- March 28, 2024
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Jabil takes back France, Italy operations
St. Petersburg-based Jabil Circuit Inc. has reacquired three of its former operations in France and Italy. It had divested the operations in July.
Jabil says it decided to re-establish operations at the sites after multiple breaches by the purchaser of the facilities. It is accusing the buyer of among other beaches diverting funds that were specifically designated as working capital.
“We believe our actions today are in the best interests of the affected customers, former employees, Jabil shareholders and the well-being of the local communities where we operate,” Tim Main, Jabil's president and CEO, said in a press release. “Although the transgressions of the purchaser that led to this action were beyond our control, we could not stand by and allow the circumstances to deteriorate further.”
Jabil expects to report a charge of $25 million to $40 million to earnings in its second quarter to write off working-capital loans for the operations and expenses associated with the transaction.
Jabil designs, manufactures and handles product management for technology products for other companies.
Checkers signs deals in four metro areas
Checkers Drive-In Restaurants Inc. in Tampa signed agreements with four franchisees to develop 12 new restaurants in four areas: the West Bronx borough of New York City, Detroit, Philadelphia and Baltimore.
Vijay Ghei Fordham Foods (USA) Inc. will develop four stores in the West Bronx. The first restaurant is scheduled to open in November with the remaining three to be completed by 2014.
Mark Latshaw of Ken-Mar Drive-Thru LLC plans to open two restaurants in Detroit. The first is scheduled to open in March, and the second is scheduled for July.
Jiger and Kalpesh Patel have signed on to open four new Checkers in Philadelphia, with the first expected in May. The partners have agreed to develop the remaining three restaurants over the next three years.
Mushtaq Cheema, Mahmood Ahmad and Misbah Malik will open two restaurants in Hagerstown, Md., outside of Baltimore.
Checkers' says its development in those major metropolitan cities is part of a strategic growth strategy to expand the brand's presence.
The drive-thru restaurant chain has more than 800 restaurants across the United States. Checkers is still seeking to add several new development agreements in several key markets, including New York City, Atlanta, Boston, Charlotte and Orlando.
Partner becomes co-manager of Pavese Law Firm
Charles Mann and William T. Haverfield II have been named co-managing partners at the Fort Myers-based Pavese Law Firm.
“As managing partner at Pavese Law Firm for more than 20 years, I am pleased to share this role with Charles as we work together to fulfill the firm's succession plan and secure the growth and future of Pavese Law Firm,” Haverfield says. “Charles has demonstrated continued leadership and brings both experience and innovation to the firm's management.”
Mann joined Pavese Law Firm in 2000 and became a partner in the firm in 2005. He focuses on real estate law with an emphasis on development.
Haverfield joined Pavese Law Firm in 1969 and has been the managing partner since 1990. He practices in the area of family law, with a focus on divorce.
Pavese Law Firm has offices in Fort Myers, Cape Coral and West Palm Beach.
Quality Distribution sets stock pricing
Tampa-based Quality Distribution Inc. plans to price its new offer of four million shares of stock at $9.50 per share. It expects to offer two million shares, while Apollo Management L.P. will offer another two million shares it holds.
The company is scheduled to announce its fourth quarter and full 2010 results March 9. It reported net income of $421,000 (two cents per diluted share) for the third quarter ending Sept. 30, down 70.5% from a profit of $1.43 million (seven cents per diluted share) last year. The company had an average of 21,610 shares outstanding as of the third quarter.
Quality Distribution plans to use the proceeds from its sale to pay off existing debt.
The company operates the largest chemical bulk tank truck network in North America through its subsidiary, Quality Carriers Inc., and is the largest North American provider of intermodal tank container and depot services through its Boasso America Corp. subsidiary.
Odyssey Marine Exploration partners with Morris' Galt
Tampa-based Odyssey Marine Exploration Inc. reached an agreement with Galt Resources LLC granting Galt the right to participate in one of Odyssey's projects in 2011.
Galt will receive half the net proceeds from the selected project until Galt has recouped its initial investment plus three times the investment. Thereafter, Galt would receive a residual 1% of net proceeds for each $1 million invested.
Odyssey received $5.6 million as part of the deal and can opt to increase it up to $10 million total.
John Morris' JCM Marine Ventures LLC manages Galt Resources LLC. Morris was Odyssey's co-founder and former CEO who retired from Odyssey's management team in 2008.
MarineMax, Sea Tow, Marinalife partner on rewards
MarineMax Inc. of Clearwater announced new partnerships with Sea Tow Services International Inc. and Marinalife. Sea Tow Services International is a franchise-based marine assistance provider and Marinalife is a boating concierge and reservation service.
Under the terms of the Sea Tow agreement, each person who purchases a new boat from MarineMax will receive a complimentary 95-day Sea Tow Gold Card membership, and used- or brokered-boat buyers will receive a complimentary 60-day Sea Tow Gold Card membership. In addition, Sea Tow members will also be able to opt into the MarineMax Rewards Club for discounted boat parts and service, sales promotions and more.
“We were the first boat retailer to provide a two-year maintenance program and rewards club to buyers,” William McGill, president and CEO of MarineMax, says in a press release. “Now, by extending Sea Tow and Marinalife benefits to our customers, we're adding world-class protection and peace of mind to our comprehensive package.”
MarineMax is also introducing a premium Rewards Club membership, which includes a full-year Sea Tow Gold Card membership and a Marinalife Captain's Club Membership.
MarineMax is the nation's largest recreational boat and yacht retailer. It currently has 56 retail locations.
Starwood investments near $250 million
Bradenton-based Starwood Land Ventures L.L.C. reports it has invested nearly $250 million in residential land since its inception in 2007.
The company's three largest deals were buying Tousa Homes' assets for $81 million; the Summerlake development in Florida for $27.9 million; and Castle Oaks development in Colorado for $16.5 million.
“Over the past year, Starwood has increased its inventory of residential lots from 4,500 in 2009 to more than 16,000 in 2010 through five separate transactions,” Mike Moser, east region president for Starwood, said in a press release. “We believe select opportunities will arise allowing future growth, [and we] have multiple projects selling lots to several builders in revitalized communities.”
Starwood Land Ventures controls more than 40 homeowner associations around the country with home sites in Arizona, California, Colorado and Florida.
Tigrent promote interim CEO to full-time CEO position
After serving as its interim CEO since last March, Steven C. Barre has been named CEO of Cape Coral-based Tigrent.
He has been on the board of directors of the company since February 2008.
Prior to joining Tigrent, Barre served as senior vice president and in other roles for Jacuzzi Brands Inc.
Tigrent is a provider of financial literacy educational training seminars, conferences and services.
WellCare Health resumes services for Healthy Kids
HealthEase of Florida Inc. and WellCare of Florida Inc., two subsidiaries of Tampa-based WellCare Health Plans Inc., gained a new expanded one-year contract to provide medical services to Florida Healthy Kids Corp.
HealthEase and WellCare will continue to offer coordinated care plans to eligible beneficiaries of the Florida Healthy Kids Program in 16 counties covered in the last agreement. WellCare will also begin offering plans to eligible children in two new counties, Pasco and Pinellas.
Aqua Beachwear official L*Space supplier
Fort Myers-based Aqua Beachwear has been made the official supplier of the L*Space line of swimwear for the new InStyle Magazine and the 2011 Sports Illustrated Swimsuit Edition.
L*Space is the swimwear brand created by designer and creative director Monica Wise.
The 2011 L*Space line can be found in all Aqua Beachwear stores, or at the retailer's Web site aquabeachwear.com.
Aqua Beachwear operates 14 retail stores in resort communities throughout Florida, Arizona and the U.S. Virgin Islands.
Chico's promotes CFO to chief operating officer
Fort Myers-based Chico's FAS Inc. appointed Kent A. Kleeberger as its executive vice president-chief operating officer. The company's former chief operating officer, Jeffrey Jones, is retiring from the company effective March 7. Jones has agreed to serve as a part-time consultant to the company during the transition period.
Kleeberger, 58, has served as executive vice president-finance and chief financial officer of Chico's FAS since joining the company in November 2007. From 2004 to October 2007, he was the senior vice president-chief financial officer for Dollar Tree Stores Inc.
The company has hired an executive recruitment firm to conduct a national search for a new chief financial officer.
Chico's FAS is a women's specialty retailer of clothing, intimates, complementary accessories and other non-clothing gift items. It operates 1,151 specialty stores.