Mergers & Acquisitions

1996

December

Vermont Financial Services Corp. (VFSC) and Eastern Bancorp Inc. (EBCP) have signed an agreement under which VFSC will acquire EBCP in a tax-free merger involving an exchange of stock and cash. The deal is subject to approval by the shareholders of both companies and regulatory authorities. EBCP is the holding company for Vermont Federal Bank. VFSC is a holding company for Vermont National Bank and United Bank, a Massachusetts savings bank. The acquisition will give VFSC a 19 percent statewide deposit market share and a 17 percent deposit market share in Chittenden County.

Peggy and Dan Rainville have acquired Shoreline Chocolates from Joanne James. The company sells its handmade chocolates at its retail shop on West Shore Road, Alburg, as well as through mail order, shops and restaurants throughout New England. Dan Rainville is chef at Shore Acres Inn & Restaurant in North Hero. .

Patricia L. Thomas, president/CEO of the Visiting Nurse Association (VNA), announced that the association has become affiliated with Fletcher Allen Health Care (FAHC). Both VNA and FAHC will remain independent. The affiliation agreement, which will last three years, will permit coordination of health care delivery for patients moving from home to hospital and vice versa. .

The Shanty on the Shore, at the corner of King and Battery Streets, Burlington, has been sold by Terry and Sue Spillane to Al and Kim Gobeille. The new owners plan to continue with the restaurant's name and theme.

Market Results Inc. of South Burlington has acquired Innovative Marketing Concepts (IMC) of New England in Essex Junction. Market Results is an out-sourcing firm specializing in business to business retail channel sales, industrial sales, lead qualification and market research. The company will move its automated call center and offices to 76 Pearl St., Essex Junction. Ray Walsh continues as president of the firm. Paul Madden of IMC joins Market Results as operations director. Ron Sweet, formerly of IMC, retains a working relationship with the firm. marketer@together.net. http://www.together.net/~marketer/marketer.htm. Fax: 878-7830. Voice: 878-7718.

Stanmar Inc. of Sudbury, Mass., has sold Smugglers' Notch Resort to William P. Stritzler, managing director/CEO for the resort of the past 10 years. Stanmar had owned the property since 1973. The purchase includes the ski area on Morse, Madonna and Sterling Mountains, the village development, a 3,800 acre lease from the state, and 1,000 acres surrounding the village.

November

William H. Dunlap, president of the former Vermont Copier in Williston and Rutland, announced that his firm has merged with Taft Business Machines of Bedford, N.H., and Locke Office Products in New Hampshire and Maine, and changed its name to Ikon Office Solutions of Northern New England. There are 500 other Ikon locations in the United States.

Dawn Smith has acquired Café No No at 143 North Champlain St., Burlington. She was the café's manager. Smith plans on converting it to a non-profit organization and a community and cultural center for the Old North End. (802) 865-5066.

Vermont Parent & Child Magazine is now published by the Vermont Parent Child Center Network. The magazine is a statewide, parenting publication with a circulation of 25,000. The network is a non-profit organization representing 16 centers, which offer a range of family-centered education and support services. Abby Rehkugler and Susan Youngwood, the magazine's former owners, will continue to work for the publication. Editorial content will not change significantly. The partnership has opened a Montpelier office. (802) 828-8782.

Tina and Jeremy MacLeod have purchased K? Beverage at 1341 Shelburne Road, South Burlington, and renamed it TJ's Wines & Spirits. TJ's continues to offer an extensive selection of wines and beers. It is a Vermont liquor outlet, a bottle redemption center, and houses the second location of the Kountry Kart Deli. Tina was a controller for a group of local surgeons. Jeremy was employed by Perry Restaurant Group and is a professional ski instructor.

October

Michele Bessett and Bob Iwaskiewicz have sold Jeff's Maine Seafood in St. Albans to Tim and Jamie West. The new owners of the restaurant and retail fish market plan to expand the restaurant's menu. Tony Blake of V/T Commercial in Burlington assisted in the sale.

Hospitality Inns Inc. sold an 81-acre parcel of land on U.S. 2, just east of Taft Corners in Williston, to Maurice and Pauline LaPierre. Eric Farrell of Coburn & Feeley Real Estate Inc. in Burlington brokered the transaction.

Harold Ripley has sold Classic Kitchens & Baths in Williston to Lisa Gallant and David Gendron. The new owners plan to continue specializing in the design and installation of custom bathrooms and kitchens. Ripley has retired, after owning the business 14 years. Tony Blake of V/T Commercial assisted in the transaction.

Vermont National Bank, a wholly owned subsidiary of Vermont Financial Services Corp., has acquired Green Mountain Bank's trust department. Green Mountain Bank is headquartered in Rutland, and is a subsidiary of Arrow Financial Corp. of Glens Falls, N.Y. The acquisition gives Vermont National approximately 800 new trust clients and additional revenues of approximately $1.8 million per year.

Liza Deignan and Romano Formichella have sold the Woodstocker Bed & Breakfast in Woodstock to Nancy and Tom Blackford. Gary Gosselin of Atlantic Lodging & Restaurant Brokers in Burlington assisted in the transaction.

Mergers and acquisitions archives from Business Digest magazine prior to October 1996 are not available online.