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Friday, Sept. 3, 2010 | 4:48 p.m.
Sun Coverage
Four deals announced this week will see out-of-state companies grow in Las Vegas.
Among the biggest, announced Thursday, is convention and tradeshow company Freeman of Dallas buying Encore Productions of Las Vegas.
Encore, with more than 200 employees, is a creative production and audio visual equipment rental company with satellite rental offices in 14 Las Vegas locations such as hotels.
The other deals announced this week were:
• Ladenburg Thalmann Financial Services Inc. of Miami announced it completed its previously-announced acquisition of Premier Trust Inc., a Las Vegas-based provider of wealth management services -- including trust administration, estate and financial planning, custody and investment services -- with assets under administration of about $530 million. Mark Dreschler, president and CEO of Premier, and the rest of Premier’s management team will continue to operate Premier out of its Las Vegas headquarters.
• Hub International Ltd. of Chicago said it acquired the assets of McFadden Insurance Agency Inc. of Las Vegas. McFadden offers business and personal insurance and employee benefits programs. Bernie Trujillo and Greg Pike, the owners of McFadden, and the McFadden employees joining Hub will remain in their current office location. Greg Pike will lead the new Hub Las Vegas operations.
• Aloha Pacific Federal Credit Union announced the planned opening of its Las Vegas branch at 8660 W. Cheyenne Ave. Ste. 110. Aloha said the development of the Nevada location is a groundbreaking move and the first of its kind by any Hawaii-based credit union. The branch location, due to open in November, is being closed by Silver State Schools Credit Union as part of Silver State’s reorganization.
“The leadership team and board of directors of Aloha Pacific decided to embark on a bold new plan to leverage a great financial opportunity for our members,” President and CEO Wallace Y. Watanabe said in a statement. “Our extensive preliminary research indicates great potential to increase member returns and strengthen the credit union, as well as offer convenience to our many existing members who spend time in Las Vegas.”
Terms of these deals were not disclosed.
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Doesn't look like any of these add any net jobs...
WOW! Good news. Guess someone at Sun heard my ranting. ;)
Awesome to hear. Thanks SUN. Made my Day.
Lets not forgot Amonix, who recently signed a $3.9 mil lease in northern Vegas. McCarthy building $50 mil wastewater upgrade, etc... etc...
I like these stories. Hope to read more of them. Hoping the state comes up with a plan for attracting new industries. We have a ton of land, we can offer significant tax incentives if they hire a certain number of people, and I'm sure there's much more that we can do without spending much money.
Hellooo, Notice, 3 out of 4 are take overs.....not new jobs. Not time to party. If they were hiring that would be different.
The opening of the credit union is the only NEW expansion in the Las Vegas Valley. The others just purchased profitable companies so they can remove their profits out of Nevada. Big whoop!
When a company buys another, they lay off workers. They will down size the companies here to pay for buying them and keep headquarters at their state. No one is moveing here. Just buying the assests. Not good. Its trimming our meat and leaving us the bones. If they keep the satellite or substation company here, it is mainly to have them and their clients have a good place to party and take it a tax write offs. We are not out of the woods yet. Bad news for unemployment. Like we need it.
Just a bunch of banks...this country is screwed.
don't hold your breath on this one.
Sometimes, a flood starts with a trickle. Just keep those companies coming!
ZIRP at work. Zero Interest Rate Policy destroys capital of those of us SAVERS while encourages speculation in gold, commodities, stocks, etc, while encouraging mergers & acquisitions, which almost ALWAYS destroys jobs due to duplication.
Private equity is having a field-day under this corrupt policy. Witness a bidding war for a storage tech company by HP/Dell.
Bailed-out banks' hedge funds have leased tankers of oil for the last 2 years, that floating storage, near 20 million barrels, all speculation to profit on the contango, thanks to ZIRP, the distortion of prices and asset bubbles kills the regular working wage-earner in higher prices of everything.