Equity firm takes stake in Risk
Private equity firm BV Investment Partners is taking a majority interest in Risk International, an insurance consultant headquartered in Fairlawn.
As part of the agreement, announced in a news release Thursday, the current Risk International management team will remain in place and retain a significant ownership interest.
Financial terms of the agreement were not disclosed.
Fed OKs raising dividends
The Federal Reserve has given the OK to 32 of the 35 biggest banks in the U.S. to raise their dividends and buy back shares, judging their financial foundations sturdy enough to withstand a major economic downturn.
Announcing the results of the second round of its annual stress tests, the Fed also approved the plans of Wall Street powerhouses Goldman Sachs and Morgan Stanley, but on condition they keep their total dividend payouts and stock buybacks at current levels.
The Fed rejected outright the capital plan of the U.S. holding company of Germany’s Deutsche Bank, citing weaknesses in its assumptions for forecasting revenues and losses.
State Street Corp. gained Fed approval on condition that it improve its analysis of hypothetical lending risks with other big banks.
All the banks have at least $50 billion in assets. Among them are Ohio-based Fifth Third, Huntington Bancshares and KeyCorp.
Amazon purchasing PillPack
Amazon.com Inc. is buying PillPack, an online pharmacy that offers pre-sorted dose packaging and home delivery.
Financial terms weren’t disclosed.
Amazon said Thursday PillPack offers a combination of deep pharmacy experience and a focus on technology.
The company, which has its primary pharmacy in Manchester, N.H., ships to all states except Hawaii.
The companies expect to close the deal later this year.
BJ’s shares soar upon return
BJ’s got a warm welcome from Wall Street even as it continues to be a laggard in the highly competitive warehouse club market.
Shares of BJ’s Wholesale Club Holdings Inc. rallied more than 29 percent to close Thursday at $22 as it returned to the public markets after seven years.
The company’s initial public offering priced at the top of an expected range of $15 to $17 a share.
BJ’s return comes as it’s contending with a different retail landscape than it wrestled with when it first bowed out of the public market.
Costco Wholesale Corp., which now operates about 750 locations, has continued to thrive and expand even in the age of Amazon. It has created fierce loyalty among high-income customers with its treasure hunt experience and its powerful store label brand called Kirkland. Sales at stores opened at least a year including gas rose 4.1 percent in the most recent fiscal year ended Sept. 3, 2017.
Compiled from staff and wire reports.
Business news briefs, June 29: Equity firm takes controlling interest in Fairlawn’s Risk International