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Editor
jabacon@
baconsrebellion.com
(804) 873-1543

Greater Richmond
Partnership, Inc.

Gene Winter
Senior Vice President

Greater Richmond Partnership
gwinter@grpva.com
901 E. Byrd St.
Richmond, VA

     23219-1234
(804) 643 3227
(800) 229 6332

Partner

Association for

  Corporate Growth - Richmond Chapter

 

Read the Greater Richmond Partnership's other newsletters:

Catalyst: tracking innovation in Richmond, VA's advanced materials/specialty chemicals sector

BioSynthesis: tracking innovation in Richmond, VA's life sciences sector

Logistics: tracking innovation in Richmond, VA's supply chain sector

Zhu's Big News

Working with local attorneys and investment bankers, Richmond consultant Ming Zhu pulled off the first IPO of a small Chinese tech firm in an American stock market.

by Peter Galuszka

In 2004 Ming Zhu had an idea. The Chinese-born business consultant, who had a graduate degree in tourism and business from Virginia Commonwealth University, knew of what seemed a hot business prospect – a Chinese company called e-Future Information Technology Inc. The Beijing firm sells supply-chain software that keeps the merchandise flowing in the world’s biggest and potentially hottest retail markets while accommodating China’s unique accounting system and language. 

The company needed money to grow and global attention to enhance its reputation. So, Zhu, who lives in Richmond, contacted Anderson & Strudwick, a local investment house, and law firm Kaufman & Canoles.

Zhu and his Richmond partners devised a deal -- launching an Initial Public Offering for e-Future through the NASDAQ stock exchange -- that could become a new model for western investors to tap the potential of small, entrepreneurial Chinese companies. The transaction, which burnishes the Greater Richmond region's reputation as a center of financial innovation, could lead to more business with China.

Richmond as a regional financial center but, as demonstrated by the e-Future deal, an increasing number of financiers, attorneys and even CPAs are serving global markets."

Zhu, who travels from his Richmond home to China two or three times a year, knew that e-Future’s merchandise- tracking software was gathering big-name U.S. clients such as Proctor & Gamble and a Chinese firm that markets Walt Disney-licensed products. Founded originally in 1997 in the southern province of Hainan, e-Future was growing fast and needed help to move to the next level. More.

Top Stories...

HRH Buys Lloyd’s Unit

Hilb Rogal & Hobbs Company has agreed to acquire the stock of Glencairn Group Limited, an independent Lloyd's of London insurance and reinsurance broker group headquartered in London, England. Glencairn generates $39 million a year in revenue. Steve Hearn, Glencairn's CEO, will take over as CEO of HRH's London operations. Said HRH CEO Martin L.Vaughan, III: “HRH will triple its size in the United Kingdom. Our expanded presence in this marketplace will allow HRH increased access to the Lloyd's of London market and other critical international underwriting markets, including Bermuda.”
More.

Genworth Reorganizes

Genworth Financial Inc. has reorganized into four business segments: Retirement and Protection; International; U.S. Mortgage Insurance; and Corporate and Other. Pamela S. Schutz and Thomas H. Mann have been promoted to executive vice presidents and will lead the new initiatives. Said CEO Michael D. Fraizer: "We have laid out a solid outlook for double-digit earnings per share growth in 2007."

More.

LandAmerica Closes for Trump

LandAmerica Financial Group, Inc., will serve as escrow agent and issue title insurance policies for the Trump Ocean Resort Baja Mexico development. The first tower of the three-tower, 526-unit hotel-condominium luxury resort is anticipated to be completed in late 2008 and will be LandAmerica's signature project in the Tijuana-Ensenada corridor. More.

Investment Banking Transactions

Ewing Bemiss & Co....

has acted as the exclusive financial advisor to Baird Capital Partners in the purchase of its portfolio company, Network Building & Consulting, LLC Ewing Bemiss & Co. (Dec. 12, 2006) More.

 

has acted as the exclusive financial advisor to Mascon Global Limited. in the purchase of VersaTech Consulting, Inc., a portfolio company of DFW Capital Partners, a private equity investment firm. (Feb. 2007) More.

 

has represented DQE Financial Corp., a subsidiary of Duquesene Light Holdings, Inc. (NYSE:DQE) in the $101.8 million sale of Montauk Energy Capital to Blue Wolf Energy Holdings LLC, an affiliate of the New York based private equity firm Blue Wolf Capital Management LLC. (Jan. 17, 2007) More.

Matrix Capital Markets Group, Inc. …

has completed the sale of Fast Fabricators, Inc., a fabricator of ductile iron pipe products used in water and wastewater treatment, to Mueller Water Products, Inc. (Jan. 16, 2007) More.

 

has closed on all of the assets of Southern Convenience Stores, Inc., a North Carolina- based owner and operator of retail petroleum marketing outlets and convenience stores throughout North and South Carolina. (Jan. 8, 2007) More.

 

has announced today that it has successfully completed the recapitalization of Tri State Foam Products, Inc., a Martinsville, Va.-based manufacturer of expanded polystyrene foam. (Jan. 9, 2007)  More.

Note on transaction listings: Working Capital has included transactions with a documented Richmond connection. We are unable to determine from its press releases whether the Richmond office of Harris Williams & Co., the region's most active middle market investment banking firm, was involved in the company's many deals. You can review their press releases here.

Business

Cap One Completes North Fork Purchase. Capital One Financial has completed the $13.2 billion acquisition of North Fork Bancorporation, Inc., of New York, NY, a provider of deposit and lending services for consumer, commercial and small business customers. (Dec. 1, 2007) More.

Genworth Sells Group Life Unit. Genworth Financial has sold its employee benefits group life and health business to Sun Life Financial Inc., for $650 million. Said CEO Michael D. Fraizer: "This transaction is another key strategic move to better focus Genworth for the future, enabling us to align our core business platforms for growth, efficiency and improving returns." (Jan 11, 2007) More.  

LandAmerica Acquires Texas Firm. Land- America Financial Group, Inc., has acquired Butler Burgher, Inc., a com-mercial real estate valuation company based in Dallas, Texas. (Feb. 6, 2007)
More.

HRH on the Acquistion Trail...

Hilb Rogal & Hobbs Company has completed the acquisition of Cleveland-based Loan Protector General Agency, Inc., and Loan Protector Tracking Services, Inc., providers of customized insurance tracking programs. (Jan. 2, 2007) More.

Hilb Rogal & Hobbs has acquired Nevin, Works & Associates, Inc., an Oregon-based employee benefits insurance agency and an affiliate, thinc USA, LLC, a niche employee benefits consulting firm. (Jan. 4, 2007) More.

Hilb Rogal & Hobbs has completed the sale of Investigative Solutions, Inc., an Atlanta-based provider of high-level risk management consulting and investigative solutions. (Feb. 1, 2007) More.

People

Markel Promotes Latham. Markel Corporation has promoted John Latham to senior vice president of operations from chief information officer. (Dec. 7, 2006) More.

Genworth Hires New CFO. Genworth Financial has hired Patrick B. Kelleher as senior vice president and chief financial officer. He comes from Transamerica Reinsurance, where he has held a similar position since 1998. (Jan. 9, 2007) More.

LandAmerica Promotes Brownstein. LandAmerica Financial Group, Inc. has named Andrew S. Brownstein as senior vice president - international operations manager, responsible for all operations outside the United States. (Jan. 2, 2007) More.

Recognitions
 

LandAmerica Makes Fortune List. LandAmerica made Fortune magazine's 2007 list of the 306 most admired companies. The company was one of six Virginia companies, three based in Richmond, and was first in its industry of mortgage services. (March 6, 2007) More.
 

Capital One Named Best to Work For.
Capital One Financial Corporation, which maintains extensive operations in the Richmond region, has been named one of the "100 Best Companies to Work For" by Fortune Magazine. (Jan. 8, 2007) More.
 

Scott & Stringfellow Recognized. Scott & Stringfellow’s CHOICE Asset Money Management group for the BB&T Special Opportunities Equity Fund was recognized by the Wall Street Journal as a “Category King” for the second time in three years. (Jan. 17, 2007) More.

Precision IR Group Receives Service Award. Precision IR Group announced that the Vcall Webcasting, a service that produces corporate web events for large global audiences, received the 2007 Global Frost & Sullivan Award for Customer Service Leadership. (Jan. 31, 2007) More.