Virginia a Top State for Private Equity Investment

Monday, 30 June 2014 15:44 by Info@YesVirginia.org
Virginia was ranked No. 7 for private equity investment in 2013, according to the Private Equity Growth Capital Council’s fourth annual investment report...

Virginia was ranked No. 7 for private equity investment in 2013, according to the Private Equity Growth Capital Council’s fourth annual investment report.

Last year, 66 companies across the Commonwealth received $14.7 billion in private equity investment. Virginia moved up in the rankings from 16th place last year.

This signals that investors see value in Virginia’s entrepreneurs and growing companies. Private equity is typically used as growth capital to fuel expansion, as well as to assist companies in strategic turnaround situations.

“Private equity investment is long-term capital at work,” said Steve Judge, president and CEO of the Private Equity Growth Capital Council. “The companies in states across the country that receive private equity investment are able to expand their businesses, develop new innovations and hire workers, and this report highlights the important contributions of private equity in the U.S. economy.”

Virginia also saw two congressional districts break the top 20 in private equity investment. Virginia’s 4th Congressional District received $4.7 billion and Virginia’s 11th Congressional District received $4.5 billion. China-based W.H. Group’s acquisition of Smithfield Foods Inc. represents a majority of District 4's investment.

According to the PEGCC report, private equity firms have invested $129.1 billion in Virginia-based companies from 2004-2013. The report further states that there are 568 private equity-backed companies headquartered in the Commonwealth, which support more than 309,570 jobs at facilities both in and out of state.

The ability of Virginia companies to attract this amount of private equity investment is another testament to the level of innovation and success that entrepreneurs find when they locate their businesses in the Commonwealth. To learn why Virginia is a top state for business and investment, click here.

Photo courtesy of Private Equity Growth Capital Council

Virginia Receives an A+ for Small Business Friendliness

Tuesday, 17 June 2014 09:35 by Info@YesVirginia.org
Virginia received an A+ on Thumbtack.com’s annual Small Business Friendliness Survey. The Commonwealth improved its rank to the fourth overall friendliest state in the U.S. and the top state on the East Coast...

Virginia received an A+ on Thumbtack.com’s annual Small Business Friendliness Survey. The Commonwealth improved its rank to the fourth overall friendliest state in the U.S. and the top state on the East Coast.

Virginia outshone its surrounding competition for the third year in a row. Maryland received a C- and North Carolina earned a C+. Virginia has never received less than an A since the inception of this ranking.

Thumbtack.com partnered with the Kauffman Foundation to survey more than 12,600 entrepreneurs across the country. This ranking is unique because its results come straight from the comments of small business owners.

“After a two-month survey of thousands of small business owners nationwide, business owners have reaffirmed that Virginia is a premier destination for starting and running a business,” said Jon Lieber, Chief Economist of Thumbtack.com. “Creating a business climate that is welcoming to small, dynamic businesses is more important than ever, and Virginia's A+ grade by its small businesses shows what a welcoming and friendly place the Commonwealth is for entrepreneurs.”

Highlights for Virginia include a No. 3 ranking for ease of licensing regulations, a No. 4 ranking for ease of overall regulations, and a No. 5 ranking for training and networking programs. According to Thumbtack.com, the strongest correlating factor for the perception of small business friendliness is the ease of licensing forms, requirements and fees.

In addition, the study examined 82 metropolitan regions. Richmond was ranked No. 10 overall and Virginia Beach was ranked No. 20 overall. Richmond and Virginia Beach were ranked No. 3 and No. 4, respectively, for ease of licensing regulations.

Entrepreneurs and start-ups are becoming increasingly important for economic growth and organic job creation. According to Thumbtack.com, “Virginia’s small businesses were the third most optimistic in the nation when it came to plans to hire more employees in the next twelve months.”

To learn why Virginia is a great place to start and grow a business, click here.

Center for Advanced Film Manufacturing Established in Window Film Capital of the World

Monday, 9 June 2014 14:50 by Info@YesVirginia.org
The founding of the Center for Advanced Film Manufacturing was recently announced in Martinsville-Henry County during a ribbon-cutting ceremony at Patrick Henry Community College...

The founding of the Center for Advanced Film Manufacturing was recently announced in Martinsville-Henry County during a ribbon-cutting ceremony at Patrick Henry Community College.

Through a public-private partnership, the center will offer a 28-credit Advanced Film Certification Program. Students will take classes at Patrick Henry Community College and New College Institute, while receiving access to hands-on training with machinery and equipment at nearby Eastman Chemical and Commonwealth Laminating & Coating. In March, Eastman Chemical announced plans to acquire Commonwealth Laminating & Coating.

Advanced film experts at Eastman Chemical and Commonwealth Laminating & Coating are advising on curriculum and will participate as part-time instructors. The companies will also offer internships and all graduates of the program are guaranteed an interview at Eastman Chemical.

The Martinsville-Henry County region has become “the window film capital of the world,” producing more than 30 percent of the global supply of coated and dyed film.

Performance or advanced films are terms used to describe any film applied to another material, such as a glass window. Films come in the form of tints, laminates, coating and composites, providing benefits such as tints on car windows to reduce glare, tints on office building windows for privacy, additional strength to industrial windows for security, and the addition of photovoltaic materials to solar panels to capture the sun’s energy.

Students can apply to the Advanced Film Certification Program on the PHCC website, and the first class will commence in fall 2014.

Virginia is home to more than 200 plastics companies, and the Center for Advanced Film Manufacturing will help ensure the Commonwealth has a well-trained workforce pipeline to maintain its leadership in this industry sector. To learn more, click here.

Two employees at Eastman Chemical stand proudly in Martinsville-Henry County, “the window film capital of the world." Photo courtesy of Martinsville-Henry County Economic Development Corp.

RockTenn’s West Point Mill Celebrates 100 Years in Virginia

Monday, 2 June 2014 15:08 by Info@YesVirginia.org
RockTenn recently celebrated 100 years of success at its West Point mill in King William County, Va. The mill produces white top linerboard and recycled medium used in corrugated boxes and other types of packaging...

RockTenn recently celebrated 100 years of success at its West Point mill in King William County, Va. The mill produces white top linerboard and recycled medium used in corrugated boxes and other types of packaging. 

The West Point mill began operations on May 16, 1914, a little over a year after the company was first established as the Chesapeake Pulp & Paper Company. The mill began with 140 employees and a capacity of 20 tons of paper products per day.

Chesapeake Pulp & Paper Company would later become Chesapeake Corp. and the mill would change ownership a number of times before being acquired by RockTenn in 2011. RockTenn is publicly traded (NYSE: RKT) and one of the leading packaging solutions providers in North America.

In 1930, the West Point Mill acquired the first Fourdrinier machine in the South, allowing it to manufacture continuous sheets of paper.  The machine initially created a sheet 218 inches wide, running at a top speed of 1,000 feet per minute. The machine has been updated and is still running today at 2,000 feet per minute.

The mill added paper machine No. 2 in 1964 and machine No. 3 in 1985. Today, the mill employs more than 500 Virginians and produces about 900,000 tons of paper products each year.

In October 2012, RockTenn celebrated completion of an 11-mile pipeline to supply natural gas to the West Point mill, in partnership with Virginia Natural Gas, Dominion Virginia Power, New Kent County, King William County, and the Town of West Point. The company also invested in the mill to make it more efficient, reduce emissions and lessen its carbon footprint.

According to RockTenn General Manager Chris Broome, “We are very excited about the investments RockTenn is making in our West Point mill to continue providing our customers with high-quality products and to better support their needs. We are committed to being a good business partner within the community and value the relationships we have developed throughout the years.”

The West Point mill’s 100 years of success is a notable achievement and represents the longevity and prosperity companies experience in Virginia’s pro-business environment. To learn why companies keep growing in the Best State for Business, click here.

A view of RockTenn’s West Point mill on the York River in West Point, Va. Photo courtesy of RockTenn.

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Virginia Economic Development Partnership is the Best State for Business

The Virginia Economic Development Partnership (VEDP), a state authority created by the Virginia General Assembly to better serve those seeking a prime business location and increased trade opportunities, provides confidential site selection and international trade services. VEDP's mission: To enhance the quality of life and raise the standard of living for all Virginians, in collaboration with Virginia communities, through aggressive business recruitment, expansion assistance, and trade development, thereby expanding the tax base and creating higher-income employment opportunities.

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