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VOL. 45 | NO. 47 | Friday, November 19, 2021

LifePoint Health launches 25m Health incubator

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LifePoint Health has announced a joint venture with New York-based venture studio 25madison and Apollo Global Management that will be seeded initially with $20 million to launch 25m Health, a first-of-its-kind health tech startup incubator in Nashville.

The venture studio will be the central innovation engine for building new companies that bring innovative ideas and solutions to fruition for LifePoint communities and beyond.

The launch of 25m Health is part of LifePoint Health’s strategy for driving innovation, the company states. “LifePoint Forward” represents existing and new capabilities to identify, invest in and deploy solutions to improve quality, access and patient outcomes while lowering costs.

25m Health combines the business-building acumen of 25madison, a leading venture studio and innovation hub, with LifePoint’s health care expertise to develop businesses that “solve challenges, eliminate barriers and enhance the delivery of high-quality care.” The studio provides the resources, network and capital to help support and facilitate the growth of young and promising health care businesses.

An initial council of senior advisors has been assembled to help guide the strategic direction of 25m Health:

• Chris Altchek: founder & CEO, Cadence

• Tara Bishop M.D., MPH, FACP: founder & general partner, Black Opal Ventures

• John Chadwick: partner, Claritas Capital

• Sahil Choudhry: co-founder, Stealth-mode Startup; former managing director, Cigna Ventures

• Chris Sakalosky: managing director, healthcare & life sciences, Google Cloud

• Dawn Whaley: president & chief marketing officer, Sharecare

• Zach Zaro: former CTO, Maven Clinic; former CTO, quip

Bridgestone raises $1.94M for United Way

Bridgestone Americas reports it raised $1.94 million in 2021 for United Way of Greater Nashville to support the organization’s network of local groups providing essential community services and programs across Middle Tennessee.

The donation is part of the company’s 28-year partnership with United Way, which includes an annual charitable giving campaign that has raised more than $8.5 million for the organization since 2012.

Nashville-based Bridgestone employees raised nearly $885,000 for United Way with an average donation of $595, an individual contribution increase of 53% from 2019. The company also raised more than $1 million through its fourth annual Bridgestone United Way Charitable Golf Tournament held Oct. 19 at Hermitage Golf Club. The annual tournament has generated more than $3 million in the four years it has been hosted.

Endeavor Media purchases 3DX Media

Endeavor Business Media, headquartered in Nashville, has acquired 3DX Media, a producer of 3D product models for engineers to upload directly into their CAD software.

The move provides Endeavor’s engineering community of over 535,000 engaged design and engineering decision makers with a tool to help streamline their design and development process.

The 3D CAD software market is growing in nearly every market it serves, from manufacturing to health care to automotive.

By purchasing 3DX Media, the Design & Engineering Group continues to build on the total design process – from design concept to product purchase.

Franklin receives $19.5M loan for water

The Tennessee Department of Environment and Conservation announces a $19.5 million loan for the City of Franklin to improve water infrastructure.

The loan is one of four approved by the Tennessee Local Development Authority, with a loan for the City of Athens for $2 million and two loans totaling $20,614,550 for the City of Dayton making the total of loans announced today $42.1 million.

Franklin’s loan comes from the Clean Water State Revolving Fund Loan Program. The loan will address the wastewater treatment system and has a 30-year term at 1.28% interest.

Through the State Revolving Fund Loan Program, communities, utility districts, and water and wastewater authorities can obtain loans with lower interest rates than through private financing. These low interest rate loans can vary from zero percent to below market rate, based on each community’s economic health.

This fiscal year, TDEC has awarded $1.4 million in drinking water loans and $57.7 million in clean water loans to meet the state’s infrastructure needs. During fiscal year 2021, TDEC awarded $7,171,000 in drinking water loans and $77,568,000 in clean water loans for a total of $84,739,000.

Wiley Bros.-Aintree assists acquisition

Nashville’s Wiley Bros.- Aintree Capital, LLC, announces its representation of Lightwell Inc. in its acquisition by Eliassen Group, Inc.

Lightwell enhances Eliassen’s growing Professional Services division by expanding its Cloud Consulting and IT Solutions offerings and provides Eliassen access to expanded international markets.

Headquartered in Reading, Massachusetts, Eliassen Group provides strategic consulting and talent solutions to help drive their clients’ innovation and business results.

Leveraging over 30 years of success, Eliassen’s expertise includes IT talent solutions, life sciences consulting, Agile consulting, risk management, business optimization and managed services.

Lightwell delivers comprehensive IT services and solutions to help companies increase speed and agility, overcome complexities, improve satisfaction and gain competitive advantages. Lightwell’s expertise and offerings span a variety of technology areas, including cloud, integration, application development, DevOps, enterprise architecture, order management and managed services.

Fortress Technology gets financial boost

Walker & Dunlop, Inc. has made a minority investment in Nashville-based Fortress Technology Solutions, a real estate technology firm that creates property management software solutions for multifamily owners and operators.

Fortress’ platform includes third-party application integrations and business intelligence tools to provide users real-time performance data into their multifamily properties.

The Nashville company also provides an additional avenue for Walker & Dunlop to help multifamily owners and operators optimize portfolio performance. According to the National Multifamily Housing Council, there are approximately 22 million apartment units across nearly 3 million properties in the United States, 48% of which are apartments with less than 100 units, considered medium to small multifamily properties.

Pinnacle ranks among best bank workplaces

Nashville’s Pinnacle Financial Partners is one to the 10 best banks to work for in the nation and No. 1 among banks with more than $11 billion in assets.

The latest list of Best Banks to Work For from American Banker magazine ranks Pinnacle No. 9 among 90, with no other banks of similar asset size appearing on the list. This is the firm’s ninth consecutive appearance.

“We promise our associates a great place to work and our clients a great place to do business,’’ says Terry Turner, president and CEO. “They go hand in hand, and we’re delivering on a scale no one else can.’’

In previous years, Pinnacle has ranked No. 1 for its category (in 2013), No. 2 overall (in 2014), No. 3 (in 2015) and No. 6 (in 2016 and 2017) on this list. In 2018 and 2019, the firm ranked in the top 20, and in 2020 Pinnacle earned the No. 8 spot.

To be eligible for the Best Banks to Work For list, firms must have at least 50 employees working in the United States and be commercial or retail bank, thrift, mutual association, mutual savings bank, savings and loan association, savings bank or diversified financial services company.

AB welcomes Jackson National

Nashville-based AllianceBernstein has added Jackson National Life Insurance Company to its platform of insurers that provides guaranteed income in its Lifetime Income Strategy retirement solution for Defined Contribution plans.

Jackson National is the main operating subsidiary of Jackson Financial Inc.

As more plans are adopting LIS and assets are growing, AB has selected Jackson, a leading provider of annuities, as its fifth insurer to back AB’s in-plan, guaranteed income solution.

Designed to serve as a qualified default investment alternative, LIS combines AB’s world-class research in glide path design with a flexible guaranteed income option to offer plan participants control of their account, full access to their money and guaranteed income in retirement.

The other insurers on the LIS platform are Equitable, Lincoln National Life Insurance Company, Nationwide Life Insurance Company, and Prudential Retirement Insurance and Annuity Company.

NSS, Amazon unveil engineering software

The nation’s first nonprofit software bootcamp, Nashville Software School is launching a new software engineering program in collaboration with Amazon to expand opportunities and access to tech careers in Nashville and beyond.

The Software Engineering with Java/AWS Specialization online program is available to highly motivated adults across the U.S. who want to acquire the skills necessary to build complex and high-performance software applications and qualify for in-demand, entry-level software engineering jobs at tech companies and enterprise IT organizations.

The first cohort will launch in June 2022. Applications.

MacNeill Pride Group buys Rightline Gear

Brentwood-based MacNeill Pride Group, a designer and manufacturer of outdoor products and sporting goods, has acquired Rightline Gear.

Rightline is Asheville, North Carolina-based automotive and outdoor gear designer.

Terms of the transaction were not disclosed. MPG is a portfolio company of Centre Partners.

Founded in 2009, Rightline Gear’s automotive and outdoor gear is designed, developed and tested to be safe and easy to use, able to keep customers’ gear dry, versatile in attachment, universal in application where possible and tough enough to take on any adventure.

Loran Evans, Rightline Gear’s founder and CEO, will remain with the company. Cory Tholl, president and general manager of Klymit, an MPG brand, will lead the camp segment of the portfolio.

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