Florida Trend Exclusive
Floridian of the Year: Brazil
In a year when Florida's economy continued to struggle, the most notable economic players were the Brazilian companies, visitors and entrepreneurs who stepped up their presence in the state — turning 2011 into a watershed year.
In November, local business and community leaders gathered in a sixth-floor meeting room at the Port of Palm Beach to celebrate a new arrival. 
Two Brazilian entrepreneurs had chosen the Riviera Beach port as the base for their new venture, America's Natural Caffeine, a caffeine supplier to manufacturers. It would occupy an unused building, turn out tons of caffeine a month and create 75 jobs paying an average of $62,000, 40% above the county average. All told, the company would invest $25 million, with nary a dollar in government incentive money.
Kelly Smallridge, president and CEO of the local economic development group, the Business Development Board, says she believes it to be the first sizable Brazilian business investment in Palm Beach County... Story continues here.
Related, from New York Times:
» Miami has a hearty Oi (Hello) for free-spending Brazilians
Florida Growth Fund is growing, economic benefits uncertain
A move to put state pension money into Florida tech companies has taken off, with the investment increasing six-fold in size in three years and growing to $500 million, but it's still hard to tell if it had its intended effect: boosting the state's economy, a state review has found. As of October 28, 2011, the Florida Growth Fund had invested $176.5 million in 15 technology and growth companies and 11 private equity funds. Altogether, these investments have had a net internal rate of return of 23% since the fund's inception; the state would have to sell all or part of an investment that has increased in value to realize an actual return. Based on the fund's performance, the prospects for future investment opportunities, and an independent review of the fund manager, the SBA has authorized the investment of an additional $250 million. [Sources: OPPAGA and WCTV]
» Download full report from the Florida Legislature's Office of Program Policy Analysis and Government Accountability (OPPAGA) here.
Related, from Florida Trend
» Florida CEOs answer: Is there funding for innovation now in Florida?
NY Times agrees to sell its Regional Media Group to Halifax Media
The New York Times Company has entered into an agreement to sell its Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses, to Halifax Media Holdings LLC for $143 million in cash. The sale includes five Florida newspapers:
- Sarasota Herald-Tribune in Sarasota, Fla.
- The Ledger in Lakeland, Fla.
- Star-Banner in Ocala, Fla.
- The Gainesville Sun in Gainesville, Fla.
- News Chief in Winter Haven, Fla.
The transaction is expected to close within a few weeks and upon completion of the sale. Halifax Media was founded in 2010 and is headquartered in Daytona Beach, Florida and is the parent company of the Daytona Beach News-Journal. The company's investment group includes Stephens Capital Partners LLC, Jaarsss Media, and Redding Investments. Halifax's strategy is to invest long-term capital in quality companies positioned in strong markets that are closely connected to the community. [Source: New York Times]
Community Bank expands with Tampa bank purchase
Community Bank of Lakewood Ranch's parent company CBM Florida Holding Co. has reached an agreement to acquire the Tampa-based Palm Bank, pending regulatory and shareholder approval. The Palm Bank had been operating under a consent order requiring it to immediately raise capital. The merger meets that obligation while boosting Community Bank's assets to more than $850 million. The merger is expected to close in the first half of 2012. CBM now employs 150 workers through its 30 banking centers. [Source: Bradenton Herald]
Tallahassee firm develops web portal for vehicle information system
A Tallahassee technology company that has learned first hand the power of the Internet is bringing the nation's motor vehicle title information to the consumer's desktop.
Auto Data Direct Inc. developed the web portal for the National Motor Vehicle Title Information System, a Department of Justice project to help gather that information for cars, trucks, buses, motorcycles and RVs, and which now has assembled 87 percent of the country's data from state departments of motor vehicles.
Florida, Alabama, Georgia and 36 other states provide vehicle data to the system. Nine other states and the District of Columbia are in the development phase to begin transmitting their data.
[Source: FSU News]
ALSO AROUND FLORIDA:
› Measure filed in Florida House to curb claims bills
A South Florida Republican has proposed placing new restrictions on claims bills, limiting which lawmakers can file the bills and barring lobbyists from collecting contingency fees for getting the measures passed. Rep. Bill Hager, R-Boca Raton, filed a bill (HB 1113) last week that also would prevent government agencies from taking a legal step known as "assigning" claims instead of paying amounts approved by lawmakers.
› Analysis: Seaport-to-rail connection pivotal in multimillion-dollar projects
Florida ports are also in a race to build new railroad hubs near their docks. Aided by Jacksonville-based Florida East Coast Railway, South Florida ports have the inside track. Florida East Coast Railway is investing $16 million in cash and will borrow another $30 million to help improve railroad service to two South Florida ports it exclusively serves: Miami and Port Everglades in Fort Lauderdale.
› Florida credit unions boom in 2011
As 2011 draws to a close, one clear winner is the credit union.
Florida credit unions are growing at a torrid pace in part because these finanacial groups tend to charge lower fees and score higher on customer satisfaction surveys than commercial banks do.
Credit unions in Florida averaged 12,000 new members in each of the first two quarters and 31,000 in the third quarter. They surpassed 4.5 million members as of Sept. 30, according to the League of Southeastern Credit Unions.
› Perfumania agrees to buy Fort Lauderdale-based Parlux
Perfumania Holdings, the operator of more than 370 perfume shops, agreed to buy manufacturer Parlux Fragrances Inc. in a deal valued at about $170 million to add a direct supply of products. The deal would give Perfumania control over its largest trading partner and the maker of the Mark Ecko, Paris Hilton and Nicole Miller fragrance brands.
Earlier business profile of Parlux, from Florida Trend:
» Smell Test
Overdependent on its Paris Hilton products, Parlux looks for new fragrance lines -- amid a web of complicated business relationships with its customers.
Go to page 2 for more stories ...
› Editorial: Florida can't afford Internet sales tax loophole
Gov. Rick Scott, Senate President Mike Haridopolos and House Speaker Dean Cannon have been all too happy to stand by and let the nation's Internet-only retailers reap huge competitive advantages over Florida merchants, thanks to a giant loophole in sales tax policy.
» Publisher's column from Florida Trend: 'Help Me Help You'
› Analysis: South Florida Poised for Birth of Casino Gambling
When the Florida Legislature returns from its holiday recess, it will consider a bill to allow three Las Vegas-style casino resorts to be built in the southern part of the state. Lobbyists for the gambling industry have swarmed Tallahassee, trying to ensure that the bill passes.
› Business is Booming At South Florida Pawn Shops
Post-holiday shoppers are still making those registers ring but not just in the malls. They're doing it at pawn shops all over South Florida. This season has been the best one yet for some -- and customers are not only looking for bargains on jewelry, they are looking for electronics, gaming systems and much more.