Welcome to The Closing Bell. This is your last stop for biz scoops and big news before the weekend — a roundup of stories that can’t wait till Monday.
ResCare to move into new $34 million headquarters
Demographic trends are pushing Louisville-based health and human service company ResCare to move into a new $34 million headquarters next year to accommodate current and projected growth.
The $2 billion company supports therapy, vocational training and job placement services for people with disabilities, provides health care in people’s homes and operates several smaller, but quickly growing businesses, including pharmacy services, at-home rehabilitation and telemedicine. The company serves about 60,000 people in 42 states and employs about 45,000, including 1,900 in Kentucky and 340 in Louisville.
Louisville-based NTS Development Co. plans to break ground on the new building, on North Whittington Parkway, in October, and ResCare expects to lease about half of the 140,000-square-foot building structure in fall of 2018. The initial lease will run 10 years.
ResCare currently is leasing about that much space at 9901 Linn Station Road, but that lease is running out.
CEO Jon Rousseau told Insider that demographic trends, including the aging of America, will foster continued growth in the company’s business lines, particularly at-home health care and support services for people with disabilities.
The Census Bureau projects that in 2030, 21 percent of Americans will be at least 65, up from 15 percent in 2014. During the same span, the number of people in that age group, at 46 million now, will rise to 74 million. And the number of Americans over 85 will triple by 2040. Meanwhile, the Home Care Association of America says 70 percent of people who reach 65 “will be unable to care for themselves at some point.”
Rousseau said that all of the company’s business lines are seeing healthy growth, and even with significant investments in technology and a focus on efficiency, a greater number of customers eventually will require ResCare to hire more people at the headquarters. ResCare initially will lease two floors of the new building and could eventually expand into other areas.
The new state-of-the-art office also will better enable ResCare’s employees to collaborate, Rousseau said, and they will have at their fingertips the kind of technology on which the company increasingly is relying to improve the lives of its customers.
Rousseau said that as a national company — ResCare has 600 field offices in 42 states — it considered several locations for its new HQ but chose Louisville in part because of its employees and the support it received from state and metro governments.
Gov. Matt Bevin said in a press release that ResCare “had been a tremendous corporate citizen for many years, and we are excited by this latest chapter in their history.”
ResCare is owned by Toronto-based private equity firm Onex, which bought ResCare, formerly publicly traded, in 2010.
Companies to invest $75 million, according to state report
Five companies plan to spend about $75 million in the Louisville area to establish a presence here or expand existing operations, according to a new report from the Kentucky Economic Development Finance Authority:
- DCL Logistics plans to invest $15.5 million to buy 14 acres of land and construct a new 160,000-square-foot fulfillment center. According to the filing, the company opened its Louisville operations, at 71000 Trade Port Drive, in 2014 and “continues to grow.” The filing contained no information about jobs. The state has preliminarily agreed to a tax incentive of $300,000. DCL could not be reached Thursday.
- Premier Packaging plans to build a nearly $12 million distribution center to consolidate up to four facilities. The company, which manufactures corrugated boxes and distributes packaging supplies, began in 1994. It has a Louisville location at 3900 Produce Road. The center is expected to create 40 jobs by year four, with average hourly wages, including benefits, of $31.50. The state has preliminarily agreed to a tax incentive of $7500,000. Premier Packaging could not be reached Thursday.
- Ring Container Technologies plans to invest $23.3 million in a Louisville manufacturing operation to make food-grade plastic bottles. The plant would employ 41 in the second year, earning about $30 per hour including benefits. The privately held company, based in Oakland, Tenn., could not be reached Thursday. The state has preliminarily approved a tax incentive of $700,000.
- Distiller Sazerac plans to invest nearly $6 million to rent more office space in Jefferson County. The Louisiana-based company opened its administrative office in Jeffersontown in 2009 and moved to a larger space in 2011. “The company has once again outgrown its current space and is considering alternatives for additional space to meet both current and future needs,” according to the filing. The company could not be reached Thursday. The state has preliminarily approved tax incentives of $750,000. Sazerac said it planned to employ 50 by the fourth year, earning an average hourly wage of $48, including benefits.
- In Shepherdsville, footwear and apparel company Keen Inc., plans to invest $18.6 million to rent a building to insource fulfillment operations for its U.S. operations. The Portland, Ore.-based company, which has no presence in Kentucky so far, said it expected to employ 82 in year two, earning $27 per hour, including benefits. The state has preliminarily approved tax incentives of $1 million. —Boris Ladwig
Attendees of the IdeaFest 2017 noticed a little roughness around the edges of the stage at the Kentucky Center for the Arts.
Scaffolding, suspended orange cones, caution tape, safety mesh and the like were somewhat of a distraction, but Kris Kimel, founder of the festival, told the crowd the stage was different by design. “We wanted to make it look like a construction site as an exercise in deconstructing the festival. We wanted to create the scene to put us in the mood.”
As Insider reported, the event was scaled back this year to two days as it undergoes “a complete re-evaluation and reinvention of every aspect of the enterprise.”
The goal is to find a sustainable model that celebrates the sponsors and keeps the price point low for attendees, Kimel said. He said the Rise Group would help and asked attendees for suggestions as well. “There are two types of organizations,” he said, those that are innovating and those that are dead. —Mickey Meece
Maker’s Mark extends its ‘Chihuly at Maker’s’ exhibit
If you haven’t been to see the exceptional Dale Chihuly glass exhibit at the Maker’s Mark Distillery yet, don’t fret. The popular “Chihuly at Maker’s” has been extended through Dec. 3. It originally was to end on Oct. 31.
According to a press release, the exhibit has been a smashing success. Visitor numbers are up 40 percent from last year, and the special dinner nights created to coincide with the event sold out within weeks.
The six Chihuly installations can be seen on regular tours of the distillery, which will set you back $12, and night tours have been extended as well through Nov. 25. Those take place on Saturdays from 6-10 p.m. and cost $20. A few additional dinner/tour packages have been added as well, and you can make those reservations online.
As Insider reported in June, the exhibit came about after Chihuly visited the Maker’s Mark Distillery, at the request of chief operating officer Rob Samuels, and drew connections between bourbon and art making. The artist created “The Spirit of the Maker,” which sits above resting barrels in the Maker’s gift shop, in 2014.
Now would be an ideal time to visit the Loretto distillery, as the leaves begin to turn and the humidity wanes. We recommend using the directions given on the website instead of Google Maps. Trust us on this. —Sara Havens
New food delivery concept changes its name
Munchout, which Insider wrote about earlier this month, is now Snappy Spoon.
“We feel the new name represents our business better and is aligned with other food business names. Since it’s still early, we decided to go ahead and change it,” co-owner Soni Kaur told Insider in an email.
Second-largest trade show returns to Louisville
Next weekend, the International Construction and Utility Equipment Exposition is coming to the Kentucky Exposition Center again.
The biannual trade show is an event that allows utility professionals and construction contractors to see the latest industry innovations and learn about industry trends. It has an estimated $16 million economic impact on the city and brings 18,000 people to Louisville.
The closed event was first held at the Kentucky Exposition Center in the 1980s. This year, it will have a record-breaking 28 acres of equipment, products and technologies for attendees to see and test. —Caitlin Bowling
State trying again to sell three historic properties
The Kentucky Transportation Cabinet is looking to offload three properties it purchased as part of the Ohio River Bridges Project. All three are on the National Register of Historic Places and have gone out to bid unsuccessfully before.
The first is the 53-acre Drumanard estate in Prospect. The home features six bedrooms, eight bathrooms and nine fireplaces, as well as a guest cottage, a partially finished gardener’s cottage, greenhouse and gazebo. The house is located at 6401 Wolf Pen Branch Road.
The second parcel is the 111-year-old, more than 44,000-square-foot Grocers Ice & Cold Storage at East Main and North Shelby streets downtown, and the third is Rosewell, a 7,200-square-foot house built in the 1820s. The six-bedroom, four-bathroom house sits on six acres at 6900 Transylvania Avenue in Prospect.
Open houses for all three will be held at the individual properties from 10 a.m. to 2 p.m. on Oct. 4. Bidding for each starts at 1:30 p.m. on Oct. 12. —Caitlin Bowling
Anthem names new Kentucky president
Anthem Blue Cross and Blue Shield has named Kennan Wethington its new president to succeed Deb Moessner, who has decided to retire.
The appointment is effective Oct. 16. Wethington previously served as the company’s regional vice president for sales in Kentucky.
The Indianapolis-based insurer said Wethington “will oversee all aspects of Anthem’s commercial business in Kentucky, including sales, marketing and underwriting, cost of care, provider relations and clinical management functions.”
Where Opportunity Knox said its third cohort of an eight-week Senior Leaders Corporate Fellowship Program would graduate on Monday. The effort is a regional initiative to connect transitioning veterans and military spouses to jobs and careers.
Endeavor Louisville said in its newsletter that it had started a collective social media campaign focused on why Endeavor is stateside. Endeavor describes itself as the leading high-impact entrepreneurship movement around the world. Louisville was the third city to develop an Endeavor office, after Miami and Detroit. As of 2016, Endeavor Louisville has had six companies accepted into the rigorous global program, six entrepreneurs and created 350 jobs.
Beginning Oct. 1, small businesses can apply for a portion of a $530,000 State Trade Expansion Program (STEP) grant, received through the U.S. Small Business Administration, to help companies begin exporting or boost current international sales, Gov. Matt Bevin announced.