June 17, 20213 yr As we've been talking about in the Fortune 500 thread, the auto part of P&C banked a lot of cash in 2020 due to fewer claims during the pandemic and its accompanied reduction in VMT (vehicle miles traveled). Savvy investors know that companies often go public right when they're peaking. So you probably got some tech bros arond IPO time then everyone else was hesitant. And then they go talking Texas. If it was an off year for hailstorms in Texas (which are a massive source of claims) that's going to make for a good year for Root. The FIRST question I'm going to ask about YOY differences is Texas is about hailstorms and hurricanes. Edited June 17, 20213 yr by GCrites80s
June 18, 20213 yr On the previous page it was reported that Victoria's Secret was breaking out from L Brands into a separate private company. Apparently, the latest update from May is that VS will spinoff into a separate public company (article below): Here's L Brands spinoff plan for Victoria's Secret Victoria’s Secret is going public – again. The Columbus-based lingerie brand, which has been a part of spin-off public companies in the past, is doing so again, this time on its own. L Brands Inc. said it will separate the company into two brands — Bath & Body Works and Victoria’s Secret, the latter of which includes the lingerie, Pink and beauty businesses. L Brands shareholders are to receive a pro-rata distribution of common stock of the new entity comprising the Victoria’s Secret business. It is expected to qualify as tax free to L Brands and its shareholders. It is expected to be completed in August, subject to other factors. MORE: https://www.bizjournals.com/columbus/news/2021/05/11/heres-l-brands-spin-off-plan-for-victorias-secret.html
June 18, 20213 yr New board, advisory group for Victoria's Secret to guide brand future Victoria’s Secret’s new board will be almost entirely women. The Columbus-based lingerie retailer is spinning off from L Brands Inc. into its own standalone business this summer. The board that will lead that enterprise is listed in the linked article. ( . . . ) The company also announced two new initiatives: The VS Collective and VS Global Women’s Cancer Fund. VS Collective assembles a group of prominent advocates and influencers that will help shape the future of Victoria’s Secret. The cancer fund will support research projects aimed at supporting female scientists and funding treatments and cures for women’s cancers. ( . . . ) Martin Waters, Victoria’s Secret CEO, in a May conference call with stock analysts, said consumers are responding favorably to the initial changes with the brand including a new marketing approach and improved products. MORE: https://www.bizjournals.com/columbus/news/2021/06/17/new-board-advisory-group-for-victorias-secret-to.html
June 21, 20213 yr On 6/18/2021 at 7:21 PM, Columbo said: New board, advisory group for Victoria's Secret to guide brand future Victoria’s Secret’s new board will be almost entirely women. The Columbus-based lingerie retailer is spinning off from L Brands Inc. into its own standalone business this summer. The board that will lead that enterprise is listed in the linked article. ( . . . ) The company also announced two new initiatives: The VS Collective and VS Global Women’s Cancer Fund. VS Collective assembles a group of prominent advocates and influencers that will help shape the future of Victoria’s Secret. The cancer fund will support research projects aimed at supporting female scientists and funding treatments and cures for women’s cancers. ( . . . ) Martin Waters, Victoria’s Secret CEO, in a May conference call with stock analysts, said consumers are responding favorably to the initial changes with the brand including a new marketing approach and improved products. MORE: https://www.bizjournals.com/columbus/news/2021/06/17/new-board-advisory-group-for-victorias-secret-to.html More about Victoria's Secret new board of directors in this interview with Columbus CEO magazine republished by the Dispatch (linked below). Columbus CEO interviewed the chairwoman of the new VS board, Donna James. Donna was formerly a top exec with Nationwide and is currently managing director of Lardon & Associates, a business and executive advisory services firm in Columbus. Donna is also one half of a local power couple as wife of attorney Larry James, partner with Crabbe, Brown & James in Columbus: https://www.dispatch.com/story/business/2021/06/17/donna-james-leading-victorias-secret-board-never-too-late-change/7737907002/
June 21, 20213 yr More about the VS split from L Brands (plus some BBW info) in today's Business First. The new publicly traded entity will be called Victoria’s Secret & Co. https://www.bizjournals.com/columbus/news/2021/06/21/victorias-secret-co-to-be-lingerie-brands-com.html L Brands' Monday's filing with the Securities and Exchange Commission listed BBW and VS sales for the last fiscal year and laid out other details about the makeup of the two companies and their goals for the coming years. Bath & Body Works sales totaled more than $7.1 billion in the 12 month period from May 2020 to April 2021. Victoria’s Secret sales were more than $6.1 billion in that same period. Looking at that 12-month window excludes the first two months of the covid pandemic, when business was at its worst for many industries. Fiscal 2020 sales for Bath & Body Works were $6.4 billion and $5.4 billion for Victoria’s Secret. Highlights for Bath & Body Works: 1,752 stores in the U.S. and Canada. 299 international franchised locations. 30% digital sales in the last 12 months. Three-to-five year revenue growth goal of mid-to-high single digits. Current business mix is 40% home fragrance, 35% body care and fragrance, 20% soaps and sanitizers. Growth goals include expanding both digital and international sales, finding new opportunities in existing categories and adding new products such as hair care, skin care or natural/organic lines. Highlights for Victoria’s Secret: 929 stores in the U.S. and Canada. 458 international franchise locations. 43% digital sales in the last 12 months. Three-to-five year revenue growth goal of mid-single digits. Current business mix is 50% Victoria’s Secret lingerie, 35% Pink, 15% Victoria’s Secret beauty. Growth goals include expanding both digital and international sales, continuing to evolve product and marketing to appeal to more women and develop a smaller, more flexible store that better fits today’s shopper.
June 24, 20213 yr Lower.com raises $100M in VC on heels of Crew stadium deal Digital mortgage lender Lower has raised $100 million in venture capital from the Silicon Valley firm that has invested in fintechs such as GoFundMe and Venmo. Lower Holding Co. surpassed $300 million in revenue last year and is profitable, the company announced in a news release. The New Albany lender, which also includes a family of brands including Homeside Financial LLC, had not disclosed financials before. Just last week the lender announced it will be the naming rights sponsor of the new downtown Columbus Crew stadium, to be called Lower.com Field. MORE: https://www.bizjournals.com/columbus/news/2021/06/23/lowercom-raises-100m-in-vc.html
June 29, 20213 yr On 4/28/2021 at 10:34 PM, 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. 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. Some good news regarding the (former?) Chase Tower: Is Chase Tower now Tuxedo Tower? Bold Penguin adding 160 jobs post-acquisition By Carrie Ghose – Staff reporter, Columbus Business First 10 hours ago Bold Penguin plans to triple its Ohio-based staff as the insuretech grows rapidly under new owner American Family Insurance. The Columbus maker of a software platform for small-business insurance pledged adding 162 new jobs to a base of 78 already in Ohio, according to an incentive announcement. https://www.bizjournals.com/columbus/news/2021/06/29/bold-penguin-adding-160-jobs-post-acquisition.html
June 30, 20213 yr 22 hours ago, CMHOhio said: Some good news regarding the (former?) Chase Tower: Is Chase Tower now Tuxedo Tower? Bold Penguin adding 160 jobs post-acquisition By Carrie Ghose – Staff reporter, Columbus Business First 10 hours ago Bold Penguin plans to triple its Ohio-based staff as the insuretech grows rapidly under new owner American Family Insurance. The Columbus maker of a software platform for small-business insurance pledged adding 162 new jobs to a base of 78 already in Ohio, according to an incentive announcement. https://www.bizjournals.com/columbus/news/2021/06/29/bold-penguin-adding-160-jobs-post-acquisition.html This is good news for that downtown tower. Plus, just good news in general for one of Central Ohio's best economic sectors. From the Business First article linked in the above quote: "Financial services and insurance produce the largest economic output among private-sector industries in Central Ohio, according to economic development groups One Columbus and JobsOhio." Also from https://www.dispatch.com/story/business/2021/06/28/columbus-insurance-firm-bold-penguin-add-162-jobs-downtown/5372452001/ "The Columbus insurance technology company Bold Penguin plans a major expansion that would add more than 160 jobs to its Downtown headquarters. The new staff, which will bring the company's full-time workforce to 240, will focus on developing and accelerating Bold Penguin's services, which are targeted at businesses seeking insurance." "Founded in 2016, Bold Penguin operates an insurance exchange service designed to allow companies to more easily find insurance tailored to their needs. ... In January, the company was acquired by American Family Insurance in Wisconsin for an undisclosed amount."
June 30, 20213 yr Amgen to build $365M pharmaceutical plant in New Albany, creating 400 jobs Biotechnology giant Amgen Inc. plans to build a $365 million pharmaceutical manufacturing and packaging facility in New Albany, creating 400 jobs over the next six years. Construction is expected to begin this fall on the 270,000-square-foot facility in the city's International Business Park in Licking County. "The vibrant business environment, access to a growing talent pool, favorable operating costs and central location from a logistics perspective were all important reasons behind our decision to locate here," Amgen Senior Vice President of Manufacturing Arleen Paulino said in a news release. This is Amgen's first expansion to Ohio. About 14,000 of 25,000 global employees are in U.S. operations in California, Florida, Kentucky, Massachusetts, Puerto Rico and Rhode Island. Other Midwestern states were competing for this expansion, according to the state Development Services Agency. High-paying jobs for a total annual payroll of $41 million include engineers, technicians and quality assurance testers. ... The Ohio State University committed to develop an internship and other experiential education programs as part of the attraction effort. New Albany Co., the city, the state Development Services Agency, AEP Ohio and economic development organizations JobsOhio and One Columbus collaborated on the deal. MORE: https://www.bizjournals.com/columbus/news/2021/06/28/amgen-to-build-365m-pharma-plant-new-albany.html
June 30, 20213 yr ^ Some more context for this Amgen deal from the Dispatch: https://www.dispatch.com/story/business/2021/06/28/biotech-firm-amgen-employ-400-new-new-albany-factory/5364472001/ The Columbus area lags well behind Northeast Ohio in the number of biotech firms, according to the industry group BioOhio. But Central Ohio has seen several recent expansions in the industry, including: • The Massachusetts-based pharmaceutical firm Serepta Therapeutics's new building at 3435 Stelzer Road, part of the company's Gene Therapy Center of Excellence -- https://www.dispatch.com/story/lifestyle/health-fitness/2020/06/02/sarepta-to-expand-columbus-operations-add-100-jobs/42144931/ • Nationwide Children's Hospital's $200 million expansion of Andelyn Biosciences in Ohio State University's Innovation District, to pioneer cell- and gene-based therapy -- https://www.dispatch.com/story/business/2021/03/18/nationwide-childrens-hospital-research-garners-support-for-gene-therapy-facility/4753747001/ • The Grove City gene therapy firm Forge Biologics' recent raising of $120 million in financing --https://www.dispatch.com/story/business/2021/04/29/forge-biologics-secures-largest-series-b-financing-ohios-history-gene-therapy/4860516001/
June 30, 20213 yr And two articles about Path Robotics expanding in Columbus: Path Robotics to add 140 jobs in Columbus The Columbus robotics welding company Path Robotics plans to add 140 jobs to its Brewery District and West Side operations. The firm on Monday received approval from the Ohio Tax Credit Authority for tax credits worth up to $1.55 million for the expansion, depending on how many jobs are added. The company has started hiring for software development, engineering and other positions. Founded by brothers Andy and Alex Lonsberry, Path uses artificial intelligence to produce what it calls the “world’s first truly autonomous robotic welding system.” Path's system is designed to provide robotic welding without coding, allowing the machine to "see" the job required and do it automatically. The company has received $71 million in funding and employs more than 100 people in its Scioto Audubon Metro Park headquarters. The company is expanding that facility and adding a second facility on Business Park Drive on the West Side. MORE: https://www.dispatch.com/story/business/2021/06/28/path-robotics-plans-add-140-jobs/5373087001/ ______________________________________________________________________________________________________________________________________ Path Robotics adding jobs, second Columbus plant for AI-powered welding system Path Robotics Inc., a venture-backed startup aiming to bring a manufacturing renaissance to Ohio and the U.S., plans to grow to 200 employees – 10 times its size at the start of 2020. Demand is growing for the AI-powered autonomous welding system the company launched less than one year ago. Path has added a second manufacturing space in Columbus to amp up production. Path started with a single manufacturing bay, then expanded to three this year, at 524 Maier Place, a warehouse adjoining Scioto Audubon Metro Park. It's looking to expand into more of the building and most of the growth will take place there. "It's so nice at lunch, just take a walk and to just move around and be in this beautiful Metro Park," Lonsberry said in the interview, the latest edition of our Newsmakers podcast. "We have a climbing group at Path and they utilize (the park's rock-climbing feature) at lunch as well. So I'm certainly looking to stay right there." MORE: https://www.bizjournals.com/columbus/news/2021/06/28/path-robotics-adding-jobs-second-columbus-plant.html
July 7, 20213 yr Olive AI valued at $4B after raising another $400M in VC, shattering state records Olive AI Inc. is valued at $4 billion after raising $400 million – the largest VC round at the highest valuation in Ohio history. The Columbus maker of machine learning software, which increased its customer base by 50% to 900 U.S. hospitals over recent months, beats out its sibling in the Drive Capital LLC portfolio: Root Inc. held both records with a $350 million funding round at $3.65 billion valuation in September 2019. The digital insurer went on to the state's largest-ever IPO last fall. Vista Equity Partners and Base10 Partners led Olive's round, with returning investor Tiger Global (also a Root investor), CEO Sean Lane confirmed via email. The single round also surpasses the $384 million Olive raised in three chunks last year. ... The money is fueling aggressive growth in both product and sales. ( . . . ) Olive recently topped 800 employees across more than 40 states, up from 230 at the start of last year, and expects to double to 1,600 by mid-2022. Four out of five hires are outside of Central Ohio since a distributed workforce model adopted in the throes of the pandemic proved an advantage in the tight tech labor market. MORE: https://www.bizjournals.com/columbus/news/2021/07/01/olive-ai-valued-at-4b-in-400b-vc-round.html __________________________________________________________________________________________________________________________________ Olive's HQ in Downtown Columbus is a neat 1920's-era Ford dealership building at Third & Main that was renovated over two decades ago for use by Karlsberger Architecture. At that time, Karlsberger modified the ground floor with a modern flair and built a large side addition:
July 7, 20213 yr 'Google of 3D' Physna raises $56M led by Tiger Global – and adds Google's VC arm as an investor Physna Inc., which describes itself as a cross between Google and Github for 3D images, has raised $56 million in venture capital – just five months after a $20 million round – toward engineering its AI-powered free geometric search as well as paid professional suite. New York-based Tiger Global Management LLC led the round, with participation from the actual Google's investing arm GV and returning investor Sequoia Capital, the legendary Silicon Valley firm that led the January Series B. That marks the third Columbus startup that Tiger Global has invested in from the Drive Capital portfolio, including participation in last week's record-breaking $400 million round for Olive AI Inc. MORE: https://www.bizjournals.com/columbus/news/2021/07/06/physna-raises-56m-tiger-global-gv-sequoia.html
July 12, 20213 yr https://www.dispatch.com/story/business/2021/07/12/state-auto-financial-sold-liberty-mutual-more-than-2-billion/7935234002/ Quote One of Columbus' longtime insurance companies is getting a new owner as consolidation in the industry continues. State Auto Financial said Monday that it is being bought by Boston-based Liberty Mutual in a $1 billion deal being pitched as a way to help Liberty expand its offerings for small commercial insurance and consumers. Liberty Mutual is buying State Auto for $52 per share, or about triple its closing price of $17.26 on Friday. Very Stable Genius
July 12, 20213 yr 48 minutes ago, DarkandStormy said: https://www.dispatch.com/story/business/2021/07/12/state-auto-financial-sold-liberty-mutual-more-than-2-billion/7935234002/ That's potentially big (depending on if any jobs move in or out of Columbus). Everyone knows about Nationwide because it is the largest insurance company of Columbus. But State Auto has a large local presence and large HQ on East Broad Street - with historical roots that rival Nationwide. Same for Motorists Insurance (now named encova) across the street from State Auto. And also with Grange Insurance located on S. High in the Brewery District. It sounds like Liberty might want to keep State Auto intact because it wants to add State Auto's local and regional presence to its national portfolio. But you never can tell what more distant ownership will do locally.
July 12, 20213 yr Columbus Business First's reporting on the Liberty/State Auto news: https://www.bizjournals.com/columbus/news/2021/07/12/state-auto-agrees-to-acquisition-by-liberty-mutual.html In the article they said this: "The company is in the midst of renovating its headquarters at 518 E. Broad Street to consolidate all 1,000 Central Ohio employees. Liberty Mutual has committed to operating out of the building for at least two years while exploring creating a Midwest hub here, State Auto spokesman Kyle Anderson said via email."
July 13, 20213 yr 6 hours ago, Columbo said: Columbus Business First's reporting on the Liberty/State Auto news: https://www.bizjournals.com/columbus/news/2021/07/12/state-auto-agrees-to-acquisition-by-liberty-mutual.html In the article they said this: "The company is in the midst of renovating its headquarters at 518 E. Broad Street to consolidate all 1,000 Central Ohio employees. Liberty Mutual has committed to operating out of the building for at least two years while exploring creating a Midwest hub here, State Auto spokesman Kyle Anderson said via email." It would be great if the city could get them to build something downtown, or just add more employees in the current building. It would not be great if 1000+ employees moved out into the suburbs.
July 13, 20213 yr 17 hours ago, Columbo said: Columbus Business First's reporting on the Liberty/State Auto news: https://www.bizjournals.com/columbus/news/2021/07/12/state-auto-agrees-to-acquisition-by-liberty-mutual.html In the article they said this: "The company is in the midst of renovating its headquarters at 518 E. Broad Street to consolidate all 1,000 Central Ohio employees. Liberty Mutual has committed to operating out of the building for at least two years while exploring creating a Midwest hub here, State Auto spokesman Kyle Anderson said via email." That could either be good (for the employees in the area) or just corporate speak for, "We'll be relocating these positions within two years." Very Stable Genius
July 13, 20213 yr 17 hours ago, Columbo said: That's potentially big (depending on if any jobs move in or out of Columbus). Everyone knows about Nationwide because it is the largest insurance company of Columbus. But State Auto has a large local presence and large HQ on East Broad Street - with historical roots that rival Nationwide. Same for Motorists Insurance (now named encova) across the street from State Auto. And also with Grange Insurance located on S. High in the Brewery District. Safe Auto, Root. Very Stable Genius
July 13, 20213 yr Liberty Mutual was downsizing offices and moving toward remote work before the pandemic, so it would be fair to expect the same here.
July 13, 20213 yr 20 hours ago, DarkandStormy said: https://www.dispatch.com/story/business/2021/07/12/state-auto-financial-sold-liberty-mutual-more-than-2-billion/7935234002/ That makes the second locally-based insurance company to bought in the last month: Safe Auto was recently acquired by Allstate, which plans to consolidate it with their National General branch. It's still too early to tell what this will mean for the local employment bases. The best case scenario is both parent companies decide to keep the existing facilities and grow them as regional hubs or the headquarters for their subsidiaries. If JobsOhio were smart, they would be pursuing both, especially with State Auto's downtown employment base in the balance. Central Ohio still remains well-represented in the insurance industry with Encova, Grange, and juggernaut Nationwide as well as rapidly-expanding upstarts like Root.
July 13, 20213 yr L Brands to become Bath & Body Works Inc. L Brands is going away. With the spinoff of Victoria’s Secret set for next month, the Columbus-based retailer is changing its name to reflect its current business. The company will become Bath & Body Works Inc. starting Aug. 2. The stock symbol for L Brands will change from LB to BBWI. Victoria’s Secret is being spun off to current stockholders of L Brands. They will receive one share of Victoria’s Secret, which soon will be known as Victoria’s Secret & Co and trade under the symbol VSCO, for every three shares of L Brands they hold. Name changes aren’t new to the company, which has adapted its moniker many times over the years as the makeup of its business changed. It was The Limited Inc., then Limited Brands, before becoming L Brands. Victoria’s Secret once was Intimate Brands Inc. MORE: https://www.bizjournals.com/columbus/news/2021/07/12/l-brands-to-become-bath-body-works-inc.html
July 14, 20213 yr There will be a new CEO for the Columbus Partnership at the beginning of 2022. Alex Fischer, who has been the Partnership's CEO since Nov. 2009, will step down 1/1/2022 and be succeeded by Kenny McDonald, CEO of the group's economic development arm, One Columbus: Alex Fischer to hand over Columbus Partnership reins to Kenny McDonald Central Ohio business leaders assess Alex Fischer's tenure at Columbus Partnership
July 15, 20213 yr Columbus' JPMorgan Chase employee numbers likely to top New York headquarters, CEO Dimon says Mark Williams - The Dispatch - July 15, 2021 "'We have almost 20,000 employees here. It will probably be bigger than our employees in New York in the next five or 10 years,' Jamie Dimon told The Dispatch in a wide-ranging interview in Columbus this week. The bank currently has about 18,000 employees in the region, about half of them at the massive McCoy Center at Polaris. It has other offices in Westerville and Columbus. ... Dimon cited the bank's new virtual banking service as one reason why Chase, already the largest private employer in the region, will continue to add staff in Columbus. ... 'They're happy to be here. They love Columbus,' he said. In fact, Dimon said workers are reluctant to leave Columbus to take jobs elsewhere with Chase. 'We have a hard time getting people out of Columbus,' he said."
July 15, 20213 yr 38 minutes ago, NorthShore647 said: Columbus' JPMorgan Chase employee numbers likely to top New York headquarters, CEO Dimon says Mark Williams - The Dispatch - July 15, 2021 "'We have almost 20,000 employees here. It will probably be bigger than our employees in New York in the next five or 10 years,' Jamie Dimon told The Dispatch in a wide-ranging interview in Columbus this week. The bank currently has about 18,000 employees in the region, about half of them at the massive McCoy Center at Polaris. It has other offices in Westerville and Columbus. ... Dimon cited the bank's new virtual banking service as one reason why Chase, already the largest private employer in the region, will continue to add staff in Columbus. ... 'They're happy to be here. They love Columbus,' he said. In fact, Dimon said workers are reluctant to leave Columbus to take jobs elsewhere with Chase. 'We have a hard time getting people out of Columbus,' he said." Damn it would have been amazing if they would have built downtown. Not only for the high rise, but so there could be 20,000 employees downtown.
July 15, 20213 yr This would've been a start... "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
July 19, 20213 yr Business First has a couple of articles about recent venture capital investments in Columbus/Central Ohio companies: -- Columbus companies in the Drive Capital portfolio have raised $782 million so far this year -- From the editor: VC deals show strength of Columbus’ tech ecosystem Some of the highlights from the two articles: Drive Capital LLC - founded by Sequoia Capital veterans Mark Kvamme and Chris Olsen in 2012 - has attracted a combined $3.5 billion in outside VC investment to the state. Drive portfolio companies based in Central Ohio now employ nearly 2,500. 2021 investment deals have included Olive AI Inc., the health IT company Drive moved from Baltimore to Columbus in 2013, raised $400 million at a $4 billion valuation in July, both statewide VC records. 3D search engine Physna Inc. also raised $56 million in July, which is in addition to $20 million in January, which brought Sequoia's first lead investment in Columbus. The second largest 2021 investment to date is $120 million in April raised by gene therapy startup Forge Biologics. Other previous investment rounds from Drive's portfolio are $80 million to Beam Dental, $56 million to Path Robotics and $50 million to Circulo Inc. Drive is the largest VC firm in the Midwest, with $1.2 billion under management. Tiger Global Management LLC led Physna's most recent round and participated in Olive's record $400 million round. The NYC firm, which this spring closed a huge $6.7 billion fund, is one of the two busiest investors in Drive's portfolio over the past five years. In 2018, Tiger led a $100 million investment round in Root Inc., its first foray in the state, and participated in Root's $350 million then-record round in 2019. Last October, Tiger led the $225.5 million investment round in Olive that first vaulted it to unicorn status with a $1.5 billion valuation. The only investor busier than Tiger is the venture arm of Silicon Valley Bank, with six deals since 2016 in three Drive companies: Olive (starting when it was still CrossChx), digital auto insurer Root and Circulo, a Medicaid managed care startup built on Olive's tech system. There have also been two $100 million VC investments in Central Ohio this year that have no Drive involvement: New Albany digital mortgage startup Lower and Battelle spinoff AmplifyBio in West Jefferson. Plus, Branch Financial Inc. - part of digital insurer Branch Insurance that is located in the Short North - raised $50 million.
July 19, 20213 yr Office leasing in Central Ohio: Employers clamor for amenities as they compete with home offices “Nearly 18 months into the Covid-19 pandemic, office leasing activity is starting to pick up again in Central Ohio and employers continue to move to "quality" locations, according to data from JLL. JLL's second-quarter Columbus office outlook report found that leasing activity is accelerating, especially in the suburbs. "Flight to quality," the idea that office tenants are seeking buildings with more amenities to entice their employees to return to the office, remains prevalent, according to the firm.” https://www.bizjournals.com/columbus/news/2021/07/19/jll-office-leasing-report.html?ana=TRUEANTHEMFB_CO&csrc=6398&utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook&fbclid=IwAR3hXNunED6kSOG95EahcIFXgDakfbV1FdZlU6Hj26MBgl4Yp_TMygO6rng Some good news for office space, not as much good news for the CBD. Hopefully that changes as renovations/new builds continue.
July 26, 20213 yr More VC investment news for Columbus companies: Loop raises $65M from investors including Shopify toward turning online returns into exchanges Columbus startup Loop Returns has raised $65 million to expand its technology that aims to turn e-commerce returns into exchanges for independent retailers on the Shopify platform. CRV, a Silicon Valley VC firm, led the Series B round with San Francisco-based Renegade Partners and Shopify itself. Repeat investors also joined: FirstMark Capital, Ridge Ventures, Peterson Ventures, and Lerer Hippeau. A total of 24 investors participated, according to a regulatory filing. Loop will use the proceeds to hire extensively in engineering and sales and marketing. ... Loop will soon surpass 100 employees and plans to double that during 2022. It had 20 employees in December 2019, when it raised $10 million in venture capital. MORE: https://www.bizjournals.com/columbus/news/2021/07/22/loop-shopify-ecommerce-startup-raises-65m-vc.html
July 26, 20213 yr Welcome to the year of the mega-rounds: Columbus racks up five $100M+ VC deals YTD Central Ohio tech startups have racked up five venture capital rounds of $100 million or more so far this year. There were a total of four such mega-rounds in the past two decades. The technology sector statewide, driven by the Columbus region, already had broken its all-time annual VC record before that. As was reported before, a lot of that is pouring in from out-of-state firms in Silicon Valley and New York City that never invested in Ohio before recent years. The $621 million raised in July alone by Columbus startups is pushing the statewide total toward $1.8 billion on the year – and that doesn't count what any other region of Ohio has done this month, according to Columbus Business First analysis of quarterly data compiled by PitchBook and the National Venture Capital Association. The past record was $1.11 billion set last year. MORE: https://www.bizjournals.com/columbus/news/2021/07/23/columbus-racks-up-five-vc-mega-rounds-ytd.html
August 2, 20213 yr Bath & Body Works, Victoria's Sercet begin life apart L Brands Inc. is no more. The Columbus-based retailer as of Monday is now two separate standalone brands and companies: Bath & Body Works Inc. and Victoria’s Secret & Co. Bath & Body Works, formerly L Brands, now trades under BBWI, while Victoria’s Secret is under VSCO. Shareholders received one share of Victoria’s Secret for every three shares of L Brands they held. Name changes aren’t new to the company, which has adapted its moniker many times over the years as the makeup of its business changed. It was The Limited Inc., then Limited Brands, before becoming L Brands. Victoria’s Secret once was Intimate Brands Inc. Bath & Body Works had $6.4 billion sales in 2020, 1,752 stores in the U.S. and Canada and 299 international franchised locations. Victoria’s Secret sales were $5.4 billion in 2020 with 929 stores in the U.S. and Canada and 458 international franchised locations. MORE: https://www.bizjournals.com/columbus/news/2021/08/02/bath-body-works-victorias-sercet-begin-life-apart.html
September 1, 20213 yr This news is a few months old because I thought I'd already posted it 🧼🧼🧼 Bath & Body Works to build Pickaway County distribution center, hiring 500 Columbus-based Bath & Body Works has seen soaring demand during the pandemic. The soaps, lotions and hand sanitizer retailer plans to add 500 workers to its existing 3,000 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. The first phase of the project will be ready in August 2022. The second phase is expected to be complete in August 2023. MORE: https://www.dispatch.com/story/business/2021/05/24/bath-body-works-add-500-jobs-build-licking-county-distribution-center/5209195001/
September 8, 20213 yr Vertiv makes up to $2B acquisition, its first since going public pre-pandemic Vertiv Holdings Co. has made its first acquisition since going public in early 2020: an Irish maker of electrical switches and power distribution systems that widens the market for the data center equipper. The Columbus company is buying E&I Engineering Ireland Ltd. and affiliate Powerbar Gulf LLC for up to $2 billion: $1.17 billion cash and stock valued at $630 million up front, and up to $200 million more if the division hits profit goals in 2022. Founded in Ireland in 1986, E&I has about $460 million in annual sales in 30 countries, and fills a gap in Vertiv's array of critical power supply products, introducing it to an addressable market of about $7 billion and growing. Vertiv designs and builds power, networking and other systems for data centers and other IT infrastructure worldwide. E&I has about 2,100 employees with its plants in Ireland, U.S. and United Arab Emirates. Vertiv currently has about 20,000 employees globally, including 1,200 in Central Ohio. No job cuts are planned. MORE: https://www.bizjournals.com/columbus/news/2021/09/08/vertiv-acquire-e-i-data-center-power-supply-maker.html
September 9, 20213 yr News about insurance technology startup Bold Penguin being acquired by American Family Insurance from early 2021 that I thought I'd previously posted: https://www.bizjournals.com/columbus/news/2021/01/14/american-family-acquires-columbus-bold-penguin.html https://www.bizjournals.com/columbus/news/2021/02/16/american-family-bold-penguin-acquisition-closes.html Bold Penguin Inc., a technology startup that's one of Central Ohio's fastest-growing private companies, has been acquired by American Family Insurance Mutual Holding Co. The Columbus startup that helps small businesses shop for commercial coverage – which saw demand soar through the dual crises of a pandemic and racial justice protests – had made two acquisitions of its own in 2020. Terms of the deal by the Madison, Wisconsin-based insurer were not disclosed. American Family's venture arm was an early Bold Penguin investor. As an American Family subsidiary the brand continues as an independent online exchange, returning quotes from multiple insurers. American Family said Bold Penguin will continue to grow in Columbus as an independent software unit, helping multiple carriers digitize a burdensome process of generating quotes for commercial insurance. The 4-year-old software maker recently renewed its lease in the Chase tower downtown. All 160 employees are joining American Family, including co-founders Ilya Bodner, CEO, and Ben Clarke, chief data officer.
September 11, 20213 yr Get ready for a COhatch near you! CEO announces plans to open a co-working location in every Central Ohio suburb and neighborhood over the course of the next five years. In addition, he wants to eventually have one in every small town in Ohio. COhatch CEO announces ambitious vision for company's future “In a LinkedIn post, COhatch CEO Matt said he wants to connect every Central Ohio neighborhood and suburb — Hilliard, Marysville, Plain City, Franklinton, Powell, New Albany, Grandview, Clintonville, Bexley, Granville, Pataskala, Reynoldsburg, Whitehall, Olde Towne East, German Village, Grove City, Canal Winchester, Pickerington and more — via his company's shared workspaces. “The ones in Central Ohio, we have on our development plan currently, we’re working with several of those cities now to find locations and buildings. Our goal is to build a couple per year for the next five years to finish them out,” Davis told Columbus Business First. The company currently has locations in Delaware, Upper Arlington, the OSU Gateway area, Worthington, Easton and Polaris, with construction underway in Dublin and Westerville, according to its website.” https://www.bizjournals.com/columbus/news/2021/09/10/cohatch-ceo-announces-vision-for-the-future.html?utm_source=st&utm_medium=en&utm_campaign=bn&utm_content=co&ana=e_co_bn&j=25007158&senddate=2021-09-10
September 16, 20213 yr Couple of expansion news items: Marzetti planning $18 million Columbus expansion -- Westerville-based Lancaster Colony Corp., plans to add another 17,000 square feet to its salad dressings and dips facility at 1709 Frank Road. Marzetti expects to retain 104 full-time jobs at the site while adding 20 new full-time positions. Home Depot opening new distribution center in Grove City -- Home Depot Inc. is taking the entire 151,000-square-foot building at 3563 Southpark Place in Grove City to create a new distribution center. The new facility, which will manage delivery and installation of large appliances like washers, dryers and refrigerators ordered online, will create new 24 jobs.
September 28, 20213 yr Northwest Bancshares bringing its HQ, 50 more jobs to Columbus A Pennsylvania bank is adding 50 jobs in Columbus as its holding company shifts its base to Central Ohio. Warren, Pennsylvania-based Northwest Bancshares Inc. (NASDAQ: NWBI) will move its headquarters to Central Ohio, adding 50 jobs in the next few years on top of the 52 people the bank employs here now. It is the holding company of Northwest Bank. With $13.8 billion in assets, Northwest Bank has 170 branches and drive-up facilities in New York, Ohio, Pennsylvania and Indiana. Its shift toward Ohio began in 2015 when it acquired Lorain National Bank, and continued last year when it acquired MutualFirst Financial Inc. The bank first established an office at 1 Easton Oval in 2019 and will grow to 50 employees, occupying 19,000 square feet on the fifth floor of 3 Easton Oval with rights to more space as needed. MORE: https://www.bizjournals.com/columbus/news/2021/02/10/bank-hq-coming-to-columbus-with-another-50-jobs.html
September 28, 20213 yr Fintech company BillGO to open new Gahanna office, add 50 jobs Gahanna's Creekside development has landed a fintech company promising 50 jobs. Fort Collins, Colorado-based BillGO, which developed a bill payment platform that connects institutions and consumers and allows for secure transactions, has signed a lease for 9,000 square feet of space at 101 Mill Street in the Creekside development. Late last year, Huntington Bank signed a deal to use BillGO technology for electronic bill payments in its own evolving digital banking programs. ... The company has posted jobs for software engineers in Columbus in addition to remote jobs for product managers and other roles. MORE: https://www.bizjournals.com/columbus/news/2021/02/10/billgo-to-open-gahanna-office-with-50-jobs.html
September 29, 20213 yr Big Lots back in growth mode; retailer to add hundreds of stores in the years ahead Mark Williams - The Dispatch - Sep. 29, 2021 "After nearly a decade of shrinking, Big Lots is back in growth mode. 'Over the next five years, I can see us adding several hundred stores,' Bruce Thorn, the company's president and CEO, said in an interview with The Dispatch. 'That's conservative.' Big Lots has 1,422 stores in 47 states, the company said on its second-quarter conference call with analysts on Aug. 27. That's an increase of 18 stores over the past year, and Big Lots says that growth will accelerate in coming years. ... Beyond opening new stores, the retailer wants to upgrade 800 stores with new signs, fresh paint, floor repairs, remodeled bathrooms and improved graphics. The average cost per store is around $100,000, according to the company."
September 29, 20213 yr It was kind of shocking to see Big Lots abandon places like the South Side and Lancaster in the 2010s. I suppose that's how you knew they were in shrink mode. Ollie's slipped in to those areas during their absence.
September 29, 20213 yr 57 minutes ago, NorthShore647 said: Big Lots back in growth mode; retailer to add hundreds of stores in the years ahead Mark Williams - The Dispatch - Sep. 29, 2021 "After nearly a decade of shrinking, Big Lots is back in growth mode. 'Over the next five years, I can see us adding several hundred stores,' Bruce Thorn, the company's president and CEO, said in an interview with The Dispatch. 'That's conservative.' Big Lots has 1,422 stores in 47 states, the company said on its second-quarter conference call with analysts on Aug. 27. That's an increase of 18 stores over the past year, and Big Lots says that growth will accelerate in coming years. ... Beyond opening new stores, the retailer wants to upgrade 800 stores with new signs, fresh paint, floor repairs, remodeled bathrooms and improved graphics. The average cost per store is around $100,000, according to the company." I mean, it's a good thing to see them growing. But, doesn't this seem a bit premature? Wasn't most of their recent success driven by pandemic panic buying?
September 29, 20213 yr 37 minutes ago, TH3BUDDHA said: I mean, it's a good thing to see them growing. But, doesn't this seem a bit premature? Wasn't most of their recent success driven by pandemic panic buying? Somewhat. They have a decent furniture and seasonal selection (patio furniture and stuff like that), and were one of the few retailers carrying such a selection that were able to remain open during the worst of the lockdowns. The fact they carry food and cleaning supplies allowed them to stay open when furniture-specific stores had to operate online-only for a while. This allowed them to bring in new customers who would have otherwise not payed them any attention. I'm guessing they are trying to capitalize on that and bring stores closer to the new customers they gain in the hopes of retaining them. Personally, I don't think it will work in the long run. This seems to be a good way to artificially increase sales in the near turn to keep shareholders and the board happy, but there doesn't seem to be much of a long-term plan to be able to keep up with Target, Walmart, Dollar General, and other competitors. Big Lots seems to be trying to float between Target and Dollar General and I'm not sure that's going to be sustainable.
September 29, 20213 yr Everybody wants to be in the furniture business. Notice how furniture stores keep opening when nearly every other store concept is stagnant or shrinking. Buying furniture on the internet totally sucks unless it's custom maybe. It's one of those things people had to learn the hard way. The pandemic hurt minimalism big time too. Once people had to be home without Netflix on they figured out their dwelling was boring.
September 29, 20213 yr New business first article talking about Franklin county wanting residents feedback on what to do with $250 million in federal pandemic relief money. They set up a website to give ideas of what to spend it on. https://commissioners.franklincountyohio.gov/arp
October 4, 20213 yr Upstart doubling workforce to 1,000, leasing Alliance Data building in Easton “The HQ2 of newly public Upstart Holdings Inc. is doubling staff to more than 1,000 and leasing an entire office building at Easton. Already this year the Columbus office topped 500 jobs and surpassed its Silicon Valley counterpart. Another 508 jobs are planned, according to a news release from One Columbus. The financial technology company is subleasing 240,000 square feet from Alliance Data Systems Corp., one of three buildings in the retail credit company's campus that opened four years ago. Upstart also has expanded to four floors in its Short North office that opened in 2018. That renovation should be ready in October; the goal for the Easton space is January.“ https://www.bizjournals.com/columbus/news/2021/10/04/upstart-add-500-jobs-new-office-easton.html?utm_source=st&utm_medium=en&utm_campaign=bn&utm_content=co&ana=e_co_bn&j=25228419&senddate=2021-10-04
October 4, 20213 yr And follow that up with the remainder of the companies promising jobs based on tax credits, totaling more than 1300 jobs in the area. Bark will be adding 500 jobs to Central Ohio as well. As a side note, they had occupied the fourth and fifth floors of the Gravity office building. At some point during the pandemic, they expanded onto the third floor as well. Makes me wonder if they’ll eventually just take over the entire building. Also adding jobs in Central Ohio are NetJets with 154, Lululemon with 150 and, and Vargo with 24. Those are in addition to greater than 1000 other new jobs promised throughout Ohio. Growing again in Columbus: Upstart, Original Bark Co. to add 500 jobs apiece https://www.dispatch.com/story/business/2021/10/04/original-bank-co-and-upstart-expanding-again-columbus/5987993001/
October 4, 20213 yr NetJets to expand Columbus workforce, adding 154 new jobs, amid surge in private jet travel Hayleigh Colombo - Columbus Business Journal - Oct. 4, 2021 "NetJets, which bills itself as the world’s largest private jet company, is expanding in Columbus. The company plans to grow its workforce by 154 new jobs. NetJets currently has more than 1,500 current employees here, representing $126.2 million in payroll. ... 'Columbus has always been our operational headquarters, and we are very proud of our incredible Central Ohio workforce,' NetJets CEO Adam Johnson said in a news release. 'Today, NetJets flies to over 2,000 airports with operations in more than 150 countries. So, in deciding where to expand, NetJets considered locations outside of Ohio to consolidate activities and expand headquarters-related functions, but it again chose Columbus due to the success of its existing headquarters and culture.'"
Create an account or sign in to comment