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Inflation, rising rates weighed on dealmaking

Rising interest rates and record inflation stifled mergers and acquisitions last year, leading to an 18% drop in activity compared to 2022 for Central and southeastern Pennsylvania, according to a report this week by accounting and professional services RKL LLP. Lancaster and the capital area bucked the regional decline, which reflected the national scene.  Nonetheless, M&A […]

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Senate panel OKs tweak to tax appeals

Disgruntled taxpayers in Pennsylvania would have a new option for disputing their tax bills under legislation approved yesterday by a state Senate panel. Sponsored by GOP state Sen. Tim Hutchinson, the bill would create an independent settlement process, potentially avoiding protracted court battles over tax bills, according to its supporters, which include the Pennsylvania Institute of CPAs and […]

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For Lititz VR firm, sale is path to scale

After striking a deal with ViacomCBS, now Paramount, Lititz-based MajorMega created a virtual-reality game based on popular cartoon character SpongeBob SquarePants and the undersea world of Bikini Bottom. The two-person arcade game debuted at a convention in Orlando, Florida, said Michael Bridgman, a co-founder of the gaming company. “It was really well-received and we got […]

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Deal brings Gannett Fleming a bigger piece of Texas

Everything is bigger in Texas, including spending on roads, bridges, pipes and other infrastructure. “It’s the place to be in our world,” said Bob Scaer, CEO of engineering firm Gannett Fleming. “And you can’t penetrate that by hiring a person to start growing. The only way in is acquisition.” For Camp Hill-based Gannett Fleming, that acquisition […]

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Weis pressured over climate, supply chain disclosures

A nonprofit investor that tracks corporate performance on environmental, social and governance issues is asking Sunbury-based Weis Markets to beef up its disclosures on climate change and supply chain risks. The Massachusetts-based nonprofit, The Accountability Board, is seeking a shareholder vote on the issue during Weis’s annual meeting this spring. The resolution calls on Weis to produce a […]

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Manheim-area insurance brokerages merge

Horst Insurance, an independent insurance agency in Manheim Township, Lancaster County, has acquired Ruhl Insurance, a smaller brokerage based in Manheim borough. The deal, which took effect March 1, returns Horst to the acquisition market after a pause of more than a decade. The firm’s last acquisition was in 2008, also involving a Lancaster-area brokerage, […]

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Power-line developer notches victory as legal fight plows ahead

The legal fight continues over high-voltage power lines that would run through southern York and Franklin counties. The chief issue is whether state utility regulators overstepped constitutional bounds when they blocked the interstate project in May 2021. Proposed in 2017 by Ohio-based Transource, the $372 million Independence Energy Connection would ease congestion for power flowing from Pennsylvania to Maryland by […]

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Report: Region’s tourist trade erases pandemic losses

The Covid-19 pandemic emptied out the region’s amusement parks and Amish attractions. But by 2022, the tourists had returned, and then some. That’s the conclusion to be drawn from the most recent annual report of the Pennsylvania Tourism Office. Spending in what the state calls the Dutch Country Roads region hit nearly $9.4 billion in 2022, up […]

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Guv revives, revises carbon cap-and-trade

Appearing March 13 at a Scranton union hall, Gov. Josh Shapiro laid out plans for speeding up Pennsylvania’s shift to cleaner forms of electricity while creating jobs and capping carbon emissions from the power sector. The plans aim to bridge differences that have long divided environmentalists, labor groups, lawmakers and others with a stake in […]

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Firm with Lanco ties forges $270M deal

A Massachusetts-based company has agreed to pay $270 million in cash for a London-based firm that sells anti-counterfeiting products and services. The firm is OpSec Security, which has operations at two locations in the Greenfield business park in East Lampeter Township, Lancaster County. OpSec had been on a path to go public this year by merging […]

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Local bank aims for the stars

Mid Penn Bancorp is fielding a sports and entertainment division designed to cater to the financial needs of high-profile athletes and entertainers. The unit formalizes an area where Mid Penn already has been making inroads, said Jordan Space, the bank’s COO. Many celebrities have come to know and trust the Harrisburg-based bank through its annual celebrity golf […]

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PA job growth slows but labor market still tight

After two years of explosive, post-pandemic growth, Pennsylvania’s job growth is returning to its pre-pandemic form. Revised numbers indicate the state’s employers added roughly 80,800 jobs in 2023, though the numbers could be revised further, according to L&I. That compares with six-figure growth in 2021 and 2022, when the economy was recovering from the depths of […]

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Statewide venture fund makes first investments

Four months after taking the field, a statewide venture fund is taking its first shots. The so-called GO PA Fund has invested in two companies, a financial technology firm based in Swarthmore and an advertising tech company based in New York, albeit with roots and some operations in Philadelphia. The fintech company is LoanStar Technologies, which […]

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Small housing group aims for bigger impact

About a dozen years ago, several members of East Chestnut Street Mennonite Church in Lancaster banded together to start a nonprofit focused on creating affordable housing, with a focus on people experiencing homelessness. Their first project was the purchase and conversion of a single-family home at 639 E. Chestnut St. Over the next decade, the […]

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Edtech startup hires revenue chief

TEAMology, an education technology startup based in Chambersburg, has hired Gretchen Thompson as its first-ever chief revenue officer, where she will lead sales, business development, strategic partnerships and marketing initiatives. Thompson has held sales, marketing and leadership positions for a number of education-related startups, including ClassLink, Qwizdom and Vizzle. She worked most recently for Baltimore-based Allovue, which developed finance software […]

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Court OKs lawsuit over solar hookups

A state court has handed a preliminary legal victory to a business owner in a fight over the cost of connecting solar projects to the electric distribution system. The Pennsylvania Public Utility Commission had objected to the business owner’s lawsuit on procedural grounds.  But in a ruling last week, Commonwealth Court overruled the objections, allowing the […]

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Low-cost carrier dropping HIA flights

Frontier Airlines is ending service at Harrisburg International Airport effective May 13, according to HIA spokesperson Scott Miller.  Frontier offers nonstop flights from HIA to Orlando and in previous years had offered a nonstop flight to Denver. The change is part of a larger reshuffling of Frontier routes, including the addition of 17 new flights around the […]

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