Mergers & Acquisitions

2019

August 2019 is the final issue of Business People-Vermont. Many thanks for your past readership and support. Please visit www.workingpeople.online to see what's happening with our new venture.
August

Agilent Technologies Inc. has signed a definitive agreement to acquire BioTek Instruments for $1.165 billion. Briar Alpert, CEO, and his brother, Adam, have run the company that was founded by their late father, Norman, in 1968. BioTek and Agilent have been in partnership for over a year. Agilent expects to continue operations in Vermont and retain the team of nearly 500 employees.

Kennedy & Doan Funeral Homes leased 1,023 square feet at 1944 Williston Road, Suite 5, South Burlington, from David and Janet Desarno Trust. Linda I. Letourneau of V/T Commercial assisted both parties.

434 Hurricane Lane LLC bought an office building at 434 Hurricane Lane, Williston, from Marbryk LLC. Bill Kiendl of V/T Commercial assisted both parties.

Geraldson Enterprises LLC purchased a property at 4 Jackson St., Essex Junction, from Jackson Street LLC. John A. Beal and Bill Kiendl of V/T Commercial represented the seller.

Burlington Fitness Inc. leased a 1,280-square-foot space at Unit 31, Essex Marketplace. Linda I. Letourneau of V/T Commercial represented the landlord, and Ross Montgomery of Kingsland Co. represented the tenant.

Burlington Beer Co. leased 5,025 square feet at 160 Boyer Circle, Suite 10, Williston, from Vermont Commercial Warehouse. Tony Blake of V/T Commercial represented the landlord, and Yves Bradley of Pomerleau Real Estate represented the tenant.

Krie Alden leased 2,040 square feet at the Chace Mill, One Mill St., Suite 278, Burlington, from Catamount Holding Co. Linda I. Letourneau of V/T Commercial represented the tenant, and Kelly Statton represented the landlord.

Vanasse Hangen Brustlin leased a warehouse/office facility at 91 Granite Shed Lane in Montpelier from BG Real Estate LLC. Broker Esther Lotz made the announcement. Present at closing were Tom Bachman, BG Real Estate, and Lotz.

Gengras Motors Inc. bought 4.79 acres of commercial land at 0 Lehman Drive, White River Junction, from Brown Commercial Realty LLC. Tony Blake of V/T Commercial assisted Chip Brown of Brown Commercial Realty.

Faraday Inc. leased 4,867 square feet of office space in the Maltex Building, 431 Pine St., Burlington, from the Maltex Partnership. Linda I. Letourneau of V/T Commercial and Yves Bradley of Pomerleau Real Estate assisted both parties.

Mascoma Bank leased space for a branch bank at the Maltex Building, 431 Pine St., Burlington, from the Maltex Partnership. Linda I. Letourneau of V/T Commercial and Yves Bradley of Pomerleau Real Estate assisted both parties.

Murphy Group Enterprise LLC purchased a 3,500-square-foot commercial building at 35 Clay Point Road, Colchester, from Jordan Hippolitus Enterprises LLC. Rick Harrison, J.L. Davis Realty, represented the buyer, and broker Esther Lotz represented the seller.

Dzemail Dzanko and Velid Dozic bought a 2.45-acre commercial parcel of land at Lot 17, Corporate Drive, Essex, from Forestdale Heights Inc. Rick Harrison of J.L. Davis Realty represented the seller, and Meg McGovern of Donahue & Associates represented the buyers.

Slink’s Garage Autobody and Paint LLC bought property at 5 Chrisemily Lane in Milton from DRKE LLC. Broker Esther Lotz represented the seller, and Steve Donahue of Donahue & Associates represented the buyer. Present at closing were Jesse Bugbee, seller’s attorney; Lotz; Shirley Moore, Vermont Economic Development Authority; David Quinlan, DRKE; and Michael Slingerland, buyer.

Wellfound Physical Therapy & Fitness LLC leased a 2,110-square-foot commercial space at 1193 South Brownell Road, Suite 20, Williston, from The Berta P. Williams Trust. Rick Harrison of J.L. Davis Realty assisted the tenant, and Kelly Statton, Redstone Commercial Group, assisted the landlord.

Canizzaro Physical Therapy PLC, dba Pelvic Health, leased a 1,850-square-foot medical office space at 1 Kennedy Drive, South Burlington, from ALBEM LLP. Rick Harrison of J.L. Davis Realty assisted the landlord, and David Curley of J.L. Davis assisted the tenant.

Vitality Healthcare leased 1,580 square feet of medical office space at 71 Knight Lane, Suite 20, Williston, from the Lewis Family Partnership LP. Rick Harrison of J.L. Davis Realty assisted the landlord, and Kendra Kenney of Donahue & Associates assisted the tenant.

Skin Solutions LLC leased a commercial space at 66 Knight Lane, Suite 15, in Williston, from Lewis Family Partnership LP. Rick Harrison of J.L. Davis Realty assisted both parties.

Engelberth Construction Inc. bought a 30,000-square-foot, Class A office building in the Water Tower Hill Business Park in Colchester from New England Federal Credit Union. Tim Burke of White + Burke Real Estate Investment Advisors Inc. represented the seller.

The Salvation Army bought property at 75 North Main St. in Barre from the Ormsby Family Trust VT. Broker Esther Lotz represented the seller. Present at the closing were Lotz; attorneys Bob Roesler and Sarah Fields; John and Bradley Ormsby; and Yves Bradley, buyer’s broker.

Jackson Street LLC acquired a large office/industrial building at 291 Hurricane Lane, Williston, from Cresta Nedde LLC. Flex-a-Seal will be relocating its manufacturing business to the location after completion of improvements. Bill Kiendl of V/T Commercial represented the buyer, and Doug Nedde and Fernando Cresta represented the seller.

Siple Property Maintenance LLC leased a warehouse/office facility at 14 Gauthier Drive in Essex from MD Burnham Properties LLC. Present at the closing were Lotz and Mark Burnham.

FoodScience Corp. leased Unit 1 at 254 Brentwood Drive, Colchester, from Sizzling Sausage LLC. Present at the closing were Lotz and Michael Webb of FoodScience. •

July

Runamok Maple announced the conversion of its 55,000-square-foot production facility to operate exclusively on solar energy. Runamok partnered with Norwich Solar for the work. The conversion was planned from Runamok’s move to its Fairfax facility in mid-2018. The project required replacing and insulating the roof to support the new panels, a significant investment. The company has earned a substantial reduction in electrical costs and expects the panels to generate all of its existing and anticipated power needs.

The Housing Foundation Inc. hosted an open house and dedication at its Hollister Hill Apartments in Marshfield to thank the generous funders, supporters, and construction teams involved in the project. Between 2014 and 2018, the entire complex was redesigned, creating 16 new multi-family apartments, a central heating plant, and a new community center. ReArch was the construction manager, and the architect/engineer was NFB Architects. •

June

The University of Vermont Medical Center has leased 22,000 square feet of office space in Technology Park in South Burlington from 55 Community Drive LLC. Tim Burke of White + Burke Real Estate Investment Advisors represented the medical center, and ReArch Co. represented the landlord.

Allstate Insurance Co. announced that Kris Luce, Allstate Agency owner in Essex Junction, has partnered with fellow Allstate Agency owner Walter Hausermann to form the Hausermann & Luce Allstate Agency at 4001 Williston Road in South Burlington. The partnership stems from a 20-year relationship between the two. The combined agency offers auto, property, life, annuities, and financial services products plus voluntary workplace benefit packages. Luce also has another location, Luce Family Agency PLLC, at 11 Pearl St., Suite 101, Essex Junction.

Delaney Meeting & Event Management leased 3,500 square feet at 46 Main St., Winooski, from Neville Companies. Kendra Kenney of Donahue & Associates represented both parties.

Following a two-year, $16.5 million investment, the Woodstock Inn & Resort unveiled the redesign and enhancement of its 142 guest rooms, including the debut of six new Legacy Suites inspired by founders Laurance S. Rockefeller and Mary French Rockefeller. Included are reimagined lobby and public spaces, the new Red Barns at Kelly Way Gardens culinary center, and upgrades to the Woodstock Athletic Club, Woodstock Country Club, and Suicide Six ski area.•

May

Addison Respite Care Home announced its completed merger with Hospice Volunteer Services in Middlebury. The organizations are now doing business as End of Life Services Inc., providing volunteers, bereavement services, community education, and end-of-life suites at UVMMC–Porter Medical Center and Helen Porter Rehabilitation and Nursing.

Long View Forest Inc. and Encore Renewable Energy announced the commissioning of a 745 kilowattpeak (kWp) community solar array on three acres at the new Long View headquarters and woodyard on Ferry Road in Hartland. The project is on a 28-acre remediated brownfield property formerly used as a sawmill and lumber treatment facility. The project is expected to produce enough to power approximately 125 homes annually. Mascoma Bank provided the debt financing and entered a long-term agreement to purchase the net metering credits generated by the project. Since December, the project has been generating savings for Mascoma and the Montshire Museum of Science in Norwich, which will realize about $700,000 of savings on electricity over the agreement’s 25-year term. The array was a critical part of Long View’s plan to redevelop the brownfield site as a forestry business park.

Margolis Healy & Associates LLC leased 1,500 square feet at Maple Tree Place in Williston from Brookfield Properties. Kendra Kenney of Donahue & Associates represented the landlord, and Mike Biame of Pomerleau Real Estate represented the tenant.

Vitality Healthcare leased 1,500 square feet at 71 Knight Lane in Williston from Lewis Family Partnership. Kendra Kenney of Donahue & Associates represented the tenant, and Rick Harrison of J.L. Davis Realty represented the landlord.

Dennison Lubricants Inc. leased 5,000 square feet at 260 Avenue D, Williston, from TM Development LLC. Linda I. Letourneau of V/T Commercial assisted both parties.

3JT LLC purchased the 45,000-square-foot bank building at 2300 St. George Road, Williston, from TD Bank NA. TD Bank will continue to maintain its retail branch at the location. Tony Blake of V/T Commercial represented the buyers, who will update the property as a new home of DealerPolicy, and Bill Kiendl of V/T Commercial, TD Bank’s exclusive area representative, announced the sale.

ATC Group Services leased 6,023 square feet at 51 Knight Lane, Williston. Tony Blake of V/T Commercial represented the tenant, and Linda I. Letourneau of VT Commercial represented the landlord.

Fournier & Smith LLC purchased property at 19 Gauthier Drive, Essex Junction, from Menjo LLC. Broker Esther Lotz represented the seller. Present at closing were Joe Rotunda and Kim Rotunda, Menjo; Jesse Bugbee, attorney; Lotz; Caitlin McMurdo-Minnich, Citizens Bank; and Gary Fournier and Jeff Smith, Fournier & Smith.

Megan Poor, et al, leased 1,487 square feet at 1795 Williston Road, South Burlington, from Investors Corporation of Vermont. Linda I. Letourneau of V/T Commercial represented the landlord, and Tony Blake of V/T Commercial represented the tenant.

PT360 announced the opening of a new fitness space in Williston, where athletic trainer Jen Farrugia will offer post-rehabilitative care with kinesio-taping, active isolated stretching, cupping, dry needling, and small group classes and workshops. Through a partnership with REV Indoor Cycling, PT360 patients can take REV-X metabolic conditioning class or book specialized appointments for athletic training, physical therapy, and post-rehab needs.

Howard Center leased 4,500 square feet at 208 Hurricane Lane in Williston from Hillside Properties. Linda I. Letourneau of V/T Commercial assisted both parties.

Country Home Products Inc. signed a long-term lease for 60,000 square feet at 800 Hinesburg Road in South Burlington from Pizzagalli Properties LLC. Tim Burke of White + Burke Real Estate Investment Advisors represented the tenant.

Courtland Properties LLC bought 11.08 acres in Milton from CUBB Properties 1 LLC. Bill Kiendl of V/T Commercial represented the seller.

Veronica Paquette bought Unit 28, a 960-square-foot condominium, at 1 Towne Marketplace in Essex from Blondin Real Estate. Linda I. Letourneau of V/T Commercial represented the buyer, and Broker Esther Lotz represented the seller.

Breezy Hill Marketing leased 1.930 square feet at 400 Cornerstone Drive, Suite 240, Williston, from Omega Real Estate. Tony Blake of VT Commercial represented the tenant, and Nicole Senecal represented the landlord.

The State of Vermont leased 1,000 square feet of office space at 434 Hurricane Lane, Williston, from Marbryk LLC. Bill Kiendl and Tony Blake of V/T Commercial assisted both parties.

Liesje Smith leased an executive office suite at 148 College St., in Burlington from Grandview Farms Inc. Linda I. Letourneau of V/T Commercial assisted both parties. •

April

Murphy Group Enterprise LLC bought property at 35 Clay Point Road, Colchester, from Jordan Hippolitus Enterprises LLC. Broker Esther Lotz represented the seller. Present at closing were: Bruce Baker, Clarke Demas & Baker; Jody Cole, People’s United Bank; Patrick Murphy and Penny Cargill, Murphy Group; Beth Burdick, office of attorney David Greenberg; Heather Murphy, Murphy Group; Rick Harrison, J.L. Davis Realty; Jonathon Seaver, People’s United; Lotz; Leigh Keyser Phillips, Sheehey Furlong & Behm; and Rebecca Howard, Jordan Hippolitus.

Pet Gear Inc., a division of Vermont Juvenile Furniture that provides products for pets such as such as steel and soft crates, strollers, carriers/backpacks, car booster seats, beds, and cots, has built a 10,150-square-foot unheated warehouse addition in West Rutland. The addition features a pre-engineered metal building with minimal insulation and exposed fastener siding and roofing. Wright Construction Co. was the general contractor.

Criterium-Lalancette Engineers of Rutland was acquired by the company’s Massachusetts affiliate, Criterium-Dudka Engineers. The combined entity will be known as Criterium-Lalancette & Dudka Engineers. Richard Lalancette, the founding president of Criterium-Lalancette, made the announcement. Lalancette will remain with the company for the foreseeable future.

The University of Vermont Medical Center announced the completion of a 190-killowattpeak (kWp) solar array on its roof on Holly Court in Williston. Net metering credits and a steady stream of lease revenue will result in approximately $124,000 total value over the 25-year life of the system. UVMMC worked with Encore Renewable Energy and Sunwealth.

City Market sold 1.67 acres at 75 Briggs St. to Petra Cliffs Climbing Center and Mountaineering School. The sale of the parcel adjoining City Market’s South End location is the result of a process that evolved from a request for proposals whose evaluation criteria included project alignment with City Market’s global ends and the project’s ability to fill a gap in services in Burlington’s South End in addition to compatibility with City Market and the surrounding neighborhood.

March

Bell Wealth Management announced its pending merger with Berger Financial Group of Plymouth, Minnesota. Together they will manage over 1,200 client relationships across 38 states. Bell Wealth has also added to its team. Tyson Pettitt was named managing director and financial advisor in the Burlington office. He has nine years’ financial services experience.

Concept Move LLC leased space at 2069 Williston Road, Suites 2 and 3, from South Burlington Realty Co. LLC to serve as its new home. Broker Esther Lotz was the tenant’s broker-consultant. Present at closing were Lotz; Lucas Zelazny, Concept Move; and Tim McKenzie, South Burlington Realty.

Todd and Myra Alix have bought the Troy Country Store. John A. Beal of V/T Commercial assisted the sellers, John and Jean-Marie Dennison, with the sale of the business and real estate.

Amethyst Captive Insurance Solutions Inc. leased 1,422 square feet of office space at 126 College St., Burlington, from Investors Corporation of Vermont. Bill Kiendl and Jed Dousevicz of V/T Commercial assisted both parties.

Continuum LLC leased 6,000 square feet for its CBD oil production at 552 Avenue D, Williston, from R.E.M. Development Co. LLC. Tony Blake of V/T Commercial assisted the tenant.

Vermont Tent Co. has executed a lease for its new 59,225-square-foot facility at 8 Susie Wilson Road, Essex Junction, where it will relocate its headquarters in the spring. Tony Blake of V/T Commercial made the announcement as exclusive tenant representative for Vermont Tent Co., and Nicole Senecal of Omega Real Estate Associates represented the landlord.

Court Street Associates Inc. purchased a Hill Section office building at 337 College St., Burlington, from Tidal River LLC. Tony Blake and Linda Letourneau of V/T Commercial assisted both parties.

Howard Center Inc. leased 6,550 square feet of office space at 208 Hurricane Lane, Williston, from Hillside Properties Inc. Linda Letourneau of V/T Commercial represented the landlord, and Michael Simoneau of Geri Reilly Real Estate represented the tenant.

Knight Consulting Engineers leased space at 183 Commerce St., Williston, from Unsworth Properties LLC. Tony Blake and Linda Letourneau of V/T Commercial assisted both parties. •

February

Suicide Six Ski Area at the Woodstock Inn & Resort invested $400,000 to upgrade its snowmaking infrastructure for the 2018/2019 season with the installation of 10 TechnoAlpin snow producers. The installation fully automates snow production on The Face, the mountain’s signature trail, and the ski and snowboard learning center.

Ark La Tex Financial Services LLC, dba Benchmark Mortgage, leased an office location at 78 Severance Green, Suite 105, Colchester, from Severance Corners Village Center LLC. Broker Esther Lotz made the announcement. Present at closing were: Robin Jeffers, Severance Corners Village Center; Karriann Poulin, Ark La Tex; and Lotz.

Andrew Peterson, the owner of Peter Quality Malt, bought the 583-acre Nordic Farms, a landmark on U.S. 7 in Charlotte, in partnership with Jay and Matt Canning, owners of Hotel Vermont. The property has an easement with the Vermont Land Trust, and about 350 acres will be planted with barley and other grains.

Gov. Phil Scott announced that the Vermont Yankee Nuclear Power Station has been sold to NorthStar Group Services. NorthStar will begin decommissioning and environmental cleanup on an expedited timeline so the site can become available for reuse decades earlier than previously planned.

Reliable Respiratory Inc. leased 4,335 square feet of office and distribution space at 181 Commerce St., Williston, from Unsworth Properties LLC. Tony Blake of V/T Commercial represented the landlord, and Kendra Kenney of Donahue & Associates represented the tenant.

TD Bank NA sold its property at 14 South Water St., Waterbury, to Furst Management Ventures LLC. Bill Kiendl of V/T Commercial, TD Bank’s exclusive area representative, announced the sale.

Union Bank signed a long-term lease at Finney Crossing Commercial in Williston, where a full-service banking and lending facility is under construction. Opening is anticipated by the end of the year. Tony Blake of V/T Commercial represented the landlord, Snyder FC Commercial Properties, and Rieley Properties.

Looking to retire in a few years, Tim Carney, CFP, announced that his company, Vermont Wealth & Retirement, has been acquired by Hammond Iles Wealth Advisors, headed by Greg Hammond, CFP, CPA, and Scott Iles, based in Connecticut. Vermont Wealth & Retirement will retain its name, office location, and staff and will have increased capacity to host a series of investing education classes and offer advanced business and charitable planning.

Diana Sheltra, EA, of Sheltra Tax and Accounting LLC has purchased the income tax practice of Jeffrey R. Bradley, CPA PC. Bradley has been battling health issues, but will remain available to Sheltra in the coming year to facilitate a seamless transition.

ECHO, Leahy Center for Lake Champlain has built a 156kWp solar carport at its property that employs innovative two-sided panels that capture reflected light as well as the direct rays of sunlight to increase its output. It was built at the same time as a new parking lot and state-of-the-art stormwater pollution control system built by ECHO and the City of Burlington. •

January

New Duds Inc., a commercial screen printing company, leased 8,089 square feet at 382 Hercules Drive, Colchester, from Todd Realty. Linda I. Letourneau of V/T Commercial and Dave Kelly of HighPoint Realty assisted both parties.

Matt and Caroline Corrente of Corrente LLC bought the Lobby Restaurant in Middlebury. Bill Kiendl of V/T Commercial and Johnny Beal of Vermont Business Brokers represented the seller, and Jed Dousevicz of V/T Commercial assisted the buyer.

Eric Warnstedt and Will McNeil, owners of Hen of the Wood and Doc Ponds, bought Prohibition Pig from Chad Rich. This brings to four the number of restaurants the partners own.

Suicide Six Ski Area at the Woodstock Inn & Resort invested $400,000 to upgrade its snowmaking infrastructure for the 2018/2019 season with the installation of 10 TechnoAlpin snow producers. The installation fully automates snow production on The Face, the mountain’s signature trail, and the ski and snowboard learning center. West Meadow Farm Bakery LLC has leased space at the Essex Town Center, 4 Carmichael St., Essex, from Town Center LLC. Broker Esther Lotz was the tenant’s broker-consultant. Pictured are Lotz (left) and Lois Blaisdell, West Meadow Farm Bakery.

Champlain Valley Dispensary Inc. leased a 2,775-square-foot commercial space at 2 Green Tree Drive, South Burlington from Pidgeon Farm Properties. Rick Harrison of J.L. Davis Realty represented the landlord, and David Curley of J.L. Davis assisted the tenant.

Eric Bibens II Revocable Trust purchased a 1,700-square-foot office condominium at 85 Prim Road, Unit 402, Colchester, from Strategic Benefits Group. Rick Harrison of J.L. Davis Realty represented the buyer, and David Curley of J.L. Davis represented the seller.

Adams Real Properties LLC bought a 41-acre parcel of land at 700 Mountain View Road, Williston, from GlobalFoundries U.S. 2 LLC. Rick Harrison of J.L. Davis Realty represented the seller.

The State of Vermont renewed its office lease for 36,540 square feet at the GlobalFoundries Essex Junction campus at 1000 River St. Rick Harrison of J.L. Davis Realty assisted the landlord.

Vermont Sandwich Co. Inc. leased a 1,995-square-foot commercial space at Maple Tree Place in Williston from BSREP II Cypress MT LLC. Rick Harrison of J.L. Davis Realty assisted the tenant, and Steve Donahue of Donahue & Associates assisted the landlord.

East Coast Flooring and Window Treatment Inc. leased a 2,500-square-foot warehouse space at 41 Commerce St., South Burlington, from Joe Eddy Holdings LLC. Rick Harrison of J.L. Davis Realty assisted both parties.

Howard Center leased 4,000 square feet at 60 Knight Lane, Williston, from Lewis Family Partnership LLP. Rick Harrison of J.L. Davis Realty and Yves Bradley of Pomerleau Real Estate assisted the landlord, and Michael Simoneau of Geri Reilly Real Estate assisted the tenant.

Accu-Rite Payroll Services of Colchester announced its merger with ConnectPay. Founded by Paul Altavena and Michael Young in 2008, ConnectPay is a regional company covering mostly Massachusetts, Vermont, and New Hampshire. Annual reporting, quarterlies, W2s, etc., will be done as in the past on Accu-Rite’s software. ConnectPay will maintain Accu-Rite’s fee structure through 2019. Mansfield Apartments LLC bought commercial land at 142 and 144 Knight Lane in Williston from Lewis Family Partnerships LLP for the construction of a 31-unit residential apartment building. Yves Bradley of Pomerleau Real Estate represented the seller, and Rick Harrison of J.L. Davis Realty represented the buyer.

Vermont Emergency Medical Services LLC leased a 6,850-square-foot stand-alone commercial building at Building 900, Robinson Parkway, Essex Junction, from GlobalFoundries U.S. 2, LLC. Rick Harrison of J.L. Davis Realty assisted the landlord.

EJ Property Holdings LLC bought Unit 31, Essex Towne Marketplace, Essex Junction, from Richard L. and Christine M. Wheatley. Broker Esther Lotz represented the seller, and Linda I. Letourneau of V/T Commercial represented the buyer. Pictured from left: Letourneau; Phillip O’Connor, EJ Property Holdings; attorney Edward D. Fitzpatrick; and Lotz. •