Hartford Business Journal

HARTFORDBUSINESS.COM | MARCH 10, 2025 3 Biz Briefs Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Subscriptions Annual subscriptions are $132.00. To subscribe, visit HartfordBusiness.com, email circulation@ hartfordbusiness.com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 Stay Connected For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln:www.linkedin.com/company/the-Hart- ford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Beat: Energy, Higher Education Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance David Krechevsky | Staff Writer, ext. 702 davidk@hartfordbusiness.com Beats: Health Care, Bioscience, State Government Harriet Jones | Staff Writer, ext. 145 hjones@hartfordbusiness.com Beats: Manufacturing, Cannabis, Professional Services Michael Juliano | Staff Writer mjuliano@hartfordbusiness.com Beat: Fairfield County Stephanie R. Meagher | Research Director Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Jessica M. Quinn | Associate Publisher, ext. 137 jquinn@hartfordbusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Dean Zappalorti | Senior Accounts Manager, ext. 101, deanz@hartfordbusiness.com Sadie Bride | Senior Accounts Manager, ext. 141, sbride@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com Dime Bank CEO and President Nick Caplanson (left) with Nicholas J. Statoulas, chief operating officer. CONTRIBUTED PHOTO CONTRIBUTED PHOTO Quantum Organics' 60-acre campus in Southington. GSB's logo when it adopts its new name, Ascend Bank. a 60-acre site near I-84, uses an anaerobic digestion process to convert food waste into a biogas that is combusted to produce electricity. The process also creates nutrient-rich compost as a byproduct. In early 2017, Quantum Organics' predecessor, Quantum Biopower, began operating the first anaerobic digester in Connecticut. The compa- ny's Southington facility is capable of processing 100,000 tons of food waste and 500,000 yards of leaf and yard waste per year, which produces enough electricity to power about 900 homes per day. The company employs about 50 people. Quantum Organics was created through a merger between Quantum Biopower and Supreme Forest Prod- ucts at the beginning of 2025. Circular Services operates more than 20 material recovery facilities across the country, processing more than 1.5 million tons of materials annually. Major accounting firm in CT sells stake to private equity Professional services firm Cohn- Reznick is selling a stake in the company to London-based private equity firm Apax Funds. The accounting, advisory and assurance firm has offices in Hart- ford and Stamford, employing 94 CPAs and 261 people overall in the state as of the third quarter of 2024, according to Hartford Business Journal's Book of Lists. It is the second-largest accounting firm in Greater Hart- ford after Deloitte, according to HBJ's rankings. CohnReznick says with the sale it will split the firm into two enti- ties, CohnReznick LLP, a licensed CPA firm with Kelly O'Callaghan as CEO; and CohnReznick Advi- sory LLC to provide tax, advisory and other non-attest services, led by David Kessler, the current CohnReznick CEO. It did not reveal the size of the stake that Apax is taking in the firm. The deal is part of a growing trend of private equity investment in CPA firms. Baker Tilly, Grant Thornton and Citrin Cooperman are all among those who have recently announced private equity deals. Amid pending merger, CT bank to change name GSB, or Guilford Savings Bank, announced that it's changing its name to Ascend Bank. The bank said the new name will allow it to "broaden its reach, attract new clients, and remain strong in an increasingly competitive environment." The new name comes as GSB is in the middle of multiple significant changes. It's merging with Norwich-based Eastern Connecticut Savings Bank to create a $1.4 billion lender that will offer commercial, business, personal and digital banking services to a combined 25,000 clients. That deal, announced late last year, is still awaiting regulatory approvals and is expected to close in the third quarter of 2025. GSB last year also announced a leadership transition. CEO Timothy Geelan relinquished his president's title in 2024, and is expected to step down as CEO this year. President Kyle J. Eagleson will take over as CEO. Quantum Organics in Southington acquired by national company Southington-based renewable energy producer Quantum Organics has been acquired by New York City-based Circular Services, the largest private recycling and material recovery services provider in the United States. Terms of the deal weren't disclosed. Quantum Organics, located on Top CT community banker to retire; new CEO named L ongtime Connecticut banker Nick Caplanson says he will step down as CEO of Norwich-based Dime Bank at the end of the year as he heads into retirement. Caplanson has led Dime Bank for 14 years, doubling its assets over that time to $1.2 billion. He also led Dime Bank's expansion into Greater Hartford with new branches in Colchester, Glaston- bury, Manchester and Vernon. The bank has 14 branches overall, including one in Westerly, Rhode Island. Caplanson will relinquish his president's title as of Oct. 1, and step down as CEO at the end of the year. After that, he will continue to serve as the bank's board chairman. Taking over Dime's top leadership post will be Nicholas J. Statoulas, who is currently the bank's executive vice president and chief operating officer. Statoulas joined Dime Bank in 2018 and assumed his current role in 2024. JUNE 12, 2025 Connecticut Convention Center 12:00 p.m. Pre-Event Networking and Silent Auction Main Event and Luncheon 1:30 p.m. NOW ON SALE! Continued on next page

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