Hartford Business Journal

4 HARTFORDBUSINESS.COM | NOVEMBER 13, 2023 BIZ BRIEFS Torrington home elevator business acquired by Swedish company Torrington-based home elevator provider Elevator Service Co. has been acquired by a Swedish company. Gävle, Sweden-based Cibes Lift Group has purchased Elevator Service Co. for an undisclosed sum. The sale closed on Oct. 31, according to M&A firm Generational Equity, which said it represented Elevator Service in the deal. Elevator Service Co. sells and installs a wide range of home and platform lifts, in addition to providing maintenance and testing services. The company was founded in 2000, and had 25 employees at the time of the sale, according to Gener- ational Equity. It serves customers in Connecticut, New York, Rhode Island and Massachusetts. CT Innovations earns $13M in returns from recent M&A deals Connecticut Innovations (CI), the state's quasi-public venture capital arm, said it earned a $13 million return on investment during its first quarter of fiscal year 2024, from the sale of three portfolio companies. The returns were generated, CI said, from M&A deals involving: • CoolIT Systems, a Canadi- an-based company that makes liquid-cooling products for data centers. It was acquired by New York investment firm KKR for an undisclosed sum. • DiA Imaging Analysis, an Israeli company that specializes in AI-based ultrasound image tech- nology. It was acquired by tech- nology giant Philips. • Populi, a Farmington-based healthcare analytics startup founded by serial entrepreneur Bill Moschella. It was acquired for $52 million by Massachusetts-based Definitive Healthcare. CI said during its first quarter, which ended Sept. 30, it also invested $8 million in early-stage companies across various indus- tries, including $3 million in health- care companies and $2 million across the consumer sector. Hartford Symphony Orchestra inks new contract with unionized musicians The Hartford Symphony Orchestra said it has reached a new four-year contract with its unionized musicians. The collective bargaining agree- ment was hatched with the musi- cians represented by the American Federation of Musicians Local 400. It will be applied retroactively from Sept. 1, 2023, through Aug. 31, 2027, HSO said. Highlights of the new agreement include a 20% increase in musi- cian wages, enhanced seniority payments, and other compensation increases, HSO said. Ion Bank opens 22nd branch as part of Hartford County expansion Ion Bank said it has opened a new branch at 376 North Main St., in Southington, as part of a recent Hartford Country expansion. It's the Naugatuck-based bank's 22nd location. The new branch has a modern teller machine that offers face-to-face banking via video, along with extended hours. It's staffed with personal bankers along with business banking and commercial lenders, the bank said. CVS Health discloses deeper Hartford job cuts Health insurer Aetna's parent company CVS Health disclosed to state and city officials it will be making deeper job cuts in Connecticut than originally announced. The company in a letter to the state Department of Labor and Mayor Luke Bronin said that 336 Connecticut resi- dents will be laid off as part of a broader cost-cutting initiative that will lead to about 5,000 jobs cuts nationwide. In total, there will be more than 500 job cuts tied to Aetna's Hartford headquarters, including remote workers who do not reside in Connecticut, the letter said. The layoffs began on Oct. 21, and are expected to run through the rest of the year, the letter stated. Posi- tions impacted range from analysts and case managers to data engi- neers, sales managers and a CFO position, the letter said. A Hartford Symphony Orchestra performance. PHOTO | CONTRIBUTED Ion Bank's new branch in Southington. PHOTO | COSTAR

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