Side of the Rhode: Who’s Hot and Who’s Not? - August 2, 2024

HOT

Barrett Bready

Hitachi High-Tech Corporation (Hitachi ) and Nabsys 2.0 LLC (Nabsys) announced Thursday that Hitachi has acquired a majority interest in Nabsys, a developer and manufacturer of instrumentation and consumables for the analysis of genomic structural variation. This transaction will make Nabsys a consolidated subsidiary of Hitachi High-Tech Group.

Nabsys CEO, Barrett Bready said, "Hitachi High-Tech has had a long and successful history in genomics. Their vision of ameliorating disease and suffering through technology aligns closely with Nabsys’ mission. We’re thrilled that the electronic genome mapping platform that the Nabsys team has developed will be able to contribute to achieving that vision."

The sale price has not been disclosed and the impact on Rhode Island operations is not known yet.

Nabsys is one of Rhode Island's few homegrown tech firm success stories, and it has had its own rise-of-the-Phoenix story. READ MORE

HOT

Donald May Not Like It

In less than two weeks, Vice President Kamala Harris has flipped the table and made the Presidential race a toss-up.

President Biden was toast just a few weeks ago.

HOT

Diplomacy

The U.S. government's effort to bring former U.S. Marine Paul Whelan, journalist Alsu Kurmasheva, and Wall St. Journal report Evan Gershkovich home reinforced two truisms.

1) The U.S. did a fine job of bringing Americans home.

2) Vladimir Putin is a despicable despot. 

HOT

Cool Concept

The wait is over. 

For weeks — months, even — Maria’s Cucina on Broadway in Providence has teased a “secret” announcement. 

Maria's Cucina describes itself as “nestled within the historic walls of a 100-year-old Victorian home which creates an enchanting ambience that harmoniously merges timeless elegance with a contemporary flare.”

This week, the “secret” was finally unveiled, with Maria’s Cucina sharing the following: 

"Step into a world of mystery and intrigue at Maria's Little Secret - a one-of-a-kind pop-up speakeasy experience like no other! Join us as we unveil the hidden gem of the city, where secrets are whispered and cocktails tell tales of a bygone era.

READ MORE HERE

PHOTO: Unsplash/Ash Edmonds 

NOT

Bungling Is the Kindest Term

A GoLocal editorial raised concerns about the near-endless mismanagement at RI Commerce Corporation:

The Commerce Corporation of Rhode Island has transformed from an economic development organization into a funeral home.

A growing pile of body bags for bad and failed deals now defines the agency.

Please, no angry messages from our friends at Nardolillo Funeral Home for us mentioning them in the same breath as Commerce Corp.

RIP, ICU, and WTF

As Governor Dan McKee and Commerce Secretary Liz Tanner began their first term together in January of 2023, the priorities were Fane Tower (RIP), Superman Building (ICU) and the Pawtucket minor league soccer stadium (WTF). And we don't mean, "Wow, that's fantastic."

The Fane project is dead.

Superman is near death, and to resurrect it will cost taxpayers tens of millions more on top of the nearly $100 million in federal, state, and local incentives and payments already committed to the project. All the subsidies go to the benefit of an out-of-state developer. The developer — David Sweetser of High Rock Development — again has his hand out seeking more subsidies.

Then, there is the soccer stadium. Regardless of how you think about investing public money in a private minor league soccer stadium, the construct of the deal makes it the single worst business deal in Rhode Island history. To finance the $27 million, the state decided to use bonds that cost $54,285,000. Then, paying off the bonds will cost taxpayers $140 million over 30 years.

And don’t forget McKee and Tanners’ biggest deal to date.

At its July 21 meeting, the Commerce Corporation approved $140 million to cover the emergency repair and demolition costs of the westbound Washington Bridge.

That’s right. The biggest economic development deal funded by the McKee/Tanner duo is to borrow money for the failed Washington Bridge and the mismanagement by Peter Alviti and his Rhode Island Department of Transportation. READ MORE

NOT

Ferri #1

Cranston Democratic mayoral candidate Robert Ferri gets the rare distinction of scoring not one but two NOT HOTs this week. 

So taking money [campaign donations] from a guy whose strip club was linked to the trafficking of a 14-year-old is okay. 

READ MORE YUCK

NOT

Ferri #2

Ferri also took an improper campaign donation as a "loan" for $5,000 -- a clear violation of the campaign finance laws.

And, in both the case of the Tapalian's donation and the improper loan/donation, Ferri refused to answer questions.

At least he is consistent.

NOT

Brett Smiley's Strengths

As GoLocal was the first to report, Providence Mayor Brett Smiley may not be able to get the tax bills out on time, but he can get his fundraising tickets out.

He screwed up the tax bills but picked up more than $160,000 for his campaign account for the quarter.

NOT

Four Major Rhode Island Companies Sold in Under Two Weeks

The 10th largest privately held company in America, Southern Glazer's Wine & Spirits (Southern Glazer's), acquired Horizon Beverage Group, one of New England’s largest alcohol distributors.

Southern Glazer’s claims it is the world’s preeminent distributor of beverage alcohol.

Horizon is located in both Rhode Island and Massachusetts. According to Horizon the company employs 775 between the two states. It has a major distribution facility in West Greenwich and two in Massachusetts -- Ludlow and Norton.

Last week, IGT Gaming was acquired by Apollo and Bally’s was acquired by Standard General. IGT employs 1,100 in Rhode Island and Bally’s owns and operates two casinos in Rhode Island and employs thousands.

And, on Thursday of this week, Nabsys was sold off as well.

Local ownership is almost always better for employees, local wealth and community support.