PBN September 30, 2022

1st mobile unit deployed in R.I.’s addiction fight

BY CHRISTOPHER ALLEN | Allen@PBN.com

JOHN HAYES LITERALLY has a front-row seat to the widening demographics of opioid addiction.

SINKING SPIRITS

He’s a driver of CODAC Behavioral Healthcare’s new mobile clinic, a con verted recreational vehicle that recently started visiting ad diction “hot spots” in Woonsocket, Provi dence and Pawtucket, offering treatment for substance use dis order to people who have made an appoint ment or handing out harm-reduction kits

FOCUS: HEALTH C ARE

equipped with fentanyl-testing strips and Narcan nasal spray.

On a recent morning, Hayes was immersed in a task not found in his job description. A patient in Woonsocket had come to the mobile unit from a homeless encampment where the tent he lived in with his girlfriend had been ransacked. The couple had become separated, and the man feared she would relapse. He needed help finding her.

PBN SURVEY: Slowed supply chains, inflation, labor shortage are sapping optimism

BY NANCY LAVIN | Lavin@PBN.com

only so long you can keep your chin up. After a 2½-year battle against health and economic devastation, Rhode Island compa nies have been beaten down, according to Providence Business News’ Summer 2022 Business Survey.

Indeed, less than half of the business owners and executives who responded to the biannual survey predict a sunnier future for their firms next year – the first time that optimism has dipped below 60% of participants since the winter of 2009, when Rhode Island was in the grip of the Great Recession.

This time, spiraling inflation is the culprit, propelling prices higher on everything: goods, shipping, utility bills and labor.

In turn, bottom lines are shrinking, with more than onequarter of the survey takers reporting net income had dropped compared with a year ago, double the percentage in the sum mer 2021 survey.

SEEKING APPROVAL:

Neurotech Pharmaceuticals Inc. CEO Richard Small, right, speaks with process development engineer Lovisa Selander in the biotech company’s lab in Cumberland. Neurotech is completing final trials for an implantable device to treat eye disease, but Small says several economic factors have proved challenging recently.

CONTENTS

COVER STORY

SINKING SPIRITS

PBN survey: Slowed supply chains, inflation, labor shortage are sapping optimism.

FOR STARTERS

Franchisee: Joe Tuberville and Alan Oversmith

5Q: Mary-Kate O’Leary 4

Dining Out: A recipe for success 5

Spotlight: Galactic Theatre LCC 6

Something New: CoWork Cumberland LLC 6

Hot Topic: Satisfying downtown’s food needs? 7

Who Owns the Block?

Plainfield Pike, Cranston and Johnston 8 What’s Happening .................................................................10

CANNABIS SUMMIT RECAP

Panel: Brace for abrupt shifts in the industry

Panelists discuss the challenges and opportunities awaiting Rhode Island as it delves into the recreational marijuana industry and prepares to compete with neighboring states. ...............................................................18

How to control cannabis in workplace is a tricky topic

Panelists discuss concerns raised by some employers over the newly legalized status of recreational cannabis in Rhode Island and how they should handle related workplace policies................................................................20

IT’S PERSONAL

People in the News 33

Mackay’s Moral .....................................................................34

Cyber Sessions: Jason Albuquerque 35

Editorials and Opinion 36

One Last Thing: Gian Gentile 38

FOCUS: HEALTH CARE

1st mobile unit deployed in R.I.’s addiction fight CODAC Behavioral Healthcare launched a mobile unit recently to help treat opioid addiction and substance use disorder in Woonsocket, Providence and Pawtucket. 1

Are R.I.’s noises hurting health of our children?

Brown University Ph.D. student Nina Lee and assistant professor of epidemiology Erica Walker are investigating the effects of noise pollution on the health of children.

Real

WEEK’S

COMPANIES

Rhode Island Energy

Department

Champlin

of Massachusetts

of Rhode Island

Greens Food Co-op

400 Westminster St. Providence, RI 02903

Main Phone: 401-273-2201

Subscription Services: 855-813-5805

President & Publisher: Roger C. Bergenheim 680-4848 | Publisher@PBN.com

ADVERTISING

Advertising@PBN.com | Fax: 401-274-0270

Director of Sales and Marketing: Annemarie Brisson 680-4800 | Brisson@PBN.com

Marketing and Events Manager: Donna Rofino, 680-4832 | Rofino@PBN.com

Marketing, Events & Social Media Coordinator: Tracy Hoyt, 680-4818 | Hoyt@PBN.com

Senior Account Managers: Linda Foster, 680-4812 | Foster@PBN.com Jim Hanrahan 680-4816 | Hanrahan@PBN.com

Noreen Murray 680-4801 | Murray@PBN.com

Advertising Coordinator: Joyce Rylander 680-4810 | Production@PBN.com

EDITORIAL

Editor@PBN.com | Fax: 401-274-0670

Editor: Michael Mello 680-4820 | Mello@PBN.com

Managing Editor: William Hamilton 680-4826 | Hamilton@PBN.com

Web Editor: Chip LeClerc, 680-4886 | LeClerc@PBN.com

Copy Editor: Matt Bower, 680-4824 | Bower@PBN.com

Special Projects Editor/Researcher: James Bessette 680-4838 | Bessette@PBN.com (EDUCATION, NONPROFITS)

Staff Writers: Christopher Allen 680-4884 | Allen@PBN.com (HOSPITALITY/TOURISM, GOVERNMENT)

Claudia Chiappa 680-4830 | Chiappa@PBN.com (HEALTH CARE, GOVERNMENT, REAL ESTATE/DEVELOPMENT)

Nancy Lavin 680-4822 | Lavin@PBN.com (CITY GOVERNMENT, ENERGY/ENVIRONMENT, FINANCIAL SERVICES)

Jacquelyn Voghel 680-4828 | Voghel@PBN.com (WORKFORCE, MANUFACTURING, ENTREPRENEURSHIP)

PRODUCTION

Production Director: Anne Ewing, 680-4860 | Ewing@PBN.com

Graphic Designer: Lisa Harris, 680-4868 | Lharris@PBN.com

CIRCULATION

PBN@cambeywest.com | 1-855-813-5805

ADMINISTRATION

Fax: 401-274-6580

Business Manager: Tammy D’Antuono 680-4840 | Dantuono@PBN.com

©2022 Providence Business News Inc.

Providence Business News is published every two weeks by Providence Business News, 400 Westminster Street, Providence, RI 02903 (USPS 002-254) (ISSN 0887-8226)

Periodical postage paid at Providence, R.I. POSTMASTER: Please send address changes to 400 Westminster Street, Providence, RI 02903.

5Q: Mary-Kate O’Leary

Executive director, A Wish Come True Inc.

BY CLAUDIA CHIAPPA | Chiappa@PBN.com

1What makes A Wish Come True stand out to potential donors and the people the organization helps from other wish-granting nonprofits such as the Make a Wish Foundation?

All donations stay in Rhode Island and Massachusetts and support our local children living with critical illness and their families. It is not just the magical wish that is granted; it is love and care we provide before, during and after the wish that makes us stand apart from other wish-granting organizations.

2How has A Wish Come True grown and evolved since you took over as executive director 3½ years ago?

We have made great strides in creating an incredibly strong and committed board of directors that has an active role in both governance and fundrais ing. We have had a 43% growth in reve nue and the board has been instrumen tal in attracting new donors to learn more about A Wish Come True. Most importantly, we expanded our services beyond granting magical wishes to also helping wish families as they navigate their complex journey of caring for a child with a critical illness.

3

What challenges did the COVID-19 pandemic bring to the work of A Wish Come True?

Like many businesses, we had to pivot. We listened and learned that many wish families are struggling financially as they take care of their sick child. We created the Meghan Duffy Hardship Fund and we have given over $50,000 in

support to wish families for rent, utili ties, groceries, gas cards, car repairs and home repairs. Many of our fami lies experienced job loss or diminished earning capacity and we provided a lifeline during this difficult time.

4How is the current economic environment affecting fundraising and the number of contributions the organization is receiving?

The cost of wishes has increased just like everything else. Our costs for a child’s wish average $7,500 today. I challenge all businesses to get your employees involved – to give back lo cally, even if it is a weekly or monthly gift of $25, it adds up and makes a huge impact on our programs for our local families.

5

As A Wish Come True marks its 40th anniversary, what’s next? How do you envision the orga nization evolving and growing in the future?

We see growth opportunities expand ing in Massachusetts, as well as provid ing more wraparound services for our families that may include counseling and advocacy. Ultimately, we are out growing our building and we want to have a one-stop shop for our families so they can get time back in their lives. n

PBN PHOTO/MICHAEL SALERNO

It is love and care we provide … that makes us stand apart.

DINING OUT | BRUCE NEWBURY

A recipe for success

THE BOATING AND SAILING WORLD returned to the City by the Sea in September for the Newport International Boat Show.

Food and beverage is a key category and one of the main attractions at the boat show. Many prestige food and beverage brands make it a part of their strategy to be seen and to be part of this international gathering of owners, enthusiasts and the people who love them.

One of the leaders in food development in Rhode Island was in attendance. Lisa Raiola, executive director of the Hope & Main food incubator in War ren, has seen the nonprofit commercial kitchen facility grow, and most significantly launch hundreds of food brands into successful businesses over the past 10 years.

“It is amazing to think that [the concept of a food incubator] was a completely new idea,” Raiola said.

Hope & Main is experiencing great growth in these post-pandemic days. The so-called “great res ignation” led to many people wanting to establish their own business. Food was and is a leading cat egory. It is accessible and familiar. Hope & Main is uniquely poised to help a lot of people by mak ing the big step possible from selling out of one’s kitchen window to becoming a grown-up business.

The organization’s list of artisans and food mak ers has become one of the great success stories of Rhode Island business. The number of food busi nesses launched since Hope & Main opened its doors on Oct. 6, 2013, totals 450. More significantly,

Hope & Main is experiencing great growth

45% of those businesses are still in operation.

Raiola says approximately 90 businesses have “graduated,” or moved completely from the facility and infrastructure of Hope & Main. One of them was at the boat show.

Newport Chowder Co., which operates its own fleet of carts and trucks in addition to catering, is no stranger to the Newport Yachting Center Founder Katie Potter built her company on an award-winning Newport chowder recipe perfected by her mother, Muriel Barclay de Tolly, who had a beloved restaurant in the city for many years. Her chowder was a perennial winner of the Newport Chowder Cook-off, which was held for decades on the same wharves that hosted the boat show.

Potter began her business selling a chowder seasoning mix for home cooks to make their own chowder. During the COVID-19 lockdown days, she brought her chowder outside, serving it hot from a truck. It became very successful, leading to another truck, then carts and catering.

In keeping with the family tradition, Newport Chowder was awarded the top prize in a competi tion among six Hope & Main “food-preneurs” who had the opportunity to make their live pitch to a panel of all-star judges for a chance to win $10,000 for their food or beverage business. The artisans presented a diverse variety of specialties, from empanadas to Ethiopian food and biscotti to hot sauce. In the end, Newport Chowder stood alone and took home the prize.

Newport Chowder is but one example of wellknown Rhode Island food brands that have been kindled at the former schoolhouse at the intersec tion of Hope and Main streets in Warren. Sacred Cow Granola, Tito’s Brands chips and salsa, Back yard Food Co., RI Mushroom Co. and Anchor Toffee are other names that can be found on supermarket shelves throughout the state and beyond.

Food visionaries from all over the world have visited Hope & Main to see the facility and its regulation commercial kitchens and production facilities.

including Princess Astrid who led a group of 50 food entrepreneurs to tour Hope & Main. Most of the creators had concepts for plant-based foods. They came to get ideas and inspiration to launch U.S. operations. n

.

Raiola told of a recent delegation from Belgium,

“Dining Out With Bruce Newbury” is broadcast locally on WADK 101.1 FM and 1540 AM and on radio throughout New England. Contact Bruce at bruce@brucenewbury.com.

WINNING COMBO: Newport Chowder Co. founder Katie Potter, standing, is pictured with her mother, Muriel Barclay de Tolly, who was the inspiration for Potter’s company. COURTESY MEREDITH MCBRIDE MOWRY

SOMETHING NEW SPOTLIGHT

Cumberland coworking venture

BY NANCY LAVIN | Lavin@PBN.com

DAVID MACDONALD had always been fascinated by coworking spaces.

But he considered it more of a novelty than a practical venture for his property management company. Then COVID-19 hit, upending norms around office environments and where people like to work.

Suddenly, MacDonald’s fasci nation didn’t seem so impracti cal, and he decided to turn his vision into a reality, launching CoWork Cumberland LLC in May.

The Cumberland building has been transformed from its days as a child care center, which MacDonald also ran before sell ing it in 2018, into an open, airy layout with neon green accents and motivational quotes on the walls. There are desks and pri vate offices available for daily or monthly rentals, as well as conference rooms available by the hour.

In the four months since opening, five people have com mitted to regular memberships, though MacDonald hopes to hit 100 by the end of the year.

Prices vary from $25 for a single-day desk rental to $2,000 for a monthly private office. n

Keeping Warren ‘weird’

Live music, stand-up comedy and movies

BY JACQUELYN VOGHEL | Voghel@PBN.com

IT HAS A BAR, but it isn’t a bar. It began as a vintage store and became the Galactic Theatre LLC “by accident and on purpose at the same time.” It’s a time machine, and a force for keeping Warren “weird.”

Those are a few of the ways owner David Podsnap describes the Galactic Theatre, a live music and stand-up comedy venue and micromovie theater.

“We try to go against the grain as much as possible, even though we’re not recreating the wheel,” Podsnap said of the establishment, located at 440 Main St. in Warren.

In part, that means limiting drink selections to craft beers and cocktails, hosting original music only and screening a variety of films from the late 19th and early 20th centuries.

Galactic has morphed consider ably from its origins about five years ago, Podsnap says, as has Warren.

The venue began as Podsnappery, a vintage store that Podsnap ran at a different location on Main Street. The store grew in scope, with Pod snap adding acoustic performances, sectioning off a small, seated theater area for public domain films, and later renaming the space the Flash back Vintage Emporium.

But at the time, Main Street

was a quieter place, beset by va cant storefronts, and the vintage store wasn’t turning a profit.

Struggling to stay afloat and dismayed by the state of downtown Warren, Podsnap applied for a beer and liquor license and handed out pocket-sized posters with recom mendations of where else customers could shop and eat in Warren.

“We built this from zero, liter ally,” Podsnap said of Galactic. “Bad credit and $100.”

The venue and bar expansion turned the tide quickly.

“Basically, after a month or two of that, I could not run a vintage store,” Podsnap said. “I had a busy music venue all the sudden.”

The venue now hosts a variety of folk and rockabilly-style music performances, with Podsnap often performing under his stage name, Sasquatch, as well as stand-up com edy. Next door, his former vintage store exists under different owner ship as Space Cadets Vintage.

Now, Podsnap says, he has “good credit and a couple hundred dol lars,” and his business belongs to a

LOCATION: 440 Main St., Warren

EMPLOYEES: Two

much livelier downtown district.

But it hasn’t all been smooth sailing since then. Galactic went through several iterations through out the pandemic, with bars shut down for nearly a year under COVID-19 lockdown measures. The venue weathered this closure by cre ating an evolving menu of food op tions, starting with to-go ice cream and later, a flatbread menu.

This improvised solution wasn’t sustainable, Podsnap said, and the venue has tossed all food options aside from grilled cheeses, with the occasional hot dog or pretzels, and a soon-to-be-gone ice cream machine used to make liquor-infused milk shakes.

But it’s been rewarding to see new life on Main Street, Podsnap says, and to feel that Galactic played a role in this shift.

As Main Street grows, Podsnap also wants to “Keep Warren Weird,” as a sign to the upper right of Galac tic’s stage reads. For a time, Pod snap also sold the print on T-shirts, having borrowed the slogan from Austin, Texas.

“I love this town Warren, and I don’t want it to turn into what Aus tin was becoming, which is Fortune 500, big stores moving in,” Podsnap said. It means “keep Warren eclec tic, keep Warren a community.” n

YEAR FOUNDED: 2017

ANNUAL SALES: WND

PIVOTAL PLAYER: David Podsnap, owner of Galactic Theatre LLC on Main Street in Warren, a performance venue offering live music and stand-up comedy and a micro-movie theater, says it’s been rewarding to see a livelier downtown district along Main Street and to know that Galactic played a role in this shift.

PBN PHOTO/MICHAEL SALERNO

TRANSFORMED SPACE: David MacDonald, owner of CoWork Cumberland LLC, meets with office manager Marybeth Young in the cafe space.

PBN PHOTO/MICHAEL SALERNO

OWNER: David Podsnap

TYPE OF BUSINESS: Performance venue and micro-movie theater

Satisfying downtown’s food needs?

BY JACQUELYN VOGHEL | Voghel@PBN.com

Rory’s Kitchen and Market opened on Washington Street in the heart of downtown on Sept. 23, and Trader Joe’s is preparing to open on South Main Street, on the edge of downtown.

Those who live and work down town have long lamented the lack of retail food outlets in the area. But with many downtown businesses shifting to hybrid or remote work schedules and fewer office workers in the city, the demand for food stores may have shifted as well.

Rory Eames, owner and CEO of Rory’s Kitchen and Market, said the Dennis Port, Mass.-based organic food store conducted a feasibility study before opening and, as a result, has decided to add some services, such as online ordering and delivery.

“It was definitely kind of a leap of faith going into this right at the height of COVID,” Eames said. But now “the timing seems right.”

Indeed, while there may be fewer downtown workers, the recent spate

of new high-end apartment projects in the area might be easing Eames’ mind, including the 249-unit Emblem 125 on Clifford Street, the 95-unit Chestnut Commons on Chestnut Street and the 143-unit Nightingale Building, the site of the new Rory’s store on Washington Street.

Carolyn Park said she was excited when she heard Rory’s was opening a 6,000-square-foot store. In the 2½ years Park has lived downtown, she’s had to walk 30 minutes to reach the nearest grocery store. With no car, she’s relied on delivery services.

On Rory’s opening day, Park was

perusing the offerings, including made-to-order and grab-and-go meals, snacks and beverages, as well as organic foods.

“It’s definitely more convenient,” Park said.

Rory’s Providence location marks the first time the company, estab lished in 1978, has expanded beyond Cape Cod.

The Rory’s team chose Providence for an expansion, Eames said, in part because the company had a connec tion to the developer, Cornish Associ ates LP, and its managing partner, Arnold “Buff” Chace Jr. Cornish owns Mashpee Commons, where a Rory’s market is located, and has part owner ship of the Nightingale Building.

“An urban community always ap pealed to us for our first off-Cape loca tion; we came to the space and really felt a connection with the neighbor hood,” Eames said.

But with Rory’s focus on organic products and often higher prices that come with the central location, some residents approached the new market with uncertainty.

Downtown resident Samuel Lewell, who also works in the area, came across the store’s grand opening by chance. He noted its proximity to Urban Greens Food Co-op less than a mile away in the city’s West End.

Still, Lewell said he hopes the store will support a diverse range of cus tomers, adding that the market would need to keep price points in check.

Despite an increase in remote work, Eames said she still sees “so much opportunity to service people working downtown for breakfast, lunch and dinner.”

Warwick resident Keelia Kentor, who works downtown and was in Rory’s on opening day, agreed. She noted that the prices might deter some customers but added that Rory’s will be convenient for downtown workers.

“It’s not a store that I think every one can afford to shop at every day, but I think it’s nice to be able to pick up the stuff that you need,” she said.

Trader Joe’s has not confirmed an opening date for its Providence store and did not immediately respond to a message seeking comment. n

THE COVID-19 PANDEMIC may have altered the use of down town districts throughout the country, but two grocery busi nesses are betting it hasn’t changed the need for food stores in or around downtown Providence.

OWNER:

TENANTS:

OWNER:

WHO OWNS THE BLOCK?

PLAINFIELD PIKE

Interstate 295 to Comstock Parkway CRANSTON AND JOHNSTON

2158 Plainfield Pike, Cranston (1987)

OWNER: Commerce Park West TENANTS: Alliance Restoration, Alpine Insurance Agency, Apex Technology Group, Fastenal, Milton Caterpillar, Post Road Guns

2174 Plainfield Pike, Cranston (1999)

OWNER: Alwoodley Realty

TENANT: The Washington Trust Co.

PBN RESEARCH AND PHOTOS/JAMES BESSETTE PBN GRAPHIC/ANNE

2000 Plainfield Pike, Cranston (1976) OWNER: Berkley Acquisition Corp. TENANT: R.I. Board of Elections

2080 Plainfield Pike, Cranston (1992) OWNER AND TENANT: Cadence Science Inc.

2050 Plainfield Pike, Cranston (1993)

OWNER: Colbea Enterprises LLC

TENANT: East Side Collision Center

2104 Plainfield Pike, Cranston (2000) OWNER AND TENANT: Bank Rhode Island

2112 Plainfield Pike, Cranston (1991) OWNER AND TENANT: New Penn Motor Express Inc.

1993 Plainfield Pike, Johnston (2009)

1897 Plainfield Pike, Johnston (1992)

OWNER: Net Lease Realty I Inc.

TENANT: Mobil Gas

1889 Plainfield Pike, Johnston (2004)

OWNER: 1889 Plainfield Pike Realty Corp.

TENANTS: Circle-K, Gulf Gas

1901 Plainfield Pike, Johnston (2009)

OWNER: Plainfield Pike Development LLC

TENANT: Protech Automotive Services

1989 Plainfield Pike, Johnston (1956)

8 | SEPTEMBER 30-OCTOBER 13, 2022 | PROVIDENCE BUSINESS NEWS | www.pbn.com FOR STARTERS SAILORWAY ELKS DR COMSTOCK PKWY PLAINFIELD PIKE PLAINFIELD PIKE 295 295 Emporium,

awards ceremony & panel discussion

awards recognition:

Applications now being accepted for companies and leaders who have made strides in leveraging Diversity, Equity & Inclusion to bring Workplace Excellence to their organizations.

categories:

• Education

• Financial Services

• Health Care

• Insurance Services

panel discussion:

• Legal Services

• Nonprofit

• Social Service Agency

• Diversity Champion

A panel of experts will share their personal stories of struggles and successes in implementing successful Diversity, Equity & Inclusion programs within their organizations to deliver meaningful, cultural change and positive business results.

NOW ACCEPTING APPLICATIONS

Providence Library to host small-business workshop

THE PROVIDENCE PUBLIC LIBRARY, in partnership with Score Rhode Island, will host an informational workshop on how to start a small business. Score counselors will discuss the various aspects of planning and owning a business, while library staff will talk about the print and electronic resources available at the library to research your business and marketing plan.

SATURDAY, OCT. 8, 9:30 A.M. TO NOON. Free Providence Public Library, 150 Empire St., Providence.

INFO AND REGISTRATION: bit.ly/3UsMsgZ

Birdies for a benefit

THE EAST GREENWICH Chamber of Commerce will hold its 13th annual Fall Golf Tournament. The tourna ment will be a scramble format and includes networking opportunities for attendees and participants. Proceeds raised at the event will benefit the East Greenwich Little League. Spon sorship opportunities are available.

MONDAY, OCT. 3, 12:30-4 P.M. $130 Cranston Country Club, 69 Burlingame Road, Cranston.

INFO AND REGISTRATION: bit.ly/3Bf85IG

Business fundamentals

THE GREATER NEWPORT Chamber of Commerce, in partnership with the South Eastern Economic Develop ment Corp., the Rhode Island Small Business Development Center and BankNewport, will hold a pair of entrepreneurial workshops over the course of two days in which partici pants will learn the fundamentals of planning, preparing for and financing a small business. The workshops are open to anyone in business, starting a business, or thinking about someday owning a business, as well as business

assistance professionals who would like to learn more about SEED’s tech nical assistance programming.

TUESDAY, OCT. 4, AND THURSDAY, OCT. 6, 8:30-9:30 A.M. Free Innovate Newport, 513 Broadway, Newport.

INFO AND REGISTRATION: bit.ly/3BxAg67; bit.ly/3U9guGa

On the fairway

THE CENTRAL RHODE ISLAND Cham ber of Commerce will hold its annual CRICC Ryder Cup event. The golf tournament features three formats covering 27 total holes. Participation cost includes golf, carts, lunch, re freshments, hors d’oeuvres and a cash bar. Prizes will be awarded. The field is limited to 80 golfers. Sponsorship opportunities are available.

TUESDAY, OCT. 4, 9:30 A.M. TO 7 P.M. $250

Alpine Country Club, 251 Pippin Orchard Road, Cranston.

INFO AND REGISTRATION: bit.ly/3xmA5ce

Interested in having your businessrelated event included in What’s Happening? Contact PBN Researcher James Bessette at (401) 680-4838 or Research@PBN.com.

STARTING SMALL: The Providence Public Library, in partnership with Score Rhode Island, will host an informational workshop on how to start a small business on Oct. 1.

PBN PHOTO/JAMES BESSETTE

Building new relationships

THE SOUTHERN RHODE ISLAND Chamber of Commerce will hold its monthly First Friday Coffee network ing event, hosted by YMCA of South County. The event will allow local business professionals and entrepre neurs to meet and gather in a relaxed setting to build business connections with one another. Coffee will be served.

FRIDAY, OCT. 7, 8-9 A.M. $5/members; $10/nonmembers

YMCA of South County, 165 Broad Rock Road, South Kingstown.

INFO AND REGISTRATION: bit.ly/3RZ1TLU

Running for a cause

THE COASTAL1 WOMEN’S CLASSIC 5K Road Race, hosted by the Ronald McDonald House of Providence Run ning Club, will run through Provi dence’s East Side and raise funds for local charities. Teams must consist of three or more women. If more than three are on a team, the top three aggregate run times will count for scoring.

SUNDAY, OCT. 9, 8 A.M. $35/runners; $10/elementary, high school and college runners

Brown University Stadium, 400 Elmgrove Ave., Providence.

INFO AND REGISTRATION: bit.ly/3eRsk84

Bold stories

THE NORTHERN RHODE ISLAND Chamber of Commerce will hold its Bold in Business breakfast event, hosted by Bryant University. Rox ann Cooke, consumer bank regional director for JPMorgan Chase & Co., will be the guest speaker, sharing her leadership journeys, failing forward moments and more.

THURSDAY, OCT. 20, 8-9:30 A.M. $45/members; $60/nonmembers Bryant University, Bello Grand Hall, 1150 Douglas Pike, Smithfield.

INFO AND REGISTRATION: bit.ly/3xn2Eqd

Establishing connections

ONE SOUTHCOAST CHAMBER of Commerce will hold its monthly Business After Hours event, hosted by the Fall River Maritime Museum. The event provides an opportunity for members and nonmembers to mingle and build business relationships in an informal, relaxed business setting. These networking mixers are held monthly in partnership with member

businesses and attract business pro fessionals from many industries.

THURSDAY, OCT. 27, 5-7 P.M. Free/members; $25/nonmembers

Fall River Maritime Museum, 70 Water St., Fall River.

INFO AND REGISTRATION: bit.ly/3U7JDSs

Honoring local leaders

THE RHODE ISLAND Black Busi ness Association will hold its annual Awards Gala. The gala, the associa tion’s largest fundraising event, will return to being an in-person event after two years due to the COVID-19 pandemic. The event will recognize individuals who exhibit excellence in leadership, professional achieve ment and have a heart for giving back to the community. Neil D. Steinberg, CEO and president of the Rhode Island Foundation, will be the event’s keynote speaker.

FRIDAY, OCT. 28, 6-11 P.M. $100 Omni Providence Hotel, 1 West Exchange St., Providence.

INFO AND REGISTRATION: bit.ly/3BcBgfI

Growing your business

GOLDMAN SACHS 10,000 Small Busi nesses invites growth-minded Rhode Island small-business owners to apply for its winter 2023 cohort. With a cur riculum designed by Babson College, expert advisers and a supportive net work of peers, small-business owners can gain practical skills and develop an actionable growth plan for their business. Eligible applicants must own a small business that has been in operation for at least two years with a minimum of two employees, in any industry sector. Application deadline is Oct. 1.

JAN. 11, 2023, THROUGH APRIL 5, 2023. Free

Community College of Rhode Island, 400 East Ave., Warwick.

INFO AND REGISTRATION: bit.ly/3pXY11w

UPCOMING PBN EVENT: The Cybersecurity Summit will be held on Thursday, Oct. 6, from 3-5 p.m., followed by networking until 6:30 p.m., at the Crowne Plaza Providence-Warwick in Warwick. For more information, visit PBN.com. For sponsorship opportunities, contact Advertising@PBN.com.

SUMMER SURVEY

INFLATION

PAGE

And few seem to feel as if the economic dis comfort will ease any time soon, with more than 6 in 10 expecting inflation to keep driving up fixed costs.

“The potential around a recession is really impacting their perception of what is to come,” said Edward M. Mazze, a University of Rhode Island distinguished professor of business administration who helped develop the biannual PBN survey in 2008.

But it’s not all pain and suffering.

While Mazze acknowledges the struggles that companies are up against, he also points out the positives that survey takers might be forgetting or dismissing too quickly.

The health crisis caused by the COVID-19 pandemic has abated. Gas prices are falling. A rebound in travel is finally giving a much-needed boost to Rhode Island’s hospitality and tourism sector.

And in many cases, business owners have figured out how to cope with soaring costs and persistent snags in their supply chains.

“Sharp businesspeople are going to make adjustments,” Mazze said. “They recognize they are going to have to pay more money, so they are going to be careful about what they buy or who they hire.”

HELP NEEDED

The PBN survey, which has been conducted twice a year since 2008, is not scientific. PBN sent 22 questions to 1,146 businesses in the newspa per’s database, including one new question about the long-term impact of inflation. One hundred and nine responded, representing a span of indus tries from banking and manufacturing to hos pitality and health services. A few employ more than 1,000 people, but most are small and midsize companies.

The latest survey results show that a lack of job applicants continues to weigh heavily on busi nesses. Nearly three-quarters of those surveyed name worker shortages as one of their top busi ness challenges, on par with the historic high reached during the winter 2022 survey.

WRONG DIRECTION

‘I’d rather have half of something than 100% of nothing.’

BRAD MARTHENS, The Atlantic Inn co-owner

While more than half of employers want to hire in the upcoming quarter, the tight labor market is making it hard. More than 50% of survey takers say they had the same number of workers this quarter compared with last quarter, while about one-third had added employees.

Sometimes, just getting someone to show up for an interview can be a problem.

That’s one of the frustrations for Susan Fab rizio, founder and president of Flagship Staffing Services Inc. in Warwick.

Between interview no-shows and wading through resumes from unqualified candidates, Fabrizio feels like she’s wasting too much time on

Net income compared with the previous year dropped sharply from last winter and a year ago. Gains in business activity are also down from last year, as are expectations for the state economy over the next 12 months. The latter is at its lowest level since summer 2012.

“nonproductive busy work.”

“It’s frustrating because we reach out to so many individuals who send us their resumes and try to schedule interviews and then we get ghost ed,” Fabrizio said. “It’s clogging up our calendar.”

This leaves little time for her to find her own badly needed fourth employee. Fabrizio has been trying to hire someone for 1½ years but has been too busy filling the needs of a growing number of clients.

While declining to say how many companies use her services, Fabrizio says her client count has increased in the last year, with some firms returning after taking a break during the early part of the pandemic.

Another new challenge: workers’ demands have changed drastically since COVID-19 first hit, but the many professional service firms haven’t altered their expectations much around remote work or pay.

Current business activity improved compared with previous quarter

Net income improved versus last year

Expect the Rhode Island economy to be slightly or significantly improved in the next 12 months

Expect

Fabrizio tries to act as a mediator between em ployers and job seekers. She recently persuaded a company looking for a bookkeeper to hike the pay by 15% after she explained that the initial propos al was too low to attract talented applicants.

Net income improved

Current

Salaries are increasingly becoming a pain point for companies, with almost half of those surveyed naming it the fastest-growing expense over the last five years, versus the one-third who complained about salary costs a year ago. In fact, salaries have overtaken health insurance as the top cost hike, for the first time since PBN began asking that question on its survey in 2011.

That’s partly because the rising health care costs, which once outraged employers, have now become part of the norm, Mazze says.

Higher costs for materials and supplies are also pervasive – faced by 9 in 10 businesses, according

STRENUOUS SUMMER: Brad Marthens, who co-owns The Atlantic Inn on Block Island with his wife, Anne, had to cut room rates to help fill vacancies and didn’t have enough staff to open the inn’s restaurant daily until August, something he is usually able to start doing in June.

PBN PHOTO/K. CURTIS

CONTINUED FROM PAGE 12

SUMMER SURVEY to the survey, while energy costs are appearing on companies’ radars, with Rhode Island Energy warning of significantly higher gas and electric bills this winter.

Over one-third of companies say energy expenses are a challenge to operations, twice as many as the prior survey and the highest in sur vey history since summer 2008, when nearly half complained about energy bills.

In this environment, many businesses are mak ing difficult decisions. Over half of the companies have hiked prices to cover at least some of their rising costs.

Among them: MasterCast Ltd. The Pawtucket manufacturer used to evaluate prices once per year, but these days President David Katseff is assessing them every few weeks.

That’s because raw materials are becoming more expensive to buy, such as acrylic resins and metals used in the promotional items such as keychains and golf accessories that his company makes for distributors and other manufacturers. And supply chain bottlenecks add weeks to ship ping times for those materials, particularly if it’s coming from overseas suppliers. Sometimes, they might not show up at all.

Katseff feels constant anxiety about buying supplies from overseas companies, but he’s got lit tle choice. The materials from China and Taiwan might be late, but they are cheaper – sometimes half the price of materials from U.S. sources.

“Our budget is based on the pricing from these imported products,” he said. “We can’t afford to end international buying.”

Especially now, when he’s just starting to rebound after hitting “rock bottom” in 2021, he added. Businesses still aren’t buying promotional tchotchkes in the same amounts as before the pandemic.

“Companies are just working to survive, so they are not doing marketing the way they used to do it,” Katseff said.

And he’s finding it difficult to change with them.

“I wish I could find a different area that was do ing better, but this is what we’ve done for decades, so I guess we’ll just stick with that,” he said.

WORKAROUNDS

Not all company executives share Katseff’s strategy of staying the course. More than half of those surveyed say their operations will change permanently because of the pandemic, down 15 percentage points from the winter 2022 survey but still the No. 1 long-term effect of COVID-19, according to the survey.

Meanwhile, just 14% expect fewer people would be employed at their companies, compared with 40% who said the same thing six months ago.

The fresh reluctance to lay off people might reflect the challenges faced by a seasonal summer tourism season in which restaurants and hotels struggled to find enough workers, according to Mazze.

Just ask Brad Marthens, co-owner of The Atlan tic Inn on Block Island.

The Victorian hotel and res taurant relies on international students to fill summer jobs, and typically, Marthens hires a dozen J-1 visa holders to wait

SHIFTING CHALLENGES

A shortage of qualified workers that mushroomed last winter continues to vex 7 in 10 respondents. But a decline in concern over health care costs that began in 2019 has fallen to its lowest level since the biannual survey began in 2008.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Shortage of qualified workers

Taxes

Government fees/bureaucracy*

Health care costs

*Government fees/bureaucracy combines answers from most recent survey for state government fees/bureaucracy and town/ city government fees/bureaucracy and eliminates duplicate answers

ARE THEY LISTENING?

It’s no surprise to see businesses looking for government help to reduce business costs, but the nearly 4 in 10 respondents who identified that is the lowest since PBN began asking the question in 2012. In another sign government leaders may be listening, the percentage of respondents who called for a reduction in red tape associated with doing business is also the lowest in the survey’s history.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Eliminate the corporate tax

Improve transportation infrastructure

Provide tax incentives/credits

Reduce cost of doing business in the state

Reduce some of the red tape associated with doing business in the state

Support workforce development programs

tables and clean rooms. He could only find three this year because of stricter policies on work visas.

And he wasn’t able to tap the culinary pro grams at Johnson & Wales University to find chefs for his from-scratch restaurant because an early start to the fall semester meant students couldn’t work through the end of August.

That meant Mar thens was hurting before the season even started.

He found work arounds where he could.

Without a pastry chef, the inn substituted cof fee and tea for its typical breakfast service. The skeleton crew took on multiple positions – house keeper by day, restaurant server by night – which also sent the overtime budget “through the roof,” Marthens said.

He didn’t have enough staff to open the restau rant for daily operations until August – usually, he scales up to seven days a week by June.

And by August, he had another challenge. While visitors packed the restaurant and filled the inn’s 21 rooms at the height of summer, there were a lot more vacancies than usual come Au gust. Marthens wasn’t sure why tourists seemed to be cutting summer short this year, though he wondered if earlier back-to-school dates were to blame.

‘This is what

done for

so I guess

just stick with that

DAVID KATSEFF, MasterCast Ltd. president

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SUMMER SURVEY

CONTINUED FROM PAGE 14

Marthens cut room rates to offseason prices – a $350 room with a queen-sized bed and ocean view went for $275 a night – a move he would have never considered before.

“I’d rather have half of something than 100% of nothing,” he said.

TRIALS AND TRIBULATIONS

The worries are different at the Cumberlandbased biotech firm Neurotech Pharmaceuti cals Inc. The company is finishing final trials for an implantable device to treat eye disease and is preparing to seek U.S. Food and Drug Administration approval later this year.

Richard Small, Neurotech’s CEO, doesn’t have

HOLDING STEADY

to fret too much over rising costs; he says a pri vate family investor is funding the venture. But money can’t combat the supply chain problems stopping orders from reaching their destinations on time.

As a small company with 40 employees, Neuro tech also can’t compete with the pharmaceutical giants vying for the same supplies, and it doesn’t get the preferential treatment given to COVID-19 vaccine suppliers, Small says.

The company has learned to place orders with three or more vendors for the same product, wait ing to see who can deliver plastic resins or glass testing vials the fastest. Once one order is filled, the other two will be canceled.

affecting short-term purchasing or hiring plans. Both are in line with expectations over the past year.

“It’s just something you need to pay more at tention to than you normally would have,” Small said.

A bigger concern is whether the company will remain in its Cumberland headquarters once the implantable device gets approval to enter the com mercial market.

Small is already having difficulty hiring scien tific analysts. Rhode Island “is not the center of life sciences,” he said, adding it might be better to move somewhere with a bigger pool of qualified workers and a better business environment.

The business community can be quick to com plain about high taxes and red tape, which make it hard for small companies in Rhode Island to start and grow. However, these complaints appear to be falling away as inflation and labor shortages increasingly squeeze business owners.

0%

OPTIMISM WANES

Plan to purchase

One in three survey takers say they want the state government to support them by reducing red tape, the lowest rate in the history of the survey. And concerns over the costs of doing business were less prominent, voiced by two-thirds of those surveyed compared with over 75% in the winter 2022 survey.

Expect

BUILDING MOMENTUM

While some businesses struggle, Michael Giuttari has very little to complain about at the moment.

The president of MG Commercial Real Estate Services Inc. is still riding high from a recordbreaking sales year in 2021, including brokering the $8.3 million Phillipsdale Landing sale in East Providence and part of the Johnston land that will become the new Amazon warehouse.

Demand for traditional office space might be waning, but the industrial market has never been hotter. And Giuttari is in an advantageous posi tion, representing both buyers and sellers.

In fact, he recently spent $150,000 to renovate his downtown Providence offices with new heat ing and cooling systems, information technology equipment, furniture and a fresh paint job.

“We’ve got the money and it was time,” he said.

He’s not alone. One-quarter of businesses are planning capital expenditures next quarter, and 1 in 7 will be expanding their facilities – nearly twice the rate of the prior survey.

The economic storm hasn’t hit everyone equally, Mazze says. Some businesses and whole sectors have thrived in the face of hardship, while others can barely keep their doors open.

Indeed, Giuttari’s business seems resistant to recession. Right now, available property is scarce, so it’s boosted the sale prices. But if the pendulum were to swing the other way?

“If the economy is down, then more buildings are for sale, so we still make out,” he said.

‘The potential around a recession is really impacting [businesses’] perception of what is to come.’

EDWARD M. MAZZE, University of Rhode Island distinguished professor of business administration

MICHAEL GIUTTARI

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PBN SUMMIT | THE BUSINESS OF CANNABIS

Panel: Brace for abrupt shifts in the industry

BY JACQUELYN VOGHEL | Voghel@PBN.com

INthe cannabis market, nothing is simple, says Seth Bock, founder and CEO of Greenleaf Compassionate Care Center Inc. in Portsmouth. The legalization of recreational sales in Rhode Island isn’t going to change that.

“I think most people that have succeeded in this industry … have learned how to adapt to often very big changes in the market that happen fairly abruptly,” Bock said.

But the often-chaotic nature of the sector also leaves Bock confident that the state’s cannabis industry has the preparation and resilience to meet the demands that will come with the rollout of recreational cannabis sales in December.

Bock spoke on a four-person panel at Providence Business News’ 2022 Business of Cannabis Summit held at the Crowne Plaza Providence-Warwick on Sept. 15. The panel discussion, one of two that took place at the summit, focused on the challenges and opportunities awaiting Rhode Island as it dives into the industry that neighboring Massachusetts has already had five years to refine and Connecticut entered a year ago.

Rhode Island’s later entry into the recreational cannabis market means that redirecting custom ers’ attention to the Ocean State could be an up hill battle, said Dr. Jonathan Martin, co-founder of PureVita Labs LLC in West Warwick.

“It’s going to take a lot of work from the cul tivators in Rhode Island to develop a brand, get the people back here and keep people in,” Martin said.

Another complication in developing a brand is that due to the new legality of cannabis, many re strictions remain on where and how distributors can advertise, said Spencer Blier, CEO and found er of Mammoth Inc. cultivation and extraction facility in Warwick.

For years, Blier said, his own cultivation com pany couldn’t even advertise on its own packag ing and had to rely on social media as its primary form of marketing. The still-controversial nature of cannabis can also place extra difficulties on staffing and recruiting, Blier said.

But with medical and recreational cannabis now legal in Rhode Island, more are embracing the industry. That includes Johnson & Wales Uni versity, which launched a cannabis entrepreneur ship bachelor’s degree program in 2021.

“We need innovative education here to really make this a credible marketplace,” said Michael Budziszek, a professor of biological sciences at JWU.

The university’s program is “half science degree, half business,” Budziszek said. Courses teach students how to grow, extract and handle the industry side of the can nabis market.

Around 30 to 40 students are enrolled in each of the program’s classes so far.

As recreational cannabis becomes more widespread, Bock said that sellers need to prepare for the likeli hood that they’ll have to lower the prices of their products.

While dispensaries cur rently can sell at relatively high prices, especially compared with unregulated products, that too will come to an end, said Bock. He believes prices “are going to go way down, eventu ally.”

While that’s welcome news for customers, sellers will need to adapt to reduced revenue per sale.

Though Rhode Island’s small size lends itself well to innovation and connections within the industry, the state isn’t isolated, Bock said. With cannabis becoming well-established elsewhere in New England, the “cannabis bubble ... has started to burst a bit due to market saturation, pricing

wars,” he said.

But while Rhode Island is late to the game compared with its neighbors in legalizing recre ational cannabis sales, the Ocean State is “light years ahead of a lot of other markets” in including on-site laboratories, Martin said.

This in-state development can give Rhode Island a leg up as the tradi tional dichotomy of indica strains of cannabis versus sativa strains becomes “an tiquated,” Martin said.

Most products are hybrid now, he added, and new formulations require extra work to develop labels – similar to food nutrition labels – that help customers understand the effects of the particu lar cannabis strain that they’re purchasing, such as whether a product is energizing or sedating.

“We need this ability for people to rely on those labels and [know] they’re accurate, know what they’re purchasing and that this is something that they’re comfortable with,” Martin said.

The accuracy of the information presented to customers ultimately comes down to the sampling process, and with in-state sampling capabilities, Rhode Island can lead the way in this develop ment, Martin said.

“Everything, in my opinion, falls back on the science of cannabis,” Martin said. n

PUT TO THE TEST: Dr. Jonathan Martin, center, co-founder of PureVita Labs LLC, talks during a panel discussion at Providence Business News’ 2022 Business of Cannabis Summit on Sept. 15. PureVita offers regulatory testing for marijuana cultivators. Also on the panel are, from left, Seth Bock, founder and CEO of Greenleaf Compassionate Care Center Inc.; and Michael Budziszek, a professor of biological sciences at Johnson & Wales University. Below is panelist Spencer Blier, CEO and founder at Mammoth Inc.. PBN PHOTOS/MIKE SKORSKI

‘It’s going to take a lot of work ... in Rhode Island to develop a brand.’

DR. JONATHAN MARTIN, PureVita Labs LLC co-founder

PLDO’s cannabis advisory team, led by PLDO Partner Benjamin L. Rackliffe, has guided dozens of licensed cultivation companies, manufacturers, dispensaries and medical compassion centers in Rhode Island and throughout New England, from start-up through licensed operations.

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Cannabis Law Practice

THE BUSINESS OF CANNABIS

How to control cannabis in workplace is a tricky topic

BY JACQUELYN VOGHEL | Voghel@PBN.com

“What we’re finding is that regardless of the size of a company, whether it’s one or two, or 1,000 people, they’re going to face the same issues,” Kelly Wishart, chief operating officer at Coastline EAP in Warwick, said during one of two panel dis cussions during Providence Business News’ 2022 Business of Cannabis Summit at the Crowne Plaza Providence-Warwick on Sept. 15.

Though state lawmakers codified employers’ ability to create workplace policies on recreation al cannabis earlier this year, state Sen. Joshua Miller said companies shouldn’t anticipate a need for dramatic shifts in their policies.

“The only minor change [in state law] was get ting more restrictions for those who were federal contractors and certain categories of workforce,” said Miller, D-Cranston, who was another panel ist at the PBN event. “But beyond that, what you have is a safer product, a product that is already consumed by this backset of about 100,000 Rhode Islanders on a daily basis for a few decades now. So what the law does is codify an employee’s respon sibility and an employer’s responsibility that has historically existed in Rhode Island.”

Still, the legalization has raised questions among employers, Miller said, noting that the state codified the existing policy to quell concerns expressed by business owners, some of whom feel that the state’s legalization of recreational sales has placed a new onus on employers to create and enforce their own company-specific recreational cannabis use policies.

Panelists agreed that there’s no clear protocol for how employers can address the issue of canna bis use.

State law places significant limits on how much say employers have over cannabis use outside of the office, with a limited subset of employers, such as those in the construction or manufacturing industries, permitted to drug test employees.

But panelist Benjamin L. Rackliffe, a partner at

Pannone Lopes Devereaux and O’Gara LLC, noted that no test exists to prove whether an individual is under the influence of cannabis when the test is conducted.

“Until there’s something scientifically effective for that purpose, I’m not sure there’s much else you can do other than continue to enforce a quality employment policy,” Rackliffe said.

But some want to see a clearer, statewide guid ance providing a standard to determine if someone is impaired.

“You have to make a standard, and you have to make a protocol,” Miller said, adding that the R.I. Department of Business Regulation and R.I. Canna bis Control Commission will both have the power to set a standard.

That’s the case in New Jersey, where the state’s Cannabis Regulatory Commission advised em ployers to “establish evidence-based protocols for documenting observed behavior and physical signs of impairment to develop reasonable suspicion, and then to utilize a drug test to verify whether or

not an individual has used an impairing substance in recent history.”

Different industries may also differ in their need for a standard, Wishart said, noting that a protocol for determining intoxication may be more in demand among employers in labor-intensive industries or ones that require driving vehicles, compared with desk jobs.

Miller suggested that Rhode Island can follow the lead of other states that are further along in managing such challenges.

But some industries will face barriers that arise from the substance still being illegal at the federal level, said Kristyn Glennon, vice president and Bank Secrecy Act/Anti-Money Laundering compli ance officer at BayCoast Bank

Federal cannabis laws can interfere with lend ing at banks, Glennon said, and credit card com panies have placed restrictions on using their services for cannabis-related transactions.

LAYING DOWN THE LAW: State Sen. Joshua Miller, D-Cranston, second from right, discusses a new Rhode Island law legalizing recreational marijuana use and its retail sales. Also on one of two panels at Providence Business News’ 2022 Business of Cannabis summit on Sept. 15 are, from left, Matthew Santacroce, R.I. Department of Business Regulation interim director; and Benjamin L. Rackliffe, a partner at Pannone Lopes Devereaux and O’Gara LLC. A panelist not pictured was Kristyn Glennon, BayCoast Bank executive. Below is panelist Kelly Wishart, Coastline EAP executive. PBN PHOTOS/MIKE SKORSKI

THE NEWLY LEGALIZED STATUS of recreational cannabis is causing a stir among some Rhode Island employers that are wrestling with developing workplace policies and figuring out how to deal with employees potentially coming into the workplace impaired.

‘What we’re finding is that regardless of the size of a company ... they’re going to face the same issues

.

KELLY WISHART, Coastline EAP chief operating officer

THE BUSINESS OF CANNABIS

Glennon advised banks to establish strong boards and resources and encouraged businesses to stay in touch with the state as they navigate the obstacles.

“Banks that start to get into [the industry] have to partner with government, have to partner with the [Cannabis Control Commission] and [the DBR],” Glennon said.

Many business owners have reservations about recreational cannabis regulation, but Miller sus pects that the majority of Rhode Islanders aren’t concerned with the substance’s newly legalized status.

While most communities have chosen to let vot ers decide whether recreational cannabis can be

sold within their city or town, rather than auto matically opting in, Miller expects that voters in almost all of the 31 municipalities will OK recre ational cannabis sales in their communities.

“We feel that at the end of the day, there might be three or four communities that oppose it,” Miller said. “But I think it will be widespread.”

While there are many uncertainties ahead, panelists said state legislators and industry lead ers have a good idea of what to expect in terms of demand when the first retail cannabis shops open in December.

“We know basically right now what demand is going to look like,” Rackliffe said. “I think that many folks in this room know that whether or not

it’s on the regulated or unregulated market, or in Rhode Island or outside of Rhode Island, marijuana use is not new here. It won’t be new Dec. 1, and it will not be new in 2023.”

Rhode Island, which in May became the 19th state to legalize reactional cannabis sales, can ben efit from this relatively late entry into the legalized recreational cannabis market, Rackliffe said.

“Massachusetts has the demand but lacked the supply, and it obviously has an effect on pricing and availability of products,” he said. “We’re in a unique position where we’re really ready to meet the demands of adult use.”

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A BANKER’S TAKE: Kristyn Glennon, right, BayCoast Bank executive, participates in the panel discussion at PBN’s The Business of Cannabis Summit on Sept. 15. Looking on is Benjamin L. Rackliffe, a partner at Pannone Lopes Devereaux and O’Gara LLC.

PBN PHOTO/MIKE SKORSKI

CANNABIS CONVERSATION: Several hundred people attend PBN’s The Business of Cannabis Summit on Sept. 15 at the Crowne Plaza Providence-Warwick.

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CARE

Are R.I.’s noises hurting health of our children?

BY CLAUDIA CHIAPPA | Chiappa@PBN.com

moving to Rhode Island a little over a year ago, Nina Lee has gotten to know the state in a way few others have – in the name of research.

Lee has been busy planting small, black boxes in strategic spots all over the Ocean State: from the backyards of random Rhode Islanders and busy city halls to rooftops of public libraries and Christmas tree farms in Little Compton.

She even left a few boxes in cemeteries in Newport.

“I was worried someone might see me setting them up and think I was studying some sort of paranormal activity,” Lee said.

But she’s not trying to catch ghosts. She’s capturing sounds.

The boxes – about 7 inches tall and 18 inches wide – are noise monitors, and they’re part of a project investigating the relationship between noise pollution and the health of children. Lee, a Ph.D. student and research assistant in the Brown University School of Public Health, and Erica Walker, assistant professor of epidemiology, have been conducting the study at the Brown Community Noise Lab.

In the last year, Lee has set up over 140 monitors, each capturing sounds at vari ous locations – some in busy areas and others with little sound at all. But all the locations are equally important for the research.

“It’s important for us to get a variety of places,” Lee said. “We want to get that broad range so we can see how the dif ferent levels of noise influence different levels of health outcomes.”

The goal is to develop a statewide noise exposure map for Rhode Island and investigate questions such as: What does repeated exposure to noise mean for chil dren? How does it affect their health?

The work of Lee and Walker is rooted in environmental justice. The research will also consider census data and demo graphics such as income levels and race along with noise levels of specific areas. The goal is to map out where vulnerable populations live, and then determine whether the sound levels are different in those areas, Walker says.

“There’s a trend of greater exposure to these negative pollutants in certain racial groups or social economic groups and that’s the basis of environmental justice work,” Lee said. “It’s trying to determine

A SOUND MIND: Brown University re search assistant Nina Lee dem onstrates one of the noise moni tors she installed at 140 locations around Rhode Island, from bustling cities to quiet rural com munities. The ultimate goal is to establish a relationship between noise pollution and children’s health.

PBN PHOTO/ MICHAEL SALERNO

where those things are occurring, the reasons and how we can intervene to stop them.”

The first step of the project was setting up the monitors. Then comes analyzing the data: downloading it, cleaning it and processing it. It is a lengthy process, with hundreds of lines of numbers in a spreadsheet that can take several hours to sift through.

A bigger challenge will be building the computer model that will display sound levels for each parcel in Rhode Island, a map that Walker says will be accessible to all residents in the state, allowing Rhode Islanders to plug in their addresses and look up noise levels in their area.

Then Lee and Walker will layer the children’s health data, showing what sound levels a child has been exposed to since birth and allowing the re searchers to make predictions on how the noise levels have affected chil dren’s health in a specific location.

Data on children’s health will come from several sources, including the R.I. Department of Health’s data on emergency room admissions and medical data from The Hassenfeld Child Health Innovation Institute at Brown.

The effect of noise pollution on health is not a new topic.

“Noise affects humans both when they’re awake and when they’re not awake,” said Charlotte Roscoe, a post doctoral fellow at the Harvard Univer sity School of Public Health, who says there is a “very clear” connection between noise pollution and mortality and disease.

Exposure to noise can trigger a stress response that, in the long term, can lead to chronic diseases and death. Roscoe says noise created by road and air traffic is particularly troublesome, affecting people’s qual ity of sleep. They might not even be aware of it.

“If we’re consistently getting poor sleep quality, that can have negative effects on the brain and lead to neuro generative diseases,” Roscoe said.

Being exposed to disruptive noises, Walker says, activates a fight-or-flight response: breath shortens, heart rate escalates, sweating increases, as does the release of stress hormones.

“In the short term, that’s what happens,” Walker said. “But if you’re consistently activating that stress mechanism, that can lead to more long-term health effects, like the risk of hypertension, cardiovascular-re lated mortality, mental health issues, etc.”

While there is not a lot of research focused on the effect of noise on the health of children, some research indicates it can negatively impact their learning. According to the World Health Organization, exposure to noise can cause short- and long-term health problems in children, impair ing early childhood development and education.

“We will see a similar pattern here in Rhode Island, and it will likely be due to several structural and histori cal injustices,” Lee said. “But we need the data in order to make any next steps on policy and change.”

ADDICTION

After a call on a borrowed cellphone, the two were eventually reunited.

“Everything they own is in a trash bag,” Hayes said. “But they keep coming back.”

And he sees the other end of the spectrum through the windshield of the mobile unit – people with homes and jobs who are fighting addiction before they lose everything.

“People will come in before they go to work,” he said. “I’ve seen guys pull up in company trucks [to receive medication].”

CODAC says the 27-foot-long vehicle – which hit the road this summer – is the first mobile treatment unit for opioid addiction in the country to receive federal approval under U.S. Drug En forcement Administration regulations that took effect in July 2021.

After receiving the go-ahead following a lengthy review process, the $300,000 mobile clinic, purchased through a grant received by The Cham plin Foundation, was cleared for operation.

“We needed to be out there,” CODAC CEO Linda Hurley said.

Advocates say flexibility and mobility are required to mitigate a crisis that in Rhode Island left 435 people dead in 2021, the highest number ever recorded, according to the R.I. Department of Health. This year, the number of fatal overdoses in the state is poised to climb even higher than that.

The epidemic has hit Woonsocket especially hard, part of the reason Community Care Alliance invited CODAC to its premises, the alliance’s CEO Ben Lessing says.

Woonsocket had 39 fatal drug overdoses in 2021, a 170% increase from 2019, according to RIDOH. Lessing says the agency has seen a spike in city residents seeking services since the mobile unit was first parked in the alliance’s lot In July.

“We have definitely seen an uptick of activ ity,” he said. “We try to use it as an opportunity to be as comprehensive as possible in terms of wraparound ser vices ... so it’s a natural fit.”

Dr. Brandon Marshall, a researcher and profes sor of epidemiology at the Brown University School of Public Health, estimates there are more than 10,000 people in Rhode Island who could still benefit from these treatments.

“What we know is there are significant treatment gaps. And services like these mobile units play a critical role,” he said.

substance use disorder must make an appoint ment to receive methadone after an initial evalu ation. But patients with an established medical provider or clinical relationship may receive what Hayes calls a “courtesy dose.”

The clinic conducts outreach services on week day afternoons at various locations. Walk-ins can receive an evaluation by a case manager. Staff members will also assist with Medicaid applications and conduct general clinical procedures such as blood tests for HIV, blood pressure readings and mental health evaluations.

‘Being in their backyard ... that can plant the seed to recovery.’

case

Inside the vehicle, the clinic has a dispensary and treatment rooms, a separate waiting area and a restroom. It is equipped for telehealth counseling and staffed by a doctor on alternating days, with a nurse on-site from 6:30 to 10 a.m. in Woonsocket. Most people interested in receiving treatment for

Offering help in the “hot spots” is critical, according to CODAC case manager Lexes Tavares.

She started a recent morn ing in Woonsocket attempt ing to assist a young woman in the throes of withdrawal. The woman told Tavares she was not interested in treat ment, but rather a “play,” slang for finding narcotics.

“She was just lying on the ground, asking for drugs,” said Tavares, before a truck pulled up and the woman disappeared.

She wasn’t ready to begin treatment, Tavares says, adding that it is a general policy for CODAC staff to refrain from intervening directly until

those battling addiction take the first step. Tava res says she now has a caseload of 70 patients. The work involves treating those who have accepted clinical interventions while continuing outreach to others.

“We want them to know that we genuinely care about them,” she said. “Being in their backyard, eventually they get to know us by name. And that can plant the seed to recovery.”

Marshall, who also serves on the state’s Opioid Settlement Advisory Committee that recently is sued recommendations on how to use the millions of dollars coming to the state from legal settle ments against opioid manufacturers and distribu tors, says initiatives such as CODAC’s mobile clinic are part of a wider effort needed to properly address the epidemic.

Still, many regulatory roadblocks remain. “In the United States, the way we deliver methadone is arcane,” he said. “There are so many rules that we do not apply to other medications, including prescription opioids.”

But that could change, Marshall says. “Al most all of us have been impacted by this crisis directly. Many policymakers I speak to have had personal experience. So that is coming to bear with our response,” he said. “But we have a long way to go.”

Hayes says he has seen changes among the population CODAC aims to serve. A crisis that largely affected the underprivileged is now seep ing into every corner of society.

“These days,” he said. “We all know some body.” n

www.pbn.com

DOCTOR IS IN: Dr. Francesca Beaudoin works on her computer in an exam room inside CODAC Behavioral Healthcare’s new mobile treatment unit for opioid addiction. PBN PHOTO/MICHAEL SALERNO

LEXES TAVARES, CODAC

FOCUS | RHODE ISLAND HEALTH & DENTAL INSURERS

FOCUS

2021:

2021: 2

3

2021: 4

4

2021: 3

5

2021: 5

6

2021: 6

7

2021: 7

8

2021: NL

Blue

RHODE ISLAND HEALTH & DENTAL INSURERS

as of June

L.Wofford

Neighborhood Health Plan of Rhode Island | nhpri.org PeterMarino

Altus Dental InsuranceCo. 4 | altusdental.com JosephPerroni

UnitedHealthcare of New EnglandInc. | unitedhealthcare.com AndrewWitty, CEO, UnitedHealth Group;Brian Thompson, CEO, UnitedHealthcare

Delta Dental of Rhode Island | deltadentalri.com JosephPerroni

Tufts Health Plan/ Point32Health 5 | point32health.org CainA. Hayes

WellCare Health Plans of Rhode IslandInc. | wellcare.com RichardSt. Patrick-Parnell, president

Commonwealth Care Alliance of Rhode IslandLLC | commonwealthcarealliance.org/ ri Christopher D.Palmieri, CEO and president;CoreyMcCarty, Rhode Island general manager

500 Exchange St. Providence, R.I.02903 (401)459-1000

910 Douglas Pike Smithfield, R.I.02917 (401)459-6000

10 Charles St. Providence, R.I.02904 (877)223-0577

475 Kilvert St. Warwick, R.I.02886 (401)737-6900

10 Charles St. Providence, R.I.02904 (401)752-6000

75 Fountain St. Providence, R.I.02902 (401)272-3499

450 Veterans Memorial Parkway, Suite 7A East Providence, R.I.02914 (314)725-4477

383,074 17,346 $1.8 bil.$13.2 mil.$924.3 mil.$489.6 mil.$434.7 mil.

220,830 24,246 $1.5 bil.$3.1 mil.$473.6 mil.$347.4 mil.$126.1 mil.

189,598 NA $78.5 mil.$317,828$60.6 mil.$16.8 mil.$43.8 mil.

180,005 22 $1.6 bil.$67.2 mil.$492 mil.$285.8 mil.$206.2 mil.

137,340 NA $58.5 mil.($5.2 mil.)$185.2 mil.$22.4 mil.$162.9 mil.

29,000 NA $5.8 bil.$209.2 mil.$2.6 bil.$1.2 bil.$1.3 bil.

2,013 NA $10.4 mil.($401,586)$6.2 mil.$1.8 mil.$4.5 mil.

30 Winter St. Boston, Mass.02108 (617)426-0600 52 NA NA ($2.3 mil.)$6 mil.$903,885$5.1 mil.

1 Total lives include administrative service contracts with self-insured employers. Figures represent Rhode Island residents only, except where noted.

2 Direct-insured lives reflect covered lives in the individual insurance market. Figures represent Rhode Island residents only, except where noted.

3 Direct premium income, net income or loss, assets, liabilities, and capital and surplus are for the fiscal year ending Dec. 31, 2021.

4 Altus is a wholly owned subsidiary of Delta Dental of Rhode Island.

5 Tufts Health Plan and Harvard Pilgrim Health Care combined into a single entity on Jan. 1, 2021, and the parent company became known as Point32Health on June 16, 2021.

FOCUS | MASSACHUSETTS HEALTH & DENTAL INSURERS

FOCUS | MASSACHUSETTS HEALTH & DENTAL INSURERS

2022 rank

1

2021: 1

2

2021: 2

3

2021: 3

4

2021: 4

Boston Medical Center Health PlanInc. | bmchp.org HeatherThiltgen, president

Blue Cross & Blue Shield of Massachusetts HMO BlueInc. | bcbsma.com Andrew C.Dreyfus

Tufts Health Public PlansInc. 3 | tuftshealthplan.com

CainA. Hayes

Tufts Associated Health Maintenance OrganizationInc. 3 | tuftshealthplan.com

CainA. Hayes

Harvard Pilgrim Health CareInc. 4 | hphc.com

2021: 5

2021: 6

2021:

Michael A.Carson

AllWays Health Partners | allwayshealthpartners.org

Steven J.Tringale, president

Fallon Community Health PlanInc. | fallonhealth.org

Richard P.Burke

Health New EnglandInc. | healthnewengland.org

Total lives covered: 1,141,912

LIST RESEARCHED BY James Bessette

NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

NL = Not listed last year.

FOOTNOTES

j Total lives include administrative service contracts with self-insured employers. Figures represent Rhode Island residents only, except where noted.

 Direct-insured lives reflect covered lives in the individual insurance market. Figures represent Rhode Island residents only, except where noted.

 Direct premium income, net income or loss, assets, liabilities, and capital and surplus are for the fiscal year ending Dec. 31, 2021.

 Altus is a wholly owned subsidiary of Delta Dental of Rhode Island.

 Tufts Health Plan and Harvard Pilgrim Health Care combined into a single entity on Jan. 1, 2021, and the parent company became known as Point32Health on June 16, 2021.

2021:

Richard E.Swift

Total lives covered 1 Directinsured lives 1 Direct premium income (gross) 2 Net income (loss) 2 Assets 2 Liabilities 2 Capital and surplus 2

529 Main St. Charlestown,Mass.02129 (617)748-6000 74,541 8,945 $2.9 bil.$88.3 mil.$1 bil.$524.4 mil.$514.7 mil.

101 Huntington Ave. Boston,Mass. 02199 (617)246-5000 33,980 889 $5.3 bil.$184.3 mil.$3.1 bil.$997.6 mil.$2.1 bil.

705 Mount Auburn St. Watertown,Mass.02472 (617)972-9400

705 Mount Auburn St. Watertown,Mass.02472 (617)972-9400

93 Worcester St. Wellesley,Mass.02481 (617)509-5597

399 Revolution Drive Somerville,Mass.02145 (800)433-5555

10 Chestnut St. Worcester,Mass.01608 (508)799-2100

1 Monarch Place Springfield,Mass.01144 (403)787-4000

27,967 11,562 $2.7 bil.($17.8 mil.)$1 bil.$607.6 mil.$400.8 mil.

15,285 628 $2.8 bil.$219.8 mil.$1.4 bil.$571.6 mil.$852.7 mil.

9,701 547 $549.1 mil.($19.9 mil.)$168.3 mil.$93.2 mil.$75.1 mil.

3,763 610 $868.0 mil.($11.4 mil.)$327 mil.$175 mil.$151.9 mil.

2,182 9 $1.8 bil.$21.1 mil.$688.3 mil.$410 mil.$278.2 mil.

mil.($11.3 mil.)$263.9 mil.$171 mil.$92.9 mil.

CLOSER LOOK

Total lives covered:

LIST RESEARCHED BY James Bessette

WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4838 or write to Research@PBN.com.

FOOTNOTES

j Direct-lives and total lives covered data apply to Bristol County, Mass., as of March 31, 2022.

 All financial data represents operations throughout Massachusetts, and is as of Dec. 31, 2021.

 A wholly owned subsidiary of Tufts Health Plan. Tufts Health Plan and Harvard Pilgrim Health Care combined into a single entity on Jan. 1, 2021, and the parent company became known as Point32Health on June 16, 2021.

 Tufts Health Plan and Harvard Pilgrim Health Care combined into a single entity on Jan. 1, 2021, and the parent company became known as Point32Health on June 16, 2021.

1 Direct-lives and total lives covered data apply to Bristol County, Mass., as of March 31, 2022.

2 All financial data represents operations throughout Massachusetts, and is as of Dec. 31, 2021.

3 A wholly owned subsidiary of Tufts Health Plan. Tufts Health Plan and Harvard Pilgrim Health Care combined into a single entity on Jan. 1, 2021, and the parent company became known as Point32Health on June 16, 2021.

4 Tufts Health Plan and Harvard Pilgrim Health Care combined into a single entity on Jan. 1, 2021, and the parent company became known as Point32Health on June 16, 2021.

OCTOBER 27th @ 9-11 am the crowne plaza

Health Care has always been a dynamic in dustry – from insurance changes to access difficulties to technological innovations. But never more so than in the past two years with the COVID-19 Pandemic and all the challenges that came with it.

PBN’s fall health care summit will include health care experts and business leaders who will bring attendees up to date on the latest news and expectations in this ev er-changing piece of the region’s economy and arm the business community with the best insights available to handle the future of health care in the state.

680-4800

FOCUS | RHODE ISLAND COMMERCIAL REAL ESTATE SALES - OFFICE

FOCUS | RHODE ISLAND COMMERCIAL REAL ESTATE SALES - OFFICE

Address

206 Elmwood Ave., Providence Acheivement First Rhode Island Inc.

695 George Washington Highway, Lincoln Strategice Property Exchanges LLC

400 Westminster St., Providence Providence Realty Advisors LLC

Seller

One Jacke's Way LLC

River Place Venture LLC

Broker Co-Broker

MG Commercial

Square footage Date of saleSale price

75,000 Dec. 2021 $10,500,000

Sweeney Real Estate & Appraisal/FH French 92,036 Nov. 2021 $4,800,000

The Baltic Group LLC Hayes & Sherry 37,300 Nov. 2021 $3,500,000

40 Sharpe Drive, Cranston BOCADA Enterprises LLPPontiac Crossing LLC Hayes & Sherry 30,000 Oct. 2021 $3,500,000

20-44 Hemingway Drive, East Providence 2042 Hemingway LLCJames Ferrera Realty LLC

106 Nate Whipple Highway, Cumberland Fortuna Five Realty LLC106 Nate Whipple Highway LLC

1350 Division Road, Units 103, 104, 204 and 205, West Warwick

Robert P. Ferris

1430 East Main Road, Portsmouth Aquidneck RE Development LLC

155 Plan Way, Warwick

Capstone Properties Inc.31,200 Dec. 2021 $3,422,696

NAI Advisors 10,630 Sept. 2021 $2,835,000

RAM Gardens LLC Hayes & Sherry 14,868 Nov. 2021 $2,640,127

Berkshire Bank

Rhode Island Society for the Prevention of Cruelty to Animals Plan International USA

45 Willard Ave., Providence Northeast Ventures

Women & Infants Hospital

450 Veterans Memorial Blvd., East Providence CMD Milan Apartments LLC Metacomet Medical Holdings LLC

141-145 Wayland Ave. & 137 East Manning St., Providence Circe Capital LLC Great LLC

129 Wayland Ave., Providence Walter L. Bronhard c/o James Belliveau

888 Reservoir Ave., CranstonSJT LLC

159 Gano St., Providence Power 250 LLC

129 Redevelopment Corp.

RFA Realty LLC

Holy Rosary Band Society

CBRE Inc.

7,114 Sept. 2021 $2,500,000

Hayes & Sherry 29,024 Dec. 2021 $2,400,000

CBRE Inc. 20,524 Aug. 2021 $2,063,250

NAI Advisors 4,297 Dec. 2021 $1,590,000

Sweeney Real Estate & Appraisal/Domain Properties 5,622 Aug. 2021 $1,225,000

MG Commercial, Legacy Real Estate 5,932 Oct. 2021 $1,139,000

MG Commercial 9,575 July 2021 $1,135,000

Sweeney Real Estate & Appraisal/Sampson Realty 6,348 Jan. 2021 $1,000,000

FOCUS | BRISTOL COUNTY, MASS., COMMERCIAL REAL ESTATE SALES - OFFICE

COUNTY, MASS., COMMERCIAL REAL ESTATE SALES - OFFICE

Aug. 2021

80,286 Nov. 2021

24,920 Dec. 2021

19,730 Dec. 2021 $2,500,000

5,901 Feb. 2021

6,462 Dec. 2021

527,076 May 2021 $800,000

Sherry 120,000 Nov. 2021 $788,375

LLCNA 7,444 Jan. 2021 $725,000

ArenburgNA 12,225 June 2021 $695,000

42,384 Aug. 2021 $680,000

CLOSER LOOK

Top sales ranked by square footage:

1

695 George Washington Highway, Lincoln Square footage: 92,036

2206 Elmwood Ave., Providence Square footage: 75,000

400 Westminster St., Providence Square footage: 37,300

LIST RESEARCHED BY James Bessette

NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS Oct. 14: Cybersecurity Companies, Top Private Companies; Oct. 28: Architectural Firms, MBA Programs.

LOOK

Top sales ranked by square footage:

1

1530 Fall River Ave., Seekonk Square footage: 527,076

2

777 South Washington St., North Attleboro Square footage: 120,000

3

20 Cabot Blvd., Mansfield Square footage: 105,778

LIST RESEARCHED BY James Bessette

Highland Ave.,

Robeson St.,

58 Arch St.,

699

River Ave.,

Inc. Cote Enterprises LLC NA 4,527 May 2021 $680,000

Robeson LLCDawn Rusin, trustee NA 6,464 July 2021 $660,000

Institute Inc.Thomas J. Gosselin NA 6,831 March 2021 $599,000

Firehouse Realty TrustMelcor Holdings LLC NA 20,038 April 2021 $578,000

UPCOMING LISTS Oct. 14: Cybersecurity Companies, Top Private Companies; Oct. 28: Architectural Firms, MBA Programs.

WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4838 or write to Research@PBN.com.

FOCUS | RHODE ISLAND COMMERCIAL REAL ESTATE SALES - INDUSTRIAL

FOCUS | RHODE ISLAND COMMERCIAL REAL ESTATE SALES - INDUSTRIAL

Broker Co-Broker

100

35 Martin St.,

Selko

Jay Packing Group Inc. CBRE Inc.

CBRE Inc.

Estate

35 Martin Street LLC

310 Bourne Ave., East ProvidenceEastborne Investment LLCBourne Holdings LLC

600 Callahan Road, North KingstownEIP Manager Corp. Quonpro Properties LLC

23-33 Broadcommon LLC

33 Broadcommon Road, BristolLegacy Bristol LLC

25 Fairmount Ave., East ProvidenceK&K25FMTAVPRI Owner LLC25 Fairmount LLC

3 Minturn Farm Road, BristolOuterlimits Realty LLC

1280 Jefferson Blvd., WarwickTrue Storage LLC

360 Narragansett Park Drive, East Providence

Fifty Seven Ballou Properties LLC

1280 Jefferson RI LLC

360 Narragansett Owner LLCETYM Properties LLC

10-12 Anoka Ave., Barrington Anoka Investments LLCKonstantinos Dokos

41 Commercial Way, East Providence

97 Valley St., East Providence

135 Compass Circle, North Kingstown

JAR Enterprises LLC

105 Valley Street Nominee Trust

NMLM Realty

2 Commerce Drive, Warwick Commerce Drive LLC

Ballast Point Realty LLC

Square footage Date of saleSales

176,000 Dec. 2021 $11,875,783

280,870 July 2021 $10,500,000

MG Commercial 334,219 Dec. 2021 $8,300,000

CBRE Inc. 125,000 Aug. 2021 $7,922,000

NAI Advisors 68,017 Nov. 2021 $5,900,000

MG Commercial 108,000 Dec. 2021 $5,800,000

NAI Advisors, Collins Commercial Real Estate 87,720 Oct. 2021 $3,164,500

MG Commercial 60,000 Sept. 2021 $3,100,000

Hayes & Sherry

42,000 Jan. 2021 $2,575,000

CBRE Inc. 11,701 July 2021 $2,325,000

MG Commercial 25,280 Nov. 2021 $2,155,000

Cemet Holdings Enterprises LLC CBRE Inc. 52,578 Nov. 2021 $1,925,000

Johnson Brothers of Rhode Island

RAE Realty Associates LLC

Capstone Properties Inc.24,598 June 2021 $1,600,000

MG Commercial, Blue Star Properties 19,600 April 2021 $1,466,303

Technology Way, West GreenwichNewport Trust West Greenwich Tech Park III LLC CBRE Inc. 14,000 Oct. 2021 $1,325,000

COUNTY,

FOCUS | BRISTOL COUNTY, MASS.,

REAL ESTATE SALES -

CLOSER LOOK

Top sales ranked by square footage: 1

310 Bourne Ave., East Providence Square footage: 334,219

2

35 Martin St., Cumberland Square footage: 280,870

3

100 Warwick Industrial Drive, Warwick Square footage: 176,000

LIST RESEARCHED BY James Bessette

NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS Oct. 14: Cybersecurity Companies, Top Private Companies; Oct. 28: Architectural Firms, MBA Programs.

REAL ESTATE SALES - INDUSTRIAL

351,950 Dec. 2021 $67,101,831

352,340 July 2021 $50,000,000

212,672 Aug. 2021 $32,500,000

104,556 April 2021 $22,375,000

150,068 April 2021 $22,275,000

42,246 Dec. 2021 $9,150,000

482,601 April 2021 $8,360,000

206,039 Feb. 2021 $5,950,000

88,110 April 2021 $5,450,000

1,470,150 Feb. 2021 $4,000,000

24,000 Sept. 2021 $3,900,000

40,960 July 2021 $3,294,118

54,441 Nov. 2021 $2,350,000

22,730 Oct. 2021 $1,850,000

24,589 Dec. 2021 $1,700,000

LOOK

Top sales ranked by square footage:

620 Spring St., Dighton Square footage: 1,470,150

45 Vineyard Road, Seekonk Square footage: 482,601

241 Francis Ave., Mansfield Square footage: 352,340

LIST RESEARCHED BY James Bessette

UPCOMING LISTS Oct. 14: Cybersecurity Companies, Top Private Companies; Oct. 28: Architectural Firms, MBA Programs.

WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4838 or write to Research@PBN.com.

FOCUS | RHODE ISLAND COMMERCIAL REAL ESTATE SALES - RETAIL

FOCUS | RHODE ISLAND COMMERCIAL REAL ESTATE SALES - RETAIL

Address

Route 6 and Route 295, JohnstonBlue Water Group

Seller

Hartford Holdings LLC

576 Metacom Ave., BristolCobble Hill Development LLCBelltower Acquisitions LLC

2168 Diamond Hill Road, Woonsocket SSS LLC

Lacroix Realty

280 County Road, BarringtonJP Morgan Chase BankAAA Northeast

1114 Broad St., Central Falls

1114 Broad Street Realty Purchaser

1501 and 1515 Atwood Ave., Johnston 266 Putnam Ave. LLC

John Shekarchi Roth IRA Account

Town Hall Plaza LLC/M&M Properties Group

495 Tiogue Ave., CoventryB&R Salvage of CoventryCGRI Coventry LLC

101 Richmond St., ProvidenceDEMA Partners LLC

Richmond & Friendship LLC

5707 Post Road, East GreenwichDiBiase Associates Inc.Sam Sister Realty Co. LLC

267 Main St., East GreenwichHSH LLC

189 Tollgate Road, WarwickJohn Mahoney

Pollard Holdings LLC

Progressive Learning for Children

950 Phenix Ave., CranstonStore Space BCPSTOR

88 Crompton Road, East Greenwich Dr. Daycare

A Step Up Inc.

Broker Co-Broker

Hayes & Sherry

Hayes & Sherry

Square footage Date of saleSale price

4,000,000 Oct. 2021 $21,000,000

30,857 June 2021 $4,650,000

MG Commercial 38,468 Sept. 2021 $3,150,000

Hayes & Sherry

Hayes & Sherry

5,000 April 2021 $2,700,000

10,710 June 2021 $2,500,000

Hayes & Sherry 15,704 Dec. 2021 $1,950,000

Hayes & Sherry 28,168 Aug. 2021 $1,850,000

Hayes & Sherry

12,794 Sept. 2021 $1,600,000

Sweeney Real Estate & Appraisal 5,083 May 2021 $1,250,000

Hayes & Sherry 7,021 Dec. 2021 $1,200,000

MG Commercial 4,440 July 2021 $1,175,000

MG Commercial, Marcus & Millchap 85,000 Sept. 2021 $800,000

MG Commercial 4,500 Oct. 2021 $795,000

CLOSER LOOK

Top sales ranked by square footage: 1

Route 6 and Route 295, Johnston Square footage: 4,000,000

2

950 Phenix Ave., Cranston Square footage: 85,000

3

2168 Diamond Hill Road, Woonsocket Square footage: 38,468

LIST RESEARCHED BY James Bessette

NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

249-257 Atwells Ave., ProvidenceUmberto Bellini

Scialo Bakery LLC

Mota Realty

Capstone Properties Inc.4,000 June 2021 $625,000

MG Commercial 12,000 March 2021 $725,000 3348 Pawtucket Ave., East Providence Jacky's Realty

FOCUS | BRISTOL COUNTY, MASS., COMMERCIAL REAL ESTATE SALES - RETAIL

COUNTY, MASS., COMMERCIAL REAL ESTATE SALES - RETAIL

116,540 Dec. 2021

80,293 March 2021

31,620 May 2021

27,878 Sept. 2021

112,820 May 2021

2,772 Dec. 2021

676 Pleasant St., Attleboro

800 Grand Army of the Republic Highway, Swansea

70 Park St., Attleboro

1624 Grand Army of the Republic Highway, Somerset

MSS Realty Trust Cassisi Group LLC

Papantoniadis Properties LLC Pleasant Auto Center LLC

Joe's Kwik Marts MA LLC

CVNA Acquisition LLC

Old Beach Investments LLC

251-255 South Main St., Fall River251 South Main LLC

1077 Washington St., Attleboro

775 Washington St., Attleboro

20 John William St., Attleboro

Hess Realty LLC

NA 64,033 Aug. 2021 $1,660,000

NA 14,490 Aug. 2021 $1,325,000

NA 960 Aug. 2021 $1,310,000

Community Health Systems Inc.NA 12,020 Sept. 2021 $1,244,100

John V. Vekozo Trust

Antonio Costa Property Management LLC

OM Patrick Joseph McEneaney LLCSAS Realty Inc.

775 Washington St. LLC

MJR Family Trust

John B. Keane

Guyot Brothers Co.

NA 35,590 Dec. 2021 $800,000

NA 30,128 April 2021 $700,000

NA 3,034 July 2021 $700,000

NA 1,080 Sept. 2021 $575,000

NA 19,636 March 2021 $550,000

UPCOMING LISTS Oct. 14: Cybersecurity Companies, Top Private Companies; Oct. 28: Architectural Firms, MBA Programs.

Top sales ranked by square footage:

265 Washington St., Attleboro Square footage: 116,540

3045 County St., Somerset Square footage: 112,820

469 Pleasant St., Attleboro Square footage: 80,293

LIST RESEARCHED BY James Bessette

UPCOMING LISTS Oct. 14: Cybersecurity Companies, Top Private Companies; Oct. 28: Architectural Firms, MBA Programs.

WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4838 or write to Research@PBN.com.

BANKING

BankNewport is pleased to announce that John Saviano has been named vice president, business and commercial lending officer.

In his new role, he will be responsible for business development, commercial loan production, cross sales origination, and cross team collaboration throughout Rhode Island. Saviano previously served as a project manager for Savi Homes, LLC & Saviano Investment Holdings, LLC. Prior to that, he was a business development officer at Admirals Bank. Saviano is a graduate of Rhode Island College and currently resides in Warren, Rhode Island.

About BankNewport: Founded in 1819 and headquartered in Newport, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island.

PEOPLE ON THE MOVE

BANKING

BankNewport is pleased to announce that John Sweeney has been named vice president, cash management sales manager.

In his new role, he is responsible for developing a cash management strategy, enhancing the current product offerings, and educating new and existing clients about cash management. Prior to joining BankNewport, Sweeney was vice president/treasury solutions specialist II at Citizens Bank. Prior to that, he was an assistant vice president/cash management sales officer at Santander. A graduate of the New England College of Business and Finance (a subsidiary of Cambridge College), Sweeney resides in Whitman, MA.

BANKING

BankNewport is pleased to announce that Jon Richmond has been named vice president, business, and commercial lending officer. In his new role, he will be responsible for business development, commercial loan production, cross sales origination, and cross team collaboration throughout Rhode Island. Prior to his new position, Richmond was vice president/branch sales manager at the Bank’s Portsmouth office. He earned a Bachelor of Science in Communications from the University of Rhode Island in Kingston and currently resides in Bristol, Rhode Island.

About BankNewport: Founded in 1819 and headquartered in Newport, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island.

BANKING

BankNewport is pleased to announce that Fredy Huezo has been named vice president, business and commercial lending officer, working with business owners to provide customized solutions that meet their needs and priorities. Prior to joining BankNewport, Huezo was a vice president, small business banker at Bank of America. A graduate of Johnson & Wales University, Huezo is a resident of Hopkinton, Massachusetts.

About BankNewport: Founded in 1819 and headquartered in Newport, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island.

Announce new hires, promotions and special accomplishments to the Rhode Island business community with PBN’s People on the Move.

For additional information or to submit a Standard listing, go to PBN.com/pbnconnect. For a Featured listing, contact your account manager or Advertising@PBN.com | 401.680.4800

IT’S PERSONAL

Shao receives $499K NSF award

MING SHAO, assistant professor of computer and information science at the University of Massachu setts Dartmouth, recently received a $498,970 National Science Foundation CAREER award for his proj ect “CAREER: Enabling Continual Multi-view Representation Learning: An Adversarial Perspective.”

The CAREER Program is the foundation’s most prestigious award in support of early-career faculty who have the potential to serve as academic role models in research and education.

What does it mean to you to receive this award from the foundation?

The CAREER Program is the National Science Foundation’s most prestigious award in support of early-career faculty who have the potential to serve as academic role models in research and education. This award is a significant milestone in my early career, which will help build a firm foundation for a lifetime of contributions to research, education and their integration.

What will the grant funding cover for the project? This five-year award for $498,970 will support my research in representation learning, student mentor ship and educational activities at UMass Dartmouth, and promote research collaborations and civic en gagement in the south coast of Massachusetts.

You say in the era of big data, representation learning techniques are confronted with new challenges. What are those challenges?

Representation learning techniques attempt to extract and abstract key information (i.e., the features) from raw data to be used in analyses. As a critical step in machine-learning systems, representation learning is meant to be robust in its capacity. In the era of big

data, representation learning techniques are confront ed with new challenges. Massive data collected from different sensors (e.g., the multi-view camera system) or presented in different modalities (e.g., audiovisual text) have overloaded existing representation learn ing techniques. In addition, streaming data received from the internet and sensitive data accumulated over time, such as personal albums and electronic health records, require the established representation learn ing model to adapt and account for incoming data.

What will your project do to help address those chal lenges?

This project will develop a robust continual repre sentation learning model to address these challenges. It seeks to advance the fundamental understanding of continual multi-view robust representation learn ing by integrating machine intelligence and human knowledge in AI [artificial intelligence]-enabled security contexts. In real-world scenarios where data access is restricted (e.g., sensitive data) or the processing power of devices is limited (e.g., edge and mobile devices), stakeholders will benefit from the adaptive representation learning techniques to enable continual data analyses. n

THERE IS A WONDERFUL Japanese word, “nemawashi,” whose rough translation is to “prepare the roots.” Although the word was borrowed from famously patient Japanese gar deners, every Japanese businessper son understands its meaning.

A gardener would use the term “nemawashi” to describe the infi nite and time-consuming pains he or she might take in preparation for transplanting a small tree. The whole process might take several years – the time necessary to “prepare the roots” so that the little tree can stand the shock of being uprooted.

The same care and patience are necessary in many complex business tasks – opening a new market, educat ing customers about your products, even training your most promising young employees. Not everything im portant can be accomplished in a day, a month or even a year.

“Nemawashi” can be a valuable reminder that patience and care can accomplish things that sheer manage rial drive cannot.

Like any entrepreneur who is start

my envelope manufacturing company. However, it’s important to avoid the “ready, fire, aim” process.

Jumping to hasty decisions is not good. A lack of patience can cloud judgment, diminish credibility and damage relationships.

And yet, current culture has programmed us to expect immediate results.

I learned that to establish patience, you must create realistic expecta tions. Things seldom happen over night. Often you need to take a slow, methodical approach to allow good things time to develop.

Patience is a key element of success in the workplace, no matter what your role is. I understand the adage that good things come to those who wait.

Remember the marshmallow test, which was created by psychologist Walter Mischel. It is one of the most famous psychological experiments ever conducted. The test lets young children decide between an immedi

ate reward (one marshmallow), or if they delay gratification, a larger reward (multiple marshmallows). Studies showed that children who were patient were much more suc cessful later in life.

Patience also allows you to gather all the facts and make better decisions after seeing the big picture. Patience enables you to reach your goals by being consistent and persistent if you are dedicated and determined.

Patient people don’t allow their emotions to overwhelm them. They are in control and accept challenges without becoming rattled.

But there’s another old saying that helps maintain a reasonable balance: “If you wait until it’s perfect, you’ll be waiting a long time.” Remain alert and know when it is time to make a decision and move forward.

Perhaps you are familiar with the lessons in patience one learns in growing bamboo. One of my favorite stories is about a Chinese farmer who

decided to plant bamboo seeds. He dug holes, planted the seeds and then marked their locations. He watered those seeds every day. After a year, nothing had sprouted. He kept at it for another year, but still no sign of life.

Another year of watering and tending the marked locations, but no results. By then his neighbors were starting to question his devotion to the bare soil. Yet, he persisted.

So, for a fourth year, he watered and watched. But not even one of those seeds showed any promise. He refused to give up. And for a fifth year, he tended those seeds as though they were his family.

One day, as he was watering his little plot, he saw a green sprout peep ing through. It grew and grew, and within six weeks, those sprouts had reached 90 feet tall. His bamboo forest had come to fruition, all because his patience paid off.

Mackay’s Moral: A person without patience is like a car without brakes. n

Harvey Mackay is the author of the New York Times bestseller “Swim With the Sharks Without Being Eaten Alive.” He can be reached through his website, www.harveymackay.com.

WHEN TEAM MEMBERS challenge a process, identify inefficiencies or provide uncomfortable feedback, many times they’re told, “Stay in your lane.” What’s the goal of this response? Does it mean, “Mind your business”? Or, “We don’t value your input”? Maybe it’s, “We simply don’t want your help.”

Because of the technology-centric history of cybersecurity and the complex threat landscape we see today, cyber-risk strategies have been completely ineffective. This is because of our tendency to force the topic only into the technology “lane.” While cybersecurity can be intimi dating, if your strategy is to take a hands-off approach and fully delegate the responsibility to your technolo gists, your organization is destined to fail miserably.

Complex business problems, such as managing and mitigating cyberrisk, require collaboration. Effective collaboration requires trust, candor and the willingness to share informa tion, for better insight, teamwork and problem-solving. Therefore, confining

Sharing is caring

our teams to a lane only promotes di vision and noncollaborative behavior.

Based on the World Economic Forum’s 2022 Global Risk Report, cy bersecurity disruptions are expected to be one of the most critical threats to the global economy that the world will confront in the next two years. The increased frequency and mag nitude of data breaches and cyberat tacks has triggered reactions from all over the world, calling for business leaders to position cybersecurity at the top of strategic business priori ties.

By not fostering a culture of shared responsibility, you limit your team’s ability to engage in effective cyber-re silience strategies. It stifles the criti cal collaboration needed to identify and manage risks that may exist on the financial, process, human capital and cultural sides of the business.

Every organization must also pri oritize and balance the risk, reward and costs associated with cybersecu rity because no one can afford to do it all.

Risks are inevitable, but the ap petite the organization has for those risks is a decision your technical teams cannot make in a silo. By shar

ing the responsibility, strategic risk mitigation can consider overall busi ness goals and competing priorities.

And for that to work, overall responsibility for cybersecurity must fall to the organization’s leadership team. They must be the strategic decision-makers on the risks and what trade-offs the organization can make.

The stakes make cybersecurity a business-management and businessrisk issue, not simply a technology initiative.

I have witnessed engaged finance and human resources teams thwart cyberattacks by proactively identi fying fraudulent activities, insider threats and malicious activities. These acts saved their organizations hundreds of thousands of dollars in losses.

Did you know that 57% of chief financial officers report that their or ganization has been hit by a ransom ware attack, but only 12% are actively involved in determining risk and how to protect their organization from cyberthreats?

CFOs and senior finance execu tives should be called upon to help defend against cyber-risk. They can

help mold the organizational risk ap petite and cybersecurity investment strategy. Finance and accounting can be leveraged to help build a risk-based approach to cybersecurity.

Human resource leaders’ involve ment is also essential, especially as legal and regulatory pressures mount and as technology and data become pervasive in the workforce. When we recognize the importance of a strong organizational cybersecurity culture, HR teams can lead the training and development initiative on safeguard ing data and the secure use of corpo rate devices and technology.

Executive leaders therefore must create an environment where it’s OK to safely change lanes, in support of identifying cyber-risk and building a more-resilient business.

Once we get more comfortable sharing cyber responsibility, we’ll see greater success combating cybercrim inals and the attacks that are becom ing increasingly commonplace. n

Jason Albuquerque is chief operating officer of Pawtucket-based Envision Technology Advisors LLC. He can be reached through www.envisionsuccess.net.

MARKETPLACE

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To place a PBN Marketplace ad, contact Linda Foster 401-680-4812 | Foster@PBN.com | Advertising@PBN.com

(Editor’s note: A version of this column was first published on PBN.com on Sept. 21.)

PBN survey: Businesses beat down but still fighting

The worst of the health-related ravages of the pandemic may be over nationally if you believe President Joe Biden. But the economic consequences continue to weigh heavily on local businesses.

As this week’s cover story reports, frustra tion is reaching a new high for those Rhode Island employers who’ve been in survival mode for most of the past 2½ years.

State must do more to curb energy costs

BUSINESS TRIALS: Cumber land-based Neuro tech Pharmaceuti cals Inc. has been among the compa nies dealing with supply chain and hiring challenges. Pictured above are CEO Richard Small and process devel opment engineer Lovisa Selander.

PBN FILE PHOTO/ RUPERT WHITELEY

Perhaps most telling in PBN’s Summer 2022 Business Survey, for the first time since the win ter of 2008 and the Great Recession fewer than half of respondents expect things to improve for their own business over the next 12 months. Their expectations for the state economy are also down sharply, at their lowest level since before the pandemic.

Looming fears of an inflation-fueled national recession explain some of the lost optimism that has marked local businesses throughout the 15-year history of the biannual survey. They’re worn down by ongoing supply chain and hiring chal lenges and rising energy costs.

Profits and business activity are also down compared with last winter and a year ago.

But growing frustration does not mean lots of businesses are ready to wave the white flag. Those in industries not facing pandemic-related headwinds continue to thrive, including real estate.

And while a shortage of qualified workers still vexes many employers, the percentage planning to hire next quarter is holding steady along with plans to purchase big-ticket items.

They’re the ones looking beyond the ongoing challenges, still focused on stay ing one step ahead of the competition. n

The temptation to spend or commit all of $1.1 billion in long-term federal pandemic aid proved too great to resist for Gov. Daniel J. McKee and state lawmakers in an elec tion year.

Now the state is facing another winter of dramatic en ergy cost hikes. And the best state leaders and regulators have been able to offer so far are some one-time credits that will mostly benefit the lowest-income ratepayers.

Overlooking the needs and challenges faced by middleincome Rhode Islanders and midsized businesses has become a pattern for Gov. McKee since his regrettable decision last year to tax Paycheck Protection Program loans above $250,000.

In times when money is tight, such prioritization makes sense. But not when you had a massive federal windfall and a historic state surplus of $900 million at your disposal.

Gov. McKee and state lawmakers need to come up with a winter energy savings plan that significantly eases the financial burden of more than just the state’s neediest residents. n

The building of Hispanic wealth in R.I.

Every year at this time – Hispanic Heri tage Month – we collectively celebrate the economic, cultural and social contributions of the Hispanic-Latino community to our nation. We honor the hard work of past generations that have allowed children and future generations to benefit from more opportunities.

is critical for the growth of a new business, especially when Hispanic-Latino entrepre neurs are still faced with gaps in financial literacy and business education, funding and networking opportunities.

YAHAIRA

GUEST COLUMN

As a strong and diverse community, we come together to help build a future where there are no barriers to success, and at Bank of America Corp., we strive to do our part to make an impact by helping build HispanicLatino wealth in Rhode Island.

The numbers are clear: The 2020 census revealed that the Hispanic-Latino population in the U.S. rose to 62.1 million, making up 18.7% of the total population and account ing for slightly more than half (51.1%) of the population growth between 2010 and 2020. Hispanic-Latinos now open more small busi nesses than any other group in the country and are also the fastest-growing demographic of small-business owners across the nation. It is not surprising that Hispanic-Latino eco nomic power continues to rise each year.

Investing in Hispanic-Latino wealth means supporting entrepreneurs so they are set up for success. Early-stage funding

According to data from Crunchbase, Latino-founded startups accounted for only 2.1% of venture investments in the U.S. last year. This is unjustifiable.

As part of our commitment to advancing racial equality and economic opportunity, we have dedicated $350 million in minorityand women-led companies through capital investment by mission-focused venture funds. Of the funds we have in our portfolio, 1 in every 4 is led by Hispanic-Latino manag ers, providing capital that will help entrepre neurs and small-business owners grow their businesses, create jobs and improve financial stability.

An important element to creating opportu nities for Hispanic-Latinos to build wealth is ensuring that we reflect the diverse com munities we serve and do our part to help address societal challenges. In support of this work, Bank of America is delivering on our commitment of $1.25 billion over five years to advance equality and economic opportu nity for people of color, including Hispanic-

Latinos individuals and communities. In Rhode Island this year alone, that has meant meaningful support to organizations such as Progresso Latino, Amos House, Year Up Inc. and The Genesis Center

Sustainable homeownership provides a lasting investment for future generations and cycles capital back into the community. The National Association of Hispanic Real Estate Professionals recently released data showing an increase in Latino homeowner ship, from 47.5% in 2019 to 48.4% in 2021, the highest level since the mid-2000s. Through the Community Homeownership Commit ment, which provides low down-payment loans and closing-cost grants, families can take their savings and turn them into lasting legacies. It is a pillar for families to build wealth. Building Hispanic-Latino home eq uity increases the amount of capital families can use now or in the future helping build our Rhode Island economy.

During the past decade, the rate of His panic-Latino economic development has far outpaced rates among non-Hispanics. Sup porting and honoring our Hispanic-Latino neighbors is not just a monthlong initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Rhode Island now and for years to come. n

Yahaira “Jay” Placencia is a senior vice president at Bank of America Corp. in Rhode Island.

.

Investing in Hispanic-Latino wealth means supporting entrepreneurs

Fed has power to push world into recession

D. BRIAN BLANK GUEST COLUMN

The U.S. Federal Reserve holds inordinate sway over the world’s economies – yet it acts, in some ways, like they don’t really matter.

Its power is primarily because of the dominance of the U.S. dollar, which soared in recent months as the Fed’s aggressive interest rate hikes made the greenback more attractive to investors. But this has a downside for other countries because it is fueling inflation, raising the cost of borrowing and increasing the risk of a global recession

If you only paid attention to the words of Fed Chair Jerome Powell, you probably would have no idea this is happening. He hasn’t said a peep in his public speeches about the significant risks to the global economy as central banks jack up interest rates to tame inflation, including the Fed’s 0.75 percentage-point increase on Sept. 21

This may seem a bit odd that the Fed would appear to be so blasé about the global economy that it arguably leads. Yet I believe it makes sense – though there are risks.

The Fed is mandated to focus on the U.S. economy, and it takes this job very seriously.

While central banks are aware of all global economic data, they focus on their own economies, helping them do what is best for their own nations. In the U.S., that means the Fed is focused on improving the Ameri can economy through stable prices and full employment

As a result, when the U.S. economy is slowing too quickly and people are losing jobs, the Fed lowers interest rates – no

matter the impact on other countries. Simi larly, when the economy is growing but con sumer prices are rising too fast, the central bank raises interest rates.

Yet it’s unavoidable that the Fed’s poli cies will influence economies, companies and citizens in virtually every country in the world.

While all central banks influence the rest of the world, the Fed has a much larger im pact because of the size of the U.S. economy – it remains by far the largest in absolute terms – and the prominence of the U.S. dollar in international markets and trade.

Approximately half of the world’s international debt is denominated in dollars, which means countries need to pay interest and principle on what they borrow in greenbacks. The dollar has soared almost 15% this year relative to a basket of foreign currencies, largely as a result of the Fed interest rate hikes that began in March. That means it’s, on average, 15% more expensive to finance those dollar-denominated debts.

Moreover, about 60% of all global foreign exchange reserves – that’s the money central banks hold to protect the value of their own currencies – are in dollars. And since most major commodities such as oil and gold are priced in dollars, a stronger dollar makes everything cost a lot more for businesses and consumers in every country.

Finally, when U.S. interest rates are high relative to those in other countries, more for eign investment flocks to the U.S. to get more bang for the buck. Since there’s only so much

money to go around, this drains investment from other economies, especially emerging markets. And it means they have to raise in terest rates to keep foreign direct investment flowing into their countries, which can hurt their local economies.

Unfortunately, focusing solely on the domestic economy has its own risks.

It may sound cliche, but we do live in a global, interconnected world – something demonstrated powerfully by the COVID-19 pandemic and the supply chain issues that repeatedly rippled across the world. Ameri can businesses depend on other countries for supplies, workers and consumers. That means even if the Fed manages a proverbial soft landing and is able to reduce inflation without causing a recession, a global down turn may still reach American shores. This could threaten much of the Fed’s success if the global slowdown results in international instability or food insecurity

So while I believe the Fed is correct to keep its focus on the U.S. economy and lift rates as much as it deems necessary, I’ll be looking closely at how the central bank’s economic projections evolve. If the data shows the U.S. economy’s inflation problems diminishing, the Fed may be able to begin to think a bit less about what’s happening in its own backyard and more about the impact of its policies on the rest of the world. n

D. Brian Blank is an assistant professor of finance at Mississippi State University. Distributed by The Associated Press.

ONE LAST THING

Gian Gentile SecurityRI.com CEO

Gian Gentile was named CEO of SecurityRI.com last November. He joined the North Providence-based company in 2013 and served as operations manager and chief operating officer before taking over the top job.

Ihave gained much leadership, operational and team-building knowledge by remaining openminded and having the consistent will to learn.

As COVID-19 changed many of our business landscapes, our established leadership skills helped us throughout the process. Our direct approach during the difficult times was leading with empathy. Empathetic leaders take a genuine interest in the people around them – what makes them tick, what inspires them and how they feel.

Next, we focused on the physical challenges COVID-19 was causing our business (internal and external). Our primary tool during this time was continuing to leverage technology and innovation. We kept our heads down – worked hard and strengthened our infrastructure. We established additional software to assist our employees’ efficiency and security services remotely.

Lastly, we emphasized consistency and execution. This is a method I use when competing in triathlon racing and the business workplace.

Triathlon and business, in my view, are proven alike. Both demonstrate that your input becomes your output.

You can establish a culture, management techniques, project planning, software implementation and business scalability. But your business progress will fade away without consistency and goal execution.

The goal as a leader is to keep a 360-degree pulse on your business. Choose to lead by example, manage with empathy and demonstrate execution regularly. n

Lead with empathy

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FROM THE EDITOR

Handling ‘the difficult things’ sets them apart

FOR MOST LOCAL BUSINESSES, the last two years have presented the biggest challenges they will ever face. But as this year’s fastest-growing and most innovative companies remind us, there is also ample opportunity – and profit – in crisis problem-solving.

Two of this year’s leaders in reve nue growth are repeat winners in their categories, managing outsized growth in 2020 and 2021 compared with pre-pan demic years. Both credit the same team approach to meeting a community need they used before COVID-19 that allowed them to respond to growing demand as the crisis unfolded.

“It’s how you handle the difficult things that sets you apart,” said J2 Con struct Inc. President Jeff Lipshires. The Middletown-based contractor tapped into strong demand for luxury homes and took on new commercial projects. Lipshires credits a committed staff in helping revenue grow an impressive 190% last year compared with 2019.

North Kingstown-based AdCare Rhode Island Inc. has faced a different type of community need – growing demand for mental health and substance abuse services. The demand for its detox and residential services has been “un like anything we have ever seen,” said AdCare CEO Fred A. Trapassi Jr.

Tapping into telehealth services allowed a dedicated staff to help the most people possible and helped grow

revenue 71% over two years.

Read on to see how technology is also driving success for many of this year’s top innovators. They include producers of thermal camera systems and quieter outboard motors and batteries, as well as the use of mobile robots on construc tion sites and the state’s all-electronic tolling system.

We’d especially like to thank return ing presenting sponsor CBIZ & MHM and returning partner sponsors Cox Business and Gallo|Thomas Insurance. Michael Mello Editor

Amazing Customers. Dedicated Employees.

Thank You! Thank You!

We’re growing because of your support, and we simply can’t thank you enough!

Congrats as well to all the great local companies helping to make our community such a special place to live and work. We couldn’t be more honored to be included here with each of you!

FASTEST GROWING

Doing what’s right...for you! greenwoodcu.org 2669 Post Road, Warwick

Accounting TaxAdvisory

Congratulations to the 2022 Fastest Growing & Innovative Companies honorees! We are thrilled to celebrate your stories of growth and innovation. This year’s honorees have demonstrated the ability to protect their bottom lines and manage and build their competitive advantage, despite today’s environment of profound uncertainty.

From tax planning to accounting and advisory services,CBIZ & MHM has the expertise to provide information and actionable strategies that can help your business move forward.

PARTNER SPONSOR MESSAGES

Cox Business congratulates the incredible businesses being honored as Providence Business News’ Fastest Growing and Innovative Companies and we wish you continued success. As your local managed and hosted solutions provider, Cox Business looks forward to supporting your business.

Gallo|Thomas is proud to sponsor the 2022 Fastest Growing & Innovative Companies Awards. We congratulate the outstanding group of 2022 honorees and salute your unique attributes and business acumen. Gallo|Thomas is passionate about serving our clients, our employees, and our local community – and delighted to share this special recognition with the companies and individuals honored this year.

CONTENTS

FASTEST GROWING COMPANIES

$75 MILLION AND ABOVE

1. BayCoast Bank 6

2. SEACORP LLC 7

3. Blount Fine Foods Corp. 7

4. Lafrance Hospitality Corp. 9

5. Charcuterie Artisans 9

Fastest Growing Private Companies List, $75 million and above 10

$25 MILLION TO $75 MILLION

1. J2 Construct Inc. 11

2. Acertitude Inc. 12

3. John Matouk & Co. 12

4. Purvis Systems Inc. 13

5. Greenwood Credit Union 13

Fastest Growing Private Companies List, $25 million to $75 million 14

$5 MILLION TO $25 MILLION

1. Adcare Rhode Island Inc. 15

2. Available Staffing Network LLC 16

3. Pranzi Catering and Events Inc. 16

4. Catalano Construction Inc. 17

5. Brave River Solutions Inc. 17

Fastest Growing Private Companies List, $5 million to $25 million 18

$250,000 TO $5 MILLION

1. Lathrop Insurance Agency Inc. 19

2. Integrated Media Group 20

3. Thompson Insurance Group 20

4. O’Neill Consulting Group Inc. 20

5. IT Support RI 20

Fastest Growing Private Companies List, $250,000 to $25 million ..............................................21

INNOVATIVE COMPANIES

ARCHITECTURE, CONSTRUCTION & ENGINEERING: Gilbane Inc. 22

ENERGY & THE ENVIRONMENT: E2SOL LLC ......................................................................... 22

FOOD, BEVERAGE & AGRICULTURE: Blount Fine Foods Corp....................................................23

GOVERNMENT:

R.I. Turnpike and Bridge Authority 24

HEALTH & WELLNESS: First Circle Inc. (Chewsi RI) 24

INNOVATIVE COLLABORATION: Rhode Island CEO Council 25

MANUFACTURING: U.S. Extruders Inc. 25

NONPROFIT: DESIGNxRI 26

TECHNOLOGY: FlorLink Inc. 26 Flux Marine Ltd. 27

NVTS Night Vision Technology Solutions Inc.

27

PRESENTING SPONSOR MESSAGE

Record loans helped boost revenue

BY NOEMI ARELLANO-SUMMER | Contributing Writer

BAYCOAST BANK

CEO (OR EQUIVALENT) Nicholas Christ, CEO and president

2021 REVENUE $143.3 million

2019 REVENUE $110.1 million

REVENUE GROWTH 30.2%

MARIE PELLEGRINO, senior vice president and chief finan cial officer of Swansea-based BayCoast Bank, says the bank’s 30.2% revenue growth from $110.1 million in 2019 to $143.3 million in 2021 was due in large part to the federal Paycheck Protection Program launched during the COVID-19 pandemic to help keep small businesses on their feet.

“In 2021, we had a record number of loan closings,” Pellegrino said of the government stimulus loan pro gram. “We facilitated applications and dispersed money. Everything was fast paced.”

The bank’s Commercial Lend ing Division arranged 828 loans in 2021 during the second round of the program, totaling $88.1 million across its branches in Massachusetts, Rhode Island and Connecticut.

Several of BayCoast Bank’s di visions grew in 2021, including the Community Banking Division, which saw the opening of two new branches in Rhode Island; BayCoast Financial Services, which earned $1.3 million throughout the year; and the Partners Insurance Group, whose revenue rose by 23% since 2020, hitting $6 million. BayCoast contin ued that momen tum into 2022, having opened two additional branch es in the Ocean State.

BayCoast Bank was forced to move to a remote-only work system at the onset of the pandemic. The informa tion technology department made sure everyone was equipped with laptops and phone systems so they could work from home, while interactive

teller machines were implemented so customers could still perform transac tions even when bank tellers weren’t in the office.

“Our customers rave about how they love it,” Pellegrino said.

Dan DeCosta, senior vice president and chief information officer, and his team had the hardest job of all at the beginning of the pandemic: configur ing a way for the BayCoast Bank team to process PPP loan applications.

DeCosta described the day in April 2020 when he was abruptly informed that the bank needed a way to ac cept loan applications that very day, despite not knowing anything about what they were at the time.

Despite being put on the spot, he said, “We figured out a way to accept applications by 2 p.m. It took two or three hours. It wasn’t the prettiest, but it just needed to accept applications. The organization came together from there.”

Five hundred applications came in that first weekend alone. Once the initial rush had tapered off, DeCosta and his team redesigned the program so that it automatically fed the appli cation information into the SalesForce technology they were using. Appli cations were prioritized by date and automatically assigned to employees based on who had the least work, in a round-robin fashion. Previously, this

had been a laborious process done through email.

“Tech is huge, but people have a major impact as well,” DeCosta said. “We had [about] 300 employees work ing remotely almost overnight. It was all-hands-on-deck.”

The IT department handled much of the initial load in those first few weeks of getting everyone working remotely, including adding hundreds of employees onto the virtual private network system. They had to keep an inventory log of all devices and organized hundreds of laptops for employees.

“We worked a crazy number of hours,” DeCosta said.

Able to handle forms, signatures and documents for the PPP loans electronically, without navigating the mail, the program DocuSign proved to be invaluable during the loan process es, and it was extremely helpful that the bank had already purchased it for use. Ultimately, employees began to use DocuSign for handling internal processes as well.

“The tech was ready for us,” De Costa said.

BayCoast Bank employees slowly began to adapt to the new technology, and DeCosta said it was gratifying to hear from colleagues that everything was great and easy to use since so many people often dislike new pro cesses and systems.

“These moments have small victories; people are more willing to adopt new technology, and there’s less pushback,” he said. “Thousands of small-business employees were paid because of the loans. They could buy groceries despite their businesses shutting down.”

‘We had [about] 300 employees working remotely almost overnight. It was allhands-on-deck.’

DAN DECOSTA, BayCoast Bank senior vice president and chief information officer

MONEY TALKS: Amy Hernandez, right, manager of BayCoast Bank’s downtown Providence branch on Dorrance Street, speaks with universal banker Bianca Gouveia.

PBN PHOTO/RUPERT WHITELEY

More production, higher profits

BY ANTHONY VECCHIONE | Contributing Writer

$75M AND ABOVE

SEACORP LLC

CEO (OR EQUIVALENT) David Cadorette, president

2021 REVENUE $94.5 million

2019 REVENUE $76.8 million

REVENUE GROWTH 23.1%

FOR 30 YEARS, Middletown-based SEACORP LLC was primarily an engineer ing services-based company focused on the local naval warfare center.

In the last three years, prototype work led to production contracts with the Naval Sea Systems Command. The company won its first production contract as a prime contractor for the Multi Mission Modular Mast that it developed as a prototype.

“We took some of the hardware work we were doing and we became a major supplier to Lockheed Martin Corp. in Syracuse, N.Y., and Progeny Systems, now part of General Dynamics Mission Sys tems, for hardware components for their electronic warfare systems,” SEACORP President David Cadorette said.

During the COVID-19 pandemic, SEACORP transitioned to a work-at-home environment. However, a significant por tion of the workforce performed classified work and had to report to a facility.

Going forward, Cadorette says SEA CORP is expanding from submarines into surface platforms, unmanned platforms, undersea, surface and aerial vehicles. n

Staying fed through COVID-19

BY JENNA PELLETIER | Contributing Writer

Ken Thompson

$75M AND ABOVE

BLOUNT FINE FOODS CORP.

CEO (OR EQUIVALENT) Todd Blount, CEO and president

2021 REVENUE $530.9 million

2019 REVENUE $432.4 million

REVENUE GROWTH 22.8%

EVEN AFTER 142 YEARS in business, Blount Fine Foods Corp. continues to grow, increasing annual revenue by 22.8% last year compared with 2019.

CEO and President Todd Blount attri butes most of Blount’s recent growth to the way it was positioned at the start of the COVID-19 pandemic.

The Fall River-based company, which produces more than 900 products, in cluding prepared soups and macaroni and cheese, for retail stores, restaurants and institutions throughout the country, filled consumers’ desire for high-quali ty prepared foods at a time when many restaurants were temporarily closed or operating at a reduced capacity.

“Probably the core element [to our growth] was having products available for the deli department at retail,” Blount said. “Many shelves were empty at the time. But we were fortunate enough to have a bunch of our items that were ready to go. That gave us the ability to grow quickly because we were basically filling a vacuum.” n

(401) 434-7203

“Being recognized as one of the state’s leading companies for growth and innovation is a reflection of our staff’s commitment to exemplary service to our clients every day.”

Lafrance makes up for lost time

BY WENDY PIERMAN MITZEL | Contributing Writer

$75M AND ABOVE

LAFRANCE HOSPITALITY CORP.

CEO (OR EQUIVALENT)

Richard Lafrance

2021 REVENUE $75.9 million

2019 REVENUE $65.7 million

REVENUE GROWTH 15.5%

WITH SO MANY PLANS put on hold during the COVID-19 pandemic, Lafrance Hospitality Corp. is making up for lost time, and revenue, with one of the best hotel services of all – weddings.

“We’ve seen pent up demand in our wedding activity both in hotel room nights, as well as hosting weddings at our various venues,” CEO Richard Lafrance said.

The Westport-based hospitality group even opened the Westport Marriott Towne Place and the Mansfield Fairfield Inn within the last two years and now serves as management oversight of Tru by Hilton in Manchester, N.H.

As a result, Lafrance welcomed a 15.5% revenue increase last year com pared with 2019.

Additionally, the company developed two take-out restaurant concepts to supplement its food take-out business, Lafrance said. He noted that both Back Door Burgers and Cockpit Charlie’s have continued to grow in volume.

Lafrance forecasts an additional 10% growth in revenue over last year. n

Hungry for continued growth

BY JOHN A. LAHTINEN | Contributing Writer

FORMED IN 2020 when Daniele Foods and Creminelli Fine Meats merged, the team at Charcuterie Artisans was still celebrat ing the new venture when the COVID-19 pandemic hit.

The Burrillville-based food manufac turer immediately implemented a wide range of practices, including temperature checks and installing dividers to keep its nearly 700 employees safely working. Charcuterie weathered the pandemic and grew its revenue by 14.3% last year com pared with 2019.

Despite consumer and supply chain uncertainty, Charcuterie launched its Del Duca brand in May. It also has transi tioned the Creminelli snack pack line into 80% post-consumer recycled packaging, a move that diverts the equivalent of more than 11 million water bottles from land fills and oceans.

“Innovation is key to growth, both innovation in the products we make, as well as consistently improving how we make them,” Charcuterie Chief Marketing Officer Eric Schwartz-Johnson said. “We love our craft and enriching others’ lives with it.”n

visit us at blountfinefoods.com follow us @blountfinefoods @blountsfamilykitchen @clamshacknationvisit us at blountfinefoods.com follow us @blountfinefoods @blountsfamilykitchen @clamshacknation visit us at blountfinefoods.com follow us @blountfinefoods @blountsfamilykitchen @clamshacknation visit us at blountfinefoods.com follow us @blountfinefoods @blountsfamilykitchen @clamshacknation

FASTEST GROWING PRIVATE COMPANIES, $75 MILLION AND ABOVE

GROWING PRIVATE COMPANIES, $75 MILLION AND ABOVE

Revenue

2022

1

2

BayCoast Bank |baycoastbank.com NicholasChrist

SEACORPLLC 1 |seacorp.com DavidCadorette, president

3

4

Blount Fine FoodsCorp. |blountfinefoods.com ToddBlount

Lafrance Hospitality Corp. | lafrancehospitality.com Richard Lafrance, CEO

5 Charcuterie Artisans |charcuterie.com ChrisBowler, CEO

6

Ocean State JobLot |oceanstatejoblot.com MarcPerlman, principal owner and CEO;Alan PerlmanandSteveAronow, principal owners

7 Neighborhood Health Plan of Rhode Island | nhpri.org PeterMarino

8

9

Southcoast Health System 2 |southcoast.org Dr. RayfordKruger, interim CEO and president

Navigant Credit Union |navigantcu.org KathleenOrovitz

10 Woodard & Curran |woodardcurran.com AlysonWatson, CEO

11

12

Blue Cross & Blue Shield of Rhode Island | bcbsri.com Martha L.Wofford

BankNewport | banknewport.com

Jack F. Murphy

13

Hope Global |hopeglobal.com

MarcelinoDe Santiago, president and chief operating officer

Butler Hospital 3 |butler.org

MaryMarran, president and chief operating officer

Nixon PeabodyLLP |nixonpeabody.com StephenZubiago, CEO and managing partner; ArmandoBatastini, Providence office managing partner

1 Formerly known as Systems Engineering Associates Corp.

Address

330 Swansea Mall Drive Swansea,Mass.02777 (888)678-7641

62 Johnnycake Hill Middletown,R.I.02842 (401)847-2260

630 Currant Road Fall River,Mass.02720 (774)888-1325

41 Old Bedford Road Westport,Mass.02790 (508)678-7888

1000 Daniele Drive Burrillville,R.I.02839 (401)568-6228

375 Commerce Park Road North Kingstown,R.I.02852 (401)295-2672

910 Douglas Pike Smithfield,R.I.02917 (401)459-6000

363 Highland Ave. Fall River,Mass.02720 (508)679-3131

1005 Douglas Pike Smithfield,R.I.02917 (401)233-4700

33 Broad St., Floor 7 Providence,R.I.02903 (401)273-1007

500 Exchange St. Providence,R.I.02903 (401)459-1000

10 Washington Square Newport,R.I.02840 (401)846-3400

50 Martin St. Cumberland,R.I.02864 (401)753-7800

345 Blackstone Blvd. Providence,R.I.02906 (401)455-6200

1 Citizens Plaza Providence,R.I.02903 (401)454-1000

Growth

$143.3 mil. $110.1 mil. December 30.2% $33.2 mil. Financial institution

$94.5 mil. $76.8 mil. December 23.1% $17.7 mil. Engineering services

$530.9 mil. $432.4 mil. September 22.8% $98.5 mil. Food manufacturing

$75.9 mil. $65.7 mil. December 15.5% $10.2 mil. Catering, event venues, hospitality, hotels

$255.9 mil. $223.9 mil. December 14.3% $32 mil. Gourmet food manufacturer

$825 mil. $725 mil. December 13.8% $100 mil. Retail

$1.5 bil. $1.3 bil. December 13% $174.9 mil. Nonprofit health maintenance organization

$995.5 mil. $898.4 mil. September 10.8% $97.1 mil. Health care system

$117.1 mil. $107 mil. December 9.4% $10 mil. Credit union

$262.9 mil. $246.3 mil. December 6.8% $16.6 mil. Engineering, science and operations

$1.8 bil. $1.7 bil. December 6.7% $114.5 mil. Health insurer

$103.9 mil. $97.9 mil. December 6.1% $6 mil. Financial institution

$100 mil. $95 mil. December 5.3% $5 mil. Manufacturing

$120.3 mil. $114.8 mil. September 4.8% $5.6 mil. Hospital

$527 mil. $505.5 mil. February 4.2% $21.5 mil. Law firm

2 Southcoast Health System includes Charlton Memorial Hospital, St. Luke's Hospital, Tobey Hospital, Southcoast Physicians Group and Visiting Nurses Association.

3 Part of Care New England Health System, which includes Butler Hospital, Kent County Memorial Hospital, Women & Infants Hospital and Visiting Nurses Association of Care New England.

CLOSER LOOK

five companies from

& Hoelscher Corp.

Building for a positive future

BY WENDY PIERMAN MITZEL | Contributing Writer

J2 CONSTRUCT INC. is celebrating another banner year in Rhode Island. The Middletown-based construction manage ment and general contracting company has continued keep ing a solid footing in building luxury homes and moving even further into projects within the commercial industry.

really hard to get where we are and who want to keep getting better.”

J2 CONSTRUCT INC.

CEO (OR EQUIVALENT)

Jeff Lipshires, president

2021 REVENUE $31.4 million

2019 REVENUE $10.8 million

REVENUE GROWTH 190.5%

“When I came into this, I thought we would grow, but we have far ex ceeded what I thought in such a short time,” J2 Construct President Jeff Lipshires said.

Founded in 2018, J2 Construct has mushroomed from earning $10.8 mil lion in revenue in 2019 to $31.4 million last year. According to Lipshires, 2022 is on track to be just as successful.

“We’re continuing to grow and are already close to our revenue from last year,” Lipshires said. “The work is coming to us.”

The company currently services Rhode Island, as well as southeastern Massachusetts, Cape Cod and the neighboring islands. J2 Construct built 22 new homes ranging from $1 million to $12 million and is working on commercial projects, such as a ho tel renovation, The Weekapaug Yacht Club in Westerly, assisted living centers and even a car wash.

Lipshires said his con nections in the construc tion industry helped get J2 Construct off the ground. His staff of 60 and even more contractors continue to build quality projects that fill out the com pany resume.

Patti Watson, founder and principal

at Taste Design Inc. in Middletown, has partnered with J2 Construct on many projects and says it comes down to trust.

“What I appreciate about Jeff is he brings the same level of service and dedication to everything he does,” Watson said. “I can introduce a client and a project and he will act in that client’s best interests. He has always been so good to put numbers to a proj ect that give a client options. That is so valuable.”

Lipshires has made some strategic moves. When J2 Construct purchased ABC Construction in 2020, it scaled up in terms of infrastructure, particu larly accounting and systems. As the COVID-19 pandemic began, Lipshires applied for some federal Paycheck Protection Program money for that first year to keep the company moving and completing projects.

Also integral to success at J2 Construct is treating employees well, and that includes the significant number of women hired to fulfill the company’s value of promoting gender equality.

“I try to take care of our employees and empower people and reward peo ple for their contributions. We like to keep them involved in a lot of exciting projects and keep things new and interesting,” Lipshires said. “There’s a lot of people here who have worked

J2 Construct is finding so much success that the construction compa ny is literally growing its footprint. It purchased the old Middletown Grange building for $2.2 million for use as the construction firm’s new headquarters at East Main Road and Aquidneck Avenue in Middletown. It is also home to the new Food Shack restaurant and just down the street from the compa ny’s Pell Hotel renovation project.

“We’re excited about the develop ment of the site; we have some great plans and ideas to make it a promi nent gateway to Middletown,” Lip shires said.

Having cultivated a talented group of carpenters, J2 Construct aims to hone its cabinet-making and mill wright functions.

“We have a lot of people here who have worked really hard to get where we are,” Lipshires said. “We strive to get better. It’s how you handle the difficult things that sets you apart – if there’s an issue, we stick with it and get it done.”

An extension of the building pro cess, J2 Construct also offers property and estate management. Lipshires describes construction as a tough business. Labor shortage, material availability issues, rising costs and other complications add “more com plexity” to keep projects on schedule he said.

However, Lipshires is still in awe of J2 Construct’s efforts despite these challenges.

“The fact that we can continue to grow during this time is great,” he said. n

‘We strive to get better. It’s how you handle the difficult things that sets you apart.’

JEFF LIPSHIRES, J2 Construct Inc. president

UNDER CONSTRUCTION: J2 Construct Inc. President Jeff Lipshires, foreground, and his team go over plans for the company’s Pell Hotel renovation project in Middletown.

PBN PHOTO/DAVID HANSEN

A worldwide game changer

BY KIMBERLEY EDGAR | Contributing Writer

$25 MILLION TO $75 MILLION

ACERTITUDE INC.

CEO (OR EQUIVALENT)

Kevin O’Neill, founder and managing partner

2021 REVENUE $27 million

2019 REVENUE $12.6 million

REVENUE GROWTH 114.7%

BORN OF A JOINT VENTURE between two talent-search consultants introduced in Las Vegas, top-tier executive search firm Acertitude Inc., headquartered in New York but with offices worldwide, includ ing in Providence, had world reach from its 2015 beginnings.

But when Acertitude cultivated roots in London during the COVID-19 pandem ic, that, along with its China presence in Shanghai, solidified the firm globally, landing it at No. 21 on Hunt Scanlon’s 2022 Top 50 Recruiters list, among numerous other accolades.

“That’s been a game changer,” said Kevin O’Neill, managing partner and co-founder along with Philadelphia-based Rick DeRose. “It felt risky at a time when it seemed like the world was imploding. It’s made a global firm of us.”

New pre-deal offerings helped Acerti tude grow its Providence office revenue by 114.7% last year compared with 2019.

Before conducting executive searches in unfamiliar spaces, clients connect with thought leaders in those areas.

Looking ahead, O’Neill says he’s confi dent the firm will continue to grow. “Even in markets that are difficult, the right people, the right teams find a way to thrive,” he said. n

Riding a wave of interest

BY JOHN A. LAHTINEN | Contributing Writer

JOHN MATOUK & CO. CEO (OR EQUIVALENT) George Matouk Jr.

2021 REVENUE $68.7 million

2019 REVENUE $42.8 million

REVENUE GROWTH 60.6%

FROM THE VERY BEGINNING of the COVID-19 pandemic, the 250-plus team at John Matouk & Co. has never slowed down.

Whether it was supporting others by producing much-needed masks or keep ing up with the growing demand for its products from customers stuck at home, the Fall River-based fine linen and home accessories provider pressed forward.

“We did our best to meet the demand until the normal suppliers were able to come up to speed,” Chief Financial Officer John Rozo said.

With a rock-solid infrastructure and strong relationships with its suppliers, Matouk has ridden the wave of consumer interest in products for the home, experi encing more than 60% growth in revenue, from $42.8 million in 2019 to $68.7 million in 2021.

In the past two years, the company has invested heavily in equipment to increase production efficiency, including new multi-ply cutter and automated quilting machines. n

A profitable strategy

BY WENDY PIERMAN MITZEL | Contributing Writer

$25 MILLION TO $75 MILLION

PURVIS SYSTEMS INC.

CEO (OR EQUIVALENT)

Joseph Drago

2021 REVENUE $44.9 million

2019 REVENUE $29.7 million

REVENUE GROWTH 51.2%

A SERIES OF STRATEGIC INVESTMENTS over the last five years is paying off for Purvis Systems Inc., a Middletown-based technology solutions partner that devel ops, implements and maintains mis sion-critical solutions for federal and local governments.

Rick Foster, vice president of business development and marketing, said those investments were made in the areas of process improvements, customer support, product enhancements and business de velopment. The goal of these investments, he said, was to enhance the high level of service to the company’s clients, as well as create new opportunities for employ ees and better position Purvis for future growth and expansion.

The result was a 51.2% increase in reve nue last year compared with 2019.

“We are motivated by challenges, with an ability to succeed where others can’t,” Foster said. “We’re large enough to be trusted by the U.S. Department of Defense, National Institutes of Health and some of the nation’s most sophisticated pub lic safety organizations, yet we’re small enough to be nimble and flexible.” n

Investing in future growth

BY NANCY KIRSCH | Contributing Writer

$25 MILLION TO $75 MILLION

GREENWOOD CREDIT UNION

CEO (OR EQUIVALENT) Frederick Reinhardt, CEO and president

2021 REVENUE $32.3 million

2019 REVENUE $26.9 million

REVENUE GROWTH 20.3%

ADDING STAFF AND UPGRADING technolo gy spurred Greenwood Credit Union’s 20.3% revenue growth last year compared with 2019. The Warwick-based credit union also experi enced a 19% increase in employees and a 12% increase in customers during that period.

“Going paperless accelerated how quickly we could process loan applications and files,” Greenwood CEO and President Frederick Reinhardt said. “We wanted to make sure we were there to help our business partners achieve financial success … now we’re invest ing in robotic process automation technology.”

Adding call center staffers proved valuable during the COVID-19 pandemic, as custom ers wanted to connect primarily online or by phone. Reinhardt says the federal Paycheck Protection Program was a “lifesaver,” as it supported many of Greenwood’s commercial clients.

“Additional government support helped average consumers make loan payments and pay down debt, and it spurred economic activ ity,” Reinhardt said.

As for 2022, Reinhardt sees continued solid growth. “I want to believe that the invest ments we’ve made in people and technology pay us back when we’re there to help our customers and business partners be success ful,” he said. n

Matouk congratulates our region's most innovative and successful companies.

And we urge all businesses, large and small, to join together in an effort to make our country and our planet healthier, safer, and more sustainable for the generations who come after us.

Helping others is a labor of love

BY ANTHONY VECCHIONE | Contributing Writer

ADCARE

RHODE ISLAND INC. CEO (OR EQUIVALENT) Fred A. Trapassi Jr.

2021 REVENUE $13.2 million

2019 REVENUE $7.7 million

REVENUE GROWTH 71.4%

ADCARE RHODE ISLAND INC. weathered the COVID-19 storm. Now, the North Kingstown-based organization offering mental health and substance abuse services is poised for further growth.

The organization’s revenue grew by 71.4% last year compared with 2019. Fred A. Trapassi Jr., AdCare Rhode Island’s CEO, said the organization’s outlook for 2022 is “very good,” with AdCare adding 21 beds to help more people in need.

“Once the 21 beds come online and we go to 80 beds, I think there will be no shortage of people in need of our service, and we look forward to serv ing all of them,” Trapassi said.

AdCare Rhode Island provides detox and residential services for addiction at outpatient facilities in Smithfield, South Kingstown and Warwick. Trapassi said the expan sion will help to address the growing fentanyl epidemic. AdCare, Trapassi says, is the only residential treatment facility in Rhode Island that will start patients on medication-assisted therapies.

“The need is not only in our com munity, and not only in our state, but across the country. It is unlike anything we have ever seen,” Trapassi said. “We believe strongly that everyone may not be ready to be clean and sober. We believe that the assisted therapies are very good for the right person, at the right time

in their life.”

The chances that individuals being treated by AdCare will get on the road to recovery is high. AdCare has an 82% success rate for individuals who want to be put on a medica tion-assisted treatment or those who may be on methadone and want to de tox and get onto suboxone or vivitrol.

AdCare expanded its telehealth initiative during the COVID-19 pan demic and it has plans to increase its outpatient services and add a hybrid health services model.

“Telehealth really helped us,” AdCare Rhode Island Chief Operat ing Officer Sarah Horgan said. “It allowed people to maintain treatment that they otherwise would not have been able to get. But now that we have seen COVID dying down, we are seeing that people want to get back to more of their reality. Adding hybrid models and adding 20 additional beds will be helpful.”

AdCare offers an intensive outpa tient program and individual treat ment via telehealth so patients do not have to come into the facility. Horgan says the organization has seen an improvement in offering services to individuals. As a result, it has helped AdCare grow because patients can be at home after work and schedule their appointments via Zoom, Horgan said.

At the height of the pandemic, AdCare saw an increase in people who needed its services. Horgan said people were working from home and experienced isolation. She said AdCare saw more addiction cases and others who needed services.

“Our employees maintained our mission to provide that care, and they did a really good job,” Horgan said.

AdCare also saw a substantial in crease in alcohol use during the pan demic, particularly among younger individuals. There was also an uptick in anxiety and depression during the health crisis.

Since becoming part of Ameri can Addiction Centers, AdCare has enhanced its website, multimedia marketing and business development. Trapassi says AdCare is working to get the word out to the people in the community of what the organization is and does, some of the improve ments AdCare has made within the organization and the amenities offered to patients.

“We have done a very good job in getting the word out,” Trapassi said.

Trapassi also said that AdCare sus tained growth during the pandemic due in large part to employee dedica tion. He says AdCare’s team loves the work they do and they love the people AdCare works with.

“It’s a lot of hard work; this isn’t an easy job for a lot of people, but it is a labor of love,” Trapassi said. “We are committed to the people that we serve. We are all Rhode Islanders; we all live here, we work here, we raise families here.” n

‘We are committed to the people that we serve.’

FRED A. TRAPASSI JR., AdCare Rhode Island Inc. CEO

HEALTHY CONVERSATION: From left, Dr. Michael Coburn, medical director; Chief Operating Officer Sarah Horgan; Fred A. Trapassi Jr., CEO; and Courtney Stafford, director, clinical process improvement, at AdCare Rhode Island Inc. meet at the organization’s North Kingstown office. PBN PHOTO/TRACY JENKINS

BY ISABELLA DELEO | Contributing Writer

Strong investments in workforce #2

$5 MILLION TO $25 MILLION

AVAILABLE STAFFING NETWORK LLC CEO (OR EQUIVALENT) Danilo Reyes, founder and president

2021 REVENUE $11 million

2019 REVENUE $7.2 million

REVENUE GROWTH 51.9%

AVAILABLE STAFFING NETWORK LLC founder and President Danilo Reyes seems to have tapped into a winning formula: people and passion.

Founded in 2015, Reyes has led the orga nization through several years of change, including staying open during the early days of the COVID-19 pandemic, as it was classified as an essential business.

The Providence-based staffing company saw impressive revenue growth of 51.9% last year compared with 2019. Reyes attri butes this recent growth to investing in employees, particularly doubling the num ber of recruiters that the firm employs.

The company focuses on job placements in the industrial and manufacturing sectors. Plus, Available Staffing Network began offering a referral bonus program, which Reyes implemented due to the pandemic and plans on continuing in the future for people seeking work through the firm.

When the firm facilitates a candidate’s job placement, Reyes said, “they’re able to feed their families. That is the most rewarding part for me.” n

Still serving a full menu

BY JOHN A. LAHTINEN | Contributing Writer

$5 MILLION TO $25 MILLION

PRANZI CATERING AND EVENTS INC.

CEO (OR EQUIVALENT)

Lisa Mattiello and Nick Mattiello, owners

2021 REVENUE $9.9 million

2019 REVENUE $6.6million

REVENUE GROWTH 49.7%

PRANZI CATERING AND EVENTS INC. has grown over the years, from its humble beginnings in Seekonk in 1997 to being the full-service catering company in Providence boasting 175 employees and a 30,000-square-foot showroom and produc tion space.

But the COVID-19 pandemic impacted Pranzi’s business. From the rising cost of goods, higher fuel prices and ongoing labor shortages, the caterer has had to be both flexible and more mindful of the bottom line.

Such focus, along with treating em ployees and customers with care, enabled Pranzi to grow despite the health crisis, increasing its revenue by 49.7% last year compared with 2019. One factor to Pranzi’s growth was that it offers everything an event needs, from tents to tables to chairs to linens and everything in between.

“We also make things easier for our clients with the rentals, so customers feel ease planning an event with us since we have all the resources they need,” Pranzi co-owner and General Manager Nick Mat tiello said. n

Focused on building education

BY ANTHONY VECCHIONE | Contributing Writer

$5 MILLION TO $25 MILLION

CATALANO CONSTRUCTION INC.

CEO (OR EQUIVALENT)

Jason Catalano, president

2021 REVENUE $12 million

2019 REVENUE $9.5 million

REVENUE GROWTH 26.8%

CATALANO CONSTRUCTION INC. is grow ing its business by doing what it does best: pursuing large site-work packages for primary education facilities.

“We have found success in these proj ects and have shifted our primary focus to these opportunities,” Catalano President Jason Catalano said. “By partnering with repeat general contractor clients, I believe our team is able to refine our processes and interactions, resulting in increased productivity and revenue.”

Although COVID-19 forced schools to transition to remote learning, Catalano’s projects continued without stopping. Catalano explained that projects with new buildings being constructed next to exist ing schools have detailed phasing plans to ensure the safety of students and uninter rupted operation.

Going forward, the Cumberland-based company envisions multiple opportunities for new work, with a continued focus on the educational sector.

“Material and fuel costs are in a state of perpetual fluctuation, but we are continu ing initiatives to reduce energy consump tion and coordinate material purchases,” Catalano said. n

BY NANCY KIRSCH | Contributing Writer

PROVIDING A PORTFOLIO of advanced technology services to a broad array of clients, Warwick-based Brave River Solu tions Inc. achieved 17.1% revenue growth last year compared wtih 2019. President Jim McAssey attributes that growth to an outstanding leadership team.

“We’ve built a strong team that has the ideal skills and experience. They collab orate … to set our course and determine how and where we grow our business,” he said.

Brave River also adopted new cloudbased technologies, which McAssey says have helped automate important proactive tasks so that the company’s information technology clients’ environments are stable, secure and scalable. He also said when Brave River budgeted for 2022, the company believed it could continue to experience very high growth. However, some clients, McAssey said, have become somewhat conservative with spending, given inflation and recession fears.

“We are having a good year; seeing 5% [to] 8% growth,” McAssey said. “To maintain a strong trajectory into 2023, we must continue to attract and retain the best employees.” n

by

2022

1

Adcare Rhode Island Inc. | adcare.com

Fred A. Trapassi Jr., New England region CEO; Sarah Horgan, chief operating officer

2

Available Staffing NetworkLLC | availablestaffingnetwork.com

DaniloReyes

3

Pranzi Catering and EventsInc. | pranzi.com

LisaMattiello, co-owner and president;Nick Mattiello, co-owner and general manager

4

Catalano ConstructionInc. | catalanoconstruction.com

JasonCatalano, president

5

Brave River SolutionsInc. | braveriver.com

JimMcAssey, president;VincentDiPippo, chief technical officer

6

Gurnet Consulting |gurnet.com MartinKing, founder and CEO

7

Westerly Community Credit Union | westerlyccu.com StephenWhite

Address

1950 Tower Hill Road North Kingstown,R.I.02852 (401)294-6160

Revenue

$13.2 mil. $7.7 mil. September 71.4% $5.5 mil.

500 Broad St. Providence,R.I.02907 (401)274-9300

$11 mil. $7.2 mil. December 51.9% $3.8 mil.

Mental health and substance abuse services organization

CLOSER LOOK

Top four companies from 2021:

Adcare Rhode Island Inc.

Professional staffing and recruiting

Gerbs Allergy Friendly Foods 3

10 Rosario Drive Providence,R.I.02909 (401)383-3631

$9.9 mil. $6.6 mil. December 49.7% $3.3 mil.

Catering weddings, corporate events, social private events

Automated Business Solutions Inc.

Available Staffing Network LLC

10 Nate Whipple Highway Cumberland,R.I.02864 (401)658-3999

$12 mil. $9.5 mil. December 26.8% $2.5 mil.

Sitework, excavation and utility contractor specializing in commercial, academic and municipal projects

8 (add)ventures |addventures.com StephenRosa, CEO

875 Centerville Road Warwick,R.I.02886 (401)828-6611

$5.5 mil. $4.7 mil. December 17.1% $805,078 Technology

10 Dorrance St. Providence,R.I.02903 (888)776-3354

$7 mil. $6 mil. December 16.7% $1 mil.

Digital strategy development, execution and management

122 Granite St. Westerly,R.I.02891 (401)596-7000

$17.3 mil. $14.9 mil. December 15.9% $2.4 mil.

20 Risho Ave. East Providence,R.I.02914 (401)453-4748

9

Vertikal6 |vertikal6.com RickNorberg, CEO

10

Automated Business SolutionsInc. | absne.com

MichaelArdry, president

30 Service Ave. Warwick,R.I.02886 (401)825-4400

$17.9 mil. $15.5 mil. December 15.5% $2.4 mil.

Credit union

$8.9 mil. $7.8 mil. December 14% $1.1 mil.

Multidisciplinary brand culture and communications firm

415 Kilvert St. Warwick,R.I.02886 (401)732-3000

$15.9 mil. $14.3 mil. December 11% $1.6 mil.

Comprehensive, strategy-driven managed information technology services

Office equipment sales and service

Finding the right solutions for clients

BY JOHN A. LAHTINEN | Contributing Writer

LATHROP

AGENCY INC.

CEO (OR EQUIVALENT)

John Lathrop, chairman; Dan Lathrop, president; James Kane, vice president

2021 REVENUE $2.3 million

2019 REVENUE $865,011

REVENUE GROWTH 164.2%

BORN FROM THE Great New England Hurricane of 1938, family-owned Lathrop Insurance Agency Inc. in Westerly has been working to design and place the best insurance portfolio to fit its clients’ needs for more than 80 years.

“Insurance is about protecting people from financial loss at a time where they face their biggest obsta cle,” President Dan Lathrop said.

“Whether they have just had a fire, a computer hack or a major recall, when people turn to their insurance company it is in a time of need. See ing people come out on the other side of a claim is the reason we come to work every day.”

Whether there is an issue of insur ance being too expensive or coverage challenges that need to be addressed, Lathrop says the company is devoted to finding the right solutions. Once coverage is in place, Lathrop Insur ance is there to assist in anything, from delivering certificates to help ing track ways to reduce costs.

Lathrop Insurance performed well throughout the COVID-19 pandem ic due in large part to something it has been doing all along – focus ing on caring for its clients and its employees.

“We kept our employees safe through distancing but without sacrificing client service,” Lathrop said. “We invest ed in computer and phone systems that allowed our employees to work re motely without our clients ever feeling like they were working with a remote employee. Every employee that worked from

home did so with a hard phone, dual monitors and a setup as if they were in the office. When clients called, they were not directed to a voicemail nor an ‘out of office’; they had the same ‘Hello, you have reached Lathrop Insurance, how may I help you?’ that we have always provided.”

That recipe for success appears to be working and then some as the com pany saw revenue increase by 164.2% last year compared with 2019.

Over the past two years, Lathrop Insurance has placed a tremendous focus on expanding its offerings to better serve clients. From offering an expanded carrier selection to agent training to enhancing digital sys tems, each of the company’s invest ments has been focused on enhancing service.

“Our innovation comes from our ability to look at a client challenge and use the tools at our disposal to creatively solve the challenge,” Lathrop said. “We have a real estate investment client that bounced from carrier to carrier for years, with challenges arising from working with insurance programs not well-suited to their needs. By utilizing a plat form that was originally designed for banks, we were able to provide a solu tion to the client’s needs that both covered them correctly and made it easier to do business.”

James Kane, partner and vice

president, was quick to echo Lath rop’s sentiments, saying it is the company’s personal service, access to markets and knowledge to anticipate coverage challenges before a claim that really set the provider apart.

“We remain focused on doing what’s best for customers,” Kane said. “For example, cyber insurance has been a huge issue for a few years now. We have partnered with an IT [information technology] security firm to help clients not only be cov ered correctly, but also to make sure they are compliant with everything they need to continue to run their business in the changing world. It feels good to be the people that our clients count on.”

So, what’s in store for 2023? More of the same, if Dan Lathrop has any thing to say about it. In addition to launching new group benefits insur ance services, the company has made several new hires and is introducing a new app that will enable custom ers to track all of their policies from anywhere.

“Lathrop Insurance cares about our employees and our customers,” Lathrop said. “While that is an easy thing to say, we build that philoso phy into everything we do. When we recommend a personal insurance package, our agents are trained to recommend the plan that they would purchase if they were put in the same situation as the client. When there are challenges, we strive to provide solutions as if those challenges were our own, and we always recommend what is right for the client.”

‘Seeing people come out on the other side of a claim is the reason we come to work every day.’

DAN LATHROP, Lathrop Insurance Agency Inc. president

ROUNDTABLE DISCUSSION: Pictured from left are Lathrop Insurance Agency Inc. account executives Pam Gersbeck and Elena Ivanez-Vilaplana; Vice Presidents David Anderson and James Kane; President Dan Lathrop; and commercial account executive Gina Arnold at the company’s Westerly office. PBN PHOTO/RUPERT WHITELEY

Scaling COVID-19 hurdles

BY NANCY KIRSCH | Contributing Writer

$250,000 TO $5 MILLION

INTEGRATED MEDIA GROUP

CEO (OR EQUIVALENT) Gil Lantini and Ralph Coppolino, founders

2021 REVENUE $2.8 million

2019 REVENUE $1.3 million

REVENUE GROWTH 107.5%

NIMBLY PIVOTING TO ADDRESS COVID-19 pandemic-related challenges helped Cranston-based Integrated Media Group experience 107.5% revenue growth last year compared with 2019.

“Going from full in-office employment to fully remote with no systems for remote work was quite an undertaking … we adjusted quickly to establish new proce dures,” IMG co-founder Gil Lantini said.

IMG, a digital marketing agency, also doubled down on some business lines. Lantini says the agency’s SalesForce con sulting practice exploded, with businesses recognizing that they had to adapt their technology.

While IMG’s digital marketing busi ness initially took a significant hit due to the pandemic, it is currently 200% higher than where it was pre-pandemic and 300% higher than where it was at its lowest point, Lantini said.

With a consistently expanding staff –and no key personnel leaving – Lantini predicts IMG will close out 2022 with 70% greater revenue than last year.

“[Employee] retention has been the best it’s ever been for us when most businesses were facing the opposite,” Lantini said. n

Filling vacancies a high priority

BY KIMBERLEY EDGAR | Contributing Writer

RECRUITING QUALITY CANDIDATES can be risky business, even in the best of times.

But when COVID-19 flattened the global economy – and many companies’ profits in 2020 – O’Neill Consulting Group Inc. kept clients front and center.

“We ran into the burning building while others were departing,” said Kevin O’Neill, managing partner of the South Kingstown-based firm he founded in 2004. “It was more about getting back to the basics.”

That meant traveling when no one else was, meeting clients face to face to discuss talent-search needs for seniorand mid-level management roles in various sectors, including private equity and front-line producers such as those in the consumer goods and health care industries.

As markets recover, so are revenues. Last year, O’Neill Consulting generated $4.5 million in revenue. Growing con fidence is renewing interest in filling vacancies that have been dormant since the pandemic hiring freezes, as well as creating new roles to meet emerging post-pandemic needs. n

BY KIMBERLEY EDGAR | Contributing Writer

On fast track to success #3

$250,000 TO $5 MILLION

THOMPSON INSURANCE GROUP

CEO (OR EQUIVALENT) Kenneth Thompson, president and principal

2021 REVENUE $3.5 million

2019 REVENUE $1.9 million

REVENUE GROWTH 81.3%

NETWORKING, CUSTOMER REFERRALS and charitable contributions helped East Providence-based insurance agency Thompson Insurance Group raise aware ness and almost double its profits last year compared with 2019.

“These three [years] combined account for 65-68% new-business growth,” agency President and Principal Kenneth Thomp son said.

Thompson Insurance’s revenue grew 81.3% last year compared with 2019. It’s tracking to surpass 2021’s numbers by at least 19% by the end of the year.

Since buying his first agency in 2007, Thompson has steadily added five more agencies, with an additional agency pending for 2023. He also consolidated two offices in Woonsocket into one.

In 2020, the agency remained open, helping auto, home and commercial clients and new customers who couldn’t reach their agents when COVID-19 shut tered other businesses.

“We were up and running and ful ly functional without missing a beat,” Thompson said. “They’d say, ‘I love that you’re open. I can’t reach my own agent. Here’s what I have going on. Can you help me?’ ” n

Remaining cybersecure

BY KIMBERLEY EDGAR | Contributing Writer

WHILE ONE BOSS was traveling, a hacker hijacked the company chief’s email and directed company accountants to wire six figures to a fake company.

It’s a true story that North Smith field-based IT Support RI hears all too often when southern New England’s small and midsize businesses come calling after suffering staggering losses due to a lack of cybersecurity.

As more businesses wise up to phishers and cyberscammers, they are hiring IT Support RI to build, maintain and monitor firewalls to prevent cyberattacks.

Revenue grew by 43.3% to $4.1 million last year compared with $2.8 million in 2019, with projections to reach $4.7 million this year.

IT Support RI emphasizes cybersecuri ty in its package of services: email mainte nance, everyday help desk and voice-over internet protocol phones.

During the COVID-19 pandemic, the company made house calls setting up hardware, installing software and tran sitioning to cloud systems for hybrid and remote work.

“We did whatever we could to help our clients succeed,” Sales Manager Tony Folco said. “We do it all for them.” n

2022

1

Lathrop Insurance AgencyInc. |lathropinsurance.com JohnLathrop, chairman;DanLathrop, president;JamesKane, vice president

2

Integrated Media Group | growwithimg.com GilLantiniandRalphCoppolino, founders

33 Crestview Drive Westerly,R.I.02891 (401)596-2525

1145 Reservoir Ave., Suite 300 Cranston,R.I.02896 (401)300-9921

3

Thompson Insurance Group | thompsoninsurancegroup.net Kenneth Thompson, president and principal

4

O'Neill Consulting Group Inc. | oneillconsulting.com Kevin O'Neill, founder and managing partner

2761 Pawtucket Ave. East Providence,R.I.02914 (401)434-7203

10 High St. South Kingstown,R.I.02879 (401)284-1700

5

IT SupportRI |itsupportri.com NickBernfeld and;PaulRiendeau, CEOs

6

E2SOLLLC |e2sol.com AnthonyBaro, managing principal

7

Secure Future Tech Solutions | securefuturetech.com Eric M.Shorr, CEO;Lisa A.Shorr, vice president

70 Woodland Road North Smithfield,R.I.02896 (401)522-5200

10 Dorrance St., Suite 700 Providence,R.I.02903 (401)489-2273

475 Kilvert St., Suite 110 Warwick,R.I.02886 (401)921-2607

8

Bryant AssociatesInc. | bryant-engrs.com

Jeffrey C.Bryant, CEO

9

10

East Coast Technology Group | ectne.com

Steven J.Gietz, founder and president

640 George Washington Highway Lincoln,R.I.02865 (401)722-7660

$2.3 mil. $865,011 January 164.2% $1.4 mil. Insurance agency

$2.8 mil. $1.3 mil. December 107.5% $1.4 mil.

Digital marketing agency and software implementation

$3.5 mil. $1.9 mil. December 81.3% $1.6 mil. Insurance agency

$4.5 mil. $2.6 mil. December 74.4% $1.9 mil.

$4.1 mil. $2.8 mil. December 43.3% $1.2 mil.

Search firm and talent solutions consultancy

cals

11

A4 ArchitectureInc. | a4arch.com RossCann, president and managing director

1300 Highland Corporate Drive Cumberland,R.I.02864 (401)464-9005

320 Thames St. Newport,R.I.02840 (401)849-5100

Joe Casali EngineeringInc. | joecasali.com JosephCasali, president

12

Woodmansee InsuranceInc. | woodmanseeins.com

RalphWoodmansee, president, personal lines

300 Post Road Warwick,R.I.02888 (401)944-1300

1122 Main St. Richmond,R.I.02898 (401)539-7000

13

The TNS Group |thetnsgroup.com AmiSoifer, CEO

17 Arsene Way Fairhaven,Mass.02719 (508)992-2541

$2 mil. $1.5 mil. December 33.3% $500,000

Information technology services

Renewable energy design and build developments, electric transportation infrastructure design and build

$4.1 mil. $3.2 mil. December 28.1% $900,000 Information technology and cybersecurity services

$1.7 mil. $1.6 mil. December 11.7% $182,545

$1.9 mil. $1.7 mil. December 10.5% $180,000

Consulting engineers

Personalized business managed information technology services, cybersecurity preventive, firewall installation, computer support services

$320,000 $300,000 6.7% $20,000 Architecture

$1.8 mil. $1.7 mil. December 5.9% $100,000

Civil/site engineering

$1.5 mil. $1.4 mil. December 5.3% $75,000 Insurance agency

$303,839 $300,896 December 1% $2,942

Managed information technology services provider

Gilbane Inc. includes AI on the construction site

BY JENNA PELLETIER | Contributing Writer

GILBANE INC., BASED IN PROVIDENCE, has recent ly benefited from extra “brains” and “eyes” at some of its construction sites – but not the human kind.

ARCHITECTURE, CONSTRUCTION & ENGINEERING

Last year, Gilbane began using a fleet of auton omous mobile robots to provide safety monitoring and track progress at job locations. The proprietary artificial intelligence platform – dubbed “Didge” –was developed with Boston-based Nextera Robotics.

“When we began the joint-venture partnership with Nextera, we weren’t exactly sure what we were going to build but we knew we wanted to start push ing the industry forward with the technology being used in the field,” Gilbane Operations Manager Eric Cushman said.

At first, Gilbane put together an in ternal team to help guide development.

Having the robot function autono mously, “without a human dragging it around,” emerged as a main priority, Cushman said.

The robots obtain detailed visual data, allowing Gilbane to provide con struction managers and clients with continuous progress updates remotely. This feature was especially beneficial when the company was dealing with COVID-19 pandemic-related restric tions, Cushman said, and it continues to be useful as precautions have eased.

The robot drives around and collects images using a 360-degree camera, Cushman said. Engineers and managers at the office then pull up those images and do a side-by-side comparison with Gilbane’s building information modeling on the computer

to make sure work has been done accurately.

The Didge fleet currently includes 30 robots, both wheeled and tread versions. Each can drive for up to six hours and can park itself at the nearest base for recharging.

“During the course of a really busy day on a construction site, the robots are taking some of the burden off of our teams so that they can focus on other things,” Cushman said. “It frees them up to solve construction-related problems, as opposed to just project documenting.”

Cushman also said plans are in the works to make the technology available to other companies, both within and outside of the construction industry. n

BY HUGH MINOR | Contributing Writer

ANTHONY BARO, managing principal of Provi dence-based renewable energy design company E2SOL LLC, says power generation is undergoing a transformation similar to the transition from dial phones to smartphones.

Improving travel through solar power ENERGY & THE ENVIRONMENT

E2SOL is is made up of a team of Leadership in Energy and Environmental Design-accredited archi tects and engineers focused on developing energy efficient solutions.

With the company’s most recent innovation, high way medians and rest areas convert solar power into energy that recharges electric vehicles. Through this method, it will increase revenues for states, as well as make travel for those driving electric vehicles much more convenient.

E2SOL says the new product design is under patent pending review.

“The customer base for electrified vehicles continues to grow and we are responding to the demand for better and more accessible services,” Baro said.

Not only will this product deliver more resources to electric vehicle driv ers, it will repurpose existing unused structures. Baro says E2SOL is focused on transforming its dormant highway infrastructure into active power sourc es and revenue-producing assets.

“Electric vehicles are taking over fossil fuel-powered cars. The technol ogy right now is fantastic, especially solar,” Baro said. “People can be pro ducing their own power from the sun.”

Pilot demonstrations of E2SOL’s new product are expected to commence

at the beginning of 2023, with the product slated to hit the market later in the year. Also, the company projects that its revenue will increase by $5 million or more over the next three years, and local employ ment will increase by 15 to 20 people.

E2SOL’s ultimate goal is to electrify the transpor tation sector across the country and help individu als and businesses achieve their renewable energy needs.

When asked about the growth opportunities E2SOL has in front of it, Baro said, “We’re growing faster than the resources that we have. The challenge for us right now is to catch up with all of the demand we have. It’s a good challenge to have.” n

‘The robots are taking some of the burden off of our teams so that they can focus on other things.’

ERIC CUSHMAN, Gilbane Inc. operations manager

‘The customer base for electrified vehicles continues to grow and we are responding to the demand for better and more accessible services.’

ANTHONY BARO, E2SOL LLC managing principal

CHARGED UP: From left, E2SOL LLC electrical design engineer Mashhor Alshrieef, energy market research analyst Brianna Baro, Managing Principal Anthony Baro, head cheerleader Kelli Baro, and marketing analyst Brandon Baro in the company’s Providence office.

PBN PHOTO/TRACY JENKINS

MOBILE PARTNER: From left, Gilbane Inc. Lead Superintendent Chris Pielech, construction intern Nick Shurling and project engineer Lauren Muldoon pose with an autonomous mobile robot. COURTESY GILBANE INC.

BY JENNA PELLETIER | Contributing Writer

BLOUNT FINE FOODS CORP.’S products are sold on a national scale, but the company had to look no fur ther than Warren for the idea behind its new Clam Shack line of seafood soups.

A unique soup du jour at Blount Fine Foods FOOD, BEVERAGE & AGRICULTURE

Inspired by the success of its seafood restaurant on the Warren waterfront and the innovative smallbatch food products produced nearby at the Hope & Main food incubator, the company in 2018 developed a small-batch product that could be sold through local markets: ready-to-serve seafood soups.

“We followed the same path as a small entrepre neur,” CEO and President Todd Blount said. “And we delivered all the soups to local markets our selves.”

Based on the soups’ success in Rhode Island and an increased de mand for prepared foods due to the COVID-19 pandemic, Blount last year went national with the concept. The company has shrunk its standard 4-pound bagged soup product designed for business-to-business usage at hot food bars and restaurants down to a family-friendly 30-ounce size.

The bagged soups, such as New England clam chowder, lobster bisque, shrimp and corn chowder, and sea food gumbo, are packaged for retail in paper cups that look like takeout containers.

“Instead of just using plastic, we wanted this product to look more homemade and also simple,” said Blount, whose family started the busi ness as an oyster harvesting company in 1880. “Now, we can’t directly fill a

paper cup because after a week, it might weaken and then collapse. So, that’s why there’s a bag in there.”

Blount also developed a method to blast-freeze the soups, which opened up additional sales opportuni ties – they can be sold frozen or fresh. The once-lo cal line is currently available at brick-and-mortar retailers throughout the country, as well as through the e-commerce meal company Hello Fresh.

The New England clam chowder is the company’s bestseller. But, to Blount’s surprise, the seafood gumbo soup the company created at the request of Texas-based grocery chain HEB has emerged as the company’s “most-complimented” soup.

“That’s been a little bonus,” he said. n

’S UPCOMING EVENTS

REGISTER NOW OCTOBER 6 | CROWNE PLAZA |

‘We followed the same path as a small entrepreneur, and we delivered all the soups to local markets ourselves.’

TODD BLOUNT, Blount Fine Foods Corp. CEO and president

SOUPED UP: Blount Fine Foods Corp. employees, from left, Amanda Hadad, Nathan Hayden, Marques Irving, William Bigelow, Thomas Gervasi and Robin Leatherwood show off the company’s Clam Shack soup line.

PBN PHOTO/DAVID HANSEN

An open road to smoother operations GOVERNMENT

BY NOEMI ARELLANO-SUMMER | Contributing Writer

DURING THE COVID-19 PANDEMIC, with fewer people traveling on the roads and opting to stay home, the R.I. Turnpike and Bridge Authority used the opportunity to convert to an all-electronic tolling system. The real kicker? RITBA began this innova tive project only using its own on-site staff and got remote-only help from its vendor, Kapsch Traffic Com, which was located in Texas at the time.

The quasi-state agency maintains four major and 10 minor bridges along Route 138 through James town, as well as the approaches to Rhode Island’s four major bridges – the Newport Claiborne Pell, Mount Hope, Jamestown Verrazzano and Sakonnet River bridges.

The RITBA team phased each toll collector shift onto the new electronic system fairly slowly, two lanes at a time, taking months to get the entire project done.

“The two outside lanes were our pilot program,” RITBA Executive Director Lori Silveira said, comparing the beginning of the process to per forming surgery on someone with the surgeon giving instructions over the phone from the Lone Star State.

Using human toll collectors meant that cars had to stop and start con stantly to pay tolls going onto the Newport Bridge; now traffic is smooth thanks to the new technology. RITBA is now urging as many people as it can to sign up for a transponder, as it’s a quick and cheap way to pay tolls.

RITBA isn’t quite done with the project, even if the all-electronic toll

Curing toothaches for those in need

BY NANCY KIRSCH | Contributing Writer

HEALTH & WELLNESS

SOME 74 MILLION AMERICANS lack dental insur ance. With that knowledge, First Circle Inc., a wholly owned subsidiary of Delta Dental of Rhode Island, in 2017 developed Chewsi RI, a service connecting patients with dentists, periodontists and oral sur geons, among other services, offering affordable and accessible dental care.

Blaine Carroll, president of First Circle and Chewsi, says those lacking insurance are the pain point in the industry. “They don’t get all the dental care their dentist recommends because they can’t afford it,” Carroll said.

Licensed dentists enrolled with Chewsi provide quality dental services to Chewsi patients who, on average, save 24% on their dental bills. Chewsi, which currently has seven employees, assesses dentists a transaction fee on every service they provide such patients. “We offer a unique solution because we don’t charge patients or dentists a monthly or annual fee,” Carroll said.

Chewsi’s technology allows pa tients to search easily through an app or online for dentists, register with Chewsi via a desktop or mobile app, and approve payments for complet ed services in five different ways. Individuals with Medicaid or private insurance can use Chewsi for services not covered by their insurance, and Chewsi has no waiting periods, limita tions or exclusions.

Jeff Naugus, First Circle vice president of network and business relations, says some patients still may

ing system is in business. The agency is installing a new gantry on the Newport Bridge, and the old toll booths are set to be moved sometime next year.

“Every moment I look out the window and see traffic moving smoothly is rewarding,” Silveira said.

However, COVID-19 forced the agency to think outside the box during the process, RITBA Director of Tolling Katie Coleman said. Some staff got sick during the pandemic, forcing others to work double shifts. There were also supply chain delays that caused disruptions along the way.

“We had to try even if we failed, and we were only able to reach our goals with the staff and the vendor cooperating,” Coleman said. n

have anxiety around dental visits. “[In such instanc es], Chewsi helps move them forward by delivering savings on dental care,” he said.

So, what’s the advantage for dentists – currently in approximately 5,000 locations across 12 states in New England, Florida, the Midwest and Hawaii – to participate in Chewsi? By offering their own in house membership plan, Chewsi dentists can track patients’ annual treatments and services, as well as patients’ reenrollment in Chewsi.

“We pay the dentists within two business days through an electronic funds transfer that goes direct ly into their bank account and we pick up the credit card processing fees,” Carroll said. n

‘Every moment I look out the window and see traffic moving smoothly is rewarding.’

LORI SILVEIRA, R.I. Turnpike and Bridge Authority executive director

CLEAR LANE: The R.I. Turnpike and Bridge Authority implemented new technology to collect bridge tolls more efficiently. Pictured, from left, are R.I. Bridge and Turnpike Authority Director of Tolling Katie Coleman, Chief Financial Officer Jeff Goular, Executive Direc tor Lori Caron Silveira and Director of Engineering Eric Seabury. PBN PHOTO/DAVID HANSEN

‘We offer a unique solution because we don’t charge patients or dentists a monthly or annual fee.’

BLAINE CARROLL, First Circle Inc. and Chewsi RI president

AVAILABLE OPTIONS: From left, First Circle Inc. CEO Joe Perroni and Blaine Carroll, president of First Circle and Chewsi RI, look over a tablet with the company’s new dentist search function.

PBN PHOTO/TRACY JENKINS

BY ISABELLA DELEO | Contributing Writer

Where leaders can turn for help INNOVATIVE COLLABORATION

THE NEWLY FOUNDED Rhode Island CEO Council may only be less than 1 year old, but founder and CEO Robert Fiske draws upon more than a decade of experience creating exclusive consortiums, provid ing a space for some of the top business leaders in the state to learn, grow and talk shop.

Fiske founded the Chief Executives Club of Rhode Island in 2006, which he ran until 2012 before moving to the West Coast. When Fiske moved back to Rhode Island during the COVID-19 pandemic, he turned once again to his experience and interest in cultivat ing a community for top business leaders. Amid the pandemic, Fiske drew from conversations he had with other local CEOs about what they were needing most at that time.

“We’ve been isolated. We need these conversations,” Fiske said. “Every thing is changing. We have the issues of: How do I recruit? How do I retain employees? We’re all dealing with ma jor issues there. How do we deal with office or remote?”

Inspired by these issues, Fiske founded the Rhode Island CEO Council in Cranston, which invites CEOs of large and smaller-scale organizations throughout the state for presenta tions, roundtable discussions and community.

Through the council, local business leaders who are council members have a sanctuary to have candid discussions about a myriad of challenges, such as workforce and supply chain issues brought forth by the pandemic.

Fiske also treasures the sparks of

conversation and inspiration that he says happen at the meetings. “I hear the conversations, I hear the ideas [and watch] how people get enthused, go back to the office, they go, ‘I’m going to solve this prob lem,’ ” he said.

Fiske says the CEOs run the companies that pay everybody’s paychecks, that stimulate the economy, that determine what the employment rate is in the state. But his mission extends beyond just helping CEOs do better work.

“If we can help them improve the way they lead businesses, both economically and culturally, we can change the state and make everybody happier, with a thriving economy in the state,” Fiske said. n

Plastic makes perfect for new products

BY ANTHONY VECCHIONE | Contributing Writer

THE OCEANS OF THE WORLD contain islands of plastics and other garbage. Westerly-based manufac turer U.S. Extruders Inc. is intent on changing that.

MANUFACTURING

U.S. Extruders’ core business is designing and building custom extruders – a type of plastic pro cessing machine – for the medical, automotive and construction industries. Recently, USX secured an innovation voucher award from the R.I. Commerce Corp. to focus on end-of-life fishing nets by trans forming these nets into recycled plastic pellets that could be used for new products.

Gill nets are made of Nylon 6 plastic, while today’s fishing nets are primarily composed of polypropylene and polyethylene plastics. USX estab lished a proof-of-concept processing operation focusing on the recycling of fishing nets.

The company created a project white paper detailing the benefits of recycling and the process required to recycle fishing nets.

In conjunction with the University of Rhode Island Coastal Resources Cen ter at the Graduate School of Ocean ography, the College of Engineering, Commercial Fisheries Research Foun dation, Commercial Fisheries Center of Rhode Island and other partners, USX is moving to extrude plastics found in fishing nets to produce recy cled plastic pellets. These pellets can be used to produce new products.

USX Marketing Manager Eric Adair says the company is aware of the issues surrounding the concerns of plastic recycling, and feels that

environmental, social and governance policies are important to its customers and employees.

“That said, we instituted a fishing net recycling project in an attempt to help create a circular econo my for end-of-life nets that are located in many of our fishing ports or abandoned on the ocean bottom,” Adair said.

Funding from the R.I. Commerce innovation voucher program helped the company make the decision to advance the project, Adair said.

“We are currently collecting old fishing nets and preparing them to be extruded soon after we have our process line assembled and ready to go,” he said. n

‘If we can help [CEOs] improve the way they lead businesses … we can change the state and make everybody happier.’

ROBERT FISKE, Rhode Island CEO Council founder and CEO

‘We instituted a fishing net recycling project in an attempt to help create a circular economy for end-of-life nets.’

ERIC ADAIR, U.S. Extruders Inc. marketing manager

SPARKING CONVERSATION: Rhode Island CEO Council founder and CEO Robert Fiske regularly hears discussions among local business leaders about how to address a myriad of challenges impacting multiple industries.

PBN PHOTO/TRACY JENKINS

NOTHING BUT NET: From left, U.S. Extruders Inc. Plant Manager Wade Lippo and assemblers Lexus Falcone and Dan Brownhead work with fishing net.

PBN PHOTO/RUPERT WHITELEY

BY HUGH MINOR | Contributing Writer

Building an industry by design NONPROFIT

DESIGN AND INNOVATION go hand in hand at DESIGNxRI. The Providence-based nonprofit creates economic development opportunities for Rhode Is land designers, design businesses and for the design sector to grow and thrive.

Executive Director Ellie Brown says the non profit’s goal is to “let the rest of the country and the world know that Rhode Island is the state to go to for design talent and that [local] designers who go to school here decide to stay and become part of our design and creative community.”

By collaborating with a diverse group of partners, including R.I. Commerce Corp. and Rhode Island School of Design, Brown hopes to elevate design by creating a more equitable and thriving environment.

DESIGNxRI’s initiatives include EQUITYxDESIGN, the Design Catalyst Program, Pre-Catalyst Program and the Design Challenge.

Brown says the organization’s pro grams offer something for people at all stages of their careers and work really well as a whole. For example, she said, the EQUITYxDESIGN cohort is for ex perienced designers who want to solve real-life equity issues in their firms.

The Design Catalyst grants help small, local designers launch the next phase of their businesses with capital, confidence and a few more people on their side.

The impact is powerful. Grant recipient James Jones of James Jones Studio says the studio would not be set up for success if he did not receive that financial support.

“A vast new range of possibilities has opened up to us,” Jones said. “We have made connections, acquired necessary tools and expanded the range of services we can offer.”

DESIGNxRI is known for Design Week RI, an annual celebration featuring local designers and entrepreneurs. Events include talks, tours, panel discussions and parties that showcase talent.

Central to the organization’s mission are its efforts to advocate for more diversity, equity and inclusion in the industry so that underrepresented communities feel welcomed and supported.

“We are trying to remove barriers for people who want to learn, be included, build a business in Rhode Island,” Brown said. n

BY HUGH MINOR | Contributing Writer

KEEPING TEAMS CONNECTED on the sales floor is the key behind Newport-based FlorLink Inc. and its SmartHub technology suite.

FlorLink provides a hub to help retailers TECHNOLOGY

The platform collects, connects and routes live data and information so businesses can optimize the customer experience, identify trends and boost profits.

CEO Mark Barnes says the number of smart devices and sensors in the retail space is going to explode over the next five years. FlorLink is well positioned, he says, to take advantage of this prolif eration of internet-connected sensors and devices.

Florlink collects and manages inputs from a vari ety of sources and then maps these inputs to outputs such as two-way radios, smartwatches, tablets, digital displays and email/text notifications. Think of it as gathering all of the information you have on multiple devices, synthesizing it and presenting it in digest form so that front-line staff can easily make deci sions and calculate their next move.

The end goal for retailers is a streamlined workforce that offers exceptional customer experience and also increases sales.

“By aggregating sensor data [such as temperature] and device health from many different sources and making this information accessible in the cloud, users can remotely access reports and analyze data that enables them to improve device uptime and reduce costs,” Barnes said.

Through a range of equipment that includes floor sensors and call buttons,

sales team members are alerted of a customer’s needs in real time via text alerts and two-way radios. Managers at every level can view reports and moni tor activity at any time.

The FlorLink solution has been in development for over six years, with a previous version installed in major chains such as Staples, CVS Pharmacy, Best Buy and Walmart. More recently, support and investments from AT&T and Microsoft Corp. will allow FlorLink to scale into more markets.

“The response has been very positive,” Barnes said. “We’re working on another round of venture funding in order to be able to support the spike in demand forecasted for 2023.” n

‘We are trying to remove barriers for people who want to learn, be included, build a business in Rhode Island.’

ELLIE BROWN, DESIGNxRI executive director

COLLABORATIVE EFFORT: From left, DESIGNxRI Executive Director Ellie Brown, Program and Events Manager Davin Samuels and marketing associate Rue Sakayama at the nonprofit’s Providence office. PBN PHOTO/RUPERT WHITELEY

‘Users can remotely access reports and analyze data that enables them to improve device uptime and reduce costs.’

MARK BARNES, FlorLink Inc. CEO

A PERFECT LINK: FlorLink Inc. CEO Mark Barnes poses with the company’s SmartHub system, a platform that collects, connects and routes live data and information.

PBN PHOTO/DAVID HANSEN

Outboard motor systems quietly making waves

BY NOEMI ARELLANO-SUMMER | Contributing Writer

TECHNOLOGY

BRISTOL-BASED OUTBOARD MOTOR developer Flux Marine Ltd. is aiming to shake up the recreational boating industry by quieting it down. The company’s all-electric outboard motor and battery systems are almost completely silent, and are helping to further reduce pollution from gas and diesel motors.

While a student at Princeton University, Flux Marine CEO Ben Sorkin was passionate about envi ronmental education and used to salvage boats. Over the course of five years, he developed an outboard engine for electric marine use, with the capacity to use high power. “We took apart and redesigned the motor to be efficient,” Public Relations Director Zach Heath said.

Flux Marine’s motors have self-suf ficient cooling systems and don’t require much maintenance. Current ly, the motors are designed for small lakes, and one of the company’s next goals is to focus on extending their range to use during multiday boating trips.

Flux Marine’s debut at last sum mer’s Newport International Boat Show impressed the crowd. “We turned heads being out on the water, and there’s excitement over what we’re building,” Flux Marine Chief Operating Officer Daylin Frantin said.

The company recently finished up its first round of funding, ultimately raising $15.5 million. Flux Marine is opening a new headquarters in Bristol, and is already focusing on manufac turing preorders of the motors and battery systems. Flux Marine also has

its eye on becoming an engine manufacturer for the recreational boating industry nationwide. “It’s a pas sion project; if you’re not truly excited, you’re never going to effortlessly grow your idea into a startup, then grow into a company in the industry,” Frantin said.

Frantin acknowledges that the company’s success hasn’t come without its hardships. Technology has hurdles, he said, adding that the company had some pushback to its innovations.

One bright side of the COVID-19 pandemic is that it brought people out to the water more often. “Boat sales are up and the industry’s growing,” Frantin said. “It’s an exciting time for us.” n

A guiding light through darkness TECHNOLOGY

BY ISABELLA DELEO | Contributing Writer

NVTS NIGHT VISION TECHNOLOGY SOLUTIONS INC. has seen a lot of changes over the past year as the North Kingstown-based organization gears up for the future.

NVTS, which makes thermal camera systems that are often used for U.S. military and commer cial maritime applications, and even whale detec tion, has earned grants such as a 2019-20 Rhode Island State Innovation Grant and a 2022 grant from Veterans Ventures Capital. This year, NVTS has made the switch from an LLC to a C corporation and has moved from Jamestown to Quonset Busi ness Park.

“There’s a sense of pride behind what we do,” NVTS CEO and President Joe Janson said.

Janson, a U.S. Coast Guard veter an, says solving problems is a core motivation for the work that his com pany does. If problems for the custom er can be solved, lives can be saved, he said, whether there are ground forces or with search and rescue.

“If what we produce is able to as sist and save lives or solve a problem, then that excites us,” Janson said. “We’re always looking for something that is also replacing something else out there that is old and antiquated.”

Some of NVTS’ products include driver vision enhancers, which are cameras placed on vehicles to provide drivers with vision for night and day, and the Guardian 4, which allows operators to see clearly in all types of weather out at sea. NVTS’ cameras

can capture images from nearly 25 miles away and can be used for purposes such as search and rescue, surveillance and border patrol. They have a price range of between $25,000 to $400,000.

Janson draws from his own military knowledge and Rhode Island connection in his work.

“Being ex-Coast Guard, being on the ocean here in Rhode Island and having that experience, I’m very in tune with operator issues on a maritime basis,” Janson said. “Since our products are mostly military base, some light commercial, we under stand what’s needed in this space with operation, the motion of the vessels on that and so we’re always looking at ways to improve.” n

‘We turned heads being out on the water, and there’s excitement over what we’re building.’

DAYLIN FRANTIN, Flux Marine Ltd. chief operating officer

QUIET RIDE: Flux Marine Ltd. engineers Milo Ferrazzolo, Attila Delingat, Linden Zlotea and Greg Roche pose with boats and motors in their new Bristol location. PBN PHOTO/DAVID HANSEN

‘If what we produce is able to assist and save lives or solve a problem, then that excites us.’

JOE JANSON, NVTS Night Vision Technology Solutions Inc. CEO and president

A CLEAR PICTURE: Joe Janson, CEO and president of NVTS Night Vision Technology Solutions Inc., views an image produced by a thermal camera at his North Kingstown office.

PBN PHOTO/RUPERT WHITELEY

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