Hartford Business Journal

HARTFORDBUSINESS.COM | APRIL 15, 2024 3 BIZ BRIEFS "Business needs change from year to year and their cash management needs may have also changed as well." Cash Management Solutions Member FDIC – J E N N I F E R Y E R G E A U, Vice President, Cash Management Commercial & Institutional Sales jyergeau@bankatpeoples.com | 860.397.9014 • Business eDepositPlus • Electronic Payments • Check & ACH Positive Pay • Automatic Sweep to Line of Credit • PeoplesOnline Cash Management bankatpeoples.com/cashmanagement Hartford's LAZ Parking acquires Seattle company Hartford-based LAZ Parking announced it has acquired a Seat- tle-based parking management company, giving it a significant presence in the Emerald City. LAZ Parking said it has purchased the assets of IPM, adding 14,000 parking spaces to its portfolio. IPM was founded in 1985 as Premier Parking. Today, the company has 74 employees and $40 million in managed revenues, according to LAZ. CT's economy grew 3.1% in 4Q; estimated 2.1% growth for all of 2023 Connecticut's real GDP grew 3.1% in the fourth quarter of 2023, placing the state's economic growth slightly below the national average, according to new data from the Bureau of Economic Analysis. The U.S. economy grew 3.4% in the fourth quarter, BEA data shows. Connecticut's growth rate ranked 30th out of 50 states and the District of Columbia. GDP measures the market value of goods and services produced by the labor and property located in a state. Meanwhile, for all of 2023, Connecticut's economy grew 2.1%, which was also behind the nation's 2.5% GDP growth, according to preliminary BEA estimates. Connecticut's GDP growth was higher in the third quarter of 2023, at 4.7%. During the fourth quarter, New England states averaged 3.2% GDP growth, with all state economies except Massachusetts growing at a faster pace than Connecticut. Stanley Black & Decker completes $760M sale of tool attachment business New Britain tool manufacturer Stanley Black & Decker announced it has completed the sale of its attachment and handheld hydraulic tools business to a Swedish firm. STANLEY Infrastructure, the company's subsidiary tools attach- ment business, has been sold to Epiroc AB for $760 million cash, Stanley announced. Epiroc AB is a manufacturer of infrastructure and mining equipment. Stanley said it expects to use the sale proceeds to reduce its debt. The sale comes as Stanley continues to undergo a major cost-cutting effort that aims to trim $2 billion in expenses over three years. Barnes Group closes on sale of two industrial businesses Bristol manufacturer Barnes Group said it has completed the $175 million sale of two of its busi- nesses to a private equity firm. Thomas Hook, president and CEO of Bristol-based manufacturer Barnes, said the sale of its Associ- ated Spring and Hänggi businesses to New York private equity firm One Equity Partners aligns with the company's efforts to "integrate, consolidate and rationalize" its industrial business sector. The two brands were part of Barnes' motion control solutions business unit, which serves the automotive and other markets. Barnes said it will use the net cash proceeds from the sale (about $140 million) to reduce its debt. Italian investment firm completes acquisition of Hartford-based Conning Conning Holdings Ltd., a Hart- ford-based investment management firm that serves insurance compa- nies and institutional clients, said Conning's office in downtown Hartford. PHOTO | CONTRIBUTED that its acquisition by Italy-based Generali Investments Holding S.p.A. has closed. Conning, which is headquartered in Hartford's Gold Building and has offices in Boston and New York City, had been owned by Cathay Financial Holdings, based in Taiwan. Gener- ali's deal to acquire Conning was announced in July. Conning and its affiliates will continue to operate under their current leader- ship and brands, the companies said. A company spokesperson also said via email that there are no plans to relocate Conning's headquarters from Hartford, and "currently no plans to change staffing levels." As of Dec. 31, Conning had $214 billion in total global assets under management, the company said.

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