Business

Investors in Pittenger land firm agree to new management

May 4, 2016

(The Charlotte Observer)

Investors in U.S. Rep. Robert Pittenger's former real-estate company have agreed to forgo legal claims against the firm if it turns over control to Charlotte-based South Street Partners. The FBI and the IRS are examining whether the Charlotte Republican improperly transferred campaign money from Pittenger Land Investments in 2012; Pittenger has denied any wrongdoing.

Wake Forest Baptist completes Cornerstone acquisition

May 4, 2016

(Winston-Salem Journal)

Wake Forest Baptist Medical Center has completed its purchase of Cornerstone Health Care, the state's largest doctor-owned medical group. Terms of the deal were not disclosed. High Point-based Cornerstone, with more than 80 offices and 300 physicians in central N.C., will operate as a separate business unit.

Ackman tells Herbalife employees, 'Go find another job'

May 4, 2016

(Winston-Salem Journal)

Hedge-fund manager Bill Ackman continued his assault on Herbalife on CNBC Monday, advising employees to leave the company and find another job. The nutritional-products manufacturer employs more than 400 people at its Winston-Salem plant. Ackman has accused the company of operating as a pyramid scheme; despite his attacks, Herbalife's stock has risen more than 40% in the last year.

Entegra Financial hires former CertusBank exec

May 4, 2016

(American Banker)

The holding company for Franklin-based Entegra Bank named Lola Hart its chief accounting officer. Hart oversaw the liquidation of Greenville, S.C.-based CertusBank, which struggled financially after three executives were fired amid reports of excessive spending. Tim Strom, previously with Greer State Bank in South Carolina, was named director of mortgage lending.

Charlotte's Passport raises $8M in new funding

May 4, 2016

(Charlotte Agenda)

Passport, a Charlotte-based startup that develops software that allow people to pay for parking spaces with a mobile app, raised $8 million in a financing led by MK Capital and also included existing investors Grotech Ventures and Relevance Capital. The company has raised a total of $17 million. Now in 250 markets, Passport plans to use the money to expand into new markets in the U.S. and internationally.

Lincoln Harris completes purchase of Charlotte Observer site

May 4, 2016

(The Charlotte Observer)

Charlotte developer Lincoln Harris paid $23.1 million for the second half of the former Charlotte Observer site, according to someone with knowledge of the deal. The company closed on the first portion of the downtown site last month for $11 million. Records show the developer is planning a mixed-use development, though the company declined to comment on plans for the site.

Quintiles merging with IMS Health to form $17.6B company

May 3, 2016

(WRAL TechWire)

Durham-based contract-research organization Quintiles is merging with Danbury, Conn.-based IMS Health Holdings in a deal valued at $9 billion. The combined company will have a market value of nearly $18 billion. The new company will be called Quintiles IMS Holdings and will maintain dual headquarters. Quintiles CEO Tom Pike will become vice chairman of the new company.

Investments in renewables grew slower in 2015

May 3, 2016

(The News & Observer, Raleigh)

Utilities and other companies claimed $136.3 million in renewable-energy tax credits in 2015, slightly higher than the $126.7 million claimed in 2014, according to a report by the N.C. Department of Revenue. The amount had been doubling annually in recent years due to the state's mandate requiring utilities to purchase increasing amounts of renewable energy.
Related: Duke Energy subsidiary buys 6 NC solar farms

Raleigh drug developer files for Chapter 11 bankruptcy

May 3, 2016

(The News & Observer, Raleigh)

NephroGenex said Monday it has hired an investment banker to help sell its assets. The drug developer completed its initial public offering in February 2014 at $12 a share; its stock was trading at 18 cents a share on Monday afternoon. The company was in the midst of a restructuring and had been attempting to complete a reverse merger.

Economist: Port of Wilmington will benefit from Panama Canal widening

May 3, 2016

(Greater Wilmington Business Journal)

The Port of Wilmington needs to stay focused on accommodating growing demand for imports and exports within the state, PNC economist Mekael Teshome said in a report, rather than competing with larger ports. A widened Panama Canal is expected to open June 27. The N.C. State Ports Authority is investing $100 million at the port to accommodate more than one post-Panamax ship at a time.