Southeast Fla. Business Briefs - November 2010
BELLE GLADE — Palm Beach State College opened its first “green” building — the first new building on its Belle Glade campus in 30 years. The Technical Education Center houses facilities for programs including corrections and criminal justice, sustainable building, welding, sugar technology and cosmetology.
BOCA RATON — The Florida Board of Governors approved Florida Atlantic University’s plan to fund construction of a $70-million, 30,000-seat stadium, scheduled for completion in fall 2011.
COCONUT CREEK — For-profit Technological University of America opened a campus in a two-story office building near the Florida’s Turnpike interchange. The school was founded by Roger Amuruz Gallegos, founder of the Technological University of Peru.
DEERFIELD BEACH — Buy Owner, a real estate marketing firm for do-it-yourself home sellers, filed for a state-court version of Chapter 7 liquidation.
FORT LAUDERDALE — Phoenix-based Adreima, formerly known as Advanced Reimbursement Management, a Medicaid reimbursement company, acquired Fort Lauderdale-based Hospital Inpatient Services for an undisclosed amount.
» Property-tax funded North Broward Hospital District, operator of four hospitals and a number of clinics, plans to create a private, non-profit corporation and move its facilities into it, allowing it to enter more business ventures with private entities and transact business outside of the public eye. The non-profit would lease facilities from the district. The district attributed the move to federal healthcare law changes.
» Stonegate Bank, $578.6 million in assets, agreed to acquire Fort Myers-based Southwest Capital Bank, $121.3 million in assets, for $9.4 million in stock.
» Dublin, Calif.-based employee management company Taleo will acquire Fort Lauderdale-based training software company Learn.com for $125 million in cash.
» Software virtualization and networking company Citrix acquired Santa Clara, Calif.-based VMLogix, a virtualization management company.
MIRAMAR — Budget carrier Spirit Airlines, the largest airline at Fort Lauderdale-Hollywood International Airport, filed for a $300-million initial public offering, planning to use half the money to retire debt and the remainder for growth.
PALM BEACH GARDENS — Old Palm Golf Club, a 651-acre development with a Raymond Floyd-designed course, was purchased for $30 million from WCI Communities by a real estate investment group led by a fund managed by ING Clarion Partners. Buena Vista Hospitality Group, Orlando, will run the club and coordinate marketing of the remaining real estate.
POMPANO BEACH — David H. Brooks, 55, who once ran the parent of Pompano Beach-based Point Blank Solutions, a body armor manufacturer now under bankruptcy court protection, was convicted along with his former COO, Sandra Hatfield, 56. Brooks, chairman and CEO of DHB Industries, was convicted on charges including insider trading, fraud, obstruction of justice and lying to auditors. According to investigators, Brooks looted the company to pay for racehorses, family trips, prostitutes and other personal items. DHB changed its name to Point Blank in 2007.
SEBASTIAN — Network management software company NetBoss Technologies will locate in Sebastian, with plans to hire 55 to 60 at an average wage of $85,000. NetBoss received government incentives.
WEST PALM BEACH — City commissioners gave preliminary approval to John Textor’s plan to build in downtown a $25-million branch of FSU’s film school, using a $10-million grant and a $15-million bond issue, and a $35-million Digital Domain digital animation school. Textor’s Wyndcrest Holdings is building a studio for its Digital Domain entertainment company in Port St. Lucie
» Gunster law firm lawyer Brian McPherson won an $8.1-million verdict against Michaels Stores on behalf of a former Boca Raton store manager, Kara Jorud, who alleged wrongful dismissal owing to her breast cancer.
WELLINGTON — Aircraft interior products company B/E Aerospace raised $631 million net in a notes offering to fund acquisitions.