- March 28, 2024
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T3 Communications names Reel as new president, CEO
Josh Reel has been named president and CEO of Fort Myers-based T3 Communications Inc.
He was recently president and CEO of NexGen Communications, a Midwest-based local exchange carrier, among several telecom companies he has led in 20 years in the industry.
“Josh has been on the forefront of introducing new telecommunications technologies over his entire career, and he is the perfect addition to our team at this stage of the company's development,” Steven Jones, chairman of the board of directors, said in a press release.
Adam Sewall, the company's former president and CEO, recently resigned to pursue other interests.
T3 Communications provides integrated voice and data services to business customers throughout Southwest Florida.
Raymond James Financial to buy Howe Barnes Hoefer & Arnett
St. Petersburg-based Raymond James Financial Inc. plans to acquire Chicago's Howe Barnes Hoefer & Arnett Inc., a full-service investment brokerage firm focused on financial institutions, by March 31.
Howe Barnes also provides private wealth management solutions for more than 4,500 clients and has more than $1.9 billion in assets under management. Founded in 1915, it employs 115 people.
“This acquisition reflects [our] growth strategy as we expand our already significant capital markets reach while adding to our strong private client presence in some key markets,” Raymond James CEO Paul Reilly said in a press release, adding it will also “bolster our existing expertise in the financial institutions sector for our Capital Markets team.”
Howe Barnes chairman and CEO Dan Coughlin will join Raymond James as a managing director of investment banking and co-head the institutions practice with managing director Patrick DeLacey.
Raymond James was advised by its wholly-owned subsidiary, Raymond James & Associates Inc., and was represented by Foley & Lardner LLP. Howe Barnes was advised by River Branch Capital and was represented by Chapman and Cutler LLP.
Brown & Brown sub-companies buy Seattle, Dania businesses
Two regional subsidiaries of Tampa- and Daytona Beach-based Brown & Brown are acquiring the assets of three insurance companies.
Brown & Brown of Washington Inc. purchased the assets of Balcos Insurance Inc. and Mike Howard Insurance Inc. of Seattle. Also, Brown & Brown of Florida Inc. agreed to acquire the assets of Comcover Insurance Group Inc.
With annual revenues of $3 million, Balcos offers personal and commercial lines, plus specialized products and services, in the restaurant and hospitality, automotive service and repair, construction, and manufacturing and distribution industries in the western region.
MHI reported annual revenue of $500,000. The 18-year-old firm provides personal, life and commercial insurance in the greater Seattle area.
Following the transactions, Brown & Brown of Washington will operate from two new locations, in Ballard and Bellingham, Wash., led by Mark Balcos, one of the principals of Balcos Insurance.
Founded in 2003, Dania-based Comcover had annual revenue of $1.6 million. It provides casualty and risk management products.
Comcover Insurance President Anthony Johnson and his staff will join Brown & Brown of Florida's Fort Lauderdale and Miami Lakes offices.
Brown & Brown Inc. offers insurance and reinsurance products and services, plus risk management, third-party administration, managed health care and Medicare set-aside services and programs.
Tampa's Cunningham Lindsey buys GAB Robins North America
Tampa-based Cunningham Lindsey acquired the U.S. loss-adjusting business of GAB Robins North America Inc.
As a result, Cunningham's U.S. operations will expand by more than 380 people and 100 office locations, bringing its total national scope to more than 1,100 full-time employees in 200 locations.
The two companies view their operations as complementary with few service and client redundancies. The combined business will provide a wide variety of industrial, commercial and personal property, and casualty claims worldwide.
“This acquisition will significantly enhance [our] operations in commercial and technical claims, broadening our competencies to extend from low-severity personal lines claims to large, complex, specialty claims,” said Philippe Bes, president and CEO of the Cunningham Lindsey Group.
Cunningham Lindsey, majority-owned by private equity firm Stone Point Capital LLC, is a provider of independent loss adjusting and claims management services worldwide.
Stephen Hertz and Jennifer Chu of Debevoise & Plimpton LLP represented Cunningham Lindsey. GAB Robins was represented by BofA Merrill Lynch as financial advisor, and Peter Krupp and Kimberly de Beers of Skadden, Arps, Slate, Meagher & Flom LLP, as legal advisors.
Florida Communications Group hires new sales & advertising VP
Robert Geiger, vice president of interactive for Media General's North Carolina market, has been named vice president of sales and advertising for the Florida Communications Group media company, in Tampa.
The Florida Communications Group, owned by Media General, includes such regional media entities as The Tampa Tribune, TBO.com, WFLA-TV and CENTRO Tampa.
Tampa's Hire Velocity buys Virginia firm
After working together for a year as sales channel partners, Hire Velocity, a national recruiting firm based in Tampa, acquired TSC Services LLC, a Vienna, Va.-based firm that focused on government placements.
TSC principals Bill Joyce and Andy Misovec will maintain a minority interest in their firm.
Hire Velocity, led by CEO Valerie Marks, was named to Inc. Magazine's Inc. 5000 list in 2009, after revenues grew from $494,290 in 2005 to $2.5 million in 2008.
Emergency Medical Services buys Tampa health care firm
North Pinellas Anesthesia Associates and Northwood Anesthesia Associates, a combined anesthesia provider for health-care facilities based in Tampa, was sold to Emergency Medical Services Corp.
The bought firms will continue to operate under their present names. EMS estimates that the acquisition could contribute $15 million in annual net revenues.
EMS Corp., based in Greenwood Village, Colo, earned $2.6 billion in revenues in 2009.
Custom Cable hires president, plans to leave bankruptcy
Custom Cable Industries, a Tampa-based network connectivity company founded in 1980, named Thomas Ward as its new president and plans to reemerge from Chapter 11 bankruptcy.
Last year the company filed a voluntary petition to reorganize. High debt levels combined with litigation claims filed by former executives and lenders forced it to sell some of its assets.
“The asset purchase has set the stage for Custom Cable's future growth,” General Manager Gregg Stewart said, adding that the newly appointed Ward “is the right person to lead that.”
QualaWash Holdings to buy PSC Container Services
Tampa-based QualaWash Holdings LLC signed a definitive stock purchase agreement to acquire PSC Container Services LLC.
“The addition substantially increases [our] nationwide service footprint to 53 locations, giving us further reach to service shippers, carriers and [Intermediate Bulk Container] operators,” Mike Bauer, CEO of QualaWash said in a press release, adding that PSC's business model is complementary, particularly in the IBC cleaning and reconditioning business.
QualaWash, a privately owned bulk transportation services provider, is North America's largest provider of tank trailer cleaning, ISO container depot services and IBC cleaning and reconditioning services. QualaWash is backed by private investment firm KLH Capital L.P.
SRI/Surgical, MedAssets reach surgical products deal
MedAssets Supply Chain Systems LLC will continue to offer Tampa-based SRI/Surgical Express Inc.'s products to its member health care firms via a new three-year contract.
SRI/Surgical Express makes reusable surgical products, instrument programs and a hybrid pack of sustainable surgical kitting solution using reusable and disposable surgical items.
Sun Hydraulics launches office in China, divests joint venture
Sun Hydraulics Corp. in Sarasota has opened an office in Shanghai, Sun Hydraulics China Co. Ltd, the company's primary operation in the country, plus sold its Chinese joint venture company, Sun Hydraulics Systems (Shanghai) Co. Ltd., to its joint venture partner, Links Lin.
The former joint venture company will be Sun's first authorized distributor in China.
“The JV was a perfect entry into the Chinese market,” Allen Carlson, CEO of Sun Hydraulics Corp., said in a press release. “The new office will help us better serve the entire market. Approximately five percent of our sales came from China. We expect China will continue to account for an increasing percentage of [our] consolidated sales as we add more distributors and system integrators in the country.”
Sun Hydraulics is a designer and manufacturer of high performance screw-in hydraulic cartridge valves, manifolds and integrated package solutions.
NeoGenomics execs, investors buy extra shares
Five members of the Fort Myers-based NeoGenomics Inc.'s board of directors and senior management team plus two existing institutional investors participated in a $3 million equity financing deal.
The agreement was priced at $1.50 per share and resulted in 2 million shares of new common stock being issued. The company plans to use the proceeds to strengthen its financial position and fund growth initiatives.
“The purchase [of] shares of restricted stock at a premium to the recent trading price shows our faith in the future,” Doug VanOort, company chairman and CEO, said in a press release. “[We] feel that even at a premium, NeoGenomics is an excellent investment opportunity.”