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VOL. 133 | NO. 95 | Friday, May 11, 2018

Daily Digest

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AOC Sees Growth Potential In Sale to Investment Firm

The Alpha Corp. has signed a definitive agreement with CVC Capital Partners Fund VI to be acquired, pending customary regulatory approvals.

Collierville-based AOC LLC, the primary asset and wholly owned subsidiary of The Alpha Corp., is a leading global producer of resin chemistries for composites and cast polymer applications.

AOC manufactures polyester and vinyl ester resins, gel coats, colorant dispersions and specialty additives for customers manufacturing products used in the automotive, marine, corrosion, construction and infrastructure industries, among others. AOC has production facilities in the U.S., Canada, Mexico, Europe and Asia.

Financial terms of the pending sale were not revealed.

Upon completion of the transaction, AOC, under the ownership of CVC, plans to work closely with Swiss-based Aliancys, a manufacturer of quality resins and a CVC portfolio company, to create a global leader in the industry.

“AOC is excited about the partnership with CVC Capital Partners as the company moves forward on a new path to future growth that will allow AOC to better serve new and existing customers, strengthen our supply chain, and create additional growth opportunities for our suppliers around the world,” said Fred Norman, CEO of AOC. “Aliancys has excellent customer relationships and represents a great strategic and complementary fit with AOC as a market leader in global resin chemistries.”

Steven Buyse, a partner at CVC, called AOC “an outstanding business” with an experienced management team and world-class manufacturing facilities.

“We believe that its combination with Aliancys will create a robust global company with the diverse product mix and exceptional geographic reach to serve markets in every corner of the world,” Buyse said. “We look forward to working with both AOC and Aliancys and continue to develop high-performance composite resins.”

Bert Bakker, CEO of Aliancys, said AOC’s business culture is very compatible with his company’s.

“They share our commitment to innovation, continuous improvement and customer focus,” Bakker said. “This is a winning combination for the industry.”

– Daily News staff

Motor Museum Slated For Edge District

A new nonprofit museum geared toward automotive history and preservation could be coming to the Memphis Medical District.

Located at 645 Marshall Ave., The Edge Motor Museum is a part of a $1.4 million renovation project Richard Vining is planning in the Edge neighborhood bordering the Medical District. Vining also owns Vining Legacy Management, a bill pay service specializing in assisting seniors and widows.

To help with the restoration of the 1920s-era façade, Vining, doing business as 645 Marshall Ave LLC, is seeking up to $60,000 in Exterior Improvement Grants from the Downtown Memphis Commission’s Center City Development Corp.

The site is less than 700 feet west of Sun Studio, and The Edge Motor Museum hopes to build on the recent success of other small-scale urban infill projects in the area such as Edge Alley and The Marshall.

“With an initial offering of vehicles on loan with the museum valued at approximately $975,000, the exhibits contained within the Edge Motor Museum are not only expected to attract visitors on their own, but also serve as a complementary attraction to the visitors of Sun Studio – many of whom are already interested in 1950s-1970s culture,” the application reads in part.

According to the DMC staff report, the project is a “natural fit” as the surrounding area was once known as Auto Row and was home to several car dealerships and assembly facilities.

Montgomery Martin Contractors will be in charge of construction, but any funds from the DMC’s EIG would be handled by C Foster Construction, a certified minority business enterprise.

– Patrick Lantrip

Denise Parnell Joins Explore Bike Share

Explore Bike Share, a local nonprofit bringing a 600-bike share system to Memphis on May 23, has selected Denise Parnell as its community engagement manager.

Parnell, a Memphis native, will serve as the conduit between community members and Explore Bike Share. She will engage with neighborhoods and communities across the city to better understand and meet their unique needs and desires, ensuring that bike share works for everyone, not just select groups.

The Memphis community has always been a part of Parnell’s work. She completed New Memphis’ Embark program, which established diversity, collaboration and growth as foundations. As Yelp’s community ambassador, she coordinated events to bring patrons face-to-face with local business owners, restaurateurs and creatives. Parnell led the complete redevelopment of the Memphis College of Art’s digital enterprise, including the introduction of dynamic social media strategies to engage students and alumni with the larger Memphis community.

As Explore Bike Share’s community engagement manager, Parnell will also form relationships with Memphis’ corporate community and foster creative partnerships with local businesses and organizations.

– Don Wade

First Tennessee Donation Aids Fogelman YMCA Project

Thanks to a new partnership between First Tennessee Bank and the YMCA of Memphis & the Mid-South, the Fogelman Downtown YMCA will receive a $500,000 donation and matching challenge gift of $500,000 from First Tennessee to remodel significant portions of the building that opened in 1987.

“First Tennessee’s truly transformational donation and additional challenge gift brings our total raised to $2,460,000, or 60 percent of our $4 million goal,” said Angelic Graves, executive director of the Fogelman Downtown YMCA.

Renovations to the YMCA’s Downtown location will enable the organization to increase recruitment among Downtown businesses, including First Tennessee, she said.

“We also look forward to engaging First Tennessee volunteers in our financial literacy program for youths.”

Established more than 150 years ago, First Tennessee has a history of collaborating with nonprofit, community development and civic partners to meet community needs, encourage growth and support sustainability.

“First Tennessee and the Fogelman Downtown YMCA share a vision that by increasing financial and physical wellness we can create a stronger Memphis,” said Bryan Jordan, CEO of First Horizon National Corp., parent company of First Tennessee.

– Daily News staff

Memphis Tigers Basketball Signs 6-Foot-7 Wing Player

University of Memphis basketball coach Penny Hardaway has added another piece to his first recruiting class.

The Tigers announced that David Wingett, a 6-7 shooting guard/forward from Winnebago, Nebraska, has signed a National Letter of Intent to play for the U of M next season. Wingett receives the final scholarship available for Hardaway’s 2018 class.

Wingett led Winnebago High School to the 2015 Class C-1 state championship and averaged 20.8 points and 4.9 rebounds during his career. He spent a post-graduate year last season at Bull City Prep Academy in Durham, North Carolina, where he averaged 25.8 points, 6.3 rebounds and 2.5 blocks.

Wingett finished his career at Winnebago as the second-leading scorer in Nebraska prep history. He had more than 2,200 points. The left-handed shooter is a Native American and a member of the Winnebago Tribe.

At Bull City, Wingett was an effective shooter from beyond the arc, where he shot 47 percent.

– Don Wade

UTHSC Gets $717,765 Research Grant

The National Heart, Lung and Blood Institute of the National Institutes of Health announced a $717,765 grant Wednesday, May 9, to the University of Tennessee Health Science Center.

The grant is to advance research on angiotensins and prostaglandins-adrenergic interactions. U.S. Rep. Steve Cohen of Memphis said the grant advances the “important work they are doing.”

“These funds enable our nation’s up-and-coming brightest minds to further expand our knowledge in the medical profession,” Cohen said in a written statement.

– Bill Dries

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 75 185 19,299
MORTGAGES 77 202 22,252
FORECLOSURE NOTICES 0 58 2,894
BUILDING PERMITS 156 272 39,588
BANKRUPTCIES 51 149 12,397
BUSINESS LICENSES 28 49 6,315
UTILITY CONNECTIONS 30 71 7,343
MARRIAGE LICENSES 24 59 4,420