Atlanta Economic Development Thread

[Ric 0_0]

FleetCor, Georgia's 13th-largest fintech company, is extending into a new business vertical: coordinating the lodging of distressed airline passengers, airline crews, and airline employees.

The change comes through FleetCor Technologies Inc.'s (NYSE: FLT) announced purchase Friday of Travelliance, a Minneapolis-based airline lodging program. Financial details of the deal were not released.

FleetCor said the acquisition builds on its existing lodging business that primarily focuses on corporate lodging discount cards. Beyond opening the door to working with airlines, the transaction also moves the company into new international markets, FleetCor said.

Travelliance processes approximately eight million room nights annually, which will significantly increase Fleetcor's room night volume as well as the size of its hotel network, the company said in a news release.

FleetCor Chairman and CEO Ron Clarke said Travelliance's focus on the airline industry is a "great complement to our broader corporate travel emphasis.”

FleetCor reported better than expected earnings data in August — an 11% year-over-year revenue increase, to $647.1 million for the quarter.

https://www.bizjournals.com/atlanta/...o-airline.html

[Ric 0_0]

Wipfli LLP has again expanded by acquiring an Atlanta-based accounting and advisory firm.

Wipfli added the 79 partners and associates of Porter Keadle Moore to its company, effective Tuesday. Financial details for the PKM transaction were not disclosed.

Wauwatosa-based Wipfli is the Milwaukee area’s eighth largest accounting firm, ranked by the number of certified public accountants in its local offices.

The deal gives Wipfli a foothold in the southeastern region of the United States, according to a news release.

“Through this transaction, Wipfli will have an even greater depth and breadth of services and resources in the financial services industry, helping our firm to become a stronger leader in serving businesses in the industry across the nation,” Wipfli managing partner Kurt Gresens said in the announcement.

PKM was founded in 1977. The business provides accounting, tax and advisory services to public and privately held companies. According to Wipfli, the deal means its firm will serve more than 1,000 financial institutions across the country.

https://www.bizjournals.com/milwauke...f-atlanta.html

[Ric 0_0]

Yay!!! This thread is on page 4.

[Ric 0_0]

ATLANTA (Inside INdiana Business) — Anderson-based Midwest POS Solutions has been acquired by an Atlanta, Georgia company. NCR Corporation (NYSE: NCR) expands its presence with the acquisition to an additional 1,000 restaurants supported by Midwest POS throughout Indiana and Kentucky.

“Midwest POS is known for its quality customer service,” said Michael D. Hayford, president and CEO, NCR Corporation. “Midwest POS customers will keep their favorite local team, and now with NCR, that local team will receive even more support and can expand offerings provided.”

NCR plans to maintain three local offices with the management team and staff of Midwest POS. NCR provides local sales and service to small and medium-sized restaurants across the country and currently employs 34,000 with business in 180 countries.

https://www.wishtv.com/news/inside-i...any-purchased/

[Ric 0_0]

Audax Private Equity (“Audax”) announced today that it has completed its acquisition of EIS, Inc. (“EIS” or “The Company”). The Company, founded in 1950 and headquartered in Atlanta, GA, is a leading distributor, fabricator, and converter of electrical process materials, wire, cable and assemblies serving end-user segments in electrical power and related markets. It provides more than 100,000 products from 38 branches and four fabrication facilities to more than 20,000 customers across North America.

Larry Griffin, CEO of EIS, said, “We are excited to partner with Audax as we embark on our next phase of growth. Our independent structure will allow us to devote renewed energy on better serving our core end markets as we look to expand both organically and through strategic acquisitions. Audax provides expertise, resources, and valued experience in the distribution industry that will help us achieve these objectives to the benefit of our core constituents of suppliers, customers, and employees.”

https://www.valdostadailytimes.com/n...573ab6709.html

[atlwarrior]

From Delta Airline website,
“Delta Air Lines announces September quarter 2019 profit
September quarter 2019 GAAP pre-tax income of $1.9 billion, net income of $1.5 billion and earnings per diluted share of $2.31 on record total revenue of $12.6 billion.
September quarter 2019 adjusted pre-tax income of $2.0 billion, adjusted net income of $1.5 billion and adjusted earnings per diluted share of $2.32, a 29 percent increase year over year.
Delta returned $468 million to shareholders through dividends and share repurchases.
Board of Directors declares company’s 26th consecutive quarterly dividend.
Delta Air Lines (NYSEAL) today reported financial results for the September quarter 2019 and provided its outlook for the December quarter 2019. Highlights of the September quarter 2019 results, including both GAAP and adjusted metrics, start on page four and are incorporated here.”

[Ric 0_0]

Originally Posted by atlwarrior

From Delta Airline website,
“Delta Air Lines announces September quarter 2019 profit
September quarter 2019 GAAP pre-tax income of $1.9 billion, net income of $1.5 billion and earnings per diluted share of $2.31 on record total revenue of $12.6 billion.
September quarter 2019 adjusted pre-tax income of $2.0 billion, adjusted net income of $1.5 billion and adjusted earnings per diluted share of $2.32, a 29 percent increase year over year.
Delta returned $468 million to shareholders through dividends and share repurchases.
Board of Directors declares company’s 26th consecutive quarterly dividend.
Delta Air Lines (NYSEAL) today reported financial results for the September quarter 2019 and provided its outlook for the December quarter 2019. Highlights of the September quarter 2019 results, including both GAAP and adjusted metrics, start on page four and are incorporated here.”

Good news to hear that one of ATL's largest employers is absolutely killing it. Along with all their equity investments (China Eastern, V Atlantic, AM, AF/KLM, LATAM, KE) Delta is really setting itself up to be a worldwide powerhouse.

[trainiac]

Seems like for 20 years Atlanta's class A office space was hovering a little over $20 a square foot... good article in the current ABC about it trending above $27 for the last four quarters. Asking rates at $34.06 but taking concessions into account $27.65.

At least two buildings are above $50: CODA and Ponce City Market

Full article here:
https://www.bizjournals.com/atlanta/...o-atlanta.html

[Ric 0_0]

Earnings per share: 56 cents, adjusted, vs. 56 cents expected
Revenue: $9.5 billion vs. $9.4 billion expected
Coke reported fiscal third-quarter net income of $2.6 billion, or 60 cents per share, up from $1.8 billion, or 44 cents per share, a year earlier.

Excluding impairment charges, gains from the sale of a New York building, and other items, the beverage giant earned 56 cents per share, in line with the 56 cents per share expected by analysts surveyed by Refinitiv.

Net sales rose 8% to $9.5 billion, topping expectations of $9.4 billion. Organic revenue grew by 5%, helped by higher prices and customers buying more expensive drinks.

As soda consumption declines in the U.S., Coke has been driving sales by focusing on drinks with less sugar and smaller packaging. Coke Zero Sugar once again saw double-digit volume growth. Its 7.5-ounce mini cans of soda grew by 15%, Quincey told analysts on the conference call. Minute Maid and juice brand Simply also saw strong performance in the company’s home market. North American organic revenue grew by 3% during the quarter.

https://www.cnbc.com/2019/10/18/coca...s-q3-2019.html

Great to see a homegrown company find ways to reinvent itself and have an amazing quarter.

[smArTaLlone]

https://www.bizjournals.com/atlanta/..._news_headline

The Redmond, Wash. software giant has made inquiries for more than 300,000 square feet, enough room for well over 1,000 jobs, and enough space to anchor any of the multiple towers rising in Midtown, where its search has initially focused, according to multiple real estate sources.

While early in its process, one option already linked to its interest is Atlantic Yards, two new buildings that global real estate company Hines and partner Invesco Real Estate are developing in Midtown’s Atlantic Station.

Microsoft is the third West Coast technology giant reportedly considering a relocation and expansion in Midtown, a center for tech companies drawn by the pull of Georgia Tech, one of the country’s top engineering schools.

[Sura]

Originally Posted by smArTaLlone

https://www.bizjournals.com/atlanta/..._news_headline

When one tech giant invests here, the others must follow.

[Ric 0_0]

Global Payments (GPN) announced that it is acquiring Monetico Payment Solutions, the merchant acquiring arm of Desjardins Group, which is a leading Canadian financial services company based in Quebec. As part of the transaction, GPN will receive Desjardin’s existing ~40k merchant portfolio and a 10-year marketing alliance in which Desjardins will refer members to the GPN for payment technology and acquiring services.

The transaction is expected to close by early 2020. Although the term of the transaction is not disclosed, we estimate that it could be somewhere around C$200-C$300m.

https://seekingalpha.com/article/430...inroads-quebec

[Ric 0_0]

GMS Inc. (NYSE: GMS), a leading North American specialty distributor of interior building products, today announced that it has acquired Rigney Building Supplies LTD. (“Rigney”), a single-location distributor based in Kingston, Ontario.

Founded in 1972, Rigney serves residential and commercial customers in the Greater Kingston, Ontario market, a Top 25 Canadian metropolitan area. Rigney offers a full complement of interior building materials, as well as masonry and landscaping products.

The acquisition of Rigney aligns with GMS’s overall acquisition strategy and reflects the long-term strategic importance of the Canadian market. It also represents an extension of GMS’s current service footprint in Southern Ontario under the Watson Building Supplies (“Watson”) brand. The location will continue to operate under the “Rigney” brand, which has served the Kingston market for over 45 years, and will complement Watson’s existing network of six Ontario locations in Vaughan, London, Barrie, Burlington, Cambridge and Belleville to better serve customers.

https://www.businesswire.com/news/ho...igney-Building

[smArTaLlone]

https://www.bizjournals.com/atlanta/..._news_headline

Radiation detection giant Mirion Technologies is moving 120 jobs from the Atlanta suburbs into the city.

Mirion is relocating from Smyrna to be closer to Georgia Tech and the housing and entertainment of West Midtown. The company will lease almost 32,000 square feet in a new development that converted more than 50-year-old warehouses into office, flex and showroom space.

Known as Inland Tract, the adaptive reuse project stands along Menlo Drive at Huff Road.

West Midtown, a former industrial area, continues to evolve into an attractive destination for companies seeking an alternative to traditional office space and greater access to new luxury apartments, restaurants and entertainment. Georgia Tech is also a powerful catalyst for the area’s revitalization.

[Ric 0_0]

When Ameris Bancorp filed a proxy statement in February for its proposed acquisition of Fidelity Southern Corp., the company stated its holding company would be headquartered in Jacksonville after the merger.

However, when Ameris last week announced its first quarterly earnings report since completing the merger, the company said it moved the headquarters to Fidelity Southern’s home in Atlanta.

Ameris had been officially headquartered in Moultrie, Georgia, but in 2015 it moved its executive offices to the Riverplace Tower on Jacksonville’s Southbank.

When the Fidelity Southern deal was announced, the plan was for the company’s Ameris Bank subsidiary to move its headquarters from Moultrie to Atlanta, but the parent Ameris Bancorp would be based in Jacksonville.

Stokes relocated to Atlanta and now most of the company’s top management is there, so the corporate headquarters formally was moved Oct. 1.

https://www.jaxdailyrecord.com/artic...ves-to-atlanta

[Ric 0_0]

Thyssenkrupp TKAG.DE will receive first bids for its elevator division this week, three people familiar with the matter said, as major stakeholders differ over whether the conglomerate should sell a majority stake in its most profitable asset.

The elevator business could command a price tag of 15-17 billion euros, including debt, based on estimates from analysts and financial sources. This compares with Thyssenkrupp's current market capitalisation of about 8.6 billion euros.

https://www.nasdaq.com/articles/thys...ces-2019-11-06

If Thyssenkrupp does end up selling their elevator business, this could be very beneficial or harmful to the Atlanta announcement.

[Ric 0_0]

The tech giant will expand its current Southeastern headquarters, setting up shop as an anchor in the 1105 West Peachtree building, a new mixed-use development in Midtown. The offices will occupy five floors consisting of approximately 135,000 square feet.

The new digs are set to open in 2022, but the number of jobs it will create has yet to be released. Google has expressed interest in seeking talent from Atlanta’s esteemed colleges in the surrounding area such as Georgia Tech, Georgia State, Emory University, Spelman College, Morehouse College and Clark Atlanta University.

https://theatlanta100.com/business/2...-atlanta/19109

Once again another blessing of our large and prestigious universities in the area.

[smArTaLlone]

https://www.bizjournals.com/atlanta/..._news_headline

Georgia's unemployment rate stood at 3.4% last month, tying a record set nearly 20 years ago, state Commissioner of Labor Mark Butler reported Thursday.

The Peach State also set new highs for jobs and employment in October. Georgia added 5,400 jobs last month, up 72,500 from October of last year, pushing the total to a record 4.64 million jobs.

The number of employed Georgians climbed by 12,963, increasing the number of employed to a record 4.95 million.

Meanwhile, the number of unemployed fell to less than 175,000 - the lowest total in more than 18 years.

[Ric 0_0]

Two Biglaw firms are engaged in advanced merger talks with an eye toward creating a new 1,000-attorney firm with over $800M in revenue. Philadelphia-based Pepper Hamilton and Atlanta-headquartered Troutman Sanders confirmed the negotiations are underway in statements sent around this afternoon.

The merger would combine Am Law 68th-ranked Troutman with Am Law 105-ranked Pepper Hamilton. The firms boast a combined 26 offices, some of which will have to be merged — both firms have outposts in New York, D.C., and Orange County — but all in all, the firms are mostly not stepping on each other’s turf.

https://abovethelaw.com/2019/11/pepp...ning-to-merge/

[Ric 0_0]

The $66 billion merger between BB&T and SunTrust banks received the last pieces of regulatory approvals Tuesday, allowing the largest bank merger since the financial crisis to move forward.

The Federal Reserve Board and Federal Deposit Insurance Corporation announced they were allowing the merger to progress. In a statement, the banks said they expect to complete the merger Dec. 6, pending satisfaction of customary closing conditions.

The banks previously announced their intent to combine and create a new bank, to be called Truist, that would be based in Charlotte. The merger will create the sixth-largest bank in the U.S. by assets and deposits.

https://www.charlotteobserver.com/ne...237549389.html

Let the layoffs in ATL begin...