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VOL. 45 | NO. 24 | Friday, June 11, 2021

Engel & Völkers partners with Pareto

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Engel & Völkers Nashville has partnered with Pareto Realty and will collectively do business under the Engel & Völkers name. Led by license partner Neal Clayton, this announcement adds 18 real estate advisers to Engel & Völkers Nashville, expanding its real estate service into Williamson County.

Barry Owen, the previous owner of Pareto Realty, also joins Engel & Völkers in a management role.

Engel & Völkers Nashville now operates with 55 real estate advisers and plans to open a physical shop location in downtown Franklin area within the year.

Farmstead grocery expands to Nashville

Farmstead, a California-based grocery delivery company, is expanding its “Refill & Save” program to Nashville.

The company promotes select products to Farmstead’s weekly customers who have an “always-on” cart with options to refill various staples at a discounted price. More than 70% of Farmstead’s Bay Area customers use “Refill & Save.”

With active hubs in the San Francisco Bay area, Charlotte and Raleigh-Durham, North Carolina, Farmstead also has announced upcoming openings in Miami and Austin, Texas, with plans to open in at least 12 more markets this year.

Alkuri to merge with Babylon Holdings

Nashville-based Alkuri Global Acquisition Corp. is merging with Babylon Holdings Limited.

The transaction reflects an initial pro forma equity value of approximately $4.2 billion and is expected to close in the second half of 2021.

Alkuri is a special purpose acquisition company while Babylon, headquartered in London, is a global, digital-first value-based care company.

Upon closing of the transaction, the combined company will operate as Babylon and plans to trade on Nasdaq under the new symbol “BBLN.”

Babylon helps patients through two primary channels – Babylon 360, its digital-first value-based care service; and Babylon Cloud Services, a suite of digital self-care tools that enables patients and clinicians to gain insights and information either through Babylon directly or through Babylon’s roster of top-tier partners.

Combined, those services cover 24 million people across the United States, Canada, Europe, Africa and 13 countries in Asia. In 2020, the company helped one patient every five seconds with approximately 6 million patient interactions. Moreover, Babylon has a 95% user retention rate and a 5-star rating from more than 90% of its users.

Vaco acquires Alluvion as expansion continues

Vaco, a talent and solutions firm, has acquired Alluvion, a Jacksonville-based national talent acquisition and outsourcing firm, fueling its continued growth in the Southeast.

Alluvion, which was founded in 2000, joins forces with Vaco to provide consulting, contract and direct hire solutions in the areas of accounting and finance, technology and operations. Under the agreement, Vaco aligns with the No. 1 permanent placement firm in the market as rated by the Jacksonville Business Journal. Alluvion is also ranked in the Top 5 for both executive search and contract placement by the publication. Alluvion has nearly 50 employees in three Florida locations: Jacksonville, Tampa and South Florida.

The Jacksonville acquisition complements Vaco’s recent growth in Florida, following its South Florida expansion last year with additional offices and leadership in Miami and West Palm Beach. Vaco’s other Florida locations include Orlando and Tampa, with all locations providing top talent in accounting and finance, technology and operations.

2 Dell Parkway sells for $36.23M

Machine Investment Group, a real estate investment platform based in New York, and its partner, LRC Properties, have purchased 2 Dell Parkway in Nashville for $36.23 million.

The 288,860-square-foot warehouse and office property is located in the airport submarket of Nashville.

The submarket is one of the tightest industrial markets in the Southeast with robust tenant demand due to an extremely low vacancy and lack of available land for new development.

Machine and LRC plan to reposition the property by creating new shallow bay, last mile warehouse distribution space, and expanding its existing warehouse area through the conversion of office space to industrial use.

VendEngine purchased by Tyler Technologies

Nashville-based VendEngine is being acquired by Tyler Technologies Inc., a Texas company that provides integrated software and technology services to the public sector.

The purchase price is approximately $84 million in cash, subject to certain customary adjustments at closing.

VendEngine is a privately-held cloud-based software provider focused on financial technology for the corrections market. The VendEngine business unit will continue to be based in Nashville.

EJF, Chartwell will develop Watkins campus

EJF Capital and Chartwell Residential have formed a joint venture to invest $80 million in a two-phase, multifamily development with approximately 750 units in Nashville.

The two communities will be located on the former Watkins College campus. The 13.6-acre project is in an area certified as a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 which offers investors tax benefits to invest into Opportunity Zones with the aim of spurring economic growth in lower income areas.

The first phase, which includes approximately 375 multifamily units in a five-story structure with an above-grade parking garage, is slated to be under construction in early 2022 with delivery in early 2024.

The second building will break ground thereafter and contain approximately 375 multifamily units. The site is adjacent to Amulet Lake, a 40-acre lake just north of downtown Nashville.

The Watkins College site is one of the last remaining viable sites in the 850-acre Metrocenter submarket, claiming its place as a high-profile marquee location in the submarket. Metrocenter became Nashville’s first master-planned mixed-use business community and then recently transitioned to a more residential neighborhood with the growth of the urban residential market. Residents can find an affordable price point while gaining easy access to the city’s urban amenities.

Endeavor Business Media offers new brand

Endeavor Business Media, headquartered in Nashville, has launched Smart Buildings Technology, a new brand dedicated to serving the ecosystem that brings integrated intelligence to new construction and existing commercial buildings.

A digital magazine, which will launch June 21, website, newsletters and online conference, Smart Buildings Technology covers the latest developments in communications systems, energy efficiency, IT/OT integration, intelligent building systems, occupant health and safety and more.

Endeavor Business Media, LLC, was formed in 2017 to acquire and operate trade publications, websites, events and marketing solutions.

The company targets U.S. B2B audiences in the accounting, aviation, dental, facilities maintenance, fire and public safety, design engineering, buildings and construction, energy, manufacturing, industrial, technology, medical, securities, laser, lighting, oil and gas, public services, security, construction, vehicle repair, vending, and water and wastewater markets.

QHR acquired, now independent firm

Brentwood’s QHR Health, a shared service solutions provider for independent hospitals and health systems nationwide, announced it has been acquired by Grant Avenue Capital, LLC, a healthcare-focused private equity firm.

QHR will now operate as an independent portfolio company of Grant Avenue Capital and is no longer a subsidiary of Quorum Health Corporation. Terms of the acquisition are undisclosed.

Nashville Capital Network and Brentwood Capital Advisors also invested in the transaction alongside Grant Avenue Capital.

QHR was founded in 1977 and provides a broad base of solutions, including management and advisory services, revenue cycle management, supply chain optimization, outsourced IT services and strategic consulting. More information about QHR can be found at www.QHR.com.

August Bioservices closes $23.6M extension

August Bioservices, LLC, a contract development and manufacturing organization headquartered in Nashville, has closed a $23.6 million Series A extension, led by Polaris Partners, who joined existing investor Oak HC/FT.

The company provides drug discovery, development and pharmaceutical manufacturing services.

The proceeds will go toward expanding August’s manufacturing capacity and capabilities to advance the technology platforms needed to support production of sterile injectable medications.

As part of the financing, Brian Chee, Managing Partner of Polaris Partners, joined the August Bioservices’ board as a director.

Emma Capital makes investment in Georgia

Emma Capital Investment Inc., with offices and holdings in Nashville, has acquired the Centre at Peachtree Corners, a 272-unit community.

It is Emma’s 41st purchase in the United States, and the first acquisition for the Emma Capital Investments Value Add Fund bringing its total acquired apartments to date to over 10,000 units.

Peachtree Corners is an affluent city in Gwinnett County, Georgia, close to I-85, I-285 and GA-400. The 17 square mile city was incorporated in 2005. The city’s pro-business environment has attracted over 2,300 businesses. Peachtree Corners is the economic leader of Gwinnett County, Atlanta’s fastest growing county.

The property sits on 20.13 acres at the intersections of Holcomb Bridge Road, Peachtree Industrial Boulevard and Peachtree Parkway (also known as GA-141).

The property has benefited from a major rehabilitation of $10.7M between 2012-2017.

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