Daily Record Financial News &
Wednesday, July 22, 2015
Vol. 102, No. 178 • Two Sections
35¢ www.jaxdailyrecord.com
Home Depot to buy Interline
Episcopal starts $18M campaign
Retailer to pay $1.6B for Jacksonville company
Rendering from Episcopal School of Jacksonville
From Staff
The Knight Sports Complex at 6525 Atlantic Blvd. is one of the projects planned in the Episcopal School of Jacksonville’s campaign.
Sports complex, library and endowments in plans
By Karen Brune Mathis Managing Editor You won’t miss the Episcopal School of Jacksonville anymore as you press the pedal along Atlantic Boulevard if the independent institution’s $18 million capital campaign is successful. The school is preparing for major upgrades, including its road-front visibility along Atlantic Boulevard near the ramp to the Hart Bridge. A major new entryway at the main 56-acre Munnerlyn Campus will be joined by a similarly significant entrance to a redeveloped 28-acre Knight Sports Complex about 2 miles east. In fact, the campaign overview remarks that the main entrance signage is “difficult
to see unless you are right in front of it,” making for a “weak reference” to Episcopal’s identity. That identity is set for a major enhancement. The school is preparing for the public launch of the “Lead the Way” 50th anniversary campaign to revitalize the campus at 4455 Atlantic Blvd. and develop the sports complex, now just a few fields, at 6525 Atlantic Blvd. The entrances will serve as the unifying front gates to even more significant improvements at the middle and upper school, which borders the Arlington and St. Johns rivers. Head of School Charley Zimmer said in a statement the projects will serve Episcopal “as it heads into its next half century of
preparing tomorrow’s leaders.” The school is celebrating its 50th anniversary in 2015-16. Episcopal said it is embarking on campus and facility improvements that, as part of its strategic plan, will support its growing athletics programs, technology and study needs of its students and programming needs in academics. The school also is committed to increasing its endowment. Rob Clements, chairman of the Board of Trustees, said in a statement the capital campaign focuses on supporting the school’s long-term strategic plan and vision for academics and student life at Episcopal. Some phases of the campaign have begun. The Board of Trustees, the facMathis continued on Page A-4
Davis appreciates praise, wants action
Tonight, Ron Davis will be among Washington’s elite. Senators, congressmen, maybe even the president and first lady. They’ll be at the White House for a screening of the movie about the life and death of Davis’ 17-year-old son, Jordan. The story of the 3 1/2 -minute confrontation that ended in Jordan’s death, then led his parents to commit their lives to stopping murders like their son’s. To stop killings linked to racial differences.
Public
Davis has been to the White House before, when Jordan was mentioned in President Barack Obama’s speech about his My Brother’s Keeper initiative. Davis met basketball legend Magic Johnson, Chicago Mayor Rahm Emanuel and actor Jesse Williams of “Grey’s Anatomy.” They congratulated him and Lucia McBath on the work they’re doing in the name of their son. He’s heard that from countless public officials, celebrities and others with influence as Davis has traveled the world to share Jordan’s story. Davis continued on Page A-4
legal notices begin on page
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File photo by Max Marbut
Movie about son screening at White House
By Marilyn Young Editor
Lucia McBath and Ron Davis will be at the White House tonight for a screening of “3 1/2 Minutes, Ten Bullets,” which chronicles the shooting death of their 17-year-old son, Jordan Davis.
Published
for
Jacksonville-based Interline Brands Inc. announced today it has agreed to be bought by The Home Depot, the world’s largest home improvement retailer, for $1.625 billion in cash. Interline is a leading national distributor of broad-line maintenance, repair and operation products. The acquisition is expected to be completed in Home Depot’s fiscal third quarter, which ends Nov. 1, and is subject to applicable regulatory approval and customary closing conditions, including the repayment of Interline’s outstanding senior notes. “Through this partnership, we believe we can bring a truly interconnected solution to customers, providing them with a single source for all of their maintenance, repair and operation needs –– whenever and wherever they need it,” said Interline Chairman and CEO Michael Grebe in a news release. Grebe thanked Interline’s private equity sponsors at Goldman Sachs Capital Partners and P2 Capital Partners for their investment and support the past few years. “They share our strong confidence that The Home Depot is the right fit for us as we look to further advance our leading position in the markets we serve,” Grebe said. Brad Gross, managing director of Goldman Sachs, said Interline has achieved Interline continued on Page A-4
JEA giving 4th credit to customers
By Max Marbut Staff Writer
The board of directors of JEA approved Tuesday a $60 million fuel charge credit to be applied on October or November bills that will reduce by $57.65 the average residential electric charge. It is the fourth consecutive budget year JEA has delivered the credit. The community-owned public utility estimates its cost of natural gas and solid fuel when planning the budget for the year that begins Oct. 1. When fuel costs are lower than anticipated, a credit may be issued to customers. JEA Chief Financial Officer Melissa Dykes said due to the volatility of fuel costs, the utility maintains a fuel stabilization fund that ensures the integrity of the budget. More money is collected through the fuel charge than is needed to cover the projected costs. When the actual cost is lower, the board may either issue a credit or adjust
26,705
JEA
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consecutive weekdays