Corporate Report: Apr. 15

US Natural Gas buying 27 oil wells

St. Petersburg-based US Natural Gas Corp. will acquire several oil-producing properties in Edmonson County, Ky.

The agreement calls for US Natural Gas Corp KY to acquire 25 oil-producing wells, two water-injection wells and associated equipment in the Pine Grove oil field. The wells are drilled to an average depth of 1,400 feet and produce oil from the Devonian Clear Creek formation.

E 2 Investments LLC, a wholly owned subsidiary of US Natural Gas Corp., would also acquire the mineral rights on 182 acres.

“With this acquisition, I am confident the company will quickly approach its goal of 500 barrels of production on a monthly basis,” Wayne Anderson, president of US Natural Gas Corp., says in a press release.

US Natural Gas Corp acquires and develops oil and natural gas properties. The company's current operations are concentrated in Kentucky and West Virginia, and its core assets consist of 17,000 acres of mineral rights leases and interest in 150 oil and gas wells.

Tech Data, Brightstar start mobile joint venture

Clearwater-based Tech Data Corp. and telecommunications-focused Brightstar Corp. have partnered to create a U.S. joint venture named ActivateIT. The new joint venture, designed to capitalize on the mobile market, will operate under the brand name TDMobility.

ActivateIT will assist Tech Data's resellers with customer mobile device activation and renewals and will provide data services, software, hardware, accessories, technical support, billing management, asset management, and training and installation services.

TDMobility will be rolled out to the retailer channel in strategic phases throughout the coming year.

“It is a continuation of our strategy to use the efficiency and effectiveness of our broadline business to diversify into high-growth specialty areas,” Robert M. Dutkowsky, Tech Data's CEO, says in a press release. “The growth in the mobility market, particularly in the SMB space, and our demonstrated success with Brightstar Europe, make this an exciting and value-creating opportunity for our vendor partners, channel partners and shareholders.”

The joint venture will also utilize Brightstar's 2010 acquisition of OTBT Inc., a wireless reseller solutions provider.

Tech Data is one of the world's largest wholesale distributors of technology products. Brightstar provides solutions to manufacturers, operators, retailers and businesses serving the telecommunications industry.

Brown & Brown expanding, buying First Horizon Insurance

Daytona Beach and Tampa-based Brown & Brown Inc. has entered into an agreement to acquire all of the outstanding stock of the parent company of First Horizon Insurance Group Inc. from First Tennessee Bank. The deal is scheduled to close later this month.

First Horizon Insurance Group provides commercial and personal lines of property and casualty insurance, bonds, employee benefits and risk management services nationwide. The company had annual revenues of $14.8 million.

First Horizon Insurance Group's Nashville office will combine with Brown & Brown's existing Nashville operation in a new Nashville location. The new combined operation will be led by Dan Hite and Willo Taylor of First Horizon and Brown & Brown's Danny Simmerman. The agency will also continue to operate from its existing Memphis and Chattanooga locations.

After the acquisition is closed, First Horizon Insurance Group will change its name and operate as Brown & Brown of Tennessee Inc.

“This transaction will expand and deepen Brown & Brown's footprint in the Western, Middle, and Eastern regions of the Volunteer State [Tennessee],” Roy Bridges, regional president of Brown & Brown, says in a press release.

At the same time, Brown & Brown subsidiary Brown & Brown of Washington Inc. purchased several of the assets of Compass Consulting Group LLC in Seattle.

The books of business, with aggregate annual revenues of $1 million, covered primarily employee benefits products and services offered throughout the greater Seattle metropolitan area. Compass Consulting Group's employees joined Brown & Brown of Washington's existing Seattle profit center.

Brown & Brown Inc. offers insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care and Medicare set-aside services and programs.

ASG acquires Swiss firm

Naples-based technology company Allen Systems Group says it has acquired Switzerland-based TrilogExpert Group. Terms were not disclosed.

Based in Baech, Switzerland, TrilogExpert Group provides mainframe computer management services to Fortune 1000 companies.

Allen Systems Group's expertise is helping large companies manage huge amounts of data. Founded in 1986 by entrepreneur Arthur Allen, ASG's headquarters are in Naples and the company has 70 offices around the world. ASG reported $253 million in revenues in 2010.

Peter J. Solomon director hired as HSN strategy exec

St. Petersburg-based HSN Inc. has appointed Mitchell Hara as senior vice president of corporate strategy/M&A, a newly created position. He will report directly to Judy Schmeling, chief financial officer of HSN. In his new position, Hara will assist with the overall corporate strategy, identifying and developing new strategic initiatives and leading the strategic planning process for the company. He will also evaluate and oversee potential strategic partnerships and transactions.

“Mitch's 20 years of investment banking and capital markets experience, as well as his deep knowledge of the retail sector make him a great addition to our team,” Schmeling says in a press release. “We look forward to working with him to maximize HSNi's growth opportunities.”

Prior to joining HSN, Hara was a managing director of mergers and acquisitions at New York City-based investment banking advisory firm Peter J. Solomon Co. He also previously led the specialty retail practice at Citigroup Global Markets Inc. In addition, he has held similar positions at Merrill Lynch & Co., Wasserstein Perella & Co. and Citibank N.A.

Accent Electronic System buys Trinity Technology

Bonita Springs-based Accent Electronic System Integrators Inc. has acquired Trinity Technology of Boca Raton.

Accent is a private electronic-system integrator, focused on providing audio, video, data, security, and communications systems. Trinity Technology was launched in 2006 to specialize in upscale residential and yacht installations worldwide.

In late March, Accent Electronic System Integrators acquired Naples-based Visual Excellence LLC, which operates as Illuminated Environments of Naples. The company is an independent architectural-lighting and audio-video design firm. Headquartered in Naples, and founded nearly a decade ago, Illuminated Environments has focused its business on high-end residential and commercial lighting design services and lighting control systems.

“This acquisition complements Accent's plan for aggressive growth,” Dan Robbins, president of Accent, says in a press release. “Coupled with the recent acquisition of Illuminated Environments, the combination greatly expands our ability to serve the full spectrum of the market with significant expertise in lighting, audio/video, voice/data, and controls.

Accent Electronic Systems Integrators has branch office locations in western Pennsylvania and northern Ohio.

Cryo-Cell's India licensee launches stem cell service

Oldsmar-based Cryo-Cell International Inc. announced its exclusive technology license partner in India, LifeCell International, has launched the menstrual stem cell service, Femme.

“Cryo-Cell applauds LifeCell's launch of Femme,” Mercedes Walton, Cryo-Cell's chairman and CEO, says in a press release. “In view of India's fast-emerging economy and global prominence in regenerative stem cell medicine, we believe that there may be enormous potential for LifeCell to build upon their demonstrated success in the private family cord blood bank sector with the introduction of this exciting and revolutionary service.”

LifeCell is India's largest and most accredited private family cord blood bank with more than 30,000 clients and more than 75 client service centers.

Under the terms of the exclusive technology license agreement, Cryo-Cell expects to receive future royalties from the processing and storage of Femme specimens.

The low cost of operations and availability of target participants has made India a prime global destination for stem-cell research and development and clinical studies.

Cryo-Cell is one of the largest and family cord blood banks. In November 2007, the company launched CelleSM, the world's first-ever commercial service allowing women to cryopreserve their own menstrual stem cells.