Nestlé Waters
Nestlé Waters North America is acquiring Sweet Leaf Tea Co. of Austin, whose brands also include Tradewinds beverages. The deal marks the first time Stamford-based Nestlé Waters has branched outside of its mainstay business of bottled waters; its domestic brands include Poland Spring and it also imports Perrier and San Pellegrino.
Sweet Leaf Tea sales totaled $53 million last year from its selection of iced teas, lemonades and tropical fruit juices.
Florida”™s loss, Northeast”™s gain
While Connecticut fell far short of funding it hoped to use for high-speed rail service in the central part of the state, the U.S. Department of Transportation awarded some $745 million to Amtrak and New York to improve speeds and service on the Northeast Corridor.
The money became available after Florida rejected a previous award of funding to support high-speed rail, choosing not to make a required match. Connecticut had sought $227 million in funding, but drew just $30 million of $2 billion awarded nationally as the state readies a high-speed commuter line linking New Haven, Hartford, and Springfield, Mass.
Advanced BioHealing readies IPO
Advanced BioHealing Inc. set the terms of its proposed initial public offering of stock, hoping to raise as much as $245 million on the New York Stock Exchange.
The Westport-based company makes Dermagraft, a bioengineered skin substitute that helps restore damaged tissue and supports the body”™s natural healing process, with production occurring at a plant in La Jolla, Calif. Since 2007, Advanced BioHealing has sold more than 200,000 units of Dermagraft to treat some 50,000 patients; last year the company earned $7 million on sales of $147 million.
Dunkin”™ Brands files for IPO
One of New England”™s most recognizable home-brewed brands ”“ at least on the morning commute ”“ is looking to taste the hot IPO market.
The parent company of Canton, Mass.-based Dunkin”™ Donuts hopes to raise $400 million in an initial public offering of stock. Some 50 Dunkin”™ Donuts are in Fairfield County; some of them co-located with its sister franchise brand Baskin-Robbins.
Frontier targets ex-Verizon clients
Frontier Communications Corp. revenue edged down 1 percent in the first quarter from the fourth quarter last year, as the company continues to battle attrition in its customer base with aggressive promotions.
Stamford-based Frontier is approaching the one-year anniversary of its acquisition of telephone operations from New York City-based Verizon Communications Inc. In the first quarter, it earned $56 million on $1.3 billion in revenue.
“In the acquired properties ”¦ churn did go up,” said Daniel McCarthy, chief operating officer of Frontier, in a conference call. “Whenever we”™ve done these promotions, (in) the ensuing quarters ”¦ churn significantly improves.”
WWE profits pinned in Q1
Due to the timing of its WrestleMania event last year and other factors, first quarter revenue for World Wrestling Entertainment Inc. took a 16 percent dive to under $120 million.
Stamford-based WWE enjoyed an attendance and ratings boost from WrestleMania last month in Atlanta, with “The Rock” Dwayne Johnson appearing at the event and subsequently being featured on the WWE Raw television program.
In a conference call, WWE CEO Vince McMahon said the company is working to develop new characters with broad appeal.
“I think we”™re getting a lot of traction now,” McMahon said. “Rock coming back ”“ that gives us more of an awareness than anything else ”¦ of individuals that were a bit older and now are attracted back to the brand, which then allows them to have the opportunity to brush up against some of our newer performers.”
Cenveo posts profit
In preliminary results released in early May, Cenveo Inc. said it sealed the first quarter with a $2.8 million profit, after losing $11.1 million a year ago. Revenue rose 11 percent to $503 million.
Stamford-based Cenveo is one of the largest commercial printers in the country. In February, it acquired the envelope products group of MeadWestvaco Corp., which relocated its headquarters in 2006 from Stamford to Richmond, Va.
Bolt results float higher
SeaBotix bolstered the results of Bolt Technology Corp., with sales up nearly 60 percent in the fiscal third quarter for the maker of undersea devices.
Bolt makes devices that emit large underwater bubbles, aiding in seismic readings of the ocean floor for oil exploration companies. In January, it acquired SeaBotix, a San Diego-based maker of remotely operated undersea robots whose sales totaled $900,000 in third fiscal quarter ending March 31.
Bolt earned $1 million on $9.4 million in revenue in the quarter.
Wellcare settlement
A Florida company that provides Medicare and Medicaid insurance in Fairfield County finalized a $137.5 million settlement following whistleblower claims of widespread fraud that triggered a federal raid in 2007.
Tampa, Fla.-based Wellcare Health Plans Inc. cut a deal with the office of U.S. Attorney David Fein that allows it to continue selling insurance in Connecticut.
Wellcare was formed in 2002 when it acquired health plans in Florida, New York and Connecticut.
Littlejohn buys stake in Mass. firm
Littlejohn & Co. L.L.C. acquired an ownership stake in Synventive Molding Solutions, a Peabody, Mass.-based maker of hot-runner systems used in injection molds to feed molten plastic from the machine nozzle into the cavity.
Greenwich-based Littlejohn did not disclose the financial terms of its deal with seller Advent International.
Metropark going dark
Metropark USA is shutting stores at Danbury Fair Mall and the Westfield-Trumbull Shopping Center, as part of a bankruptcy filing resulting in some 70 stores closing nationally.
The Los Angeles-based company sells clothing and accessories for young adults.
