President Obama announced today two new small business lending initiatives to help increase access to capital and create jobs. These temporary Small Business Administration initiatives include a refinancing program for small business owner-occupied commercial real estate and an expanded working capital loan program.
New York-based Workflow Management and Boca Raton, Florida-based Enterprise Acquisition announced WF Capital Holdings Inc., the parent of Workflow, and Enterprise have signed a definitive stock merger proposal agreement for $669 million. In addition, Workflow Management signed agreements to acquire additional businesses in the marketing services and promotional products industry, which may be completed prior to the closing of the merger with Enterprise. The current management of Workflow will remain in place to run the combined company after the merger. Workflow’s initial and largest shareholder, Washington-based Perseus LLC, will stay invested in a significant part of the transaction. Commenting on the proposed merger,
The Organization of Promotional Products Salespeople (OOPPS), Wayland, Mass., recently announced the establishment of its 2008 Advisory Board. The Board is comprised of a variety of promotional products salespeople from across the country, as well as supplier, distributor and service provider representatives. According to OOPPS personnel, the mission its Advisory Board is to “help guide the direction of [the organization] for the benefit of salespeople throughout the industry.” Members of the 2008 OOPPS Advisory Board include: Salespeople: Larry Alford, Axis Promotions (Massachusetts) Linda Apfel, CAS, 20/20 Promotions (Minnesota) Katherine Burke, MAS, Above & Beyond Incentives (Texas) Mona Carollo-Scarborough, CAS,
Corvest, St. Petersburg, Fla., the parent company of Adva-Lite, Toppers and It’s All Greek To Me, will relocate its Toppers operations to the company’s new 250,000 sq. ft. facility, close to the Corvest and Adva-Lite offices in St. Petersburg. The move is expected to be completed in September. “The new facility will improve work flow, inventory management and overall operating efficiency, which will result in better customer service,” said Robert P. Conway, CEO. Kirk Russell, the company’s eastern region director of sales, added: “This new facility is a milestone for a company that emerged from Chapter 11 two months ago. Now, we have a
Corvest Promotional Products, Largo, Fla., the parent company of Adva-Lite, Toppers and It’s All Greek To Me, has been acquired by a subsidiary of Cerberus Capital Management. The deal will enable Corvest, which is currently operating under federal bankruptcy protection, to emerge from Chapter 11 on firm financial footing, according to company personnel. Mark Holland, Corvest vice president of marketing, said: “This is truly an exciting event for all of us. Cerberus is a first-class operation with a reputation for innovative thinking and inter-company collaboration. We believe this mindset, combined with the new capital structure, positions all the Corvest brands for an extremely successful future.” The
New York-based apparel maker Anvil Holdings recently announced it has completed a successful financial restructuring of its capital structure, which has eliminated approximately $200 million in debt and preferred stock in exchange for new equity and warrants. The company expects to close on all transactions necessary to consummate the restructuring by Feb. 5. CEO Anthony Corsano, said, “Our new financial structure will allow us to compete more successfully, and will also facilitate our plans for short and long-term growth with new facilities, new brands and new styles. We are very excited about our future.” In addition, the company has constructed a new state-of-the-art
The Specialty Advertising Association of Greater New York (SAAGNY), Montville, N.J., has announced its 2006-2007 Board of Directors. The term for the incoming officers and directors runs to Dec. 31, 2007. The Executive Committee Officers for 2006-2007 are: Mike Schenker, president; Robert S. Schwarz, president elect; Jonathan Riegel, vice president; Brian Seltzer, treasurer; and Brett Schaffer, secretary. Outgoing president Lenore Goldberg automatically moves into the position of immediate past president. Schenker, of Hilton Apparel Group, St. Louis, has served on the Board of Directors since 1997 and has held the offices of secretary, treasurer, vice president and president elect. Schenker has also served as