Business Briefs: Philo Smith advises in Utica-Founder deal

Philo Smith advises in Utica-Founder deal

Stamford-based Philo Smith & Co. acted as exclusive agent and financial adviser to Utica Mutual Insurance Co. on its agreement to acquire Founders Insurance Co. of Des Plaines, Ill. Founders has annual written premiums of about $115 million in 47 states and specializes in writing non-standard automobile coverages, liquor liability and general liability coverages, and some other commercial coverages. Philo Smith is a boutique investment bank that specializes in the insurance and financial services industry and provides mergers-and-acquisitions advisory services.

Barton & Cooney adds

2nd Pitney system

New Jersey-based print and mail leader Barton & Cooney has installed a second Pitney Bowes FlowMaster RS Flex Inserting System, Stamford-based mailing systems company Pitney Bowes Inc. said. It is the third major system that Barton & Cooney has acquired from Pitney Bowes in the past three years. Each new system from Pitney Bowes replaced two earlier systems, simplifying business processes at Barton & Cooney and lowering the cost of operations.

Starwood Cap backs Hersha Hospitality

Greenwich-based Starwood Capital Group has purchased a 49.9 percent stake in Philadelphia-based Hersha Hospitality Management, a third-party hotel management company operating more than 70 hotels in Boston, Connecticut, New York, New Jersey, Philadelphia and Washington, D.C. Privately held Hersha Hospitality will use the investment to expand its platform across the United States. Hersha Hospitality provides management services for properties with brand affiliations including Marriott, Hilton, Hyatt, Starwood and InterContinental Hotels Group.

Apta seeks to invest

in food-related ideas

Wilton-based Apta Capital and its executive partner, Doug Rauch, former president of Trader Joe's, are seeking to invest in or acquire specialty retailers, packaged goods companies and service providers. They will consider emerging businesses, as well as non-strategic divisions of larger companies, including natural and organic grocery retailers, healthy lifestyle branded food and beverage products, wellness services, franchised or franchisable restaurant or retail concepts with earnings from $2 million to $15 million. Apta Capital's investors are primarily family offices with $50 million to $1 billion in assets and a long-term investment horizon.

State agency shows support for ad firm

Rocky Hill-based Connecticut Innovations, the state's quasi-public authority responsible for technology investing and innovation development, has made a $500,000 investment in Interactive Mobile @dvertising Inc. of Norwalk. Connecticut Innovations' investment was part of an $800,000 funding round also involving individual investors. Interactive Mobile has developed mobile travel and event guides for visitors to the most popular tourist destinations in the United States.