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4 HARTFORDBUSINESS.COM | MAY 19, 2025 BIZ BRIE FS CT auto group acquires 2 Vermont dealerships in first out-of-state expansion Hoffman Auto Group has expanded its footprint outside of Connecticut for the first time. The well-known East Hart- ford-based auto group has acquired Burlington Subaru, Vermont's top Subaru dealership, as well as its sister store, Burlington Hyundai. The acquisition is "a combination of strategic fit and personal connec- tion," the company said. "We've long admired and respected the Subaru and Hyundai brands, and with our family's deep ties to Vermont, this expansion is the right move," said Hoffman East President Matthew Hoffman, who graduated from the University of Vermont. His family grew up in the greater Burlington area. Matthew Hoffman, along with his brother, Jonathan, and two cousins, Zachary and Joshua, are the fourth generation of Hoffmans to lead the 104-year-old, family-owned company. Hoffman Auto now operates 10 dealerships representing 11 brands, along with two collision centers. Its Connecticut locations are in East Hartford, West Simsbury, Waterbury and New London. Another CT biotech company making significant workforce cuts New Haven-based RallyBio announced it will cut 40% of its work- force, "representing nine positions, which will be substantially complete by the end of the second quarter of 2025." The job cuts follow the company's announcement in April that it has discontinued development of a therapy intended to prevent a rare immune disorder in fetuses and newborns. The company is developing therapies to address rare diseases in the areas of hematology, immuno-inflammation, maternal fetal health, ophthalmology and metabolic disorders. RallyBio has significantly reduced its workforce over the past two years. It had 43 full-time employees as of Dec. 31, 2023, which was reduced to 25 full-time employees by the end of last year. Fairfield University's Dolan School of Business launches AI-focused institute Fairfield University's Charles F. Dolan School of Business has launched a new Artificial Intelligence and Technology Institute. Annual programming at the institute will include training opportunities surrounding AI and emerging tech- nologies, and hosting experts from around the country. The institute will also provide advice to promote faculty use of AI and analytics, and encourage students to use AI and technology responsibly. Farmington bioscience firm QCDx secures $7M in new financing The company, founded in 2017 by Triantafyllos (Fyl) Tafas, is developing technology to detect rare circulating tumor cells as they travel through the blood system, before they attach themselves to tissue and form a mass. QCDx on May 1 announced that it had closed on the new financing and that the money would be used, in part, to launch a new diagnostic instrument and a clinical laboratory certified under federal regulations. Out-of-state credit union establishes CT presence with local merger In a rare out-of-state deal, a credit union with a sizable presence on the West Coast has entered the Connecticut market following a merger with Northeast Family Federal Credit Union (NFFCU) in Manchester. Self-Help Federal Credit Union announced that its merger with NFFCU was completed on May 1. Self-Help says it has over $2 billion in assets, 129,000 members and 38 branches, including 22 in California, nine in Illinois, five in Washington and two in Wisconsin. Self-Help says it was chartered in 2008 to serve underserved commu- nities. It provides personal as well as small business loans. Members of the Hoffman family at the grand opening of Hoffman Porsche Hartford in 2024. QCDx founder and CEO Triantafyllos (Fyl) Tafas. CONTRIBUTED PHOTO HBJ PHOTO | STEVE LASCHEVER "Liberty Bank took a chance on us. We're delighted by our relationship with them." Scott Smith CEO & President, Max Restaurants With personalized ser vices and experienced local lending teams, Max Restaurants leaned on Liberty Bank's partnership to reach their business goals. Contact our Commercial Lending Professionals at liberty-bank.com/commercial Member FDIC Equal Housing Lender. All loans and lines are subject to credit and underwriting approval. 24-LBB-0226_Comm_Lending_HBJ_9.75x6.75_Max_M3.indd 1 24-LBB-0226_Comm_Lending_HBJ_9.75x6.75_Max_M3.indd 1 1/31/25 12:43 PM 1/31/25 12:43 PM Farmington-based biotechnology firm QCDx recently closed on $7 million in new financing.