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W W W. M A I N E B I Z . B I Z 7 JA N UA R Y 2 7 , 2 0 2 5 Kelp company raises $3.8 million for growth Atlantic Sea Farms, a Biddeford- based farmed seaweed company with 21 employees, has raised $3.8 million to fund its next chapter, to be led by a new CEO. Including the latest capital boost from several long- time investors, Atlantic Sea Farms has raised a total of $9.5 million to date. CEO Briana Warner will step down after more than five years at the helm, the company announced. While Warner will take on a new role as a strategic adviser, Mikel Durham will become interim CEO at the end of January. Durham, who has held leadership positions with major food companies includ- ing PepsiCo Inc. Durham sits on the board of Yum China Holdings Inc., that country's largest res- taurant group, and of the Marine Stewardship Council, the interna- tional nonprofit that promotes sus- tainable seafood. Bernstein Shur names CEO Two weeks after Joan Fortin stepped down as CEO of Bernstein Shur, the Portland-based law firm hired a Pittsburgh-based attorney as its next leader. Kaveri Subbarao, global executive director of strategic growth and the litigation practice at global law firm Clark Hill, was brought on following a national search. She will start on Feb. 10. Fortin, who wrapped up at Bernstein Shur on Dec. 31, plans a career break, including travel to New Zealand. Portland housing market keeps momentum Higher interest rates and a tight hous- ing market didn't slow down Portland's home market in 2024. Benchmark Real Estate, in its year-in-review report, says the number of homes sold rose by 15.9% last year. e median sales price in Portland was $585,000, up 6.3% from $550,000 in 2023. e only decline was in the number of days on the market: Houses spent an average of seven days on the market, compared to six in 2023. Ogunquit hotel is sold Lafayette Hotels, which owns roughly 30 hotels across Maine and New Hampshire, acquired the Sparhawk Oceanfront Resort, its fourth prop- erty in Ogunquit. e purchase price was not disclosed. e list price was $31 million. Moores Sparhawk Corp. sold the property, at 85 Shore Road, with Roger Daigle and Benjamin Kramer of Daigle Commercial Group representing the seller. N O T E W O R T H Y S O U T H E R N The Atlantic Federal Credit Union Foundation in South Portland awarded a $15,000 grant to Avesta Housing to support the Portland-based organi- zation's effort to improve lives and strengthen communities by promot- ing and providing quality affordable homes. The foundation also awarded a $10,000 grant to the Midcoast Youth Center's Compass Afterschool and Summer Programs. The U.S. Environmental Protection Agency announced that it completed a required comprehensive site cleanup review, known as a five-year review, for the Saco Tannery Superfund site. Partners Bank in Sanford said it will donate $42,494 to United Way in 2025. The total includes $21,247 pledged by employees plus a dollar-for- dollar match from the bank. The Freeport Wood Bank announced that the town will provide space for the wood bank's operations at the Freeport Recycling Center, at 100 Hedgehog Mountain Road. The Evelyn S. and K.E. Barrett Foundation in York awarded a $75,000 grant to the MaineHealth Barbara Bush Children's Hospital in Portland to help meet the physical and emotional needs of pediatric patients and their families. The grant will also fund a new childhood support special- ist position in York and Cumberland counties. Warby Parker, a manufacturer and retailer of prescription glasses, con- tact lenses and sunglasses, opened a store at 184 Middle St. in Portland's Old Port. Maine's Women's Business Centers at CEI was one of 30 organizations across the country to receive a portion of $26.25 million from the U.S. Small Business Administration to either cre- ate a new Women's Business Centers or support an existing center. The Portland-based organization will use its funding for an additional center fo- cused on childcare businesses. S O U T H E R N Retirement should look like this. We can help you get there. BATH SAVINGS TRUST COMPANY IS A WHOLLY-OWNED SUBSIDIARY OF BATH SAVINGS INSTITUTION. BATH SAVINGS TRUST COMPANY IS A WHOLLY-OWNED SUBSIDIARY OF BATH SAVINGS INSTITUTION. INVESTMENT PRODUCTS ARE NOT INSURED BY THE FDIC, ARE NOT DEPOSITS OR OBLIGATIONS OF INVESTMENT PRODUCTS ARE NOT INSURED BY THE FDIC, ARE NOT DEPOSITS OR OBLIGATIONS OF THE BANK, AND ARE NOT GUAR ANTEED BY THE BANK. INVESTMENT PRODUCTS ARE SUBJECT TO THE BANK, AND ARE NOT GUAR ANTEED BY THE BANK. INVESTMENT PRODUCTS ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. PAST PERFORMANCE IS NOT AN INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. INDICATION OF FUTURE RESULTS. 1-866-670-7517 bathsavings.bank

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