Crain's Cleveland Business

Page 1

VOL. 39, NO. 18

APRIL 30 - MAY 6, 2018

Source Lunch

The List Private equity and venture capital firms Page 19

CLEVELAND BUSINESS

Michael Gaffney, Junior Achievement of North Central Ohio Page 23

These remarkable Northeast Ohioans have left an indelible imprint on the region. Their stories begin on Page 10

Frances S. Buchholzer, 83; Page 11

Rev. E.T. Caviness, 89; Page 12

Bracy Lewis, 80; Page 14

William Conway, 90; Page 13

Jane Schierloh, 80; Page 15

J. William Doane, 83; Page 16

Rosemary Corcoran, 83; Page 17

Ernest P. Mansour, 87; Page 18

MANUFACTURING

ECONOMIC DEVELOPMENT

Superior Arts District gets Magnet turns a corner a major lift from GBX Group after a trying few years By JAY MILLER jmiller@crain.com @millerjh

With the dramatic renovation of one of the handful of buildings along Superior Avenue now in its portfolio, and even a new name, GBX Group is poised to be a major player in the redevelopment of what is called the Superior Arts District. The firm, which until this year was called global X, recently redeveloped the four-story building at 2101 Superior. In March, it moved its 42 employees into the top three floors of what was known, when it opened in 1913, as the Empire Improvement Building. More recently, the building was the home of the Daffy Dan’s T-shirt business. GBX cut out sections on all three floors for a

dramatic staircase and covered many walls with artist-drawn chalkboards that tell of the company’s evolution from a kitchen table consulting firm to a major player in historic real estate preservation. But CEO Drew Sparacia doesn’t want the firm to be called a “real estate developer,” and it’s certainly not limiting its work to Superior Avenue. “We’re a little bit sensitive about saying we’re a developer because we don’t want to compete with people we’re working with,” Sparacia said. “We take ownership and work with developers. And whenever we say we, we mean us and our investors, not just the folks in this building.” The firm provides tax and financial advice to investors — now a total of more than 500 — through investment funds.

Entire contents © 2018 by Crain Communications Inc.

SEE GBX, PAGE 21

By RACHEL ABBEY McCAFFERTY rmccafferty@crain.com @ramccafferty

In recent years, Magnet — the Manufacturing Advocacy and Growth Network — has undergone a leadership transition, faced higher than usual employee turnover and revamped the way it works with local manufacturers. It also had four years in a row in which its tax filings showed the organization spent more than it brought in. However, the Cleveland nonprofit appears to be turning a corner and is planning to grow. Magnet is dedicated to helping local manufacturers, but the way it’s done that has evolved

over the years. Today, its focus is on long-term relationships rather than one-off service contracts. That shift started a few years ago under then-president and CEO Daniel Berry. Ethan Karp, the current president and CEO, took on that role in May 2015 after about a yearand-a-half as the organization’s vice president of client services and marketing. He had been hired from consulting firm McKinsey & Co. to oversee the Prism program, which focused heavily on building relationships with manufacturers and connecting them with resources in the region. Karp said he believes he was brought in to serve as a “change agent.” Prism wasn’t just a new program, he said. It and other initiatives were “fundamental rethinks of how the organization needed to go.” SEE MAGNET, PAGE 21

Akron Canton’s Royal Docks Brewing Co. is one of the fastest-growing craft brewers in the U.S. Page 20

Portraits by Jason Miller for Crain’s

EIGHT OVER 80


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