Former Redwire executives land capital for new space technology firm

Star Catcher says it is forming the first space-based energy grid.


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Star Catcher says it is forming the first space-based energy grid.
Star Catcher says it is forming the first space-based energy grid.
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A company formed by two former top executives of Jacksonville-based Redwire Corp. said it received $12.25 million in seed capital for a new space technology firm.

Star Catcher Industries Inc. said it is using the capital to help construct the first space-based energy grid, which would provide power to spacecraft in low Earth orbit (LEO).

Andrew Rush and Michael Snyder, formerly of Redwire, founded Star Catcher with venture capital investor Bryan Lyandvert.

Rush

Rush was CEO and Snyder was chief engineer of Jacksonville-based Made in Space, which offered a process for manufacturing in space.

Made in Space and six other space technology companies were merged in 2020 to form Redwire, which is also headquartered in Jacksonville and went public in September 2021.

Rush became president and chief operating officer of Redwire and Snyder was chief technology officer.

Rush left Redwire in November 2022.

“Power infrastructure is the foundational building block of civilization and industry; our goal is to expand that foundation into LEO and beyond with our in-space power grid and service,” Rush said in a July 24 news release.

“Being able to buy power for your spacecraft whenever and wherever you need it in LEO will expand opportunity and accelerate humanity realizing the potential of the second golden age of space,” he said.

Star Catcher said in the release it is focused on validating its services for customers, beginning with ground demonstrations followed by an on-orbit demonstration next year.

Rush said Star Catcher is headquartered in an office near Philips Highway and Shad Road.

The company has 11 employees, he said.

The $12.25 million capital raise was led by investment firms Initialized Capital and B Capital.

“We’re confident Star Catcher will do for orbital power what SpaceX has done for launch. They’re a proven, veteran commercial space team executing on an audacious vision at high speed,” Initialized Capital Principal Andrew Sather said in the release.

“What they’re building has the potential to transform the economics, capabilities, and even configuration of most everything we put into orbit,” he said.

Cold storage operator launches year’s largest IPO

Lineage Inc., operator of cold storage warehouses including three in Jacksonville, went public with the largest initial public offering of the year in the U.S.

The Novi, Michigan-based company, which operates 482 properties in three continents, sold $4.4 billion in stock in its July 25 IPO.

Lineage’s portfolio includes a 226,000-square-foot facility at 4501 Dignan St.; a 219,000-square-foot building at 5459 Doolittle Road; and a 192,000-square-foot property at 1780 W. Beaver St.

The company acquired the Dignan Street building near West Beaver and Edgewood Avenue as part of a deal in October 2023 to buy eight warehouses from Burris Logistics.

Duval County records show Lineage paid $15.8 million for the property.

Lineage was formed in 2008 and has built up its business with 116 acquisitions in the last 16 years, according to its registration statement filed with the Securities and Exchange Commission.

“We are the world’s largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties,” the registration statement said.

“Our purpose is to transform the global food supply chain to eliminate waste and help feed the world,” it said.

“It is estimated that approximately one-third of the food produced globally is lost or wasted and 12% is lost due to a lack of refrigeration. We offer solutions to the complexities of the cold chain—the vital network linking food from farm to fork—through our strategically located and scaled network of temperature-controlled warehouses and our technology-enabled platform.”

Lineage sold 56.9 million shares at $78 each in the IPO, raising $4.4 billion before expenses.

According to CNBC, that was more than twice the size of the previous largest IPO this year, a $1.8 billion stock sale in May by cruise ship operator Viking Holdings Ltd.

Lineage generated revenue of $5.3 billion in the 12 months ended March 31 and has more than 26,000 employees.

The company was formed by two former Morgan Stanley investment bankers, Adam Forste and Kevin Marchetti, who still control about three-quarters of the company’s stock after the IPO.

In a letter to shareholders by the co-founders, they said Lineage has raised a lot of capital from private investors and was under no pressure to go public.

“However, we strongly believe the public market is the best way to deliver growth at scale by providing us with the advantages of a liquid currency and direct access to a lower cost of capital to further fuel our growth flywheel,” they said.

Lineage trades on Nasdaq under the ticker symbol “LINE.”

Lower home sales hit St. Joe earnings

The St. Joe Co. reported July 24 that its revenue and earnings fell in the second quarter, due to fewer home sales than last year.

In a news release, CEO Jorge Gonzalez said home sales were lower this year because of an “extraordinarily high number of homesites” sold in the second quarter of 2023.

Total revenue fell 13% to $111.6 million and earnings fell 29% to $24.5 million, or 42 cents a share.

Panama City Beach-based St. Joe develops residential, hospitality and commercial properties mainly in the Florida Panhandle.

The company was a Jacksonville-based industrial conglomerate before selling off its other business to focus on development of its large land holdings in West Florida, and it moved its headquarters to the Panhandle in 2010 to be closer to its operations.

St. Joe said revenue from its hospitality properties rose 38% in the quarter and leasing revenue from commercial properties rose 19%, but real estate revenue, mainly from residential sales, dropped by 51%.

The company sold 186 homesites in the quarter, down from 300 in the second quarter of 2023.

“This quarter demonstrates what we have been saying all along, which is that housing demand in our region is solid and our quarter-to-quarter homesite sales and margin results depend more on the timing of completion of development and product mix,” Gonzalez said.

“The biggest driver of housing demand in our region is the net migration that is continuing from a wider range of geographies where individuals and families are looking for a high quality of life, safety, security, natural beauty, and great schools.”

St. Joe also announced its board of directors increased the quarterly cash dividend by 2 cents a share to 14 cents.

Ameris earnings rise 29% in Q2

Ameris Bancorp reported July 25 that second-quarter adjusted earnings rose 29% to $80.8 million, or $1.17 per share.

CEO Palmer Proctor said in a news release earnings were helped by an increased net interest margin and an increase in core deposits.

Total deposits grew 2.1% from the end of the first quarter to $21.4 billion as of June 30.

Earnings were 2 cents higher than the average forecast of analysts, according to Zacks Investment Research.

“Looking ahead, we remain optimistic about the rest of 2024 and beyond, driven by our strong balance sheet, thriving Southeastern markets, and disciplined focus on continuous improvement,” Proctor said.

Ameris is based in Atlanta, after moving its executive offices from Jacksonville to Atlanta in 2019.

Ameris Bank still has 18 branches in the Jacksonville metropolitan area, according to Federal Deposit Insurance Corp. data.

The bank has 164 offices in Florida, Georgia, Alabama, North Carolina and South Carolina.

Birmingham firm buys River Capital Advisors

Birmingham, Alabama-based Waverly Advisors LLC announced July 23 it acquired Jacksonville-based investment advisory firm River Capital Advisors L.C.

River Capital, founded in 1998, was a subsidiary of Jacksonville CPA firm Smoak, Davis & Nixon LLP.

“Joining Waverly means we are now able to utilize a stronger infrastructure and provide even greater resources to our clients,” River Capital President Robert Simon said in a news release.

Waverly has 21 offices and about $12.5 billion in assets under management.

Waverly said the addition of River Capital was its 15th transaction since receiving an equity investment in December 2021 from investment firms Wealth Partners Capital Group and HGGC.

Terms of the River Capital deal were not disclosed.

Cannabis company VidaCann sales jump in first quarter

Jacksonville-based cannabis company VidaCann increased sales in the first quarter, according to an updated financial statement filed by parent company Planet 13 Holdings Inc.

Las Vegas-based Planet 13 completed its acquisition of VidaCann on May 6 for $63.4 million in cash and stock.

In a July 24 SEC filing, Planet 13 reported VidaCann’s first-quarter sales before the acquisition jumped 64% to $12.5 million.

VidaCann had net income of $2.1 million in the quarter, reversing a loss in the first quarter of 2023.

Before acquiring VidaCann, Planet 13 had $22.9 million in first-quarter revenue and a net loss of $5.9 million.

Planet 13 said VidaCann operates cultivation and manufacturing facilities in Jacksonville and a network of cannabis dispensaries in Florida.

Before the acquisition, Planet 13 operated in Nevada, California and Illinois.

“This acquisition marks an important moment for our Company, as we leverage VidaCann’s established footprint and reputation, adding 26 stores to our portfolio to enhance our retail offering in Florida,” Planet 13 co-CEO Bob Groesbeck said in a May news release announcing completion of the acquisition.

 

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