VOL. 128 | NO. 157 | Tuesday, August 13, 2013
Flowers Foods Buys Former Hostess Bakery
An affiliate of Thomasville, Ga.-based Flowers Foods Inc. has paid $1.8 million for the former Hostess Wonder Bread bakery at 400 Monroe Ave. Downtown.
The entity, Monroe Avenue Baking Co. of Memphis LLC, bought the 184,393-square-foot facility in a July 19 special warranty deed from Kansas City, Mo.-based Interstate Brands Corp. (formerly known as ITT Continental Baking Co.).
The transaction also included a quitclaim deed from the seller to the buyer.
Flowers in July completed its $355 million acquisition of several brands, bakeries and other assets from the company previously known as Hostess Brands, according to an Associated Press report.
The transaction included the Wonder, Nature’s Pride, Merita, Home Pride and Butternut bread brands, 20 bakeries and 36 depots. Flowers received regulatory approval for the deal with Old HB Inc. earlier in the month.
Hostess announced in November it was going out of business.
The Memphis Wonder Bread facility, which dates back to 1921, sits on 3.5 acres on the north side of Monroe Avenue between Danny Thomas Boulevard and South Lauderdale Street. The Shelby County Assessor of Property’s 2013 appraisal is $1.7 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Triumph Bank Reports Profitable Second Quarter
Triumph Bank doubled its profit in the second quarter compared to the second quarter of 2012.
The bank reported almost $780,000 in profit for the quarter ended June 30, up from $388,164 during the same period in 2012.
“We registered growth in revenues and a decrease in operating expenses as a percentage of assets,” the bank reported in a letter to shareholders.
“These indicate we are efficiently using our capital and that our operations, as we gain scale, can improve efficiency. Our asset quality showed improvement with a miniscule amount of past due loans and a sharp percentage decrease in foreclosed properties.”
– Andy Meek
Radian Partners Acquires Gazelle Wealth Management
Memphis-based regional wealth management firm Radian Partners LLC has acquired Gazelle Wealth Management of Union City.
Terms of the deal were not disclosed.
Radian, which was started in 2004, operates offices in East Memphis and Franklin, Tenn.
The firm has been growing by about 100 clients each year and has about $150 million in assets under management.
The Gazelle acquisition brings more than 100 clients totaling assets of between $14 million and $15 million under the Radian Partners banner and extends the company’s service area into northwest Tennessee.
– Andy Meek
Democrats Plan Herenton Roast
Former Memphis Mayor Willie Herenton will be the guest of honor at a Shelby County Democratic Party roast.
The roast on Sept. 28 at Colonial Country Club will be a fundraiser for the local party going into the 2014 Shelby County elections.
Former Criminal Court Judge Joe Brown will be the toastmaster at the dinner, for which tickets are $100.
Both local parties have relied on such banquets as major fundraising events.
For Shelby County Republicans, there is the annual Lincoln Day Awards dinner.
Local Democrats used to have Jackson Day dinners and more recently held a series of annual Kennedy Day dinners.
– Bill Dries
BankTennessee Buys Downtown Bank Building
BankTennessee has bought the bank’s Downtown Memphis office building at 30 N. Second St.
The property, once known as the Welcome Wagon building, also has been renamed the BankTennessee Building.
In related news, the Memphis Bar Association is relocating its offices during the fourth quarter from Brinkley Plaza, 80 Monroe Ave., to the building.
– Andy Meek
Golden India Renews Overton Square Lease
Overton Square restaurant staple Golden India has renewed its 1,690-square-foot lease at 2097 Madison Ave.
“Golden India has been a part of Overton Square for more than 15 years,” said Carey D. White, senior vice president of asset management for Loeb Properties, who represented the landlord. “We’re happy that the Singh family’s cuisine will continue to contribute to the unique Overton Square experience.”
Bob Loeb, president of Loeb Properties, is one of the restaurant’s customers.
“I’m a regular at their lunch buffet,” Loeb said. “They grow many of their own herbs and vegetables, and they are a delightful host family.”
Loeb is pumping more than $20 million into Overton Square to transform the area into a vibrant theater, arts and entertainment district.
– Amos Maki
Tennessee Exports Increase $300 Million in First Half
Tennessee’s exports increased 1 percent in the first half of the year, setting a new record for the state.
The International Trade Administration says exports were $16 billion, up $300 million from the same period last year.
The biggest export gains were increases of 60 percent to Singapore, 26 percent to the United Arab Emirates, 26 percent to South Korea and 17 percent to the Netherlands.
The Intentional Trade Association’s Commercial Service has 100 offices in the United States – including in Nashville, Knoxville and Memphis – and in American embassies and consulates in more than 70 countries.
– The Associated Press