Weekly Roundup: June 7-11

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First Florida Integrity Bank
Photo Credit: Pexels

 

Catch up on this week’s top business news here. For daily information, subscribe to our free newsletter, Gulfshore Business Daily, and find archived newsletters at GulfshoreBusiness.com.

 

Friday, June 11

HERTZ PLAN OF REORGANIZATION CONFIRMED BY BANKRUPTCY COURT

Hertz Global Holdings Inc. on Thursday announced that the bankruptcy court confirmed the company’s plan of reorganization. The plan unimpairs all classes of creditors, who are legally deemed to have accepted it, and was approved by more than 97% of voting shareholders. The court’s approval clears the way for Hertz to emerge from Chapter 11 by the end of June. Hertz’s plan will eliminate more than $5 billion of debt, including all of Hertz Europe’s corporate debt and provide more than $2.2 billion of global liquidity to the reorganized company. For court documents or filings, click here. White & Case LLP is serving as legal advisor, Moelis & Co. is serving as investment banker and FTI Consulting is serving as financial advisor.

 

Thursday, June 10

BEN ALLEN’S BACKYARD GRILL & PUB COMING TO EAST NAPLES

Local country singer Ben Allen, who gained national recognition from last season’s TV show “The Voice,” is stepping into the hospitality industry with a new restaurant and bar named after him. Ben Allen’s Backyard Grill & Pub is replacing the Brooks Burgers location in Freedom Square, 12655 Tamiami Trail E., in East Naples. The joint venture, targeted to launch in the last week of June, pairs local restaurateur Todd Brooks with Ben Allen to focus on live music events, a full bar and comfort food such as pizza, pasta and burgers. A few of the award-winning burgers from Brooks Burgers will be on the new menu. Sporting events will be available on more than 20 TV screens, including a 10-by-6-foot screen in the restaurant’s backyard, which will provide an outdoor bar and seating. The venue’s grand opening will be highlighted by a performance from the Ben Allen Band, of course. For the full story, click here.

 

Wednesday, June 9

AMAZON DEVELOPER SEEFRIED BUYS MORE THAN 45 ACRES OF INDUSTRIAL PROPERTY NEAR FORT MYERS

Atlanta-based Seefried Industrial Properties, which has an extensive build-to-suit project portfolio that includes many last-mile delivery stations and fulfillment centers for Seattle-based Amazon, recently purchased more than 45 acres of industrial property in the Alico Road corridor of the Fort Myers area for a total of more than $15 million. The sale included more than 30 acres purchased from Alico Family Golf Center for $9 million. Another property of nearly 15 acres was purchased for $6.1 million from Wayside Industrial Inc. at the northwest corner of Alico Road and Lee Boulevard. The deals were brokered by Justin Thibaut and Alexis North of LSI Companies Inc.

 

Tuesday, June 8

FIRST FOUNDATION ACQUIRING NAPLES-BASED FIRST FLORIDA INTEGRITY BANK

The acquisition of Napes-based First Florida Integrity Bank and TGR Financial Inc. will allow Dallas-based First Foundation Bank to expand into Southwest Florida. First Florida Integrity Bank, a subsidiary of TGR Financial founded in 2009, is the largest independent bank headquartered in Naples with $2.3 billion in total assets and seven branch locations. TGR will merge into First Foundation in an all-stock transaction valued at about $295 million, or $15.23 per TGR Financial share, according to a definitive merger agreement announced June 3. Unanimously approved by the board of directors of each company, the transaction is expected to close in the second half of 2021. First Foundation’s strategic expansion into Florida supports its initiative to grow in attractive markets with positive demographic trends and business-friendly environments. 

 

Monday, June 7

 

Video courtesy of WINK News

BARBERSHOPS, HAIR SALONS BECOMING COVID-19 VACCINATION SITES

Barbershops and hair salons are often popular community gathering spots. That’s why the Biden administration is pushing to make them vaccination sites as well. The goal is to get 70% of Americans vaccinated for COVID-19 by July 4, especially minority communities. And it’s a plan one Fort Myers barbershop owner can get behind. “If we make the vaccine available, readily available, then I believe people will begin to get themselves vaccinated,” said John Tobler, owner of Utopia Barber Shop, 3069 Dr. Martin Luther King Jr. Blvd. Through the Shots at the Shop program, local barbers and stylists can become advocates for vaccinations in their communities, offering information to customers and booking appointments for them, besides using their own businesses as vaccination sites, WINK News reports.

 

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