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Corporate Report: June 7

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  • | 7:39 a.m. June 7, 2013
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DEX Imaging grows, acquires two Florida companies
Tampa-based DEX Imaging has acquired Davie's U.S. Imaging Solutions and Tampa-based Tonertype LLC. The purchase increases the company's revenue to $148 million annually, up from $116 million in 2012.

Tonertype, an office imaging provider with clients in Florida, Alabama, Tennessee, Kentucky, Kansas and Arkansas, specializes in office equipment, services and supplies. U.S. Imaging Solutions is an authorized sales and service provider for Canon, Hewlett Packard, Konica Minolta, Lexmark and Muratec.

With plans to reach $250 million in annual revenue by 2016, DEX Imaging is the largest and fastest-growing independent dealer of Konica Minolta and Kyocera document imaging equipment in the United States. DEX Imaging has 26 locations in Florida, Tennessee, Maryland, Alabama and Mississippi.

Superior Uniform Group names Benstock chairman emeritus
Seminole-based Superior Uniform Group Inc. has appointed Gerald Benstock to chairman emeritus. During his 62-year career at the firm, Benstock served as the company's president, CEO and chairman.

“Jerry led the company to significant financial growth and consistent returns for shareholders,” Sidney Kirschner, chairman of the board of directors of the company, says in a press release. “As he transitions to the role of chairman emeritus, his vast experience and knowledge of our industry will continue to provide considerable value to the company and be a useful resource for the board.”

Brown & Brown paying $300+ million to buy Beecher Carlson Holdings
Tampa- and Daytona Beach-based Brown & Brown Inc. has entered into a merger agreement to acquire Atlanta's Beecher Carlson Holdings Inc. from Austin Ventures, FSPM and a group of individual equity holders. Beecher Carlson Holdings is an insurance and risk-management broker.

Brown & Brown has agreed to pay $360 million in cash with adjustments for working capital and the value of earlier tax operating losses. The agreement is scheduled to close in July.

Beecher Carlson Holdings, through its subsidiaries, had total annual net revenues of $105.6 million in 2012.

If the deal is approved, Steve Denton, Beecher Carlson's president, will be named a regional vice president of Brown & Brown Inc. and will serve as the CEO of Beecher Carlson. Dan Donovan, Beecher Carlson's CEO, would serve as executive chairman of Beecher Carlson. Denton and Donovan will also join Brown & Brown Inc.'s Leadership Council.

Sterling Payment Technologies partnering with Tri-Technical Systems
Sterling Payment Technologies LLC of Tampa has reached a partnership agreement with Dubuque, Iowa-based Tri-Technical Systems. The deal calls for Sterling Payment Technologies to integrate its payment processing services into Tri-Technical Systems' accounting and inventory management software, which is used by more than 4,000 retailers.

Rectrix Commercial Aviation buys APP Jet Center Sarasota
Bedford, Mass.-based Rectrix Commercial Aviation Service purchased the APP Jet Center Sarasota at the Sarasota-Bradenton International Airport. Financial details of the cash sale were not disclosed.

The Rectrix Aerodrome Centers at SRQ covers 24 acres on the airport property, and can accommodate more than 180,000 square feet of aircraft hangars and passenger service facilities. The purchase will allow Rectrix to service up to four aircraft at a time and will create space for another 60-70 planes annually.

The Sarasota purchase follows Rectrix earlier acquisition of AirFlyte Inc., a Westfield, Mass., full-service executive terminal fixed-base operator with maintenance and hangar facilities. The expansion of AirFlyte at SRQ is expected to produce a number of new jobs in the area, currently estimated at 15 new positions in the first 18 months.

“The acquisition of Airport Property Partners' Sarasota base represents a strategic initiative that will allow Rectrix to enhance its operations at SRQ,” says Thomas Russell, executive chairman of Rectrix, in a news release. “The result will be added customer benefits, including expanded maintenance —made possible through Rectrix's recent acquisition of AirFlyte in Westfield, Mass. Implementation of an AirFlyte satellite, already in the planning stages, will be accelerated because of additional space immediately available through the acquisition.”

Thom Harrow, CEO of Airport Property Partners, owner of the Sarasota fixed-base operator, says the sale will allow the company to pursue more properties in other markets.

Knight Marketing recognized at national Healthcare Advertising Awards
Knight Marketing of Venice won several national awards for work it produced for clients in the health care sector at the 30th annual Healthcare Advertising Awards. It received a gold award for a magazine series it created for Southeast Georgia Health System, and silver for branding it developed for FlowSafe II, a product produced by Clearwater-based Mercury Medical. The agency also received a gold Aster award for the comprehensive national marketing campaign it developed for VITAS Innovative Hospice Care, the largest hospice organization in the United States.

The Healthcare Advertising Awards is one of the 10 largest advertising award programs in the country, with 4,000 entries annually.

PGT stockholder increases sale, offering 11 million shares
JLL Partners Fund IV L.P. has increased the number of PGT Inc. stock shares it plans to sell from 10 million to 11 million. The stock is being offered for $7.75 per share.

At the same time, north Venice-based PGT announced it would buy back 6.79 million from JLL Partners Fund IV for $7.36 per share. Following the buy back PGT will have 45.38 million shares of common stock outstanding.

Taylor White, Tringali Staffing merging to create larger Taylor White
St. Petersburg accounting and financial services staffing firm Taylor White has merged with Tringali Staffing, a similar company based in Tampa. The combined company is described as the largest independent accounting and finance placement firm in Tampa Bay and will continue operating under the Taylor White name.

Lakewood Ranch clean energy company wins TiEcon Top Startup award
Lakewood Ranch-based Safrema Energy was named the winner of the 2013 TiE50 “Top Startup” award at TiEcon 2013, held in Santa Clara, Calif. Safrema Energy was among 50 winners honored from 1,142 total nominees in 24 countries for a variety of conference awards. TiEcon describes itself as the world's largest conference for entrepreneurs.

Founded in 2010, Safrema Energy LLC is developing the Nexus water turbine, a device designed to use flowing water to generate electricity. The company plans to test its first ocean platform in the Gulf Stream off the coast of Florida in cooperation with Florida Atlantic University.

Iverson's Furniture in Sarasota launches services for Realtors
Iverson's Furniture, a two-store used-furniture retail chain, is now offering services to real estate brokers. Iverson's Furniture will help brokers stage listed properties and will buy the entire contents of homes for their clients.

“We'll clean it out, move it out and hand you a check,” Mari Morton, owner of Iverson's Furniture, says in a press release. “We'll make it easy for you.”

Iverson's buys, sells and consigns furniture and estates from stores on Bee Ridge and Clark roads.


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