Side of the Rhode: Who’s Hot and Who’s Not? - June 17, 2022

HOT

2022 PVDFest 

The City of Providence's festival was a tremendous success bringing people together.

The music, the artists and the food were all great.

After a two-year hiatus due to COVID, the 2022 version was the best.

PHOTO: file

HOT

Ted Shallcross

A new leader will be taking the helm in Lincoln. 

Amica Mutual Insurance Company's Board of Directors announced Thursday that Ted Shallcross has been named the company's next Chief Executive Officer and President, effective Oct. 1, 2022.

He succeeds Robert A. (Bob) DiMuccio, who is retiring after 31 years, including 17 as CEO. DiMuccio will serve as non-executive Chair of the Board until Dec. 31, 2022.

"The selection of Amica's next CEO came after a year-long search process in collaboration with consultant Heidrick & Struggles," said Donald Julian Reaves, Amica's Lead Director. "Ted is the right person at the right time. He has the Board's unanimous support, and we know Amica will continue to thrive under his guidance. Ted brings industry experience, demonstrated leadership skills, a track record of success and extensive knowledge of the company."

HOT

Big Capital Raise

MindImmune Therapeutics Inc., a Rhode Island-based drug discovery company says that it is “pioneering a new approach to treat Alzheimer’s disease and other neuro-degenerative conditions.” It has announced it has closed on a $12.4-million Series A financing.

Investors participating in the round include Dolby Family Ventures, Pfizer Ventures, the Alzheimer’s Drug Discovery Foundation (ADDF), Trend Venture, RightHill Ventures (an affiliate of the Slater Technology Fund) and several private investors. Use of proceeds of the financing will support MindImmune in advancing its lead program in preclinical development, targeting Alzheimer’s disease as the primary indication.

READ MORE

HOT

A House Fit for a ...

One of the grandest East Side mansions -- the Historic Thomas Poyton Ives House -- is now being offered for sale.

The home has been lived in by the most prominent families in the state's history -- the Ives and Goddards.

The house features 12 bedrooms.

The price is $5,995,000

READ MORE

HOT

Wakefield's Own

A Rhode Island pizzeria cracked a “Top 50” list for best pizza in the U.S. 

The Italian website “50TopPizza” deemed Pasquale’s Pizzeria in Wakefield as 33rd best in the country. 

“Pasquale Illiano grew up in a small town near Naples and has worked in catering since he was a boy. He arrived in the USA in 1995 with only one thing in mind: to bring the real Neapolitan pizza to the United States. He chose the smallest state in the Union, Rhode Island, heavily influenced by Italian culture,” writes 50TopPizza. 

“Pasquale's pizza is authentic Neapolitan, light, because well leavened, masterfully cooked in the oven built by a Neapolitan master craftsman: an excellent result," they continued. "Among the pizzas you will also find the New York style, which is just as good.”

Pasquale's took note of the honor this week.

"Many may not agree on the ranking...but this is an extraordinary event of pure prestige. I want to thank each and everyone of my crew. Our families, our customers," wrote Pasquale's. "Since day 1 you supported us and got the best out of Pasquale’s. You’re all in my heart. Long live Rhode Island and the great places in our state."

HOT

World Cup Is Coming

FIFA Thursday night announced Boston as one of the cities selected to host FIFA World Cup 2026, the first men’s World Cup contended in North America since 1994.

This is a big sports and tourism win for the region -- especially for Boston and Providence, as games are to be played in Gillette Stadium.

Providence and Rhode Island hotels and restaurants are expected to see a major windfall.

Each host city is projected to host four to six matches over the course of the tournament. Boston will also host fan fests throughout the city, providing fans with or without match tickets the opportunity to engage and enjoy a festival atmosphere with fans from around the world. The Boston Consulting Group’s research has estimated that Boston can expect an estimated 450,000 visitors hailing from Europe, South America and across the globe, with a projected net economic impact of up to $500 million.

HOT

Jonathan Nelson

Jonathan Nelson along with some friends from Brown University built Prov Equity Partners into one of the most powerful players in finance in the United States in the early 2000s. Now, Nelson is launching Dynasty -- a sports-focused private equity fund.

Nelson is teaming up with Don Cornwell, a partner at PJT Partners.

The two have announced they are raising $1 billion to invest in sports teams.

Nelson previously served as director of Yankees Entertainment and Sports Network, which Providence Equity invested in. Providence Equity has also invested in Learfield, Ironman, Topgolf, EZLINKS, and MLS’ marketing wing, Soccer United Marketing. 

Cornwell has worked on some of the largest and most complex sports and entertainment deals in the industry, including the recapitalization of the Tennessee Titans, the sale of Maple Leaf Sports & Entertainment, the sale of the Buffalo Bills, the sale of IMG to William Morris Endeavor, the sale of Access/DAZN owned Perform Group to Vista owned STATS Inc., the recapitalization of the Pittsburgh Steelers and the formation of Major League Baseball Advanced Media. In addition, he has served as a strategic advisor to the National Football League and the National Basketball Association on numerous occasions, according to his bio.

According to Front Office Sports, Cornwell will be the first Black co-owner of a sports-focused private equity fund. Each founder will also remain in their respective current roles.

Today, Nelson now serves as Prov Equity’s executive chairman. Nelson currently serves as chairman of Ambassador Theatre Group and director of The Chernin Group — two Prov Equity investments

Private equity firms spent $51 billion on sports transactions in 2021, according to Pitchbook, including $22 billion in Europe and nearly $3 billion on minority stakes in North American sports teams.

NOT

Gotta Love a Guy From Out of Town Who Asks for Millions But Won't Answer Questions

Here's the last round of questions submitted to Brett Johnson of Fortuitous -- he won't answer these:

Who are the investors in Fortuitous and how much have each invested?

And, just confirming that Benevolent is an investor in Fortuitous, correct?

Does Brett still have any ownership in Phoenix Rising anymore -- if so how much?

And, on the UK team Ipswitch, what is his ownership?

Lastly, he has never built a stadium before, correct?

NOT

Thayer Street

In the past week, there has been a brawl requiring hospitalization, a sexual assault, and a beating before a carjacking, all on Thayer Street.

What a week.

NOT

Nellie Gorbea

Secretary of State Nellie Gorbea’s campaign has repeatedly failed to properly report the campaign information that is required by the Rhode Island Board of Election.

While she is not the only candidate or elected official to improperly report donor information, according to Gorbea’s bio on her official state website she is the State of Rhode Island’s “Chief Elections Officer.”

Gorbea is a Democratic candidate for governor in 2022. She has been a critic of her opponents on issues of transparency and campaign finance issues.

"Rhode Islanders deserve nothing less than full transparency from their elected officials—especially from anyone who is seeking to lead the state," said Gorbea's campaign in April in calling on other candidates to release their past decade of tax returns. Tax returns are not required by law, but properly reporting donor information is required.