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Central Virginia


The Hilb Group grows to 48 offices in 18 states by Joan Tupponce


rooted in its acquisi- tion strategy. During the past


T


six years the Rich- mond-based middle- market insurance bro- ker has acquired more than 20 agencies and expanded its presence in 18 states. The company, now at $100 million in revenue, has 48 offices that stretch from Vermont to Florida. Its next target: the Midwest. “We are very active right now in deals, and there is a west- ward push. We have a signed letter of intent in the Midwest and one deal in Texas,” says Robert Hilb, the company’s CEO and founder, adding that he also wants to develop the company’s business in


FOR THE RECORD


Apple Hospitality REIT, a Richmond-based real estate investment trust that owns hotels across the U.S., has completed its merger with sister company Apple REIT Ten. The merger creates a portfolio of 236 hotels mostly under the Marriott and Hilton brands. Apple Hospitality’s stock will continue to trade on the New York Stock Exchange. (Richmond Times-Dispatch)


Lynchburg-based BWX Technologies Inc. has announced that its subsidiary BWXT Canada Ltd. (BWXT Canada) has entered an agreement to acquire GE Hitachi Nuclear Energy Canada Inc. (GEH-C). The terms of the transaction are not being disclosed. GEH-C is a major supplier of fuel, fuel-handling systems, delivery systems and


Graphic courtesy PRNewswire


he Hilb Group’s growth is


Virginia. He focuses on


quality and loyalty in making acquisitions. “We want good folks that will stay with the firm after the acquisi- tion for as long as possible; that’s a big piece of our strategy,” he says.


Hilb also looks for companies that want to partner with his firm and “take 15 to 20 percent of their deal in our stock,” he says.


Privately held,


The Hilb Group is backed by ABRY Partners, a Boston- based private equity firm. “They help us balance the scales of equity in buying the right businesses the right way,” Hilb says. “A big year for us is doing 14 to 16 deals. This year we have done nine to 10 deals and will probably


replacement components for CANDU reactors, Canadian- developed, pressurized heavy water reactors used for generating electric power. The deal is expected to be completed, subject to required Canadian regulatory reviews and other closing conditions, during the fourth quarter of 2016. (VirginiaBusiness.com)


A new Richmond-area project aims to boost sales through exports. The goal of the Metro Richmond Exports Initiative is to increase international trade activity by small and medium businesses in the area by 40 percent by 2020. The program will track its progress by monitoring the number of companies exporting for the first time and the number of existing exporters entering new foreign markets. (VirginiaBusiness.com)


Tranlin Inc.’s $2 billion paper


The Midwest is the next target territory


for The Hilb Group.


close another three or four.”


Through its


acquisitions the com- pany has zeroed in on a variety of specialty practices, such as marine and construc- tion insurance. This year, for example, it bought a business in New Jersey that specializes in medical malpractice insurance. “We use technol-


ogy that allows us to expand on that


manufacturing plant in Chesterfield County is set to be fully operational by 2020, but internal delays have kept the company from drawing the millions in grants the state has awarded. “There are some inner milestones that we still believe we are going to achieve, but it may be at a later date,” said John Stacey, Tranlin Inc.’s senior vice president of marketing and product development. But the facility still is on track to open within the scheduled time frame, Stacey said. (Richmond Times-Dispatch)


UPS said in August it plans to lay off 160 workers from its Richmond-based UPS Freight unit within the next 12 months. In the statement, the company said it is “streamlining support positions” in order “to address needed cost reductions and operating improvements.” Glenn Zaccara, the company’s


www.VirginiaBusiness.com


specialty. If one of our agencies in Virginia has an opportunity to write a policy for a group of doctors, they can access our folks in New Jersey, and they will help them write the business,” Hilb says.


The company is


very committed to the areas it serves, he says. “We believe in being good stewards of the communities where we are,” Hilb says.


director of corporate media relations, said in an email that the location also currently has 45 job openings and that employees affected by the layoffs “are being offered an opportunity to apply for those roles.” (Richmond Times-Dispatch)


PEOPLE


John C. Asbury will succeed G. William “Billy” Beale as chief executive officer and president of Richmond-based Union Bankshares Corp. and as president and CEO of its Union Bank & Trust subsidiary. Asbury, the former president and CEO of First National Bank of Santa Fe in New Mexico, will become president of the parent company and president and CEO of its bank subsidiary effective Oct. 1 and take on the CEO role of the holding company on Jan. 2. Beale will serve as executive vice chairman of the board and the


ON THE WEB


Complete list of For the Record and People at


VirginiaBusiness.com


bank until March 31. (Richmond Times-Dispatch)


Protection 1 has promoted Will Jackson to general manager for its Richmond district. Jackson was operations manager for the office. (VirginiaBusiness.com)


William D. Nash became president and CEO of Goochland County-based CarMax Inc. Sept. 1. He succeeds Thomas J. Folliard, who remains chairman of the board. (Richmond Times-Dispatch)


Henrico County-based Markel Corp. has named its co-CEOs, Thomas S. Gayner and Richard R. Whitt III, to its board of directors. The board also appointed F. Michael Crowley, Markel’s president, as vice chairman. The appointments expand the company’s board to 16 members. (Richmond Times-Dispatch)


VIRGINIA BUSINESS 19


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