The Good News Report

[atlrvr]

 There were no tax breaks I don't believe.  They already had a sales office here to be in close proximity to Lowe's.  Their previous CEO was from somewhere in the Southeast and preferred it here.  Better connections to Europe.

Jeld Wen has announced 2 acquisitions in the last month.  They raised almost $500mm to acquiare companies a couple months ago.  Not sure how many more companies they are pursuing, but prior to these acquisitions, sales probably put them in the Fortune 600-700 range.  So, once they go public, and Albemarle relocates, Charlotte gains 2 Fortune 1000 companies.  Not bad.

[go_vertical]

Not too shabby. Definitely a turnaround from the last couple of years.

[HopHead]

 There were no tax breaks I don't believe.  They already had a sales office here to be in close proximity to Lowe's.  Their previous CEO was from somewhere in the Southeast and preferred it here.  Better connections to Europe.

Jeld Wen has announced 2 acquisitions in the last month.  They raised almost $500mm to acquiare companies a couple months ago.  Not sure how many more companies they are pursuing, but prior to these acquisitions, sales probably put them in the Fortune 600-700 range.  So, once they go public, and Albemarle relocates, Charlotte gains 2 Fortune 1000 companies.  Not bad.

I guess I really had no idea how big Jeld Wen has become... Would be nice to see them hit the Fortune 500 ranking after their IPO. More diversification for the Charlotte economy too.

[dcharlotte]

Overall a great headline that shows the health of the Charlotte office market. There are many investors that are starting to view assets in Charlotte as the BEST alternative to core assets. I know plenty that invest in Charlotte if given the opportunity over many other southeastern cities.

Read: if some of these new spec buildings can get tenant agreements and the developers can sell them, we could see some additional activity if this cycle gets some legs. The investment activity in the apartment market is still very healthy. 

http://www.bizjournals.com/charlotte/blog/real_estate/2015/09/three-office-towers-in-uptown-charlotte-to-be.html

[HopHead]

AvidXchange will make an "undisclosed" announcement today at the groundbreaking for their new HQ at NC Music Factory. Gov. McCrory will be there as well. So it may perhaps be another jobs announcement...  I think some of us would rather it be for an improved building design.

http://www.charlotteobserver.com/news/business/article35176785.html

[RaleighHeelsfan]

Yeah, I heard on our local news (WRAL) in Raleigh that he would be in Charlotte today for some job news. However, WRAL made it sound like it will be for the Raleigh area. I was wondering why the Gov would go to Charlotte to make a job announcement for the Triangle.

AvidXchange will make an "undisclosed" announcement today at the groundbreaking for their new HQ at NC Music Factory. Gov. McCrory will be there as well. So it may perhaps be another jobs announcement...  I think some of us would rather it be for an improved building design.

http://www.charlotteobserver.com/news/business/article35176785.html

[RaleighHeelsfan]

Sounds like some good news!!

 

http://www.bizjournals.com/charlotte/blog/outside_the_loop/2015/09/n-c-legislature-approves-compromise-incentives.html

[cltcane]

Park Sterling Bank is buying First Capital Bank in Richmond.  The deal - consistent with Park Sterling's strategy of growing through acquisition of small banks in the Carolinas and Virginia - will give Park Sterling an additional eight branches in the Richmond area (they currently have one), and Richmond will become their second-largest deposit market after Charlotte.  Good to see our homegrown banks growing!  And while obviously not based in Charlotte, BB&T has been on a recent acquisition spree that CEO Kelly King has hinted isn't going to stop anytime soon.

http://www.bizjournals.com/charlotte/blog/bank_notes/2015/10/park-sterling-bank-to-buy-first-capital-bank.html

[cltcane]

Jeld-Wen made its fourth acquisition of the year this week, buying a California-based manufacturer of folding and multi-slide door systems.

http://www.bizjournals.com/charlotte/news/2015/10/08/jeld-wen-buys-california-firm-continues-to-expand.html

Edited October 8, 2015 by cltcane

[Guest]

I asked Jennifer Roberts about form based code and so far she seems to support it.

She also vaguely know what it is.... PROGRESS!

Edited October 9, 2015 by mazman34340

[cltcane]

Sia Partners, a Paris-based consulting firm focusing primarily on the financial services industry in North America, is opening its second US location in Charlotte.  The new head of the office who is moving here from New York expects to hire 30 consultants over the next 3 years.

http://www.charlotteobserver.com/news/business/article38905026.html

Edited October 13, 2015 by cltcane

[Deleted.]

Sia Partners, a Paris-based consulting firm focusing primarily on the financial services industry in North America, is opening its second US location in Charlotte.  The new head of the office who is moving here from New York expects to hire 30 consultants over the next 3 years.

http://www.charlotteobserver.com/news/business/article38905026.html

Nice, better than a call Center. Were incentives used or not? 

[cltcane]

While not good news for Charlotte necessarily, Wells Fargo is buying $32 billion in assets (and taking on over 3,000 employees) from GE as the latter continues to exit financial services-related businesses.  This is Wells Fargo's third purchase of GE assets this year, including GE's rail and locomotive leasing units last month.  Interestingly, First Union built one of the largest rail and locomotive leasing businesses in the country, and this division of Wells Fargo is still named First Union Rail.

http://www.charlotteobserver.com/news/business/banking/article38910561.html

https://www.wellsfargo.com/com/financing/equipment-financing/rail/

Edited October 14, 2015 by cltcane

[Bikeguy]

^ ...but this is the location it cites on their home page...

Main Office

• Address

  First Union Rail 
  One O'Hare Center 
  6250 River Road, Suite 5000 
  Rosemont, Illinois 60018

[cltcane]

^ ...but this is the location it cites on their home page...

Main Office

• Address

  First Union Rail 
  One O'Hare Center 
  6250 River Road, Suite 5000 
  Rosemont, Illinois 60018

Thanks for the correction, Bikeguy.  Guess my memory is a little fuzzy.  First Union Rail is, in fact, headquartered in suburban Chicago as the largest company First Union acquired to get into this business was based there.  This group is part of Wells Fargo's Wholesale Banking division but, before Wells bought Wachovia, it was part of Wachovia's Corporate & Investment Banking division which, like the rest of Wachovia's operating divisions, was based in Charlotte.  I assume I'm remembering interviewing a Charlotte-based corporate banking executive to whom the management team of First Union Rail reported.  In any case, I apologize for providing incorrect information and have amended my previous post.

[Deleted.]

How much of a chance do we actually have of getting the GE HQ, if they relocate out of Connecticut? The only thing we might definitely beat Atlanta in is the fact that the Electrolux USA HQ is here. But apart from that Atlanta probably trumps us, as usual. 

[kermit]

^ slim to none. Highest probability is for them to move across the state line to NY (there would be no need for employee relocation). Atlanta is a long-shot possibility. NC (Raleigh or Charlotte) is a million to one. We are just a stalking horse, as usual.

[Silicon Dogwoods]

^ slim to none. Highest probability is for them to move across the state line to NY (there would be no need for employee relocation). Atlanta is a long-shot possibility. NC (Raleigh or Charlotte) is a million to one. We are just a stalking horse, as usual.

Where did I read...oh, CBJ, I guess. If GE moves to New York they will save an enormous amount of money in taxes over Connecticut. So I agree, that's highly likely to be where they land.

But I cannot understand why Raleigh is being considered. RDU doesn't seem to offer enough non-stop service to attract a F100 hq.

Of course, I did not understand why Mercedes-Benz considered Raleigh along with Atlanta. Maybe that was a stalking horse, too.

[atlrvr]

 

 

Chamber Announcement: Albemarle Corp, a publicly traded specialty chemicals company will relocate to Charlotte from Baton Rouge. 120 jobs with an ave salary of $169,000 per the press release.

I would be surprised if they don't end up in the Arrowood / airport area (but I am just guessing)

Per the City's incentive grants notes:
 

Still 120 job minimum, but average salary is now slightly higher at $187,350

They are signing 30,000 sq ft at the Capitol Towers in South Park.

[cltcane]

Good news for Charlotte-based companies this week:

- Duke Energy purchased a small California energy management company that it hopes to grow into a new business line: http://www.bizjournals.com/charlotte/blog/energy/2015/10/duke-energy-purchases-california-energy-management.html

- Driven Brands, parent of Meineke, Maaco, and Econo Lube & Tube, purchased Carstar, a nationwide chain of auto body repair shops based in suburban Kansas City, and is creating a new division led by the Charlotte-based President of Maaco who was a recent CBJ Forty Under 40 honoree: http://www.bizjournals.com/charlotte/news/2015/10/22/charlottes-driven-brands-acquires-huge-kc.html

- BlackArch Partners, a middle-market M&A firm, agreed to be acquired by Regions Bank.  While Region's capital markets business is based in Atlanta, it is lead by a Charlotte-based executive and has been growing here.  BlackArch will keep its name, leadership team, and Charlotte headquarters and operate as a subsidiary of Regions whose financial backing will help the firm grow (potentially from 50 to 100 bankers in Charlotte and around the county in five years): http://www.charlotteobserver.com/news/business/banking/article40863306.html

[SouthEndCLT811]

Good news for Charlotte-based companies this week:

- Duke Energy purchased a small California energy management company that it hopes to grow into a new business line: http://www.bizjournals.com/charlotte/blog/energy/2015/10/duke-energy-purchases-california-energy-management.html

- Driven Brands, parent of Meineke, Maaco, and Econo Lube & Tube, purchased Carstar, a nationwide chain of auto body repair shops based in suburban Kansas City, and is creating a new division led by the Charlotte-based President of Maaco who was a recent CBJ Forty Under 40 honoree: http://www.bizjournals.com/charlotte/news/2015/10/22/charlottes-driven-brands-acquires-huge-kc.html

- BlackArch Partners, a middle-market M&A firm, agreed to be acquired by Regions Bank.  While Region's capital markets business is based in Atlanta, it is lead by a Charlotte-based executive and has been growing here.  BlackArch will keep its name, leadership team, and Charlotte headquarters and operate as a subsidiary of Regions whose financial backing will help the firm grow (potentially from 50 to 100 bankers in Charlotte and around the county in five years): http://www.charlotteobserver.com/news/business/banking/article40863306.html

And on a smaller scale the company I work for made our first acquisition.

http://www.cepro.com/article/snapav_acquires_sunbritetv/

[Niner National]

Good news for Charlotte-based companies this week:

- Duke Energy purchased a small California energy management company that it hopes to grow into a new business line: http://www.bizjournals.com/charlotte/blog/energy/2015/10/duke-energy-purchases-california-energy-management.html

- Driven Brands, parent of Meineke, Maaco, and Econo Lube & Tube, purchased Carstar, a nationwide chain of auto body repair shops based in suburban Kansas City, and is creating a new division led by the Charlotte-based President of Maaco who was a recent CBJ Forty Under 40 honoree: http://www.bizjournals.com/charlotte/news/2015/10/22/charlottes-driven-brands-acquires-huge-kc.html

- BlackArch Partners, a middle-market M&A firm, agreed to be acquired by Regions Bank.  While Region's capital markets business is based in Atlanta, it is lead by a Charlotte-based executive and has been growing here.  BlackArch will keep its name, leadership team, and Charlotte headquarters and operate as a subsidiary of Regions whose financial backing will help the firm grow (potentially from 50 to 100 bankers in Charlotte and around the county in five years): http://www.charlotteobserver.com/news/business/banking/article40863306.html

One of my friends works for BlackArch as an associate. I haven't talked to him, but I bet he has a big fat bonus coming his way after the sale to Regions.

[Crown]

Does this count as good news? It's not jobs, but I think it's pretty "good news".

Charlotte is the third-most attractive real estate market nationwide for 2016, according to a report from PwC and the Urban Land Institute.

http://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article41198046.html

Full report here: http://uli.org/wp-content/uploads/ULI-Documents/Emerging-Trends-in-Real-Estate-United-States-and-Canada-2016.pdf

 

Edited October 26, 2015 by Crown

[tozmervo]

I can't decide if this should be in good news or bad news, but Duke is buying Piedmont Natural Gas. http://www.bizjournals.com/charlotte/blog/power_city/2015/10/duke-energy-buying-piedmont-natural-gas-for-4-9.html?ana=twt

[Silicon Dogwoods]

I can't decide if this should be in good news or bad news, but Duke is buying Piedmont Natural Gas. http://www.bizjournals.com/charlotte/blog/power_city/2015/10/duke-energy-buying-piedmont-natural-gas-for-4-9.html?ana=twt

It's good news. Southern Co. in Atlanta recently bought AGL. Better Duke should acquire PNG than someone else not in Charlotte.

Does this count as good news? It's not jobs, but I think it's pretty "good news".

Charlotte is the third-most attractive real estate market nationwide for 2016, according to a report from PwC and the Urban Land Institute.

http://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article41198046.html

Full report here: http://uli.org/wp-content/uploads/ULI-Documents/Emerging-Trends-in-Real-Estate-United-States-and-Canada-2016.pdf

 

Unless you think this means we're in a dangerous bubble, it's very good news.

Edited October 26, 2015 by Silicon Dogwoods