Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

First Advantage Corp. buys U.K.-based R E Austin Ltd.

St. Petersburg-based First Advantage Corp., a global risk mitigation and business solutions provider, has acquired R E Austin Ltd., an employment screening company based in Colchester, United Kingdom, outside London.

The purchase is designed to expand First Advantage's international market share through an immediate major presence in the U.K.'s background-screening market. Ron Austin founded R E Austin Ltd. 20 years ago. Today, it is one of the largest background screening companies in the country, with 70 employees and 25% share of the local financial services market.

"R E Austin is an established company that is growing, well run and profitable and has an experienced staff as well as a loyal customer base," said First Advantage CEO John Long in statement announcing the acquisition. "Acquiring the company is an important step in our international expansion strategy, and First Advantage is committed to achieving market leadership in Europe as we already have done in Asia."

MIVA cutting workforce 20% working to reverse margins

Fort Myers-based MIVA Inc. has announced a restructuring plan to reduce its costs and generate expected savings of about $10 million. The crux of the restructuring is on a workforce reduction of about 20% by May of 2007. By the end first quarter, company officials expect the changes to have produced saving of about $4 million.

"This next course-correcting step, while difficult, is fundamental to achieving our turnaround goal for stabilizing cash and returning to positive operating margins" said Peter Corrao, chief executive officer of MIVA in a press release. "This step complements our strategy for increasing the overall mix of MIVA-owned primary traffic, which we believe over time, will facilitate higher gross margin revenue on top of a more efficient cost base.

MIVA is an online advertising network.

General Dynamics awarded army ammo contract

General Dynamics Ordnance and Tactical Systems, a St. Petersburg-based business unit of General Dynamics, was awarded a $77.7 million contract for production of small-caliber ammunition by the U.S. Army Field Support Command, Rock Island, Ill.

General Dynamics serves as the supply chain manager for a consortium of small-caliber ammunition producers. The order is for the production of more than 80 million 5.56mm, 7.62mm and .50 caliber small-arms cartridges. The cartridges will be used by all U.S. services to replenish stockpiles for training and combat.

General Dynamics Ordnance and Tactical Systems is a manufacturer of large-, medium- and small-caliber direct and indirect-fire munitions, mortar weapons and systems, artillery projectiles, bomb bodies and Ball Powder Propellant. The company also manufactures precision metal components; provides explosive load, assemble and pack services for a variety of munitions, tactical missile and rocket programs; and designs and produces shaped charge and penetrator warheads.

Lehigh Technologies adds $18 million in financing

Lehigh Technologies, a Naples manufacturer of the PolyDyne family of fine and ultra-fine rubber powders, closed an additional $18 million in equity financing from new and existing investors. NGP Energy Technology Partners, an energy technology private equity fund, led the investment round.

"In the past few months we have experienced considerable growth, adding to our customer base, expanding our management team and acquiring core technology," Dennis J. Gormley, CEO of Lehigh said in a press release.

Pilgrim Software wins ''Company of the Year'

Frost & Sullivan, a global growth-consulting firm, named Tampa's Pilgrim Software Inc., a provider of compliance and quality management software products, the 2007 North American Enterprise Compliance & Quality Management Company of the Year for the Life Science industry. Pilgrim was recognized for its excellence in the Medical Device arena.

"Pilgrim Software has differentiated itself by being one of the very few companies to operate with a single-minded focus on the quality and compliance management space, and to have consistently shown tremendous growth over the years, especially within the medical devices and life science space," Sanjeev Sridharan, research analyst for Frost & Sullivan said in a press release announcing the award.

The award criteria looked at market growth potential, ability to deliver value-enhancing solutions to customers, improvement in customer satisfaction level, and ability to offer a one-stop-shop.

Brown & Brown begins executive changes

Tampa/Daytona Beach-based Brown & Brown Inc. has kicked off its executive succession plan, which calls for J. Powell Brown to ultimately assume the office of CEO. Brown is expected to take the top spot by July 2009, when Hyatt Brown, the current CEO, plans to retire.

Jim W. Henderson, president and chief operating officer, has been promoted to vice chairman, and J. Powell Brown, regional executive vice president responsible for certain wholesale brokerages and public entity operations, has been elected president. However, at this point, Henderson will continue to serve as the COO, and will continue to report to the chairman and CEO, and Brown will continue to report to Henderson.

Henderson, 60, will become the company's first vice chairman. He was elected president and chief operating officer in 2002 and serves as a director of the company and as a director and executive officer of several of the company's subsidiaries.

J. Powell Brown, 39, has been a regional executive vice president since 2002 and also serves in an executive officer capacity for a few Brown & Brown subsidiaries. He oversees most of the company's wholesale brokerage and public entity operations located throughout the country. From 1998 to 2003, Mr. Brown served as profit center leader of the company's Orlando retail office.

Brown & Brown Inc. and its subsidiaries offer a range of insurance and reinsurance products and services, as well as risk management, third party administration, managed health care and Medicare set-aside services and programs.

Brooke Franchise Corp. ranks in Entrepreneur's survey

For a fourth consecutive year, Brooke Franchise Corp. was listed first in a ranking of franchise opportunities in miscellaneous financial services category in Entrepreneur Magazine's annual Franchise 500 survey. The survey also named Brooke as its No. 37 franchise opportunity overall, a 17-position improvement from the 2006 rankings, and the country's 17th fastest growing franchise.

The ranking looks at franchises based on financial strength, stability, growth rate, and size of the system. The fastest-growing rankings are based on the number of new franchise units added in the United States and Canada from 2005 to 2006.

Brooke Franchise Corp. franchises a line of locally owned and operated Brooke Insurance agencies, which currently cover 29 states.

Tectonics releases new VoIP phone lines

Teltronics Inc., a Sarasota-based leading communications product company, has released Cerato SE, a new suite of VoIP products for businesses. Cerato SE features an integrated automated attendant, voicemail, unified messaging, and call recording, while accommodating VoIP traffic with voice compression.

Cerato SE is a compact unit with a standard or executive digital phone, or an executive VoIP phone. As standard features, the system provides PC dialing, call routing, remote extensions, SIP trunking and remote maintenance.

Internet calls from Cerato SE key sets are encrypted using a highly secure encryption algorithm, and the entire system can be configured through a web-based interface.

NASDAQ warns Source Interlink of listing violation

Bonita Springs-based Source Interlink Cos. Inc. received a staff determination letter from the NASDAQ advising the company that it is not in compliance with Marketplace Rules that require listed public companies to hold an annual meeting of shareholders, by a set date each year.

Source Interlink officials had expected the letter since the company's board decided to delay its annual meeting beyond its fiscal year ended Jan. 31. The board delayed the meeting in the hope of staving off a proposal by major shareholder Jonathan Ledecky for a large, one-time dividend payment.

Source Interlink has since scheduled its annual meeting of stockholders for March 2. The request for a hearing is expected to stay any de-listing, and company officials are hopeful that the company will be granted an extension for its annual meeting.

Source Interlink is a marketing, merchandising and fulfillment company for various entertainment products including DVDs, music CDs, magazines, books and related items. The company serves about 110,000 retail store locations in North America.

Etc...

New Lee Mental

Health Center CEO

The Board of Directors of Lee Mental Health Center, Inc. has named David E. Winters chief executive officer. Winters has more than 20 years experience as a hospital administrator, and has served as the agency's chief financial officer since 2000. He has been acting as CEO since Jan Eustis' retirement in July, 2006, and again in November, 2006. Prior to working at Lee Mental Health, Winters was the chief financial officer for TCN Behavioral Health Services in Xenia, Ohio. He also held the position of vice president and chief financial officer for Med-Health System, Inc in Xenia for 10 years.

Pappas joins

Danahy & Murray

Christina C. Pappas joined the law firm of Danahy & Murray P.A. as an associate practicing first party insurance litigation.  Pappas' prior legal experience includes real estate and foreclosures with a private firm and she has practiced as an assistant state attorney for the 13th Judicial Circuit.

Klein named as

Broker of the Year

The Florida Gulf Coast Association of Commercial Realtors named Mark S. Klein, broker/owner of Clearwater-based Klein & Heuchan Inc., Broker of the Year 2006.

Klein is a founding director of the Florida Gulf Coast Commercial Association of Realtors and served as its president in 2005. When the National Association of Realtors agreed to allow the formation of regional commercial associations within its membership, FGCAR became the 13th such organization started in the United States. FGCAR now boasts a membership of more than 530 commercial Realtors.

Klein, together with D. F. "Buz" Heuchan, Jr., now retired, started Klein & Heuchan Inc. Realtors in 1983. Today, Mark Klein is Broker/Owner and has on staff 20 commercial practitioners who specialize in commercial brokerage, real estate acquisition, real estate investment and landlord-tenant representation. 

Calzon heading Colliers

Arnold office services

Clearwater-based Colliers Arnold Commercial Real Estate Services has appointed former Trammell Crow Co. executive Claire Calzon managing director of office services. Calzon was previously responsible for landlord services in more than 1.5 million square feet of Class-A office space in the Westshore and downtown Tampa Central Business District.

Sarasota credit union, film society collaborate

Sarasota Coastal Credit Union partnered with the Sarasota Film Society to support the entertainment venue at Lakewood Ranch Cinemas. The credit union is sponsoring the largest of the six theaters at the new facility with a long-term financial commitment. The Lakewood Ranch Cinemas, a sister facility to the Burns Court Cinemas, will screen many of the same films that are shown at Burns Court, and in addition it will bring selected, quality films. As part of the agreement, Sarasota Coastal members will be offered membership in the Film Society and Society members will be offered membership in the credit union. All memberships will be at reduced cost.

Amacore Group

opening Orlando office

The Amacore Group Inc., a Tampa-based marketer of Vision Care plans, has opened a new Orlando office. "We are very pleased with the rapid expansion of our new division," Clark A. Marcus, CEO of The Amacore Group said in a press release.

"Following the hiring of Jay Shafer and Guy Norberg as the company's new president and senior vice president of sales and marketing, respectively, the business they expect to bring with them is moving forward dramatically," Marcus said. "We had originally planned to be operational with our expanded programs in approximately six weeks, but due to the overwhelming demand for our services, we felt it necessary to act now. Our new offices will be located in Orlando ... and we should be up and running by the end of the week."

Global Imaging

renews GE deal

Tampa's Global Imaging Systems, Inc. renewed its eight-year-old strategic alliance with GE Capital Solutions, extending the lease program through October 2009. The program provides a number of financing and leasing options for Global Imaging's customers. About 90% of all new copiers and other multifunction products from Global Imaging are leased. Global Imaging provides office technology solutions in 32 states and the District of Columbia.