Virginia Businesses in the News


Mergers and Acquisitions

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For the Record is compiled from company releases, business journals and newspaper reports from around the state. If you have an item for these listings: • Mail it to: For the Record Virginia Business Magazine P.O. Box 85333 Richmond, VA 23293 • E-mail it to ForTheRecord@va-business.com • Fax it to (804) 649-6311

Bank of the Commonwealth, a Norfolk-based financial services company, acquired Community Home Mortgage of Virginia, a Richmond financial institution. Community Home Mortgage will operate as a subsidiary of Bank of the Commonwealth. (7/16/04, PRNewswire)

CyMed Inc., a Richmond provider of medical transcription and record management services to the health care industry, bought Pro-Scribe Medical Documentation Solutions, a transcription services company in Chattanooga, Tenn. The purchase makes CyMed the third-largest provider of transcription services in the U.S. (7/14/04, Business Wire)

Affiliated Computer Services of Dallas, a provider of information technology outsourcing services, bought Richmond-based Heritage Information Services Inc. for $23 million, plus contingent payments based on financial performance. Heritage is a clinical management services provider that analyzes usage patterns in medical and prescription drug use for people covered by 14 state Medicaid programs. (7/13/04, Richmond Times-Dispatch)

Southern States Cooperative, a Richmond-based farmers coop, bought out the 50 percent interest Afgway, a Northeast farmers coop, held in Cooperative Milling, a Gettysburg, Pa., feed business. The deal makes Southern States the sole owner of Cooperative, which produces specialty livestock feeds. (7/13/04, Richmond Times-Dispatch) 

Dominion Virginia Power, a Richmond-based utility company, plans to buy two power generating facilities in Virginia: a 310-megawatt, gas-fired plant in Chesapeake from Chickahominy River Energy Corp. and James River Energy Co.; and an 80-megawatt, wood-burning plant in Hurt from Multitrade of Pittsylvania County. Dominion will pay $49 million and assume or pay off $148 million in debt associated with the facilities. (7/7/04, Richmond Times Dispatch)

LandAmerica Financial Group, a provider of real estate transaction services headquartered in Richmond, agreed to purchase a Burbank, Calif., provider of home warranty contracts throughout the western U.S. The company is known as Buyers Home Warranty Co.  in California and Best Home Warranty Co. elsewhere. (7/7/04, PRNewswire)

InterImage, a custom software company headquartered in Arlington, bought Canal Bridge Consulting, a management consulting firm in Bethesda, Md. The acquisition enables InterImage to fully support technology changes by their customers. (7/1/2004, PRNewswire)

YDI Wireless, a Falls Church supplier of broadband wireless solutions, acquired Ricochet, a wireless Internet service provider based in Denver. The cost of the deal was $3 million in cash, 42,105 shares of YDI common stock, and an unsecured note for $300,000 payable over three years. (6/30/2004, Business Wire)

Goodman & Company, a Norfolk-based accounting firm and one of the largest in Virginia, merged with Crutchley, Marginot & Tosi (CM&T), a regional Springfield CPA firm. CM&T will relocate to Goodman's Tysons Corner office where the combined office will operate with a staff of 100. (6/30/2004, Press release)

Comsat International Inc., a McLean-based provider of telecommunications services in Latin America, acquired Convergence Communications, a Florida-based company whose subsidiary operations GBNet Corp. and Convergence Communications S.A. de C.V. provide broadband access, and data services in Central America, the Dominican Republic and Mexico. The acquisition enhances Comsat's position to provide services throughout Latin America. (6/29/2004, Business Wire)

Command Technologies, an information technology firm in Warrenton that focuses on the defense and security sectors, was bought by MTC Technologies of Dayton, Ohio, a provider of systems engineering and technical services to the federal government. (6/29/2004, PRNewswire)