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FCBJ TODAY In the field: Post University adopts Mac Baldrige name for B-school … 2 Editorial: “ridiculous” in the eye of the beholder … 4 A post-crash course in everything you need to know about saving money and setting goals … 7 Better days ahead for retail and hospitality? 8 Gold coastal property: “international stock fund manager of the year” moves HQ to Stamford … 9 Survey: manufacturing rebound won’t happen overnight … 11 Special report: the biggest thing since the PC to hit enterprise computing? … 17 Generating Pinterest in a business … 18
Also …
“There’s a world of hurt out there.” 5
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September 17, 2012 | VOL. 48, No. 38
Panel readies report on business tax BY ALEXANDER SOULE
asoule@westfairinc.com
A
s a task force on business taxes readies for a Sept. 27 meeting to publish its final report and recommendations to Gov. Dannel P. Malloy, panelists continue to wrestle with how to make Connecticut’s tax credits available to a wider pool of businesses and how to eliminate some that are little used but have helped certain companies expand. “We started very much with tax benefits and tax credits,” said Catherine Smith, a task force member who is commissioner of the Connecticut Department of Economic and Community Development. “That led us into places that you might not normally think of as being a part of a task force looking at business taxes.” The governor had input during the final weeks of the process, according to Kevin Sullivan, commissioner of the Connecticut Department of Revenue Services. He said the final document is intended as a general roadmap of ideals to assist lawmakers over the next six years, rather than an exhaustive accounting of immediate and specific changes to the tax code. One specific recommendation is being made with an eye on potentially capturing revenue from entities outside Connecticut that sell here, whether online or through other channels: the panel is recommending that the state require all companies to pay a $120 fee to transact business here. The Panel readies, page 6
Steven Berko and Andrew LaSala stand on the porch of one of the last structures to be finished.
Summerview nearing completion BY JENNIFER BISSELL
jbissell@westfairinc.com After roughly three years of phased construction, Summerview Development Group L.L.C. of Wilton has begun construction on the last 10 buildings of its 63-unit townhouse com-
munity in Norwalk. The development has been well received by the community and supported by city officials. More than 60 community members, including Norwalk Mayor Richard A. Moccia, were Summerview, page 6
PE firm acquires Parfums de Coeur BY PATRICK GALLAGHER
pgallagher@westfairinc.com
Y
ellow Wood Partners L.L.P. on Sept. 5 announced the purchase of Darien-based Parfums de Coeur in an auction, marking the private equity firm’s first major acquisition since establishing a $225 million fund in January. Founded in 2009 with offices in Irvington, N.Y., and Boston, Yellow Wood bought the massmarket fragrance company, whose products
include the brands Body Fantasies, Designer Imposters and BOD Man, from owner Mark Laracy for an undisclosed price. Dana Schmaltz, a Yellow Wood founding partner, said Parfums de Coeur’s growth prospects and strong shelf presence among major retail chains made it an ideal investment, given the private equity firm’s emphasis on the consumer packaged goods industry. “When we see a business that’s growing
Gloomy optimism • 3
PE firm, page 6