Financial terms of the transaction were not disclosed.
“E.B. Cohen aligns perfectly with our strategy for growing among industry leaders — bringing a terrific history of insurance and risk management experience and expertise, combined with deep, trusted client relationships,” Hilb Group CEO Ricky Spiro said in a statement. “We are pleased to welcome them to our company, and we look forward to our next steps together.”
E.B. Cohen has operated for more than 90 years and has offices in Roseland, New Jersey, and New York. The firm focuses on hospitality, real estate and small businesses. Agency principals David Owens and Neil Owens, who are brothers, as well as their employees, will join Hilb Group’s regional operations.
“At E.B. Cohen, we pride ourselves on establishing long-term relationships with our clients and understanding their business to produce careful, customized solutions,” David Owens said in a statement. “The partnership we have created with The Hilb Group will deliver access to even greater national resources for both our agency and our customers.”
The Hilb Group was founded in 2009 and has been a portfolio company of Washington, D.C.-based investment management company The Carlyle Group since 2019. Across its more than 100 offices in 22 states, THG employs about 2,000 people and has acquired more than 130 companies.
Gov. Glenn Youngkin formerly served as co-CEO of The Carlyle Group. He retired in 2020.
Perdue AgriBusiness will invest $59.1 million and expand operations in the city of Chesapeake, Gov. Glenn Youngkin‘s office announced Thursday.
The company, an affiliate of Perdue Farms Inc., will modernize facilities and increase production of high protein soybean meal, soybean oil and hulls. The expansion will position Perdue to expand soybean crushing capability to include other high-oil content products, according to the release. Virginia competed with Maryland, North Carolina and Pennsylvania for the project.
The governor’s office did not say whether the expansion will lead to more jobs in Chesapeake. Perdue Farms employs more than 2,800 people in Virginia at its locations in Bridgewater, Prince George County, the Northern Neck area and Chesapeake.
The announcement came ahead of the Chesapeake’s state of the city update, also scheduled Thursday.
“Perdue’s decision to choose Chesapeake for its expansion just further highlights the many advantages our city has to offer businesses, from our location to our business climate,” Chesapeake Mayor Rick West said in a statement.
Perdue purchases 80% of Virginia’s soybeans and exports 72 million more tons annually through the Port of Virginia. The Chesapeake facility supplies crude degummed soybean oil to the the company’s Salisbury, Maryland, oil refinery for additional processing and sales to the food industry, as well as the global biodiesel industry.
Perdue buys grain from more than 700 Virginia farmers a year, providing a “strong local market for their crops,” Perdue AgriBusiness CEO Scott Fredericksen said. “Renovating and expanding our Chesapeake operations will allow us to increase local origination and improve our processing capabilities, as well as enhance logistical efficiencies across our supply chain to continue meeting customer demand. As a proud employer in the state, we look forward to many more years of success and growth at our operations in Chesapeake.”
The reinvestment is a “strong endorsement” in the state’s attributes, Youngkin said. “Perdue AgriBusiness is a valued employer in Chesapeake and a major contributor to Virginia farmers’ livelihoods, and we look forward to its continued growth trajectory with the modernization and expansion of this facility.”
“Virginia is home to some of the world’s most innovative and productive farmers. It has been their tireless work, continual investment in new and more efficient farming equipment, and embrace of technology that has kept the commonwealth’s agriculture sector growing and secure in its top position as the state’s largest private sector industry,” said state Secretary of Agriculture and Forestry Matt Lohr. “I commend Perdue for sharing this same commitment to innovation and investment in new equipment and technologies, because it is the diverse and global markets that facilities like this provide our farmers that drive the whole industry forward.”
The Virginia Economic Development Partnership and the Virginia Department of Agriculture and Consumer Services worked with the Chesapeake to secure the expansion. Youngkin also approved a $500,000 performance-based grant from the Virginia Investment Performance Grant, which encourages continued capital investment by existing Virginia companies, as well as a $450,000 grant from the Governor’s Agriculture and Forestry Industries Development Fund to assist Chesapeake with the project. The company is also eligible to apply for the Railroad Industrial Access Program through the Virginia Department of Rail and Public Transportation, subject to approval by the Commonwealth Transportation Board.
Data centers are a primary driver of economic growth in Virginia, comprising $6.8 billion or 62% of all major economic investments announced last year by the Virginia Economic Development Partnership, according to a new report released Thursday by the Northern Virginia Technology Council (NVTC).
While the total for 2021 represents a decrease from 2020, when the centers accounted for 81%, or $7.9 billion, in new investments announced by the VEDP, their impact still remains huge. Data centers accounted for as many as 5,550 operational and 10,230 construction and manufacturing jobs, $1.6 billion in employee pay and benefits and $7.5 billion in economic output in 2021, the NVTC report found. And that’s just the direct impact — data centers had an approximate total impact of about 45,460 jobs, $3.6 billion in pay and benefits, $15.3 billion in economic impact and generated about $174 million in revenue for the state and about $1 billion in local tax revenue.
“For every job inside a Virginia data center, there are 4.1 additional jobs that are supported in the rest of the Virginia economy,” states the NVTC’s 2022 Virginia Data Center Report.
Loudoun County‘s “Data Center Alley” in Ashburn has the largest concentration of data centers in the world. In fact, the data center inventory in Northern Virginia exceeds the five largest other markets combined, according to the report. As land in Loudoun becomes more scarce, the county is facing a proposal to rein in their development along the Route 7 corridor as part of a zoning revision.
In Loudoun, the centers currently account for about 26 million square feet with about 5 million more square feet in development, Buddy Rizer, the county’s executive director for economic development said.
Moreover, Virginia’s data centers have led to ancillary economic development, such as the construction of the international subsea high-speed internet cable landing in Virginia Beach, with a new Atlantic seaboard cable planned to connect Virginia with New Jersey, South Carolina and Florida.
Tax revenues from data centers help to offset state expenditures on education, too. In Loudoun County, the centers generated $73 million for education funding; in Prince William, another hotbed for data center development, they accounted for $17.5 million in funds, according to the report. That’s more than $90 million that the state was able to put toward other localities.
“The tax revenue that is generated by a data center is so significant,” Prince William County Department of Economic Development Executive Director Christina Winn told Virginia Business in an interview.
In 2012, data centers accounted for a little more than $5.9 million in tax revenues in Prince William, said Jeff Green, business development manager for the county’s economic development department. By 2021, that increased to nearly $79 million.
Data center growth in Prince William is expected to continue, helped along in part by demands fueled by the COVID-19 pandemic and advances in technology, Winn said. The centers currently account for 33 buildings comprising 5.4 million square feet, and another eight buildings are under construction, Green said. Those are expected to add another 2 t0 3 million square feet.
“I do believe that there’s going to be continued growth in the data center industry, and that is really just in terms of the demand, or the evolution of technology,” Winn said.
Competition for data center investment has “never been tougher,” Rizer said adding, “offering consistency, predictability and a fast time-to-market is more important than ever.”
Legislation passed in the General Assembly’s spring session, which awaits Gov. Glenn Youngkin‘s signature, would create a common assessment process for the centers. That’s a “great step forward,” Rizer said.
“The biggest thing that Loudoun and the commonwealth can do to remain competitive is to maintain its predictable tax environment and retain its business-friendly attitude for the industry.”
Fairfax-based software company WaveDancer Inc. announced Tuesday that it has entered into a definitive agreement to acquire Herndon-based software-as-a-service platform company Knowmadics Inc. for $90 million.
Approximately $56.5 million in cash and $33.5 million of stock at a price of $6.50 per share comprise the $90 million total.
WaveDancer intends to raise approximately $67 million in a private offering of its common shares, according to a news release, and the transaction’s closing is contingent upon financing. The transaction is expected to close in the second quarter, and Knowmadics will become a wholly-owned subsidiary of WaveDancer.
WaveDancer provides cybersecurity solutions and specializes in secure supply chain management. The company uses blockchain and encryption algorithm technology, as well as providing on web-based interface for transactions, documentation and other aspects of management.
“We are determined to provide industry-leading comprehensive device and data management and security solutions for government and commercial clients,” WaveDancer CEO Jamie Benoit said in a statement. “Given the increased threat of state-sponsored cyber attacks against U.S. commercial and government critical infrastructure, we think the timing and nature of our corporate transformation will position us well in the commercial and government marketplaces.”
Knowmadics CEO Paul Maguire and President Claire Ostrum founded the company in 2013. Knowmadics provides an Internet of Things remote device management and monitoring platform and mobile apps. WaveDancer plans to extend its software to include devices and enterprise systems through the acquisition.
“After seeing the transformation that’s been underway at WaveDancer over the last year, and getting to know Jamie and the team, I am delighted about this acquisition,” Maguire said in a statement. “We’ve been approached many times over the years, but no partnership felt right until now. From a mission focus, culture and product offering perspective, our two organizations are in lockstep.”
TemperPack Technologies has received $140 million in new equity financing, the Henrico-based manufacturer announced Tuesday.
The company manufactures ClimaCell thermal liners, a recyclable, nontoxic alternative to expanded polystyrene and Styrofoam, used to ship food, pharmaceutical and other products which help to reduce waste and carbon emissions. TemperPack produces millions of ClimaCell box liners monthly from their Virginia and Las Vegas facilities, the company said in a news release.
The new funding will allow TemperPack to expand its footprint and reach new customers.
“WeareabsolutelythrilledtopartnerwithGoldmanSachstoaccelerateourgrowthanddiversifyourofferingofinnovative,sustainablehigh-performanceprotectivematerials,” TemperPack Chairman and CEO Bob Beckler said. “AsTemperPackgrows,weincreasethebeneficialimpactforconsumers,ourcustomers,andourplanet.“
New financing was led by Goldman Sachs’s sustainable investing business, joined by existing investors including Grosvenor Food & AgTech, Harbert Growth Partners, Tao Capital Partners, Revolution Growth, SJF Ventures, and Arborview Capital.
Bickmeier’s last day with the raceway, where he has led for more than a decade, is April 15. He will begin working in his new role on April 18.
“With Dennis Bickmeier serving as our executive director of the Henrico Sports and Entertainment Authority, we will immediately insert an industry expert who knows and loves our region,” said Supervisor Dan Schmitt, Brookland district, and chair of Richmond Region Tourism. “He is tested, and he is trusted, having spent years working alongside public officials, hotel operators and stakeholders.”
The county Board of Supervisors established the sports and entertainment authority in April 2021 and approved $585,896 for its personnel and operations in the 2021 to 2022 fiscal year budget. The authority currently has two staff members who transferred from the county’s Division of Recreation and Parks. Dawn H. Miller serves as tourism supervisor, and Michael McCormack as sports tourism coordinator.
“Sports is a business,” Bickmeier said. “Entertainment is a business … Event promoters make decisions based on what is best for their business … They’re going to ask us, can their business be successful by coming to Henrico County. It‘s our job to show them why Henrico County, why this region, is best for their business for sports and entertainment experience. Our team will work every day to deliver against that mission.”
As raceway president, Bickmeier oversaw the 1,100-acre track that hosts two NASCAR weekends and has more than 200 event days a year. He oversaw the $30 million infield improvements that the raceway completed in 2018 and its transformation into a mass COVID-19 vaccination and testing site.
Bickmeier has held positions with Michigan International Speedway, Auto Club Speedway, in California, and the NCAA’s Big West Conference. He has also worked in the front office for major league sports teams including the NFL’s Los Angeles Rams (the first time the team was based in LA), the MLB’s Los Angeles Angels and the NHL’s Anaheim Ducks.
He lives in Glen Allen and serves on the boards of Richmond Region Tourism, the Henrico Education Foundation and the Henrico Police Athletic League.
Bickmeier earned a bachelor’s degree in journalism and a master’s degree in sports administration and facility management from Ohio University.
Along with promoting sports and entertainment tourism, the authority will manage the county’s public-private facilities, including the 180,000-square-foot indoor sports center at Virginia Center Commons expected to be completed in September 2023 and the $2.3 billion GreenCity mixed-use development.
The authority is ready to knock on doors that haven’t been knocked on in a while, Bickmeier said.
“If we get a facility that has the ability to host the NCAA tournament, that’s a door we’re going to knock on,” he said. “But it takes our local universities to partner on something like that. You look at other events, national governing bodies like USA Gymnastics, USA Track and Field, those types of things — those are discussions that we want to have with national governing bodies as well. The opportunity to bring those types of events to town, they don’t happen overnight. There’s a long lead time to be able to do those types of things, so it’s going to take a while to prospect and bring those types of things to town.”
In 2021, the county hosted 160 sports tournaments that generated $59.1 million in economic impact, Henrico County Manager John Vithoulkas said. In 2019, that number was $66.2 million, according to a news release.
Specific details — including all of the people and companies backing the six competing development proposals — have not yet been provided by the city, but some were formed specifically for the project.
According to a person involved with Vision300 Partners, which formed in 2020, the entity is “a local and diverse group” that includes about 40 Richmond-area businesses and community organizations, including lead developer Freehold Communities, which has a presence in Richmond; developer Spy Rock Real Estate Group; building company Hourigan; staffing firm Astyra Corp.; Canterbury Enterprises; Shamin Hotels; lead architect HKS; and engineering firm Timmons Group. The group also includes the Metropolitan Business League, the Better Housing Coalition and the YMCA of Greater Richmond, as well as former NFL player Mike Robinson and former soccer pro Greg Simmonds, who are involved with youth sports.
“We recognize there is a lot of interest in transforming this area based on the number of responses received,” said a statement from Vision300, noting that its proposal would align with the city government’s Richmond 300 master plan. “We’re a diverse group of local Richmond leaders who care deeply about the city’s development, design, youth development, community investment and wellness. Each of us is working in multiple ways to create a better future. We see this project as an opportunity to bring local government, business, and nonprofits together to move the region forward.”
MAG Partners is a woman-owned urban real estate company based in New York City; Weller Development Co. is a Baltimore-based real estate development firm, and LMXD is a mixed-income development-focused affiliate of L+M Development Partners Inc., a real estate development firm based in New York.
Richmond City Councilor Katherine Jordan, who represents the district where the development would take place and is one of two city councilors on the advisory panel, said Thursday that she wouldn’t provide further information on the three other partnerships in order to keep the process competitive. However, she said that the panelists were “intrigued by teams with local partners,” and that to her knowledge, all six groups have local members now.
Brambly Park Winery opened in Richmond’s popular Scott’s Addition neighborhood in summer 2020, offering an outdoor gathering area and an indoor events space. Photo by Shandell Taylor
According to the city, these six groups must provide additional requested information about their proposals by April 25 at 3 p.m. to continue the process. The new intermediary step is intended to obtain more detailed plans for the city’s evaluation panel — a group of 10 city and VCU representatives — to review. The application requests details on financing, project goals, development team organizational charts and a fully outlined project plan with deadlines and benchmarks, among other information.
The city expects to further narrow down the group of applicants during the week of May 9 and expects to host a public meeting during the week of May 24. Finalists will then submit their final formal requests by the week of June 6, and the panel will announce its preferred development team later in the month. At that point, Richmond City Council will vote on the final plan, which must pass with seven out of nine votes.
Jordan said that the council vote required seven votes instead of a simple majority because the development involves the transfer of city-owned land.
Rob Long, owner of the River City Roll bowling alley and president of the Greater Scott’s Addition Association, says that his group has held off on hearing from applicants so far, preferring to wait until the list of 15 was winnowed down. “I think now that we have a shortlist, all six finalists will sit down and get our input,” he said Wednesday in an interview with Virginia Business. “Our job as an association is to offer whatever guidance we can to make this neighborhood better, keep the current character of the neighborhood intact.”
Business owners in Scott’s Addition, which has quickly pivoted from a mostly industrial community to a mixed-use residential, retail and office neighborhood over the past decade, are interested mainly in the project bringing a “world-class ballpark” with an experienced builder, as well as broader community uses for that stadium when the Flying Squirrels aren’t playing home games. “VCU and the Squirrels want that,” Long said.
Other key priorities business owners have identified for the project, Long said, include affordable housing, green space and walkability from the stadium to the Scott’s Addition neighborhood — an often perilous journey across multiple lanes of traffic on Arthur Ashe Boulevard — as well as allowing locally owned businesses to take priority over national chains in the development. “We welcome conversations with all six groups.”
Jordan noted that the proposed Cordish Cos. casino project at the Bow Tie Cinemas property off Arthur Ashe Boulevard, a project she opposed and was ultimately passed over in favor of the One Casino + Resort on the South Side, was different from the Diamond District, which has been discussed extensively during the Richmond 300 planning sessions and other meetings to redevelop the area.
“I would say the primary difference from the [North Side] casino is [that] people love the Squirrels,” she said. “To me, we’ve got the buy-in for these uses. The casino didn’t have that. It was problematic from the start.”
Uma Marques started as the technology specialist for the Testbed March 14, according to a news release.
The Testbed is a technology accelerator for the state and offers a spot for companies looking to test their “smart” technology solutions for public infrastructure challenges. Marques will offer input on the use of technology and resources to entrepreneurs.
Marques said she’s “eager to work with entrepreneurs, businesses, and leaders to bring technology solutions to market, ultimately driving economic growth and workforce within those projects.”
Marques has more than 28 years of technology experience and earned a bachelor’s degree in electrical engineering from Anna University, in India, and master’s degrees in computer engineering from Clemson University, in South Carolina, as well as technology management from George Mason University.
Chatham-based Davenport Energy Inc. has promoted Harold E. “Hal” Thornton Jr. to president, the company announced Tuesday.
Thornton has been with Davenport, a provider of gas, diesel fuel propane and petroleum products, for 27 years. He was initially hired as human resources director in 1995, rising through the ranks to supervisory and management positions. Most recently he was executive vice president, a role he has held since 2002. His vice president role will not be filled, according to a company spokesman. Before he joined Davenport, Thornton worked for North American Locating Inc.
“Hal has been a key part of our success, and we are thrilled to promote him to this important position,” Davenport CEO Lewis E. Wall Jr. said in a statement.
Davenport was founded in 1941 and is a family-owned company. Benjamin J. Davenport Jr., whose father founded the company, is now chairman, and Wall is his cousin. The company employs 150 people and has offices in Danville, Gretna, Rocky Mount, Martinsville, Roanoke, South Boston, Covington and Siler City, North Carolina. It supplies propane and fuel oil, along with related services to more than 30,000 customers in Virginia, North Carolina and West Virginia and gasoline and diesel fuel to more than 200 convenience stores.
“Davenport Energy Inc. has been my work home for nearly 27 years,” Thornton said. “The excitement of watching the company flourish is only matched by the day-to-day honor of being a member of Team Davenport. I am grateful for the opportunities afforded me and look forward to Davenport Energy’s continued success.”
“I am thrilled to be able to join the Norfolk Tourism Foundation and to put my skills to use supporting our current hospitality workers, our future hospitality workers and tourism research initiatives that will help our community invest wisely in future growth,” Backe said in a statement.
Backe previously served as the managing director of The Hurrah Players, a not-for-profit family theater company in Norfolk. Prior to that, she was development director for the Zeiders American Dream Theater, a nonprofit professional theater company in Virginia Beach. Backe was the annual fund manager and office coordinator for the Virginia Opera Association Inc. and executive assistant and secretary to the board for the Virginia Symphony Orchestra.
“We are ecstatic to welcome Kelsey Backe to our VisitNorfolk family,” VisitNorfolk President and CEO Kurt Krause said in a statement. “I look forward to the outstanding accomplishments she will achieve as she brings her extensive experience, passion and skills to the Norfolk Tourism Foundation, bettering our local community and furthering our knowledge of tourism trends through multiple programs and initiatives.”
Backe is a member of the NEON District Committee, for an arts district in Norfolk, and of The Hermitage Collective, which supports The Hermitage Museum and Gardens.
Founded in 2004, the Norfolk Tourism Foundation is a nonprofit that functions as an adjunct agency to VisitNorfolk, the city’s destination marketing organization. The foundation has awarded more than $49,000 in scholarship and grant awards and participated in 17 research initiatives.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Sign In
Free Newsletter
