ON THE MOVE

Leaf Home Solutions

names financial officer

Hudson-based Leaf Home Solutions announced Tuesday that it has appointed Christopher Nagel as chief financial officer.

He takes over the role from Larry Napolitan, who will remain at the company in the newly created position of vice president of finance.

Nagel previously served as chief financial officer at Fairmount Santrol.

 

ENERGY

Babcock & Wilcox sells

German subsidiary Loibl

Babcock & Wilcox Enterprises announced Tuesday that it has sold its German-based material handling subsidiary, Babcock & Wilcox Loibl, to a subsidiary of Deutsche Invest Mittelstand GmbH.

“The proceeds from B&W’s sale of Loibl will be used to reduce debt, provide working capital and strengthen the company’s liquidity and overall financial position, as well as help us focus on our core businesses,” CEO Kenneth Young said in a news release. “I would like to thank Loibl’s employees and management team for the many contributions they have made to B&W and wish them the best with their new parent company.”

B&W's primary business involves making coal-fired boilers and related pollution-control equipment and systems for electric power plants.

The company is on track to move its headquarters from Barberton to Akron's East End development this year.

 

ACQUISITIONS

Private equity firm buys

Twinsburg company Essco

Twinsburg floor-care products distributor Essco has been acquired by the Cleveland private equity firm CapitalWorks, the companies announced in a news release. Terms of the deal were not disclosed.

“It is great to be able to partner with a local company and management team that has an exciting strategy for future growth,” said Mikel Harding, CapitalWorks managing director and chief financial officer in a prepared statement. “Essco has partnered with its vendors and customers to become the leading floorcare products distributor and is positioned to accelerate its growth by further enhancing its product offering and service capabilities.”

 

ACCOUNTING

Skoda Minotti receives

tax credit for expansion

The national business advisory firm Skoda Minotti will expand into downtown Cleveland with help from a state tax credit.

The firm said in a news release Tuesday that it will lease about 10,000 square feet of office space on the eighth floor of the Fifth Third Center at 600 Superior Ave.; it expects to move in this fall with about 40 to 50 employees.

The Ohio Tax Credit Authority on Monday approved a six-year, 1.2 percent Job Creation Tax Credit for the firm, which is expected to generate $1 million in annual payroll for Cleveland.

Skoda Minotti has offices in the Cleveland suburbs of Mayfield Village and Westlake as well as Fairlawn and Tampa, Florida.