Mainebiz

V O L . X X I V N O. I V F E B R UA R Y 1 9 , 2 0 1 8 6 Maine ranks No. 3 in insurance affordability For the fifth consecutive year Maine ranked third nationally for lowest aver- age auto insurance premiums, accord- ing to recently released reports by the National Association of Insurance Commissioners. Maine continues to have the lowest average homeowner premiums in New England, ranking for the third year in a row 10th nation- ally for lowest average homeowners premiums, according to the NAIC. According to the Insurance Research Council, Maine also now has the low- est percentage of uninsured motorists, at 4.5% (followed by New York at 6.1% and Massachusetts at 6.2%). CEI to finance 'high-impact' solar projects Brunswick-based CEI has launched a new subsidiary — with the name of Bright Community Capital — to fill a financing gap in the solar energy mar- ketplace. Bright Community Capital will invest equity, debt, and tax equity to develop non-residential solar projects in low to moderate income communities, an underserved market. e formation of Bright Community Capital was made possible through a $20 million bond from the U.S. Treasury CDFI Fund. It was the first ever award of long-term debt from the CDFI Fund for solar financing. Reports shows shortage of low-income housing Applications for affordable housing to Avesta Housing, the largest non- profit affordable housing provider in northern New England, have gone up by 24% since 2014, but the availability B U S I N E S S M A I N E Business news from around the state S T A T E W I D E Vistage Helps CEOs Grow Their Business. Learn more about our Vistage group in Southern Maine, call 207.869.5491 or visit vistage.com/portlandme. ©Vistage Worldwide, Inc. 18_221_5111 George Casey For these trailblazers, the sky is the limit. That's an ethos we celebrate—and empower. Vistage is the world's foremost executive coaching and business advisory organization, exclusively for top business leaders. Envision: the most comprehensive services. Leading-edge resources. A global network of more than 21,000 peers. That's just scratching the surface of how Vistage members work through challenges and seize opportunities. Find out how we've earned our track record of helping member companies surpass their competition 2.2x faster. Vets First Choice will build $20M corporate facility in Portland B y M a i n e b i z S t a f f Portland — Vets First Choice, a Portland company that provides technology-enabled care services for veterinary uses, will build a $20 million corporate facility in Portland. The news was made public as part of a $9 million grant announced Feb. 5 by Maine Technology Institute. The grant was part of $24.5 million in MTI "Lightning Round" awards made this week from the Maine Technology Asset Fund, which was financed by a $45 million bond approved by voters in June 2017. MTI manages the fund on behalf of the state. MTI awarded a $12.5 million grant to The Jackson Laboratory to support construction of a state- of-the-art research mouse production facility, which is being built in Ellsworth by PC Construction. Vets First Choice plans a corporate facility on the pen- insula in Portland, according to MTI. It is now based at 7 Custom House St. in Portland. The proposed site, the location of which has not been identified, will include an automated fulfillment center, state-of-the-art specialty pharmacy, and a world-class science, technology, engineering and math center. The company also promises to "create hundreds of high- quality jobs in Maine," though the MTI press release did not specify how many. For now, the company has 800 employees, double the workforce it had a year ago. Rapid growth in recent years Founded in 2010, Vets First Choice has already been grow- ing at a rapid rate. Through July 2017, it had raised $223 million, Mainebiz reported. In August 2017, it acquired two specialty pharma- cies, Roadrunner Pharmacy and Atlas Pharmaceuticals. At the time, Vets First Choice said the deals were part of "a global initiative to professionalize prescription management services for veterinary practices." At the time of the acquisitions, Vets First Choice serviced 14,000 U.S. veterinary practices for prescription manage- ment and provided 6,000 others with information software and data services. Separately, Vets First Choice has formed a strategic collaboration with the University of New England College of Pharmacy for residency, training and development programs. Founded in 2010, the company partners with veterinarians to create insight into gaps in patient care and offers profes- sionalized proactive prescription management to drive client engagement and improve compliance. Founder Benjamin Shaw was honored by Mainebiz in 2015 as a Next Award winner. Also that year, Vets First Choice was named by Mainebiz as one of the fastest-growing compa- nies in Maine. Shaw also received a Governor's Award for Business Excellence in December 2017. B R I E F P H O T O / T I M G R E E N WAY Benjamin Shaw, founder and CEO of Vets First Choice, which received a grant of $9 million from the Maine Technology Institute. Vets First Choice plans to build a $20 million corporate facility in Portland.

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