SEC to eye private equity
The Securities and Exchange Commission is reportedly undertaking a broad new investigation of private equity firms, which until now have largely escaped regulatory scrutiny.
The SEC sent letters to several private equity firms in December, according to multiple reports, requesting information related to 12 broad areas including fundraising and fund formation.
One focus of the SEC inquiry will be portfolio valuation. Regulators are reportedly concerned that some firms may attempt to overvalue their assets as they seek to attract outside capital with which to fund their ventures.
Private equity firms play an important role in Connecticut. There are 128 such firms headquartered in the state, according to the Private Equity Growth Capital Council, the Washington, D.C.-based industry trade association.
According to the association, the 282 private equity-backed companies headquartered in Connecticut collectively employ more than 72,600 workers at their facilities.
Private equity firms have invested an estimated $54.2 billion in Connecticut-based companies over the last 10 years, according to the association.  Â
NU to buy wind power
Northeast Utilities agreed to some $217 million in savings for Massachusetts customers once it completes its merger with Boston-based NStar.
Massachusetts”™ attorney general demanded the concession before signing off on the deal, which also requires approval from the state”™s public utilities regulatory agency. Massachusetts is also requiring the combined company to buy electricity from the proposed Cape Wind offshore wind farm.
“The Massachusetts agreement ”¦ has little bearing on whether the proposed merger is in the public interest in Connecticut,” Connecticut Attorney General George Jepsen, said in a release. “Connecticut ratepayers must receive tangible benefits, including up-front rate credits and a reasonable sharing of merger savings achieved over time.”
Taste draws crowd
The Taste of Stamford drew an estimated 600 people to sample offerings from area restaurants, with the event organized by the Stamford Chamber of Commerce and sponsored by UBS.
Some 30 restaurants, caterers, hotels and liquor vendors participated in the event, which was held Feb. 16 at the Stamford Plaza Hotel and Conference Center.
WrestleMania returns
Area businesses already laying out their entertainment expense budget for early 2014 when MetLife Stadium hosts the Super Bowl, now have a second option.
World Wrestling Entertainment chose MetLife Stadium as the site for WrestleMania XXIX in April 2013, accompanied by events throughout the tristate area. This year”™s WrestleMania is scheduled for April 1 at Miami”™s Sun Life Stadium.
Stamford-based WWE said the past four installments of WrestleMania have generated more than $200 million in economic activity for its past four host regions. WWE last held WrestleMania in the New York metro area in 2004, at Madison Square Garden.
Terex sees strong year ahead
Terex Corp. said it sees a strong construction market for 2012, in the wake of restructuring by the company in laying off workers in Germany and shutting a crane plant in Wilmington, N.C.
Westport-based Terex sells heavy vehicles, cranes and other equipment for construction and other industries. Terex earned $45 million in 2011 as it lifted sales by nearly half to clear $6.5 billion, in part due to its acquisition of Germany-based Demag Cranes AG.
“We”™re pretty successful getting ”¦ price (increases) implemented in virtually all markets around the world,” said Timothy Ford, president of Terex”™s aerial lift business, in a conference call. “There have been cases where we have played poker with our customers and ultimately we fund the resolution.”
190,000 to take tax credit
More than 70,000 Connecticut residents have taken the state”™s new earned income tax credit for low-wage earners, more than expected in the first year of the new program.
Through early February, the Connecticut Department of Revenue Services approved more than $49 million in earned income tax credits, which max out at $1,725. In all, DRS expects some 190,000 people to take the credits.
“We are early in the first year of Connecticut”™s EITC but we believe it is already making a difference in residents”™ lives,” Gov. Dannel P. Malloy said in a statement. “At the same time, it”™s a real reinvestment in the state”™s consumer economy.”
County”™s execs optimistic
Just one in four employers expect to increase the size of their workforce in the first half of 2012, according to a new survey, despite nearly half seeing increased revenue.
About 20 percent of respondents to a survey by First Niagara Financial Group Inc. were senior executives in Fairfield County, among more than 300 total in Connecticut and Massachusetts. First Niagara highlighted Fairfield County as particularly optimistic, with nearly 60 percent of those surveyed here expecting increased business.
“Many are focused on growing their businesses in a financially realistic way by increasing their workforces and investing in fixed asset acquisitions,” said David Ring, New England regional president for First Niagara Financial Group Inc., in a written statement.
Bar association moves
The Greater Bridgeport Bar Association relocated to 1057 Broad St. in Bridgeport, where it is leasing 2,000 square feet of space.
The group was located at 1000 Lafayette Blvd. in Bridgeport. Brokering the move was Angel Commercial of Westport.
BNC increases loans
BNC Financial Group Inc. earned $2.2 million in 2011, its first year running the startup Stamford First Bank.
BNC also owns the Bank of New Canaan, where it is based, and the Bank of Fairfield. The company increased gross loans 27 percent last year to $371 million.
“Despite another year of economic challenges, high unemployment and low interest rates, we experienced significant increases in our deposits and exceptional loan growth resulting from our visibility and superior level of service,” CEO Jay Forgotson said in a written statement. “Our financial achievement is particularly gratifying because of the financial support that we have been able to provide to the local economy through small business lending.”
Lawmakers earn green marks
Connecticut”™s Congressional delegation garnered the top grades on a new environmental scorecard published by the League of Conservation Voters.
The Washington, D.C.-based organizations assigned top scores to U.S. Senators Joe Lieberman and Dick Blumenthal, and rated Congressmen Rosa DeLauro, Jim Himes, Chris Murphy Joe Courtney and John Larson among the best in the nation.
