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Corporate Report
Progressive increases
Florida market share
Progressive Employer Services, a Sarasota-based professional employer organization, purchased the assets of Southeast Employee Management Co. (SEMCO) of West Palm Beach; the purchase price was not released. This is the second major acquisition in less than a year for Progressive, which also purchased Sunwest PEO of Florida in September of 2005.
The purchase brings an additional $100 million in gross revenues to Progressive as it increases its presence on Florida's east coast. The deal also makes the firm one of the largest PEOs in Florida. After the acquisition closes, Progressive will have nearly $600 million in annual gross billings while serving more than 1,600 customers and more than 19,000 worksite employees.
The firm also announced May 9 that it has increased its credit line with PNC Business Credit to $9 million from $5 million as it seeks more growth, both internal and through potential acquisitions.
Lincare to pay $12 million
in settlements
Clearwater-based Lincare Holdings Inc., which delivers oxygen and other respiratory services to homebound patients, resolved several ongoing federal investigations by the Office of Inspector General and the U.S. Department of Justice. Lincare will pay $12.026 million to the government, without admitting it did anything wrong.
The first investigation focused on the company's relationships with physicians and other referral sources during the period from January 1993 through December 2000. The Inspector General of the U.S. Department of Health and Human Services contended the company provided illegal kickbacks to physicians and other professionals. The remaining three investigations were separate probes conducted in Massachusetts, Tennessee and Idaho and involved allegations that the company had inappropriately sought reimbursement under Medicare and other government healthcare programs or otherwise violated federal healthcare laws.
With about 800 nationwide locations, Lincare is one of the largest companies of its kind in the country.
Brown & Brown buys
insurance provider
Tampa- and Daytona Beach-based insurance brokerage Brown & Brown Inc. purchased Malvern, Pa.-based Benefit Development Group Inc., a specialized insurance company that provides employee benefit plans and serves commercial clients throughout Greater Philadelphia. The purchase price was not released.
Benefit Development Group, with annual revenues of about $1 million, will combine its operation with Brown & Brown's Doyle Consulting Group in Philadelphia.
Sarasota spa receives
'Four Star' honors
The Mobil Travel Guide awarded four stars for 2006 to The Ritz-Carlton Members Spa Club in Sarasota. The announcement recognizes the club as one of 85 properties that made the third annual list of America's Top Spas. Sixty spas were given four stars, 23 were given three stars and two received Mobil's highest honor, the Five-Star Award.
The Ritz-Carlton Members Spa Club opened Sept. 9, 2003. The 15,000-square-foot facility features 16 treatment rooms offering more than 100 wellness and anti-aging treatments.
First Watch selects Ybor firm to handle advertising
Bradenton-based First Watch Restaurants selected Ybor City-based Dunn & Co. to handle its advertising. Dunn & Co. will handle all creative and media duties for First Watch, including direct mail, Internet advertising, restaurant promotions and print ads in consumer publications. The first work is expected in the spring.
Tampa condominium tower
to begin construction in July
Cortex Resort Living, a developer of luxury, resort-style properties in the Florida Keys and Key West, announced the development of Blue Meridian, a luxury condominium tower in Tampa Bay. Construction is set to begin in July 2006 at Rocky Point in Tampa.
Currently in the permitting process, Blue Meridian is being developed in partnership with Cortex and Tampa developer HighPoint Development. Blue Meridian's sales center is managed by the Toni Everett Co. Jane Specter is the marketing representative.
Verizon wins approval
from Tampa City Council
The Tampa City Council will allow Verizon and its FiOS TV product to be delivered via its all-fiber network to customers in Tampa.
Initially, Verizon will offer FiOS TV to 35,000 households in areas such as Sulphur Springs, Seminole Heights, Hyde Park and Palma Ceia. Service will be extended throughout the entire city within five years of the initial offering, the company says.
This will allow for more competition in the area. Bright House is currently one of the companies serving many of the same communities. The Tampa franchise combined with Verizon's franchises for Manatee, Hillsborough and Pasco counties will enable more than 1.5 million residents in Verizon's Florida service territory to receive the company's services.
Three Sarasota businesses certified 'green'
Sarasota County's Green Business Partnership awarded its first certifications to three local companies as Green Businesses.
Dave's Auto Repair on Bee Ridge Road in Sarasota, Babe's Ace Hardware and Plumbing on East Miami Avenue in Venice and Suncoast Defensive Driving School on Clark Road in Sarasota were the recipients.
Each business had to prove its commitment toward environmentally friendly business practices. The GBP was initiated through a grant awarded by the Florida Department of Environmental Protection to Sarasota County.
Accentia on fast track
status for cancer drug
The U.S. Food and Drug Administration granted Tampa-based Accentia Biopharmaceuticals Inc. fast track status for its cancer drug BiovaxID, which a subsidiary of the company is developing.
The drug is designed to complement existing therapies to treat follicular non-Hodgkin's lymphoma. It's currently in Phase 3 clinical trials at more than 20 major medical centers throughout the United States.
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