Corporate Report

Corporate Report

PGT hopes to raise

$125 million in IPO

The stock of the Venice-based window and door

manufacturer was offered at $14 per share.

Venice-based window manufacturer PGT Industries' long-anticipated initial public offering debuted June 28 at $14 per share, a little lower than the $16 to $18 a share that was expected. The roughly 8.8 million-share offering was expected to raise about $125 million.

Deutsche Bank Securities and J.P. Morgan Securities were the lead underwriters on the stock sale. The shares trade on the Nasdaq exchange under the symbol PGTI.

PGT has been one of Sarasota County's most successful homegrown, privately held companies. It reported 2005 revenues of $333 million, with $8 million in net income (net profit of 2.4%). It has about 2,400 employees.

In regulatory filings prior to the stock offering, PGT says it planned to use the money to pay down long-term debt and for general capital purposes. The company has more than $350 million in long-term debt.

PGT manufactures impact-resistant doors and windows under its WinGuard brand name. The products combine heavy-duty aluminum or vinyl frames with laminated glass to provide protection from hurricane-force winds and debris.

Pennsylvania company buys

Sarasota technology firm

Sarasota-based Southeastern Communication Service, Inc., an engineering firm that sets up and maintains wireless systems for corporate, government and educational clients, has been bought by a suburban Philadelphia engineering firm. WPCS International Inc., based in Exton, Pa., bought SECS for $1.8 million in cash and $1.4 million in WPCS stock.

SECS clients include the National Oceanic and Atmospheric Administration (NOAA), Verizon, BellSouth, Comcast, Time Warner, University of Florida and Puerto Rico Telephone. It generated $6.4 million in revenue in 2005 and forecasts $7.5 million in revenue in 2006.

WPCS specializes in engineering, site design and other network integration for corporations, governments and educational institutions. It is publicly traded on the Nasdaq exchange under the symbol WPCS.

Clockwork Home Services

buys Atlanta company

Sarasota-based Clockwork Home Services, Inc., a franchisor of plumbing and contracting firms nationwide, added another company to its portfolio by buying Atlanta-based Mister Sparky, Inc. Terms of the deal were not disclosed.

Mister Sparky is one of the largest residential electrical service and repair companies in the eastern U. S. Founded in 1996, it projects revenues of $10 million in 2006 and has 68 employees in the Atlanta area. Mister Sparky appeared in Inc. magazine's list of the 500 fastest-growing privately held U.S. companies in 2001 and 2003.

Patrick Kennedy, Mister Sparky's founder and CEO, will join Clockwork Home Services as vice president of franchise sales.

Naples insurance agency

picks up a new name

After 30 years as Nichols & Associates, the Naples-based insurance agency changed its name to Brown & Brown Benefits. Agency executives say the change more accurately reflects its affiliation with Brown & Brown, the nation's seventh-largest insurance firm, based in Tampa and Daytona Beach.

No personnel or operational changes are expected as a result of the name change. Brown & Brown Benefits will continue to operate under the direction of executive vice president Gary R. Pickel. Jerry F. Nichols, the agency's founder, will remain with the firm.

Brown & Brown Benefits sells a wide range of insurance products, including group medical and dental, life and disability insurance, vision care and disability plans. It has 18 employees and nearly 350 clients throughout Southwest Florida.

Odyssey Marine buys

new equipment

Tampa-based shipwreck exploration company Odyssey Marine Exploration is upgrading its equipment and personnel. On the equipment side, it bought its second remotely operated vehicle capable of conducting deep-ocean archaeological excavation and recovery work on its shipwreck projects. On the personnel side, co-founder and CEO John Morris is returning to the firm after an illness forced him to leave his post last fall.

The new vehicle, ZEUS II, was built by SMD, an England-based deep-water robotic systems manufacturer. Terms of the purchase were not disclosed. The new vehicle is a 9-ton, advanced underwater robotic system capable of working on sites up to 8,200 feet deep.

The company also announced Morris' return for July 1. Morris left the firm last year to undergo chemotherapy and radiation treatments for head and neck cancer.

Tampa finance firm

partners with English company

Utek, a Tampa-based specialty finance company focusing on technology transfers, and Datong Electronics, a Leeds, England-based firm that designs and manufactures a range of advanced surveillance products, have partnered to acquire other companies.

Executives for both companies say the alliance allows for quicker international growth. Datong's core business is designing and manufacturing surveillance products for government, military and federal law enforcement agencies.

Tech Data Corp. caters

to Apple resellers

Clearwater-based Tech Data Corp. has created a division to work with Apple resellers, calling it the AppleAdvantage Specialized Business Unit.

AppleAdvantage will support a complete line of Apple products and provide access to Tech Data's extensive hardware, software and services.

Etc...

• Bosshardt Realty opened a new home-sales center at 5943 Factory Shops Blvd. in Ellenton.

• Confluent Creative, a Bradenton-based advertising and graphic-design firm, has moved from Palmetto to Bradenton. The new office is at 717 Manatee Avenue West.

• The Sarasota Association of Realtors has hired Sarasota Web-design firm GravityFree to build the group's new Web site.