Chester County Daily News Business Briefs

By

VISTA Today Daily News Business Briefs are concise stories that bring you up to date with what’s going on around Chester County.

AlliedBarton Security Services Acquired by Wendel

Wendel, a French investment firm, announced on June 30 that it has agreed to purchase AlliedBarton Security Services from the Blackstone Group for around $1.67 billion including debt.

AlliedBarton, based in Conshohocken, is one of the largest providers of security guards in the country. It was originally acquired by Blackstone in 2008 from MacAndrews & Forbes Holdings for an undisclosed amount.

Many Chester County companies rely on the trusted name of Allied Barton for security.
Many Chester County companies rely on the trusted name of Allied Barton for security.

“AlliedBarton is a world-class franchise with a tremendous reputation for integrity and reliability” said Frédéric Lemoine, the chairman of Wendel’s executive board, “The company has an outstanding track record of profitable growth and cash generation“.

Wendel will make an equity investment of about $670 million for a 96 percent stake in the firm, with the remaining 4 percent retained by AlliedBarton’s management. The transaction is still awaiting regulatory approval, but is expected to close in the third quarter this year.

Zynerba Pharmaceuticals Set for a $58 million IPO

Cannnibinoids are medicines developed from the marijuana plant.  photo credit: lemon kush, day 64 via photopin (license)
Cannnibinoids are medicines developed from the marijuana plant. photo credit: lemon kush, day 64 via photopin (license)

Zynerba Pharmaceuticals, based in Devon, announced on July 1 that it has filed with the SEC for its initial public offering (IPO), which should raise up to $58 million.

Zynerba plans to list on NASDAQ under the symbol ZYNE and had previously made a confidential filing in January this year. Founded in 2007, Zynerba is dedicated to the development of next-generation synthetic cannabinoid therapeutics formulated for transdermal delivery for patients with significant medical needs such as osteoarthritis and epilepsy.

Zynerba hopes to follow in the footsteps of GW Pharmaceuticals, the last cannabinoid-based health care IPO that traded up over 1,200% in April 2013, however, it is at a much earlier stage in development.

New Executive Director Appointed at the Women’s Resource Center

Daily News
Teresa Wolfgang–via PBJ

On July 1st, Teresa Wolfgang, replaced Michele Daly, as the new executive director of the Women’s Resource Center in Wayne.

Michele Daly decided to retire from the position after 8 successful years and is handing over to Teresa Wolfgang, a military veteran, who has held leadership positions in both the public and private sectors for more than 25 years.

After seeing the posting for the position, Wolfgang was immediately drawn to the job because of the nonprofit’s mission and the focus on women in need. She is taking on the new challenge while completing her second master’s degree.

Wolfgang said what most attracted her to the position is that “Even though there’s a lot of women’s organizations around, the WRC heals women of all statuses whether you’re at the lower level at the working poor or at the higher level – because really, women of any status need help.”

Integrated Care Management Acquired by GENEX Services

GENEX Services, based in Wayne, has acquired Integrated Care Management (ICM) a leading case management firm for workers’ compensation and disability insurance, for an undisclosed sum.

The purchase further consolidates Genex Services position as the largest case management firm in the nation. It also extends GENEX’s national market position in the 20-plus states where ICM does business enabling more workers’ compensation payers and risk managers to access its specialized managed care services

“Our acquisition of ICM was a perfect fit for all involved,” said Peter Madeja, CEO and President of GENEX Services, “Both GENEX and ICM employees place a high value on building long-term customer relationships. We share the same commitment to controlling medical costs and disability durations, supporting the recovery of injured and disabled workers and delivering superior claim outcomes.”

Novation Awards AmerisourceBergen the 2014 Supplier Award

AmerisourceBergen has been awarded the 2014 Mark McKenna Overall Supplier of the Year and the Acute Distributor of the Year by Novation.

The award was announced at the Novation’s fifth annual Supplier Summit attended by more than 1,500 healthcare suppliers. “The companies recognized as winners truly represent the best-of-the best.” said Pete Allen, Novation’s executive vice president of sales and marketing.050815AmerisourceBergen

AmerisourceBergen has invested more than $1 billion over the last ten years, to the distribution network and IT systems that handle nearly 35 percent of all of the pharmaceuticals sold and distributed throughout the country.

Robert Mauch, executive vice president and president of Chesterbrook based AmerisourceBergen said “We’re humbled to receive these prestigious awards, they serve as a source of inspiration to continue to evolve our business to better meet the challenges that face our customers, patients and care providers we ultimately support.”

Connect With Your Community

Subscribe to stay informed!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
Advertisement
Creative Capital logo