Under the contract, BAE Systems Norfolk Ship Repair will perform ship maintenance, repair and modernization for the USS Stout, an Arleigh Burke-class guided missile destroyer. Work will be performed in Norfolk and is expected to be completed by November 2021.
BAE Systems will receive $76.2 million at the time of award, according to the DOD.
BAE Systems Inc. is an independent U.S. subsidiary of England-based BAE Systems plc, one of Europe’s top defense contractors. BAE Systems Inc. employs approximately 35,100 people across the U.S., U.K., Sweden and Israel. The company generated $11.4 billion in sales last year.
McLean-based Gannett Co. Inc., the largest newspaper publisher in the U.S., announced Tuesday it has refinanced approximately $500 million in debt to more quickly repay on outstanding loans.
Gannett announced in early April that it was negotiating with its vendors, creditors and pension regulators in order to preserve the company’s liquidity. It was noticeably not on the Fortune 1000 list released in mid-May.
The company refinanced the loan with New York-based private equity firm Apollo Global Management.
“Working collaboratively, we crafted a creative approach to address Gannett’s desire to rapidly strengthen its balance sheet,” Robert Givone, Apollo partner and co-head of opportunistic credit, said in a statement. “The refinancing is indicative of the types of capital solutions that Apollo is uniquely situated to provide to great companies.”
Gannett Chairman and CEO Michael Reed says the refinancing’s benefits include generating savings and extending the debt maturity by three years.
“Since putting the term loan in place in November 2019, we have repaid over $175 million to date, and we expect to repay an additional $100 million in the coming months,” Reed said in a statement.
The refinanced portion of Gannett’s debt has a 6% interest rate and a 2027 maturation date. It was originally at 11.5% and due in 2024. The company will still owe Apollo nearly $1.12 billion.
“Pro forma for these repayments, the outstanding term loan will be approximately $1 billion, which we believe we can refinance on attractive terms by the end of the first half of 2021,” Reed said in a statement. “As we improve the company’s capital structure, we are also seeing continued improvement in our revenue trends, which we expect will drive strong fourth quarter results.”
The refinancing was unanimously approved by Gannett’s board of directors. Greenhill & Co. LLC and Cravath, Swaine & Moore LLP advised Gannett during the transaction.
Gannett also announced mass layoffs, furlough and pay cuts in late March due to the COVID-19 pandemic. The owner of USA Today, Gannett has a portfolio of 261 local daily newspapers in 46 states and Guam, including the Arizona Republic, the Des Moines Register and the Burlington Free Press.
McLean-based identity verification company ID.me announced Tuesday it plans to hire 1,000 new employees in Northern Virginia before the end of 2021.
ID.me, which provides identity verification services used for military discounts and group buying services online, has hired more than 300 employees thus far this year, attributable to its “explosive growth.”
“Since the onset of the pandemic, ID.me has experienced explosive growth as consumers have shifted the majority of their shopping, banking, health care and government interactions online due to social distancing protocols,” according to an ID.me statement.
The company has also opened two additional office locations in Tysons, which are currently closed to all but essential workers. ID.me provides services to more than 28 million users and 450 organizations.
“We have an audacious mission,” ID.me CEO and founder Blake Hall said in a statement. “We aim to fix the identity layer of the internet with a trusted and portable login that customers can use to access everything from government benefits to e-commerce sites. Like Special Forces, we are executing against the most difficult missions where others have failed.”
“If you are looking for a new opportunity that will challenge you to build new skills and offer opportunities for career growth, consider a role at ID.me,” Hall said in a statement. “We are looking for candidates that are not only passionate about technology but are motivated to help make billions of people‘s lives better with more trust and convenience online.”
An office building in Chesapeake has sold for $4.25 million, Colliers International announced Monday.
Located at 661 Independence Parkway, the 50,000-square-foot Class A office building sits on more than 11 acres in the Battlefield Commerce Park area.
Matsushita Real Estate Corp. of America sold the property to Hooked Group LLC, which plans to occupy part of the two-story building.
Hooked Group plans to occupy a portion of the building and will lease out the remaining space, according to Colliers. Agents did not yet have details about the amount of space the group would occupy and how much space it would lease to other tenants.
Executive Vice President Patrick Mugler and Senior Vice President Ricky Anderson with Colliers’ Norfolk office represented the seller in the transaction. George Fox, senior vice president of Virginia Beach-based real estate company Divaris Real Estate Inc., represented the buyer.
Under the task order, SAIC will work on CBP’s targeting and analysis systems, which allow CBP officers, analysts and agents to flag shipments and travelers who may need additional examination and inspection.
“SAIC is proud of the trust the Department of Homeland Security and CBP have in our team’s ability to deliver mission-critical, innovative solutions,” Bob Genter, SAIC president of the Defense and Civilian Sector, said in a statement. “[The task order] is a great example of how CBP has applied advanced technologies that continually deliver new capabilities to this 24x7x365 mission, while remaining responsive to the ever-changing national security landscape.”
SAIC will use cloud-based analytics, artificial intelligence and machine learning to identify high-risk travelers and cargo, according to a company statement.
The task order was awarded through the General Services Administration’s Alliant 2 contract and includes a one-year base period, four one-year option periods and a six-month optional extension.
SAIC employs more than 25,000 people and has pro forma annual revenues of $7.1 billion.
Investment adviser Concord Asset Management, a division of Abingdon-based Concord Wealth Partners, announced Monday it has hired Mitch York as its inaugural chief investment officer.
York was most recently the manager of portfolios and investment with Fairfax-based Edelman Financial Services, where he managed a $24 billion investment program. In his new role, he will oversee investment strategies, portfolio construction and investment operations.
“Mitch’s thought leadership, disruptive innovation investing and ability to implement these strategies into client portfolios will help us further tailor investment advice to become our clients’ most trusted resource,” Concord Wealth Partners founder Wade Lopez said in a statement.
York also co-founded and managed boutique advisory firm Wertz York Capital Management, which now does business as Water Walker Investments.
“To be able to build a truly integrated team from the ground up is an opportunity I’ve been working toward my whole career,” York said in a statement. “Developing in-house research and institutional quality investment vehicles at a family-focused firm like CAM is both a gift and a challenge.”
York earned his bachelor’s degree in finance from Eastern Kentucky University and his master’s degree in economics from the University of South Florida.
Founded in 1997, Concord Wealth Partners represents 500 small businesses and families in Virginia, Maryland, Washington, D.C. and Tennessee. It manages approximately $400 million in assets across its four offices. York will sit in the company’s Abingdon office.
Packaging manufacturer Klöckner Pentaplast Group (kp) will invest $68 million to expand its facilities in Louisa and Wythe counties, creating 54 jobs, Gov. Ralph Northam announced Tuesday.
Founded in 1965 Montabaur, Germany, Klöckner Pentaplast Group manufactures packaging for pharmaceutical, medical device, food, beverage and card clients. The company has operations in 18 countries and employs more than 5,900 people across 60 locations, including 32 production sites. It established its first North American facility in 1979 in Gordonsville.
“Klöckner Pentaplast’s decision to deepen its roots in the commonwealth underscores the importance of having strong infrastructure and a ready workforce to support the advanced manufacturing industry,” Northam said in a statement. “We are proud to continue a decades-long partnership with an innovative global manufacturer like kp, and we thank the company for its major investment, which will have a positive impact in Louisa and Wythe counties and bolster Virginia’s ongoing recovery efforts.”
The company will expand capacity at its 3585 Klöckner Road location in Gordonsville (which manufactures pharmaceutical and medical device packaging) creating 28 jobs, and will expand its 555 East Buck Ave. location (which manufactures packaging films for the food and beverage industry) in Wythe County, creating 26 jobs.
“For kp, the investment strengthens our local footprint in Virginia, which has served as the company’s proud home and a mainstay in the community for several decades,” Tracey Peacock, Klöckner Pentaplast president of the pharma, health and specialties division, said in a statement. “Virginia is the ideal location to expand our facilities due to its proximity to customers, allowing us to conveniently serve them and to position the Gordonsville and Rural Retreat sites as Centers of Excellence for the company.”
The Virginia Economic Development Partnership worked with Louisa County, Wythe County, the Joint Industrial Development Authority of Wythe County, the town of Rural Retreat and Virginia’s Industrial Advancement Alliance to secure the project for Virginia. Northam also approved an $800,000 performance-based grant from the Virginia Investment Performance program, an incentive for existing Virginia companies.
The Virginia Tobacco Region Revitalization Commission also approved $263,500 from the Tobacco Region Opportunity Fund for the Wythe County expansion. The Virginia Jobs Investment Program will provide training and funding services.
A shopping center in Staunton sold for $2.2 million, Colliers International announced late last week.
The 55,984-square-foot Orchard Hill Square shopping center is located at 11 Orchard Hill Circle. It was 82.5% leased at the time of the sale to tenants including Food Lion, University of Virginia Dialysis, TJ Maxx, Ashley HomeStore and Tractor Supply.
“This was an excellent opportunity to purchase a stable asset with highly attractive yields that also displays immediate and future value creation.” Colliers Vice President Jay O’Donnell said in a statement. “The co-tenancy of the center and strategic positioning at this regional location bode well for the future of the asset.”
Libby Orchard Hills LLC sold the property, which is located one mile from Interstate 81, to Orchard Hill Square LLC. The new owner will be able to lease up to 9,748 square feet of the property.
O’Donnell and Jeff Fritz of the Colliers’ Retail Investment Group executed the sale on behalf of the seller.
The Washington Football Team announced Tuesday it would close its Inova Sports Performance Center in Ashburn after finding out that a player had tested positive for COVID-19 on Monday night.
The team has closed the sports complex where the team trains in Ashburn and has moved all meetings online scheduled for this week, according to a team statement. Washington Football Team players practice at the 121,000-square-foot facility in Ashburn. The sports complex was rebranded in 2017 to reflect a partnership between Falls Church-based Inova Health Systems and what was formerly known as the Redskins franchise.
“Last night we were made aware that a Washington player tested positive for COVID-19,” says a Washington Football Team statement released Tuesday morning. “The player immediately self-isolated and contact tracing data was evaluated. All of the player’s close contacts have been told to quarantine.” The team has not released the name of the player who tested positive.
The team most recently played an away game versus the Detroit Lions on Sunday. However, an unnamed source says the player was not with the 53-man team on Sunday, according to reports.
“We will continue to work closely with the NFL’s chief medical officer and follow the league’s guidance,” says a Washington Football Team statement. “The health and safety of our players, coaches and staff is our No. 1 priority.”
Washington Football Team President Jason Wright on Monday (prior to the reported positive COVID-19 case) announced that the team would not allow spectators at FedExField in light of a resurgence of cases in the Washington, D.C. area. This Sunday, the team is scheduled to play the Cincinnati Bengals at home.
“As we head into this week’s game, we are in the midst of COVID-19 resurgence in the area. I’m disappointed that this means we won’t have fans at the game against the Bengals, but we and our partners in the Prince George’s County government agree this is the most responsible decision we can make,” Wright said in a statement. “However, we know that you all will be there with the guys in spirit, and we will continue to work furiously on some of our business priorities.”
Visit Virginia’s Blue Ridge (Visit VBR) announced Monday it has promoted Debora Wright as vice president of sales and marketing.
With more than 25 years of experience in destination marketing, Wright will lead external outreach and brand-building for the organization. She has been with the organization since 1993, when it was formerly known as Roanoke Valley CVB. During her time with Visit VBR, she has generated more than $2 million in grant funding.
“As an integral part of the Visit VBR team and longtime leader of marketing and communications, Debora’s combined experience and understanding in the travel and tourism industry makes her a natural fit for adding external sales and sports to this new role,” Visit VBR President Landon Howard said in a statement. “Debora is a respected professional who is dedicated to growing Virginia’s Blue Ridge as a destination as we move beyond 2020.”
The goal of Visit VBR is to grow visitation and generate revenues in Virginia’s Blue Ridge region. Before the pandemic, the organization had generated a record $920 million in direct travel expenditures during 2019, a 3% increase when compared to 2018.
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