Hartford Business Journal

HartfordBusiness.com | February 8, 2021 | Hartford Business Journal 3 CT's PPP 2021 haul surpasses $1B Connecticut employers have received more than $1 billion from the federal Paycheck Protection Program so far this year, following a fresh infusion of funding into the stimulus program from Congress. PPP's overseer, the U.S. Small Business Administration, said that more than 11,600 companies here have received potentially forgivable loans since PPP reopened to applicants on Jan. 11. The sum comes on top of Connecticut's 2020 PPP haul, which totaled $6.7 billion, distributed to more than 62,200 businesses, according to SBA data. The more recent distributions come courtesy of the Economic Aid to Small Business, Nonprofits and Venues Act, signed into law by (now former) President Donald Trump, on Dec. 27. The loans are going to companies that did not receive PPP money last year, as well as to those that are now dipping back into the program through what's known as a "second draw" loan. The latter type of borrower must generally have 300 or fewer employees and be able to show a 25% or greater decrease in gross receipts. The deadline to apply for a PPP loan is March 31. Hartford's Virtus acquires $4.3B asset manager Hartford boutique asset manager Virtus Investment Partners said it has agreed to acquire New York-based Westchester Capital Management, an "event-driven" investment strategist with $4.3 billion in assets under management. Westchester Capital, located about 30 miles over the Connecticut border in Valhalla, New York, operates the $3.6 billion Merger Fund, created in $300,000 The median single-family home sales price in Connecticut in 2020, up more than 15% from a year earlier, according to The Warren Group. 8% Connecticut's unemployment rate at the end of December, which was down slightly from 8.2% in November, despite the state shedding 3,400 jobs in the final month of 2020. 4,775 The total number of new housing permits issued in Connecticut last year, according to U.S. Census Bureau data, down 6.3% from 2019, mostly a result of slower activity in new apartment development. BIZ BRIEFS BY THE NUMBERS MEMBER FDIC Commercial banking that begins with listening. "Putnam Bank… a division of Centreville Bank." Those words do more than describe a relationship between financial institutions. They introduce you to a larger team of commercial banking experts who are eager to listen to your business's needs, challenges, and goals. And with our expanded array of commercial banking products and services, we can help your business — no matter the size — continue to be a vital part of the eastern Connecticut community. putnambank.com | Contact Kim Bushey at 860.753.8516. That's part of what it means to be a division of Centreville Bank. left to right: Clara Angelos Vice President, Commercial Portfolio Manager Mark Light Vice President, Relationship Manager Robert F. Hannon Vice President, Commercial Lending Scott Sheppard SVP, Commercial Services & Government Banking Robert Trivella SVP, Senior Commercial Loan Officer Kim Bushey SVP, CT Commercial Market Head CB/PB 38222 - HBJ ad10x325.indd 1 CB/PB 38222 - HBJ ad10x325.indd 1 1/6/21 9:04 AM 1/6/21 9:04 AM Virtus is headquartered in downtown Hartford's Gold Building. PHOTO | CONTRIBUTED 1989. The publicly traded Virtus said the deal, slated to close in the second half of 2021, would expand its offerings of alternative investment strategies. Private equity firm invests in Wallingford in-home addiction treatment provider A private equity firm announced a "significant growth investment" in Aware Recovery Care, a Wallingford- based provider of in-home addiction treatment. Health Enterprise Partners (HEP), a New York-based company whose investors include some of the nation's largest health systems and health insurance plans, made the investment. The undisclosed amount will fund the expansion of Aware's in-home addiction treatment program across multiple states and payors. Aware's main program, In-Home Addiction Treatment (IHAT), is a 52- week, home-based biopsychosocial curriculum that has been deemed highly effective by clients including Anthem Blue Cross Blue Shield of Connecticut. Anthem found that 60% to 70% of its members who followed Aware's program achieved year-long abstinence from drugs and alcohol compared to less than 10% of those who attended residential treatment programs. Growing healthcare diagnostics company takes over Rocky Hill bank branch A former Farmington Bank branch in Rocky Hill has been leased by a North Carolina-based healthcare diagnostics company that has growth ambitions in Connecticut. Laboratory Corp. of America Holdings, or LabCorp, is a publicly- traded life sciences company that provides diagnostics and drug development services. It has subleased 1,800 square feet at 366 Cromwell Ave. in Rocky Hill from People's United Bank, according to deal brokers Andrew Hale and Thomas Wilks of O,R&L Commercial. People's United took over the property's lease following its $544 million purchase of Farmington Bank in 2018. The 7,800-square retail building is owned by the Mozzicato family and has other tenants, including Battiston's of Rocky Hill. Labcorp has also opened new sites at Walgreens pharmacies in Vernon, Manchester and Meriden, O,R&L said. Windsor's TRC buys Seattle clean energy firm Windsor-based TRC Cos. bought EMI Consulting of Seattle as part of a strategy to expand its clean energy business nationwide, the company announced this week. EMI Consulting focuses on development of clean energy services, with projects in 20 states. The company employs 30 economists, statisticians and research methodologists. TRC has been on an acquisition spree in recent months, buying two Pennsylvania environmental firms late last year. TRC has more than 5,000 employees in more than 140 offices in North America, the United Kingdom and China. Based at 21 Griffin Road North in Windsor, TRC also has offices in Rocky Hill and Milford. The Hartford to use AI technology for faster claims processing Property-casualty insurer The Hartford is adopting artificial intelligence technology from London-based insurtech Tractable for a system that analyzes damage to vehicles it insures. Tractable's technology uses photos and AI to assess damage faster than humans can, which allows for a faster claims process, according to Tractable.

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