Investment group to aid small, mid market firm
BOSTON – A group of Boston area bankers and investment managers has
formed Marathon Investment Partners, LP, to offer capital for
development and expansion by small and medium size businesses in New
England. The group announced a $50 million fund to be operated by the
SBA licensed company for use by companies in the $3 million to $50
million range in manufacturing, distribution and specialty retail and
service fields attempting to grow. The capital offered would be at the
$500,000 to $3 million level. It is called a mezzanine fund because of
its position between the lowest and highest level investment capital
programs.
Insulated wire to stay in Attleboro
ATTLEBORO – American Insulated Wire has announced that it will remain in
this city and plans to expand over the next five years. The company
employs about 700 workers now, and said it plans to add 100 more jobs
over the five-year period. The announcement of the company’s plans was
made by the state director of business development.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
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Meditrust sells nursing, assisted-
living homes
NEEDHAM – Its sale of 34 nursing and assisted living homes for $232
million was announced last week by Meditrust Cos. The sales, a series of
separate transactions, was described as part of Meditrust’s plan cut
debt by selling up to $1 billion of assets. Meditrust did not identify
the buyer of the properties, 25 of which were operated by Emeritus Corp.
The sales are in preparation for Meditrust’s planned split into an REIT
owning and financing health care properties and another company owning
its La Quinta Inns hotel properties.
Independent drug stores sue Harvard
Health, CVS
BOSTON — An antitrust suit against Harvard Pilgrim Health Care Inc. and
CVS Corp. says their reimbursement policies have cost small drugstores
millions of dollars. The suit was filed recently in U.S. District Court
by the owners of three independent drugstores, and one that maintains
the policies drove it out of business. The suit says Harvard Pilgrim,
the largest health maintenance organization in Massachusetts; CVS, based
in Woonsocket, R.I., and two affiliated organizations benefited from
allegedly unfair reimbursement policies. The suit says that for years
under those policies, CVS was the only independent source of
prescription drugs for Harvard Pilgrim’s 1.1 million members in
Massachusetts. A lawyer for those bringing the suit told The Boston
Globe the policy drove about 100 independent druggists in the state out
of business during the last three years, leaving only about 300 now.
Last March, Harvard Pilgrim said it would begin reimbursing drugstores
other than CVS that fill members’ prescriptions. That was done to settle
suits brought by Osco, the Brooks Pharmacy unit of Maxi Drug Inc. of
Warwick, R.I. and other large chains.
Plan may include replacement for Fenway
Park
BOSTON — A plan to replace Fenway Park has a new Boston Red Sox stadium
as the centerpiece of a $1 billion entertainment and business complex,
according to the Boston Herald said. The project in the area that
includes the current Fenway Park would feature two or three hotels,
entertainment and retail centers and a 48,000-seat ballpark. The
proposed stadium could cost about $400 million, the Herald said. One
source told the newspaper that linking the ballpark to the rest of the
proposed complex could require between $200 million and $250 million in
public funds. Red Sox spokesman Dick Bresciani said the Herald story was
a “speculative article” and it was premature to talk about the details
of the proposal. An announcement by the Red Sox on the American League
team’s plans is expected Feb. 2, the Herald said.
Fishermen’s group disbands
NEW BEDFORD — In the latest indication of the troubles facing the
fishing industry, a trade group representing vessel owners and skippers
has disbanded. The Offshore Mariners Association quietly ended its
tenure with a Dec. 23 vote by its board of directors. As federal
regulations crack down on catches to preserve dwindling groundfish
stocks, the group found itself facing a reduction in the ranks of
groundfishermen and a decline in dues. The group formed in the mid-
1980s, and in recent years concentrated on vessels that go after
groundfish species, which include haddock, cod and flounder. All have
been the subject of strict new rules to help rebuild stocks that federal
scientists say have fallen to dangerously low numbers.
Beleaguered Quincy College increases
enrollment
QUINCY — After hemorrhaging money and students for the past four years,
Quincy College has reported a 14 percent increase in enrollment. That
comes as welcome news for the city-owned college which last year had to
lay off 12 professors and cut $500,000 from its budget, prompting
accusations of mismanagement from teachers and students. If the
enrollment holds up, school officials say, there won’t be a need to make
more drastic cuts in 1999. College officials say 2,127 full-time
students have signed up for the spring semester, a 14 percent increase
from December 1997, when 1,860 students signed up.
Non-profit methadone clinic sells to
for-profit
WAREHAM — A non-profit methadone clinic in Wareham has been sold to a
for-profit company, which already owns more than eight drug clinics in
the state. The Center for Health and Human Services sold its Wareham
clinic to Boston-based Habit Management, and is considering selling its
Fall River clinic to the company, officials told The Standard-Times of
New Bedford. Habit Management finalized the purchase of the Wareham
clinic on Nov. 20, Habit Management president Tom Magaraci said. The
company also runs clinics in Lowell, Lawrence, Yarmouth, Brockton,
Taunton, Quincy, Weymouth and Boston.
