Category: Business

DriveWealth’s fintech and financial institution partners around the world can now offer institutional-quality access to U.S. equities for their customers

CHATHAM, N.J.–(BUSINESS WIRE)–DriveWealth, a leading global brokerage infrastructure platform, today announced the acquisition of Cuttone & Company, a globally-respected New York-based institutional broker dealer, thus bringing its pioneering technology to the floor of the New York Stock Exchange (NYSE). With this acquisition, retail investors around the world who trade fractional shares of U.S. equities via DriveWealth’s partners are provided direct access to the point of sale for NYSE securities with the same sophisticated trade execution technology that had previously only been accessible to institutional investors.

Cuttone & Company, now the Institutional Division of DriveWealth Holdings, Inc. will bring market and regulatory expertise, a network of institutional trading partners, and other resources to DriveWealth’s partners. DriveWealth will now be able to offer its partners unique access to price discovery on its highly scalable, configurable and redundant electronic trading infrastructure. The advantage available on the trading floor not only provides direct access to the point of sale but affords the same time and place advantage for access to regulatory and jurisdictional information which could affect market conditions or trigger trading halts.

“These added resources, unprecedented transparency, and the ability to trade directly on the NYSE or across all U.S. equity destinations will open up greater opportunities for the retail investors we serve on our platform,” said Bob Cortright, founder and CEO of DriveWealth. “Having notional trading technology connected to a flexible brokerage infrastructure allows investors to start small by investing in brands they know and care about. We’re proud to bring this new combination of Cuttone & Company’s institutional knowledge with our retail trading technology to become the most complete brokerage stack available to retail investors today.”

“Since 1984, Cuttone & Company has attracted and served thousands of institutional investors with high-quality execution solutions. We’re excited to bring that same institutional level of service to retail around the world, shepherding ‘Main Street’ investors through Wall Street,” said Donato J. Cuttone, CEO of Cuttone & Company and a member of the Board of Directors of NYSE National, Inc. “We know from experience that technology alone can’t replace the expertise and intuition of market professionals on the floor of the New York Stock Exchange. Joining DriveWealth allows us to apply our expertise and expand our commitment to market fairness and transparency for millions of retail investors around the world.”

“We’re pleased to welcome DriveWealth to the NYSE Trading Floor community. With a floor presence, DriveWealth can extend the benefits of the NYSE’s unique market model to its clients around the world, including participation in the world’s largest liquidity event, the NYSE Closing Auction,” said NYSE Group Chief Operating Officer Michael Blaugrund.

Following the acquisition, Cuttone & Company will operate as a subsidiary of DriveWealth Holdings, Inc., a FINRA registered broker dealer. Donato J. Cuttone has joined DriveWealth’s Board of Directors and will continue to lead the team as the CEO of DriveWealth’s Institutional Division.

About DriveWealth

DriveWealth is an API-driven global brokerage infrastructure platform powering both traditional and innovative investment experiences for more than 50 partners in over 150 countries. DriveWealth’s mission is to reshape the world of retail investing by enabling banks, global brands, and Fintechs to provide investment access and advice to underbanked and underserved customers that was previously only available to the wealthy. For more information, please visit drivewealth.com.

About Cuttone & Company

Founded in 1984, Cuttone & Company is a New York-based full-service institutional broker combining state-of-the-art technology and highly experienced professionals to deliver a complete range of execution and prime brokerage solutions. Cuttone & Company is a premier provider of arbitrage, corporate action, special situation, and block trade execution for institutional asset managers and broker-dealers. Over the last decade, the firm has expanded its New York Stock Exchange floor business to include institutional direct market access, bespoke algorithmic solutions, access to unique order types, and principal activity. In addition, we continue to support a full suite of prime brokerage services. Member NYSE, FINRA and SIPC. For more information, please visit www.cuttoneandcompany.com.

Contacts

Media Contact: DriveWealth and Cuttone & Company
Malea Ritz

drivewealth@backbaycommunications.com

TINTON FALLS, N.J.–(BUSINESS WIRE)–#acquisitions–World Insurance Associates LLC (WIA), a Top 100 Insurance Agency, announced today that it acquired Two Rivers Insurance Company, Inc. (“TRIC”) of Burlington, IA on December 31, 2020. TRIC includes Two Rivers Insurance Services (TRIS) and Employee Benefits Systems (EBS). Terms of the transaction were not disclosed.

TRIC will continue to be headquartered in Burlington, Iowa, and will continue to offer insurance from its offices in Ft. Madison, Earlham, and West Des Moines. Todd Ackerman will continue as President and CEO. Joining WIA’s national network of regional insurance agencies will allow TRIC to offer more products to its customers from a larger network of providers at competitive pricing.

“We are excited to welcome TRIC to the World family,” said Rich Eknoian, CEO and Co-Founder of WIA. “With this acquisition, WIA will now have four offices throughout Iowa, and an expanded and strengthened suite of product offerings, especially in the employee benefits and TPA space.”

“TRIC is committed to providing responsive and innovative solutions to our clients’ insurance and risk management needs. To this end, our entire staff is dedicated to integrity, professionalism and unparalleled service every day,” said Todd Ackerman, President and CEO. “We look forward to partnering with WIA.”

Giordano, Halleran & Ciesla provided legal counsel to WIA and TAG Consulting Services advised WIA on the transaction. Dickinson, Mackaman, Tyler & Hagan provided legal counsel to TRIC and MarshBerry advised TRIC on the transaction.

About Two Rivers Financial Group

Two Rivers Financial Group, Inc. through its wholly-owned subsidiary of Two Rivers Bank & Trust, offers financial solutions encompassing banking and trust and investment management services with locations in Ankeny, Bettendorf, Burlington, Coralville, Keokuk, Des Moines, Iowa City, Mediapolis, Mount Pleasant, West Burlington, and West Des Moines. For more information, please visit www.tworivers.bank.

About World Insurance Associates LLC

World Insurance Associates LLC is headquartered in Tinton Falls, NJ, and is a nationally ranked, full-service insurance brokerage providing world-class asset and lifestyle protection with risk management, insurance, and benefit consulting services for individuals and businesses. Since its founding in 2012, WIA has completed 91 acquisitions and serves its customers from 94 offices in 18 states. WIA has been named one of The Most Successful Companies in America by Inc. 5000, is a Top 100 P/C Agency by Insurance Journal and Business Insurance, and a five-time honoree by NJBIZ Fast 50. For more information, please visit www.worldinsurance.com.

Contacts

Media Contact:

Jean Wiskowski, Chief Marketing Officer

732-380-0900 Ext. 736

jeanwiskowski@worldinsurance.com

Mergers & Acquisitions Contact:

Bradley Unger, Senior Vice President, Business Development

732-712-2230

bradleyunger@worldinsurance.com

Virtua Center Flyers Skate Zone at Voorhees, NJ Training Facility will Operate with a 100 Percent Renewable Electricity Supply

PHILADELPHIA — (BUSINESS WIRE) — Comcast Spectacor, owner of the Wells Fargo Center arena and the National Hockey League’s Philadelphia Flyers, is advancing its commitment to renewable energy and sustainability at two of its primary facilities. Through an agreement with SunPower, a leading solar technology and energy service provider, Comcast Spectacor completed the installation of a 1.06 megawatt (MW) onsite solar system at the Virtua Center Flyers Skate Zone at Voorhees in New Jersey. Comcast Spectacor has also introduced an electric Zamboni ice resurfacer and will achieve 100 percent renewable electricity supply for the facility starting in 2021.

To access visual assets in support of this announcement, click here.

The Virtua Center Flyers Skate Zone at Voorhees is the training facility for the Philadelphia Flyers and the National Lacrosse League’s Philadelphia Wings and offers public ice-skating sessions and youth hockey activations year-round. Installation of the rooftop solar panels began in May 2020 and was completed in November 2020. Comcast Spectacor will sell the Renewable Energy Certificates (RECs) from the onsite solar and purchase national RECs to provide all Spectacor facilities with 100% renewable electricity. The Virtua Center Flyers Skate Zone at Voorhees has also replaced its traditional propane Zamboni machine with an electric model.

“Comcast Spectacor is pleased to advance our support of renewable energy through this onsite solar technology installation by SunPower,” said Dave Scott, Chairman and CEO, Comcast Spectacor. “Combined with the activation of wind energy for Wells Fargo Center and our REC purchases, the Flyers will now train and compete in facilities completely powered by renewable electricity, which furthers Comcast NBCUniversal’s ongoing commitment to sustainable innovation.”

“Comcast Spectacor made a meaningful commitment to increase reliable, clean electricity in the Philadelphia region, and we are proud to help them achieve their mission with solar,” said Eric Potts, SVP, Commercial and Industrial Solutions at SunPower. “It’s not uncommon for a sports team to make an immense impact on its community — but the Philadelphia Flyers are raising the bar by using their footprint to work towards vital sustainability goals.”

The onsite solar project is the latest in an ongoing series of sustainability efforts across Comcast Spectacor facilities. In combination with the electric Zamboni machine, Comcast Spectacor’s purchase of renewable energy credits will contribute an additional annual reduction of more than 1,700 metric tons of carbon dioxide equivalent greenhouse gases. That reduction is equivalent to removing more than 370 passenger vehicles driven for a year.

“The renewable energy and sustainability efforts of Comcast Spectacor and the Philadelphia Flyers at their practice facility epitomize our overall NHL Green environmental sustainability work in North American community rinks where we play and enjoy the game,” said Kim Davis, NHL Senior Executive Vice President of Social Impact, Growth Initiatives & Legislative Affairs. “These environmental efforts reinforce the League’s commitment and progress in creating vibrant and healthy communities through hockey for the next generation of passionate fans.”

These developments are in addition to Wells Fargo Center’s 100 percent renewable electricity initiative, which was achieved through an agreement with Constellation that completely powers the arena with wind. The wind power generation avoids more than 15,000 metric tons of greenhouse gas annually which is equivalent to the amount produced by 3,373 passenger vehicles over the course of a year. All of these efforts will provide Comcast Spectacor facilities with 100% renewable electricity and supports Comcast NBCUniversal’s long-term aspirational goal of achieving 100 percent renewable energy.

About Comcast Spectacor

Comcast Spectacor is a professional sports and live entertainment company that is part of Comcast Corporation, a global media and technology leader that operates Comcast Cable, NBCUniversal and Sky. Headquartered in Philadelphia, Comcast Spectacor owns and operates the Wells Fargo Center arena and complex, as well as a portfolio of professional sports teams that includes the National Hockey League’s Philadelphia Flyers, the Overwatch League’s Philadelphia Fusion, the National Lacrosse League’s Philadelphia Wings and the Maine Mariners of the ECHL. Comcast Spectacor also holds strategic interest in several partner companies spanning the sports and entertainment landscape, including Spectra, T1 Entertainment & Sports, Learfield IMG College, Xfinity Live! Philadelphia and Nerd Street Gamers. Visit us at ComcastSpectacor.com for more information.

About SunPower

Headquartered in California’s Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.

Contacts

Meghan Flanagan

Comcast Spectacor

Meghan_Flanagan@comcastspectacor.com

Increased Demand From Homebuyers Shows No Signs of Slowing, with Listings Under Contract Up 19.2% Year-Over-Year

New Listing Volume Declined 10.0% Year-Over-Year, Highlighting That Supply Remains Tight Heading Into 2021

Since the Onset of the COVID-19 Pandemic, the Median Price of Closed Listings Has Increased Across 38 Out of 39 States

SAN FRANCISCO–(BUSINESS WIRE)–HouseCanary, Inc. (“HouseCanary”), a leading provider of residential real estate data and home valuations, today released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between the week ending March 13, 2020 through the end of December versus the same period in 2019. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.

Jeremy Sicklick, Co-founder and Chief Executive Officer of HouseCanary, commented: “December closed out a remarkable year in the national housing market. Following the precipitous onset of COVID-19, which initially rocked every sector, the housing market soon saw the return of home sales activity and renewed confidence among buyers and sellers alike. Across the country, demand remained profoundly high even as shrinking inventory levels outpaced cyclical norms. As we enter 2021, several policy and regulatory changes may take hold and significantly impact the housing landscape following the outcome of the Georgia Senate runoff elections and the transition of the Presidency. In the near-term, however, we anticipate that homebuyer demand will remain elevated as overall listings continue to lag and borrowing rates remain at historical lows.”

Select findings from this month’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data.

Monthly New Listing Volume (Single-Family Detached Homes):

• For the month of December, new listing volume is down 10.0% year-over-year
• Percent change in new listing activity since the week ending March 13 through the end of December versus the same period in 2019, broken down by home price:
  • $0-$200k: (-27.1%)
  • $200k-$400k: (-8.8%)
  • $400k-$600k: +2.4%
  • $600k-$1mm: +8.9%
  • >$1mm: +12.3%

Total Net New Listings:

• In the month of December, there were 133,461 net new listings placed on the market, representing a 26.4% increase compared to December 2019
• The decline in new listing volume was more than offset by a 48.9% decrease in removals over the same period
• Since the week ending March 13 through the end of December, there have been 2,406,658 net new listings placed on the market, which is a 1.7% decrease versus the same period in 2019
• Percentage of total net new listings since March 13, broken down by home price:
  • $0-$200k: 22.3%
  • $200k-$400k: 44.7%
  • $400k-$600k: 17.8%
  • $600k-$1mm: 10.2%
  • >$1mm: 5.0%

Listings Under Contract:

• Since the week ending March 13, 2,754,366 properties have gone into contract across 41 states, representing a 6.1% increase relative to the same period in 2019
• Percentage of total contract volume since the week ending March 13, broken down by home price:
  • $0-$200k: 22.9%
  • $200k-$400k: 44.7%
  • $400k-$600k: 17.7%
  • $600k-$1mm: 10.0%
  • >$1mm: 4.7%

Monthly Contract Volume (Single-Family Detached Homes):

• For the month of December, there were 232,844 listings that went under contract nationwide, which is a 19.2% increase year-over-year
• Percent change in contract volume year-over-year, broken down by home price:
  • $0-$200k: (-7.1%)
  • $200k-$400k: +17.5%
  • $400k-$600k: +40.9%
  • $600k-$1mm: +60.0%
  • >$1mm: +82.0%
• The total volume of listings going into contract since the week ending March 13 through the end of December versus the same period in 2019, broken down by home price:
  • $0-$200k: (-13.2%)
  • $200k-$400k: +6.6%
  • $400k-$600k: +21.1%
  • $600k-$1mm: +29.2%
  • >$1mm: +32.7%

Median Listing Price Activity (Single-Family Detached Homes):

• Relative to the start of the COVID-19 pandemic, the median price of closed listings has continued to rise across 38 out of 39 states
• The most notable month price surges relative to the week of March 13 include:
  • Vermont: +37.9%
  • New York: +32.7%
  • New Jersey: 25.5%

As a nationwide real estate broker, HouseCanary’s broad multiple listing service (“MLS”) participation allows us to evaluate listing data and aggregate the number of new listings as well as the number of new listings going into contract for all single-family detached homes observed in the HouseCanary database. Using this data, HouseCanary continues to track listing volume, new listings, and median list price for 41 states and 50 individual Metropolitan Statistical Areas (“MSAs”).

About HouseCanary:

Founded in 2013, valuation-focused real estate brokerage HouseCanary provides software and services to reshape the real estate marketplace. Financial institutions, investors, lenders, mortgage investors, and consumers turn to HouseCanary for industry-leading valuations, forecasts, and transaction-support tools. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.

Contacts

Profile

Casie Connolly / Bela Kirpalani

housecanary@profileadvisors.com

PARAMUS, N.J.–(BUSINESS WIRE)–Movado Group, Inc. [NYSE: MOV] announced today that the Company will be presenting at the 23^rd Annual ICR Conference on Tuesday, January 12, 2021 at 4:30 pm Eastern Time. Efraim Grinberg, Chairman and Chief Executive Officer, and Sallie DeMarsilis, Executive Vice President, Chief Operating Office and Chief Financial Officer, will host the presentation.

Movado Group, Inc. designs, sources, and globally distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE®, SCUDERIA FERRARI®, REBECCA MINKOFF® and URI MINKOFF® watches and, for certain of these brands, jewelry and other accessories, and operates Movado Company Stores in the United States and Canada.

Contacts

ICR, Inc.

Investors:

Rachel Schacter/Allison Malkin

203-682-8200

Transaction Represents 32^nd Acquisition for Leading Distributor of Foodservice Packaging and Janitorial Products

JERSEY CITY, N.J. & ST. LOUIS, Mo.–(BUSINESS WIRE)–Imperial Dade, a leading distributor of food service packaging and janitorial supplies, has entered into a definitive agreement to acquire Industrial Soap Company (“Industrial Soap”). The transaction represents the 32^nd acquisition for Imperial Dade under the leadership of Robert and Jason Tillis, CEO and President of Imperial Dade, respectively. Financial terms of the private transaction were not disclosed.

Headquartered in St. Louis, Missouri, Industrial Soap is a leading distributor of janitorial supplies owned and operated by the Shapiro family. With 87 years of experience, after opening the doors in 1933, the company has built a strong reputation for its knowledgeable sales force, wide breath of products, and high touch customer service.

Together, the Imperial Dade platform will operate 68 facilities across the country and solidify its position as the national leader in specialty distribution. By leveraging Imperial Dade’s market leading platform in the greater St. Louis market, Industrial Soap customers can expect the same exceptional customized service coupled with an even greater offering of products and solutions. Imperial Dade remains critical to the supply chain and this acquisition reinforces our commitment to provide essential supplies to our customers during these difficult times and going forward.

“Industrial Soap’s history of excellence and commitment to service will fit well with the Imperial Dade platform. We enthusiastically welcome the Industrial Soap team members to the Imperial Dade family,” said Robert Tillis. “Industrial Soap is a leading provider in the Midwest with tremendous commitment to its customers. This acquisition represents another key step in our vision at Imperial Dade of creating the nation’s leading provider of food service disposables and janitorial supplies,” said Jason Tillis.

“We are excited about the future of Industrial Soap under the leadership of Imperial Dade. Our customers will receive the same outstanding service they have come to expect from us and a significantly expanded offering of products,” said Mark Shapiro, President of Industrial Soap Company.

About Imperial Dade

Founded in 1935, Imperial Dade serves more than 60,000 customers across the United States and Puerto Rico. Since CEO Robert Tillis and President Jason Tillis assumed their roles in 2007, the company has grown both organically and through acquisitions to become a leader in the food service packaging and janitorial supplies industry. For additional information, please visit www.imperialdade.com.

Contacts

Imperial Dade

Paul Cervino

(201) 437-7440 x 2302

Company to Add Accomplished Leaders with Diverse Experience to the Board

WALNUT CREEK, Calif.–(BUSINESS WIRE)–Central Garden & Pet Company (NASDAQ: CENT, CENTA) (“Central”), a market leader in the garden and pet industries, today announced that it has nominated two new independent directors, Courtnee Chun and Daniel P. Myers, for election at the Company’s 2021 Annual Shareholder Meeting on February 9, 2021. On that day, Thomas P. Colligan will retire from the Company’s Board of Directors.

Their nomination follows the appointment of Brendan P. Dougher in September 2020, and the retirement of Jack Balousek, who had served on the Central Board of Directors for 19 years and was the Company’s lead independent director.

The Company is pleased to announce that Beth Springer, a veteran of the consumer products industry and Central Board member since 2013, has been appointed lead independent director.

“We would like to thank Jack Balousek and Tom Colligan for their significant contributions to Central Garden & Pet and many years of service on our Board,” said Bill Brown, Chairman of the Board of Central Garden & Pet. “We are pleased to nominate Courtnee Chun and Daniel Myers and look forward to their active participation. I am incredibly excited about the future – including the leadership of our CEO, Tim Cofer, and the new Central to Home strategy, which is a compelling roadmap to create shareholder value. To support our new strategy, we are adding expertise at both the management and Board levels.”

If elected, Ms. Chun and Mr. Myers would join the Company’s Board of Directors immediately after the annual meeting. Together with the Company’s other nominees, Central’s Board would be comprised of eleven directors.

Ms. Chun has more than 20 years of experience in corporate development and portfolio management in the telecommunications, media and technology sectors. She currently serves as Chief Portfolio Officer for Liberty Media Corporation, Qurate Retail, Inc., Liberty TripAdvisor Holdings, Inc. and Liberty Broadband Corporation. As Chief Portfolio Officer, Ms. Chun is responsible for monitoring and enhancing the operating performance of many of the Liberty portfolio companies and is the primary contact for investors, analysts and the press. Before joining Liberty Media in 2008, Ms. Chun served as Vice President Opportunity Development at Level 3 and Chief Financial Officer at New Global Telecom and prior to these roles received extensive transaction experience through corporate development work at FirstWorld Communications and investment banking at JP Morgan. Ms. Chun has broad based experience in a number of industries including eCommerce, media, technology and direct-to-consumer markets and a strong background in M&A, portfolio management and investor relations.

Mr. Myers has more than 40 years of experience in the consumer products industry building very successful global companies. He is currently an Operating Executive for the Carlyle Group and a Senior Fellow at Haslam School of Business at the University of Tennessee teaching as a guest lecturer for both graduate and undergraduate studies. Prior to this, he served for eight years as the Executive Vice President, Global Integrated Supply Chain for Mondelēz International and held the same title at Kraft Foods Inc., the predecessor to Mondelēz International, after joining that company in September 2011. Mr. Myers began his career at The Procter & Gamble Company, spending 33 years in roles across all areas of the supply chain leading global operations. During his career he has lived outside the United States for over 10 years, worked in over 50 countries, managed over 250 manufacturing plants and over 400 distribution centers. Mr. Myers has strong experience launching new brands, building operations in emerging markets and delivering winning, innovation leading major global expansions.

Mr. Dougher, who retired from PricewaterhouseCoopers LLP (“PwC”) on September 30, 2020, held various positions over 36 years, including as Managing Partner of the New York Metro Region of PwC from July 2006 until June 2019 and most recently Managing Partner of the U.S. Cyber Security & Privacy Practice from January 2019 to September 2019. He also served on the extended leadership team of the firm’s U.S. Senior Partner and was elected to the firm’s governing Board of Partners and Principals and chaired its Governance Committee. Mr. Dougher is a Certified Public Accountant and a member of both the New York State and New Jersey State Society of Certified Public Accountants and is also a member of the American Institute of Certified Public Accountants.

About Central Garden & Pet

Central Garden & Pet (NASDAQ: CENT, CENTA) understands that home is central to life and has proudly nurtured happy and healthy homes for over 40 years. With 2020 net sales of $2.7 billion, Central is on a mission to lead the future of the pet and garden industries. The Company’s innovative and trusted products are dedicated to help lawns grow greener, gardens bloom bigger, pets live healthier and communities grow stronger. Central is home to a leading portfolio of more than 65 high-quality brands including Pennington, Nylabone, Kaytee, Amdro and Aqueon, strong manufacturing and distribution capabilities and a passionate, entrepreneurial growth culture. Central Garden & Pet is based in Walnut Creek, California and has over 6,300 employees across North America and Europe. For additional information about Central, please visit the Company’s website at www.central.com.

Contacts

Investor Relations Contact:
Friederike Edelmann

(925) 948-3657

fedelmann@central.com

Media Relations Contact:
Liz Nunan

(925) 878-9465

lnunan@central.com