Current News

by John McClaughry On November 19 Vermont Senator and Presidential candidate Bernie Sanders, a self-described “socialist” for fifty years, delivered his long-awaited address on the subject of his political ideology, “democratic socialism.” To put this in some context, there have been hundreds of interpretations of “socialism” by its advocates, not including those who used the word as an epithet. A crucial date in “socialism” was the publication of The Communist Manifesto by Karl Marx and Friedrich Engels in the 1848 “year of revolution.”

Vermont Business Magazine Seventy-five years to the day after Bove’s Café opened its doors on Pearl Street in Burlington, Lieutenant Governor Phil Scott joined members of the Bove family at the Italian restaurant as they announced plans to open a new 15,000-square-foot manufacturing facility in Milton in 2016. Bove’s makes premium pasta sauces, frozen meatballs and lasagna, available for sale around the country. This new facility will allow the Vermont-based company to bring all of its manufacturing back into the state, as well as offer factory tours.

Vermont Business Magazine Shopping for groceries? Now you can charge your car while you get your dinner fixings at the Hannaford Supermarket & Pharmacy in Williston, thanks to a partnership between Green Mountain Power, Hannaford Supermarkets and Taft Corners Associates. The charging station is located at the Williston Hannaford, 78 Marshall Avenue. “The new charging station at Hannaford is part of our effort to build a comprehensive EV charging network across Vermont,” said Dorothy Schnure, Green Mountain Power spokesperson. “More and more people are driving electric vehicles, saving money and reducing their use of fossil fuels, and we are pleased as Vermont’s energy company of the future to help them charge up conveniently.”

JAB Holding to pay total of $13.9 billion, also controls Peet's and Caribou coffee companies

by Timothy McQuiston Vermont Business Magazine Keurig Green Mountain, Inc (NASDAQ:GMCR), a personal beverage system company that has revolutionized the way consumers create and enjoy beverages, and JAB Holding Company today announced that the companies have entered into a definitive merger agreement under which a JAB-led investor group will acquire Keurig Green Mountain for $92 per share in cash, or a total equity value of approximately $13.9 billion. The agreement, which has been unanimously approved by Keurig Green Mountain's Board of Directors, represents a premium of approximately 77.9 percent over Keurig Green Mountain's closing stock price on December 4, 2015. Keurig Green Mountain will remain headquartered in Waterbury. Governor Peter Shumlin said that Keurig has told him that there are no plans for a reduction in workforce as a result of the acquisition. The deal is expected to close in the first quarter of 2016.

by Mike Smith In a recent commentary, Senator Joe Benning, R-Caledonia, advocated for the expulsion of Sen. Norm McAllister, R-Franklin, from the Vermont Senate. In May, near the end of the legislative session, McAllister was arrested and charged with multiple counts of sexual assault and prohibited acts. Authorities say women were coerced to exchange sex for rent to live in a trailer on McAllister’s farm. In addition, shortly after McAllister was charged, the newspaper Seven Days interviewed a young woman who had worked for him, first on his farm in northern Vermont and later in Montpelier as his intern.

Vermont Business Magazine SO Vermont Arts & Living magazine and ViewBoost LLC, dba as ViewBoost—Discover Vermont have announced a strategic partnership designed to benefit the magazine’s advertisers and readers while promoting tourism in Southern Vermont. “SO Vermont Arts & Living magazine is delighted to name ViewBoost its "Official Mobile Travel Application." Our partnership with ViewBoost will enhance travel knowledge for our readers and digital audience. We believe this partnership will help grow both organizations and provide superior service to our customers. Both of us are in the business of promoting Vermont tourism and providing exposure to Southern Vermont’s businesses and tourism venues, says Lynn Barrett, publisher and editor of the magazine.

Vermont Business Magazine Addison County Economic Development Corporation (ACEDC) has announced the five winners of its Green Energy Grant program. Grants were awarded at today’s Annual Meeting. Each grant is valued at $500 and will be used for innovative green energy projects that will have an impact on businesses and residents of Addison County.

The five winners are:

Caroline’s Dream, (East Middlebury) for the purchase of a cargo bicycle for wholesale deliveries and pickup of supplies in Addison County. This company has been a leader in recycling, green packaging, and organic & sustainable ingredients from the beginning. This bike will provide the opportunity to take Caroline’s Dream to the next level of environmental leadership.

Vermont Business Magazine Just in time for the giving season, the Vermont Community Foundation has published Opportunity: 11 Critical Paths for Philanthropy in Vermont, a new resource to help guide potential donors as they consider which organizations or programs to support. Opportunity identifies 11 issue areas that present especially strong opportunities for charitable giving in Vermont right now. These issues are the challenges that Vermonters think about every day and include bringing quality education to all residents, cleaning up our rivers and lakes, expanding affordable housing, and tackling substance abuse, among others. The 40-page publication offers a concise background on each issue and highlights some successful approaches already underway in towns and cities across the state.

by Timothy McQuiston Vermont Business Magazine This historically long and slow recovery is beginning to reveal real growth in the economy, with many of the downside risks theoretical and the upside risks looking pervasive, at least for now. For instance, economist Tom Kavet said, global oil prices, which have cratered over the last year, look like they will remain low through 2016, which will continue to save consumers on gasoline, home heating and associated costs. The stock market, corporate profits and a low unemployment rate are all good for individuals, businesses and government.

Vermont Business Magazine The Brattleboro Retreat has been notified by the Centers for Medicare and Medicaid Services (CMS) that the hospital has been restored to deemed status under The Joint Commission and has also been released from the Systems Improvement Agreement (SIA) it has been under since October 2014.

The news was received in a letter dated Dec. 1, 2015 from J. William Roberson, associate regional administrator of CMS’s Northeast Consortium.

This news comes just weeks after a full and unannounced survey conducted by federal and state regulators between Nov. 16—19 found the Retreat to be in compliance with all CMS Conditions of Participation (COPs). This is a milestone the Retreat had been working toward for more than a year under the SIA.

In his letter, Roberson wrote “Based on the impressive progress and strides the [Retreat] has made over the past year, CMS releases your hospital from the Systems Improvement Agreement.”

Vermont Business Magazine The Northeast Kingdom Fund at the Vermont Community Foundation made $59,560 in grants to 24 organizations in Orleans, Essex, and Caledonia Counties this year. The Fund was established in 2011 by the Community Foundation and local partners as a permanent philanthropic resource to support the people and communities in the region.

This year’s grantmaking was supported in part by the Stony Point Foundation, Community National Bank, and the Passumpsic Savings Bank. The support of these organizations demonstrates the importance of philanthropic collaboration and partnership in advancing the work of communities in the Northeast Kingdom.

Vermont Business Magazine Merchants Bancshares, Inc (NASDAQ: MBVT), has announced the completion of the merger of NUVO Bank & Trust Company (NUVO), located in Springfield, Massachusetts. NUVO's banking business will be operated as a division of Merchants Bank, a wholly owned subsidiary of Merchants. Total compensation paid by Merchants for NUVO's outstanding stock is comprised of approximately 517,100 shares of common stock and $5.106 million in cash. Merchants also paid an aggregate of approximately $878,000 to cash out NUVO stock options and a portion of its common stock warrants and issued replacement warrants to purchase Merchants common stock on adjusted terms.

With completion of the merger, Merchants Bancshares now has consolidated assets of approximately $2.0 billion and 33 banking locations, including the new office in Springfield, Massachusetts.