Briefcase — February 2019
CLOSING
Uturn BBQ, a Lafayette barbecue restaurant and brewery, closed after about two years in business. The restaurant’s space on Crossing Drive will be turned into a new Larkburger concept, which is expected to open in March. Larkburger has locations throughout Colorado, including in Boulder, Broomfield and Fort Collins.
Emmerson, a bistro on Boulder’s Pearl Street Mall, closed after less than two years in business. The restaurant, owned by Ben Kaplan and a group of four others, opened to positive reviews in August 2017. High operational costs and dwindling foot traffic made operating the 5,000-square-foot eatery at 1600 Pearl Street difficult, Kaplan told Eater Denver. According to a Boulder Daily Camera report, a notice posted outside the restaurant indicated that the owners owed their landlord $156,000 in unpaid rent and expenses.
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In Colorado, 1 in 3 women, 1 in 3 men and 1 in 2 transgender individuals will experience an attempted or completed sexual assault in their lifetime. During April, we recognize Sexual Assault Awareness Month with the hopes of increasing conversations about this very important issue.
The Mitsubishi dealership at 2712 and 2839 S. College Ave. in Fort Collins was to close Feb. 8. The dealership had about 15 employees. New cars left unsold will be dispersed elsewhere in the company, and used cars will be auctioned. The dealership is owned by the Tom Wood Automotive Group, based in Indianapolis.
AstraZeneca PLC is closing its Colorado operations, which includes facilities in Boulder and Longmont, and laying off 210 employees. The locations at its Boulder Manufacturing Center, 5550 Airport Blvd., and the Longmont Manufacturing Center, 4000 Nelson Road, are being “permanently terminated due to the closing of manufacturing operations there in the entirety,” AstraZeneca wrote in a WARN notice letter to the Colorado Department of Labor and Employment. Most terminations are expected for March 22, although some may continue after that date. Layoffs include roles such as manufacturing specialists, production technicians, quality control analysts and quality control senior analysts.
CONTRACTS
Apple spent $60 billion on 9,000 American component manufacturers for its products, including Broadcom in Fort Collins. The company makes wireless communication hardware that enables global connectivity. Apple grew its investment in American component suppliers by 10 percent and supported more than 450,000 jobs in 2018. Broadcom is one of its Top 200 suppliers.
Biodesix Inc. partnered with MRM Proteomics Inc., a Montreal-based biotech company, to create and develop lung cancer assays. Under the terms of the deal, MRM will grant Boulder-based Biodesix rights to use its proprietary iMALDI technologies to further advance its blood-based lung cancer diagnostics.
Terrapin Care Station is partnering with Boulder-based Z2 Entertainment to establish the cannabis company as the official partner for events at Boulder Theater and Fox Theatre. Terrapin has cannabis dispensary locations at 1795 Folsom St. and 5370 Manhattan Circle in Boulder, 650 20th Ave. in Longmont, and in Aurora and Denver.
The Northern Colorado Economic Alliance is partnering with three Northern Colorado chambers of commerce and will add Fort Collins Area Chamber of Commerce president David May, Loveland Chamber of Commerce president Mindy McCloughan and Greeley Area Chamber of Commerce president Sarah MacQuiddy to its board of directors. The Loveland-based alliance, rebranded last year as OneNoCo, aims to bolster economic development by attracting businesses and jobs to the area.
Here Technologies is partnering with Jarvish AI on an intelligent helmet system. Jarvish makes smart helmets that include technology integration, voice control, noise cancellation, bluetooth Wi-Fi connectivity and cameras. One of the Jarvish helmets, the X-AR, includes an augmented-reality-powered display that provides riders with a rear-camera view and 360 degree visibility. Here, which has a research-and-development facility in Boulder, provides the maps and routing that Jarvish helmets incorporate into their navigation capabilities.
DEADLINES
Nominations close Feb. 15 for the Colorado Manufacturing Awards’ fourth annual program, which will culminate in an awards reception and presentation on April 4 in Denver at the Cable Center on the University of Denver campus. The CMAs recognize outstanding manufacturing companies across 12 industries and the supply chain. Three finalists from each industry category will be recognized throughout March.
EARNINGS
Amalgamated Bank (Nasdaq: AMAL), which acquired New Resource Bank in 2018 and has operations in Boulder, reported higher earnings in the fourth quarter of 2018 compared with the same period in the previous year. The bank posted earnings of $9.7 million, or $0.30 per diluted share, for the quarter. In the fourth quarter of 2017 Amalgamated saw earnings of $4.8 million, or $0.17 per diluted share. Amalgamated’s fiscal year 2018 results were also up over 2017. Net income of $37.0 million, or $1.21 per diluted share, as compared to $6.1 million, or $0.21 per diluted share, for the full year of 2017.
Crocs Inc. (Nasdaq: CROX) updated its guidance for the fourth quarter ended Dec. 31. The company said it now expects fourth quarter revenues of $211 million to $214 million; it previously expected revenues of $195 million to $205 million. The Niwot-based shoe company had revenues of $199.1 million in the fourth quarter of 2017.
Woodward Inc. (Nasdaq: WWD) posted first-quarter 2019 earnings per share of 77 cents, up from 29 cents during Q1 2018 and beating analyst expectations by 3 cents per share. The Fort Collins-based company had net earnings of $49.1 million, up significantly from the year prior, when the company had earnings of $18.3 million. The aerospace segment of the company had net sales of $393 million, compared with $306 million a year ago. Segment earnings were $73 million, compared with $45 million. Industrial segment net sales were $260 million in 2019 and $164 million in 2018. Segment earnings for the quarter were $29 million. Woodward had net revenue of $652.8 million, a 38.9 percent increase from the same period the year prior. Woodward beat revenue expectations by nearly $75 million.
EVENTS
The East Colorado Small Business Development Center will host a two-day conference educating small-business owners on how they can participate in the budding hemp industry. Harvesting Hemp will take place Feb. 8 and 9 at Aims Community College. The seminar is part of the Leading Edge Strategic Planning Series. Leading Edge delivers comprehensive training to small businesses and has courses to help startups and existing businesses with finance, marketing, management and other skills. Registration, limited to 40 people, costs $175 and includes meals, coursework and additional materials needed for the class.
The Fort Collins Area Chamber of Commerce will host its 114th annual dinner from 5:30 to 8 p.m. Feb. 20 at The Hilton Fort Collins, 425 W. Prospect Road. The chamber’s Collins Award Winner, Young Professional of the Year, Chamber Board of Directors and Volunteer of the Year will be recognized at the dinner, which is expected to draw more than 600 people.
KUDOS
John and Jeanne Perrine, known as Santa and Mrs. Claus in Loveland, were given the top honor at the annual Loveland Chamber of Commerce awards. The Heart Award is given annually to individuals or businesses that give time, expertise and support to Loveland. The Perrines, both retired, don’t confine their activities to the Christmas season but also are involved with the Corn Roast, Valentine’s Day activities and nonprofits in the community and county. Other awards included: Small Business of the Year, Loveland Downtown District; Large Business of the Year, Budweiser Events Center and its manager, Spectra; Nonprofit of the Year, Thompson Valley Rotary; Young Professional Award, Blas Estrada, a Realtor with The Group; and Ambassador of the Year, Rick Lambert.
Several area companies were recognized by Pinnacol Assurance, a workers’ compensation insurer, as recipients of the 2018 Circle of Safety Award. Adcon Signs and Maximum Painting LLC, both of Fort Collins, were awarded, as was the Frederick-Firestone Fire Protection District, Mark Young Construction of Frederick and Johnstown-based Fiske Electric.
Ball Corp. (NYSE: BLL), a Broomfield-based metal-packaging manufacturer with a major aerospace division, topped Forbes’ recent list of America’s Best Employers for Diversity. Broomfield-based Vail Resorts placed 478th.
RE Botanicals, a Boulder-based apothecary brand, received organic certification by the U.S. Department of Agriculture’s National Organic Program for its U.S. grown hemp. RE Botanicals uses crop rotations in growing its hemp to improve soil health and fertility.
The Banner Health breast centers at McKee Medical Center in Loveland and Summit View Medical Commons in Greeley achieved the Breast Imaging Center of Excellence designation by the American College of Radiology.
Leeds School of Business at the University of Colorado Boulder was included on a recent list of the top 50 best value undergraduate business schools in the country compiled by Value Colleges. Colleges on the list are ranked by publisher and student reviews, total annual cost and early career salaries for graduates. Leeds was ranked the 43rd best business school for value.
Yonomi, an IoT platform that integrates smart home devices, was recognized as the “IoT Development Tool of the Year” by the IoT Breakthrough Awards. Boulder-based Internet of Things company provides turnkey software solutions for consumer IoT devices.
The Boulder Chamber released its list of 2019 Celebration of Leadership honorees. Ariel Solomon of Premier Mortgage Group was named the Virginia Patterson Business Leader of the Year. Mardi Moore of Out Boulder County will receive the Impact Award. High Precision Devices is the Entrepreneur of the Year. St. Vrain Valley School District was named Innovative Business of the Year. Alyssa Harding of Justin’s was named Rising Star. Larry Gold of SomaLogic will receive the Franny Reich Lifetime Achievement Award. The Celebration of Leadership will take place from 5 to 8:30 p.m. March 6 at the Dairy Arts Center, 2590 Walnut St. in Boulder. Those interested in attending can register online.
MERGERS AND ACQUISITIONS
ArcherDX Inc., a Boulder-based company that develops genomic sequencing and analysis technology, acquired Baby Genes Inc.. a genetic analysis laboratory in Golden. It will continue to operate under the name ArcherDC Clinical Services Inc. and will market genetic testing services under the Baby Genes brand name. Terms of the acquisition were not disclosed.
Belmont, Calif.-based RingCentral Inc. (NYSE: RNG), a provider of enterprise cloud communications, entered into an agreement to acquire Boulder-based Connect First, a cloud-based outbound/blended customer engagement platform for midsize and enterprise companies. Connect First has been around for 14 years and relocated to Boulder from Atlanta in 2010. There are just under 50 employees in Boulder. Terms of the transaction were not disclosed. The acquisition is expected to close in the first quarter of 2019.
UQM Technologies Inc. (NYSE: UQM), a developer of alternative-energy technologies, entered into a merger agreement with Danfoss Power Solutions (US) Co., a wholly owned subsidiary of Denmark-based Danfoss A/S. Danfoss will acquire all outstanding common shares of UQM for $1.71 per share in an all-cash transaction valued at approximately $100 million, including assumption of UQM’s debt. Danfoss, a privately owned multinational company with reported sales of 5.8 billion euros in 2017, manufactures hydraulic systems, drives, motors and components for the automotive, aerospace, HVAC, and energy industries. The merger anticipates that UQM will become part of the Danfoss Power Solutions segment. The transaction is expected to close in the second quarter of 2019, subject to regulatory and shareholder approval.
Boulder-based Tendril Networks Inc., a provider of home energy management solutions for the utility industry, acquired energy analytics provider EEme.
Operose Manufacturing Inc., a Frederick-based machining service and technology provider, acquired Minnesota-based 3-D CNC Inc., which provides manufacturing services to the computer, medical, electronic, aerospace and industrial equipment industries. Terms of the acquisition, which is Operose’s first, were not disclosed. Operose, founded in 2007, has seven employees in its Colorado operation and, following the 3-D CNC acquisition, about 30 employees in Minnesota. The acquisition is not expected to affect staffing levels at either site.
Cambrex Corp. (NYSE: CBM) closed on the acquisition of Avista Pharma Solutions Inc., a pharmaceutical ingredient manufacturing company with a major Longmont presence.
MOVES
A natural-food company decided to make Boulder its headquarters. The Good Crisp Co., a brand of guilt-free chips that’s like a healthier version of Pringles, moved from Australia to Boulder. The company recently received financing from CircleUp Growth Partners.
The owners of a California-bakery that received $300,000 investment on Shark Tank are relocating their operations to Fort Collins. The Dough Bar, a bakery concept that puts 11 grams of protein into its doughnuts, is owned by Ondrea and Marquez Fernandez. It plans to shift its production to 501 Riverside Ave. by mid-February, with a retail shop to open in spring. The bakery opened in April 2015 in San Francisco with products sold online across the country.
Rio Grande Mexican Restaurant temporarily closed its permanent location in Boulder and is operating out of a temporary spot at 1701 Pearl St. while its main location is being renovated. It also has locations in Fort Collins, Greeley, Denver, Frisco and Lone Tree.
NAME CHANGES
Boulder-based Confident Financial Solutions LLC changed its name to DigniFi. The company provides access to car-repair loans issued by WebBank.
Anton Collins Mitchell LLP, a Denver-based accounting firm with offices in Boulder, Greeley and Laramie, Wyo., simplified its name to ACM LLP and created a new logo.
OPENING
NiCHE Workspaces LLC, a Boulder-based co-working company with a flagship space in downtown Boulder, expanded to north Boulder. The company retrofitted the former Namaste Solar building at 4571 Broadway St., 5,500 square feet in all, with 22 dedicated desks and 10 private offices. NiCHE, an outgrowth of local, family-owned property management company PMD Realty, opened at 944 Pearl St., on Pearl Street’s west end, nearly two years ago.
Boulder-based engineering firm Anthem Structural Engineers is expanding with the addition of a new office in Steamboat Springs.
Norrøna, a Norwegian outdoor brand, is opening a store at 1130 Pearl St. in Boulder, its first U.S. retail location, during the first half of this year. The store will include Norrøna’s assortment of technical outerwear, an apparel repair center, community gathering space and espresso bar.
The Louisville Recreation and Senior Center, 900 W. Via Appia Way, held a grand opening and ribbon cutting event Jan. 26.
Agilent Technologies Inc. plans to have its new Frederick location open for production in the second quarter of this year. The site will have about 100 employees when it opens and has been hiring workers since August 2017.
Avanti Food & Beverage, a collective eatery in Denver, will expand to Boulder and open a second location in the former Cheesecake Factory space in late 2019. Avanti Boulder will be located at 1401 Pearl St. The 13,000-square-foot space will feature a rooftop deck, six different culinary concepts, two bars, coffee and pastries. The eatery will be open for lunch and dinner daily, with brunch served on weekends. Oz Architecture is the lead architect, and Scout Interiors is handling interior design. Avanti is seeking chefs and restaurateurs interested in applying for one of the six restaurant spots.
Front Range Community College will open a 27,000-square-foot manufacturing technology center in Longmont later this year that will become the new home to two programs and permit the operation of two new, accredited technology programs. The college, along with Advanced Energy Industries Inc., a Fort Collins-based manufacturer, conducted a “wall breaking” ceremony at the new facility at 1351 S. Sunset St. in Longmont in January.
Portions of the University of Northern Colorado’s Campus Commons in Greeley were open when students returned to school Monday for the start of the spring semester.
The previously announced 24 Hour Fitness facility planned for the former Safeway building at 460A S. College Ave. in Fort Collins will open March 16. The building is owned by LC Real Estate, a Loveland-based commercial and residential real estate firm.
The long-closed Summit Restaurant in west Loveland will soon be a new dental office. Dentist Paul Bigus will move his practice from near downtown Loveland to the location on a bluff overlooking the Big Thompson watershed and foothills. The office will open in March or April.
PRODUCT UPDATE
Valimenta Labs, a supplement manufacturer, has plans to debut a new patent-pending technology called CELLg8TM. The technology uses naturally-occurring lipids as a sheath to preserve active nutrients during digestion.
Sara’s Cosmic Cookie Dough, trade name for Boulder company 432 LLC, created a cookie dough that’s safe to eat raw or baked. The Centers for Disease Control and Prevention has warned against eating raw cookie dough because of the danger of consuming raw eggs that can carry the salmonella bacteria. Also, uncooked flour can carry E. coli. Sara’s dough isn’t made with raw eggs or raw flour. The plant-based cookie dough is made with pasteurized almond flour and vegan ingredients. Sara’s offers three flavors: chocolate chip, oatmeal chocolate chip and double chocolate chip. All flavors are gluten-free, vegan and paleo friendly.
Skiers at Colorado resorts, starting with Winter Park so far, soon will have real-time access to resort data while they ski. Alpine Media Technology LLC of Centennial engaged Boulder-based company Human Design LLC to create a system capable of providing information to skiers while they ride lifts or as they use their smartphones to find information. Previously, real-time information was limited because of WiFi and cell-tower connectivity. The system uses the lift itself to be the connecting mechanism for the data.
Boulder’s Evo Hemp partnered with New York-based drink manufacturer Honeydrop Beverages on a new line of CBD-infused lemonade. Honeydrop Cold-Pressed CBD Lemonades will include 20 milligrams of CBD sourced by Evo Hemp.
SERVICES
Choice House, a Boulder County-based provider of 90-day extended primary treatment and long-term structured sober living, added intensive outpatient treatment to its continuum of services. The 12-week intensive outpatient program complements Choice’s inpatient and structured sober living treatment programs, providing those who struggle with drug and alcohol abuse the opportunity to choose the treatment program that best suits their needs and lifestyle.