BUSINESS UPDATES | Penguin City Brewing purchases Republic warehouse
YOUNGSTOWN — Penguin City Brewing Co. has purchased the 32,704-square-foot Republic warehouse at 460 E. Federal St. for $575,000.
The property will be used for the production of Penguin City beers and will feature a taproom/restaurant, event center and rental space.
"There is plenty of room for us to grow," Aspasia Lyras-Bernacki, co-owner of Penguin City Brewing, said in a news release. "The concern we had when looking for a place was getting something too small and having to keep adding on. The Republic warehouse gives us the room to add more tanks as we continue to grow and distribute more."
The $3.7 million renovation will be done in phases. Phase 1 will be the brewery and taproom, with an opening slated for summer 2021. Phase 2 will be a restaurant and event center. The project will be funded through private loans and grant money.
"Having all our production at one location, along with a taproom/restaurant, will allow us to
expand our brand offerings as well as streamline our distribution process," Michael Pontikos, brand manager, said in the release. "We knew this was where we wanted to be, right in the heart of the Mahoning Valley."
Ai-Media expands footprint
with 2 new acquisitions
YOUNGSTOWN — Ai-Media, a global provider of technology-driven live and recorded captioning, transcription and translation services, has agreed to acquire Caption IT and CaptionAccess.
Ai-Media, based in Australia, has an office in Youngstown at 241 W. Federal St.
The acquisitions are expected to be completed Jan. 4, 2021, and will be funded by existing cash reserves.
Ai-Media co-founder and CEO Tony Abrahams said the acquisitions will strongly complement Ai-Media's North American business, which now makes up about half of the company's total services revenue.
Kennsington Golf Club offers
golf certificates for toy donations
CANFIELD — Kennsington Golf Club, 4171 Westford Place, is looking to bring some joy to the lives of children in need this holiday season by donating to Toys for Tots.
Anyone who drops off a toy donation (valued at $10 or more) at the pro shop will receive a certificate for nine holes of golf. Certificates are limited to one per person.
Mina's Foster Closet chosen
as Festival of Trees recipient
NORTH LIMA — Mina's Foster Closet, 11836 South Ave., has been chosen as the recipient of Mercy Health's annual Festival of the Trees fundraiser.
The Festival of the Trees is held at locations across the Mahoning Valley. Every tree has a different theme, featuring prizes and unique designs that were raffled off. The funds raised by this year's event totaled $5,000.
"During a season where the Mahoning Valley faces the tough reality of the COVID-19 pandemic, the community still came together to make sure our foster children are not forgotten," Nicole Tsarnas, president of Mina's Foster Closet, said in a news release. "Mina's Foster Closet would like to thank Mercy Health and their employees for their generous support. We are grateful for their selfless contribution to our foster children and their families."
Jonathan Italiano joins
Burgan Friedkin team
CANFIELD — Burgan Friedkin Commercial Group has added Jonathan Italiano to its commercial real estate team.
"Honestly, the one constant throughout the other jobs I've had since college has always been my love for real estate," Italiano said in a news release. "After speaking with Patrick Burgan, I didn't hesitate to jump at this amazing opportunity. I know I can add value, not only to Burgan Friedkin, but also to our community by helping businesses find a perfect location in the Mahoning Valley."
Italiano was born in Youngstown and lives in Boardman. He graduated from Cardinal Mooney High School and Youngstown State University. After college, he worked for a local technology/software company. Before joining Burgan Friedkin, he worked in sales at Andrew's Cycles and Newport Motor Sales, and he also owned his own used-car dealership.
"It's exciting to meet someone who has a pure love of real estate," Patrick Burgan, co-owner of Burgan Friedkin, said in the release. "Adding someone like Jonathan, who's been working in a variety of industries, while continuing to fuel his passion in real estate, is a tremendous asset for our team. He will gain even more knowledge working closely with Alan Friedkin and, I have no doubt, will have an immediate impact in the Valley's commercial real estate landscape."
TCF Financial to merge
with Huntington Bancshares
COLUMBUS — Huntington Bancshares Inc., the parent company of The Huntington National Bank, and TCF Financial Corp., the parent company of TCF National Bank, will combine in an all-stock merger with a total market value of about $22 billion to create a top 10 U.S. regional bank.
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington, and the combined holding company and bank will operate under the Huntington name and brand after the closing of the transaction.
The headquarters for the commercial bank will be in Detroit, and the headquarters for the holding company and the consumer bank will remain in Columbus.
Gasoline prices down
10 cents in Northeast Ohio
YOUNGSTOWN — The average price for gasoline across Northeast Ohio is 10 cents lower this week at $1.96 per gallon, according to AAA East Central's Gas Price Report.
The average price for unleaded self-service gasoline in the Youngstown area is $1.96 per gallon.
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This story was originally published December 16, 2020 at 4:11 AM with the headline "BUSINESS UPDATES | Penguin City Brewing purchases Republic warehouse."