Dealwatch February 2011

Dealwatch February 2011

  1. A Silicon Valley solar company announced its plans to build a $340 million photovoltaic manufacturing plant in Wilsonville. The company, SoloPower, expects to eventually employ about 500 people and reach a capacity of 300 megawatts. The company is seeking a $20 million tax credit and a loan for another $20 million from the state. There are also local incentives and the possibility of a federal loan guarantee.
  2. OneCalifornia Bank completed the acquisition of ShoreBank Pacific, based in Ilwaco, Wash., with a large presence in Portland, from the Chicago-based ShoreBank Corp. Touted as the nation's first bank focused on sustainability, ShoreBank Pacific had $190 million in assets and 30 employees when the deal was announced. The new entity will have about $300 million in assets.
  3. Gerding Edlen Development Co. transferred the Bellevue Towers to lenders, a consortium led by Morgan Stanley. The Portland real estate developer saw just 118 of the tower's 539 units sell since they were built two years ago with a $275 million loan. The towers, east of Seattle, are the region's biggest condo project ever.
  4. Portland shipbuilder Vigor Industrial announced it will acquire Seattle's Todd Shipyards Corp. in a $130 million cash deal. Todd employs about 800 people. Vigor offered $22.27 a share, a 31% premium over its average share price over the previous three months. The combined company of about 1,800 employees will be the largest marine services company in the Pacific Northwest.
  5. Beaverton Foods bought Pacific Farms, a wasabi grower originally based in Florence, for an undisclosed price. The acquisition makes the 80-year-old family-owned manufacturer of horseradish and specialty mustards the largest processor of wasabi products in the nation.
COREY PAUL