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Tag:
Business Acquisition
New Haven
Business
Milford-Based Subway Announces Sale: Company Has 'Bright Future,' CEO Says
The iconic sandwich seller Subway, which is headquartered in Connecticut, has announced its sale to a private equity firm. The New Haven County-based fast food company, which is headquartered in Milford, announced that it will be acquired by affiliates of Roark Capital on Thursday, Aug. 24. In a statement, Subway officials said the sale would be a "major milestone" in the company's history. "This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," said Chief Executive Officer John Chid…
Essex MA
Business
Boston Restauranteur Acquires Former Space Of Major Magleashe's Pub In Salem
A Boston-based restauranteur has purchased the former space of a beloved pub on the North Shore nearly two weeks after they closed. Seth Gerber, a business partner of MIDA, said he purchased the space at the former Major Magleashe's Pub in Salem in an Instagram post on Saturday, Nov. 12. Gerber said he could not be "more excited" about this opportunity to take over the historic space. "I love the North Shore. This is my home. So there is no better place to dig in with a new concept besides 'Witch City,'" he wrote. "This space has been a restaurant since at least the 1960's [and] I am incr…
North Passaic
Business
Restaurateur Brings New Life To Old Ringwood Restaurant
A local restaurateur has sold his own eatery to bring new life to an old bar and grill in Ringwood, as first reported by NorthJersey.com. Shil "Sam" Patel — who sold Cupsaw Market — is reviving Sam's Bar & Grill, which has been closed since 2018. Located at 15 Greenwood Lake Tpke., Sam's will have New York City chef John Schafer in the kitchen, according to NorthJersey.com. Schafer worked at BLT Steak and BLT Prime, and will be cooking up wings, steaks, burgers and more — along with Indian dishes, an homage to Patel's heritage. Click here for more from NorthJersey.com or here to…
Loudoun
Real Estate
Herndon's ManTech Acquired For $4.2B by DC Firm
ManTech International, a Herndon-based defense contractor with more than 9,000 employees, will be acquired by Washington DC equity firm Carlyle Group for a cool $4.2 billion, the company announced. “This announcement is an important milestone for ManTech and a testament to our growth and the leadership position we have built since our founding by George Pedersen more than 50 years ago,” said ManTech CEO and President Kevin M. Phillips in a press release. ManTech provides analytics and cybersecurity to the country's defense and intelligence agencies. The all-cash deal received t…
Cape May
News
Cape May's Montreal Beach Resort Has New Local Owners, Renovation Plans
The Montreal Beach Resort and Harry’s Ocean Bar and Grille are changing owners after 56 years in business. Plans also are in the works to renovate hotel rooms and the Cape May resort's lobby, according to its new owner, Madison Resorts. Madison Resorts is a locally owned hospitality management company headed by property operations veteran Dan Alicea. Alicea has previously worked in the local market, as well as led the revitalization of two historic resorts on the East Coast. “My wife was born and raised in Cape May County. Now operating a piece of its history is a childhood dream com…
Union
Business
Kings Food Market May Close Several New Jersey Stores
Several New Jersey Kings Food Market stores could be closing in January 2021. WARN notices were issued to 439 employees at seven locations, according to the state's Department of Labor and Workforce website. The following stores appear to be closing come Jan. 12, 2021: Bernardsville Gillette Hoboken's River Street store Maplewood Parsippany (Corporate Headquarters) Ridgewood Warren A Kings spokesperson told TapInto that Acme was in the process of purchasing 19 locations, while the grocer had plans to sell other locations to different entities. "They could close," she said, "but everybody…
Hampshire Franklin MA
Business
Paper Factory To Layoff Half Of Its Workforce Following Acquisition
Nearly 50 people are being laid off from a 140-year-old factory following an acquisition by a Kentucky company. A Massachusetts Worker Adjustment And Retraining Notice (WARN) has been filed by Hampden Paper Inc., of Holyoke. In the notice, the company said it will lay off 49 employees effective Nov. 30. The company has about 100 employees. Hampden Paper on Water Street is one of the few remaining paper manufacturers in the Paper City. The company has been acquired by LLFLEX, a packaging business. LLFLEX said it is interested in combining its packaging with the laminating, sheeting, coatin…
Ocean
Business
LBI Department Store Hand's Saved By New Owner
Highly popular department and convenience store Hand's has been saved by a new owner. After nearly 70 years in business, Hand's on Long Beach Island had announced its expected closure in April. In a Facebook post on Saturday, the store at 1310 Long Beach Blvd. in Beach Haven said it would remain open after all. "It was decided that Hands will reopen under new ownership!!" Hand's announced on this Facebook page. Hand's winter sale will continue until March 15. Starting March 16, Hand's said it would begin to restock shelves and get ready for the summer. "Please be p…
Yorktown
Business
Turco's Sells Yorktown Grocery Store To Uncle Giuseppe's Marketplace
The popular grocery store in Northern Westchester is going to have a new name and new owner, Turco's is about to become Uncle Giuseppe's Marketplace, which operates six markets on Long Island and one in Bergen County. Preston Turco, who is retiring, has sold the store on Downing Drive in Yorktown Heights to the DelPrete family, which operates Uncle Giuseppe's. The new store will launch on Monday, Oct. 21. "As of Oct. 21, Turco's will become Uncle Giuseppe's Marketplace," Uncle Giuseppe's said in a statement. "The Uncle Giuseppe's family would like to congratulate Preston Turco on his reti…
Norwalk
Business
Energy Firm In Norwalk Cuts Jobs, Accepts $436M Buyout
A Texas-based energy company is poised to become the nation’s largest residential electricity provider after making a deal to purchase Norwalk’s Crius Energy, after the company cut jobs last year. Vistra Energy and Crius Energy Trust announced this week that they have reached an agreement to pay approximately $328 million for Crius, and will assume Crius’ debt of an estimated $108 for a total of $436,000,000. Following the closing of the transaction, Vistra will be the leading residential electricity provider in the nation with operations in 19 states and Washington, D.C. The sale come…
Yonkers
Business
$850M MGM Deal For Empire City Casino, Yonkers Raceway On Hold 'Until Further Notice'
MGM Resorts International's planned acquisition of Empire City Casino and Yonkers Raceway has been abruptly postponed. The New York State Gaming Commission was expected to approve the sale on Thursday, Jan. 3 at an 11 a.m. meeting, but announced late Wednesday The commission said the meeting was "postponed until further notice." Just days earlier, the commission had announced the meeting would be streamed live in this public notice. In May, Empire City Casino announced that it entered into an $850 million agreement with MGM Resorts to take over the racing and gaming property. No rea…
Norwalk
Business
New Owner Purchases Norwalk Icon New York Bakery To Keep Store Alive
New York Bakery, a popular downtown destination in Norwalk for decades, was planning to close by the end of this month, but has been saved by a last-minute buyout offer. Dominic Muro’s Original New York Bakery & Deli has produced baked bread for restaurants and delis throughout the Norwalk area, to complement its popular breakfast and lunch counter. Muro took over New York Bakery from his father-in=law in 1967. The bakery moved to 52 Main St. after the flood of 1955 destroyed its earlier location on River Street. Leo Spinelli has offered to buy the bakery, with Muro accepting. On Frida…
