Hartford Business Journal

4 HARTFORDBUSINESS.COM | MARCH 10, 2025 BIZ BRIE FS Another iconic CT newspaper HQ building listed for sale A month after the Republi- can-American was sold to Hearst Connecticut Media Group, the iconic landmark building that long hosted the Waterbury-based news organiza- tion has gone up for sale. The 70,000-square-foot brick building features a 245-foot-tall clock tower adorned with gargoyles and is familiar to anybody who regularly passes through Waterbury. The building, which once served as the city's passenger rail station, sits on nearly 2.4 acres on Meadow Street in the heart of the city. The property is being listed as a redevelopment opportunity with an HBJ PHOTO | MICHAEL PUFFER The Republican-American newspaper building at 389 Meadow St., in Waterbury. asking price of $4.95 million. Parker Benjamin Real Estate Services is the broker for the property. Parker Benjamin is a Farming- ton-based investment banking firm that provides financial, real estate advisory and development services. In December, HBJ reported that Parker Benjamin was partnering with the owner of the Republican-Amer- ican building — a company led by the newspaper's former publisher, William B. Pape — in a proposal to transform the property into a mix of 38 luxury apartments, along with office and retail space. American Republican Inc. continues to own the building following the sale of the newspaper business. Glastonbury HR firm acquired by national company Glastonbury-based Total Team Solu- tions, which provides human resources services for small and midsize busi- nesses in New York and Connecticut, will be acquired by a national firm. North Carolina-based CongruityHR will acquire Total Team, which is a professional employer organization that provides payroll, employee bene- fits and HR services. CongruityHR, which is owned by private equity firm RFE Invest- ment Partners, also provides HR outsourcing, including compliance, tax administration, workers' compen- sation and safety services. Private-equity backed aerospace supply chain company establishes itself with CT acquisition A newly formed company, Stronvar Aerospace, has acquired a legacy manufacturer in South Windsor, the first move in what it says is a stra- tegic plan to build a group serving the aerospace engine supply chain. Stronvar, which is backed by private equity giant Blackstone, has purchased privately held Electro Methods Inc., which was founded in 1965 and has around 230 employees in its six-facility campus. Electro is a supplier of fabricated assemblies to jet-engine makers. It provides services in welding, machining and process technologies, working with specialized aerospace alloys. Stronvar Aerospace is led by CEO Craig Gallagher, formerly the founder and CEO of MB Aerospace and Chief Financial Officer Gregor Goodwin, also formerly of MB Aerospace. UK-based MB Aerospace in 2023 was bought by Bristol-based Barnes Group. New Haven biotech Rallybio faces Nasdaq delisting Rallybio — a New Haven-based, clinical-stage biotechnology firm developing drug therapies for rare diseases — notified federal regulators that it faces delisting from the Nasdaq stock market. The company filed a notice with the U.S. Securities and Exchange Commission that it had received a letter from the Nasdaq listing qualifications department stating the closing bid price for Rallybio's common stock was below the minimum $1 per share during the previous 30 consecutive business days required by the market's rules. While the stock continues to be listed and trade on the Nasdaq, Rallybio said it has 180 days, or until Aug. 25, to "cure the deficiency and regain compliance with the minimum bid notice."

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