’s existing capabilities within modeling and simulation and virtual training,” By Light founder and CEO Bob Donahue said in a statement. “Raydon will enable By Light to provide end-to-end solutions in support of the Army’s virtual training, ultimately advancing warfighter proficiency with an extremely high transfer of skills from simulation to live engagement.”
By Light is a portfolio company of Sagewind Capital LLC, a New York-based middle-market private equity firm that invests in government services, aerospace and defense, software, IT, health care and business services.
Truist Securities served as a financial adviser to Raydon during the transaction.
The U.S. Navy awarded Reston-based Bechtel Corp.‘s plant machinery company two contract modifications with a combined $1.14 billion in value to provide propulsion components for the branch’s nuclear-powered ships, the Department of Defense announced Thursday.
The goal is to provide the military with effective nuclear propulsion plants and ensure that they are safe and reliable, according to the DOD.
Work on the two awards, valued at $666.2 million and $482.4 million, will be performed in Monroeville, Pennsylvania and Schenectady, New York. A completion date was not released.
Funding for the awards was taken from fiscal 2021 shipbuilding and conversion allotments, according to the DOD.
Founded in 1898, Bechtel provides engineering, construction and project management services. The company has completed projects in more than 160 countries.
Virginia may not get back to full, pre-pandemicemployment until 2023 to 2025, according to Moody’s Analytics employment forecasting, but Stephen Moret, president and CEO of Virginia Economic Development Partnership (VEDP) thinks that the commonwealth can recover sooner.
“We not only want to accelerate the path back to full, pre-pandemic employment and even growing beyond, we also want to ensure that every part of Virginia gets back to full strength,” Moret said during the Virginia Chamber of Commerce’s 2020 Virginia Economic Summit & Forum on World Trade, hosted virtually on Friday, Dec. 4.
Forecasting by Moody’s suggests that while Northern Virginia, greater Richmond and Hampton Roads could get back to its pre-pandemic position by late 2023, rural or small metro regions in Virginia may not fully recover until 2025.
“That’s a gap we’d like to close,” Moret says.
The effects of the pandemic have not only varied by region, but by sector. While job recovery is expected, those in more blighted industries such as tourism and hospitality may require employment training to acquire skills needed to pursue different job opportunities post-pandemic, Moret says.
Stephen Moret
“As you think about getting back to full employment, in all likelihood when we do get back to full employment in 2023 or hopefully faster … Moody’s forecasts would suggest that even when we get back to the same amount of total jobs, the employment mix will be different,” Moret says. “[There will be] more positions in technology and business services and fewer positions in hospitality and certain sub sectors of retail.”
One promising aspect of the pandemic’s effects has been an accelerated focus on technology, e-commerce and data center expansions — which Moret says makes Virginia a leader in the technology sector.
Leaning on technological advances in Virginia and looking forward to the post-pandemic period, Moret expects that more companies will move permanently to full-time, remote work. While some companies may adopt to a hybrid model of working part-time in-office and part-time at home, many will move to “pure remote work,” he says.
VEDP has been working with the Virginia Chamber on the chamber’s upcoming Blueprint Virginia 2030, a comprehensive long-range plan for Virginia businesses that is expected to be presented to the next governor of Virginia in 2022. VEDP’s proposals for the blueprint include increasing manufacturing, international trade and workforce development programs while establishing new supply chains and bringing internationally outsourced jobs back to the United States and Virginia.
VEDP anticipates that more companies will be seeking to relocate their manufacturing operations closer to customers, which Moret says will be “good news” for Virginia’s efforts to capture new supply chains. VEDP proposes a goal of increasing Virginia exports by 50% by 2035, which would add an additional $18 billion in export sales and 150,000 jobs — with an ultimate goal of pushing Virginia from No. 41 in exports per capita in the country to the top 20 states for exports by 2035.
“While we think most people will be able to go back to their previous occupations, if not their previous jobs, many folks will not only not be able to go back to their previous job, they won’t be able to go back to their previous occupation,” Moret says. “Roughly tens of thousands of Virginians will need to get reskilled and find new high-wage employment. That’s going to mean a very important role for the community college system as well as other workforce development initiatives in Virginia.”
Co-chairs for the Blueprint Virginia 2030 project include Science Applications International Corp. (SAIC) CEO Nazzic Keene and Dominion Energy Virginia President Ed Baine.
Barry DuVal
The Virginia Chamber will engage businesses across the state and will invite CEOs to join its steering committee, as well as hosting regional meetings and special events to engage stakeholders in brainstorming goals for the long-range economic plan.
The initial focus of the blueprint will be on workforce development, education, transportation, infrastructure, health care, energy, entrepreneurship, manufacturing, sustainability and how to make Virginia the best state for veterans, Virginia Chamber President and CEO Barry DuVal said during the Economic Summit.
“We’re excited about kicking off Blueprint Virginia 2030,” DuVal says. “The business community has so much at stake for the future of our commonwealth, and this is an opportunity for us to have fingerprints on recommendations.”
Financial terms of the transaction were not disclosed. This marks NuWave’s first acquisition since it was acquired by Boca Raton, Florida-based private equity firm AE Industrial Partners LP in June.
Founded in 2008, BigBear specializes in big data computing and analytics, cloud computing, artificial intelligence, machine learning and other IT services for U.S. defense and intelligence customers. The company has additional offices in Reston and Charlottesville.
“BigBear’s data and analytics solutions bolster our existing capabilities to address the entire spectrum of information superiority,” NuWave Solutions CEO Reggie Brothers said in a statement. “Making better decisions from data while mitigating risk is a top priority for our government customers, and we look forward to working with the BigBear team as we supplement our capabilities to meet growing demand.”
Founded in 1999, NuWave Solutions offers data management, analytics, artificial intelligence and cloud technology services to government and business clients.
“NuWave is building a unique business and we are excited to be a part of a larger company that shares the same culture of innovation and mission focus,” BigBear CEO Frank Porcelli, who will remain with the company, said in a statement. “We are enthusiastic for the opportunities we can pursue together moving forward.”
NuWave used Akerman LLP as a legal adviser and Ernst & Young LLP as a financial adviser during the transaction, while BigBear used King & Spalding LLP and Foundry General Counsel and Baird, respectively.
The U.S. Department of Homeland Security awarded Herndon-based ManTech, a technology contractor for U.S. defense, intelligence and federal civilian agencies, a five-year, $273 million contract to provide business intelligence support services for Customs and Border Protection (CBP), the company announced Thursday.
Under the contract, ManTech will perform services that prevent crime and terrorism, according to a company statement. CBP has used ManTech’s services since 2017 to prevent terrorist attacks, stop human trafficking, intercept illegal drugs and disconnect terror and crime networks. This contract will allow ManTech to build on its existing analytics, automation and artificial intelligence capabilities, according to the company.
“ManTech’s sophisticated analytics, automation and AI capabilities allow us to analyze mountains of data to find and deliver actionable, accurate and relevant intelligence essential to safeguarding our nation,” Bryce Pippert, executive vice president of ManTech’s federal civilian sector, said in a statement. “Harnessing the power of machine learning, we identify data anomalies that might be missed by the human eye, as well as subtle trend shifts that can be highly predictive of future behavior.”
ManTech will also develop data visualization for use by CBP officers to identify intent, threat level and target locations under the contract.
Founded in 1968, ManTech, a Fortune 1000 company, reported more than $2 billion in revenue last year.
McLean-based federal consulting firm IronArch Technology LLC announced Tuesday it has hired Cameron Hogan as chief strategy and growth officer.
With more than 30 years of experience, Hogan was most recently the chief strategy officer at Norfolk-based consultancy Falconwood Inc. In his new role, he will focus on corporate growth while IronArch transitions from a service-disabled, veteran-owned small business into competing in the open market, according to a company statement.
“We are thrilled to have Cameron on board to be a key guide and driver of our next phase of growth,” IronArch founder and CEO Joe Punaro said in a statement. “We are committed to maintaining our sharp customer focus as we expand our support of existing and new customers through broader support of mission-critical programs.”
Hogan also previously worked with E3 Federal Solutions where he saw more than 700% growth during a five-year period.
Incorporated in 2013, IronArch provides IT, strategy development and process analysis services to customers including the Department of Defense, the Department of Veterans Affairs and the Department of Homeland Security.
Reston-based not-for-profit federal contractorNoblis announced Tuesday it has hired Glenn Hickok as vice president of its defense mission area, which provides advanced analytics services for warfighters.
Hickok was most recently the president of mobile forensic software company MSAB’s North American subsidiary. At Noblis, he will direct the company’s work for Department of Defense customers including the Air Force, Army, Navy, Defense Advanced Research Projects Agency, Defense Threat Reduction Agency and other organizations.
He also has 10 years of military service under his belt as a helicopter pilot in the U.S. Navy and on the Chief of Naval Operations staff in the Pentagon.
“Glenn is a proven leader with success in strategy, development and execution, and extensive experience working in national security and with DOD,” Noblis President and CEO Amr ElSawy said in a statement. “He will enable us to deliver our expertise and capabilities across a broad spectrum of technical and scientific disciplines including artificial intelligence, identity management, forensics, data analytics, cyber security, cloud transformation, infrastructure resilience, CBRNE and life sciences.”
Hickok earned his bachelor’s degree in electrical engineering from the University of San Diego and his master’s degree in international security from Georgetown University.
Noblis spun off from The Mitre Corp.’s Center for Advanced Aviation System Development in 1996.
The number of initial jobless claims filed last week fell to its lowest level since the pandemic’s employment effects began to be felt in mid-March, the Virginia Employment Commission reported Thursday.
Initial jobless claims in Virginia dropped by 29.7% last week compared with the previous filing week, according to the VEC, while continued claims fell by 10.9%.
For the week ending Nov. 28, 8,606 Virginians filed initial claims for unemployment, a decrease of 3,628 from the previous week.
Last week, 72,305 Virginians remained unemployed — 55,308 higher than the 16,997 continued claims from the same period last year. People receiving unemployment benefits through the VEC must file weekly unemployment claims in order to continue receiving benefits.
“This drop indicated a continuation of its recent declining trend and was over 80% lower than its May 16 filing week peak,” according to the VEC. “The continued claims total is mainly comprised of those recent initial claimants who continued to file for unemployment insurance benefits during the COVID-19 pandemic.”
The regions of the state that have been most impacted continue to be Northern Virginia, Richmond and Hampton Roads.
Below are the top 10 localities, listed by number of initial unemployment claims, for the week ending Nov. 28:
Nationwide, the advance figure for seasonally adjusted initial claims for last week was 712,000, a decrease of 75,000 from the previous week’s revised level, according to the U.S. Department of Labor. There were 216,827 initial claims during the same week last year.
For the month of October, the unemployment rate in Virginia fell from 6.1% to 5.1% when compared to September, and was 1.5% lower than the national rate, according to the VEC.
The Harrisonburg region reported the lowest unemployment rate in Virginia at 3.6% in October, while the Bluefield region in Southwest Virginia showed the highest unemployment rate at 6%. The Bluefield, Richmond and Norfolk/Newport News micropolitan statistical areas were the only regions in Virginia to report unemployment rates higher than the state average for the month.
The localities with the lowest unemployment rates for October include:
Highland County, 2.5%
Madison County, 2.8%
Poquoson County, 2.9%
Rockingham County, 3.2%
Falls Church, 3.2%
The localities with the highest unemployment rates for October include:
The U.S. Small Business Administration on Tuesday released additional information about all approved borrowers from its $659 billion Paycheck Protection Program (PPP) small business relief program, this time including exact company names, loan amounts, addresses and other information.
Previously, the government in early July had released an incomplete list of recipients, including only ranges of funding, not specific amounts. Approximately 113,000 small businesses received funding in Virginia (including Virginia Business Media LLC) from the federal relief program intended to assist small businesses meet payroll costs and make mortgage interest, rent and/or utilities payments due to the economic crisis caused by the COVID-19 pandemic.
The maximum loan amount allowed under the program was $10 million, and approximately 5.2 million loans were approved through the program, according to SBA data.
Of the top 25 Virginia PPP recipients, more than half received the maximum amount.
The top 25 Virginia PPP recipients include (company name, locality, lender, loan amount):
Delta Star Inc., Lynchburg, JPMorgan Chase Bank,$10 million
Airline Tariff Publishing Co., Sterling, PNC Bank,$10 million
Digital Intelligence Systems LLC, McLean, First Commonwealth Bank, $10 million
Colonna’s Shipyard Inc., Norfolk, TowneBank, $10 million
Ncgcare Inc., Richmond, Atlantic Union Bank, $10 million
Tidewater Physicians Multispecialty Group PC, Newport News, TowneBank, $10 million
Potomac Family Dining Group Operating Co. LLC, Herndon, City National Bank of Florida, $10 million
Calibre Systems Inc., Alexandria, Atlantic Union Bank, $10 million
Woodfin Heating Inc., Richmond, TowneBank, $10 million
OrthoVirginia Inc., Richmond, Wells Fargo Bank, $10 million
The Medical Team Inc., Reston, Sonabank, $10 million
Burgerbusters Inc., Virginia Beach, BBVA USA, $10 million
Loudoun Medical Group PC, Leesburg, PNC Bank, $10 million
Tecnico Corp., Chesapeake, Truist Bank, $10 million
Timmons Group Inc., Richmond, TowneBank, $10 million
Fire & Life Safety America Inc., Henrico County, First Commonwealth Bank, $10 million
Williams, Mullen, Clark and Dobbins PC (Williams Mullen), Richmond, Truist Bank, $9.95 million
Wo Grubb Steel Erection Inc., Chesterfield County, Truist Bank, $9.75 million
Airlines Reporting Corp., Arlington, U.S. Bank, $9.44 million
Mhi Hospitality Trs LLC, Williamsburg, Fifth Third Bank, $9.43 million
Winebow Inc., Glen Allen, Bank of America, $8.9 million
Five Guys Enterprises LLC, Lorton, Regions Bank, $8.57 million
Rappahannock Electric Cooperative, Fredericksburg, CoBank ACB, $8.48 million
Maryland and Virginia Milk Producers Cooperative Association, Reston, AgChoice ACA, $8.39 million
American Diabetes Association Inc., Arlington, Manufacturers and Traders Trust Co., $8.32 million
Several news organizations, including The Washington Post, Bloomberg LP, Dow Jones & Co. Inc., Pro Publica Inc. and The New York Times Co., sued the SBA in mid-May for the release of data regarding small businesses that had received funding.
Small businesses that received the forgivable PPP loans are allowed to use the funds to meet payroll costs and make mortgage interest, rent and/or utilities payments. Loans can be fully forgiven if 75% of the funds are used for payroll costs, according to the SBA. The other 25% can be used to make mortgage, rent or utilities payments. The program closed in August.
Before the second round of the funding was announced on April 24, large, publicly traded companies such as Shake Shack, Ruth’s Chris Steak House and AutoNation as well as large private enterprises like the Los Angeles Lakers returned tens of millions of dollars in relief funds after they came under fire for applying for PPP funding through smaller subsidiaries in order to receive money that was intended to go to small businesses. The latest data released, however, still shows that more than half of the funding went to just 5% of recipients and national chains received the maximum funding amount, according to a Washington Post analysis of PPP data.
Loan recipients must apply for forgiveness through their PPP lender, compile data including payroll and non-payroll costs and submit all information to the lender, according to the SBA. Businesses that had loans of $50,000 or less can fill out a more streamlined application, the SBA announced in early October.
“We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds,” Treasury Secretary Steven T. Mnuchin said in an Oct. 8 statement. “We continue to favor additional legislation to further simplify the forgiveness process.”
Deputy Editor Rich Griset contributed to this report.
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