Pinnacle is top bank in Nashville area for deposits

Friday, September 21, 2018, Vol. 42, No. 38

Pinnacle Financial Partners is the No. 1 bank in the Nashville-Davidson-Murfreesboro-Franklin MSA by deposit market share, data from the FDIC reveals.

The firm leapt ahead of a large regional bank and one of the biggest banks in the nation to earn the top spot. Last year, Pinnacle was at No. 3 behind Bank of America and Regions, respectively.

Pinnacle grew its locally held deposits by more than 26 percent from June 30, 2017 to June 30, 2018 to just more than $9 billion.

In Rutherford County, Pinnacle is No. 1 in deposit market share. The firm grew deposits by 10 percent year-over-year to $1 billion at June 30, 2018, which is 22 percent of the market share.

Similarly in Wilson County, Pinnacle’s deposits grew by 12 percent year-over-year to $319 million at June 30, 2018, enough to hold on to No. 2 in market share at more than 23 percent.

In Tennessee as a whole, Pinnacle displaced Bank of America for the No. 4 position.

The firm began operations in a single location in downtown Nashville in 2000.

Bradley honored for product liability work

Bradley Arant Boult Cummings LLP has been named the Product Liability Firm of the Year by the LMG Life Sciences Awards 2018.

Bradley garnered the top spot in the Product Liability category among a group of seven other nominated firms. The firm was formally recognized at LMG’s annual awards Ceremony in New York City. Now in its sixth year, the awards recognize the year’s top firms and legal professionals operating in the life sciences sector.

“We are very proud of the innovative and challenging work that our Life Sciences Industry team has produced for our clients,” says Bradley Chairman of the Board and Managing Partner Jonathan Skeeters. “The LMG Life Sciences Product Liability Firm of the Year Award is a great testament to the top reputation that Bradley has in the life sciences industry.”

Bradley’s Life Sciences Industry team represents clients involved in pharmaceuticals, medical devices, contract research services, molecular testing services, drug delivery systems, clinical labs, genomic labs, bioinformatics, genomic medical clinics, research institutions, animal sciences, plant sciences and health care.

Stites & Harbison named 2019 ‘Technology Leader’

Stites & Harbison, PLLC has been singled out by corporate counsel in the most recent BTI Consulting report as one of only 61 BTI Law Firm Technology Leaders. These firms embrace and use technology in new and different ways to better help meet clients’ needs.

BTI is a leading provider of strategic research to the legal community. In its newest report, BTI Legal Innovation and Technology Outlook 2019: Clients Rank Their Needs and Law Firm Performance, law firms are ranked on legal innovation and technology based on client input.

Vanderbilt Law unveils school for non-lawyers

Vanderbilt Law School announces a first-of-its kind online program for non-lawyers.

V-Legal, a series of three online courses, is designed to help executives and managers gain fluency in the legal principles, language and processes business leaders need to understand.

Professionals who earn the V-Legal certificate will learn to “think like a lawyer” when making decisions for their businesses or organizations.

V-Legal was created in partnership with iLaw, a BARBRI company. iLaw partners with law schools to develop online law programs designed for lawyers and non-lawyers; it provides market research, instructional design, and student-recruitment.

“V-Legal leverages the nationally renowned expertise of Vanderbilt Law faculty to help today’s business leaders successfully navigate business challenges in an increasingly global legal environment,” Vanderbilt Law Dean Chris Guthrie says.

V-Legal includes three courses: Architecture of American Law, Language of the Law: How Lawyers Think, and Content of American Law.

Courses are taught by three award-winning members of the Vanderbilt Law faculty – Christopher Serkin, Suzanna Sherry, and Ingrid Wuerth.

PMI opens research, manufacturing sites

PMI BioPharma Solutions, a privately held drug discovery and development company, has established complete research and manufacturing operations at multiple sites in Nashville and Celina.

PMI, officially formed in January, began as an internal research, development, and manufacturing site for Berg, LLC. PMI has since spun off from Berg and expanded to offer a full range of research and development services.

A fully qualified staff and state-of-the-art lab offer a near one-stop solution from targeted protein research to Phase III clinical trial supplies.

PMI Bio is currently navigating into the marketplace, specifically seeking clients needing expert protein-based research, as well as clients seeking flexible aseptic and non-aseptic product to support clinical trials.

AVVAY gets $1M in seed funding

Franklin-based AVVAY, a startup that helps content creators find and book locations for their projects and events, is announcing its $1M seed funding round.

The round is led by Zero G Capital, based in Denver, with participation from Matchstick Ventures, SpringTime Ventures and Service Provider Capital, among others.

AVVAY currently serves the Nashville, Portland, Chicago, Dallas and Houston markets. The online marketplace, in the vein of Airbnb, helping creatives book locations for photo/video shoots, recording sessions, workshops, performances and other creative events.

AVVAY’s inception lies in the creative backgrounds of its founders. While on the road touring with Paramore as a guitarist, AVVAY co-founder and CEO, Jon Howard, was also busy producing records.

“I was making a solo record for Paramore’s drummer at that time - and the plan was to find interesting locations in each city we went,” Howard says. “Unless I was knocking on doors or knew someone, there was no way to access these places. AVVAY was born out of trying to solve these problems for ourselves.”

Howard says AVVAY expects to be in additional markets by the end of the year and will be announcing plans that provide solutions for other content issues.

Study seeks data on electric vehicle drivers

SmartCharge, a voluntary study in the Nashville area, is designed to help the city prepare for the use of more electric vehicles.

FleetCarma and TVA, with Nashville Electric Service and Middle Tennessee Electric Membership Corporation, have launched the project.

Current EV drivers are asked to participate to get accurate data on requirements for EV charging. The data will be a critical component to ensure that the power system remains reliable for all customers and ready to support clean transportation for the foreseeable future.

Participants, who will be compensated, will have access to technology typically reserved for large commercial fleets, the FleetCarma C2 device and FleetCarma Dashboards.

EV drivers taking part can access data such as their driving and charging history, energy consumption statistics, vehicle battery state-of-charge as well as the total tons of greenhouse gas emissions they have saved by driving an EV.

Liberty Party Rental sold to CE Rental

Nashville-based Liberty Party Rental has been acquired by CE Rental, Inc., a portfolio company of Dubin Clark & Company, Inc.

Liberty is known for introducing innovative new rental products and offering an extensive inventory of china, tables, chairs, tents, linens, dance floors, bars and catering equipment.

The acquisition of Liberty further expands upon CE Rental’s growth throughout the Southeast.

CE Rental, founded in 1952 and headquartered in Raleigh, is a leading special event rental company that provides a wide variety of event rental equipment. Since being acquired by Dubin Clark in February 2017, CE Rental has expanded its geographic footprint and product.

Arbor Investments buying Mars Exclusive Brands

Franklin’s Mars Petcare US, Inc. has announced it has reached an agreement with Arbor investments for Arbor to acquire Mars U.S.-based Exclusive Brands business.

The agreement includes the division of Mars Petcare that produces private label pet food products for a variety of U.S. customers through five manufacturing plants.

The deal is expected to close by the end of the year, and is subject to certain customary closing conditions and certain approvals, including, among others, customary regulatory approvals.

“Exiting the private label business in the U.S. allows Mars Petcare US to focus on growing its branded portfolio, including iconic favorites such as PEDIGREE, IAMS, GREENIES, and others,” says Mark Johnson, regional president, Mars Petcare North America.

“The private label business has played an important role for us over the past 12 years driving scale and growth.

“As our focus has evolved, this sale gives Arbor the opportunity to further develop this business in the vibrant petcare category.”

Orchids Paper gets deadline extention

Brentwood-based Orchids Paper Products Company, a national supplier of consumer tissue products, says its lenders have extended its milestone deadlines.

The extension allows Orchids additional time to accomplish certain actions related to strategic alternatives under the terms of its Second Amended and Restated Credit Agreement.

The company previously disclosed its initiative to refinance its existing debt obligations, as well as to explore alternative financing and capital-raising activities.

Smyrna gets state’s first Stars and Strikes

Georgia-based Stars and Strikes has announced the opening of its new Smyrna bowling and entertainment location.

The Smyrna facility is Stars and Strikes’ 12th location and its first in Tennessee. The company has invested more than $7 million in the new facility, creating more than 100 jobs.

The 55,000-square foot facility at 333 N Lowry Street will house 24 bowling lanes, eight of which are VIP lanes in the signature Main St Lounge.

In also has a 7,000-plus-square-foot arcade with more than 100 popular video and redemption games.

The facility also includes a two-story laser tag arena, bumper cars, 7/10 Grille restaurant and a large, full-service bar surrounded by big screen TVs for sports viewing.

“Opening the first Stars and Strikes in Tennessee is a milestone for our company. Smyrna’s large population of close-knit families makes the city an ideal location for us,” says Jack Canouse, managing partner and co-founder of Stars and Strikes.