Corporate Report: July 20

Tech Data buying out European joint venture
Clearwater IT distributor Tech Data Corp. reached an agreement to acquire Brightstar Corp.'s 50% ownership interest in Brightstar Europe Limited. Tech Data and Brightstar formed the European mobile technology distributor and supplier in 2007.

The deal calls for Tech Data to pay Brightstar $165.6 million in cash and repay all of the loans advanced by Brightstar to the joint venture. The agreement is scheduled to close in Tech Data's third quarter of fiscal year 2013.

Tech Data expects to fund the acquisition with available cash.

“Our European mobility business is a key element in our strategy of diversifying into higher-growth, higher-return specialty areas,” Robert Dutkowsky, CEO of Tech Data says in a press release. “What began as a greenfield operation with Brightstar in 2007, is now a well-established, European mobility market leader with sales of approximately $1.8 billion in our last fiscal year.”

Bioni USA, Americas LLC consolidating in Manatee County
Bioni USA and Americas LLC, a distributor of advanced coatings for walls, roofs and ceilings, is consolidating its U.S. operations in a single location in Manatee County and plans to add 28 jobs over five years.

The company will combine its current distribution operations in Palmetto, a Sarasota headquarters and 1,950-square-foot sales office in south Manatee County. The Manatee Board of County Commissioners approved $56,000 in performance-based incentives to facilitate the project.

Based in Germany, Bioni developed a U.S.-patented, non-toxic coating that can prevent mold, mildew, drug-resistant bacteria and other harmful microorganisms.

“The efficiency we will gain from having more space and bringing our U.S. headquarters and distribution under one roof will help us meet increasing demand for the cutting-edge Bioni products we import from Germany,” Kevin Hanley, managing director and partner for Bioni USA and Americas LLC, says in a press release.

Bioni's Palmetto and Sarasota facilities currently employ four. The company plans to start operating in its new location by August.

Radiant Power Corp. expanding Manatee building
Radiant Power Corp. is expanding its Manatee County facility and plans to add 26 jobs over five years. The company, which has been in Manatee County since 1999, will expand its 20,000-square-foot facility in south Manatee County by 6,300 square feet. The expansion will accommodate an expanded engineering team for developing new products, as well as more production space necessitated by the purchase of a business that Radiant Power is relocating from Hatsfield, Penn.

The Manatee Board of County Commissioners approved $26,000 in performance-based incentives and an estimated $1,343 in transportation impact fee incentives to facilitate the project.

A subsidiary of HEICO Corp., Radiant Power designs and manufactures custom power supplies, inverters and lighting controls for aviation applications.

Radiant Power currently employs 64 team members in Manatee County.

Saint Leo University recognized by psychological association
The Florida Psychological Association named Pasco County's Saint Leo University the 2012 recipient of the Psychologically Healthy Workplace Award.

The program, supported by the American Psychological Association, was created to recognize organizations that have demonstrated a commitment to programs and policies that foster employee health and well being, as well as organizational performance.

“Saint Leo University is a great example of an organization that promotes good psychological health for all employees, which in turn positively impacts the over 16,000 students enrolled in seven different states,” management psychologist Jim Atsaides says in a press release. “There were many examples of how the organization values employees, provides a supportive and safe work environment, encourages positive coworker relationships, and motivates people to do their best. We found it to be a 'best kept secret' of educational institutions.”

The Florida Psychological Association is the state's largest professional organization for psychologists.

Yara North America opens New Jersey storage facility
Tampa-based Yara North America Inc., the world's largest diesel exhaust fluid (DEF) producer, has opened a new storage terminal in Bayonne, N.J. The storage facility will provide fleets and retail outlets throughout the East Coast with increased access to Air1 DEF, a fluid that diesel-powered vehicles equipped with selective catalytic reduction engines rely upon to lower nitrogen oxide emissions. Air1 DEF also helps vehicles meet the Environmental Protection Agency's 2010 heavy-duty engine and vehicle emissions standards.

The storage facility will double Yara's capacity in the northeast United States.

In 2011, heavy-duty vehicles consumed 70 million gallons of DEF in North America.

“The opening of our Bayonne terminal is yet another important milestone in the continued expansion of our global supply chain network,” Chad Dombroski, director of Air1 for Yara, says in a press release.

US Natural Gas Corp. bids on nearby W.Va. properties
US Natural Gas Corp. of St. Petersburg has entered into the bidding process to acquire the operations of a natural gas production company located in Wayne County, W.Va.

If successful, the acquisition would add 40 natural gas producing wells and 9,000 acres of mineral rights leases. The company currently has a portfolio of 162 natural gas wells and 21,000 acres of mineral rights under lease in the same county.

The 40 natural gas wells produce on average 5,000 Mcf (1,000 cubic feet) per month. However, US Natural Gas management expects it could increase that production by 50% after each well goes through a water maintenance plan.

The company is in negotiations with two potential joint partners for the acquisition. The planned partnerships will allow the potential partner to retain the acquired mineral rights and US Natural Gas to lease back those rights.

The winning bidder should be notified by the end of month and a closing would happen in August.

Valpak signs franchise deals for seven new areas
Largo-based Valpak signed seven new franchise agreements for territories including North Brooklyn, N.Y.; Salem, Ore.; Grand Rapids, Mich.; Memphis, Tenn.; Parsippany, N.J.; Jacksonville and East Toronto, Ontario. Both North Brooklyn and East Ontario are new territories for Valpak. These developments are part of an aggressive growth plan for the brand to increase its presence throughout the country.

Arrow Environmental Services buys Naples exterminator
Sarasota-based Arrow Environmental Services purchased The Pest Terminator of Naples Inc.

The acquisition increases Arrow's presence in the Naples area and brings two new employees to the company.

Mac Williams, the former president of The Pest Terminator of Naples, says Arrow Environmental Services was a good fit for his firm because both companies had a similar commitment to quality service.

The purchase is the sixth in nearly a year for Arrow, which has helped the company grow significantly, posting 60% growth in revenue over the past two years. Since 2010, Arrow has acquired 10 companies with combined revenues of more than $4 million, and is on track to reach the $10 million mark in annual revenues by the end of 2012.

Sarasota-based Arrow has been making acquisitions regularly for two years of smaller pest control companies in west Florida. The company is one of the 100 largest pest control companies nationwide.

“Our goal is to purchase companies that have a deep commitment to their customers, and Pest Terminator is an example of that,” George Pickhardt, Arrow Environmental Services chairman, says in a press release.