Business Archives - Page 24 of 47

DMV-Based Jim Koons Automotive Companies To Be Acquired in One of the Biggest Deals in Auto Retail History

Published September 9, 2023 at 10:06PM

Sale of ninth largest private dealership group in the US includes 29 franchises, six collision centers, 20 dealerships in Virginia, Maryland and Delaware and one of the U.S.’ highest volume Toyota dealerships.

Asbury Automotive Group, Inc. (NYSE: ABG), one of the U.S.’ largest automotive retail and service companies, signed a definitive agreement to acquire Jim Koons Automotive Companies, the ninth largest privately-owned dealership group in the U.S. The sale of the Mid-Atlantic Region company is one of the most sizable in auto retail history, representing over $3 billion in revenue in 2022 and includes 20 dealerships, 29 franchises, six collision centers and one of the highest volume Toyota and Stellantis dealerships in the US. Asbury currently operates 138 dealerships, representing 31 domestic and foreign brands, as well as 32 collision repair centers. Kerrigan Advisors was the exclusive sell-side advisor on the transaction, representing Koons. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2023 or early in the first quarter of 2024. Asbury plans to fund the purchase price with its existing liquidity, credit facility and cash on hand.

MoCo’s Only Moe’s Southwest Grill Available For Sale

By MCS Staff

Published August 20, 2023 at 7:59PM | Updated August 21, 2023 at 1:40PM

Updated to include a statement from part of the current ownership group

Moe’s Southwest Grill made its triumphant return to MoCo when the fast-casual Mexican restaurant opened in the Wheaton Mall food court in late 2019. In early 2022, a new Moe’s location opened in the recently renovated Montgomery Village Center, around the same time the Wheaton Mall store closed. The Montgomery Village store, now the only Moe’s Southwest Grill location in Montgomery County, is available for sale according to a business listing.

MoCo’s Patrick Paolini Named Executive Vice President of Ad Sales For Fox Television

By MCS Staff

Published August 16, 2023 at 8:23AM | Updated August 16, 2023 at 8:42AM

FOX Television Stations Chief Executive Officer Jack Abernethy has named Montgomery County resident Patrick Paolini has been named Executive Vice President of FOX Ad Sales for FTS, leading all of the FTS Ad Sales strategy, initiatives, and efforts. Most recently, Paolini has served as Senior Vice President and General Manager of WTTG FOX 5 and WDCA FOX 5 Plus, the FOX-owned duopoly in DC, since 2013. He will assume this position immediately, reporting directly to Abernethy.

Abernethy stated, “Patrick’s unique ability to execute, developed from years in both news and sales, makes him ideally suited to lead the FTS sales organization. I am confident that this newly elevated dynamic team will move quickly and decisively given their depth of knowledge and proven track record, including the successful creation of FLX, our CTV/OTT ad platform.”

Maryland AG Seeks Feedback on Deal That Merges Parent Companies of Harris Teeter and Safeway

By MCS Staff

Published August 15, 2023 at 10:27AM

Last October, Kroger and Albertsons Companies announced that they’ve entered an agreement that will merge the two companies. Kroger operates in Montgomery County as Harris Teeter while Albertsons operates as Safeway. Kroger will be acquiring Albertsons in the merger. The office of the Maryland Attorney General is looking for feedback regarding how Maryland residents feel about the merger; they released the following:

“Two of the biggest national supermarket companies – Kroger, which operates chains like Harris Teeter; and Albertsons, which owns Safeway – are seeking to merge, which could have an enormous impact on Marylanders. Are you concerned about what this may mean for you? Let us know about your concerns by completing this quick survey. Your voices matter.”

Press Release: MCPS and MedStar Health Launch Innovative Sports Medicine Partnership

By MCS Staff

Published August 11, 2023 at 9:04AM

Montgomery County Public Schools (MPCS) and MedStar Health are announcing a new partnership to enhance the school system’s sports medicine program for scholastic athletics. Ahead of the upcoming 2023-24 school year, a newly-formed team of 12-month certified athletic trainers hired by MPCS has already begun working in all 25 of the county’s high schools. Their goal is to provide streamlined and enhanced care for student-athletes across all athletic programs.

“We are very excited to launch our innovative sports medicine program, which includes a full-time certified athletic trainer in each of our 25 high schools,” said MCPS Systemwide Athletic Director Dr. Jeff Sullivan. “Thanks to the commitment to safety from our school leaders and partnership with the region’s largest health system, MedStar Health, we now have medical professionals on staff to assist with the assessment and treatment of student-athlete injuries, prevention, rehabilitation, and more.”

EchoStar, Parent Company of Germantown-Based Hughes, and Dish Network Have Signed Merger Agreement

By MCS Staff

Published August 10, 2023 at 9:33PM

EchoStar, the parent company of Germantown-based broadband satellite services provider Hughes, and Dish Network have signed an all-stock merger agreement with the goal of establishing a global connectivity provider to businesses, governments and consumers. The boards of directors at both companies unanimously approved the deal and all parties expect to complete the transaction by the end of 2023, according to a joint statement released Tuesday.

Under the agreement, Dish Network shareholders will own 69 percent of the combined firm and EchoStar shareholders will hold the remaining 31 percent. Charles Egren, co-founder and chairman of the two companies, will serve as executive chairman of the merged entity upon the deal’s closure, while EchoStar President and CEO Hamid Akhavan will lead the future organization to be headquartered in Englewood, Colorado.

Rockville BioTech Developing “Functional Cure for HIV” Announces Merger Agreement That Will Take The Company Public

By MCS Staff

Published August 10, 2023 at 10:59AM

Rockville’s American Gene Technologies International Inc. (AGT), located ant 9713 Key West Ave, and 10X Capital Venture Acquisition Corp. III (10X III) (NYSE: VCXB), a special purpose acquisition company, today announced that they have entered into a merger agreement for a business combination that would result in the combined company being a publicly listed company (the public company following the business combination to be renamed “Addimmune”). The combined company is expected to trade under the ticker symbol “HIV”. Addimmune is a clinical-stage gene and cell therapy company developing a functional cure for HIV. Prior to the combination, the non-HIV assets will spin-off into an entity that will retain the American Gene Technologies name. Full press release below:

10X III and AGT have entered into a non-binding letter of intent (“LOI”) with CF Principal Investments LLC, an affiliate of Cantor Fitzgerald & Co. (“Cantor”), an underwriter of 10X III’s initial public offering, with respect to a $50 million committed equity facility.

Gaithersburg-Based Emergent BioSolutions To Cut 400 Jobs, Scale Back Operations at Some Facilities

By MCS Staff

Published August 9, 2023 at 5:10PM

Gaithersburg-based Emergent BioSolutions has made the decision to cut 400 jobs and scale back operations at some its facilities, instead focusing on core products such as overdose reversal nasal spray Narcan and anthrax vaccines. The company is also eliminating its chief operating officer (COO) position. According to WTOP, “the job cuts are at Emergent’s Bayview facility in Baltimore, at its drug production facility in Rockville, as well as another facility in Canton, Massachusetts.”

In March, the FDA granted the over-the-counter approval of Narcan to Emergent BioSolutions. It became the first naloxone product approved for use without a prescription. “Emergent’s business pivot is expected to result in yearly savings of more than $100 million, the company explained. The moves will cost Emergent around $20 million—costs it expects to incur in the third quarter of 2023.” according to FiercePharma.

MoCo Native, Michael Solomon, Named to BizJournal’s 40 Under 40 List; Leads Virginia’s Oldest Bank’s Expansion into Montgomery County

By MCS Staff

Published August 9, 2023 at 1:00PM

Last year Burke & Herbert Bank, Virginia’s oldest bank, expanded outside of Virginia (into Bethesda) for the first time in its 170-year history. The expansion was led by Gaithersburg native and Burke & Herbert Bank senior vice president Michael Solomon, who was recently named to BizJournal’s 40 Under 40 list.

Burke & Herbert Bank announced last summer that it opened a commercial lending office in Bethesda, Maryland, which marked the first time the 170-year old financial institution, headquartered in Alexandria, has operated outside of Virginia. The Bethesda commercial lending office, at 7272 Wisconsin Avenue, is led by Senior Vice President and Relationship Manager Michael Solomon. Solomon, local to the Montgomery County area, brings over a decade of financial experience to this role. He attended Dufief Elementary School, Robert Frost Middle School, and Wootton High School.

Shady Grove Medical Center and Partner In-Site Earn Energy Conservation Award

By MCS Staff

Published August 8, 2023 at 7:11AM

Adventist HealthCare Shady Grove Medical Center is saving lives while also saving energy. The hospital and its partner InSite, a building intelligence company, have been honored by PEPCO for their success in energy conservation.

Shady Grove Medical Center and InSite received the 2022 Pepco Service Provider Award for Innovation. The honor recognizes participating service providers in Pepco’s Energy Savings for Business programs, which reward excellence in energy savings, project work and customer service.

Montgomery County Green Bank and National Capital Bank Join Forces to Fund Energy Efficiency Project at Kenwood House Cooperative

By MCS Staff

Published August 5, 2023 at 10:35AM

The Montgomery County Green Bank (Green Bank) and National Capital Bank (NCB) have collaborated to provide a customized financing solution for an energy efficiency project at Kenwood House Cooperative (Kenwood House) in Chevy Chase, MD. Through a participation loan transaction totaling $1,200,000, Kenwood House will implement crucial upgrades such as a domestic hot water heating system, building envelope improvements, and electric vehicle charger infrastructure. This groundbreaking financing structure marks a significant milestone for the partnership between the Green Bank and National Capital Bank.

“We are delighted to collaborate with National Capital Bank for our inaugural venture at Kenwood House. This project exemplifies the very essence of the Green Bank’s mission to forge innovative partnerships in order to provide clean energy solutions that benefit the entire County,” says Steve Morel, CEO, Montgomery County Green Bank. “This customized loan structure further demonstrates our adaptability and commitment to crafting personalized solutions that precisely cater to specific financing requirements.” Kenwood House investment, supporting an overall $2 million capital improvement project at Kenwood House, was made possible through the flexible and affordable financing provided by the Green Bank and National Capital Bank. As a result of their participation, Kenwood House secured a blended interest rate on the loan, ensuring a cost-effective and favorable financial arrangement.