green gas: 10 go green?pageturnpro2.com.s3-website-us-east-1.amazonaws.com/...march 2, 2021 | vol. 8...
TRANSCRIPT
March 2, 2021 | Vol. 8 • No. 5 | $2.00 | DelawareBusinessTimes.com
IN THE C-SUITE:Fran DiNuzzo, President and CEO of ILC Dover22
NEW NAME:Chase buys naming rights to Fieldhouse6
GREEN GAS:Newark startup may help produce cleaner future10
QUIET COG:Aircraft industry bolsters Delaware manufacturing9
STEPPING UP:Del. nonprofi ts report record donations, volunteerism
5
GO GREEN?As medical use expands, marijuana legalization may be on the horizon | 14
WILL DELAWARE
2 March 2, 2021 | DelawareBusinessTimes.com
MIDDLESEX COUNTY NJ
Find all your business needs in Middlesex County, New Jersey.
Learn how a deep commitment from local government and the community
has created the perfect ecosystem where businesses and residents can thrive.
HIGH QUALITY WORKFORCE. HIGH QUALITY
OF LIFE.
MIDDLESEX COUNTY NJ
DiscoverMiddlesex.com/Biz
DelawareBusinessTimes.com | March 2, 2021 3
Founded 2014, a biweekly newspaper serving Delaware’s business community
Vol. 8, No. 5 dated March 2, 2021Copyright © 2021 by Today Media, all rights reserved
This newspaper or its trademarks may not be reproduced in whole or in part in any form or by any means electronic or mechanical, including photocopying or recording, or by any information storage and retrieval system now known or hereafter invent without written permission from the Publisher. For licensing, reprints, e-prints, plaques, e-mail [email protected].
Group Publisher Robert F. Martinelli
Publisher Michael Reath [email protected]
Editor Jacob Owens [email protected]
Reporter Katie Tabeling [email protected]
Research, Digital, and Mike RocheleauEngagement Editor [email protected]
Vice President of Charlie TomlinsonBusiness Development [email protected]
Digital Sales & Karen MartinelliMarketing Manager [email protected]
Advertising Director Lisa Minto [email protected]
Multimedia Account Carol Houseal Executives Tracy Mulcahy
Marketing & Events Leeanne Rocheleau
Production Director Donna Hill
Art Director Chris Johnson
Graphic Designers Eric Bolis Shelby Mills Rosalinda Rocco
Director of Digital Strategy Greg Mathias
Publisher Emeritus Sam Waltz
Today Media, A Martinelli Holdings LLCPresident Robert F. Martinelli
Secretary-Treasurer Richard Martinelli
In MemoriamChairman Angelo R. Martinelli (1927 – 2018)
Vice President Ralph A. Martinelli (1962 – 2019)
Advertising [email protected]
302.504.1276
Subscription InformationDelawareBusinessTimes.com/subscribe-now
800.849.8751
To submit press releases or story [email protected]
Daily NewsletterSign up for our daily newsletter, delivered to your e-mail
inbox at DelawareBusinessTimes.com/Newsletter
EventsThe Delaware Business Times hosts a number of events each year. View the schedule and register for events at
DelawareBusinessTimes.com/Events
Awards
Most Improved Publication 2020Stuff Magazine 2019/2020 – Best Ancillary Publication
Delaware Business Times (USPS 21760, ISSN 2639-8087), Vol. 8, No. 5 dated March 2, 2021 is printed 24 times per year by Today Media, 3301 Lancaster Pike Suite 5C, Wilmington DE 19805 and is available by subscription for $39 per year. Periodicals postage paid at Wilmington, DE and additional mailing offi ces. Single copy/back issues are available at the cover price of $2 plus $2 shipping and handling. Attention Postmaster: Send address changes to Delaware Business Times, PO Box 460516, Escondido, CA 92046-9808.Delaware Business Times cannot be responsible for the return of unsolicited material with or without the inclusion of a stamped, self-address return envelope. Information in this publication is gathered from sources considered to be reliable, but the accuracy ad completeness of the information cannot be guaranteed. No information expressed herein constitutes a solicitation for the purchase or sale of any securities.
BY JACOB OWENSWILMINGTON – When noted regional economist
Anirban Basu addressed the New Castle County Chamber of Commerce at a packed conference at the Chase Center a year ago, he highlighted a booming job market and concern of surprisingly low inflation.
A year later, much has changed.Speaking to the chamber Feb. 5 in a virtual web
conference, Basu, who serves as CEO of Baltimore-based firm Sage Policy Group, was prognosticating when our lives may begin to return to some sense of normalcy after the COVID-19 pandemic upended the world’s modern society. In his view, it may be coming sooner than we think.
Basu noted that after a 5% and 31% quarter-over-quarter drop in gross domestic product in the first and second quarters of 2020, the United States posted 33% and 4% gains in the third and fourth quarters, finishing the year down only about 3.5% overall.
“That’s a V-shaped recovery,” he said. “I’m not suggesting
that we’re back to where we had been, of course we’re not. But what I’m suggesting is the U.S. economy has demonstrated that, under the right circumstances, it can bounce back quickly.”
Basu noted that consumer sentiment and savings have also both risen, according to federal and research studies through the pandemic. Average savings of personal disposable income rose from 8% pre-pandemic to as much as 34% in April, when stores were largely closed and Americans received stimulus payments from the government. As late as December, however, Americans were still saving more than 13% of their income on average, meaning that there is plenty of pent-up spending demand.
What is more concerning is the supply side of the economy, where employers and small business owners are not as confident about the near future, Basu said. That’s due in part to the fact that the global economy remains restrained with restrictions still in place in many overseas countries where companies may be obtaining parts and goods.
Economist views ‘spectacular’ second half of ’21
On the CoverAs other states embrace marijuana legalization, Delaware’s legislature is set to take up the issue.
Photo courtesy of Crystal Weed/Unsplash
Basu believes the confluence of pent-up demand with slowly improving supply chains will result in a “spectacular second half of 2021,” with U.S. GDP growth as high as 7% in his estimation.
As vaccinations become more widespread, however, Basu said that Delaware was well-positioned to reap the benefits.
“The suburbs are the winners. Wilmington is a city, but New Castle is also a suburb of the Philadelphia Metropolitan Area, one of our largest metropolitan areas and a quite prosperous one. In my mind, that positions New Castle County for some very good economic times, demographically and economically, this decade,” he said.
The economist also said that he believed leisure travel would return quite rapidly, a good omen for areas like Sussex County that depend on tourism dollars. Those gains likely won’t return quickly for business travel-oriented businesses though, as web conferencing platforms have become a viable option of delivering the same results, he estimated.
For similar reasons, Basu also argued that commercial real estate is in a “crisis,” especially central business district office spaces that typically demand higher rents.
“I think for many people the era of commuting to work five days a week is over,” he said, noting that with fewer staff members reporting in daily and a desire of employees to be closer to home, more companies may be convinced to move to cheaper space in the suburbs.
Despite the potential for such movement out of cities like Wilmington, Basu added that Delaware still has the potential to attract businesses from nearby metro markets where rents are even more expensive.
“I think Delaware has managed to craft a really nice tax environment and very comfortable business climate relative to other Northeast states,” he said.
Anirban Basu
Delaware Business Times announces inaugural CEO of the Year award
The Delaware Business Times is excited to announce the opening of its inaugural CEO of the Year award, which will recognize the First State’s best leaders in companies of all sizes.
“It has been a difficult year, but we wanted to take a moment to highlight the efforts of our top executives to support their employees, serve their communities, and do all they can to continue a healthy operation,” Delaware Business Times Editor Jacob Owens said in announcing the program. “We hope all readers think about the businesses they deal with on a day-to-day basis and encourage those who have stepped forward this past year to apply.”
The award will consider top-ranking company officials, even if his or her title is not CEO, but president, executive director, manager, principal, etc. Nominees must work in Delaware and have served
in their position for at least two years.Seven winners will be recognized at an inaugural
CEO of the Year Golf Outing and Awards Ceremony in July 2021. They will also be profiled and featured in an accompanying print edition and video presentation that will be promoted across the Delaware Business Times’ website and social media accounts.
Winners will be recognized in the following categories: Large For-Profit Company (500+ employees), Medium For-Profit Company (150-499 employees), Small For-Profit Company (25-149 employees), Large Not-for-Profit Organization ($5 million+ in annual funding), Medium Not-for-Profit Organization ($1-5 million in annual funding), and Small Not-for-Profit Organization (Under $1 million in annual funding). A Milestone Award will also be given to an honoree for career service.
The deadline to apply is May 1. To learn more about the program or to apply, please visit DelawareBusinessTimes.com/CEO/
4 March 2, 2021 | DelawareBusinessTimes.com
As stores trickle back, Concord Mall looks aheadBY JACOB OWENS
WILMINGTON – Tom Dahlke understands what the Concord Mall means for many families and shoppers in the greater Wilmington region, and he has plans to enliven the once-bustling shopping center.
That plan is evidenced by the impending arrival of several shops and restaurants to the U.S. Route 202 mall near the Pennsylvania state border. Dahlke, the mall’s general manager under Mason Asset Management and Namdar Realty Group, a quickly growing, New York-based commercial real estate investment firm that acquired the mall last year, believes it could be the start of positive momentum.
The most recent arrival is 7th Inning Stretch, a sports collectables and memorabilia store that opened just north of Macy’s center court in January. It will fill a niche left by the closure of longtime tenant AB Sport last year.
Meanwhile, Rasa Sayang, a Malaysian restaurant that is currently located at Independence Mall just to the south off Route 202, will move to the former Noodles & Company spot on the north end of the mall in May, Dahlke said.
A coffee, bubble tea and dessert shop will fill another space in the mall, while a yogurt and snack shop also recently signed a lease. Those new additions add to the news from last fall that Mason worked out a lease extension with local favorite Café Riviera, an Italian restaurant and pizzeria that has long operated from the mall.
“I love my national brands, but I think what’s going to really make a difference for this mall is bringing in local businesses,” he said. “I think it’s definitely going to be what the future for Concord Mall is for right now,
especially considering the environment that we’re in.”
Dahlke wants to expand the mall’s food offerings, including a local Mexican restaurant and a quality hamburger brand. He also wants to expand the offerings of local clothing designers and shops that you won’t find elsewhere, and he anticipates pitching the mall to shop-owners on Market Street in Wilmington who may be looking for larger spaces.
The biggest question hanging over the mall, however, is what to do about the former Sears on its southern end. The nearly 175,000-square-foot, two-story anchor store closed last year, leaving an enormous opportunity and challenge.
Dahlke said his team is eyeing potential retail tenants like Sam’s Club, the warehouse retailer owned by Walmart, or the Swedish furniture retailer Ikea. He noted that Sam’s Club only has a Dover location in the state, while the closest Ikea is in Philadelphia.
“We need something that will pick up that ‘box’ in its entirety,” he said. “The bigger retailers are kind of pumping the brakes right now though and figuring out where things are about to land, considering the year that we just came out of.”
The new owner of the Concord Mall is planning to reimagine the space as the pandemic subsides. | DBT PHOTO BY JACOB OWENS
If retail isn’t in the cards, Dahlke said they also envision an entertainment venue similar to the restaurant and arcade brand Dave & Buster’s working in the space.
“We need to drive traffic into the mall, and retail or entertainment do just that,” he said.
While other malls in the region, including the King of Prussia mega mall to the north, are exploring redeveloping former department stores into office space, medical centers, distribution warehouses or even apartment housing, Dahlke said that Mason remains focused on filling the Sears space with a retail or entertainment brand.
He did note that there are other spaces in the mall that they would like to see redeveloped into non-retail use though. Specifically, the former mall owner Allied Properties had administrative offices in a third-floor space at the center of the mall that they would like to lease again. At the rear of the mall property is also a former 13,000-square-foot RetroFitness gym that closed last year that Dahlke is reimagining.
“I’d love to see an urgent care or
something along those lines go into that space, because the nearest urgent care center is down at Fairfax [Shopping Center],” he said.
Meanwhile, mall patrons should expect to see Macy’s and Boscov’s continue to anchor the mall for the foreseeable future, Dahlke said, noting that both did “exceedingly well” in 2020 despite the pandemic.
While Boscov’s has a long-term ground lease on its space and has publicly stated its intent to stay for the future, Macy’s, which has closed many stores nationwide in recent years, has been quieter about its plans. Last fall, it even converted its Dover department store into a fulfillment center as part of a pilot project.
Dahlke said that he had no reason to believe the Concord Mall store was in danger of closure though.
“As of right now, my understanding is that they’re here to stay. They feel the store is doing well enough and attracts enough customers from a wide area that it’s in their best interest to keep the store going,” he said.
The manager of the Concord Mall said that he believes the Macy’s department store will stay long-term. DBT PHOTO BY JACOB OWENS
What’s going to really make a difference for this mall is bringing in local businesses.TOM DAHLKE General manager of the Concord Mall
DelawareBusinessTimes.com | March 2, 2021 5
Delaware nonprofits overcame COVID challenges in 2020BY ROGER MORRIS
Delaware’s nonprofit organizations proved to be more than capable of getting the job done in 2020 due to increased public support in spite of increased demands for services, a lagging economy and volunteers worried at first about possible COVID-19 infection.
“The number of homebound seniors using Meals on Wheels Delaware services increased by more than 40%,” said Randi Homola, the organization’s design and marketing manager. “The number of meals served to seniors in need increased by over 26% in 2020” – a total of more than 877,000 hot meals.
“We didn’t have any difficulties in getting volunteers after the first few days,” noted Kim Turner, communications director of the Food Bank of Delaware. “After a while, we started having more volunteers coming in as families – an opportunity to get out of the house.”
The number of people experiencing “food insecurity,” or a lack of consistent access to meals often due to poverty or closure of programming, increased from 121,000 people to about 160,000, Turner said.
“A lot of people donated their federal stimulus checks to the Food Bank,” she added about how help came from a wide swath of the public.
Although the COVID-19 pandemic led to a record number of unemployed Delawareans facing food insecurity, volunteers and donors stepped up last year to help meet the need, Food Bank of Delaware officials said. It was one of many Delaware nonprofits reporting a record year for donations and volunteerism. | PHOTO COURTESY OF FOOD BANK OF DELAWARE
Meanwhile, the Delaware Community Foundation (DCF), which manages contributions from more than 1,000 charitable funds established by individuals, families and corporations, reported that its annual donations increased by more than 35% to $31.2 million last year.
“We worked hard to reach small
nonprofit organizations which were impacted more-heavily by COVID, the ones who didn’t have a financial cushion,” DCF President and CEO Stuart Comstock-Gay said. “Delawareans saw the need, and they stepped up.”
According to the Blackbaud Foundation, overall charitable giving in the United States increased by 2% in
2020 over 2019. At the same time, “the pandemic dealt a real blow to nonprofits who rely on volunteers,” according to a Fidelity Charitable survey, which reported that “two-thirds of donors said they decreased the amount of time they volunteer, or stopped entirely, due to the pandemic.”
“The COVID-19 pandemic revealed at least two things: the importance of having spent decades building on-the-ground relationships with our agency partners up and down the state, giving us the ability to rapidly put help on the streets through partners we know and trust,” said Dan Cruce, chief operating officer of United Way of Delaware.
According to Comstock-Gay, favorable federal tax incentives for donations and a rising stock market that boosted the worth of the portfolios his organization manages helped to further raise funds during the pandemic.
“We raised $5 million in COVID relief in partnership with the United Way and other organizations,” he said, and it was able to tap into $3.5 million from DCF’s Forever Fund, which comes from unrestricted money from donations.
And, according to Comstock-Gay, the same federal incentives remain in place, as well as a potentially favorable stock market, for a repeat nonprofit funding performance for the current year.
ARTISANS' BANK
ARTISANSBANK.COM
......... UNDliR
Member
FDIC
Artisans' Bank has helped our local community
succeed since 1861.
Commercial Offices throughout Delaware!
New Castle Co. 302-884-6885 Kent County 302-67 4-1754 Sussex County 302-296-0153
6 March 2, 2021 | DelawareBusinessTimes.com
BY JACOB OWENSWILMINGTON – The 76ers
Fieldhouse will now be known as the Chase Fieldhouse after banking giant JPMorgan Chase bought the naming rights to the facility that is home to the G-League Delaware Blue Coats basketball team.
BPG|Sports, the owner and management organization on the facility located off South Market Street in South Wilmington, and the Philadelphia 76ers announced the multifaceted joint partnership on Feb. 18. The terms of the deal were not disclosed.
The 161,000-square-foot multisport arena opened in January 2019, and also houses tenants Nemours Sports Medicine and Titus Sports Academy. The Blue Coats host 24 regular season home games in the 2,300-seat capacity arena during a traditional NBA G League season – this year the development league is playing in a “bubble” in Orlando without fans in attendance due to the pandemic.
A new Chase Fieldhouse emblem can be seen from both the north and south sides of the building, while the Philadelphia 76ers logo will remain on the west façade facing the Wilmington Riverfront. For the banking giant, which is also the largest for-profit employer in the state, the deal represents its further commitment to Delaware.
“The sponsorship of the Chase Fieldhouse strengthens our already-deep commitment to the Delaware market and to the City of Wilmington,” Tom Horne, Delaware market leader for JPMorgan Chase, said in a statement to the Delaware Business Times. “We’re proud to be associated with this significant venue which brings diverse communities together across the tri-state area. Serving our customers and community, and providing opportunities for both is especially important for us as our retail footprint grows across the region.”
Rob Buccini, president of the Buccini Pollin Group, the parent entity of BPG|Sports, told DBT that the sponsorship deal
was a “long-term” agreement,
ensuring that Chase would remain for years into the future. Buccini said that BPG and the Sixers organization had approached multiple companies about the deal before the COVID-19 pandemic struck, but that Chase “stepped up the quickest and showed immediate commitment.”
“Chase has been at such a strong presence in Delaware, and Wilmington in particular, for so many years, being a leader and giving back to the community,”
JPMorgan Chase has acquired the naming rights to the 76ers Fieldhouse in a long-term deal, according to owner Buccini-Pollin Group. | PHOTO COURTESY OF BPG
added Larry Meli, president of the Delaware Blue Coats. “The more that we learned about Chase, the more we recognized that we share a lot of the same values.”
Buccini and Meli said that their organizations have a long history of working with Chase through the Fieldhouse and other initiatives,
and the bank’s reputation for
community support preceded it.As part of the sponsorship deal, Chase
will also continue to contribute to youth athlete scholarships to participate in league play at the Fieldhouse, which has totaled about $100,000 over the first years split between Chase, BPG and the Sixers. It will also purchase 100 tickets to every Blue Coats home game
to donate to those in the community and sponsor a co-branded youth health and wellness initiative to serve underserved communities in the city.
The new name for the Fieldhouse will also help raise the profile of Wilmington, which has been growing in recent years with new developments, often backed by BPG’s more than $1 billion investment in its home city.
“Like other large cities, the main athletic venue is sponsored. So, this just shows how we’ve grown as a city that the largest bank in the country has agreed to put their name on the building,” Buccini said.
The Fieldhouse’s indoor field is already sponsored by AAA while its outdoor fields are sponsored by Nemours. ChristianaCare has also signed a sponsorship deal for co-branded programming and initiatives, including Blue Coats broadcasts.
Chase buys naming rights to 76ers Fieldhouse
Frontier Airlines confident in Delaware return, futureBY JACOB OWENS
NEW CASTLE – A February snowstorm couldn’t dash the excitement around Frontier Airlines’ return to the Wilmington-New Castle Airport on Feb. 11, as more than 100 passengers made the first commercial flight from Delaware in more than five years.
Frontier first announced its return to Delaware last year before the pandemic struck and twice pushed back its decision to start three-times-a-week service to Orlando. Like all airlines, Frontier has been battered by a precipitous fall in air passenger travel through the pandemic, as interstate and international quarantines discouraged travel. Most companies canceled in-person events and meetings out of caution and leisure travel was severely hampered by public health restrictions.
According to federal transportation data, Frontier saw about 68.5% of its seats filled through the first 10 months of 2020, compared to an annual total of nearly 89% in 2019. The airline flew about 73,300 flights through October of last year, or roughly 35% fewer than the first 10 months
of 2019 when it flew about 113,300.Despite the difficult year, Daniel
Shurz, senior vice president of commercial operations for Frontier, said that the airline was encouraged that domestic leisure travel – which represents nearly all of its passengers – has fared comparatively well through the pandemic compared to international or business travel. With vaccinations increasing nationwide and people more comfortable with mask-wearing protocols, Shurz said that Frontier expects to return to 2019 capacity levels as early as March.
“The demand is still out there,” he told Delaware Business Times. “We have the right customer mix and the lowest cost in the U.S. industry, so we think we’re going to recover faster than the industry on the whole.”
The fact that Wilmington-New Castle Airport’s first service destination is Orlando likely also helped convince the airline to move ahead with its plans to restart service here, Shurz said. Florida remains one of the most sought-after destinations and demand for flights there has picked up across Frontier’s
Rob Buccini
Larry Meli
system in the last few months.“Just look at the crowd today,” Shurz
said, pointing to the ebullient crowd of more than 140 passengers waiting for the inaugural Thursday afternoon flight, a mix of older couples and young families with children wearing Mickey Mouse ears.
The first flight south was roughly 75% full, despite the impact of the lingering pandemic. Last year, Shurz had said that the airline anticipated load capacity around 85% for renewed service out of Delaware after seeing around 80% when Frontier last flew out of the state in 2015.
Frontier Airlines, Delaware River & Bay Authority, and local tourism officials cut a ribbon on the new air service Feb. 11. | DBT PHOTO BY JACOB OWENS
While there may be a greater risk of fewer passengers for a flight out of New Castle, service to such smaller airports also carry significant cost efficiencies for Frontier, Shurz noted. That includes less time spent waiting for runways to become available, and in turn less fuel wasted while waiting, as well as less competition for flights.
Shurz said the decision to move forward with the plans delayed for more than six months by the pandemic was due to Frontier’s confidence in the market. It is already the second largest airline in terms of the number of planes flying out of Philadelphia International Airport, and it maintains service at the smaller Trenton-Mercer Airport in New Jersey as well.
“The longer we’ve been in the region, the more we understand what works,” he said. “Florida is the biggest destination and Orlando is the biggest destination in Florida. If this works, then we’ve got a playbook of what the next markets might be.”
He indicated that other Florida destinations would likely follow if the airline saw success with the New Castle-Orlando service.
DelawareBusinessTimes.com | March 2, 2021 7
Vaunted room designer Ellen Cheever dies at 72BY JACOB OWENS
WILMINGTON – Ellen Cheever Giorgi, who quite literally wrote the textbook for the kitchen and bathroom design industry and was recognized among its foremost experts, died unexpectedly at home Feb. 13 at age 72.
Elected to the National Kitchen & Bath Association’s Hall of Fame in 1992, Cheever was the author of more than 20 textbooks that are considered the basis of kitchen and bathroom design education, according to the association.
For nearly five decades, Cheever worked as a designer, educator, author, showroom consultant, manufacturer’s rep, and executive in the cabinet-manufacturing sector. She was a certified master kitchen and bath designer, professional member of the American Society of Interior Designers, and a certified aging-in-place specialist.
Cheever served as the principal of Ellen Cheever & Associates, a design and consultancy firm based in Wilmington. She also contributed to Giorgi Kitchens & Designs, the Wilmington kitchen and bathroom
Ellen Cheever Giorgi
design-build firm founded by her husband Pete Giorgi Sr. and still operated by family members.
“The industry has lost a great icon,” Suzie Williford, executive vice president and chief strategy officer of the NKBA,
chpkgas.com
WE CAN ENERGIZE YOUR FUTURE
Chesapeake Utilities brings clean energy to the
Delmarva Peninsula. Our natural gas distribution
system is ready to supply your project.
We are committed to bring environmentally sound
energy options and innovative solutions to our
customers and community partners.
NATURAL GAS
CNG FUELING STATIONS
ENERGY SOLUTIONS
COMBINEDHEAT & POWER
CHP
said in an association article on Cheever’s passing. “Long before ‘influencer’ was a term tossed around so easily, Ellen had tremendous impact on our industry as an educator, an author, and for her exceptional legacy to the Virginia Tech residential design program.”
Cheever’s attention to detail, willingness to embrace new materials and inventive thinking in design gained her a spotlight in the burgeoning field in the ‘70s and ‘80s. She published textbooks and conducted training programs across the U.S. and internationally that further bolstered her reputation.
Cheever’s expertise in space planning and product design were so renowned that Virginia Tech houses the collection of her professional work in its Department of Apparel, Housing and Resource Management. She donated the items in 2018.
“Ellen is a big name in the kitchen
and bath industry as a designer, a writer, and an educator,” said Julia Beamish, professor and head of the university department, at the time of the donation. “She helped to conceptualize our center and set up its advisory board.”
In the First State, Cheever’s impact could also be felt.
Mark Gandy, owner of Middletown Kitchen and Bath and president of the Builders and Remodelers Association of Delaware, said that he took some courses offered by Cheever early in his career decades ago.
“If you’ve been in this business for the last 30 years, you know who Ellen Cheever is,” he said. “You had to read [her NKBA textbooks] to become a certified kitchen and bath designer, so if you’ve worked your way up in the industry, you’ve been impacted by her even if you didn’t know it.”
Gandy noted that Cheever and her work with Giorgi Kitchens & Designs was well-known in the area for its high-end design and service. Like many design industries, those touches from the high-end are often adapted into more middle-class offerings, influencing design elements that are widely seen in homes everywhere.
“We call it ‘gingerbread,’ all those little extra things that create extreme attention to detail in a design,” he said. “Ellen had a real skill when it came to those details.”
If you’ve worked your way up in the industry, you’ve been impacted by her even if you didn’t know it.MARK GANDY President of the Builders and Remodelers Association of Delaware
8 March 2, 2021 | DelawareBusinessTimes.com
Chesapeake Utilities gets approval to expand natural gas in Md.BY KATIE TABELING
DOVER — Chesapeake Utilities Corporation has cleared the final hurdle to extend a natural gas pipeline further onto Maryland’s Eastern Shore, the latest piece of a $34 million project to expand infrastructure on the Delmarva peninsula.
The Maryland Board of Public Works, presided over by Maryland Gov. Larry Hogan, approved a permit on Jan. 27 for the Dover-based natural gas company to bore under three waterways. Chesapeake Utilities will extend the pipeline 11 miles into Somerset County from existing infrastructure in southern Delaware and in Wicomico County, Md.
The latest approval marks the last chapter of the Del-Mar Energy Pathway, a pipeline proposed in 2018 to address the growing market demand for natural gas. Eastern Shore Natural Gas, a Chesapeake Utilities subsidiary, owns and operates a 448-mile interstate pipeline that transports natural gas from various points in Pennsylvania to customers in Delaware, Maryland and Pennsylvania.
Specifically, the Del-Mar Energy Pathway extended natural gas roughly 7 miles east of Georgetown, and a fraction of a mile in Millsboro. But this extension to Somerset County, valued at $14 million, will deliver natural gas access to one of the last remaining spots in Maryland without it.
Maryland officials signed a contract with Chesapeake Utilities to supply natural gas to the University of Maryland Eastern Shore (UMES) and the Eastern Correctional Institution. Switching to a different fuel source is expected to reduce carbon emissions between 40% and 65%, according to the Bay Journal.
From an economic development standpoint, Chesapeake Utilities’ arrival in Somerset County symbolizes a new era, according to Somerset County Economic Development Executive Director Danny Thompson.
“We’ve been working for 15 years for this moment. There’s a lot of projects over the years we’ve lost out on because we were unable to check that one box on letters of intent that came across the
desk,” Thompson told the Delaware Business Times. “There’s two anchor institutions that will benefit from this, but Somerset is also a disadvantaged community, and some of our energy costs are the highest in the state. Our residents and existing businesses will also benefit from this.”
Maryland is among the wealthiest states in the country, but Somerset County is one of its poorest jurisdictions, with the typical household earning a medium of $37,803 and 23% of its residents living in poverty, according to the U.S. Census Bureau.
Chesapeake Utilities spokesman Justin Mulcahy said that as the utility expands, it expects many existing residents to convert, in addition to the “several large customers” who have expressed interest in making the switch.
“We consistently find strong interest from residents and businesses in our expanding service territory for cleaner, more economical natural gas service,” Mulcahy told DBT.
Thompson said there are at least two interested locations looking to make the switch, including Somerset Industrial Park. He also hopes that this will provide existing employers with some cost savings, and opportunities to use that money to reinvest in jobs.
“We have one business spend $1 million on energy costs, and switching to natural gas would reduce that by $400,000. They could use that to bring five or six new employees instead,” he said.
It’s also a chance to diversify the economy, as Somerset County is Maryland’s largest chicken producer with several farmers growing flocks and Mountaire Farms operating a complementary grain mill. Since the project has been years in the making, Thompson is hoping that the county will soon reap the rewards.
Chesapeake Utilities started construction on extending natural gas from Eden, Md., through Somerset County, seen here as the solid green line. While the goal is to reach University of Maryland Eastern Shore and the Eastern Correctional Institution, it’s predicted that natural gas will be a development driver for the county. IMAGE COURTESY OF CHESAPEAKE UTILITIES
Danny Thompson
Quarterly earnings reports for Delaware-based companies
We rated the quarterly earnings by revenue versus analysts‘ predictions (Revenue Surprise).
The Chemours Company (CC)Earnings Announced: 2/11/2021Revenue Surprise: Beat by $56.4MRevenue Actual: $1.34BEarnings Per Share Actual: $0.62Earnings Per Share Surprise: Beat by $0.21
InterDigital, Inc. (IDCC)Earnings Announced: 2/18/21Revenue Surprise: Beat by $2.27MRevenue Actual: $90.79MEarnings Per Share Actual: $0.33Earnings Per Share Surprise: Beat by $0.08
Chesapeake Utilities Corp. (CPK)Earnings Announced: 2/24/21Revenue Surprise: Missed by $11.38MRevenue Actual: $101.42MEarnings Per Share Actual: $0.56Earnings Per Share Surprise: Beat by $0.07
“I can tell you right now we have five projects working through the process, with some of them looking at permits for construction in April or May,” Thompson said. “Is that purely because of natural gas? I can’t say. But there is a lot of buzz
out there, and we’re now on the map.”Chesapeake Utilities anticipates
finishing construction and delivery of natural gas to UMES and Eastern Correctional Facility in the third quarter of 2021.
DelawareBusinessTimes.com | March 2, 2021 9
Delaware manufacturing keeps aircraft industry aloftBY KATIE TABELING
It may be hard to believe considering Delaware was the last state to begin commercial airline service until as recently as last month, but aircraft manufacturing has long been a vital cog in the state’s manufacturing industry.
Delaware has roughly 560 manufacturers according to data from the North American Industry Classification System, but transportation equipment is the state’s largest export at $900 million. Aircraft and aerospace parts make up a good portion of that, from the small machine shops to large helicopter assembly hangars.
“It has a relatively quiet presence here, and it’s not talked about much. The funny thing is when we had two auto plants, we had almost as many jobs per capita as California due to our small size,” said Rustyn Stoops, the executive director of the Delaware Manufacturing Extension Partnership. “But with the aviation sector, we have companies that work with big [original equipment manufacturers] OEMs. They have the ability to land planes in Georgetown and service them.”
Many manufacturers with a Delaware footprint may not have the immediate name recognition of the Boeing Company or Lockheed Martin. The state is rich with contractors Dassault Falcon, a French company that provides hanger space, maintenance and fuel to charter services based out of the New Castle Airport. Famed astronaut-outfitter ILC Dover also manufacturers aerostats, either for high-profile advertising similar to the Goodyear blimp or intelligence and surveillance purposes for the U.S. Air Force.
Delaware also has a wealth of contractors that create and assemble the parts to let the sector take flight.
As a subsidiary of General Electric, GE Aviation is one of the world’s largest manufacturers of commercial airplane engines. With a small team at its Newark plant, the company has been building advanced aircraft engine components made of ceramic matrix composites (CMCs) since 1989.
GE Aviation Newark fabricates fiber-reinforced components using the chemical vapor infiltration process. Parts are and are used for missile defense and manned space flight.
“Some of the noteworthy applications include hot gas valve components for SM-3 … in layman’s terms, these components enable a projectile to intercept and destroy another projectile at a certain coordinate accurately every time,” said Richard Gorham, spokesman for GE Aviation. “[Like] intercepting a bullet with another bullet.”
GE Aviation also develops thrust chambers for the Boeing Starliner space capsule and wing leading edge repair kits for space shuttles.
The quality assurance team performs an inspection of a structural assembly at Summit Aviation’s Delaware facility in Middletown. | PHOTO COURTESY OF GREENWICH AEROGROUP
Meanwhile, Summit Aviation’s 550-acre airport in Middletown serves an array of clients from general aviation, U.S. government, foreign military, law enforcement and corporate segments. As a subsidiary of Greenwich AeroGroup, the Middletown facility is key for repairs for New York City and Washington D.C. customers as it’s a two-hour drive or a 30-minute flight.
“Middletown’s not our prime manufacturing location. But if we find an opportunity that is a little larger in scale for assembly or manufacturing, we bring it to Delaware,” Summit Aviation Business Development Manager Justin Cevette said. “The last job we did there was for Sikorsky Aircraft, and we’ve done full build of helicopters there before.”
Other companies that can specialize in a particular piece of equipment. ALOFT AeroArchitects in Georgetown designs and installs auxiliary fuel systems in commercial aircrafts to extend their range as one part of its vast enterprise.
For example, in the Boeing 737, the system was installed as a modular fuel cell in the cargo hold, allowing the client to select the number of tanks needed for a mission. In extreme cases, the auxiliary fuel system can increase flight range by 50%.
“It’s designed specifically to be very unintrusive to the aircraft and operated by backfilling the main tanks so ‘downstream’ operations like engines would operate exactly as they normally would,” ALOFT AeroArchitects Vice President of Sales and Marketing Matt Hill explained. “We make it possible for their valuable assets to do more for them,
SPOTLIGHT: MANUFACTURING
enabling them for a new and longer mission.”
Each auxiliary fuel system kits include between 2,000 to 3,000 parts and it’s one of the lower volume products the company produces on an annual basis. Under its Hollingsead brand name, the company also designs and develops Avionics enabler products, or parts that hold down numerous pieces of electronics to run the aircraft.
“They’re commonly referred to as hold-downs, extractors, and avionics racks and trays,” Hill said. “As you can imagine, each aircraft could have dozens or even hundreds of these unique electronics installed, and each of these needs a home where it can be easily accessed for maintenance and troubleshooting.”
In years when demand is high, the company sells more than 100,000 parts and components to market, and customers include a broad mix of aircraft
operators, manufacturers, parts brokers and product companies.
While Delaware’s aircraft manufacturing sector can be out of sight at times, its workforce training efforts are at the forefront of Delaware Technical Community College. For decades, the college has offered an aviation maintenance technology program and while the FAA caps courses at 24 students, it is common for students to be waitlisted before getting in the classroom.
“From a manufacturing standpoint, we teach it all from airframe assembly to sheet metal and fabrication, welding and hydraulics. For the capstone project, we have students take a plane completely apart and put it back together,” said Barry Weiss, the department’s chair.
Since Del Tech’s Aviation Maintenance Center opened in 2009, Weiss said the program has seen great change as the economy expands and contracts with the recession and recovery, fueled even further with maintenance technicians and others starting to retire.
“COVID has curtailed a few things, but we get requests and connections from all different sources looking for viable employees, from SkyWest Airlines to [fixed-based operators]. It’s a pretty intense program with six hours of work five days a week. And what we’ve heard is that they appreciate how they’re well-disciplined and they don’t have to spend too much time getting them up to speed,” Weiss said. “Delaware’s an aviation state, but our reach goes beyond that. We’ve got former students working out in California, Tennessee, New York and Florida.”
Delaware’s an aviation state, but our [students go] beyond that. We’ve got former students working out in California, Tennessee, New York and Florida.
BARRY WEISS Chair of aviation maintenance technology, Del Tech
10 March 2, 2021 | DelawareBusinessTimes.com
A carbon-free future? Newark startup may helpBY JACOB OWENS
WILMINGTON – As the world begins working toward reducing greenhouse gases that are leading to climate change, industries are going to face a number of challenges to eliminate the harmful pollution from their operations.
Carbon dioxide is one of the most problematic greenhouse gases, coming from the burning of fossil fuels like coal, oil and natural gas. It is also a significant byproduct of the world’s manufacturing processes, which largely still depend on those fuels.
If the technology of one of Delaware’s most-promising startups is able to be scaled efficiently, however, they may be among the industry leaders in decarbonizing much of the world’s production processes.
The hydrogen problemOne of the sectors that sees an
immense amount of carbon dioxide byproduct is the production of hydrogen, another gas integral to the refining of petroleum and production of ammonia, glass, metals, and more. An estimated 95% of hydrogen is created from carbon-emitting technologies reliant on natural gas or coal.
Somewhat paradoxically, hydrogen is also a gas that will power many of the more environmentally friendly technologies of tomorrow. Hydrogen fuel cells can replace combustion engines in vehicles and would be especially beneficial to long-haul trucking and aircrafts where electric batteries wouldn’t currently be cost-efficient. Hydrogen could also one day become a cleaner alternative to heat homes, replacing natural gas or heating oil.
The production of “green hydrogen,” or hydrogen produced without a carbon dioxide byproduct using renewable energy sources like wind and solar, is still in its infancy. According to the International Energy Agency, less than 1% of hydrogen produced today qualifies.
The science behind green hydrogen production, done through a process called electrolysis that essentially uses electricity to split the two hydrogen atoms from the oxygen atom in water, is still developing. The primary challenge is the ion-exchange membrane, a semi-permeable material that allows the separation of hydrogen and oxygen to occur. Companies around the world have been working to perfect a cost-efficient membrane that can be mass produced.
For small Delaware startup W7Energy, the technology is the realization of decades of study.
A new playerYushan Yan, the Henry B. du Pont
chair in chemical and biomolecular engineering at the University of Delaware, founded W7Energy in 2018 after working for more than 20 years on the development of fuel cell technology.
“Without this membrane, nobody can do anything,” he explained. “You can dream all you want, but you can’t get a device that will perform well
or last for a long time.”
Yan and a team of several former post-doctoral researchers from UD have been perfecting a polymer membrane that relies on cheaper components than many of their commercially available competitors. One of their biggest advantages is its lack of rare earth metals, or elements that are exceedingly scarce therefore making the technology and production of the hydrogen electrolyzers much more expensive. The mining of rare earth metals, often in Third World countries, is also often fraught with pollution concerns.
While competitors use platinum or iridium in their proton-exchange membranes, W7Enegy designed an anion-exchange membrane that uses nickel or silver. The result is a capital expense of less than half of their competitors, Yan explained.
The technology has attracted attention and support in recent years, as the W7Energy team landed a $3.4 million U.S. Department of Energy research grant, a $100,000 state EDGE grant, and $1 million in private investment, along with other smaller grants. They also have secured a half dozen patents related to the technology and worked on building their capacity to manufacture their novel membrane.
A new focusYan said that the initial goal for
W7Energy was to scale production and commercialize sale of its anion-exchange membrane, but the team accomplished their initial three-year goal much faster than planned. That led them to reassess their mission and think bigger, now producing the entire electrolyzer unit that produces green hydrogen.
The new focus also comes with a new name, as the company rebranded Versogen (pronounced Verso-gen, as a play on versatility and hydrogen) in January. For now, Versogen is supplying partners with its membrane for use in
W7energy, a startup that developed more environmentally friendly fuel cell technology focusing on hydroxide exchange membranes, has changed its focus to building entire hydrogen electrolyzer units and rebranded itself as Versogen. | PHOTO COURTESY OF UD/EVAN KRAPE
the research and production of fuel-cell engines, but it is fully turning its focus to hydrogen production.
“Although producing hydrogen is new to Versogen’s mission, as a researcher and as a faculty member I’ve been working on it for a long time,” said Yan, who was elected to the National Academy of Inventors in 2018 for his work in the field.
The team decided, in part, to refocus their work after examining the market potential. Even before green hydrogen use becomes the norm, Versogen sees the potential for a lucrative market where green hydrogen makes up less than 1% of the current market share of roughly 70 million tons of hydrogen.
That market is expected to explode in coming years as nations and industry try to scale back the use of fossil fuels. BofA Securities analysts recently predicted that by 2050, clean hydrogen could account for an estimated 24% of the world’s energy needs, up from just 4% of the energy that hydrogen supplies today. By 2050, the value of the hydrogen market could grow to as much as $2.5 trillion.
Those lofty estimates include not only converting manufacturing processes that need hydrogen, but also for use in transportation, heating and power production.
Yan explained that the potential for green hydrogen is especially exciting because it can utilize pipelines already built for natural gas. In Europe, utilities have supplemented natural gas supply with hydrogen created by off-peak power. Consumers don’t notice a difference that they’re burning hydrogen instead of methane for heat, but the mixture produces considerably less carbon dioxide in the process.
Meanwhile, researchers also concede that batteries for electricity produced by windmills and solar arrays can store the energy for several days, but longer-term energy needs will need to be identified for emergencies, like the winter storm that ravaged Texas in February. Green hydrogen is among the ideas many researchers believe can help fill that
SPOTLIGHT: MANUFACTURING
Yushan YanWithout this membrane, nobody can do anything. You can dream all you want, but you can’t get a device that will perform well or last for a long time.YUSHAN YAN Founder of Versogen
gap – Mitsubishi Power is even investing in an underground, 1,000-megawatt storage facility in Utah that depends upon the idea.
For Versogen to become a major market player, the goal remains to create green hydrogen at a price point cheaper than the dirty methods. They estimate that they will be able to produce truly green hydrogen for as low as $1.39 per kilowatt hour versus more than $3 for many of their competitors.
“Our hope is to compete on price without subsidy and without a carbon penalty for the other side – just have a real competition. I think that would be the best way to move the technology forward and get the market to accept it,” Yan said.
Versogen plans to raise upward of $10 million early next year after it has demonstrated its small-scale production, Yan said. With those additional funds, the company aims to manufacture a megawatt-level stack that would be tested at a partner’s site over the course of 2022.
If successful, their growth plan calls for another round of fundraising up to $50 million to begin manufacturing of its hydrogen production units in 2023.
Versogen currently employs 10 scientists – two have joined this year – and if their plan goes accordingly, Yan said that 10 to 15 additional engineers could be hired in 2022.
DelawareBusinessTimes.com | March 2, 2021 11
IKO to shut down Edgemoor plant, lay off 60+ this yearBY JACOB OWENS
EDGEMOOR – IKO, an international roofing material manufacturer, will close its Hay Road plant and lay off 67 workers this year after determining that the aging shingle production facility was too costly to continue to operate.
The plant, located off Interstate 495 along the Delaware River northeast of Wilmington, filed a Worker Adjustment and Retraining Notification (WARN) notice with the Delaware Department of Labor regarding the job losses on Jan. 12.
IKO, a 70-year-old international company founded in Ontario, Canada, produces an array of roofing materials from shingles to waterproof membranes. Still owned by the Koschitzky family, IKO is a vertical-integrated company, meaning it controls all of its operations from raw materials to sales.
Employing more than 3,500 people in 25 global manufacturing plants, it is among the world’s largest exporters of asphalt shingles, shipping to 96 countries.
The Edgemoor plant is the oldest facility in the United States for IKO, which opened the location in 1981 after acquiring it from a competitor. It has produced the asphalt shingles
IKO will shut down its Edgemoor manufacturing plant this year and lay off 67 workers, the company reported. DBT PHOTO BY MIKE ROCHELEAU
that commonly top residential homes for decades.
Derek Fee, a spokesman for IKO, said the decision to decommission the Delaware plant was reached late last year after exploring its options for several years.
“The plant has not been profitable, and it’s been a while coming to this pass. We looked at all of the available options
for the site to determine what made the most sense before we arrived at this decision,” he told Delaware Business Times.
Fee explained that the Edgemoor plant was the farthest afield from its supply sites, creating additional transportation costs, and that its aging production only allowed for two-shingle-wide production lines when most plants nowadays
SPOTLIGHT: MANUFACTURING
produce four.“Logistically, it was a plant that was
more expensive to operate and to service. In addition, it is the oldest and smallest of our manufacturing sites,” he said.
Fee noted that two other manufacturing plants in Ohio and Illinois that were part of IKO’s original American acquisition in the ‘80s were decommissioned in the last two decades and replaced with modern plants. A new production plant under construction in the Toronto area is expected to pick up output from both a former plant there decommissioned in recent years as well as the decommissioned Edgemoor plant, Fee added.
The company plans to continue operations at Edgemoor through the first quarter, subject to arrangements with its workforce represented by the United Steelworkers union. Some will likely remain in place over the coming year as they decommission and move equipment as well, Fee said.
Even after the plant is shut down, IKO will continue to have a small presence in the Wilmington area as its U.S. corporate headquarters operates out of a Denny Road office complex not far from the plant.
12 March 2, 2021 | DelawareBusinessTimes.com
K I N G C R E A T I V E . C O M
V I D E 0 • F I L M • M U S I C • C R E A T I V E C O N S U L T I N G
SPOTLIGHT: MANUFACTURING
Littr app matches chicken litter suppliers with buyersBY KATIE TABELING
Some poultry farmers are selling it for $30 per ton, while others don’t list prices in hopes of striking a deal with a fellow farmer. But in 2021, being full of “it” can quite literally mean profits.
The chicken litter market has entered the digital age with Littr, a smartphone app developed by Common Logic and recently launched by the Delmarva Chicken Association. Other partners include the National Fish & Wildlife Foundation, Campbell Foundation for the Environment, the Delmarva Land & Litter Collaborative.
“People assume that chicken litter is a waste, but it can be a valuable organic matter for growing crops,” Delmarva Chicken Association spokesman James Fisher said. “There’s plenty of farmers who look for it for corn, wheat and even mushrooms in the region, and it can be hard to come by, especially for farms on the northern end of [Maryland’s] Eastern Shore, and Pennsylvania.”
Raising, processing, and marketing chicken is a prime economic engine in southern Delaware and the Eastern Shore of Maryland and Virginia, employing some 1,300 chicken farmers in the region. Last year alone, the Delmarva industry raised 570 million
The Littr app has tapped into a market for a surprisingly profi table byproduct for the poultry industry: chicken litter. | PHOTO COURTESY OF DELMARVA CHICKEN ASSOCIATION
People assume that chicken litter is a waste, but it can be a valuable organic matter for growing crops.JAMES FISHERDelmarva Chicken Association spokesman
chickens, produced 4.2 billion pounds of shelf- and table-ready chicken, resulting in $3.4 billion in gross domestic product.
The app, which cost $40,000 in development but was funded via a National Fish & Wildlife Foundation grant, is another tool to help farmers make a business connection over an unexpected byproduct in the poultry industry. Roughly 95% of all poultry litter is recycled to fertilize crops, due to its high content of nitrogen and phosphorus.
In the past, farmers traditionally used chicken litter to grow their own crops in tandem with chicken houses, Fisher said. But over time, farmers turned away from that practice as technology has revolutionized poultry houses and streamlined the process from coop to
processing plants.That also provided a window of
opportunity to sell the litter to farms — some as far away as the Baltimore region and the mushroom farms of Southern Pennsylvania — that do not have the right natural balance in its own soil and lacked the proliferation of chicken farms to source from.
“This side industry all used to be word-of-mouth, and there were also farms relying on brokers. This is an incredibly valuable byproduct of the industry,” Fisher said. “No one throws it away, and if they can’t use it, they find someone who can.”
It’s hard to estimate just how much chicken litter is produced, because it varies on an annual basis. But the Delmarva Chicken Association reports that in 2020, there will be 5,036 chicken houses in Delmarva, which have the capacity for 149 million chickens. That’s a lot of manure.
Fisher added that farmers and chicken growers are expected to follow nutrient management plans to continue to reduce the nitrogen and phosphorus levels of the Chesapeake Bay.
So far, the Littr app has been well received by chicken farmers, particularly in Maryland. Advertisements for support services such as composting and power-washing have started to crop up.
DelawareBusinessTimes.com | March 2, 2021 13
THE LIST
Delaware ManufacturersRanked by No. of Employees
Rank CompanyPhone
WebsiteNo. of localemployees Business Description Person in charge
YearFounded
1Perdue Farms Inc.255 N. Rehoboth Blvd.Milford, NA 19963
(302) 424-2600perduefarms.com 5,750 Raises animals to create products for consumers and retail and foodservice
customers. Randy Day (CEO) 1920
2Mountaire Farms, Inc.29292 John J. Williams Hwy.Millsboro, DE 19966
(302) 934-1100mountaire.com 4,900 Chicken producer, also operates grain and feed mills. Phillip Plylar (President) 1914
3DuPont974 Center Blvd.Wilmington, NA 19805
(302) 774-1000dupont.com 3,500 Electronics & Imaging; Nutrition & Biosciences; Transportation & Industrial Edward Breen (CEO) 1802
4W. L. Gore & Associates555 Paper Mill RoadNewark, NA 19711
(302) 738-4880gore.com 3,000 Manufactures specialized products derived from fluoropolymers, and is best
known as the developer of waterproof, breathable Gore-Tex fabrics. Bret Snyder (CEO) 1958
5AstraZeneca1800 Concord PikeWilmington, NA 19803
(800) 236-9933astrazeneca.com 1,500 Science-led Bio-Pharmaceutical Company Ruud Dobber (EVP, Pres.
Biopharmaceuticals Business Unit) 1999
6Allen Harim29984 Pinnacle WayMillsboro, DE 19966
(302) 629-9136allenharimllc.com 1,450 Operates poultry processing facilities along with a feed mill. Dr. Key Lee (CEO) 1919
7Siemens Healthineers500 Gbc Dr.Newark, DE 19702
(302) 631-6000siemens-healthineers.com 1,150 Medical diagnostic instruments Bernd Montag (CEO) 1896
8Agilent Technologies2850 Centerville RoadWilmington, DE 19808
(800) 227-9770agilent.com 1,000
Agilent Technologies, Inc. provides analytical instruments, software, services andconsumables for the entire laboratory workflow; focusing their products andservices on six markets: food, environmental and forensics, pharmaceutical,
diagnostics, chemical and energy, and research.Mike McMullen (President & CEO) 1990
9Chemours1007 Market St.Wilmington, NA 19899
(302) 773-1000chemours.com 991
Through its titanium technologies, fluoroproducts, and chemical solutionsbusinesses, The Chemours Company uses the power of chemistry to create a
more colorful, capable, and cleaner world.Mark Vergnano (President & CEO) 2015
10The Kraft Heinz Co.1250 W. North St.Dover, DE 19904
(302) 734-6100kraftheinzcompany.com 580 Dover plant manufactures Jello-O, Stove Top Stuffing mix, Shake 'n Bake,
Baker's Coconut, Country Time, Crystal Light, and Kool-Aid drink mixes. Miguel Patricio (CEO) 1964
11ILC Dover1 Moonwalker RoadFrederica, DE 19946
(302) 335-3911ilcdover.com 462 Designs and produces engineered products employing high-performance flexible
materials. Francis DiNuzzo (President & CEO) 1947
12Zenith Products Corp.400 Lukens DriveNew Castle, DE 19720
(302) 326-8200zenith-products.com 445 Bathroom storage and organization products Mary Beth Martino (President) 1946
13Eagle Group100 Industrial Blvd.Clayton, DE 19938
(302) 653-3000eaglegrp.com 425
Commercial food service equipment and products for material handling,healthcare, life sciences, laboratory, clean-room, and wholesale plumbing
industries.Larry McAllister (Owner & President) 1947
14Eastern Shore Poultry Co.21724 Broadcreek Ave.Georgetown, DE 19947
(302) 855-1350 375 Poultry processing Harry Dukes (President) 1992
15Baltimore Aircoil Company1162 Holly Hill RoadMilford, DE 19963
(302) 422-3061baltimoreaircoil.com 355 Products and services include cooling towers; evaporative condensers; thermal
storage equipment and controls. Don Fetzer (President & CEO) 1938
16BASF Corp.205 S. James St.Newport, DE 19804
(302) 992-5731basf.com 350 Organic paint pigments Wayne Smith (Chairman & CEO) 1984
17Merck Animal Health29160 Intervet LaneMillsboro, DE 19966
(302) 934-8051merck-animal-health.com 310 Animal vaccines Richard DeLuca Jr. (President of
Animal Health Div.) 1940
18Aloft Aero Architects21652 Nanticoke Ave.Georgetown, DE 19947
(855) 236-1638aloftaeroarchitects.com 300 Power units; aircraft fuel tanks Robert Sundin (President & CEO) 1998
Bloom Energy200 Christina ParkwayNewark, NA 19713
(302) 533-3650bloomenergy.com 300
Energy Server Platform is a stationary power generation platform capable ofdelivering highly reliable, uninterrupted, 24/7 constant power that is also clean
and sustainable.KR Sridhar (Co-founder and CEO) 2001
20INVISTA2801 Centerville RoadWilmington, DE 19808
(800) 231-0998invista.com 299 Nylon yarns, fibers and polymer parts Jeff Gentry (CEO) 1939
21Sea Watch International Ltd.242 S. Rehoboth Blvd.Milford, DE 19963
(302) 422-3400seawatch.com 275 Clam processing Robert Brennan (President & CEO) 1978
22Diamond Materials242 N. James St., Ste 102Newport, DE 19801
(302) 658-6524diamondmaterials.com 200 A heavy highway and site development company. Richard Pierson, Jr. (Owner/
President) 1997
23AECOM1013 Centre Road Ste 220Wilmington, NA 19805
(302) 781-5900www.Aecom.com 191 Local offices specialize in transpotation and environment infrastructure Michael Burke (CEO) 1990
24Proctor & Gamble1340 W. North St.Dover, DE 19904
(302) 678-2600us.pg.com 190 Proctor & Gamble's Dover plant produces Pampers Sensitive and Complete
Clean wipes, distributes Pampers Aqua Pure and Luvs wipes. Clarence NDangam (Plant Manager) 19961
25Adesis, Inc.27 McCullough Dr.New Castle, NA 19720
(302) 332-4880adesisinc.com 132 Specializes in organic and organometallic synthesis for the pharmaceutical and
biopharmaceutical industry, biomaterials, and catalysts industry.Andrew Cottone (President &
Founder) 2005
1 Year P&G acquired plant from Kimberly-Clark.Source: Delaware Manufacturing Extension Partnership; individual company Web sites; Internet research. Researched by: Delaware Business Times. Information for DBT's lists are either generated through public sources or supplied byindividual organizations through questionnaires. We make every effort to confirm that the lists are comprehensive through industry sources. We assume that information provided by company representatives is accurate and truthful.Organizations that do not respond to our requests for information may be excluded from the list or listed at the bottom as Not Ranked (NR).
Delaware ManufacturersRanked by No. of Employees
Rank CompanyPhone
WebsiteNo. of localemployees Business Description Person in charge
YearFounded
1Perdue Farms Inc.255 N. Rehoboth Blvd.Milford, NA 19963
(302) 424-2600perduefarms.com 5,750 Raises animals to create products for consumers and retail and foodservice
customers. Randy Day (CEO) 1920
2Mountaire Farms, Inc.29292 John J. Williams Hwy.Millsboro, DE 19966
(302) 934-1100mountaire.com 4,900 Chicken producer, also operates grain and feed mills. Phillip Plylar (President) 1914
3DuPont974 Center Blvd.Wilmington, NA 19805
(302) 774-1000dupont.com 3,500 Electronics & Imaging; Nutrition & Biosciences; Transportation & Industrial Edward Breen (CEO) 1802
4W. L. Gore & Associates555 Paper Mill RoadNewark, NA 19711
(302) 738-4880gore.com 3,000 Manufactures specialized products derived from fluoropolymers, and is best
known as the developer of waterproof, breathable Gore-Tex fabrics. Bret Snyder (CEO) 1958
5AstraZeneca1800 Concord PikeWilmington, NA 19803
(800) 236-9933astrazeneca.com 1,500 Science-led Bio-Pharmaceutical Company Ruud Dobber (EVP, Pres.
Biopharmaceuticals Business Unit) 1999
6Allen Harim29984 Pinnacle WayMillsboro, DE 19966
(302) 629-9136allenharimllc.com 1,450 Operates poultry processing facilities along with a feed mill. Dr. Key Lee (CEO) 1919
7Siemens Healthineers500 Gbc Dr.Newark, DE 19702
(302) 631-6000siemens-healthineers.com 1,150 Medical diagnostic instruments Bernd Montag (CEO) 1896
8Agilent Technologies2850 Centerville RoadWilmington, DE 19808
(800) 227-9770agilent.com 1,000
Agilent Technologies, Inc. provides analytical instruments, software, services andconsumables for the entire laboratory workflow; focusing their products andservices on six markets: food, environmental and forensics, pharmaceutical,
diagnostics, chemical and energy, and research.Mike McMullen (President & CEO) 1990
9Chemours1007 Market St.Wilmington, NA 19899
(302) 773-1000chemours.com 991
Through its titanium technologies, fluoroproducts, and chemical solutionsbusinesses, The Chemours Company uses the power of chemistry to create a
more colorful, capable, and cleaner world.Mark Vergnano (President & CEO) 2015
10The Kraft Heinz Co.1250 W. North St.Dover, DE 19904
(302) 734-6100kraftheinzcompany.com 580 Dover plant manufactures Jello-O, Stove Top Stuffing mix, Shake 'n Bake,
Baker's Coconut, Country Time, Crystal Light, and Kool-Aid drink mixes. Miguel Patricio (CEO) 1964
11ILC Dover1 Moonwalker RoadFrederica, DE 19946
(302) 335-3911ilcdover.com 462 Designs and produces engineered products employing high-performance flexible
materials. Francis DiNuzzo (President & CEO) 1947
12Zenith Products Corp.400 Lukens DriveNew Castle, DE 19720
(302) 326-8200zenith-products.com 445 Bathroom storage and organization products Mary Beth Martino (President) 1946
13Eagle Group100 Industrial Blvd.Clayton, DE 19938
(302) 653-3000eaglegrp.com 425
Commercial food service equipment and products for material handling,healthcare, life sciences, laboratory, clean-room, and wholesale plumbing
industries.Larry McAllister (Owner & President) 1947
14Eastern Shore Poultry Co.21724 Broadcreek Ave.Georgetown, DE 19947
(302) 855-1350 375 Poultry processing Harry Dukes (President) 1992
15Baltimore Aircoil Company1162 Holly Hill RoadMilford, DE 19963
(302) 422-3061baltimoreaircoil.com 355 Products and services include cooling towers; evaporative condensers; thermal
storage equipment and controls. Don Fetzer (President & CEO) 1938
16BASF Corp.205 S. James St.Newport, DE 19804
(302) 992-5731basf.com 350 Organic paint pigments Wayne Smith (Chairman & CEO) 1984
17Merck Animal Health29160 Intervet LaneMillsboro, DE 19966
(302) 934-8051merck-animal-health.com 310 Animal vaccines Richard DeLuca Jr. (President of
Animal Health Div.) 1940
18Aloft Aero Architects21652 Nanticoke Ave.Georgetown, DE 19947
(855) 236-1638aloftaeroarchitects.com 300 Power units; aircraft fuel tanks Robert Sundin (President & CEO) 1998
Bloom Energy200 Christina ParkwayNewark, NA 19713
(302) 533-3650bloomenergy.com 300
Energy Server Platform is a stationary power generation platform capable ofdelivering highly reliable, uninterrupted, 24/7 constant power that is also clean
and sustainable.KR Sridhar (Co-founder and CEO) 2001
20INVISTA2801 Centerville RoadWilmington, DE 19808
(800) 231-0998invista.com 299 Nylon yarns, fibers and polymer parts Jeff Gentry (CEO) 1939
21Sea Watch International Ltd.242 S. Rehoboth Blvd.Milford, DE 19963
(302) 422-3400seawatch.com 275 Clam processing Robert Brennan (President & CEO) 1978
22Diamond Materials242 N. James St., Ste 102Newport, DE 19801
(302) 658-6524diamondmaterials.com 200 A heavy highway and site development company. Richard Pierson, Jr. (Owner/
President) 1997
23AECOM1013 Centre Road Ste 220Wilmington, NA 19805
(302) 781-5900www.Aecom.com 191 Local offices specialize in transpotation and environment infrastructure Michael Burke (CEO) 1990
24Proctor & Gamble1340 W. North St.Dover, DE 19904
(302) 678-2600us.pg.com 190 Proctor & Gamble's Dover plant produces Pampers Sensitive and Complete
Clean wipes, distributes Pampers Aqua Pure and Luvs wipes. Clarence NDangam (Plant Manager) 19961
25Adesis, Inc.27 McCullough Dr.New Castle, NA 19720
(302) 332-4880adesisinc.com 132 Specializes in organic and organometallic synthesis for the pharmaceutical and
biopharmaceutical industry, biomaterials, and catalysts industry.Andrew Cottone (President &
Founder) 2005
1 Year P&G acquired plant from Kimberly-Clark.Source: Delaware Manufacturing Extension Partnership; individual company Web sites; Internet research. Researched by: Delaware Business Times. Information for DBT's lists are either generated through public sources or supplied byindividual organizations through questionnaires. We make every effort to confirm that the lists are comprehensive through industry sources. We assume that information provided by company representatives is accurate and truthful.Organizations that do not respond to our requests for information may be excluded from the list or listed at the bottom as Not Ranked (NR).
14 March 2, 2021 | DelawareBusinessTimes.com
Is support growing for legalized marijuana in Delaware?BY JACOB OWENS
DOVER – As the Delaware General Assembly returns to their legislative work in March, one of the most persistent issues in recent years is expected to return once again: legalization of marijuana.
Although the narcotic continues to maintain an illegal federal status, a growing number of states have chosen to legalize its use, citing public acceptance, tax revenue potential, and a history of disproportionate criminal enforcement among races, among other factors.
New Jersey’s move to legalization, approved by a majority of voters in November and signed by Gov. Phil Murphy in February, is likely to put pressure on Delaware to finally consider the measure as well.
Rep. Ed Osienski (D-Newark) plans to file a new bill on legalized sale to adults in March, restarting the debate that has yet to clear the statehouse in recent years. With a new wave of Democratic legislators elected last year and the creeping risk of falling behind neighboring states on the issue – both the Maryland and Virginia legislatures are considering legalization this year – Osienski believes he may have the votes to pass the bill this year, and even potentially overturn a veto from Gov. John Carney who has not endorsed the idea in the past.
“I think [other states’ move] will help convince some of my colleagues who have been on the fence that now may be the time to get this passed. That’s my hope, at least,” Osienski said.
The economic argumentProponents of legalization are
increasingly pointing to the economic benefit of taxed sales of the drug, as the state already does with alcohol and tobacco. Supportive legislators got a boost from a January report from State Auditor Kathy McGuiness that concluded Delaware could reap $43 million in revenue off retail marijuana sales.
“Inaction doesn’t reward us with curbed usage but will prevent us from realizing economic benefits and the $43 million that could be available if Delaware were to devise a responsible regulatory framework. It’s time to legalize it,” McGuiness wrote in her report.
Her office’s analysis, utilizing prior admissions for adult marijuana usage in federal health surveys, concluded that Delaware possessed an annual market of about $215 million in sales. That figure may even be too low, considering the likelihood of survey participants being truthful about their use.
While McGuiness factored an excise tax of 20% on sales, Osienski is proposing a 15% tax, meaning the potential estimated revenue would be closer to $32 million by McGuiness’s math.
The state auditor also estimated that the industry could grow to create upward
SPOTLIGHT: MANUFACTURING
of 1,400 jobs over five years in Delaware.Osienski’s bill will recommend the
creation of upward of 125 licenses for recreational marijuana sale, production and processing. He noted that it could create at least 1,000 jobs at typical staffing levels, which produces more personal income tax revenue and trickle-down spending in the local economy as well.
While some states have earmarked revenue from marijuana sales to support a budgetary need like education, Osienski said he wants to avoid earmarks and return the money to the state’s General Fund.
“There’s always some good proposals out there for programs that need funding, and I encourage them to go through the typical legislative process and get those proposals approved,” he said.
Lessons learnedWhen legislators last debated
legalization in 2019, one of the themes proponents warned them of was the potential for Big Marijuana, or national companies often publicly traded or backed by Wall Street hedge funds, to take over the market.
To counteract that threat, Osienski intends to propose earmarking some of the licenses for microbusinesses, which would require the majority owner to be a state resident, and others for social equity, or owned and operated by a minority applicant.
“We’re going to make sure there’s an opportunity and some help for those communities that have been mostly impacted by past marijuana laws so that they have the opportunities to get into the industry,” he said.
Two years ago, Osienski also proposed allowing Delaware’s currently licensed
A recent report from State Auditor Kathy McGuiness estimated that the annual sales of recreational marijuana could top $200 million in Delaware, leading to a potentially lucrative tax stream. | PHOTO COURTESY OF BUDDING/UNSPLASH
The partners of Valor Craft Cannabis, a new medical marijuana licensee, have a variety of experience in the industry around the country. | DBT PHOTO BY JACOB OWENS
medical marijuana dispensaries to sell to recreational buyers after the market opened. That proposal drew pushback from the state’s medical marijuana patients, who testified that the current supply was already strained.
Now Osienski will propose that new licenses be issued specifically for recreational sale, forcing the state’s medical marijuana suppliers to reapply for new licenses if they want to reach the broader market. The legislator added that he has received support from the Delaware Division of Alcohol and Tobacco Enforcement to police future recreational dispensaries, while the Delaware Office of Medical Marijuana, a health department subsidiary, continues to police medical dispensaries.
Medical marijuana also growingFor five years, Delaware has operated a
medical marijuana market serving those
who have a diagnosed, qualifying medical condition, ranging from cancer to glaucoma, post-traumatic stress disorder to HIV. By far the most common diagnosis is a medical condition causing severe or debilitating pain, according to state records.
The industry, which did $19 million in sales in 2019, has grown from about 1,400 patients in its first year to nearly 16,500 last year. With estimates that it could add another 20,000 to 30,000 patients, the state Office of Medical Marijuana opened up four new licenses last year and awarded them to three new companies.
Valor Craft Cannabis Company will be based in New Castle, CannTech Research will be based in Dover and Georgetown, and EzyCure LLC will be based in Harrington. Each of the new licensees, chosen from 10 different applicants, has previous experience in the cannabis industry either in Delaware or elsewhere.
DelawareBusinessTimes.com | March 2, 2021 15
SPOTLIGHT: MANUFACTURING
Share your Delaware pride with premium apparel and accessories featuring exclusive locally-inspired designs.
DelawareGear.comVisit
302
GEAR
Raj Mukherji
Siblings Jen Stark and Bill Rohrer founded Ezy Venture, a CBD processor in 2019, and will now enter the medical marijuana industry with EzyCure. | PHOTO COURTESY OF EZY VENTURE
They will join the three existing state licensees: First State Compassion, a local company with Wilmington and Lewes locations led by retired state trooper Mark Lally; Fresh Cannabis, which has a single Newark location and is operated by New Jersey-based Compassionate Care Research Institute; and the multi-state, publicly traded industry giant Columbia Care, which has locations in Wilmington, Smyrna and Rehoboth Beach.
Valor Craft Cannabis is a six-partner venture that includes former Kahunaville owner David Tuttleman who founded a successful marijuana grow operation in Las Vegas, former Delaware Division of Corporations Director William Freeborn, who lobbied to include research provisions in the state’s marijuana statute in 2015; and James Brobyn, founder of American Fiber, a Wilmington-headquartered cannabis company that owns a vertically integrated operation in Michigan as well as a CBD oil importer and distributor.
Brobyn told Delaware Business Times that the company is currently building a 15,000-square-foot grow facility and processing center in an industrial park near New Castle. They hope to begin selling their product by early 2022, and expect to employ upwards of 40 people when fully built out.
Brobyn has experience in retail sales with his company’s chain of
Compassionate Care by Design stores in Michigan while Tuttleman’s Matrix NV company has grown and processed marijuana for years. Together, the partners believe they will be able to get their operation up and running efficiently with room for future growth in the First State. That includes potentially selling their product in other dispensaries, something that occurs often in other states but rarely in Delaware where market participation is small.
“We want to encourage [business-to-business] and wholesale in the state. I think it’d be good for consumers,” Brobyn said. “Frankly, diversity of products will help improve innovation across the whole industry. So, we hope that the other operators will work with us.”
Meanwhile, EzyCure is led by siblings Jennifer Stark and Bill Rohrer, the founders of Ezy Venture, Delaware’s largest hemp-derived processor of the non-narcotic cannabidiol, or CBD. The startup, supported by a $100,000 state grant for emerging businesses in 2019, works with local hemp farmers and cultivates its own fields to process as much as 250 pounds a day to produce wholesale CBD oil.
An oversaturated CBD market after passage of the 2018 federal Farm Bill has led Ezy Venture, like many processors, to be sitting on inventory though, Rohrer said. They decided to pursue a medical marijuana license to diversify their operation.
Rohrer, who operates an agronomy lab that supports Delmarva farmers and helped set up a laboratory that conducts the state’s marijuana quality testing, said the team is dedicated to producing a quality product that helps Delaware patients.
“CBD was a great foundation to understanding the whole wellness factor of cannabis,” Stark added. “After talking with a lot of patients, hearing their stories about how it’s helped them or their families, we learned a lot about the medicinal benefits of cannabinoids.”
EzyCure has leased a 10,000-square-foot, indoor Sussex County hemp farm to cultivate its first crop of medical marijuana, planting it as early as a
couple of weeks, Rohrer said. Once fully built out, they expect to employ 30 or more people and will open their first dispensary, called The Farm, in the Camden-Felton area. They are eyeing a second storefront later on in the northern Kent County or southern New Castle County area.
Finally, the third licensee has a growing out-of-state presence. CannTech is led by Raj Mukherji, a New Jersey state assemblyman and
lawyer who has been a leading
voice and investor in medical marijuana operations.
Last month, CannTech sold its Pennsylvania business to Ayr Strategies, a growing multi-state medical marijuana operator, in a $57 million deal.
Mukherji also has ties to Compassionate Care Research Institute, which operates the Fresh Cannabis store in Newark, although it’s unclear if he still holds a financial stake in the company. Requests for comment to his New Jersey law firm were not returned.
According to the state officials, CannTech will likely begin sales this fall at locations in Dover and Georgetown.
16 March 2, 2021 | DelawareBusinessTimes.com
NEWS BRIEFS
Carney eases indoor gathering restrictions
WILMINGTON – As Delaware’s COVID-19 hospitalization numbers continue to fall, Gov. John Carney eased restrictions Feb. 19, including limits on public indoor events and gyms.
Under the latest order, capacity for public events and gatherings at businesses and other indoor spaces was raised from 10 to 25 people, or at 50% of stated fire occupancy restrictions, whichever is less. Event organizers must submit a plan to the Division of Public Health (DPH) to host larger events for up to 150 people.
Outdoor gatherings are still limited to 50 people, or up to 250 with an approved plan from DPH.
“We are making progress in our fight against COVID-19. Hospitalizations are down more than 50% from our winter peak, and Delaware providers have administered more than 164,000 doses of the COVID-19 vaccine,” Carney said in a press statement. “But let’s keep doing what works until we can get enough Delawareans vaccinated.”
M&T Bank to acquire Conn. bank in $7B deal
WILMINGTON – M&T Bank announced Feb. 22 that it has reached an agreement to acquire Connecticut-based People’s United Financial Inc. in a $7.6 billion, all-stock deal.
As part of the transaction, People’s United’s current headquarters in Bridgeport, Conn., will become the New England regional headquarters for M&T, which is headquartered in Buffalo, N.Y.
The merger was unanimously approved by the boards of both companies and is
tentatively scheduled to close in the fourth quarter of 2021. It is still subject to regulatory approvals and approval by the shareholders of each company.
The larger M&T will feature 1,100 branches and more than 2,000 ATMS in 12 states, and will create a footprint in a Mid-Atlantic-to-Northeast region that accounts for over 20% of the U.S. population and over 25% of U.S. gross domestic product.
Coons: Return of earmarks could yield Delaware win
WILMINGTON – With Congressional Democrats possibly overturning a more than decade-long ban on federal earmarks, U.S. Sen. Chris Coons (D-Del.) told state biotech leaders that he anticipated lobbying for more investment in Delaware’s growing biotech sector.
Earmarks, or discretionary spending on projects outside of competitively-bid processes, have been banned under House of Representatives rules since 2011, but after Democrats won a majority in both houses
of Congress as well as the White House, legislators are eyeing a return of the spending.
Former President Barack Obama publicly opposed any earmarked spending, while former President Donald Trump called for its return. So far, President Joe Biden has yet to voice his opinion on the spending, although as a longtime senator he was used to the horse-trading behind such projects.
According to Coons, if earmarks are returned, they will be limited to transparent, publicly vetted investments.
Exelon to split into utility, generation companies
NEWARK – Exelon Corp., the parent company of Delmarva Power, the state’s lone regulated electricity utility that supplies Northern Delaware, announced Feb. 24 that it is splitting the company’s utility and generation segments into their own companies.
The plan, approved by Exelon’s board of directors, will create a company composed of the company’s six regulated electric and gas utilities and a company containing its competitive power generation and customer-facing energy businesses. Both companies would continue to be publicly traded entities, with the separation targeted for the first quarter of 2022.
The split is subject to approval by the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and New York Public Service Commission.
The separation gives each company the “financial and strategic independence to focus on its specific customer needs, while executing its core business strategy,” officials said in a press release.
Maryland garden store acquires Ronny’s in Smyrna
SMYRNA – Homestead Gardens Inc. of Maryland has bought Delaware mainstay Ronny’s Garden World and plans to reopen the store under new management as soon as possible.
“We’re proud to bring to our reputation for helping area homeowners and gardeners create beautiful spaces,” Homestead Gardens CEO and owner Brian Riddle said in a prepared statement. “We sell the highest quality plants and garden products and will bring our signature customer service to Smyrna. Importantly, we’re excited about contributing to the growing economy in this region of Delaware.”
For 50 years, Ronny’s Garden World has been the state’s largest garden center and regional distributor of plants and landscaping products.
“Just as my own family did at Homestead Gardens, the Burrises built Ronny’s World to be a successful, iconic business that is the premier destination for regional gardeners and growers,” Riddle added.
Delaware mainstay Ronny’s Garden World was bought by Homestead Gardens Inc. and plans to reopen the store under new management as soon as possible.DBT PHOTO BY KATIE TABELING
U.S. Sen. Chris Coons told state business leaders Feb. 16 that a return of earmarks could yield further investment in Delaware projects. | PHOTO COURESY OF COONS OFFICE
NOW THROUGH MARCH 14Elimination rounds for top vote-getters in Food & Drink categoriesLook for new categories each week!
DELAWARETODAY.COM/VOTE
DelawareBusinessTimes.com | March 2, 2021 17
BUSINESS LEADS
Liquor Licenses
Source: Delaware Offi ce of Alcoholic Beverage Control Commissioner
NEW LICENSES ISSUEDCrab Du Jour of Newark, LLC; 1000 Churchmans Road Newark 19713; Contact – Xi Li (302) 508-6988; License Type: Restaurant – ON Sundays #15390
Twisted Irons Craft Brewery Company, LLC; 303 Ruthar Drive, Suites E and F, Newark 19711; Contact – Matthew Found, David Markle, Bruce Cooper, and Anna Zaharchuk (302) 275-4449; License Type: Brewery/Microbrewery #15354
NEW APPLICANTCracker Barrel Old Country Store, Inc.; 19550 Coastal Highway, Rehoboth Beach 19771; License Type: Restaurant and Sunday
Lusias Anose T/A Patizan Caribbean Restaurant; 507 Bridgeville Highway, Seaford 19973; License Type: Beer/Wine Restaurant and Sunday
Fenway Barr, LLC T/A The Pond Bar and Grill; 19266 Coastal Highway, Rehoboth 19971; License Type: Restaurant
TRANSFER REQUEST
Oddity, LLC to Oddity Bar, LLC both D.B.A Oddity Bar; 500 Greenhill Ave., Wilmington 19805; Contact— Andrea McCauley (302) 384-6794; License Type: Taproom-On, Sunday #14496
Real Estate Transactions
Source: Local Recorders of Deeds
KENT CO.Robin and Roni Becker to Anthony and Tania Celii; 2097 Everett’s Corner Road, Hartly 19953, $825,700
Quails Nest Holding LLC to Steven and Lauren Mercer; 62 Chucker Crossing, Quails Nest, Dover 19904, $499,000
Thomas and Ingrid Myers to Norman and Renee Bullard; 250 Southern View Drive, Southern View, Smyrna 19977, $448,000
NEW CASTLE CO.FL 40, LLC and Winston Salem 1, LLC to U.S. Home Corporation DBA Lennar; 3000 Pulaski Highway, Newark 19702, $6,000,000
VBF LLC to Parkway Gravel, Inc.; 7411 Lancaster Pike, Hockessin 19707, $5,150,000
Debra, Daniel and Danielle Lamoureux to Gladys and Keith Kruskall; 158 Masseys Church
Road, Townsend, 19734, $1,050,000
Kailyn Lowery to Mohamed and Abdelkader Addi; 208 Bohemia Mill Pond Drive, Bohemia Mill Pond, Middletown 19709, $840,000
Toll DE LP to Neda Jallah; 1319 Joseph Lane, Highpointe at St. Georges, New Castle 19720, $751,000
Rosemarie Dodd-Giroso to Garrett and Elizabeth Hadley; 603 Andover Road, Edenridge, Wilmington 19803, $694,000
Brian and Tracey Kroll to Robert Dilworth; 1215 Old Wilmington Road, Hockessin 19707, $621,000
St. Annes Development Associates, LLC to Nicholas and Melissa Vali; 324 Clydia Court, The Estates of St. Annes, Middletown 19709, $618,500
Setting Doe Run, LLC to Seta Rentals, LLC; 832 and 836 Doe Run Road, Newark 19711, $540,000
Dorothy Ventresca to Behrooz Ghorbanian and Sussan Chakamian; 131 Augustine Cut Off, Ball Properties, Wilmington 19803, $555,000
Blenheim at Bayberry North LLC and Farm Land Holdings LLC to Eil. L. Brame; 1714 Michelangelo Drive, Middletown 19709, $531,000
Brittany and Ijeoma Mowete to Imran and Haleema Khan; 212 North Spring Valley Road, Spring Valley, Wilmington 19807, $520,000
SUSSEX CO.McCoy DuPont Weymouth and Toni Toomey-Weymouth to Walter F. And Judith Lee Jones; 4 Prospect St., Rehoboth Heights, Rehoboth Beach 19971, $5,525,000
David and Amanda Nack to Shannon and Norman Sugrue, Jr.; 69 Blackpool Road, Rehoboth Beach Yacht and Country Club, Rehoboth Beach 19971, $2,199,000
Deborah and Jeffrey Dershem to Broadway Crossing LLC; 143 Torquay Court, Rehoboth Beach Yacht and Country Club, Rehoboth Beach 19971, $2,080,000
Jorge and Adriana Trajtengerg to Thomas and Paula Henry; 10 E. Essex St., Fenwick Island 19944, $1,700,000
Ralph G. Blasey, Jr. to McGovern Properties LP; 27 Bedford Ave., Indian Beach, Rehoboth Beach 19971, $1,525,000
Joseph B. Nadu and Joseph G. Nadu to Sandra and Frank Frabizzio III; 14 S. Shore Drive, South Shores, Bethany Beach 19930, $1,485,000
Ethan and Caroline Harric to Martin and Susan Leshin; 115 W. Cape Shores Drive, Cape Shores, Lewes 19958, $1,450,000
Patricia W. Reese Family Trust to David and Aimee Martin; 1 N. 3rd St., Bethany Beach 19930, $1,350,000
Jeffrey and Mary Lou Jensen to Marc and Billie Eisner; 7 N. 3rd St., Bethany Beach 19930, $1,345,000
17B McKinley LLC to Bryan and Michele Cheeseman; 19 McKinley Ave., Mckinley Condominium, Dewey Beach 19971, $1,289,000
Patrick Greaney to Kurt and Heather Denchfield; 111 3rd St., Bethany Beach 19930, $1,275,000
Barry and Maribeth Benjamin to David and Luvenia Barry; 32562 Heron Circle, Heron Bay, Bethany Beach 19930, $1,201,000
Robert and Astrid Mueller to Aldon, LLC; 17 S. Rodney Drive, North Shores, Rehoboth Beach 19971, $1,100,000
Rib Services LLC to Rickards Real Estate Delaware LLC; 35715 Atlantic Ave., Millville 19967, $1,000,000
Robert and Susan Bartley to Seth Harris and Karen Rosen; 423 W. 3rd St., Lewes 19958, $1,000,000
Join thousands of other business leaders and sign up to receive Delaware Business Times’ daily e-newsletter.(daily, weekly recap, monthly report of top reads)
No charge. No obligation (except to keep informed and up-to-date).
Also, sign up to join DBT’s VIP List to receive important news and information, along with special offers from our partners.
DelawareBusinessTimes.com
OFFERS EXPIRE 3/15/2021
2020 LINCOLN NAUTILUSSTK # 7832 VIN # 2LMPJ8J93LBL29625 MSRP $46,345
Tax and tags not included. First month’s payment included. See dealer for details.
$399/mo for 36 months with $4,400 DAS
For Lincoln Luxury & ValueVisit our showroom or use Carman Express at carmanlincoln.com
STK # 7936 VIN # 5LMCJID97MUL04376 MSRP $40,940Tax and tags not included. First month’s payment included. See dealer for details.
$349/mo with $3,459 DAS
2021 LINCOLN CORSAIRAll wheel drive. Fully equipped with Lincoln features and luxury amenities.
2 1 A V A I L A B L E
18 March 2, 2021 | DelawareBusinessTimes.com
PEOPLE ON THE MOVE
People on the Move is a rundown of recent hirings, promotions, appointments and other notable movements by professionals in the state. If you’re interested in submitting an entry, please contact [email protected].
Damian DeStefano, director of the Delaware Division of Small Business who gained an unexpectedly large profile over the last year as the office sought to aid businesses impacted
by the COVID-19 pandemic, will leave his role March 5.
He is reportedly taking a private-sector job, but declined to elaborate on his plans. Replacing DeStefano will be the current division deputy director, Jordan Schulties, who has served in her role since 2016.
DeStefano was appointed to the director position in August 2018, after Gov. John Carney created the office amid breaking up the Delaware Economic Development Office.
Charuni Patibanda was recently appointed the economic development director of New Castle County, succeeding Tamarra Morris Foulkes who retired last fall.
A Delaware native, Patibanda has spent the last eight years in Los Angeles working as a lawyer and economic development consultant. She gained experience working on high-profile projects including the bidding on a new L.A. city contract to operate the famed Greek Theatre amphitheater as well as representing Netflix in its redevelopment proposal of Grauman’s Egyptian Theatre.
After graduating from Emory University School of Law, she served for a time as a judiciary intern for Sen. Chris Coons and said that she wanted to return to public service.
Navient has appointed Mike Maier as chief information officer and Mike Smith as chief human resources officer.
Maier most recently served as senior vice president of strategic initiatives at Navient, and has served in the company and its predecessor Sallie Mae since 2008. A Navy veteran, he is also the
executive sponsor of Navient’s employee Veterans Resource Group, a trustee of the Naval Academy Athletic and Scholarship Foundation and past board member of the Delmarva American Red Cross.
Smith most recently served as vice president of Total Rewards at Navient, and has served in the company and its predecessor Sallie Mae since 2005. He has also held HR roles at Freddie
Mac and Capital One and served on several industry boards such as the Client Advisory Board for Fidelity Investments. Smith is a board member of the Boys & Girls Clubs of Delaware and chairs the board’s HR committee.
Steve Norcini has been appointed to the newly created role as head of sustainable investing at Wilmington Trust. In addition to his role as senior equity portfolio manager, Steve will lead the team’s efforts to provide clients with sustainable investing solutions.
Steve has led Wilmington Trust’s proprietary ESG equity strategy offering since its 2019 inception and the firm’s thought leadership around sustainable investing. He brings more than a decade of in-depth fundamental equity investing and portfolio management experience.
Alex Cavaliere of Diamond State Financial Group has been authorized by the Certified Student Loan Advisors Board of Standards (CSLA Board) to use the Certified Student Loan Planner and CSLP
certification marks.The CSLP denotes professionals that have
demonstrated competency in financial aid basics, repayment options, repayment risk management, student debt tax planning, and student loan repayment in employee benefits, retirement, and business planning.
Leadership Delaware Inc. (LDI) has announced the appointment of three new members to its board of directors, one from each county - from New Castle County, Bianca Fraser-Johnson, from Kent County, Linda Parkowski, and from Sussex County, Preston Schell.
Bianca Fraser-Johnson spent 20 years in the financial services industry and retired from Bank of America in 2019 as a senior vice president. Fraser-Johnson chaired the Delaware Chapter of LEAD (Leadership, Education and Advocacy) for Women at Bank of America, co-founded the Delaware Youth Leadership Network, and completed her fellowship with LDI in 2010.
Parkowski is the executive director of the Kent Economic Partnership, the economic development agency for Kent County. Parkowski is charged with business attraction, retention, and
expansion in Central Delaware along with business assistance for Kent County.
Schell is the co-founder and president of the Ocean Atlantic Companies (OAC), a diversified group of real estate development, management, construction, and brokerage firms primarily focused and operating in Southern Coastal Delaware. Prior to starting OAC in 1997, he worked as an investment banker for Merrill Lynch in Chicago.
Tim Daly has been appointed president of Clearfield Communications. Clearfield is a provider of data, product security and consumer engagement services to the cannabis, tobacco, consumer goods and healthcare industries.
Clearfield Communications, founded in 2020, leverages NFC technology to deliver critical reporting and enhanced management capabilities for government and industry. Its exclusive TrueSYS platform enables intelligent or “connected” packaging to customers, and ensures regulatory compliance and product chain of custody.
Delaware’s trusted partners for Insurance, Risk Management and Employee BenefitsSafegardgroup.com
SPONSORED BY
Pointing You in the Right Direction
harveyhanna.com (302) 323-9300
405 E. Marsh Lane, Suite 1, Newport, DE 19804
• +/- 45,280 S.F. Total of Flex Space
• 24’4 - 26’5 Ceiling Height
Suite 1: 14,080 S.F.
• O�ce Area: 7,975 S.F.
Suite 2: 31,299 S.F.
• O�ce Area: 3,000 S.F.
Contact Thomas Harvey today for a [email protected]
AVAILABLENewport Industrial Park
500 Water Street, Suite 1 & 2, Newport, DE 19804
VIRTUAL TOUR AVAILABLE!
&
In the midst of the COVID-19 crisis the CIRC Board is keenly aware of how this is impacting our Delaware business community.
While we alter the way we live and work to protect ourselves, our families, our friends, and our businesses, we all need to remember, we are stronger together, even if “together” for a while means just connecting online or on the phone.
When this is all over, we WILL be back! Keep an eye out for updates on our events, which will be rescheduled once things return to normal.In the meantime, be safe everyone and remember we are all in this TOGETHER! Robert Stenta, CIRC President
“Alone we can do so little…together we can do so much!"www.circdelaware.org
&
In the midst of the COVID-19 crisis the CIRC Board is keenly aware of how this is impacting our Delaware business community.
While we alter the way we live and work to protect ourselves, our families, our friends, and our businesses, we all need to remember, we are stronger together, even if “together” for a while means just connecting online or on the phone.
When this is all over, we WILL be back! Keep an eye out for updates on our events, which will be rescheduled once things return to normal.In the meantime, be safe everyone and remember we are all in this TOGETHER! Robert Stenta, CIRC President
“Alone we can do so little…together we can do so much!"www.circdelaware.orgIn the midst of the COVID-19 crisis the CIRC Board is keenly aware of how this is
impacting our Delaware business community.
While we alter the way we live and work to protect ourselves, our families, our friends, and our businesses, we all need to remember, we are stronger together, even if “together” for a while means just connecting online or on the phone.
When this is all over, we WILL be back! Keep an eye out for updates on our events, which will be rescheduled once things return to normal.
In the meantime, be safe everyone and remember we are all in this TOGETHER!
- Robert Stenta, CIRC President
Stay connected… CIRC brings together commercial real estate and developement professionals
“Alone we can do so little… together we can do so much.”
circdelaware.org
DelawareBusinessTimes.com | March 2, 2021 19
BUSINESS CALENDAR
Unless otherwise noted, webinar access details (including dial-in information) will be e-mailed to registrants. Dates and times subject to change.
MARCH 8 | 10 - 11 AMPolicy Makers Breakfast with Matt MeyerJoin the New Castle County Chamber of Commerce at the next virtual installment of our Policy Makers series, featuring County Executive Matt Meyer, as he shares this perspective and vision on topics affecting Delaware businesses today. For more information, visit ncccc.com.
MARCH 10 | 8:30 - 10 AMVirtual Roundtable: Increasing Lab Space in DelawareJoin DelawareBio to learn about a new pilot grant program designed to spur private sector-led projects that will help Delaware attract and retain science and tech companies by expanding inventory of ready-to-go lab space. Program details, what type of spaces companies are seeking, and a preview of facilities under development will be reviewed. For more info, visit delawarebio.org.
MARCH 15 | 10 - 11:30 AMDoing Business with the State - DBE CertificationJoin the Delaware Black Chamber of Commerce to learn for to register as a Disadvantaged Business Enterprise and how to turn that to your advantage. DBEs are for-profit small business concerns where socially and economically disadvantaged individuals own at least a 51% interest and also control management and daily business operations. For more information, visit debcc.org.
MARCH 16 | 10 AM - 3 PMWeinberg Center for Corporate Governance SymposiumThe Corporate Governance Symposium will include presentations of the two papers that won the Weinberg/IRRCi Research Paper Competition, as well as the six semi-finalist papers. For more information, visit udel.edu.
MARCH 16 AND 23 | 3 - 4:30 PMSuccession Planning ReimaginedThe Delaware Alliance of Nonprofit Advancement will present this two-part series to help organizations build a culture focused on developing the human capital needed for the future, and how to frame succession planning as essential to the long-term success of an organization. This series is designed for executive directors, senior staff, and board members and officers. For more information, visit delawarenonprofit.org.
MARCH 18 | 5:30 - 8:30 PMGals That Give CharityHeld at the Dover Downs Hotel & Casino, the ‘#dogood benefit’ includes a three-course dinner, engaging conversation and giving back to the community. The proceeds from this event will benefit the Nemours Alfred I. duPont Hospital for Children. For more information, visit cdcc.net
MARCH 18 | 8:30 AM - 12:30 PMYes, Wilmington! Virtual EventWilmington Alliance knows that now more than ever, there is a need to fuel transformative change in the city and with our help. If there’s one thing that the pandemic has brought to light, it is that there is a need to focus on community and economic development that is more inclusive. This event will focus on equitable economic mobility, and will chart Wilmington’s path to community growth and revitalization, increased income security and wealth accumulation for all. For more information, visit wilmingtonalliance.org.
MARCH 18 | 11 AM - 12 PMLifelong Lerner Expert Series: The Future SalesThe Lifelong Lerner Webinar Series, hosted by the Alfred Lerner College of Business and Economics at UD, addresses today’s top business challenges, pairing evidenced-based research with practical application. This meeting will be moderated by Suresh Sundaram, assistant professor of marketing at Lerner College, and panelists will include Matt McDarby, head of sales and marketing at Fidelus Technologies; Ira Bernstein, founder and CEO at RAMPT Consulting; and Alain Bohra, senior director of technology at Oracle. For more information, visit udel.edu.
MARCH 19 | 9 - 10 AMLet’s Do Power DifferentlyThis webinar in the Trailblazers & Changemakers Webinar Series will focus on how to retell and reshape our own story. This webinar will feature speaker Elizabeth Lesser, the author of several bestselling books, including “Cassandra Speaks,” “Broken Open: How Difficult Times Can Help Us Grow”and “Marrow: Love, Loss & What Matters Most.” She is the cofounder of Omega Institute, recognized internationally for its workshops and conferences in wellness, spirituality, creativity, and social change. For more information, visit udel.edu.
MARCH 24 | 9 - 11 AMSpring Manufacturing & Policy ConferenceManufacturing in Delaware and the nation was facing a shortage of workers well before the pandemic upended the economy. Join the Delaware Manufacturing Association and DEMEP for an event addressing a recurring theme: talent. This half-day, virtual conference will feature Carolyn Lee, executive director of The Manufacturing Institute, and Gov. John Carney, who has prioritized retraining Delaware’s workers by using CARES Act funds to establish Forward Delaware in 2020. This year’s program will address the issues around providing needed skills that unite businesses of all kinds. For more information, visit dscc.com.
APRIL 23 | 9 - 10 AMFighting for Health EquityThis webinar in the Trailblazers & Changemakers Webinar Series will focus on ‘Fighting for Health Equity.’ This webinar will feature speakers Dr. Mashala Lee, a family medicine physician and the director of the Harrington Value Institute Community Partnership Fund at ChristianaCare, and Dr. Velma Scantlebury, professor of surgery at Texas Christian University and Medical School, University of North Texas Health Science Center (UNTHSC). For more information, visit udel.edu.
FULL SERVICE PROPERTY
MANAGEMENT
302-762-1992
December 22, 2020 | Vol. 7 • No. 26 | $2.00 | DelawareBusinessTimes.com
TRAVEL BALL:Blue Rocks survive minor league purge, land in Nationals system4
RECORD GIFTS:DSU, YMCA receive historic donations3
ROUND 2:SCOTUS tosses judge case, but it’s back5
CRYPTO KIOSK:Cash-to-Bitcoin investment comes to Del.15
SMART TRACK:App helps Delaware contain spread of COVID-1918
Blue Rocks survive minor league purge, land in
Prelude Therapeutics CEO Kris Vaddi and more People to Watch in 2021 | 6-13
DELAWARE’S‘UNICORN’
DelawareBusinessTimes.com
Prelude Therapeutics CEO Kris Vaddi and Prelude Therapeutics CEO Kris Vaddi and more People to Watch in 2021 |
DELAWARE’S‘UNICORN’
ROUND 2:SCOTUS tosses judge case, but it’s back5
CRYPTO KIOSK:Cash-to-Bitcoin investment comes to Del.15
Prelude Therapeutics CEO Kris Vaddi and Prelude Therapeutics CEO Kris Vaddi and more People to Watch in 2021 | more People to Watch in 2021 |
‘UNICORN’
September 15, 2020 | Vol. 7 • No. 19 | $2.00 | DelawareBusinessTimes.com
Delaware’s renewable
portfolio is growing –
mainly out of state
13
RING THE BELL:
Prelude Therapeutics
preps IPO worth
up to $100M
5
DEJA VU:New proposal aims for
Rehoboth hotel revival
3
LAST CALL:Rookery to close
Milford course in 2021
6
NEW VOICE:Delaware Black
Chamber set to launch
4
CAN DEL AWARE SUSTAIN A
RENEWABLE FUTURE?
As states commit to wind power, Delaware could benefit from investment | 14
CAN DEL AWARE SUSTAIN A
RENEWABLE FUTURE?
DelawareBusinessTimes.com/Subscribe
Subscribe to Delaware Business Times in Print & Digital for business news, data and upcoming events.Subscription includes:• 24 Bi-weekly Issues • Digital Editions • Innovation Magazine ($9 value)• Annual Book of Lists ($50 value) • Regular E-newsletters • Premium Content on DelawareBusinessTimes.com
Subscribe Today!
The publication is now a “must read” when in the past it was an “I’ll get to it.”Jim DonahueManaging Partner, NuPOINT MarketingWilmingtonJuly 2019
20 March 2, 2021 | DelawareBusinessTimes.com
The progress in the development, testing, review, and manufacturing of COVID-19 vaccinations will likely be remembered as a modern miracle.
Private companies, research universities and governmental agencies partnered around the world to identify the highly contagious coronavirus and develop vaccines to prevent its spread in less than a year. Historically, that has been a process that takes years to clear developmental and regulatory hurdles.
Already, more than 88.6 million doses of the Pfizer and Moderna vaccines have been administered in the United States as of Feb. 25. In Delaware, more than 196,000 doses have been received by a resident, with about one out of every 20 state residents fully vaccinated and one in seven receiving at least one shot. Those numbers are expected to rise in the coming weeks as Johnson & Johnson potentially obtained its emergency use authorization to release its one-shot vaccination.
The importance of getting a vaccination when eligible cannot be overstated. The nation recently crossed the threshold of 500,000 deaths – a statistic beyond what many experts believed the worst-case scenario could be a year ago. In Delaware, more than 1,400 people have died from the virus.
Even those among the more than 27 million Americans or 85,000 Delawareans who have contracted the
virus and survived can attest that it’s not a pleasant experience. Many of them are facing unforeseen medical issues related to brain function and movement, while others have lost their sense of taste or smell for months afterward.
As we’ve heard discussed for months, the threat of COVID-19 is not only to yourself, but to your family members, friends, coworkers, and those strangers who you will never know but incidentally come into contact with amid our daily lives. Protecting ourselves through social distancing, mask wearing, and sanitizing has helped to slow the transmission of the virus.
While we may be encouraged by Gov. John Carney’s recent relaxation of capacity limits on restaurants, gyms and indoor gatherings, news that more professional sports may allow fans to attend this spring, with economists and politicians telling us that we are rounding the curve, we must be wary. This progress could just as easily hit a brick wall in coming months if we don’t all do our part – and by that, I mean actually get vaccinated.
While many may think that only a small percentage of the population will hold out on getting what feels like a pass to return to our previously scheduled lives, the reality is that the hesitancy of vaccination may be worse than thought.
In a survey of roughly 5,700 state residents in mid-December, more than 16% reported that they “definitely” or “probably” won’t receive the COVID-19 vaccine. Those numbers may actually undercount the problem as well, as survey respondents were
disproportionately white and college-educated, whereas minorities and those with a high school education or less have traditionally been tougher to reach in public health efforts. The top concern cited was that it was “developed too fast and not tested enough,” followed by worries about side effects and a lack of trust in government.
As I wrote back in September, it was incumbent on the developing companies to hold the process to the highest standards as the eyes of the world were upon their work. AstraZeneca suffered a public misstep in its trials but did the right thing by halting tests and investigating the issues. It likely fell behind its competitors due to the decision, but it was the morally right one.
While there were fears that politics, especially in the midst of a heated presidential campaign, would interfere with the high standards needed to convince the public of the vaccines’ efficacies, there is no reason to believe the work was rushed out without proper scrutiny. In fact, we should recall that the U.S. Food and Drug Administration was criticized by many for its exhaustive review process to ensure the science was valid.
Jennifer Horney, chair of the University of Delaware’s epidemiology department, recently told me that data is being published frequently right now about the efficacy of the vaccines, especially on those who had already contracted COVID previously.
“Everything looks like it’s going in the right direction and now this is a risk communication problem,” she said.
While there are a certain percentage of people who hold deep-seated anti-vaccination beliefs and won’t likely be swayed by messaging, there are a larger number of people who just need some education and reassurance. Getting them vaccinated will be an integral part of reaching that heralded “herd immunity” level, likely around 75% of the population, due to the fact that none of the vaccines are currently approved for those under age 16 – or roughly one in five Delawareans.
Horney said that science shows that vaccination efforts follow similar patterns as natural disasters, which she also studies.
“People are more likely to follow an evacuation order if their friends and family are doing it,” she said. “They would rather hear about it from someone that they know than to get an official warning.”
Horney advised that the community should lean into places of common trust, such as barber shops or churches, to help spread the needed messaging. With reports that a large number of prioritized health care, law enforcement and military members are also resisting entreaties to be vaccinated, even here in Delaware, Horney noted that’s why the focus must remain on getting as many people vaccinated as possible and spreading a personal message.
I encourage everyone to talk with their families and friends about the importance of vaccination. Share your experience and encourage your loved ones to take advantage of the vaccine, that way we can all safely mingle again this year.
As vaccines roll out, real conversation set to beginEDITOR’S VIEW
JACOB OWENS
YOUR VIEWDelaware Business Times reader commentary policiesLetters to the EditorWe welcome your comments and opinions on topics related to Delaware business and economic trends. Letters must be signed and include contact information for verification.
Op Ed ColumnsWe also welcome guest columns on topics of interest to our readers. Columns should be no longer than 500 words, and concern topics of interest to our readers.
How to Reach [email protected] Delaware Business Times 3301 Lancaster Pike, Suite 5C Wilmington, Delaware 19805
Corrections PolicyIf you believe that we have made an error in a story we publish, please email us at [email protected]
DelawareBusinessTimes.com | March 2, 2021 21
VIEWPOINTS
What employers need to know about mandatory vaccine policiesBY JENNIFER GIMLER BRADY & JENNIFER PENBERTHY BUCKLEYGuest Columnists
A question we increasingly hear from clients is whether employers can require that employees get the COVID-19 vaccine. And no wonder. The pandemic may be far from over, but pandemic fatigue has long since set in, and everyone wants to get back to normal. Could vaccines be the key to returning to business as usual?
Generally, employers can legally mandate vaccination as a term and condition of employment. Such policies may be prohibited in some instances, however, by contract or by federal and state employment laws. In addition, caution is warranted when dealing with a new vaccine approved by the U.S. Food & Drug Administration pursuant to an Emergency Use Authorization (such as the COVID-19 vaccines), given the relatively short track record. If your organization is considering a mandatory vaccine policy, be sure to consider these limits.
Agreements. Contractual commitments with employees may be found in an individual employment agreement or a collectively bargained agreement (CBA) that applies to a unionized segment of your workforce. If some or all your workforce is represented by a union, check the terms of the CBA
to determine whether bargaining over the proposed policy is needed.
Legally Mandated Accommodations. Federal and state employment laws require that employers, absent undue hardship, provide reasonable accommodations to employees with disabilities or sincerely held religious beliefs that conflict with receiving the vaccine. Any mandatory vaccine policy should notify employees that such accommodations are available and provide clear instructions for requesting one.
All requests for accommodation should be funneled to human resources or some other central expert to ensure consistent decision-making among multiple requests and to keep employees’ medical or religious information confidential. Unless the basis for the request is obvious or already known to the employer, employers generally can request supporting documentation. An interactive dialogue with each employee is necessary to determine which potential accommodations might be appropriate.
Often waiver of the policy is the solution, but other arrangements might be suitable to accommodate the employee while still satisfying the rationale behind the policy. The key is to brainstorm with the employee and collaborate on potential solutions. Once this analysis is complete, the employer must decide whether any of the potential accommodations should be ruled out due
to undue hardship.Because
each step of the reasonable accommodation analysis involves sensitive factual and legal issues, employers should not hesitate to consult with legal counsel
before denying accommodation requests, particularly in difficult or borderline cases.
If your organization chooses to implement a mandatory or even voluntary vaccine program, observing the following planning measures will reduce the risks associated with new mandatory policies.
First, identify the business necessity for requiring the vaccine for each position that is required to comply. Second, vet the policy and related communications with key experts and constituents, such as HR, legal, marketing, and labor. Third, establish straightforward accommodation procedures that include two levels of review by people well-versed in the ADA and Title VII. Fourth, determine how confidential employee information, including accommodation requests and proof of vaccination, will be handled to ensure confidentiality. Finally, continue mask-wearing and other protective measures, even for employees who have
been vaccinated, consistent with local, state, and federal guidance.
If a mandatory vaccine policy is not right for your organization,
you can still encourage employees to get vaccinated.
Conveying reliable information about the vaccines (from the FDA or the Centers for Disease Control and Prevention, for example) may increase voluntary vaccination. Employers also can help by monitoring local vaccine availability and sharing that information with employees. Small incentives, such as water bottles or other company swag, can be offered to employees who voluntarily get the vaccine. Paid time off for receiving the vaccine is an incentive that also makes getting the vaccine more convenient for employees. Like other employee medical information, any proof of vaccination required to receive the incentive must be kept confidential and not maintained in the employee’s personnel file.
Jennifer Gimler Brady is a partner and general counsel at Potter Anderson & Corroon, a Wilmington-based law �rm. Jennifer Penberthy Buckley is a �rm associate.
JENNIFER GIMLER BRADYGuest Columnist
When I first graduated from the University of Delaware almost four years ago, I was drawn to the shimmering illusion that a city job, such as working in Philadelphia or
New York City, would solve all of my problems at the time. I’m here to tell you that is a myth because Delaware’s manufacturing and biotechnology sector continues to gain traction as state and local leaders deploy avant-garde programs to incentivize biotechnology entrepreneurship, as well as retain local talent.
This humble, yet promising, state is where you want to be if you are truly ahead of one’s time because sooner, rather than later, Delaware will finally mature into the East Coast fairytale that gives Silicon Valley billionaires, and their bravados, a run for their money. Delaware’s business mavericks in the biotechnology sector are currently capitalizing on the ambitious promises of augmented reality and artificial
intelligence (AI) technology for individual applications and enterprise-level solutions – the kind of work that attracts angel investors and institutional hedge funds, alike.
Any word of waning profitability would demolish this budding industry early in its tracks, since some investors tend to bail on primitive, yet innovative technology companies, deeming them enigmatic or drab, far before the developed technology reaches mainstream adoption.
This is why Delaware’s eclectic technology visionaries must stay the course, because we are less than a decade away from Wilmington’s technological renaissance. I was lucky enough to partner with product engineering firm Magic Leap Inc. as they continue to showcase their capabilities as a self-proclaimed utopic, futuristic kingpin of augmented reality optics.
Magic Leap develops consumer electronics that can superimpose 3-D digital images onto a real-life canvas. Don’t be surprised if Magic Leap’s catalog of superficial, artificial, holographic figures (anyone can go on their website and contribute as a software developer!) might be able to eat, breathe,
and talk, just like you. Remember though, you must look closely. Although these fascinating entities can join forces with the physical world, they are not living creatures.
Magic Leap’s consumer applications range from individual pleasures, such as wanting to connect virtually with a friend on the West Coast as you sip your morning coffee on the East Coast, to enterprise-focused solutions, like a physician displaying a 3-D representation of your x-ray results as a patient in real-time. That revolutionary ability to allow users to experience unprecedented experiences will continue to fuel the augmented reality industry for decades to come.
After working directly with a product engineer at Magic Leap to streamline their laboratory operations in Austin, Texas, we both concluded that using augmented reality and AI to improve the quality of life can be universally adopted by individual consumers and seasoned businessmen, alike. The definition of ‘human desire and satisfaction’ is boundless, and inclusive – and so, AI and augmented reality uses the purest forms of human desire and satisfaction (freedom, comfort, pleasure, security)
to drive innovation for humankind as a whole and pushes the envelope as to what dreams are really made of.
Delaware’s hunger for new business development opportunities in the biotechnology sector is greater than ever, even as we navigate the worst pandemic in a century. The DuPonts and Gores of previous generations gave Delawareans a chance to consider themselves among elite chemists, manufacturers, and researchers, and these ingenious scientists became leaders because they found opportunities in seemingly inhabitant industries at the time.
They did so not just with intelligence and grit, but with flair. The contemporary argument for Delaware’s next generation of trendsetters is that our ecosystem will be vastly powered by the biotechnology, AI, and augmented reality sectors, but the million-dollar question is who will lead us down this unparalleled path of success? If you think you’re the next DuPont or Gore, stay the course, and stay here in the First State. The best is yet to come.
Gloria Ruci is a pharma/biopharma account manager for Agilent Technologies, which works with Magic Leap, and a 2020 DBT40 honoree.
GLORIA RUCIGuest Columnist
Delaware can be home to next generation of dream-makers
JENNIFER PENBERTHY BUCKLEYGuest Columnist
22 March 2, 2021 | DelawareBusinessTimes.com
In the C-Suite: Fran DiNuzzoPresident and CEO, ILC Dover
BY JACOB OWENSNEWARK – Like many boys growing up, Francis
“Fran” DiNuzzo dreamed of someday playing professional football. But also like a lot of boys, he realized by high school that the dream would never come true.
“I think I stopped growing in about the 10th grade, so that didn’t work out for me,” he recalled with a laugh. “My father was an engineer though, so I always figuredI would become an engineer.”
DiNuzzo’s early childhood was a bit of a rolling stone to follow his Dad’s career. Born in Kansas, his family lived in five different cities before he was in kindergarten. They would move twice more before he graduated high school, with the final move taking his family cross-country to the state of Washington.
When he started his college education at the University of Washington, he quickly found that it wasn’t the right fit.
“It was so big. I was in classes with 700 or 800 other students and it just wasn’t the college experience I wanted,” he said.
With his parents recently relocated again, this time to New Hampshire, DiNuzzo moved back to the East Coast and enrolled at the University of New Hampshire, a well-known engineering school. He graduated and afterward finished his master’s degree while teaching and completing research.
Through a friend, DiNuzzo learned about job opportunities at Hewlett-Packard Co. (HP) in Avondale, Pa.
“I ended up sending Hewlett-Packard a letter – Remember when we had to mail letters? – and they gave me a call back inviting me down for an interview,” he said, recalling that the interview was a “grueling” nearly nine-hour affair complete with technical testing. “One of the things I liked about it though was knowing these folks were pretty particular about who they were going to hire.”
DiNuzzo passed the test and was hired into HP’s analytical instrumentation division as a manager. He stayed for more than 23 years, seeing the division spun off from HP in 1999 to form Agilent Technologies and working his way up to vice president.
When asked what kept him at his first company for so many years, DiNuzzo replied that “Hewlett Packard was a really special place.”
Company co-founders David Packard and William Hewlett developed The HP Way, a collection of seven objectives that defined the company’s culture. While profit was a key factor, The HP Way emphasized local control, open-door communication, and more bottom-up thinking.
“These were guys who believed, and basically trained all of us to believe, that business is about the humans in your business,” DiNuzzo said. “It’s about challenging people, rewarding them well and giving them an opportunity to succeed. And the more you do that, the more you’ll be surprised at how much people can do.”
A few years after his division was spun into Agilent Technologies, DiNuzzo sought a fresh start at a smaller company, intent on proving that his skills could help it grow. A friend who was serving as CEO of the small biotech firm SDIX recruited him to serve as its chief commercial officer.
Having helped start up Agilent’s life sciences business, DiNuzzo said that he was excited to jump into the actual research and development work being done by biotech firms. One of the biggest challenges
that SDIX faced, however, was that it was a small-cap publicly traded company, he added.
“It was very tightly held by a small number of folks, one being a hedge fund, so it’s really hard to be able to grow the business,” he recalled. “The company really needed to be a private company, where it could make some long-term investments.”
After the board decided to part ways with the CEO, DiNuzzo was offered the chief executive role for the first time in his career. He learned a lot about communicating with a company’s board and how to relate a perspective that encouraged the company’s long-term goals.
After moving from essentially an instrument manufacturer to a biotech R&D company, however, DiNuzzo said that he had to reset his expectations as well.
“When you’re starting to deal with biology, it feels more like a random path,” he said, noting that often ideas that research teams were confident would work just don’t, forcing them to recalculate. “There was a real test of patience and understanding that the engineering approach I learned in college doesn’t necessarily work with biology.”
With promising technologies but shareholders looking for short-term gains, SDIX made the decision to split the company into three parts and sell them off. DiNuzzo led the company through that process, and all of the pieces are still operating today, but he was left wondering whether he wanted to return to a full-time role.
He reconnected with Bill Wallach, then-president and CEO of ILC Dover, a specialty manufacturer best known for its production of NASA’s spacesuits. Wallach wanted ILC, which principally served clients in
the aerospace and defense industries, to branch further into the pharmaceutical industry and wanted DiNuzzo to help them accomplish that. He joined as company president in 2014 and within a year succeeded Wallach as CEO as well.
DiNuzzo said that he was excited about the opportunity at ILC because it didn’t have a mature commercial segment before he arrived, which would be necessary to sell to private pharmaceutical companies. His strengths included creating commercial production and building a sales force to promote a product.
“Much like when I first joined Hewlett-Packard, when decisions had to be made at this little company in Frederica, Delaware, everybody just sort of gathered around a tabletop,” he said.
DiNuzzo estimated that only about 20% of ILC’s business was commercial when he took over as CEO. As of a year ago, it had risen to about 60%, and he believes it will reach as high as 80% in the next five years.
“The macroeconomics [of the pharmaceutical sector] are just beautiful. It’s a large market that is growing fast and it’s something that’s got a lot of tailwind. It’s not cyclical,” he said, noting that their business in Asia and Europe is also growing.
The COVID-19 pandemic has “reaffirmed” ILC’s decision to focus on the pharmaceutical market, DiNuzzo added.
“I think most of us realize that this will not be the last pandemic that we will face in our lifetimes,” he said, noting that ILC manufactured respirators for frontline health care workers early in the pandemic. “We’re absolutely confident that the opportunity for us is massive.”
best known for its production of NASA’s spacesuits. Wallach wanted ILC, which principally served clients in
frontline health care workers early in the pandemic. “We’re absolutely confident that the opportunity for us is massive.”
DelawareBusinessTimes.com | March 2, 2021 23
The Delaware Business TimesBook of Lists is the only resource guide to business and industry rankings in the First State, providing a wealth of business intelligence to industry and business leaders.
This valuable business reference guide is the one publication readers turn to throughout the year. It’s the ultimate reference tool. Your advertising message will be seen over and over, all year long.
2021DELAWARE BUSINESS TIMES EVENTS
FINANCE
20 | 2020 BOOK OF LISTS
DELAWARE BUSINESS TIMESDANA offers board training, coaching, and retreat facilitation.
delawarenonprofit.org | 302-777-5500
� � �
Great boards start with awesome people.
Learn how to be an awesome board member through DANA!
DANA magazine banner.indd 1
2/26/20 2:52 PM
Financial Advisors/Wealth Managers
Ranked by No. DE Employees
Rank Company
No. DE EmployeesSenior Executive
PhoneWebsite
Year Founded
1Creative Financial Group
111 Continental Drive, Suite 305
Newark, DE 19713
37Stephen Graham (Sales Director)
(302) 738-08881creative.com
1987
2Diamond State Financial Group, LLC
121 Continental Dr., Suite 110
Newark, DE 19713
35
Raymond F. Bree (CEO)
Christopher Burgos (Managing Partner)
Hardik Shah (Senior Partner)
(302) 366-0366dsfg.com
1989
3Friess Associates3711 Kennett Pike Suite 205
Greenville, DE 19807
26Joe Fields (Managing Partner)
(302) 656-3017friess.com
1974
4Williams Humphreys and Company
1831 Delaware Avenue
Wilmington, DE 19806
21
Thomas J Williams
Timothy D Humphreys (CPA - Partner)
(302) 225-3000whcompany.com
1995
5Rockwell Associates
2711 Centerville Rd, Suite 105
Wilmington, DE 19808
20Carolyn Humphrey (Financial Strategist)
(302) 655-7151rockwellassoc.com
1966
6Wheeler Wolfenden and Dwares, CPAs
4550 New Linden Hill Road, Suite 201
Wilmington, DE 19808
20David M Wolfenden, CPA, CVA, MS (Managing
Director)
(302) 254-8240wwd-cpa.com
1998
7Mallard Financial Partners
750 Barksdale Road
Newark, DE 19711
18Pam S Baumbach (President)
(302) 737-4546mallardfinancial.com
1996
8Coastal Investment Advisors
1201 N. Orange Street, Suite 729
Wilmington, DE 19801
15Charles Reiling (CFO)
(302) 691-3784coastal-one.com
9Financial House5818 Kennett PikeWilmington`Centerville, DE 19807
15Joseph Biloon (Principal)
(302) 654-5451financialhouse.com
1989
10Affinity Wealth Management
2961 Centerville Rd Suite 310
Wilmington, DE 19808
12James E Hall, Jr. (CFP, President)
(302) 652-6767affinitywealth.com
1974
11Lau Associates20 Montchanin Road, Suite 110
Greenville, DE 19807
12
Christine G Falvello(302) 792-5955
lauassociates.net1985
12Bell Rock Capital, LLC
35568 Airport Road
Rehoboth Beach, DE 19971
10Cassandra Toroian (President)
3022277607bellrockcapital.com
2006
13Bassett, Dawson & Foy, Inc.
1011 Centre Road, Suite 110
Wilmington, DE 19805
9Joseph M. Bassett (President)
(302) 999-9330bdfwealth.com
1985
14Blue Rock RiversEdge
1 Avenue of the Arts, Suite 2
Wilmington, DE 19801
8
Jarrett Morris (Partner)(302) 660-3350
bluerockriversedge.com2013
15Schiavi + Dattani2710 Centerville Rd.
Wilmington, DE 19808
8
Vincent A Schiavi, CFP, CPA/PFS (President)
Ravi Dattani, CPA, CFP (Vice President)(302) 994-4444
sdfinancialadvisors.com1983
16Diversified Financial Consultants
2200 Concord Pike, Suite 104
Wilmington, DE 19803
7
Andrew Rosen (Partner)
David Levy (Partner)
Kyle Hill (Partner)
(302) 765-3500dfc-de.com
1982
17Black Diamond Financial Solutions, Inc.
223A S Rehoboth Blvd
Milford, DE 19963
6Jeffrey T Puglia (President)
(302) 265-2236blackdiamondfs.com
2010
18Curry Poole Group1521 Concord Pike, Suite 205
Wilmington, DE 19803
6William L. Curry (President)
(302) 651-9191currypoolegroup.com
1985
19Gates and Company
4001 Kennett Pike, Suite 206
Wilmington, DE 19807
5David C Gates (President)
302-428-1338gatesandcompany.com
1999
20Mcdermott Advisory Group, LLC
3520 Silverside Road
Wilmington, DE 19810
5Daniel McDermott (Founder & CEO)
(302) 778-5677wealthguide.net
21Milestone Wealth Advisors, Inc.
3701 Kennett Pike, Suite 300
Greenville, DE 19807
4Lisa LaMarche (President and Co-Founder)
(302) 351-1988
milestonewealthadv.com2009
22Wealth Planning Group
2625 Concord Pike, Suite C
Wilmington, DE 19803
4William Walters (Manager)
(302) 477-0321
wealthplanninggroupllc.com2008
23Wheeler Financial3701 Kennett Pike, Suite 400A
Wilmington, DE 19807
4
Bill Wheeler (Principal)(302) 543-5585
wheelerfinancial-llc.com2007
24Hamilton Investment Strategies
111 Bellant CircleWilmington, DE 19807
3Anna C Hamilton (President )1
(302) 427-9090annachamilton.com
2002
25StratFI-Strategic Foresight Investments
1201 N. Orange St., Suite 742
Wilmington, DE 19899
3
Jim Lee
(302) 884-6742stratfi.com
2012
26Ameriprise Financial
33 The CirGeorgetown, DE 19947
2
Joseph Baker
NAameriprise.com
2010
FINANCIAL ADVISERS & WEALTH MANAGERSRanked by number of Delaware employees
DELAWARE BUSINESS TIMES
Year Founded
1974
1995
1966
1998
1996
1989
1974
1985
2006
1985
2013
1983
1982
2010
1985
1999
milestonewealthadv.com2009
FINANCE
2020 BOOK OF LISTS | 21
DELAWARE BUSINESS TIMES
Investments involve risk including the possible loss of principle. No guarantees can be o�ered. Bell Rock Capital, LLC,
cannot predict future results. Past performance is in no way an indicator of future success.
STARTUPS TO OVER $50 MILLION PLANS
GIVE THEM THE BEST 401(k) PLAN YOU CAN
Delaware-based
BELLROCKCAPITAL.COM302-227-7608
rest assured
401(k) Investment Advisors ~ Erisa 3(38) Fiduciary Services
Call us for an appointment and FREE analysis of your current plan.
Good Employees Are Hard To Hire.
Good Employees Are Valuable.
TO KEEP YOUR EMPLOYEES...
Financial Advisors/Wealth Managers
Ranked by No. DE Employees
Rank Company
No. DE EmployeesSenior Executive
PhoneWebsite
Year Founded
1Creative Financial Group
111 Continental Drive, Suite 305
Newark, DE 19713
37Stephen Graham (Sales Director)
(302) 738-08881creative.com
1987
2Diamond State Financial Group, LLC
121 Continental Dr., Suite 110
Newark, DE 19713
35
Raymond F. Bree (CEO)
Christopher Burgos (Managing Partner)
Hardik Shah (Senior Partner)
(302) 366-0366dsfg.com
1989
3Friess Associates3711 Kennett Pike Suite 205
Greenville, DE 19807
26Joe Fields (Managing Partner)
(302) 656-3017friess.com
1974
4Williams Humphreys and Company
1831 Delaware Avenue
Wilmington, DE 19806
21
Thomas J Williams
Timothy D Humphreys (CPA - Partner)
(302) 225-3000whcompany.com
1995
5Rockwell Associates
2711 Centerville Rd, Suite 105
Wilmington, DE 19808
20Carolyn Humphrey (Financial Strategist)
(302) 655-7151rockwellassoc.com
1966
6Wheeler Wolfenden and Dwares, CPAs
4550 New Linden Hill Road, Suite 201
Wilmington, DE 19808
20David M Wolfenden, CPA, CVA, MS (Managing
Director)
(302) 254-8240wwd-cpa.com
1998
7Mallard Financial Partners
750 Barksdale Road
Newark, DE 19711
18Pam S Baumbach (President)
(302) 737-4546mallardfinancial.com
1996
8Coastal Investment Advisors
1201 N. Orange Street, Suite 729
Wilmington, DE 19801
15Charles Reiling (CFO)
(302) 691-3784coastal-one.com
9Financial House5818 Kennett PikeWilmington`Centerville, DE 19807
15Joseph Biloon (Principal)
(302) 654-5451financialhouse.com
1989
10Affinity Wealth Management
2961 Centerville Rd Suite 310
Wilmington, DE 19808
12James E Hall, Jr. (CFP, President)
(302) 652-6767affinitywealth.com
1974
11Lau Associates20 Montchanin Road, Suite 110
Greenville, DE 19807
12
Christine G Falvello(302) 792-5955
lauassociates.net1985
12Bell Rock Capital, LLC
35568 Airport Road
Rehoboth Beach, DE 19971
10Cassandra Toroian (President)
3022277607bellrockcapital.com
2006
13Bassett, Dawson & Foy, Inc.
1011 Centre Road, Suite 110
Wilmington, DE 19805
9Joseph M. Bassett (President)
(302) 999-9330bdfwealth.com
1985
14Blue Rock RiversEdge
1 Avenue of the Arts, Suite 2
Wilmington, DE 19801
8
Jarrett Morris (Partner)(302) 660-3350
bluerockriversedge.com2013
15Schiavi + Dattani2710 Centerville Rd.
Wilmington, DE 19808
8
Vincent A Schiavi, CFP, CPA/PFS (President)
Ravi Dattani, CPA, CFP (Vice President)(302) 994-4444
sdfinancialadvisors.com1983
16Diversified Financial Consultants
2200 Concord Pike, Suite 104
Wilmington, DE 19803
7
Andrew Rosen (Partner)
David Levy (Partner)
Kyle Hill (Partner)
(302) 765-3500dfc-de.com
1982
17Black Diamond Financial Solutions, Inc.
223A S Rehoboth Blvd
Milford, DE 19963
6Jeffrey T Puglia (President)
(302) 265-2236blackdiamondfs.com
2010
18Curry Poole Group1521 Concord Pike, Suite 205
Wilmington, DE 19803
6William L. Curry (President)
(302) 651-9191currypoolegroup.com
1985
19Gates and Company
4001 Kennett Pike, Suite 206
Wilmington, DE 19807
5David C Gates (President)
302-428-1338gatesandcompany.com
1999
20Mcdermott Advisory Group, LLC
3520 Silverside Road
Wilmington, DE 19810
5Daniel McDermott (Founder & CEO)
(302) 778-5677wealthguide.net
21Milestone Wealth Advisors, Inc.
3701 Kennett Pike, Suite 300
Greenville, DE 19807
4Lisa LaMarche (President and Co-Founder)
(302) 351-1988
milestonewealthadv.com2009
22Wealth Planning Group
2625 Concord Pike, Suite C
Wilmington, DE 19803
4William Walters (Manager)
(302) 477-0321
wealthplanninggroupllc.com2008
23Wheeler Financial3701 Kennett Pike, Suite 400A
Wilmington, DE 19807
4
Bill Wheeler (Principal)(302) 543-5585
wheelerfinancial-llc.com2007
24Hamilton Investment Strategies
111 Bellant CircleWilmington, DE 19807
3Anna C Hamilton (President )1
(302) 427-9090annachamilton.com
2002
25StratFI-Strategic Foresight Investments
1201 N. Orange St., Suite 742
Wilmington, DE 19899
3
Jim Lee
(302) 884-6742stratfi.com
2012
26Ameriprise Financial
33 The CirGeorgetown, DE 19947
2
Joseph Baker
NAameriprise.com
2010
Financial Advisors/Wealth Managers
Ranked by No. DE Employees
Rank Company
No. DE EmployeesSenior Executive
PhoneWebsite
Year Founded
1Creative Financial Group
111 Continental Drive, Suite 305
Newark, DE 19713
37Stephen Graham (Sales Director)
(302) 738-08881creative.com
1987
2Diamond State Financial Group, LLC
121 Continental Dr., Suite 110
Newark, DE 19713
35
Raymond F. Bree (CEO)
Christopher Burgos (Managing Partner)
Hardik Shah (Senior Partner)
(302) 366-0366dsfg.com
1989
3Friess Associates3711 Kennett Pike Suite 205
Greenville, DE 19807
26Joe Fields (Managing Partner)
(302) 656-3017friess.com
1974
4Williams Humphreys and Company
1831 Delaware Avenue
Wilmington, DE 19806
21
Thomas J Williams
Timothy D Humphreys (CPA - Partner)
(302) 225-3000whcompany.com
1995
5Rockwell Associates
2711 Centerville Rd, Suite 105
Wilmington, DE 19808
20Carolyn Humphrey (Financial Strategist)
(302) 655-7151rockwellassoc.com
1966
6Wheeler Wolfenden and Dwares, CPAs
4550 New Linden Hill Road, Suite 201
Wilmington, DE 19808
20David M Wolfenden, CPA, CVA, MS (Managing
Director)
(302) 254-8240wwd-cpa.com
1998
7Mallard Financial Partners
750 Barksdale Road
Newark, DE 19711
18Pam S Baumbach (President)
(302) 737-4546mallardfinancial.com
1996
8Coastal Investment Advisors
1201 N. Orange Street, Suite 729
Wilmington, DE 19801
15Charles Reiling (CFO)
(302) 691-3784coastal-one.com
9Financial House5818 Kennett PikeWilmington`Centerville, DE 19807
15Joseph Biloon (Principal)
(302) 654-5451financialhouse.com
1989
10Affinity Wealth Management
2961 Centerville Rd Suite 310
Wilmington, DE 19808
12James E Hall, Jr. (CFP, President)
(302) 652-6767affinitywealth.com
1974
11Lau Associates20 Montchanin Road, Suite 110
Greenville, DE 19807
12
Christine G Falvello(302) 792-5955
lauassociates.net1985
12Bell Rock Capital, LLC
35568 Airport Road
Rehoboth Beach, DE 19971
10Cassandra Toroian (President)
3022277607bellrockcapital.com
2006
13Bassett, Dawson & Foy, Inc.
1011 Centre Road, Suite 110
Wilmington, DE 19805
9Joseph M. Bassett (President)
(302) 999-9330bdfwealth.com
1985
14Blue Rock RiversEdge
1 Avenue of the Arts, Suite 2
Wilmington, DE 19801
8
Jarrett Morris (Partner)(302) 660-3350
bluerockriversedge.com2013
15Schiavi + Dattani2710 Centerville Rd.
Wilmington, DE 19808
8
Vincent A Schiavi, CFP, CPA/PFS (President)
Ravi Dattani, CPA, CFP (Vice President)(302) 994-4444
sdfinancialadvisors.com1983
16Diversified Financial Consultants
2200 Concord Pike, Suite 104
Wilmington, DE 19803
7
Andrew Rosen (Partner)
David Levy (Partner)
Kyle Hill (Partner)
(302) 765-3500dfc-de.com
1982
17Black Diamond Financial Solutions, Inc.
223A S Rehoboth Blvd
Milford, DE 19963
6Jeffrey T Puglia (President)
(302) 265-2236blackdiamondfs.com
2010
18Curry Poole Group1521 Concord Pike, Suite 205
Wilmington, DE 19803
6William L. Curry (President)
(302) 651-9191currypoolegroup.com
1985
19Gates and Company
4001 Kennett Pike, Suite 206
Wilmington, DE 19807
5David C Gates (President)
302-428-1338gatesandcompany.com
1999
20Mcdermott Advisory Group, LLC
3520 Silverside Road
Wilmington, DE 19810
5Daniel McDermott (Founder & CEO)
(302) 778-5677wealthguide.net
21Milestone Wealth Advisors, Inc.
3701 Kennett Pike, Suite 300
Greenville, DE 19807
4Lisa LaMarche (President and Co-Founder)
(302) 351-1988
milestonewealthadv.com2009
22Wealth Planning Group
2625 Concord Pike, Suite C
Wilmington, DE 19803
4William Walters (Manager)
(302) 477-0321
wealthplanninggroupllc.com2008
23Wheeler Financial3701 Kennett Pike, Suite 400A
Wilmington, DE 19807
4
Bill Wheeler (Principal)(302) 543-5585
wheelerfinancial-llc.com2007
24Hamilton Investment Strategies
111 Bellant CircleWilmington, DE 19807
3Anna C Hamilton (President )1
(302) 427-9090annachamilton.com
2002
25StratFI-Strategic Foresight Investments
1201 N. Orange St., Suite 742
Wilmington, DE 19899
3
Jim Lee
(302) 884-6742stratfi.com
2012
26Ameriprise Financial
33 The CirGeorgetown, DE 19947
2
Joseph Baker
NAameriprise.com
2010
FINANCIAL ADVISERS & WEALTH MANAGERSRanked by number of Delaware employees
27Lighthouse Financial Advisory Group
501 Silverside Road, Suite 117
Wilmington, DE 19809
2Kenneth P. Brackett (Owner)
(302) 351-5660
mylighthousefinancial.com2004
28Community Pride Fina
72 Glade Cir ERehoboth Beach, DE 19971
1Alexander G Yearley (CFP)
(302) 227-2939
communitypridefinancial.com1997
29Navigate Financial Advisors
36358 Redstart COurt
Bethany Beach, DE 19970
1
Christine G Falvello(302) 537-2207
www.navigatefp.com2004
1 Also: Certified Financial Planner; Certified Investment Management Consultant
Source: Individual company survey responses. Researched by: Delaware Business Times. Information for DBT's lists are either generated through public sources or supplied by individual organizations through questionnaires. We make every
effort to confirm that the lists are comprehensive through industry sources. We assume that information provided by company representatives is accurate and truthful. Organizations that do not respond to our requests for information may be
excluded from the list or listed at the bottom as Not Ranked (NR).
27Lighthouse Financial Advisory Group
501 Silverside Road, Suite 117
Wilmington, DE 19809
2Kenneth P. Brackett (Owner)
(302) 351-5660
mylighthousefinancial.com2004
28Community Pride Fina
72 Glade Cir ERehoboth Beach, DE 19971
1Alexander G Yearley (CFP)
(302) 227-2939
communitypridefinancial.com1997
29Navigate Financial Advisors
36358 Redstart COurt
Bethany Beach, DE 19970
1
Christine G Falvello(302) 537-2207
www.navigatefp.com2004
1 Also: Certified Financial Planner; Certified Investment Management Consultant
Source: Individual company survey responses. Researched by: Delaware Business Times. Information for DBT's lists are either generated through public sources or supplied by individual organizations through questionnaires. We make every
effort to confirm that the lists are comprehensive through industry sources. We assume that information provided by company representatives is accurate and truthful. Organizations that do not respond to our requests for information may be
excluded from the list or listed at the bottom as Not Ranked (NR).
DANA offers board training, coaching, and retreat facilitation.
delawarenonprofit.org | 302-777-5500
Great boards start with awesome people.
Learn how to be an awesome board member through DANA!
No. DE Employees
37
35
26
21
20
20
Greenville, DE 19807
FINANCIAL ADVISERS & WEALTH MANAGERSRanked by number of Delaware employees
111 Continental Drive, Suite 305
Diamond State Financial Group, LLC
121 Continental Dr., Suite 110
FINANCE
Rank Company
1Creative Financial Group
111 Continental Drive, Suite 305
Newark, DE 19713
2Diamond State Financial Group, LLC
121 Continental Dr., Suite 110
Newark, DE 19713
FINANCIAL ADVISERS & WEALTH MANAGERS
Williams Humphreys and CompanyWilliams Humphreys and Company
2711 Centerville Rd, Suite 1052711 Centerville Rd, Suite 105
Wheeler Wolfenden and Dwares, CPAsWheeler Wolfenden and Dwares, CPAs
4550 New Linden Hill Road, Suite 2014550 New Linden Hill Road, Suite 201
Coastal Investment AdvisorsCoastal Investment Advisors
1201 N. Orange Street, Suite 7291201 N. Orange Street, Suite 729
Wilmington`Centerville, DE 19807Wilmington`Centerville, DE 19807
Affinity Wealth ManagementAffinity Wealth Management
2961 Centerville Rd Suite 3102961 Centerville Rd Suite 310
20 Montchanin Road, Suite 11020 Montchanin Road, Suite 110
Bassett, Dawson & Foy, Inc.Bassett, Dawson & Foy, Inc.
1011 Centre Road, Suite 1101011 Centre Road, Suite 110
Diversified Financial ConsultantsDiversified Financial Consultants
2200 Concord Pike, Suite 1042200 Concord Pike, Suite 104
Black Diamond Financial Solutions, Inc.Black Diamond Financial Solutions, Inc.
1521 Concord Pike, Suite 2051521 Concord Pike, Suite 205
4001 Kennett Pike, Suite 2064001 Kennett Pike, Suite 206
2020Mcdermott Advisory Group, LLCMcdermott Advisory Group, LLC
3520 Silverside Road3520 Silverside Road
Wilmington, DE 19810Wilmington, DE 19810
2121Milestone Wealth Advisors, Inc.Milestone Wealth Advisors, Inc.
3701 Kennett Pike, Suite 3003701 Kennett Pike, Suite 300
Greenville, DE 19807Greenville, DE 19807
Newark, DE 19713Newark, DE 19713
33Friess AssociatesFriess Associates3711 Kennett Pike Suite 2053711 Kennett Pike Suite 205
Greenville, DE 19807Greenville, DE 19807
44Williams Humphreys and CompanyWilliams Humphreys and Company
1831 Delaware Avenue1831 Delaware Avenue
Wilmington, DE 19806Wilmington, DE 19806
55Rockwell AssociatesRockwell Associates
2711 Centerville Rd, Suite 1052711 Centerville Rd, Suite 105
Wilmington, DE 19808Wilmington, DE 19808
66Wheeler Wolfenden and Dwares, CPAsWheeler Wolfenden and Dwares, CPAs
4550 New Linden Hill Road, Suite 2014550 New Linden Hill Road, Suite 201
Wilmington, DE 19808Wilmington, DE 19808
77Mallard Financial PartnersMallard Financial Partners
750 Barksdale Road750 Barksdale Road
Newark, DE 19711Newark, DE 19711
88Coastal Investment AdvisorsCoastal Investment Advisors
1201 N. Orange Street, Suite 7291201 N. Orange Street, Suite 729
Wilmington, DE 19801Wilmington, DE 19801
99Financial HouseFinancial House5818 Kennett Pike5818 Kennett PikeWilmington`Centerville, DE 19807Wilmington`Centerville, DE 19807
1010Affinity Wealth ManagementAffinity Wealth Management
2961 Centerville Rd Suite 3102961 Centerville Rd Suite 310
Wilmington, DE 19808Wilmington, DE 19808
1111Lau AssociatesLau Associates20 Montchanin Road, Suite 11020 Montchanin Road, Suite 110
Greenville, DE 19807Greenville, DE 19807
1212Bell Rock Capital, LLCBell Rock Capital, LLC
35568 Airport Road35568 Airport Road
Rehoboth Beach, DE 19971Rehoboth Beach, DE 19971
1313Bassett, Dawson & Foy, Inc.Bassett, Dawson & Foy, Inc.
1011 Centre Road, Suite 1101011 Centre Road, Suite 110
Wilmington, DE 19805Wilmington, DE 19805
1414Blue Rock RiversEdgeBlue Rock RiversEdge
1 Avenue of the Arts, Suite 21 Avenue of the Arts, Suite 2
Wilmington, DE 19801Wilmington, DE 19801
1515Schiavi + DattaniSchiavi + Dattani2710 Centerville Rd.2710 Centerville Rd.
Wilmington, DE 19808Wilmington, DE 19808
1616Diversified Financial ConsultantsDiversified Financial Consultants
2200 Concord Pike, Suite 1042200 Concord Pike, Suite 104
Wilmington, DE 19803Wilmington, DE 19803
1717Black Diamond Financial Solutions, Inc.Black Diamond Financial Solutions, Inc.
223A S Rehoboth Blvd223A S Rehoboth Blvd
Milford, DE 19963Milford, DE 19963
1818Curry Poole GroupCurry Poole Group1521 Concord Pike, Suite 2051521 Concord Pike, Suite 205
Wilmington, DE 19803Wilmington, DE 19803
1919Gates and CompanyGates and Company
4001 Kennett Pike, Suite 2064001 Kennett Pike, Suite 206
Wilmington, DE 19807Wilmington, DE 19807
Mcdermott Advisory Group, LLCMcdermott Advisory Group, LLC
DELAWARE’S PREMIER BUSINESS RESOURCE BOOK
DelawareBusinessTimes.com | 2020 Edition | $50
Contact your Account Executive or DBT Advertising at [email protected]
Why Advertise in Book of Lists?• A coveted resource for the business community – readers use this as a resource for leads
and information. • 60 total lists compiled from the following eight B2B and B2C sectors: Financial Services,
Healthcare, Education, Construction & Real Estate, Manufacturing & Technology, Professional Services, Tourism & Hospitality and General.
• Annual Publication with name recognition – this is our 7th year!• Long shelf life – your ad has staying power.
Who is the Book of Lists Audience?• Distributed to the Delaware business community – DBT readership exceeds 32,000
• 84% of the DBT readership is comprised of business owners, partners, C-Level executives and other managerial personnel
• Household Income Average is $200,186 with 65% exceeding $150,000.
Reservation Deadline: March 11th
Ad Deadline: March 18th
24 March 2, 2021 | DelawareBusinessTimes.com
TOP 10 HR MISTAKESTO AVOID IN 2O21
presented by:
march 11th | 11:30 am | Virtual event
For sponsorship opportunities and ticket info, please visit delawarebusinesstimes.com/sbdc
SPEAKERS
sponsored by:
Maria n. ClydeDirector of Human Resources,
BHI
Katherine Witherspoon FryPrinciple,
Offit Kurman
Dr. Mandell MuchLicensed Psychologist,
Self Employed
Whether bringing employees back to the office or supporting a remote workforce, our panel will share ideas to help you
navigate today’s HR challenges.