
CounterpointeSRE Adds Industry Veteran Huxley Somerville to Build Asset Management Team
Somerville spent 28 years at Fitch Ratings, most recently as head of North American CMBS where he grew an analyst pool of twenty at the end of the global financial crisis to a group of over seventy, all the while establishing Fitch as the leader in CMBS ratings. His tenure at Fitch also included heading Fitch's EMEA structured finance team in London and its AsiaPac structured finance team in Sydney, as well as co-heading REIT ratings, leading North American RMBS, and managing corporate communications. At CounterpointeSRE, Huxley will lead a team to oversee and manage assets including C-PACE, bridge loans and energy project financings.
'Huxley Somerville brings to CounterpointeSRE a wealth of experience and real estate knowledge in order to continue our growth as an established sustainable investment firm,' said Eric Alini CEO & Founder of CounterpointeSRE. 'We look forward to his leadership as we expand our business.'
Since 2013, CounterpointeSRE has been instrumental in the foundations of the C-PACE industry and has grown to include green mortgages and energy project finance. Somerville's appointment will accelerate CounterpointeSRE's impact as a versatile and experienced sustainable real estate and energy finance partner.
About CounterpointeSRE
CounterpointeSRE operates at the intersection of commercial real estate and energy industries providing bridge mortgage, C-PACE and other energy financial products. As a portfolio company of MassMutual, our focus is to provide one-stop sustainable finance solutions to our commercial real estate owners/operators.
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Business Wire
4 minutes ago
- Business Wire
Ferguson closes the fiscal year with nine acquisitions
NEWPORT NEWS, Va.--(BUSINESS WIRE)-- Ferguson Enterprises Inc. (NYSE: FERG; LSE: FERG) announces the closing of four acquisitions during its fourth quarter: HPS Specialties, LLC, Ritchie Environmental Solutions, LLC, Manufactured Duct & Supply Company and Water Resources, Inc. The company closed on nine acquisitions last fiscal year, which ended July 31, 2025, with aggregate annualized revenues of approximately $300 million. HPS Specialties, LLC HPS Specialties is a manufacturer's representative of HVAC, plumbing and hydronic supplies serving commercial mechanical and industrial engineering professionals. The acquisition closed on June 16 and gives Ferguson entry into the mechanical room design and specification business in the Northeast and Mid-Atlantic. Ritchie Environmental Solutions, LLC Ritchie Environmental is a process equipment manufacturer's representative serving the water and wastewater treatment market in Virginia. The acquisition of Ritchie Environmental, which closed on June 24, is expected to strengthen Ferguson's expertise in water and wastewater system design and enhance its ability to collaborate on process equipment solutions. Manufactured Duct & Supply Company MDS is an HVAC supplies and parts distributor with duct board fabrication capabilities serving residential and light commercial contractors throughout metro Atlanta and the Southeast. The acquisition closed on July 21 and will strengthen Ferguson's HVAC footprint and customer relationships in the Atlanta market, further driving our ability to serve the dual-trade professional. Water Resources, Inc. Water Resources is the exclusive distributor of Neptune Technology Group products and water meters in the greater Chicago metro area. The acquisition, which closed on July 28, expands Ferguson's Neptune distribution rights and will enhance our ability to drive product specification in a key municipal market. 'We invest in acquisitions with talented associates, unique product offerings, and established customer and manufacturer relationships that strengthen our ability to serve the water and air specialized professional,' said Ferguson CEO Kevin Murphy. 'Our acquisitions this fiscal year spanned across six customer groups, strategically supporting our balanced business mix, and the pipeline remains healthy as we move into the next fiscal year.' Ferguson maintains a strong record of successful geographic and capability bolt-on acquisitions, completing approximately 50 in the last five years. The large, fragmented markets in which Ferguson operates comprise 10,000+ small to medium ($10-300 million revenue) independent companies across the company's $340B residential and non-residential North American construction market. About Ferguson Ferguson Enterprises Inc. (NYSE: FERG; LSE: FERG) is the largest value-added distributor serving the specialized professional in our $340B residential and non-residential North American construction market. We help make our customers' complex projects simple, successful and sustainable by providing expertise and a wide range of products and services from plumbing, HVAC, appliances, and lighting to PVF, water and wastewater solutions, and more. Headquartered in Newport News, Va., Ferguson has sales of $29.6 billion (FY'24) and approximately 35,000 associates in nearly 1,800 locations. For more information, please visit Cautionary Note on Forward-Looking Statements Certain information in this announcement is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and speak only as of the date on which they are made. Forward-looking statements can be identified by the use of forward-looking terminology such as 'will,' 'believe,' 'expect' or other variations or comparable terminology and include, without limitation, statements regarding the anticipated benefits of the acquisitions. Forward-looking statements are subject to substantial risks and uncertainties, including, but not limited to, the following: risks related to the ability to realize the anticipated benefits of acquisitions, including the possibility that the anticipated benefits will not be realized within the expected time period; the risk that the businesses will not be integrated successfully; weakness in the economy, market trends, uncertainty and other conditions in the markets in which we operate and the macroeconomic impact of factors beyond our control (including, among others, inflation/deflation, recession, labor and wage pressures, trade restrictions such as tariffs, sanctions and retaliatory countermeasures, interest rates, and geopolitical conditions); failure to rapidly identify or effectively respond to direct and/or end customers' wants, expectations or trends, including costs and potential problems associated with new or upgraded information technology systems or our ability to timely deploy new omni-channel capabilities; decreased demand for our products as a result of operating in highly competitive industries and the impact of declines in the residential and non-residential markets and our ability to effectively manage inventory as a result; changes in competition, including as a result of market consolidation, new entrants, vertical integration or competitors responding more quickly to emerging technologies (such as generative artificial intelligence); unsuccessful execution of our operational strategies; fluctuations in product prices in product prices/costs (e.g., including as a result of the use of commodity-priced materials, inflation/deflation and/or trade restrictions) and foreign currency; and other risks and uncertainties set forth under the heading 'Risk Factors' in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed with the Securities and Exchange Commission ('SEC') on September 25, 2024 and in other filings we make with the SEC in the future. Forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with our legal or regulatory obligations, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Investor Inquiries Brian Lantz Vice President, IR and Communications +1 224 285 2410 Pete Kennedy Director, Investor Relations +1 757 603 0111 Media Inquiries Christine Dwyer Senior Director, Communications and Public Relations +1 757 469 5813


NBC News
35 minutes ago
- NBC News
He needed a graveyard shift at UPS to pay for training. Now he's a U.S. champion sprinter
After winning the 400-meter title at the U.S. track and field championships Saturday in Eugene, Oregon, Jacory Patterson returned to find his phone filled with congratulatory messages. Among the well-wishers were some of Patterson's former co-workers. They had seen him operate under pressure at a fast pace before — at a UPS distribution center in South Carolina. As Patterson, 25, showed in Oregon after cruising one lap in 44.16 seconds to win his first individual national title, his speed is unique. Yet his decision to fund his training via a graveyard shift packing boxes into the back of UPS delivery trucks is rooted in a reality that is common throughout his sport. It's hard to make a living in track and field. 'I can definitely say it's a little tougher being unsponsored for sure, because you have no money,' Patterson said in an interview Sunday. 'Everything is coming out of your pockets. And then, having to balance that with getting into meets, paying for gear, paying for spikes and all the things that go into track? And then having to pay your own bills, too; you know, rent, car bills, gas, groceries, like the whole nine yards.' In many major North American professional sports, a single entity such as the NBA, NFL or MLB collects revenue from media rights, merchandising and other licensing and pays out a share to its athletes under the terms of an agreement that has been collectively bargained with their union. Track and field, however, has no single, premier league, and their athletes also have no union. The combination makes established and aspiring pro runners alike the world's fastest freelancers, whose income is dependent on a piecemeal combination that can include endorsements, appearance fees, prize money and money earned from social media and grants. As Patterson can attest, not all of those revenue streams are guaranteed. At last week's U.S. championships, it was not uncommon to see some of the sport's highest-paid and most-decorated athletes, including champion sprinter Noah Lyles, competing alongside peers scratching out a living. On Sunday, Dylan Beard made the U.S. team that will compete in September's world championships in Tokyo in the 110-meter hurdles. To go to the meet, however, the unsponsored hurdler will need to ask for time off from his day job in the deli of a North Carolina Walmart. Patterson left the University of Florida powerhouse campus in 2023 with a pair of NCAA relay championships but his times were not fast enough to earn an all-important sponsorship contract with a shoe company. Shoe companies provide the bulk of money for track athletes though some, but not all, companies utilize so-called 'reduction clauses' to cut an athlete's earnings if certain performance marks are not met. These contracts are almost never made public. The most lucrative, such as the one Adidas holds with Lyles, and a five-year, $11 million deal signed by former Olympic champion Andre de Grasse with Puma, are the exception, not the rule, and even then would make them firmly middle class by NBA, MLB and NFL standards. The 2024 Olympic Trials presented a breakout opportunity for Patterson to make the case for himself to brands, but he didn't advance out of the first round. It didn't shake his confidence in his potential, but he did question how much it would cost him out of pocket to realize it. So, as the world watched the Paris Olympics, Patterson moved to his hometown of Columbia, South Carolina, and last August began a job at UPS. From 10:45 p.m. until nearly 5 a.m., Patterson stood alongside a conveyer belt, picking up boxes containing everything from couches to refrigerators and loading them into delivery trucks. He could pack up to four trucks in a shift, he said. Patterson did not find the work discouraging, instead persuading himself that while his peers literally slept, he was getting stronger. His mother joked to Patterson that his night shift was like his second workout of the day. That was because, hours earlier, he'd already had a first. After sleeping for three hours following his shift with UPS, Patterson would wake and start training from around 8:30 a.m. until just after lunch. Then, he would fall asleep until the evening, and start the process over. 'I would be on the trucks, late night, loading the boxes and not one time did I think, 'I want to stop this, this is too much,'' Patterson said. 'Not once did I ever let that thought cross my mind. I always knew I was gonna keep going with this, because this, it's in my heart.' 'You've got to just have faith the size of a mustard seed, and just keep the ball rolling,' he added. An injection of new money into the sport was supposed to make earning a living from track easier. Several new competitions announced their intentions to stage new meets in 2025, the most lucrative of which was Grand Slam Track. Fronted by former Olympic champion Michael Johnson, and backed by an announced $30 million in funding, the circuit announced it would host four meets and would not only pay out $3 million in total prize money, but crucially also pay a group who agreed to sign on a contractual, six-figure salary. When Patterson opened his season in April by running 44.27 seconds at a meet in Florida, potential sponsors began to call his agent, he said. It helped him earn a wild-card entry a month later to a Grand Slam Track meet in Florida, where he ran a personal-best 43. Only two men in the world have run faster in the three months since, making Patterson a legitimate threat to win a gold medal at September's world championships in Tokyo. Even better, the race also earned him $50,000 — a career-changing sum in a sport whose longest-established, and highest-profile meet circuit comparatively paid Patterson one-fifth that amount for winning a 400 at one of its meets in late May. Yet months after he earned the money, the $50,000 owed to Patterson by Grand Slam Track still has not been paid, he said, adding he believes the money will arrive in September. Under a funding shortfall, the circuit ended its season after only three meets, and it has yet to pay any athletes for prize money from its first two competitions, in Jamaica and Florida. The company is "recapitalizing," a spokesperson said in a statement, and "is anticipating investor funds to hit our account imminently, and the athletes are our top priority. Once these funds are received on our end, we will work to immediately process them to the athletes." What Patterson's performance at Grand Slam did provide, more immediately, was an overnight spike in attention from potential sponsors. By late May, Patterson quietly put in his two weeks' notice with his UPS manager. On June 5, the day after Patterson announced his long-awaited sponsorship with the sportswear giant Nike, he worked his final day loading boxes. 'Everybody (at UPS) was like, man, go chase that dream,' Patterson said. Part of that dream was realized when he won the U.S. title Saturday while crossing the finish line in a Nike singlet. 'It's not always gonna be easy,' he said. 'If it would, you know, everybody would be U.S. champion.' Patterson said he understands why his time UPS has drawn so much interest. The notion of an athlete needing a second job to fund a first love is largely unheard of in major domestic leagues. Still, he said he wants to be known for more than just what he did at his former workplace. And he will be at September's world championships, should Patterson deliver the goods, once again.
Yahoo
6 hours ago
- Yahoo
Iconic Site of Taylor Swift Music Video and Backdrop for Films, TV Files for Bankruptcy
Iconic Site of Taylor Swift Music Video and Backdrop for Films, TV Files for Bankruptcy originally appeared on Parade. The owners of a historic castle in New York just filed for Chapter 11 bankruptcy. Oheka Castle–located on Long Island's famed Gold Coast–is rich in history, cultural influence and even cameos in some of Hollywood's biggest hits, including Taylor Swift's "Blank Space" music video. But several local reports cite recent court documents filed late last week that show the venue is entering into Chapter 11 bankruptcy. According to local Long Island Business News (LIBN) reporters, the filing comes from an entity of Gary Melius, the owner of Oheka Castle, as a "last-ditch effort to stop a foreclosure sale of the property," which was scheduled to be foreclosed on by its lender this Thursday, Aug. 7, per court documents reviewed by LIBN. Related: Taconic Capital bought the defaulted mortgage note on the castle in 2023, about a decade after Melius had defaulted on the $28 million commercial mortgage-backed securities (CMBS) loan. Taconic reportedly purchased the defaulted mortgage note on the castle for around $25 million, according to real estate sources that spoke with the publication. At the time of the 2023 deal, Melius hinted that filing for Chapter 11 bankruptcy would be part of the plan to fight it and preserve his plans to breathe new life into the property with the development of luxury condos, and it appears to be working as local reporters confirmed this week's scheduled sale of the property to Taconic Capital had been cancelled. Now, the future of the French chateau-style castle built over a century ago by financier and philanthropist Otto Hermann Kahn remains unclear, though both parties appear interested in seeing the proposed condos come to fruition. Attorney Joseph Maniscalco, of LaMonica Herbst & Maniscalco, told LIBN that Melius "will continue to own and operate his iconic venue while concurrently finalizing a multi-year plan to develop luxury condominiums on the property. We intend to work with all parties and the court to successfully emerge from Chapter 11." 'I purchased the property in 1984 when it was an abandoned shell of a building,' Melius wrote separately in the bankruptcy filing reviewed by LIBN. 'Since that time, it has been a labor of love of mine and I have literally put my blood sweat and tears into restoring and improving the property. From the beginning, I created a beautiful destination venue that provides luxurious scenery, quiet appeal, and an actual feel of a castle; it is a premier wedding destination.' A rep for Taconic Capital did not immediately respond to the outlet's request for comment. The landmark has served as the location of many celebrity weddings, including that of Maks Chmerkovskiy and Peta Murgatroyd, Kevin and Danielle Jonas, and Tiffany Panhilason and Adam Schmidt. And when it wasn't hosting massive matrimony ceremonies for the stars, over the years, it became a place for them to flock for whatever reason, with the castle's website holding pages upon pages of A-list guest names, including Dolly Parton, Adam Sandler, Tony Bennett, Lou Reed, Natalie Portman, Patti Lupone, Meryl Streep, Wu-Tang Clan,Heidi Klumand so many more. As for its cameos in Hollywood, fans may recognize it from Citizen Kane (1941), The Great Gatsby Documentary (2000), The Emperor's Club (2002), or What Happens in Vegas (2008). It also made several appearances on the small screen, being featured in FX's The Americans, USA Network's Royal Pains, HBO's Succession, The CW's Gossip Girl, SyFy's Happy and too many other titles to name. And though it may seem like a tale straight out of Hollywood, a real-life horror story unraveled on the 126-room Huntington property in February 2014, when Melius survived an attack from a gun-wielding assailant who shot him in the face. His attacker is still unknown. Next: Iconic Site of Taylor Swift Music Video and Backdrop for Films, TV Files for Bankruptcy first appeared on Parade on Aug 5, 2025 This story was originally reported by Parade on Aug 5, 2025, where it first appeared. Solve the daily Crossword