February 4, 20214 yr Local-Companies-Doing-Big-Ads News, Part II: https://www.bizjournals.com/columbus/news/2021/02/04/root-insurance-sponsors-nascar-bubba-wallace.html Downtown Columbus-based digital insurer Root Insurance is among the founding sponsors of 23XI Racing - a joint venture formed last fall by Michael Jordan and three-time Daytona 500 winner Denny Hamlin. Bubba Wallace is the lead driver. Below is a Root Insurance ad featuring Wallace:
February 4, 20214 yr 18 minutes ago, Columbo said: Local-Companies-Doing-Big-Ads News, Part II: https://www.bizjournals.com/columbus/news/2021/02/04/root-insurance-sponsors-nascar-bubba-wallace.html Downtown Columbus-based digital insurer Root Insurance is among the founding sponsors of 23XI Racing - a joint venture formed last fall by Michael Jordan and three-time Daytona 500 winner Denny Hamlin. Bubba Wallace is the lead driver. Below is a Root Insurance ad featuring Wallace: This is a great look for Root and central Ohio. I was at the IMSA race in Daytona this past weekend, loved seeing C.O. represented well on a international level. Byers Imports, Renier Construction(they do mostly dealership work), Meyer-Shank Racing(Pataskala) in an Acura, RLL Racing out of Hiliard just to name a few. Natonwide historically has been involved in Nascar as well, but good to see some new blood on a national level. Edited February 4, 20214 yr by wpcc88
February 9, 20214 yr Local-Companies-Doing-Big-Ads News, Part III: Klarna also got its first Super Bowl ad, following a record year in which the financial technology firm doubled its number of U.S. users to 15 million. The buy-now-pay-later online payments company - which is based in Sweden and has its U.S. headquarters in Columbus - produced a Western-themed ad promoting the Klarna app's "Pay in 4" installment option. Accordingly, the ad features four quarter-sized Maya Rudolph's: https://www.bizjournals.com/columbus/news/2021/02/08/klarna-first-super-bowl-ad-follows-record-2020.html
February 15, 20214 yr More clearing out the 2020 business news closet: Worthington Industries sees $746.6 million gain on Nikola hydrogen truck stake Sales declined at Worthington Industries, but its hydrogen fuel cell truck investment kept it profitable for its most recent quarter. The Columbus-based steel processing company reported net sales of $702.9 million and a profit of $616.7 million, or $11.22 per diluted share, for the quarter ended Aug. 31. Those results include a pre-tax gain of $746.6 million, or $10.74 per share, from the company’s investment in Phoenix-based Nikola Motor Co. ... That company, which is developing a fuel-cell powered truck, recently sold an 11% stake in its business to General Motors, who plans to build the truck. Worthington Industries first invested in Nikola back in 2015 and the Columbus company's former president and chief operating officer, Mark Russell, is now CEO of Nikola. MORE: https://www.bizjournals.com/columbus/news/2020/09/23/worthington-industries-sees-7466-million-gain-on.html
February 15, 20214 yr Here's how valuable CoverMyMeds is to healthcare giant McKesson A change in how healthcare giant McKesson Corp. reports its finances highlights the value of its technology arms – including CoverMyMeds. Since the healthcare distributor acquired the Columbus software maker in 2017, CoverMyMeds has been lumped into the giant's "other" category of revenue, alongside the Canadian pharmacy business. ... In the latest filing, CoverMyMeds and three other technology units were separated into their own business under a new structure reported to the U.S. Securities and Exchange Commission. Together the four accounted for $2.7 billion in revenue in fiscal 2020, a 9% increase from the prior year, according to the filing. That's only 1% of McKesson's $231 billion sales – but these technology units were responsible for 17% of operating profit before corporate expenses. MORE: https://www.bizjournals.com/columbus/news/2020/09/24/mckesson-reveals-more-about-covermymeds-finances.html
February 15, 20214 yr Logistics, eyeglass manufacturing companies pledge to create 340 jobs in Central Ohio A fast-growing trucking logistics company and an eyewear manufacturing and distribution center have pledged to create 340 new jobs in Central Ohio in exchange for state tax breaks. BBI Logistics Inc. has started hiring towards its goal of quadrupling staff to 202 from 52 in just over three years. The fast-growing freight brokerage moved last fall into '80 on the Commons' located in downtown Columbus. Zenni Optical, which sells both prescription and non-prescription eyeglasses and goggles, plans to create 189 jobs after opening a facility in Obetz. MORE: https://www.bizjournals.com/columbus/news/2020/09/28/bbi-logistics-zenni-optical-get-state-tax-credits.html
February 15, 20214 yr Columbus warehouse activity stays strong through Covid summer Central Ohio's industrial market, which has been roaring forward for years, has kept its strength even during the Covid-19 pandemic. The third quarter proved yet another active one in the Central Ohio warehouse market, according to data from Colliers International. Eight projects totaling 4 million square feet broke ground while 14 projects totaling 4.4 million square feet were completed – causing vacancy to tick up a bit to 4.9% from 4.5%. About 9.2 million square feet of space remains under construction. Amazon's big 1-million-square-foot lease at 1260 London-Groveport Road and a 360,000-square-foot lease by Rogue Fitness at 2652 Fisher Road topped the quarter's leasing activity, while DHL paid $62.7 million for a 1.2 million square foot warehouse at 2829 Rohr Road in the quarter's largest sale. Overall, Central Ohio chalked up 3.6 million feet of positive absorption, according to Colliers. MORE: https://www.bizjournals.com/columbus/news/2020/10/01/as-columbus-warehouse-activity-booms-new-question.html
February 15, 20214 yr FedEx to hire 600 at new Plain City hub FedEx Ground is opening its new 500,000-square-foot automated distribution facility at 8285 Industrial Pkwy. in Plain City. One of the larger sites across FedEx's network, it will have the capacity to sort 22,500 packages an hour. FedEx plans to hire 600 people to operate the center, with a local service provider also employing about 70 drivers and staff Jobs at the new facility will largely include package and material handlers, who help sort parcels of all sizes including packages, furniture, appliances and equipment. Both day and night shifts will be available at the facility, with jobs including medical, dental and vision benefits, time off and holiday pay after a minimum threshold of service. The new facility expands FedEx Ground's Central Ohio footprint. The FedEx facility at 6120 S. Meadows Dr. in Grove City is the current center of its significant Central Ohio operations, where the company employs about 1,050 people, but routinely surges at busy times such as the holiday hiring season. MORE: https://www.bizjournals.com/columbus/news/2020/09/29/fedex-to-hire-600-at-new-lewis-center-site.html
February 15, 20214 yr Downtown's office towers are full (on paper) – but face an uncertain future While downtown Columbus' office towers are mostly full on paper, the reality and the future could be more murky. In its annual report on the state of downtown's office market, brokerage JLL found that downtown's office metrics look healthy. Asking rent has grown 2.4% since last year and vacancy in the city's most prominent buildings is up only 1.4% to 18.6%. But the downtown office market faces a yet-unseen reckoning in the form of the fallout from Covid-19, and brokers who manage leasing for those buildings are seeing it. "Downtown activity is slow, as tenants hesitate to make long-term commitments," JLL broker Brad McMahon said. "We don't know how Covid will affect the workplace going forward, so people are thinking more short term." MORE: https://www.bizjournals.com/columbus/news/2020/10/13/slideshow-downtowns-office-towers-are.html (This article also includes a slideshow giving the vital stats - overall square footage, percent leased, average rent, and year built/renovated - for 27 Downtown and Short North properties.)
March 9, 20214 yr New $70M distribution hub bringing 300 jobs to Etna Ashley Furniture Industries Inc. plans to establish a new regional distribution hub in Etna, a project that will bring 300 jobs to the area. The 1-million-square-foot, $70 million facility at 70 Global Parkway is expected to be completed in late 2021. It'll add to the national e-commerce network for the furniture retail chain, serving both its 20,000 brick-and-mortar stores and its online shoppers. ( . . . ) The company joins a busy node of logistics in Etna, which hosts one of the region's largest Amazon distribution centers and also saw the recent opening of another such facility for Kohl's. JobsOhio markets Central Ohio's logistics hub as a one-day drive from 151 million people and 46% of the country's population. MORE: https://www.bizjournals.com/columbus/news/2020/10/26/etna-to-get-70m-distribution-hub-with-300-new-jobs.html
March 9, 20214 yr Central Ohio to pick up 585 jobs from four projects, led by Ashley Furniture Central Ohio stands to gain 585 new jobs from four projects that received approval for state tax incentives, including a plan by Ashley Furniture to build a distribution center in Licking County that will create 300 jobs. In addition to the Ashley Furniture project, the following Central Ohio projects were also approved: Tri-Tech Laboratories, which already has operations in the New Albany beauty park, will expand into Groveport in a project that will add 200 jobs. The company makes personal care products and is a supplier to Bath & Body Works. Freepoint Commodities, which buys and sells commodities, will create 60 jobs in Obetz as part of a new project in which it will recycle plastics into fuel. Clarus R+D Solutions will add 25 jobs as part of an expansion of its Columbus offices. The company creates tax-credit software for small to midsize businesses and certified public accountants. MORE: https://www.dispatch.com/story/business/2020/10/26/four-companies-add-585-jobs-central-ohio-tax-breaks/6038745002/
March 9, 20214 yr Over 850 Business Receive Funding through City Recovery Fund Local small businesses have received more than $8.3 million from the Columbus-Franklin County COVID-19 Small Business Response and Recovery Fund. The city has released info into how CARES Act funding has been distributed thus far through three programs: Recovery Grants, Small Business Return Safely Grants and Pivot Loans. More than 850 businesses have received funding through the program which launched last summer. MORE: https://themetropreneur.com/columbus/over-850-business-receive-funding-through-city-recovery-fund/
March 9, 20214 yr Downtown, Short North businesses hurt by pandemic eligible for $10,000 grants Small businesses in Downtown Columbus and in the Short North Arts District who have been hurt by the pandemic will be eligible for new $10,000 grants from the city of Columbus’ allocation of federal CARES Act funding. Columbus City Council approved $2 million to support small businesses in those areas with 25 or fewer employees. Eligible businesses must be locally owned, headquartered, franchised or Ohio-based, and must be located in either the Capital Crossroads and Discovery Special Improvement Districts or Short North Arts District, in order to receive the $10,000 grants. MORE: https://www.bizjournals.com/columbus/news/2020/11/24/downtown-short-north-businesses-grants.html
March 9, 20214 yr Safelite buys auto glass division of Florida-based chain Columbus-based Safelite has bought the auto glass business of Lee & Cates Glass Inc., a chain of glass repair shops in Florida. The Jacksonville-based company, founded in 1926, has 10 locations throughout northeastern Florida and southwestern Georgia. It's one of the largest independent glass companies in the Southeast. ... The buy follows the Columbus automotive glass repair giant's recent strategy of buying up smaller operations in a highly segmented industry. Safelite now has 16,000 employees and operations throughout the United States. MORE: https://www.bizjournals.com/columbus/news/2020/11/13/safelite-buys-florida-based-auto-division-of-chain.html
March 9, 20214 yr Pandemic-fueled demand leads data center supplier Vertiv to add jobs A newly public Columbus company has added at least 100 Central Ohio jobs through the coronavirus pandemic because of soaring demand for its data center and IT infrastructure. Vertiv Holdings Co. hired in engineering, marketing, finance, sales and service. It now has 1,500 employees in the region and another 700 in the rest of the state, out of about 20,000 worldwide. ( . . . ) Columbus-based Vertiv went public in February 2020 at a $5.3 billion valuation. At the time it was Ohio's largest public company debut until Columbus insurer Root Inc. later IPO'd at a higher valuation in October 2020. MORE: https://www.bizjournals.com/columbus/news/2020/11/14/vertiv-added-columbus-jobs-for-covid-19-demand.html
March 25, 20214 yr Quantum Health already expanding new Dublin headquarters Quantum Health Inc. has already exceeded its 2025 job creation targets since moving its headquarters to Dublin, and plans to expand into the building adjacent to its new home. The health benefits counseling service has 1,400 employees, up from more than 800 a year ago, making it one of the five largest employers in Dublin. Renovations are expected to be complete this spring in the 280,000-square-foot office 5240 Blazer Pkwy. Once it's safe for more employees to return to in-office work, amenities greeting them will include coffee and dining options, plus a fitness center, game room and outdoor walking path. Once that's done, work will start on the attached 5260 Blazer Pkwy. Quantum said it is buying the 200,000-square-foot building from specialty chemical maker Ashland Global Holdings Inc. MORE: https://www.bizjournals.com/columbus/news/2020/11/16/quantum-health-already-expanding-new-dublin-hq.html
March 25, 20214 yr Some news about Alliance Data Systems Corporation - a publicly traded company that provides private label credit card services. Alliance Data was formed from the 1996 merger of J.C. Penney's credit card processing unit and The Limited's credit card bank operation. It was headquartered in Columbus until being acquired by a private equity firm that moved it to Plano, Texas in 2011. In 2019, a new company acquired Alliance and moved the headquarters back to Columbus - into a newly built three-building 550,000 sq. ft. office complex just south of Easton Town Center. By 2020, Alliance Data had 8,500 employees, with 3,500 of those in Central Ohio. When a new CEO was named in 2020, the question of would the HQ move back to Texas or stay in Columbus was asked. In Sept. 2020, the new CEO said the HQ would be staying in Columbus at the Easton location: https://www.bizjournals.com/columbus/news/2020/09/02/alliance-data-ceo-columbus-to-stay-hq.html In November 2020, Alliance Data announced a $450 million acquisition of Bread, a digital buy-now-pay-later payments processor, to add to its e-commerce offerings as retailers shift in response to the coronavirus pandemic. Bread is a NYC-based competitor to Klarna, the Swedish company with its U.S. headquarters located in Columbus: https://www.bizjournals.com/columbus/news/2020/11/03/alliance-data-acquires-klarna-competitor-bread.html In January 2021, Alliance Data gave its 2020 revenue announcement: https://www.bizjournals.com/columbus/news/2021/01/29/alliance-data-profited-in-2020-as-revenue-dropped.html
March 26, 20214 yr Columbus' Cloudbreak merging with fellow telehealth company, going public at $1.4B valuation A Columbus telemedicine company that greatly expanded uses for its technology in the coronavirus pandemic is merging with another digital health company, and together going public in a SPAC deal valuing them at $1.35 billion. ... SPACS are public shell companies that attract investors to a group hunting for an acquisition target. It's merging with the larger UpHealth Holdings Inc. of Florida. The combined company will provide digital physician visits, pharmacy services, care management and behavioral health in 10 counties. Cloudbreak, which has built a secure nationwide telecommunications network connecting hospitals, forms the basis of U.S. operations. Cloudbreak Health LLC continues its largest operations center in northern Columbus when the deal closes, anticipated by spring. About 125 of Cloudbreak's 335 employees are in Central Ohio; most staff are interpreters. It was not immediately clear how staff levels would be affected. MORE: https://www.bizjournals.com/columbus/news/2020/11/25/columbus-cloudbreak-going-public-through-spac.html
March 26, 20214 yr How Covid made this tech company rethink its new Polaris HQ Fusion Alliance is moving to a new office – but it's a much smaller one. The tech consulting firm is one of the new tenants in the Pointe at Polaris office development along Lyra Drive between the mall and I-71. In August it signed a lease for 8,200 square feet of space. In doing so, it's moving from its home of 12 years on Polaris Parkway, which is three times the size of its new facility. ( . . . ) Work-from-home proved an easy adaptation for the company, but it recognized employees want to meet face-to-face at least part of the week. So Fusion Alliance challenged its architect, Design Collective, to develop a space accordingly. ... While Fusion Alliance has 140 employees in Central Ohio, this office will only have about 30 to 50 working there each day, probably with most coming in for meetings and gatherings with clients, and working from wherever they prefer the rest of the time. MORE: https://www.bizjournals.com/columbus/news/2020/11/30/fusion-alliance-moves-to-smaller-covid-inspired-hq.html
April 12, 20214 yr Chase will 'significantly reduce' real estate – how that impacts Columbus Tristan Navera - Columbus Business First - Apr. 12, 2021 "In his annual letter to shareholders, JPMorgan (NYSE:JPM) CEO Jamie Dimon wrote that the pandemic has permanently changed the way the bank looks at its real estate after sending much of its workforce home, including many of the 18,596 who work for the bank in Central Ohio. Local spokespeople declined to comment further, but Chase, the city's fourth-largest employer, owns or leases 3 million square feet of office space here, according to information from Colliers. ... "Remote work will change how we manage our real estate," Dimon wrote. "We will quickly move to a more 'open seating' arrangement, in which digital tools will help manage seating arrangements, as well as needed amenities, such as conference room space. As a result, for every 100 employees, we may need seats for only 60 on average. This will significantly reduce our need for real estate."
April 13, 20214 yr 6 hours ago, NorthShore647 said: Chase will 'significantly reduce' real estate – how that impacts Columbus Tristan Navera - Columbus Business First - Apr. 12, 2021 "In his annual letter to shareholders, JPMorgan (NYSE:JPM) CEO Jamie Dimon wrote that the pandemic has permanently changed the way the bank looks at its real estate after sending much of its workforce home, including many of the 18,596 who work for the bank in Central Ohio. Local spokespeople declined to comment further, but Chase, the city's fourth-largest employer, owns or leases 3 million square feet of office space here, according to information from Colliers. ... "Remote work will change how we manage our real estate," Dimon wrote. "We will quickly move to a more 'open seating' arrangement, in which digital tools will help manage seating arrangements, as well as needed amenities, such as conference room space. As a result, for every 100 employees, we may need seats for only 60 on average. This will significantly reduce our need for real estate." This will be interesting to see whether this ends up being a net-negative or net-positive for Columbus and Central Ohio. Chase recently spent $200 million on a 2017 renovation of the massive two-million-square-foot McCoy Center complex in Polaris, which houses about 10,000 of the 18,596 Chase employees in Central Ohio. Chase's other office locations in Central Ohio include 504,000 square feet at 3415 Vision Dr. near Easton Town Center, 363,000 square feet at 800 Brooksedge Blvd. in Westerville, 40,000 square feet in their namesake 24-story tower at 100 E. Broad St. in Downtown Columbus, and 5,000 square feet at 460 Polaris Parkway, according to the article. Chase also owns a 72,000-square-foot office at 1000 Polaris Parkway. It's unclear what the future could hold for these properties. CEO Dimon reiterated that its new NYC headquarters would still employ 12,000 to 14,000 workers. But Chase currently has about 37,000 employees in NYC and has previously said it was considering moving some NYC employees into major hubs like in Columbus, and/or Plano, Texas, and/or Wilmington, Delaware.
April 19, 20214 yr Olive CEO Sean Lane: Expect 'monumentally big moves' from $1.5B company Olive AI Inc. was growing sales exponentially headed into 2020, having raised $63 million in venture capital since 2013. In the nine months since the coronavirus pandemic began, it's raised another $385 million – and plans to put that capital to work rolling out artificial intelligence software that redirects billions in healthcare spending from administration to actual care. Columbus-based Olive announced a $225.5 million round led by Tiger Global Management LLC with a slate of returning and new investors, bringing the total over seven years to $448 million. Olive debuted its AI bot for administrative healthcare work in 2017, tripling sales year-over-year that year and again in 2018, then doubling last year. It's on pace this year to again triple revenue; dollar amounts aren't disclosed. MORE: https://www.bizjournals.com/columbus/news/2020/12/02/olive-ceo-sean-lane-big-moves-ahead-2021.html
April 19, 20214 yr Digital insurer Branch adding 150 jobs in Columbus A digital insurer that uses data to speed up quoting on bundled home and auto policies plans to add 150 jobs in Columbus. Branch Financial Inc. has already started hiring for software development, sales, operations and administration as it looks to expand nationwide, economic development organization One Columbus said in a news release. MORE: https://www.bizjournals.com/columbus/news/2020/12/07/digital-insurer-branch-adding-jobs-in-columbus.html
April 29, 20214 yr On 4/12/2021 at 3:16 PM, NorthShore647 said: Chase will 'significantly reduce' real estate – how that impacts Columbus Tristan Navera - Columbus Business First - Apr. 12, 2021 "In his annual letter to shareholders, JPMorgan (NYSE:JPM) CEO Jamie Dimon wrote that the pandemic has permanently changed the way the bank looks at its real estate after sending much of its workforce home, including many of the 18,596 who work for the bank in Central Ohio. Local spokespeople declined to comment further, but Chase, the city's fourth-largest employer, owns or leases 3 million square feet of office space here, according to information from Colliers. ... "Remote work will change how we manage our real estate," Dimon wrote. "We will quickly move to a more 'open seating' arrangement, in which digital tools will help manage seating arrangements, as well as needed amenities, such as conference room space. As a result, for every 100 employees, we may need seats for only 60 on average. This will significantly reduce our need for real estate." One of the first impacts of Chase real estate reorganization is their office space in the downtown Chase Tower: https://www.bizjournals.com/columbus/news/2021/04/28/chase-moving-offices-out-of-100-e-broad-st.html https://www.thisweeknews.com/story/business/2021/04/28/jpmorgan-chase-workers-wont-return-downtown-namesake-tower/4880426001/ I'm really not at all surprised by this move. When I saw that Chase only used 40,000 sq. ft. and that they no longer owned the 24-story tower, this seemed a likely move. According to the reports, the Chase Tower employees will be moving into the massive 2-million-square foot McCoy Center campus at Polaris. Also, the bank's ground-floor branch will remain open and the tower will keep the Chase name for now.
April 29, 20214 yr ^Totally expected, but still sad. Downtown is bleeding leased real estate and a big name like Chase leaving only exacerbates the problem. I was a kid but I still remember the giant photo of the building taking up the entire front page of the Dispatch announcing BankOne's merger with First Chicago NBD and thinking "this isn't good." I still to this day wonder what would have been had BankOne built a new complex downtown rather than the monstrosity in Polaris. I wonder why the made such a poor decision in the first place. Anyway, the future of downtown real estate for now likely lies in the rapidly-growing local tech firms like Root, Olive, and others. Hopefully downtown can continue to serve as an incubator for new talent which continues to appreciate having offices in an urban environment.
April 29, 20214 yr Apple picks North Carolina over Ohio, but One Columbus still tending many fruits Carrie Ghose - Columbus Business First - Apr. 28, 2021 "Research Triangle Park might have edged out Ohio for a $1 billion Apple Inc. campus, but the Columbus region's economic development officials are focused on landing several other "transformational" projects. ... Two years ago, when the Raleigh-Durham region lost out on another $1 billion Apple campus to Austin, a preparation document had a handwritten note that the top competitor was "Columbus, OH," according to records obtained by the Triangle Business Journal, a sister publication. ... That 2019 choice, seen at the time as a rejection of North Carolina, perhaps offers a glimmer of hope for Ohio: Two years later, Apple has only recently started construction in Austin and now is adding a Triangle campus. Runners up, apparently, aren't forgotten."
April 29, 20214 yr 10 hours ago, CMHOhio said: ^Totally expected, but still sad. Downtown is bleeding leased real estate and a big name like Chase leaving only exacerbates the problem. I was a kid but I still remember the giant photo of the building taking up the entire front page of the Dispatch announcing BankOne's merger with First Chicago NBD and thinking "this isn't good." I still to this day wonder what would have been had BankOne built a new complex downtown rather than the monstrosity in Polaris. I wonder why the made such a poor decision in the first place. Boomer and Silent Gen proclivities -- put everything in the suburbs. Also, Downtown was considered "expensive" and Polaris "cheaper" but I don't know if that's still true.
April 29, 20214 yr 11 hours ago, NorthShore647 said: Apple picks North Carolina over Ohio, but One Columbus still tending many fruits Carrie Ghose - Columbus Business First - Apr. 28, 2021 "Research Triangle Park might have edged out Ohio for a $1 billion Apple Inc. campus, but the Columbus region's economic development officials are focused on landing several other "transformational" projects. ... Two years ago, when the Raleigh-Durham region lost out on another $1 billion Apple campus to Austin, a preparation document had a handwritten note that the top competitor was "Columbus, OH," according to records obtained by the Triangle Business Journal, a sister publication. ... That 2019 choice, seen at the time as a rejection of North Carolina, perhaps offers a glimmer of hope for Ohio: Two years later, Apple has only recently started construction in Austin and now is adding a Triangle campus. Runners up, apparently, aren't forgotten." Seems like only a matter of time before we get something big here. And, like they said, even with the Apple decision, they will still be looking to build more offices eventually and we'll obviously be on the short list. A few other good quotes from the article: About 15% of business attraction and retention projects that One Columbus is actively pursuing each involve more than $500 million in capital investment and at least 750 jobs, "I can’t think of a time when we’ve had more significant investments being considered." "I want to bet on places that are growing and laying the foundation for the modern economy – and Columbus is one of those places, no doubt about it."
April 29, 20214 yr And, while on the topic of big things happening: Gene therapy company secures largest series B financing in Ohio's history A Grove City gene therapy company has raised $120 million in series B financing, which is the largest such round in Ohio's history. Forge Biologics, which launched in July 2020, secured financing led by Boston-based RA Capital Management and New York-based Perceptive Advisors. Other investors include Columbus-based Drive Capital, Chicago-based Surveyor Capital, a Citadel company; New York-based Octagon Capital and London-based Marshall Wace. More: https://www.thisweeknews.com/story/business/2021/04/29/forge-biologics-secures-largest-series-b-financing-ohios-history-gene-therapy/4860516001/ Edited April 29, 20214 yr by TH3BUDDHA
May 4, 20214 yr With the recent $120 million Series B for Forge Biologics, this article talks about how Columbus is beginning to become a biotech hub. They even joke about Columbus becoming a "Silicon Valley" of biotech and ponder what to call it. The author suggests Plasmid Plains. What Forge's huge VC round means for growing Columbus biotech hub Last week, the Grove City biotech that just launched in July 2020 announced a $120 million venture capital round toward expanding its manufacturing capacity, for a cumulative $160 million to date. It's the largest Series B ever in Ohio, ... Meanwhile, Children's affiliate Andelyn Biosciences Inc. is building a $200 million genetic manufacturing facility to make viral vectors on Ohio State University's west campus Innovation District. ... Besides Andelyn in Central Ohio, Boston-area biotech Sarepta Therapeutics Inc. has established a Columbus R&D lab built around the staff of a Children's gene therapy spinout it acquired. And it appears more are on the way. Michael Triplett, who was CEO of the acquired Children's spinout, then led another hospital spinout in infection control. In December, he became CEO of a new gene therapy company in Columbus, Armatus Bio Inc. ... And all those Central Ohio research labs have a potential supplier right down Rt. 33: The recently acquired Stirling Ultracold in Athens makes the extremely low-temperature freezers needed for biomedical research. More here: https://www.bizjournals.com/columbus/news/2021/05/03/forge-vc-round-part-of-growing-gene-therapy-huv.html
May 4, 20214 yr And on the topic of Columbus becoming a biotech hub, even more news came out after that ^ article: Battelle launches $200M VC-backed cell and gene therapy startup AmplifyBio Battelle has launched a cell and gene therapy startup to be staffed with its researchers, with a $200 million investment from the Columbus nonprofit and VC firms. AmplifyBio LLC is buying a 210,000-square-foot biotech laboratory, built specifically for regenerative medicine, and its surrounding 30 acres on Battelle's West Jefferson campus. The group's 125 employees transfer from Battelle's healthcare business to the new company. More here: https://www.bizjournals.com/columbus/news/2021/05/03/battelle-vcs-launch-200m-gene-therapy-startup.html Edited May 4, 20214 yr by TH3BUDDHA
May 6, 20214 yr ^ And this article about record yearly revenue at Battelle came out after that spin-off article: Battelle is nearing $10B revenue this year – doubling since CEO Lou Von Thaer started Battelle's annual revenue was just shy of $5 billion for five years before CEO Lou Von Thaer started in fall 2017. Federal budget cuts constrained growth for the nonprofit research organization that did 90% of its work for the federal government. But the brakes are off: The Columbus research giant is on pace for nearly $10 billion revenue this year, CEO Lou Von Thaer told Columbus Business First. That's after highs of $8.2 billion in 2019 and $9.2 billion last year. "Battelle's been on a roll," he said in an interview. The nonprofit had announced Tuesday it is spinning off its biotech lab in West Jefferson as an independent company - AmplfyBio LLC - with Battelle contributing $100 million worth of property plus the staff, and venture capital firms investing $100 million cash. MORE: https://www.bizjournals.com/columbus/news/2021/05/05/battelle-nearing-10b-2020-revenue-under-von-thaer.html
May 11, 20214 yr Recent article from Business First about how some major Columbus companies are planning to return to work: https://www.bizjournals.com/columbus/news/2021/04/30/columbus-companies-are-planning-to-return-to-work.html Nationwide Insurance: CBF did a deeper dive into Nationwide's return-to-work plans at 'Nationwide closing some offices in permanent shift to remote work'. Despite the headline, Nationwide is going to a "hybrid model" in which many of 14,000 employees in Central Ohio - split between its downtown headquarters and newer offices - will be returning to those offices, while others will continue to work from home. They haven't given a date for this yet. Chase: JPMorgan Chase told employees this week they would begin returning to their offices May 17 - subject to a 50% occupancy limit. CEO Jamie Dimon told analysts last week that Chase hasn't required its employees to be vaccinated. In Columbus, additional Chase employees will go to the massive McCoy Center campus in Polaris area after announcing it was shutting down its much smaller downtown office. Pre-pandemic, the McCoy Center housed about 10,000 of the 18,596 Chase employees in Central Ohio. AEP: American Electric Power is planning its return-to-work around August 1. CEO Nick Akins told analysts in a call last week that the energy company is encouraging its 17,000 employees to get vaccinated. The company will continue to have line workers and critical employees working in smaller teams, while allowing some employees to continue work from home. Discover: Discover Financial Services is putting its 333,000 square-foot regional headquarters office in New Albany on the market, while it explores options for how to position its 2,283 workforce in Central Ohio. The company did not say how many employees would shift to remote work full-time or how much space it might need for its local office going forward.
May 25, 20214 yr Still clearing out the 2020 business news closet: Aldi plans expansion of Central Ohio office Aldi is growing its Central Ohio corporate presence. The grocery chain, with its U.S. headquarters in Batavia, Illinois, and its corporate offices in Germany, is adding 30 jobs at its Dublin real estate offices at 5115 Parkcenter Avenue. The Ohio Tax Credit Authority approved a six-year, 1.191% tax credit to Aldi for the expansion and is requiring the company to maintain its operations at that location for nine years. Aldi expects the new jobs will create $1.51 million in additional payroll. The company is also retaining 45 jobs with an estimated $3.97 million in payroll. According to information from the state, Aldi considered putting these jobs at its Illinois headquarters, but instead is opting to establish a secondary location in Central Ohio for assorted corporate work including roles in national real estate services, real estate analytics, facilities systems and sustainability. ... Aldi opened its national real estate services office in Dublin four years ago. MORE: https://www.bizjournals.com/columbus/news/2020/12/07/national-grocery-chain-expanding-its-central-ohio.html
May 25, 20214 yr Digital travel insurer Battleface moving to Columbus following $12M Drive Capital investment Drive Capital LLC is moving a fast-growing startup to Columbus following a $12 million investment in the digital insurer, which saw its niche in high-risk travel expand to the entire market during the coronavirus pandemic. Battleface Inc., founded in the UK and with 20 employees around the globe, will establish its global headquarters and focus future hiring here. It expects to add 40 to 50 jobs in positions including software engineering, data science and customer service – although representatives will remain remote so there's service in multiple languages and time zones. "With Drive coming in, this is going to be a big shift in our operations," co-founder CEO Sasha Gainullin said in an interview. "We're still on a mission to create a global insurance platform." Currently in Reston, Virginia, the base of a subsidiary, Gainullin plans to move to Columbus within a few months. ... He had never considered Ohio as a home base before meeting the principals of Columbus VC firm Drive. MORE: https://www.bizjournals.com/columbus/news/2020/12/10/drive-invests-12m-moves-insuretech-to-columbus.html
May 25, 20214 yr Silicon Valley startup Upstart doubling its Short North office after upcoming IPO A Silicon Valley consumer lending startup heading to a possible $300 million IPO plans to double its "HQ2" office in Columbus to 500 jobs. Upstart Holdings Inc., founded by Google veterans, already has 257 employees in the Short North, hitting its 2023 hiring target projected last year. The company is leasing an additional 40,000 square feet in 711 N. High Street, almost quadrupling the 13,000-square-foot office it opened last year, economic development organization One Columbus said in a news release. ( . . . ) Based in San Mateo, California, Upstart last month announced plans to go public. On Friday, it set IPO terms in which it hopes to raise $304 million, which would value the company at $1.6 billion if it's priced at the top of its projected range, the Silicon Valley Business Journal reported. MORE: https://www.bizjournals.com/columbus/news/2020/12/07/silicon-valley-based-upstart-doubling-columbus-hq2.html
May 25, 20214 yr ^ About that IPO... Upstart, Silicon Valley startup with Columbus ties, soars in IPO debut Upstart, a California-based company with a growing outpost in Columbus, soared 30% on its first trade as a newly minted public company Wednesday. Shares of Upstart rose to $26 on its first trade of the day, up from its IPO price of $20 a share set the night before. MORE: https://www.bizjournals.com/columbus/news/2020/12/16/upstart-s-ipo-debut-soars-30-on-first-trade.html
June 2, 20214 yr Columbus insurer SafeAuto acquired by Allstate in $300 million deal https://www.bizjournals.com/columbus/news/2021/06/01/safeauto-acquired-by-allstate.html https://www.dispatch.com/story/business/2021/06/02/allstate-buying-safeauto-300-million-deal/7503629002/ SafeAuto is turning itself over to the "good hands" people. The insurer, best known for offering state minimum auto insurance coverage, is being sold to Chicago-based Allstate in a deal valued at $300 million. Allstate, which has a slogan of "You're in Good Hands with Allstate," will put SafeAuto under its National General subsidiary that specializes in selling nonstandard auto insurance directly to consumers. National General is expected to continue to use the SafeAuto name and isn't expected to change the company's local employment. SafeAuto has about 600 employees, with about half of them in Central Ohio. About a third of those worked from home before the pandemic, and since then, most workers have been working remotely. The deal also includes SafeAuto's headquarters at Easton at 4 Easton Oval. The property is valued at $23.5 million, according to the Franklin County Auditor's website.
June 2, 20214 yr 56 minutes ago, Columbo said: Columbus insurer SafeAuto acquired by Allstate in $300 million deal https://www.bizjournals.com/columbus/news/2021/06/01/safeauto-acquired-by-allstate.html https://www.dispatch.com/story/business/2021/06/02/allstate-buying-safeauto-300-million-deal/7503629002/ SafeAuto is turning itself over to the "good hands" people. The insurer, best known for offering state minimum auto insurance coverage, is being sold to Chicago-based Allstate in a deal valued at $300 million. Allstate, which has a slogan of "You're in Good Hands with Allstate," will put SafeAuto under its National General subsidiary that specializes in selling nonstandard auto insurance directly to consumers. National General is expected to continue to use the SafeAuto name and isn't expected to change the company's local employment. SafeAuto has about 600 employees, with about half of them in Central Ohio. About a third of those worked from home before the pandemic, and since then, most workers have been working remotely. The deal also includes SafeAuto's headquarters at Easton at 4 Easton Oval. The property is valued at $23.5 million, according to the Franklin County Auditor's website. Interesting news. I'm somewhat surprised that SafeAuto sold for such a relatively small figure - I thought they were much bigger. At least for now, it looks like local employees and real estate are safe. I really think the city should go after attracting the headquarters of National General, which is currently HQ-ed in Winston-Salem. Though apparently Allstate bought National General last year for $4 billion, so that would be quite the feat to get them to move here. Unfortunately, it'll probably be the other way around where some functions move to North Carolina eventually.
June 14, 20214 yr https://www.bizjournals.com/columbus/news/2021/06/03/columbus-fortune-500-company-count.html The latest Fortune 500 and Fortune 1000 company rankings came out earlier this month. Below are the current rankings with their previous rankings also listed (additional 2020 info from this post in the 'Ohio: Fortune 500' thread): Current Fortune 500 companies No. 14: Cardinal Health: $152 billion (up two spots from No. 16) No. 76: Nationwide, $41.9 billion (down two spots from No. 74) No. 204: American Electric Power, $14.9 billion (same ranking in 2020) No. 257: L Brands, $11.8 billion (down nine spots from No. 248) No. 449: Big Lots, $6.1 billion (up 77 spots from No. 526) Current Fortune 1000 companies No. 510: Huntington Bancshares, $5.2 billion (down 10 spots from No. 500 & before the Huntington-TCF merger) No. 569: Alliance Data Systems, $4.5 billion (down 113 spots from No. 456) No. 572: Greif: $4.51 billion (down 12 spots from No. 584) No. 590: Vertiv Holdings, $5.07 billion (up 13 spots from No. 603) No. 607: Scotts Miracle-Gro, $4.13 billion (up 146 spots from No. 753) No. 724: Abercrombie & Fitch, $3.12 bilion (down 46 spots from No. 678) No. 734: Mettler-Toledo International, $3.08 billion (up 46 spots from No. 780) No. 738: Worthington Industries, $3.05 billion (down 74 spots from No. 664) No. 741: M/I Homes, $3.04 billion (up 130 spots from No. 871) No. 747: Hexion, $3 billion (down 20 spots from No. 717) No. 907: Designer Brands, $2.23 billion (down 209 spots from No. 698) (* Express dropped out of the 2021 Fortune 1000 and was ranked No. 990 in 2020)
June 15, 20213 yr I wanted to highlight three of the Fortune 500/1000 companies from the previous post. The first is the biggest of the three companies, L Brands: 2 hours ago, Columbo said: No. 257: L Brands, $11.8 billion (down nine spots from No. 248) It was a momentous past year for L Brands - the Fortune 500 company headquartered in Columbus. In addition to the dealing with the impact of COVID-19 on its retail operations, the company's founder and CEO, Les Wexner - who built L Brands from a single Upper Arlington clothing store called The Limited into a multi-billion retail empire - retired. Additionally, a planned sale of Victoria's Secret to an outside group got scuttled after COVID-19 shut down its stores. However, another retail brand within L Brands emerged as a high growth company during the time of coronavirus - Bath & Body Works. For 2021, L Brands is moving forward with an alternate plan for Victoria's Secret break away and become a private company. L Brands expects this separation to be completed by August, at which point Victoria's Secret will become a private company and Bath & Body Works a public company under L Brands: https://www.bizjournals.com/columbus/news/2021/02/04/l-brands-sets-timeline-for-victorias-secret-split.html Here's what this might mean for L Brands, Bath & Body Works and Victoria's Secret in the next Fortune 500/1000 ranking. Victoria's Secret is slightly larger than Bath & Body Works. An earlier article mentioned Victoria's Secret being in the 5 to 6 billion dollar range. Bath & Body Works is currently slightly smaller, but is more profitable and having growing sales. While Victoria's Secret has had declining sales in recent years, although it is now stabilizing. L Brands will probably drop out of the Fortune 500 with the removal of Victoria's Secret. But the new Victoria's Secret and L Brands (i.e. Bath & Body Works) will probably become separate Fortune 1000 companies instead. https://www.columbusmonthly.com/story/lifestyle/features/2021/05/19/bath-body-works-last-brand-standing/5169870001/
June 15, 20213 yr The next is Designer Brands: 2 hours ago, Columbo said: No. 907: Designer Brands, $2.23 billion (down 209 spots from No. 698) Designer Brands, the Columbus-based parent of DSW, or Designer Shoe Warehouse, has been crushed by the coronavirus pandemic and is undergoing layoffs and store closures. Even with a 2021 recovery, it is likely to drop out of the next Fortune 1000 - given its precipitous drop from 698 to 907 over the past ranking period.
June 15, 20213 yr The last is Huntington Bank: 2 hours ago, Columbo said: No. 510: Huntington Bancshares, $5.2 billion (down 10 spots from No. 500 & before the Huntington-TCF merger) Huntington Bank was at the very end of the Fortune 500 in 2020, so its 10-spot drop to 510 took it off the 2021 Fortune 500 ranking and into the Fortune 1000. But this was before Huntington's merger with Detroit-based TCF Bank was finalized: https://www.bizjournals.com/columbus/news/2021/05/27/feds-ok-huntington-tcf-merger-sell-14-branches.html https://www.bizjournals.com/columbus/news/2021/06/09/huntington-closes-acquisition-tcf-bank.html As the second article confirming the merger said, "overnight Huntington National Bank grew by 40% to $175 billion in assets, becoming the nation's 10th-largest regional bank, as its acquisition of TCF Bank closed." So, we should expect Huntington to re-enter the Fortune 500 next year.
June 15, 20213 yr I predict a decent comeback for Victoria's Secret. Apparel really took a beating during COVID. Now that it has subsided somewhat there is pent-up demand for apparel. They might even return to some malls that they left during COVID such as River Valley in Lancaster.
June 15, 20213 yr 1 hour ago, Columbo said: The next is Designer Brands: Designer Brands, the Columbus-based parent of DSW, or Designer Shoe Warehouse, has been crushed by the coronavirus pandemic and is undergoing layoffs and store closures. Even with a 2021 recovery, it is likely to drop out of the next Fortune 1000 - given its precipitous drop from 698 to 907 over the past ranking period. DSW was selling a lot of shoes to white-collar workers who shifted big-time to WFH. They did indeed pivot to casual and are running TV ads as such. So much of the beatdown in apparel has resulted from the lack of white-collar work in today's society -- COVID or no. Still, I predict a comeback for Designer Brands as well. Edited June 15, 20213 yr by GCrites80s
June 15, 20213 yr 13 hours ago, GCrites80s said: I predict a decent comeback for Victoria's Secret. Apparel really took a beating during COVID. Now that it has subsided somewhat there is pent-up demand for apparel. They might even return to some malls that they left during COVID such as River Valley in Lancaster. It will be interesting to see how Victoria's Secret reinvents itself as a stand-alone private company. They might return to some of their mall locations - but it sounds like they are moving toward a more internet-sales model (which would match their newer competitors). However, Bath & Body Works is set to open new physical stores this year - just not in traditional mall locations: From https://www.bizjournals.com/columbus/news/2021/02/04/l-brands-sets-timeline-for-victorias-secret-split.html "Meanwhile, the company has been pursing different real estate strategies for the two brands. Malls-oriented Victoria's Secret has been closing hundreds of stores, while Bath & Body Works has been expanding in strip centers and off-mall properties."
June 15, 20213 yr BBW is in almost every Class A and B mall already so they have to go for the Stoneridges and Bridge Parks of the world to expand.
June 16, 20213 yr 9 hours ago, GCrites80s said: BBW is in almost every Class A and B mall already so they have to go for the Stoneridges and Bridge Parks of the world to expand. That Columbus Monthly article about BBW and L Brands -- Bath & Body Works: The Last Brand Standing - How the soap and candle chain went from under-the-radar champ to L Brands' best hope in a post-Wexner era -- was a fascinating read. Even though VS was the higher profile brand in L Brands, BBW was a more profitable business in the background. From the 'Last Brand Standing' article: "Bath & Body Works isn’t as sexy as its flashy corporate sibling, but it sure makes Wall Street swoon. Sales for its portfolio of soaps, lotions and candles have been rising every year for almost a decade, and its quarterly earnings growth easily outpaced nearly every mall-based retailer. With $5 billion in annual revenue and an extremely loyal customer base, Bath & Body Works is an outlier in a retail sector on a lifeline. That truth was validated a few weeks later, when a global pandemic caused an economic crash and the cancellation of the much-vaunted Victoria’s Secret sale. Amid this chaos, the new flagship brand was ready to rise to the occasion." And as for the profitability of BBW - also from 'Last Brand Standing': "In 1990, Lee Peterson worked at what was then known as Limited Brands when Wexner launched Bath & Body Works. What drew Wexner to the fragrance category—soap, candles and perfume—were the eye-popping profit margins. These products cost “practically nothing” to make, says Peterson, now an executive vice president at WD Partners, a Dublin retail-consulting company. "Product development is also relatively simple in this sector, Peterson says—especially compared to bras. “With a fragrance it’s easy,” he says. “Once you test it and it’s good, you can make enough to fill a dump truck. Ever see the back of a cement mixer? That’s the size of the tanks they mix it in. Then it becomes a branding and marketing issue—how to make a cool label, an interesting bottle,” and design a store that engages customers. Also, here is a recent post I made in the Columbus Retail News thread about BBW announcing a new warehouse/distribution center in Central Ohio. It also includes a listing of the existing BBW employment in Central Ohio: On 5/25/2021 at 10:21 AM, Columbo said: Columbus-based Bath & Body Works has seen soaring demand during the pandemic. Yesterday, the soaps, lotions and hand sanitizer retailer announced plans to add 500 workers to its existing workforce in Central Ohio to fill online orders at a new distribution center to be built in Pickaway County. Bath & Body Works will build a 1 million-square-foot distribution center at 1022 Exchange Way in Scioto Township. This is located just south of the Franklin-Pickaway County border and southwest of Rickenbacker Airport. According to its application with the Ohio Tax Credit Authority, Bath & Body Works is expected to create 500 full-time positions at the new distribution center with $18.3 million in estimated new payroll and retain 3,655 jobs with an estimated $135 million in retained payroll at existing facilities in New Albany, Columbus and Reynoldsburg. The first phase of the project will be ready in August 2022, with a second phase is expected to be complete in August 2023: https://www.dispatch.com/story/business/2021/05/24/bath-body-works-add-500-jobs-build-licking-county-distribution-center/5209195001/ https://www.bizjournals.com/columbus/news/2021/05/24/ohio-backs-bath-body-works-expansion-project-in.html
June 17, 20213 yr On 10/28/2020 at 6:32 PM, Columbo said: Root had its IPO on Nasdaq today: Root stock IPO sells more shares at higher price than projected, startup to raise more than $1B Root Inc.'s IPO was priced above its target range and sold 2 million more shares than projected, solidifying its rank as the biggest offering in Ohio history. All told the Columbus startup could raise up to $1.2 billion through the shares on Nasdaq and a private placement. The higher-than-expected stock price values the 5-year-old company at $7 billion. The parent of Root Insurance Co. debuted under the ticker ROOT. The company announced after markets closed Tuesday it would offer 24.25 million shares at $27, raising $656 million. ... Separately, Root can raise up to $500 million in a private placement at the IPO price. Funds of Dragoneer Investment Group LLC and Silver Lake Technology Management LLC agreed to buy up to $250 million worth of shares apiece. MORE: https://www.bizjournals.com/columbus/news/2020/10/28/root-insurance-ipo-priced-above-expectations.html Yikes. Can't remember if I shared a few months back, but a lot of people on social media seem to be complaining about the company: Very Stable Genius
June 17, 20213 yr Can't say I'm super surprised. A lot of people don't like the old-school insurance companies so they see Root with a "tech" face and initially like that better. Young people are used to tech and that makes them more comfortable. But now that we know "tech" is just as big of a scam as everything else (at the very least and the biggest scam of all at worst) that kind of skepticism is warranted.
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