The Rutledge will open its second location at Four Seasons Hotel and Private Residences Nashville in a 13,000-square-foot space on the ground floor of the First Avenue development across from the Ascend Amphitheater.
Brothers Mason and Curt Revelette are purchasing the restaurant space from the project developers, and The Rutledge will operate independently of Four Seasons Hotel and Private Residences Nashville. The new Hotel also will include a Four Seasons-run restaurant, as well as a bar.
The Revelettes have been in the restaurant industry for more than a decade and opened the first and original Rutledge location in Franklin in early 2019.
The Rutledge is known for its lobster roll, modern American menu, ahi tuna flown in from Maui and premium selection of steaks.
Bridgestone initiative first for tire industry
Bridgestone Americas, Inc., a wholly owned subsidiary of Bridgestone Corporation based in Nashville, has announced the issue of a $1.1 billion sustainability-linked credit facility, one of the first of its kind in the U.S. tire industry.
The credit instrument underscores the commitment of Bridgestone to sustainable business practices and complements its 2050 Vision to become a sustainable solutions company that provides social and customer value.
Bridgestone partnered with SMBC, a leading global bank and pioneer in sustainable and positive impact loans, to execute this inaugural syndicated sustainability-linked credit facility.
The financing features a sustainability-linked pricing adjustment mechanism that adjusts interest rate based on the Environmental, Social and Governance Risk Rating of Bridgestone, as determined by Sustainalytics, as well as by the ESG rating of FTSE Russell, both leading independent providers of environmental, social and governance ratings.
As Bridgestone sustainability ratings improve, borrowing costs will be reduced.
BIS purchased by Nashville’s i3 Verticals
Nashville’s i3 Verticals, Inc. has announced the acquisition of substantially all of the assets of Business Information Systems, GP and Business Information Systems, Inc., a business based in East Tennessee that provides software and electronic payment solutions in a variety of states. BIS will fit within the company’s public sector vertical.
The aggregate purchase price at the closing of this transaction was approximately $87.7 million, consisting of $52.5 million in cash and approximately $35.2 million of Class A common stock. The transaction also includes contingent consideration of up to $16.0 million, subject to the satisfaction of certain growth metrics over established time periods.
In connection with the acquisition, the company granted equity awards under its 2020 Acquisition Equity Incentive Plan to certain BIS employees in accordance with Nasdaq Listing Rule 5635(c)(4). The company granted options to purchase 575,000 shares of its Class A common stock to 56 employees as a material inducement to enter into employment with the company.
Mill Creek to build Modera Gulch
Mill Creek Residential, a rental housing investor and operator, has announced the groundbreaking of Modera Gulch, a mixed-use apartment community located along Nashville’s Division Street.
The 15-story community, which will feature 378 apartment homes and approximately 18,000 feet of ground-floor retail space, is a key part of Mill Creek’s expansion into the city. Mill Creek officially entered the Nashville market in 2019 with a new regional office, and the company is currently developing a second luxury apartment community in the city’s Germantown neighborhood. First move-ins at Modera Gulch are scheduled for early 2023.
Situated at 810 Division Street, Modera Gulch will be near Amazon’s new Operations Center of Excellence, which is less than 1 mile from the community.
Modera Gulch will consist of studio, one-, two- and three-bedroom homes with an average size of 901 square feet and will feature select den layouts.
Apartment interiors will contain a variety of luxe features, including stainless-steel appliances, quartz countertops, tile backsplashes, 42-inch custom cabinetry, pendant lighting, upgraded fixtures, programmable thermostats and in-home washers and dryers. Bathrooms will include double vanities, tile shower surrounds and linen closets while bedrooms will offer walk-in closets and built-in storage. Select homes will feature city or green-space views.
HCA reports $14.3B in fourth quarter revenue
HCA Healthcare, Inc. has announced financial and operating results for the fourth quarter ending Dec. 31.
Key fourth quarter metrics (all percentage changes compare 4Q 2020 to 4Q 2019 unless otherwise noted) were listed as:
• Revenues totaled $14.293 billion
• Net income attributable to HCA Healthcare, Inc. totaled $1.426 billion, or $4.13 per diluted share
• Adjusted EBITDA totaled $3.118 billion
• Cash flows used in operating activities totaled $3.583 billion (includes the return, or early repayment, of over $6 billion in CARES Act funds)
• Same facility admissions and same facility equivalent admissions declined 3.4% and 7.5%, respectively
Southwestern unveils insurance company
The Nashville-based Southwestern Family of Companies has launched a new business.
Southwestern Legacy Insurance Group will help clients protect their financial legacy through final expense insurance. Southwestern Family of Companies is a diversified, international conglomerate comprised of 20 companies.
The final expense life insurance products and solutions Southwestern Legacy Insurance Group offers are designed to meet that critical need and help clients experience real peace of mind.
“Southwestern Legacy Insurance Group is a great addition to the Family of Companies and another step in our mission to have a positive impact on the lives of our clients,” says Dustin Hillis, CEO of Southwestern Family of Companies. “We already have a strong team in place helping clients but we are also actively recruiting new agents who want to serve the marketplace in a positive way.”
State approves loans for Smyrna utility
Two loans totaling $20.2 million have been approved by the state to improve Smyrna’s water infrastructure.
A loan for Smyrna for $17.2 million comes from the Clean Water State Revolving Fund Loan Program and will address improvements to the wastewater treatment system. The loan has a 30-year term at 0.9% interest.
Smyrna also receives a $3 million loan from the Drinking Water State Revolving Fund Loan Program. It will address improvements to the water distribution system. The loan has a 20-year term at 0.68% interest.
This fiscal year, TDEC has awarded $5.2 million in drinking water loans and $60,848,000 in clean water loans to meet the state’s infrastructure needs.
Turner Publishing buys California firm
Nashville-based Turner Publishing Company has acquired Prospect Park Books of Altadena, California.
The acquisition includes more than 100 existing titles and approximately 11 titles in the process of being published. Turner is purchasing the assets of the company, including the titles, inventory, the name and other intellectual property. Terms of the deal were not disclosed.
Turner plans to maintain the Prospect Park Books and Tiger Van imprints and will continue to publish the books under those imprints.
“Each of my books and authors is precious to me, so finding just the right home was essential – and Turner is exactly the home I’d hoped to find,’’ says Colleen Dunn Bates, who was owner, president and publisher.
Prospect Park Books was distributed by Consortium Book Sales, an Ingram Content Group Company. Turner is distributed by Ingram Publisher Services, so distribution will move from one Ingram book distribution company to the other.
Nashville welcomes Accelerated Growth
Accelerated Growth, an accounting, finance, and technology services organization, is opening a new office in Nashville.
This announcement comes just two years after the 80-person Chicago-based firm’s expansion into India. James Suh, president of Accelerated Growth, is based in Nashville and will be leading the new office in providing the firm’s full suite of services.
Suh joined Accelerated Growth in 2020 and now serves as the firm’s president. His background includes eight years of military service and 15 years in several leadership roles, including four entrepreneurial ventures.
The new office is located at 501 Union Street.
OneOncology adds N.J. practice group
A new oncology practice has announced it will join the OneOncology platform, a Nashville-based partnership of independent community oncology practices.
It will be the ninth practice to become part of the OneOncology.
The group of 37 medical and radiation oncologists, along with a staff of cancer care providers, led by Drs. Bruno S. Fang and Edward J. Licitra, currently comprise the “Central Jersey Division” of Regional Cancer Care Associates. They are forming Astera Cancer Care, an independent and physician-owned multispecialty community oncology practice serving 12,000 new patients annually in Central New Jersey.
The practice also has a clinical trial platform for cancer therapy with one of the only community-based clinical trial programs in CAR-T cell therapies in the nation. As part of the OneOncology network, Astera Cancer Care will participate in OneR, OneOncology’s clinical trial network. OneR is an ideal fit to help enhance Astera Cancer Care’s already high-performing clinical trial program.
EG Group picks Titan Cloud Software
EG Group, convenience retailers, has chosen Nashville’s Titan Cloud Software as a platform for environmental compliance and fuel inventory management in North America.
Titan Cloud will replace several of EG’s current solutions so the company can consolidate a majority of its brands onto one SaaS platform of record for key compliance and fuel operations.
Titan Cloud Software – whose global customers also include 7-Eleven, Circle K, XPO Logistics, Hertz and BP – delivers industry-leading solutions for environmental compliance, wetstock management and facilities maintenance.
“Titan Cloud Software has been on a rapid growth trajectory since receiving an investment from M33 Growth in 2018,” says John Donnelly III, chief revenue officer for Titan Cloud.