Business North Carolina September 2026

WHO MADE THE LIST OF THE 125 BIGGEST N.C. PRIVATE COMPANIES? HOW GENX ROLLS IN RETIREMENT | VANTACA WANTS TO FIX HOA’S | BEN ABRAM’S BIZARRE BIND

SEPTEMBER 2026

DATA DADDY Spencer Baird runs a 3,700-employee, billion-dollar Winston-Salem business that knows what most consumers want — and when.

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SEPTEMBER 2026

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UP FRONT

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POWER LIST INTERVIEW

How Tammy Covington keeps 75,000 furniture buyers coming back to the High Point Market twice a year.

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RURAL ROUTE

The Plant business park near Pittsboro revels in its quirkiness as it connects the roots and robust growth of Chatham County.

COVER STORY

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BY TUCKER MITCHELL

NC TREND

Honeywell believes smaller is better; Vantaca cleans up on HOAs; State’s new community college system leader comes from the bayou; M&F Bancorp merges with an S.C. peer; Cannabis regulations remain sticky as demand soars.

MIND READERS Inmar Intelligence analyzes tons of data to stir up revenue and lower costs for 9,000-plus businesses, aided by stunning advances in AI to anticipate consumer behavior.

96 BRICK + MORTAR Duke University Chapel is a campus centerpiece and a statewide landmark that connects architectural icons, faith, scholarship and community.

26 HIGHER EDUCATION

Apprenticeships and classroom projects with real-world applications help colleges and universities better prepare students for jobs with growthminded companies.

BUSINESS NORTH CAROLINA 2026

48 PRIVATE 125 BY KEVIN ELLIS AND CAROLINE KHALAF

TOP PRIVATE COMPANIES

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Our annual report on North Carolina’s largest closely held businesses; What made Ashe County’s Vannoy Construction attractive to a French conglomerate; Acquisitions, expansions, new leadership and more for a dozen list companies; How the end of federal subsidies for alternative energy projects leveled Pine Gate Renewables.

COVE R PH OT O G R A PH Y BY B E C KY A N D B E RT VA N D E R VE E N

36 NC PORTRAITS: EDUCATION PARTNERS Companies in North Carolina’s fastgrowing economy value partnerships with the N.C. education system to foster community support, create brand awareness and ensure a qualified workforce.

82 COMMUNITY CLOSE-UP: MOORE COUNTY A famed golf-course community diversifies its economy, with growth in healthcare, defense, and manufacturing. Key factors are improved transportation and workforce development programs.

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BY MIKE MACMILLAN

BY VANESSA INFANZON

Ben Abram’s Durham-based American Efficient efforts to promote Green Energy seemed innovative — until regulators alleged fraud and imposed a record fine. Did the Duke University grad do anything wrong?

Generation X, born between 1965 and 1980, is turning retirement into a second act. They seek community purpose, new hobbies and careers, while hoping the money won’t run out.

ENERGY TRADE

NOT READY TO REST

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September2026, Vol. 46, No. 9 (ISSN 0279-4276). Business North Carolina is published monthly by Business North Carolina at 1230 West Morehead Street, Suite 308, Charlotte, NC 28208. Phone: 704-523-6987. All contents copyright © by Old North State Magazines LLC. Subscription rate: 1 year, $30. For change of address, send mailing label and allow six to eight weeks. Periodicals postage paid at Charlotte, NC, and additional offices. POSTMASTER: Send address changes to Business North Carolina, 1230 West Morehead Street, Suite 308, Charlotte, NC 28208 or email circulation@businessnc.com.

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UPFRONT

Ben Kinney VO L U M E 4 6 , N O. 9 PUBLISHER

Ben Kinney

bkinney@businessnc.com EDITOR

David Mildenberg

dmildenberg@businessnc.com MANAGING EDITOR

Kevin Ellis

kellis@businessnc.com UNC Chapel Hill School of Government's Basic Economic Development course.

A Great N.C. Adventure

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aast month, I had a great N.C. adventure. It began with yours truly taking the UUNC Chapel Hill School of Government's Basic Economic Development ccourse. I’m on the North Carolina Economic Development Board and figured that a refresh on a lot of the things covered here at BNC wouldn’t hurt. I figured the course would cover many things that I already know from our coverage and my participation in many economic development panels, events, etc. over the years. Over the course of four days, our class got A LOT of information. We covered finance, marketing, entrepreneurship, workforce, ethics and many other topics. It was also very cool to see some of my old friends teaching some of the courses. I learned a lot and also received reinforcement on what I already knew. My fellow classmates came from a variety of backgrounds, age groups and areas. It made for some stimulating discussions. Shout out to Jonathan Russell and his team who ran a thoughtful, entertaining and important course. I got schooled! After the course was completed, I high-tailed it to Edenton to meet my wife and two adult sons for a few days of fun. We enjoyed some good meals at Waterman's (always a staple) and the family informed me that a great barbecue joint had made the scene. Be sure to check out Old Colony Smokehouse. They line up for it and the restaurant stays open until the food sells out, which is quick! The boys and I also enjoyed a round of golf at Occano in nearby Merry Hill with my brother-in-law. So cool to play some bad golf with people I love surrounded by incredible views of the Albemarle Sound. Our next stop was a trip west to Lake Gaston where my wife’s people have a place. Once again, we had good friends and family enjoying excellent food, fun times on the water, and great music (not counting when I picked up a guitar and sang some pretty awful Bob Seger for the crowd). As we drove to Lake Gaston through Bertie and Northampton counties, I was struck by the amount of farmland, as well as the tiny towns that dot the route. It got me thinking about my course earlier in the week. How do places like these market themselves, pool their limited resources to build community and attract outside investment? I’ll bet a bunch of folks who were in that classroom in Chapel Hill were asking similar questions as they made their way back home.

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ASSOCIATE EDITORS

Ray Gronberg

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Cathy Martin

cmartin@businessnc.com CONTRIBUTING WRITERS

Chris Burritt, Bill Horner III, Vanessa Infanzon, Caroline Khalaf, Mike MacMillan, Tucker Mitchell, Rick Smith and Lori D.R. Wiggins CREATIVE DIRECTOR

Cathy Swaney

cswaney@businessnc.com MARKETING MANAGER

Mercy Clark

mclark@businessnc.com MARKETING COORDINATOR

Jennifer Ware

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Melanie Weaver Lynch, eastern N.C. 919-855-9380 mweaver@businessnc.com ACCOUNT MANAGER

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TAMMY COVINGTON

LIST INTERVIEW

with Nido Qubein

HIGH DESIGN High Point Market Authority CEO Tammy Covington joined High Point University President Nido Qubein in the Power List interview, a partnership for discussions with influential leaders. The interview was edited for clarity.

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hat is the market officially called?

It is the High Point Market. Over the years, we’ve been known as the Southern Furniture Market, the International Home Furnishings Market. But when our buyers come to High Point, they just say they’re coming to High Point Market. And so, that is what we call the showroom.

Give us some numbers. How big is High Point Market, and how many people come?

This is the largest home furnishings trade show in the world. In square footage, its 11.5 million square feet, or 201 football fields in 180 buildings, across 13 blocks of our downtown. We have about 2,000 exhibitors who show products. Some are large, like Ashley Furniture, and some are small.

Tammy Covington has been the CEO of the High Point Market Authority since November 2022 after joining the organization as chief operating officer in January 2002. She leads a staff of 16 that oversees the markets in April and October. The activity generates an estimated $6.7 billion in annual economic impact. Covington is a Martinsville, Virginia, native whose father worked for Bassett Furniture for 36 years. She enjoys connecting with people, building partnerships and mobilizing volunteers. She has a bachelor’s and master’s degree from Longwood University. She previously worked for Big Brothers and Big Sisters of Greater Greensboro and Communities in Schools of High Point.

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But 75,000 people come every April and October to buy home furnishings. It’s essentially a trade show where we’re connecting the buyer and seller. There are 110 countries represented in our attendance, so about 10% of the buyers come from outside the U.S. Who are those 75,000 buyers?

A lot of people don’t realize that if you look at our buyer list, it’s everyone from a small design shop to Wayfair or Amazon. Wayfair sends 150 people to High Point twice a year to buy. It’s (high-end retailers) One Kings Lane, it’s your e-comm, it’s also Rooms To Go and Smith’s Home Furnishings in small-town, USA. It’s everyone across the ecosystem, whether you’re a designer, a retailer, e-commerce, all of those folks come to High Point to buy. We’re also proud of the supporting industries who come here. So if you’re a marketing firm and you’re selling services to the industry or a software company that has a point of sale system, you’re coming to High Point twice a year because you’re a customer. It sounds like the business has replaced some of the retail furniture stores that used to be so common in America.

We are definitely seeing that in that mid-tier retailer. It is the furniture stores that we knew growing up that were your hometown stores that were probably family owned, probably had two or three stores, multi-generational, owned their own real estate. What we’re seeing today is that the second or third generation is not as interested in selling furniture anymore, and their real estate may be worth more than the business. And so we are seeing those being purchased by larger companies or closing their doors. We have replaced some of those with e-commerce and larger retailers, many of those vertically integrated. But we’ve also seen design studios and small designers come to High Point not only for new products and the relationships with manufacturers, but for education and networking, things that are important in the design trade. I’m going to ask the million-dollar question. Why aren’t these showrooms open all year long?

I’m glad you asked that question, because people are usually surprised by the answer.

Some showrooms, about 40 of the 2,000, have a year-round presence. But for many of them, it’s not how their businesses run. If you have a small, temporary showroom here, you’re not going to keep staff here year-round. What has happened in High Point outside of those showrooms is that there is this design economy that is here year-round. One of my board members likens it to Mardi Gras. We can go to New Orleans, pick up some beads and see things that say Mardi Gras, but it’s not Mardi Gras. You need Mardi Gras for the branding of what happens in New Orleans. And we need the excitement of the market twice a year. We need the event to happen that then supports those who do want to be open year-round. It also supports the photography studios, the folks who make the foam, trucking companies and all those creative pieces that support this industry. We love that this creative economy occurs in High Point year-round. It’s just that the show every April and October needs to be the tentpole. How has e-commerce changed the industry? Furniture seems to be one area where technology hasn’t completely replaced the physical experience.

We are very fortunate, as the trade show that supports this industry that furniture is still best experienced. It is not only the touch and feel, but it’s also hearing about the product. We all have a love affair with our home. You want something in your home that means something. And a lot of our designers will come to High Point, and they’ll learn about a product and then go back and tell their customers how that product was made and why it’s best for their home. We’ve seen an evolution in how people shop for furniture, and we expect that to continue. I’ll give you an example. Middle school girls specifically are fascinated by skin care. They know the brands, they know the brand story, they know the sustainability, but they’re still walking into retailers and buying the products. If we can take what we can learn from parallel industries and look at what that means for furniture, we know that the next generation of shopper is still going to care about that story. They’re still going to want to experience that, but they’re going to do their research. Do you know your average American cannot name more than five furniture brands? So our industry is working hard to make sure that the next consumer knows those brands, understands the brand story, but is still using a retailer or a designer to purchase that product. Technology plays a huge role in that. Influencers and designers are not only great at putting a product in a room, but they’re also great storytellers and telling their story in social media. Let’s talk about what NAFTA did to North Carolina and

the exodus of so much furniture manufacturing to China, Vietnam, Mexico and elsewhere. High Point was predicted by some to decline because of those changes and because of e-commerce. Instead, it has grown. What’s your take on the global effect of furniture manufacturing?

High Point became the center of the home furnishings universe because 90% of the hardwoods were found within a 90-mile radius of where we sit. And that made market roots deep in North Carolina. The supply chain was here. When we saw the evolution of that manufacturing going overseas, the reality was that that product still had to be shown. And the majority of the population being east of the Mississippi, it made sense that it still be shown on the East Coast. Because of the heritage, we feel like we were able to hold on to this market. Las Vegas made us get our house in order, but competition can be good.

The High Point Market Authority was incorporated in 2001, staffed in 2002. I was the second staff person hired after Judy Mendenhall, who started this organization. We had work to do to make sure that the buildings that you see and that investment happens here, because regardless of where the furniture is made, it still has to be shown. We were the best in the business at showing home furnishings, and that’s what’s kept us in the game. A lot of the buildings where this furniture is shown are owned by people who don’t live in North Carolina. How does that affect the city and community?

I think it makes us different, in some cases. There is an owner of the building, and then there is a furniture company that leases the property and shows products there. What makes us the same is that there’s still usually a local presence. They’re still folks who are local to our area who are the ones in charge of executing the show and making sure the building is ready.

What exactly does the High Point Market Authority do?

We are the official organizer of the market. We are responsible for two sides of the business, the marketing of the show, setting the dates and reaching out and telling people about High Point and North Carolina; and then the guest experience once they arrive. That includes parking, transportation, concerts, hospitality, security and all of the logistics. We call that the retention side. We also handle registration and are the keeper of the data. We’re reaching out to prospects who aren’t currently coming to market as well as people who have been coming for 50 years. Another big part of my job is fundraising. We’re about a $9 million organization. Roughly half comes from the state of North Carolina, about 30% from the industry through registrations and showroom taxes, and about 20% comes from local dollars, including the city, county, occupancy tax and Visit High Point. So we are a true public-private partnership. What’s the most difficult part of executing the market?

I think the most difficult part is ensuring that everyone is pulling in the same direction.

You’ve got building owners who are not local, furniture companies, buyers and sellers coming here twice a year. No one really stops to think about how all this works together. Our job is to make sure it looks seamless. We love our guests to come here, do business, get out of town without really recognizing how it all happens. It’s sort of like Fred Flintstone’s feet under the car. We need to make sure Fred’s feet continue to paddle. If it rains all week, we’re going to be handing out umbrellas and we’re going to ensure you know how to get from point A to point B without getting wet. It’s all those little pieces that ensure a seamless guest experience. What is the toughest part of your job?

Because this show is a credentialed show and is not open to the public, it is sometimes hard to tell the story. It is sometimes hard for local people to understand how this impacts our daily lives, how we enjoy things 12 months out of the year because this market can give this shot in the arm to our businesses. We don’t want this to become something that happens downtown, but it’s not open to me. And that is the furthest thing that we want people to feel. We want them to feel like it may not be somewhere that you can shop or you can visit, but it’s still a good thing. It’s still a good thing, and that it contributes to our life. ■ S E P T E M B E R A U G U S T

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RURALROUTE

Lyle Estill, far right, business partner Tami Schwerin, and their son, Arlo, all have a hand in The Plant.

Rural Route is a Business North Carolina column authored by veteran journalist Bill Horner III. He focuses on key issues in less populated parts of the state.

REPAIR CULTURE Converting dilapidation into a destination in fast-changing Chatham County

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’ve been there a hundred times, yet I still find myself pondering the same question as uninitiated visitors wending their way down Lorax Lane to The Plant. What exactly is this place? “Just a mix of a brilliant vision,” co-owner Lyle Estill deadpans, “and bumbling around in the dark.” The Plant is quirky, unconventional and even accidental. It’s a 17-acre business park in Pittsboro, a small town fixing to grow big in rural Chatham County. Built at a flower farm-turned-1980s-era metal alloys plant a mile east of Pittsboro’s courthouse square, it thumbs its nose at traditional assumptions about commercial development, but thrives anyway. Most retail spaces prize efficiency, scale and specialization. The ethos I witness at The Plant is whimsical serendipity. Estill’s business partner, Tami Schwerin, describes it as “a blend of Willy Wonka and Dr. Seuss.” “Trespassers,” a sign near the entry says, “are welcome.” The Plant has connective tissue of place-based production. A meadery operates close to a distillery. A coffee roaster, hemp clothing shop, sake bar and an authentic Mexican eatery share the campus with a tree museum, a lawn bowling court and an invasive-species eradication project. The 20-plus businesses include yoga, ax-throwing, hemp products and a place to learn printmaking.

Restorative Economy

A New Collaboration

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“That goes into everything we do,” he says. “Like growing food here.” (There are two working farms on site.) “We’re practicing regenerative ag, so we’re not spraying tons of chemicals or relying on fossil inputs. I think that abundance is really key to what we’re doing — and it’s a shift in consciousness from scarcity, which is so pervasive and insidious. And we need a shift. It’s happening here.” The Plant is rooted in reinvention. In the 1950s, the site was called Sunshine Gardens, a nursery whose chrysanthemums decorated President John F. Kennedy’s inauguration. In the 1980s, it became an aluminum plant, developing alloys for military and aerospace uses. When the Cold War ended, industrial-scale water, sewer and electrical infrastructure was left behind. In 2005, long after that plant’s collapse, entrepreneurs Estill and Schwerin bought the property to create Piedmont Biofuels. Eventually, though, its relatively small scale doomed the project. “I had the horrible idea of making 1 million gallons worth of biodiesel a year,” Estill says. “We lost our shirts — we were about 100 times too small.” After that, Estill and Schwerin gradually reenvisioned the space as a collection of artisans and beverage and food creators. Anchored by Starrlight Mead, a honey winery, and Estill’s Fair Game Beverage Co. (check out his Flying Pepper Vodka), it was, for a time, named “The Chatham Beverage District.” It operated out of a shoebox on the floorboard of Schwerin’s Volkswagen Jetta.

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Much has changed since, including Pittsboro. Chatham County may be home to the spooky Devil’s Tramping Ground, a mysterious clearing in the woods south of Siler City, but some

PHOTO CREDIT: BILL HORNER III

BY BILL HORNER III

The Plant’s 17 acres give rise to an eclectic group of tenants, which contributes to its reputation as a place to unwind.

residents think Satan’s lair is really hidden at Chatham Park. The sprawling 8,500-acre master planned community is expected to add 40,000 residents to Pittsboro’s existing population of 6,000. Detractors (often unfairly, I think) cite Chatham Park as the ruination of the town’s charm and the diminishment of the luscious tree canopy (a fairer assessment) making the area gorgeous. Around Pittsboro, just 20 miles south of Chapel Hill, there’s palpable tension between developers and environmentalists. You’ll find plenty of tie-dye and card-carrying tree huggers at The Plant. While Preston Development, Disney and others pursue billiondollar projects mere yards from The Plant, its team, in a sort of hippie-infected ecumenical spirit, meets quarterly with teams from Chatham Park, the Mosaic mixed-use town center, and town officials. It’s typical of alliances that Estill and Schwerin foster. Developer Kirk Bradley, whose Mosaic project is the gateway to Chatham Park, admires The Plant. “Tammy and Lyle have worked very hard to curate and cultivate that,” Bradley says. “I appreciate what they do and how they help make Pittsboro a better place to live and visit.” Savannah Fox, who assists with events and property management at Chatham Park, describes The Plant as a cornerstone of local culture, describing their relationship as “collaborative, complementary and rooted in a shared commitment to Pittsboro’s unique character.” Pittsboro Commissioner John Bonitz, who’s been one of Chatham Park’s loudest critics, told me The Plant operates in the tradition of the area’s history of ecologically-minded industry and commerce.

“Pittsboro and Chatham County are beautiful, and seeing the bulldozing, the natural response for many people, especially newcomers, is to want to do something positive to counter this destruction,” he says. Bonitz’s contributions included spending two months’ worth of Saturdays this past winter yanking out autumn olive and Chinese privet, invasive bushes that are a threat to town land adjacent to The Plant.

Quirk, But More Rigor As Chatham experiences an identity shift, The Plant is moving into full bloom. Schwerin’s shoebox of receipts and leasing agreements is long gone as she and Estill more fully embrace their roles not just as landlords and business owners, but as architects and custodians of a historical slice of Pittsboro. In recent visits, I’ve seen a more robust lunchtime dynamic with more spaces filled and busy. The calendar of events and festivals, always lively, has multiplied. Most popular are the 19th annual Pepper Fest, on Sept. 19, and the 11th annual Death Faire in November. There’s still a generous dose of quirk, but also more rigor, reflected in the commitment and loyalty of The Plant’s tenants. Still, Estill and Schwerin thoughtfully acknowledge recent setbacks, like the shuttering of The Plant’s main events facility by the county fire marshal, with cheerful optimism. “Every time something goes terribly, something else goes great,” Schwerin says. “It feels now like the stars are aligning.” Estill adds, “We’re like a blind squirrel that found a nut.” Estill jokes that The Plant’s acreage “has been rezoned from heavy industrial to ‘Tami and Lyle’s sandbox.’” The passion project S E P T E M B E R

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RURALROUTE is no longer sustained by hope and improvisation. A silent investor has given them room to think beyond the next repair or next lease. There’s talk about expanding to 40 tenants, collaborating on a 72-acre public park next door, creating an arts district, and, eventually, knitting it together with greenways. A new membership program is gaining steam. An “epic” events center in the works will be welcome: The Plant hosted 16 events during the last 10 days of July alone.

Pittsboro Yoga

A Decompression Zone Yet none of those ambitions sound as important to them as preserving what already exists. As thousands of new homes rise around Pittsboro, including plans for 1,100 townhomes almost directly in front of The Plant, Estill sees his space as a decompression zone. It’s where people who spend their days working in front of computer screens can ride a bike, linger over lunch, hear live music or wander with no agenda. Success isn’t measured by occupancy rates, receipts or a visitor count of about 75,000 annually, but instead by conversations that stretch longer than planned and strangers and newcomers forming friendships. “The best part is that when you go to The Plant, you get to go as yourself — and everyone else does too,” says Candace Hunziker, a town commissioner. “There’s no pretentiousness. It’s welcoming and authentic. It feels organic rather than manufactured, and that’s what keeps people coming back.” Growth and authenticity can coexist, she adds, “protecting the character that attracted people here in the first place.” “You know,” Estill says, “we are redevelopers. I think that’s an important thing in our self-image. Redevelopment is not the same as development, and I would say we’re not done yet.” ■ Bill Horner III is a third-generation newspaper publisher who was an owner and editor of The Sanford Herald and the Chatham News + Record. He and his wife Lee Ann live in Sanford. Reach him at bhorner@businessnc.com.

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TAKING ROOT The village’s vendors value the vibe

Eight years ago, Meadow DeFosche chose The Plant for her husband David Christ’s 50th birthday party – “before,” she said, “it was The Plant we know today.” Christ’s bash utilized local restaurants and custom cocktails from Fair Game Beverage, a craft distillery and Plant mainstay. “We basically took over the whole Plant, and anyone who came that evening by chance ended up being a part of the celebration,” DeFosche says. No one is a stranger at The Plant. That’s one reason that DeFosche launched Pittsboro Yoga there in May after the nearby studio where she’d taught for nine years, Yoga Garden, announced its closing. Pittsboro Yoga, she emphasizes, is rooted in compassion and authenticity — terms other entrepreneurs at The Plant use when describing its atmosphere. “It’s evolved into a really, beautiful thriving community,” DeFosche says. “It doesn’t feel like a handful of businesses operating independently. Rather, it feels like a village working together. There are so many great opportunities to work together and help co-create the amazing energy that surrounds the space.” She and Nora Anaya, whose Tá Contento restaurant serves “Mex Fresh” specialties at The Plant, cite the enthusiasm and vision of coowners Lyle Estill and Tami Schwerin for attracting them as tenants and creating a joyfully diverse experience for visitors. Doors away, Koshu Sake Bar owner Kalim Hasan shrugs off his clinical insomnia. Hasan calls his condition both a blessing and a curse. Sure, he has difficulty sleeping. But he can outwork anyone. That restless energy is leading to a small empire at The Plant. He also owns Chatham Axes, Metal Brix Café, Pittsboro eBikes and Carolina Hemp Tours there. He also juggles part-time jobs in radio in Fayetteville and as a peer support specialist at a recovery center in Sanford. Hasan’s introduction to The Plant came in 2017, when he stopped to pick up a missed order for a business partner. The campus was quiet, but he instantly sensed something different. “I fell in love the first day,” he told me. “It was the energy and the people and being able to learn from others who were starting their businesses as well.” Hasan credits Estill and Schwerin for giving him confidence to grow as a businessman. “They gave me an opportunity when I was trying to define who I was as an entrepreneur,” he says. “For them to give me this level of opportunity speaks volumes about the trust they have.” Back at Pittsboro Yoga, DeFosche notes her classes mirror The Plant’s ethic: Honoring tradition, but making it accessible. “By doing that we can also help build a stronger, more compassionate community,” she says. “It’s a place where you can enjoy a beverage with friends away from home,” Hasan adds, “but still feel like you’re at home.” ■

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NCTREND ››› Manufacturing

PRUNING PROCESS A streamlined Honeywell, led by Vimal Kapur, aims to accelerate its core mission: making factories and buildings hum. By David Mildenberg or much of its history, Honeywell leaders worked hard to diversify their company. Its heritage as a Midwest company that pioneered ways to control temperatures for homes and businesses was followed by decades-long forays into defense, computers and other sectors. The complexity continued after the company was acquired for nearly $15 billion in 1999 by Allied Signal, which made defense equipment and brakes. It concluded Honeywell was a better name for the combined business after the deal was completed. Several years back, however, CEO Vimal Kapur and other Honeywell leaders concluded that the conglomerate concept had gone the way of the dinosaur. Three years into his tenure, Kapur has completed spinoffs of the company’s aerospace and speciality chemicals companies now run by other management teams far from North Carolina. The dealmaking leaves an overall business that is less than half the size of the one that moved from a New York City suburb to Charlotte starting in 2019. It was the most significant Fortune 500 headquarters relocation in the city’s history based on the company’s revenue and global reputation. CEO Darius Adamcyzk called Charlotte “a top-10 destination city in the U.S. that will readily enable us to recruit and retain the world-class talent we will need over the long term.” State and local governments offered about $88 million to attract Honeywell, and the company has exceeded its pledges for jobs, wage levels and capital investment.

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Honeywell now employs about 1,100 people in Charlotte, which is more than the company’s pledge of 615. But the current team doesn’t include Adamczyk, whose six-year tenure as CEO ended in June 2023. Leaders instead opted for Kapur, a 37-year Honeywell veteran, to oversee the company’s dismantling. One possible factor: Honeywell’s shares were essentially flat between 2021-23 after strong gains in the previous two years. Hoping to get things moving again, the company’s specialty chemicals business was spun off last fall, with a headquarters back in New Jersey. The much larger aerospace unit split off in June with a central office in Phoenix, where it employs more than 8,000 people at various manufacturing and research sites. Kapur retained leadership of the company’s historic centerpiece, an industrial technology company that relies on the building, process and manufacturing sectors, racking up annual revenue of $37 billion last year. The mission is to make industrial companies more efficient while earning a lot of money for shareholders and employees. Kapur had total compensation of $20.4 million last year, including stock awards of $10.9 million. The average Honeywell headquarters staffer was earning more than $315,000 annually, according to a state report in January 2025, a number inflated by the executive team’s salaries. SKILL SOLUTIONS “As a more focused company, Honeywell can better understand its customers’ needs,” Kapur said in a July meeting with reporters. “For any industrial company to grow, there’s only one way to do it. You serve your customers better so that

they stay with you and more new customers want to come to you. And then you create more innovation and more new products so that people buy more of your stuff. That’s what we have been doing.” Those new products include a heavy emphasis on automation, which Kapur says is essential because of the worsening battle manufacturers face in attracting workers. Industrial customers tell him that “their number one issue is lack of skilled people.” The replacement for U.S. factory workers is about one new skilled worker for every six or seven retirees, he adds. That forces manufacturers to either automate their processes or buy new equipment that enables lesser-skilled people to do jobs that more highly trained workers previously handled, Kapur says. Honeywell’s autonomous systems help fill that void, just as self-driving cars and drones are handling tasks previously completed by humans. Making those advances requires major investment in artificial intelligence, the CEO adds. Honeywell’s lead independent director Mike Lamach, who was CEO of the Davidson-based Ingersoll Rand industrial company from 2010-20, says Kapur is an extraordinary leader. “He’s the most customer-obsessed CEO I know of,” says Lamach, who has been on Honeywell’s board since late 2023. “It shows up in every conversation.” Kapur joined Honeywell as an account manager in Pune, India, in 1986 after earning a bachelor’s degree at Thapar Institute of Engineering and Technology. He later became managing director of the company’s automation business in India, and has lived in seven cities in three nations. He had been CEO of Honeywell’s building technologies and materials business units before becoming president and chief operating officer in mid-2022.

Asked his impressions of the Queen City, where he’s lived for four years, Kapur notes, “what I like about Charlotte is it’s a small city with all of the capabilities and facilities of a big city. Finding that balance is hard, having lived in Houston and Atlanta. There’s nothing to criticize about them, but clearly Charlotte has its four seasons, the city is safe and it provides a lot of opportunity for growth for our people. And my [commute] is 10 minutes.” Kapur isn’t specific about Honeywell’s growth plans for Charlotte, which he says competes with its key U.S. hubs in Atlanta, Chicago and Houston. “It’s a growth company with great jobs. A short answer is we’re going to grow,” he says. About 40% of the company’s 2025 revenue came from outside the U.S., including 8% from China. That growth will be fueled by a $6.6 billion gain that Honeywell booked in the second quarter after selling about half of its shares in Quantinuum, a Broomfield, Colorado-based quantum computing company that went public in June. Honeywell merged its quantum computing business with Cambridge Quantum to create Quantinuum in 2021. It retains a 47% stake, now valued at more than $7 billion, that will be gradually trimmed over several years, he says. The CEO jokes that quantum computing is one of the three issues that human beings have not solved, and that he doesn’t understand the business despite studying the subject since his college days. (Fusion energy and aging are the other two unresolved issues.) Quantinuum is poised to help figure things out, Kapur says, noting its plans to launch a computer next year that has “computing power equal to [all of] the entire computers on the entire planet.” He adds, “if quantum comes in, we can solve fusion and aging, too.” ■

HONEYWELL’S THREE-WAY SPLIT HONEYWELL AEROSPACE

SOLSTICE ADVANCED MATERIALS

Spinoff date: June 29 Headquarters: Phoenix Profile: Aerospace and defense supplier of propulsion engines, cockpit avionics, satellite communications and other technologies CEO: James Currier Market valuation: $51.8 billion 2025 revenue: $17.4 billion

Spinoff date: Oct. 30, 2025 Headquarters: Morris Plains, New Jersey Profile: Specialty chemicals and advanced materials CEO: David Sewell Market valuation: $9.6 billion 2025 revenue: $3.89 billion

HONEYWELL TECHNOLOGIES

Spinoff date: June 29 Headquarters: Charlotte Profile: Industrial technology business serving building, process and automation markets CEO: Vimal Kapur Market valuation: $72.8 billion 2025 revenue: $37.4 billion

Source: Yahoo Finance and Honeywell

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NCTREND NCTREND››››››Technology

HOA HEALER A Wilmington company aims to smooth property management service issues, with an AI twist.

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ne easy way to start a heated debate around the fire pit is mentioning the local homeowners association. That’s created a business opportunity for Wilmington-based Vantaca, making it one of the state’s most promising tech companies. The business raised $300 million in capital last year, more than any other private N.C. tech business, and making up nearly 10% of the venture capital investments made in the state, according to the Council for Entrepreneurial Development. The fundraising valued Vantaca at more than $1 billion. “That [HOA] reputation problem is real,” CEO Ben Currin says. “Most of the frustration homeowners feel toward their HOA comes down to a few things: slow response times, opaque financial management, inconsistent enforcement and the sense that nobody’s listening.” Vantaca works with 550 management companies representing more than 6.5 million homes. That compares with 1 million homes connected by its software in 2020. It now employs about 275 people, more than half based in Wilmington. While closer monitoring HOAs is a perennial political issue in North Carolina, legislators have failed to agree on necessary changes. “The repeated failures of dozens of bills frustrate homeowners who say they have few options when disputes with their associations spiral,” the Charlotte Observer reported in July. 14

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Part of the frustration is the rising cost of maintenance, labor and supplies, resulting in a 44% increase in median HOA dues last year, Currin says. He noted in a June social media post that 2025 was an inflection point for associations as boards navigate “a much more complex operating environment: rising insurance premiums, higher repair and labor costs, aging infrastructure, and more frequent weather-related expenses.” Vantaca’s software aims to help HOAs improve responsiveness and customer service in multiple ways, with a big lift from AI. One customer says it saved more than 1,400 labor hours over 90 days because of the company’s service, Currin says. Financial statements that used to take nearly a month are produced in about 10 days, he says. “Resident inquiries that sat in an inbox for days are now handled by AI agents in minutes. Payments that require manual processing flow automatically. Violations and work orders move through structured workflows instead of getting lost in email chains. “The result is that homeowners get faster, more consistent, more transparent service,” he says. “The management company stops being the faceless bureaucracy and starts being the team that actually makes the community work.” Vantaca’s industry rivals include Goleta, California-based AppFolio, a publicly traded company with annual revenue of $950 million. It provides different types of software to the real estate industry, including HOAs.

PHOTO CREDIT: LINKEDN AND VANTACA

By Rick Smith

RUNNING TOWARD A FIRE Vantaca has grown throughout its history, though its AIrelated advances in recent years are spurring investor interest and growth. Dave Sweyer launched Vantaca in 2015 after a long career in property management. He is the former owner of Wilmington-based Community Association Management Services, one of the Southeast’s largest HOA management firms. “He and his team were continually frustrated by software limitations [at HOA managers,] Currin says. “[Sweyer’s firm] took the leap as the first community management company to onboard Vantaca, and it was clear that Vantaca had the potential to serve the broader industry.” When Currin left the Navy in 2017, a mutual friend connected the Wilmington native to Sweyer, and they shared a common vision for the company. Sweyer hired the U.S. Naval Academy graduate to oversee operations and strategy. Currin moved up to CEO in 2020 and helped attract an initial $5 million in capital. Ben Currin, CEO, Vantaca To be sure, Vantaca was growing before the AI revolution. It has been part of the Inc. 5000 list of fastest-growing private companies from 2021-26. Revenue grew nearly 400% to an undisclosed level, Inc. reported. Sweyer remains a board member who advises on team development, and strategic planning. Their relationship is essential to understanding Dave Sweyer, founder, Vantaca Vantaca’s development from concept to problem solver, Curin says. Things started popping, in 2024, when it bought Redwood City, California-based company HOAi for an undisclosed amount. HOAi founder Haoyu Zha focused his software around agentic AI, which takes multistep actions with little human oversight. Zha remains part of the Vantaca leadership team. Haoyu Zha, CEO, HOAi “When we saw the potential of agentic AI to transform community management, we didn’t study it from a distance or form a committee. We ran toward it,” says Currin. He compares the company’s action to his training during 10 years of Navy service.

“On a submarine, every single person is trained to run toward the fire. If there’s a fire hundreds of feet underwater, you don’t have the option of waiting for someone else to handle it,” he says. “Your life and every one of your shipmates’ lives depends on everyone moving toward the problem immediately. That instinct carries directly into how I lead Vantaca.” Currin calls agentic AI “our largest and most exciting opportunity yet to deliver real value to community association management companies.” After acquiring HOAi, Vantaca closed the $300 million in funding from Boston-based Cove Hill Partners, lifting the company’s valuation to $1.25 billion. More than 25 other groups had shown interest in investing in the business, WilmingtonBiz reported last year. Cove Hill was formed in 2017 and has raised more than $4.5 billion in three different funds. Vantaca previously had raised money from Baltimore-based JMI Equity, which remains a minority investor. JMI has committed more than $11 billion in capital since its inception in 1992, while also distributing that amount to its investors. “Vantaca represents the rare combination of market leadership, technological innovation, and exceptional execution that we believe defines category-winning companies,” Cove Hill Managing Director Jane Levy Vance said when the deal was announced. “We believe their AI-first approach has sustainable competitive advantages and delivers significant value to customers.” Currin, who is married and has two children, said he’s focused on Vantaca’s growth and not ready to discuss any potential exits. “Right now we’re hyper-focused on building the defining technology company in community association management … we’re going deeper, not broader.”■

GROWTH OF HOAs (1970-2025)

Source: Foundation for Community Association Research

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NCTREND ››› Higher Education

UP FROM THE BAYOU North Carolina’s new community college leader has spent his career in the industry. Monty Sullivan

The system’s success is critical to North Carolina’s future, with a key to that success being “a constant effort to align with industry demands,” Sullivan says. “It is a moving target as the economy continues to change.” He called community colleges a “uniquely American” institution that provides unlimited opportunities for residents to improve their life circumstances. N.C. community colleges enroll about 600,000 students, making it more than four times larger than the Louisiana system. The opportunity to live in Raleigh also prompted his application, Sullivan adds. He and his wife, Kelley, have four adult daughters. While he is scheduled to start on Aug. 24, Sullivan still must be confirmed by state lawmakers. Action is expected this fall. Jeff Cox retired from the president’s job in June after three years in the post. North Carolina lawmakers are providing record funding for the state community college system so Sullivan “comes in with a full tank of gas to implement his vision,” system spokesman Nathan Hardin said. Sullivan has bachelor’s, master’s and doctoral degrees from Louisiana Tech University. ■

M&F BANCORP MERGES WITH BIGGER S.C. BANK Durham’s M&F Bancorp is merging with Optus Financial of Columbia, South Carolina, in a $105 million alliance, creating the biggest U.S. Blackowned bank with $1.27 billion in assets. M&F CEO James Sills will remain in Durham, but the headquarters will be in Columbia and the M&F name will be retired in two years. That’s a nod to M&F CEO James Sills Optus’ larger size, $785 million in assets as of March 31, versus M&F’s $518 million. M&F was formed in Durham in 1907, while Optus dates to 1921 when it was called Victory Savings Bank. “M&F has a longstanding history of empowering individuals, families, and businesses throughout North Carolina and is widely recognized as one of the nation’s oldest and most respected African American-owned financial institutions,” according to a release. “The two organizations are well-positioned to expand economic mobility and community impact.” The bank, once known as Mechanics & Farmers, was led for decades by co-founders John Merrick, a barbershop owner and former slave, and Aaron Moore, Durham’s first Black physician. A closing is expected in the fourth quarter. ■ 16

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PHOTO CREDIT: NC COMMUNITY COLLEGES AND M&F BANCORP

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o lead North Carolina’s 58-campus community college system, officials opted for someone from a state not known for its educational or business prowess. But Monty Sullivan’s leadership of the Louisiana Community and Technical College System between 2014 and 2025 impressed the State Board of Community Colleges search committee because of strong enrollment growth, improved connections with the business community and his ability to work with both Republican and Democratic governors. Sullivan benefited from his tie to Wake Tech President Scott Ralls, who had worked with Sullivan in Virginia earlier in their careers. “There is not a better person in the country to lead North Carolina’s community colleges,” Ralls said when the hiring was announced. “Dr. Monty Sullivan has the passion, experience, vision, character, and proven record to lead our Community College System at the speed of business and innovation,” added Tom Looney, who chairs the N.C. board. Sullivan says other community college systems follow North Carolina’s lead because of its reputation and the state’s economic strength. “I’m committed to reaching every student who wants a better job and every employer who can’t find enough skilled workers,” he says. “I’m grateful to the State Board for its confidence, and we will deliver.”

NCTREND ››› Legislation

LEGAL LIMBO Regulating cannabis-related products continues to be a challenge for state lawmakers. By Ray Gronberg

PHOTO CREDIT: EASTERN BAND OF CHEROKEE INDIANS

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here’s lots of bipartisan agreement that North Carolina’s cannabidiol (CBD) industry needs reform, but little consensus on the details, other than at least approving an age restriction for purchasers. There’s also little doubt that demand for the gummies, beverages, vapes and other CBD products is soaring, across many age levels, creating a $4 billion industry that employs an estimated 16,000 people in the state. That is diverting sales from other industries that make cigarettes, chewing tobacco, beer, wine and spirits. Those groups are no slouches at lobbying, and losing business to a newish rival isn’t their bag. But it’s complicated because some members, particularly in the beverage industry, are seeing fast growth from their own CBD products. Marijuana itself, which is defined as cannabis with more than 0.3% Delta-9 THC, remains banned in the state, except at a store in Cherokee owned by the Eastern Band of Cherokee Indians. State lawmakers had appeared close to approving significant reforms after the Senate passed a bill banning the sale of intoxicating hemp products with more than 0.4 milligrams of THC. The measure also blocked the sale of hemp products, like CBD, or natural kratom consumables to anyone under 21. Supporters included the state’s sheriffs, who emphasized that the hemp industry is targeting youth, who often get hooked on unhealthy products. “Some will say this bill will put stores out of business,” Craven County Sheriff Chip Hughes said in August. “I say if a business depends primarily on selling these dangerous products to our children, then that will indeed be the result.”

But industry leaders lobbied effectively in early August to block the legislation, which they contend would have wiped out their business, rather than just adding sensible regulations. A rally at the legislature included dozens of employees of the Charlotte-based Apotheca company, which closed its 55 stores selling CBD-related products for a day to promote attendance. Those opposing the tighter regulation also include people who use the products to relieve pain and farming interests that benefit from hemp. “I come from an agricultural county, and the very best thing you can do for a former tobacco farmer is allow them to grow hemp,” says House Minority Leader Robert Reives. “Everything they need, they’ve already got. They can retrofit and get it going just like that. And a lot of farmers did that.” Moreover, he says, ““You can’t tell people to start a business and then turn around and shut it down arbitrarily.” House Speaker Destin Hall, R-Caldwell, said the regulatory measure won’t get a vote until after the election in November. House members “want to make sure they’re solving the problem and not making the problem worse, or doing something with unintended consequences,” he says. He’s putting together a group of lawmakers to “figure out the right path forward.” That follows a 24-member Advisory Council on Cannabis formed in June 2025 by Gov. Josh Stein, which continues to meet. Squaring the knot isn’t easy given the varying interests, to be sure. “You’ve got various groups out there now who are in the industry, some legitimate, and some not,” Hall says. “So the question is, you don’t want to go too far and eliminate the folks who are good actors in this.” ■ S E P T E M B E R

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CHARLOTTE

Presbyterian Homes at Charlotte, which operates The Sharon at SouthPark. The group plans 64 independent living units in a five-story building with two levels of underground parking; wellness facilities and other improvements at the continuing care retirement community.

CHARLOTTE Driven Brands’ board rejected as “inadequate” an $18 per share takeover offer from Miami Beach-based ADW Capital Management. The owner of Take 5 Oil Change and Meineke has traded between $9.80 and $19.74 in the past year, and was trading around $14.58 at the time of the offer. Houston-based Hines plans a mixed-use 19-story tower, which will be the tallest in the SouthPark neighborhood, about six miles south of the city center. No start date or tenants have been announced. The Gallery SouthPark is expected to include 250,000 square feet of office space, a 302-unit residential building, and 56,000 square feet of retail and restaurant space. Hines also acquired eight South End buildings from Asana Partners for $170 million. The Local Government Commission approved plans for as much as $200 million in revenue bonds to be issued by The 18

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Spanish infrastructure company Ferrovial says its “freedom to set toll rates with no cap” on I-77 North in Charlotte led to profit of $52 million on revenue of $130 million in 2025. The company says it is expects to be chosen as the operator of the proposed I-77 toll lane project in south Charlotte, which is being reconsidered after local opposition. Blumenthal Arts CEO Tom Gabbard plans to retire by the end of 2027 after leading Charlotte’s main arts organization since 2003. Blumenthal operates as a nonprofit organization led by a board of about 30 people. During Gabbard’s tenure, Charlotte became a premier destination for international shows to launch in North America. Crescent Communities laid off about 15% of its workforce, citing a slower real estate development environment and organizational efficiencies. The developer, known for projects

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including west Charlotte’s River District, manages more than $7 billion in multifamily and commercial real estate investments. Crescent had 140 workers in Charlotte and 176 across the company last year. The N.C. Investment Authority, which oversees state pension funds, boosted its mandate for Barings to manage $2.1 billion, versus the current $600 million. The investment firm will oversee an additional $1 billion in loans secured by commercial real estate, plus $800 million in commercial mortgage-backed securities. The investment authority managed a record $207 billion as of May. Barings employs 700 here. Trench Group opened its first U.S. manufacturing facility, investing more than $60 million to produce high-voltage transformer bushings for the North American power grid. The 170,000-square-foot plant is expected to create up to 140 jobs by 2030. Bank of America plans a $250 billion initiative to finance U.S. infrastructure, including data centers, semiconductor facilities, power generation and transportation projects. The plan will deploy $250 billion through lending, investments and capital markets transactions over 18 months. BofA

cites soaring demand for computing power, electricity and manufacturing capacity. A state budget bill is providing $25 million to the 2027 Military World Games, including venue upgrades and athlete housing at UNC Charlotte. The funding is contingent on participation commitments and security requirements for the Olympic-style event, expected to bring 8,000 to 11,000 athletes, coaches and others from 70-plus countries. Houston-based Badar Family Office bought McLaren Charlotte and RollsRoyce Motor Cars Charlotte. Terms weren’t disclosed. Badar’s ZT Automotive now has 18 locations in Alabama, Florida, Georgia, North Carolina and Texas. It ranked 110th on Automotive News list of the largest U.S. dealers last year. Greenville, South Carolina-based Bunnell-Lammons Engineering plans an office here in late 2026 or early 2027 as part of its Southeast growth strategy. Led

by engineer Rob Condon, the office will expand the firm’s North Carolina presence and create engineering and environmental consulting jobs.

is the largest economic investment in Catawba County’s history.

UNC Charlotte started a School of Energy, which it calls the first in the nation. It’s linked to the U.S. National Science Foundation selecting the university last month to lead a Grid Modernization Engine that could attract more than $160 million in research grants over the next 10 years. The school will be housed in the College of Engineering, and will focus solely on challenges created by modernizing the nation’s electrical infrastructure.

Ball Metal Container Corp. ended its state economic investment agreement, which could have provided it more than $3 million over 12 years, saying it would not meet investment and job-creation pledges in Cabarrus County. Last September, Ball, Red Bull and Rauch North America, a fruit juice producer, broke ground on a 2.3-million-square-foot production distribution facility. The three companies were expected to create as many as 700 jobs over the next five years.

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MINT HILL

Prysmian North America, a Milan, Italy-based fiber-optics cable manufacturer, plans to invest more than $1 billion to create 385 jobs in a factory and research and development center. The project is expected to be completed by 2030, and

Wisconsin-based Inpro consolidated two operations into a new 165,000-square-foot manufacturing facility, bringing 60 jobs to the area. The plant expands production capacity for commercial window treatments, privacy systems and related building products.

CONCORD

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NCTREND ››› Statewide SALISBURY American Eagle Outfitters will invest $41 million in a Salisbury distribution hub expected to create more than 200 jobs. The 472,890-square-foot facility is scheduled to open in early 2027, supported by a state incentive grant tied to investment and job creation targets. WAXHAW Tryon Medical Partners opened a Union County office, expanding the independent physician group’s footprint to 15 offices across the Charlotte region. The practice was founded in 2018 by physicians who left Atrium Health. It now includes more than 100 doctors serving about 200,000 patients.

EAST

Army lieutenant colonel and former deputy garrison commander at Fort Bragg launched the center in 2004 to help North Carolina businesses secure more military and federal contracts. He’s credited with building it into a statewide network. Businesses have received more than 7,000 contracts worth nearly $19 billion. PAM Health plans a 42-bed inpatient rehabilitation hospital here that is expected to create about 200 clinical, administrative and support jobs. The facility, one of four new PAM Health rehabilitation hospitals planned in North Carolina, will provide inpatient and outpatient therapy for patients recovering from complex injuries, illnesses and surgeries. Las Vegas-based Skyeton, which makes unmanned aerial systems for the military and first responders, will invest $3.1 million to establish a flagship U.S. plant. The facility will create 162 jobs paying an average wage of $70,759. Skyeton has production operations in Ukraine, Germany and Slovakia.

FAYETTEVILLE

GREENVILLE

Scott Dorney will step down by the end of the year as executive director of the North Carolina Military Business Center, which he has led for nearly 22 years. The retired

East Carolina University abandoned plans to build a new chancellor’s residence near campus after Chancellor Philip Rogers

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purchased a $1.2 million home near Grimesland. Rogers will receive a $5,000 monthly housing stipend funded by the ECU Foundation. The home is about 10 miles east of campus. OUTER BANKS DNA testing found that half of shrimp marketed as wild-caught American at 22 Outer Banks restaurants in June was actually imported, though accuracy improved from December. The findings highlight ongoing seafood mislabeling concerns as North Carolina’s struggling shrimp industry pushes restaurants to source local catches. RAEFORD Burlington Industries commissioned its modernized dyehouse that produces specialized fabrics used in military dress uniforms and remains the only U.S. manufacturer producing these fabrics domestically. The operation currently supplies fabrics supporting dress uniform programs for the Air Force, Army, Coast Guard, Marines, Navy and Space Force.

GREENVILLE Grady-White Boats owner Eddie Smith transferred ownership of the company’s voting stock to a trust that will ensure the company remains independent and will operate in concert with his values. The 350-employee company’s non-voting stock will be shifted to a newly created nonprofit run by a board that doesn’t include Smith. The business is valued at as much as $400 million, the New York Times report.

ROCKY MOUNT The Golden LEAF Foundation awarded $10 million for a program to fund entrepreneurship efforts in rural parts of the state. The N.C. IDEA nonprofit will administer the program. Funding entrepreneurship is different from Golden LEAF’s traditional emphasis on infrastructure grants. ROXBORO Outdoor furniture manufacturer Polywood has grown its operation from 16 employees to more than 800 since expanding to North Carolina in 2018, making it Person County’s largest employer. Piedmont Community College and the state’s NCEdge Customized Training program helped recruit and train workers as the manufacturing campus expanded to nearly 1 million square feet. WILMINGTON Amazon has begun hiring for its robotics fulfillment center, which is expected to create more than 1,000 full-time jobs, with hiring for a nearby delivery station to follow. Both facilities are expected to open before the holiday season. Tint World Automotive Styling Center installed specialized window film at the historic Frying Pan Shoals Light Station,

34 miles off the North Carolina coast. The upgrade is expected to reduce solar heat, improve energy efficiency and support preservation of the off-grid landmark while enhancing comfort for volunteers and visitors. The city hired Laura Brogdon-Primavera as its inaugural downtown services and special events director. The new position will oversee downtown operations, special event and film permitting, municipal partnerships and programming.

TRIAD ADVANCE Duke Energy plans to build two 1,360-megawatt natural gas power plants in eastern Davie County and its largest liquefied natural gas storage facility in neighboring Davidson County. The multibillion-dollar projects are designed to strengthen the region’s power infrastructure while taking advantage of existing transmission lines and natural gas pipelines. GREENSBORO JetZero and the federal Export-Import Bank agreed to “explore” a deal that could

bring as much as $3 billion to the company’s planned airliner factory. The announcement cautioned that the “letter of interest” with Export-Import officials is well short of a funding commitment. JetZero is planning an assembly plant at Piedmont Triad International Airport, pledging a $4.7 billion investment by 2036 and at least 14,564 jobs. North Carolina has approved $1.6 billion in subsidies if the plans come through. The PGA Tour says the Raymond James financial services firm has agreed to make the annual stop part of the tour’s championship series starting in 2028. The move is a victory for the Triad, which had feared losing its major pro sporting event as the PGA realigns its schedule. The event will continue to be led by the Piedmont Triad Charitable Foundation and be held at Sedgefield Country Club, which is owned by Raleighbased McConnell Golf. Kontoor Brands raised its adjusted 2026 earnings guidance to as much as $5.35 per share after second-quarter revenue jumped 19% to $584.3 million. Wrangler sales rose 2%, bolstered by growth in its newly acquired Helly Hansen unit. Kontoor also has received $23 million in tariff refunds and expects additional reimbursements this year. Neese’s Country Sausage returned to more than 500 Food Lion stores across North Carolina and Virginia after production resumed under new owner Jesse Jones, a S E P T E M B E R

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NCTREND ››› Statewide Sept. 8-10, with bidding starting at $300,000. The 272,820-square-foot tower, purchased for $60 million in 2014, now has a $14.1 million tax value and is being marketed for potential office, residential, hotel or mixed-use redevelopment.

Raleigh-based family business. The relaunch follows months of supply disruptions tied to federal food safety issues at Neese’s. Chicago wealth management firm Hightower Advisors acquired Stearns Financial Group, bringing $2.5 billion in client assets under management to the national firm. Stearns’ 30 employees will join Hightower Signature Wealth, which now oversees about $40 billion in assets and plans additional acquisitions this year.

Novant Health acquired Wilmington Surgical Associates, integrating the surgical practice into its Coastal Region network. The practice, which recently relocated to a 20,000-square-foot facility, will continue providing general, breast, bariatric and oncologic surgical care.

HIGH POINT Canadian amphibious vehicle manufacturer Swamp Rider will open its first U.S. manufacturing facility here, investing $2.4 million and creating 60 jobs over five years. The company chose the city over sites in South Carolina and Texas. The city approved a deal with Charlottebased Tara Investments to develop a $30 million hotel and parking deck next to Truist Point ballpark. The hotel will have as many as 130 rooms and is aimed at furniture market visitors and business travelers.

TRIANGLE

Bethany Medical promoted President Elise Peters-Carey to CEO as founder Dr. Lenny Peters transitioned to chairman, completing a planned leadership succession. Under Peters-Carey’s leadership since 2016, the independent Triad health system has grown from six locations and 30 providers to 16 locations and more than 65 providers. Environmental Air Systems purchased the former Klaussner Furniture facility in Asheboro for $29.9 million, bringing its Triad real estate investment this year to more than $85 million. The acquisition supports a previously announced $20 million expansion, which is expected to create 300 jobs. Houston-based Comfort Systems owns EAS. WINSTON-SALEM The vacant 20-story former BB&T headquarters in downtown will be auctioned

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Atlanta-based Pulte Group plans Del Webb Winston Preserve, a 588-home, age 55-plus community on the city’s northwest side. The development, expected to open in late 2027, will feature resort-style amenities and homes starting in the low $300,000s. Del Webb has similar developments in the Charlotte, Triangle and Wilmington areas.

APEX Australian defense technology company Silentium Defence established its North American headquarters here and plans to hire about 30 employees as it pursues U.S. defense contracts. The company selected the Triangle over several competing markets, citing the region’s talent base and proximity to Fort Bragg. BURLINGTON The finishing plant of Elevate Textiles here will close at the end of the year, putting 150 people out of work. The Charlotte-based company blamed a loss of business. Elevate Textiles expects the majority of production to end by Sept. 30. Its brands include Burlington, Cone and American & Efird.

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CARY Bobbitt Construction completed Lenovo’s $145 million server manufacturing facility in Whitsett in less than 10 months, helping generate about half of the company’s $240 million in revenue last fiscal year. The fasttrack project supports Lenovo’s production of servers for Microsoft data centers. Garmin is expanding its office here by nearly 28,000 square feet, creating space for more than 400 employees as the GPS technology company continues to grow from its current workforce here of 270. CHAPEL HILL An anonymous donor made a $20 million pledge to the UNC Lineberger Comprehensive Cancer Center, university officials say. The gift will support the center’s Cellular Immunotherapy Program, with an emphasis on clinical trials for near-term cancer targets, expanding a therapeutics facility and recruiting faculty. UNC Health received state approval to develop a medical office building in Wilmington, marking the first approved project in its broader coastal expansion. The facility will support cancer and diagnostic services as UNC pursues separate approval for a proposed 150-bed hospital in New Hanover County. Brad Alford was selected as the next commissioner of the N.C. High School Athletic Association, succeeding Que Tucker upon her Oct. 1 retirement. A former 15-year association staff member, Alford currently oversees interscholastic athletics for the N.C. Department of Public Instruction. DURHAM Duke University sharply reduced doctoral admissions over the past two years, citing uncertainty surrounding federal research funding despite rising application numbers. The steepest cuts have come in STEM

programs, where university leaders say funding instability has forced them to scale back graduate enrollment. 410 Medical raised $12 million to accelerate commercialization of its LifeFlow blood- and fluid-delivery device and prepare a reusable next-generation version for a planned 2027 launch. The company, whose technology is used by more than 300 hospitals and 300 EMS agencies, expects to grow its workforce by about 10%. Maryland-based Four Points scrapped plans for an 18-story downtown tower, citing financing challenges. The redesigned $105 million Geerhouse phase calls for a seven-story mixed-use development with 262 apartments and more than 15,000 square feet of retail. Construction could begin next year, contingent on financing. MEBANE Cone Health expects to receive state approval for its planned $250 million

hospital after an appeal by Novant Health and Duke Health was dismissed. Plans call for a 161,578-square-foot hospital near the Greensboro-based system’s medical center in the Alamance County town. It’s among the fastest-growing parts of the Triad area with population expanding 23% since 2020. MORRISVILLE Lenovo opened its expanded Whitsett manufacturing campus after investing $77 million to boost AI infrastructure production. The project has already created nearly 420 jobs, with plans to grow to 1,000 employees at the facility as the company expands its North Carolina manufacturing and engineering operations. Raleigh-Durham International Airport has opened five new restaurants in Terminal 2, including concepts from Bobby Flay, Oscar Diaz, Bond Brothers Beer Co. and Conniption Distillery. The additions are part of RDU’s $2.5 billion modernization plan.

RALEIGH Vontier, a producer of gas pumps and other transportation-related technologies, said it acquired Wilmington-based Ekos, a vehicle management software company, for $43 million. The acquisition expands Vontier’s platform of services. EKOS provides fleet operators with fuel procurement, site monitoring, fleet asset management and other services from a single interface. Its thousands of business clients operate more than 2 million vehicles. Civic Federal Credit Union, which serves employees of N.C. city and county governments, reported a first-half net loss of $47.2 million. That followed deficits of about $124 million in 2025 and $1.6 million in 2024. Civic’s assets decreased to $3 billion as of June 30 from $3.3 billion at the end of 2025, while membership declined by about 19,500, or nearly 5.5%, to 336,107. Civic was formerly known as Local Government Federal Credit Union.

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NCTREND ››› Statewide VASS Dunrovin Country Store owner Patrick Milcendeau says the longtime business is a “total loss” following a four-alarm fire. Multiple departments battled the blaze for hours, with three firefighters treated for electrical shocks. The cause remains under investigation, and Milcendeau is uncertain whether he will rebuild.

WEST NORTH WILKESBORO For the first time in 30 years, NASCAR’s top series returned to the 0.625-mile short track at North Wilkesboro Speedway for a Cup Series points race. The track owned by Charlotte’s Speedway Motorsports sat dormant for decades, after having a slot on the NASCAR circuit from 1949 to 1996. NASCAR returned in 2023 with an All-Star race. Joey Logano won the Window World 450 on July 19.

Foley & Lardner leased 12,000 square feet at North Hills Innovation District’s Tower 5. The national law firm plans to grow from nine employees to as many as 30 over the next several years.

Katherine White, deputy director of the N.C. Museum of Art since 2018, became interim CEO in mid-August following the departure of Valerie Hillings. She has been CEO and director since 2018, and will become inaugural director of Guggenheim Abu Dhabi in the United Arab Emirates. The museum of modern art opens Dec. 11. McConnell Golf acquired The Crossings Golf Club in Henrico County, Virginia, and will invest $10 million to restore the public course, with reopening targeted for next fall. The redevelopment includes a new championship layout, improved infrastructure and a long-term vision of attracting major tournaments. McConnell owns 18 courses in the Carolinas, Tennessee and Virginia. Bryant Capital Advisors opened offices in Wilmington and Atlanta. Co-founder Jake Viverette says the commercial real estate firm expects industrial real estate and multi-tenant flex space to remain among the Triangle’s strongest-performing property sectors 24

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Downtown recorded a 5% increase in visitors over the past year, with the Carolina Hurricanes’ run to the Stanley Cup Final helping fuel the growth, according to the Downtown Raleigh Alliance. Downtown attracted 40% more visitors on Stanley Cup Final game nights and posted a net gain in storefront businesses. SANFORD Mentor, Ohio-based life sciences company Steris plans to invest $600 million to create 335 jobs over the next four years at a manufacturing and distribution center here. The jobs will pay an average annual salary of $68,704. Steris plans to build a 600,000-square-foot building and produce cleaning and sterilization solutions.

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ASHEVILLE Visitors to and within Buncombe County spent nearly $2.6 billion in 2025, down 2% from a year earlier, according to a state tourism report. It remains the third-largest visitor economy in North Carolina despite lingering economic effects from Hurricane Helene. Tourism revenue peaked at $2.97 billion in 2023. N.C. State Rep. Jennifer Balkcom will be the Republican nominee for North Carolina’s 11th Congressional District seat, after a decision by the district GOP executive committee. Two-term U.S. Rep. Chuck Edwards dropped out of the race. Balkcom is a small business owner in Henderson County who has served two terms in the N.C. House. She’ll face Democratic nominee Jamie Ager, whose family operates a farm in southeast Buncombe County. WILKESBORO Wilkes County Tourism hired Jesa McNeill-Valle as its director, citing her experience in helping rural counties in the state attract visitors. Visitors to Wilkes County spent $114.7 million in 2025, down 1.8% from the previous year. ■

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VALUE ADDED

Classroom time is an investment, whether you’re getting an MBA, developing workplace skills or mastering a trade. Add experiential learning, and you’ll cash in on career success.

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team of MBA students stepped out of their Duke University Fuqua School of Business classroom and into the real world last spring. After gathering secondary and market research data and interviewing experts, they presented potential applications for hard-to-heal ulcer treatments to their maker, Research Triangle Parkbased Merakris Therapeutics. “They also considered insurance perspectives on standards of care and potential coverage, building a business case for each area they assessed and making recommendations for prioritizing them for potential future development,” says James Emery, an associate professor at Fuqua. “The students delivered a guide for the next steps, and they got a real benefit out of it as a learning experience. We try to stress that these experiences are coursework first, but there’s a broad set of things they’re learning and skills they’re gaining.” Duke’s Accelerated Daytime MBA program offers students many

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opportunities to develop their skills outside the classroom. They include studying business, culture and the economy in faraway places; serving on a nonprofit’s board of directors; and consulting with corporations. “Experiential learning has the ability to deliver on the value proposition that universities promise students and their families,” says Emery, who also serves as faculty director at Fuqua Client Consulting Practicum, an experiential learning course that matches aspiring consultants to client companies, now in its 15th year. “And that’s learning they just can’t get in their regular coursework.” Emery strives to ensure client companies don’t put FCCP student in a role they would typically fill with a paid employee. He knows firsthand how that feels. As an undergraduate, he was a cooperative education student and later participated in a course that preceded FCCP when he was an MBA student at Duke. It’s a badge of honor SPONSORED SECTION

PHOTO CREDIT: NC STATE POOLE COLLEGE OF MANAGEMENT

Abbu, a professor of practice at NC State’s Poole College of Management. He also is senior vice president of digital technology, artificial intelligence and data analytics at Bell & Howell, a robotics and automation services company in Research Triangle Park. “NC State is a think-and-do university, where coursework is helping prepare students with future-ready skills that include critical thinking, ethical judgment, storytelling and design,” he says. “These are skills students can’t learn in a classroom alone and are best acquired in the real world.” NC State’s Jenkins MBA program, part of its Poole College of Management, immerses its students in a business environment by teaming them with industry leaders. “I have many other examples of assignments where MBA students successfully

applied their studies to a real-world model,” Abbu says. Abbu teaches key technology and strategy courses, including AI in Management and Digital Transformation. Each semester, his students complete an AI roadmap for a company from an industry of their choice. First, they analyze AI leaders and laggards and identify opportunities. Then they connect vision, strategy, implementation and value creation. One of Abbu’s student teams worked with New York-based SiteSeeker, a business-to-business marketing agency, last year. It wanted to improve its AI use, so students evaluated its strategy, organizational readiness and growth opportunities. Then, with Abbu’s guidance, they developed a phased implementation.

for the program when former students return as clients. “Many of our current clients were students in FCCP, and it’s also rewarding to see them return and say the program was so beneficial to them as students they want to give back,” he says. Partaking in the work that you’re studying is a longstanding pillar of post-secondary education, whether while earning an MBA, keeping pace with a changing workplace or developing skills in a trade. The bottom line is learning that happens outside the classroom better prepares students for real-world careers. That’s why it’s foundational to offerings at universities, colleges and community colleges across North Carolina.

‘Think and do’ Class projects that evolve into real-world applications are exciting accomplishments for students. But they’re all in a day’s work for Haroon

Experiential learning is an important part of NC State’s Jenkins MBA program.

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Students in Duke’s Accelerated Daytime MBA program spend time outside the classroom, working with businesses and their leaders to gain real-world experience.

come, as Kenan-Flagler’s new Master of Science in Management program joined STAR last year. Some STAR students continue with their client company after the program concludes, helping implement their projects through a summer internship or job. All STAR graduates leave with cutting-edge skills that prepare them for success in their chosen careers.

Cooperative effort Companies in Davidson and Davie counties were facing a workforce crisis, unable to find enough of the people they needed from the local labor shed. But the local community college had a solution, an apprenticeship program. “Our corporate partners jumped on board when they realized they could teach young workers from the ground

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up, providing everything from technical knowledge to workplace culture,” says Jenny Ferguson, Davidson-Davie Community College’s work-based learning coordinator. Ferguson has been called the driving force behind Davidson-Davie’s manufacturing apprenticeship program, which is in its seventh year. She serves as a liaison between apprentices and host companies. The latter number 19, including the 10 that form the Davidson-Davie Apprenticeship Consortium. They represent a variety of industries, including information technology, logistics and transportation, public safety, energy, construction and advanced manufacturing. “We view the consortium as our own little economic development board,” she says. SPONSORED SECTION

PHOTOS CREDIT: DUKE UNIVERSITY ACCELERATED DAYTIME MBA PROGRAM

Karin Cochran is a professor of the practice of strategy and entrepreneurship at UNC Chapel Hill Kenan-Flagler Business School. But she also is a matchmaker of sorts as executive director of the school’s experiential learning program, Student Teams Achieving Results. Cochran says STAR currently involves 150 graduate students and 40 to 50 undergraduates. Their experience, interests and career aspirations are used to connect them with client companies, where they create professional, innovative solutions for business challenges. “We ask the heads of the proposed client companies what keeps them up at night, if they have a business challenge they would like a student team to tackle and what success looks like,” she says. “Then we help them determine a scope of work that’s narrow enough for the students to accomplish in a short period of time but deep enough to bring value to the client.” Client companies range from nonprofits to major global corporations, and they represent healthcare, energy, sustainability, consumer goods, financial services, technology and other industries. Students are enrolled in the program over the summer, and they’re matched with chosen client companies in fall. Their collaborations run through the spring semester. “Teams of six students spend about 10 hours a week for 14 weeks with their clients,” Cochran says. “We make sure all our recommendations have clear calls to action, so the clients know what to do when the students graduate.” Cochran is a former STAR student, one of the more than 3,000 participants who’ve completed 521 projects and helped 360 client companies during the past two decades. “[STAR is] a win-win for both students and companies,” she says. And there will be more victories to

Davidson-Davie’s apprenticeship program prepares students for jobs that are in high demand within growing industries. The college sponsors its own apprenticeships, serving as the originator, registrar and program manager. It’s a structure that serves the program well, Ferguson says. The U.S. Department of Labor named Davidson-Davie to its cohort of 138 apprenticeship ambassadors in 2024. Apprenticeships blur the line between school and work. “Students attend school one day a week and receive on-the-job training with one of the DDAC partnering companies the other four days,” Ferguson says. Apprentices enjoy myriad benefits, including a full-time job with benefits, associate degree and certificates. They’re eligible for permanent employment after graduating. The program’s success lies in its flexibility. “Employers can use Davidson-Davie’s apprenticeship model or run their own program,” she says. “It’s really just based on what’s going to benefit the company the most.” Statistics show that more than 80% of apprentices stay with their companies for at least four years, she says. Davidson-Davie plowed new ground in 2020, when it joined Atrium Health Wake Forest Baptist to launch North Carolina’s first nursing apprenticeship program. It’s split between Davie Medical Center and Lexington Medical Center, both community hospitals in the Atrium system. “Around 30 to 35 nursing students have gone through the program, and we’ve seen a 100% retention rate at their workplaces,” says Holly Myers, the college’s dean of health science. That’ll help fill a dire healthcare need: North Carolina could be short as many as 12,500 registered nurses and more than 5,000 licensed practical nurses by 2033, S E P T E M B E R

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according to UNC Chapel Hill Cecil G. Sheps Center’s program on health workforce research and policy. Davidson-Davie expanded its healthcare apprenticeship efforts in 2022, when it added medical laboratory technology, pharmacy technology, central sterile processing, surgical technology, medical assistance, health information technology, EMT and paramedic training tracts. Myers says it recently expanded into skilled nursing facilities, where workforce demand is high. “Since launching the program, healthcare apprenticeships have been widely adopted throughout the state,” she says. They’re available at Roanoke-Chowan, Surry and Blue Ridge community colleges. Wake Technical Community College launched North Carolina’s first dental assisting apprenticeship in June. Healthcare apprenticeships follow the learn-and-earn model built into traditional apprenticeships. “[Apprentices] usually work up to 24 hours a week, which allows students to earn money and attend classes,” Myers says. “Some nursing students may go on to earn a four-year nursing degree after graduating from Davidson-Davie.” The Davidson-Davie healthcare apprenticeship program follows state and federal licensing regulations for healthcare services. Myers says nursing students who become certified and work as a nurse aide or LPN while completing their studies get a foot in the door at hospitals. “As nurse aides, they can’t perform the full scope of duties, but they are using the fundamental skills associated with assisting in patient care,” she says.

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Learning with a purpose The N.C. Community College System offers opportunities beyond apprenticeships for developing skills for in-demand jobs close to home. Some combine classroom lessons and paid entry-level employment. Graduation comes with certificates, industry credentials or a degree. And sometimes, these efforts include the satisfaction of students knowing they’ve made their community a better place to live. In North Carolina’s westernmost corner, close to the Tennessee and Georgia state lines, Tri-County Community College’s Building Construction Technology program is preparing students for jobs and addressing the affordable housing crisis. “We all know that housing is a great need here in western North

Gov. Josh Stein visited Davidson-Davie

Community College for National Apprenticeship Week, celebrating its efforts to help develop and expand North Carolina’s nursing workforce.

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Tri-County Community College Building Construction Technology program students are gaining real-world experience and addressing local needs. Supported by the Dogwood Health Trust, their helping build 17 affordable single-family homes in Andrews.

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Carolina, and this is a way for us to do something about it,” says TriCounty President Donna Tipton-Rogers. The effort is starting with a $2.8 million grant from Dogwood Health Trust and 17 houses built on 12 acres of donated land in Andrews, about 15 miles northeast of Tri-County’s home base in Murphy. The 1,400-square-foot houses will have three bedrooms, two bathrooms and a cost of about $250,000. “[They’ll] be designed and priced for teachers, nurses, college instructors, police officers, firefighters and all those folks for whom housing is just out of reach,” says Paul Worley, Tri-County’s chief operating officer and vice president of economic and workforce development. The first three homes are under construction. One is on track to hit the market this fall. The college will partner with Mountain Projects, a local nonprofit dedicated to building stronger communities, to find eligible buyers and oversee sales. Proceeds will be reinvested into the program. Tri-County serves as Cherokee County’s economic developer and supports workforce and industry efforts across its service area, which also includes Clay and Graham counties. “Homebuilding projects are learning laboratories for these students to work in,” Worley says. “This is not just about getting houses out of the ground, but the whole point of it is to train students and create a workforce. It has been a struggle to convince developers to come to our area, because we didn’t have the construction labor they needed. So, we decided to address both problems at the same time by building a housing development ourselves while also giving students an opportunity for hands-on learning.” ■ — Teri Saylor is a freelance writer in Raleigh. SPONSORED SECTION

PHOTO CREDIT: DOGWOOD HEALTH TRUST

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N.C.PORTRAITS PORTRAITS N.C.

EDUCATION EDUCATION

NORTH CAROLINA’S EDUCATION SECRET SAUCE By Alyssa Pressler North Carolina boasts not only a quick-growing economy and fast-growth as a state as a whole — we’re also home to one of the most robust community college systems in the country. The businesses and companies that are smart when they move to North Carolina know it’s a worthy investment to partner with the local education system. Those that do see the return in multiple ways: community support, brand awareness and a qualified future workforce. Be it support through scholarship and endowments or workforce development initiatives, businesses thrive when they think to the future and invest in the workforce right in their communities. The following section demonstrates this work in multiple companies and organizations in the state.

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FEATURING Biomanufacturing Training and Education Center (BTEC) Lilly Lenovo MCNC Novonesis Central Piedmont Community College (CPCC) Drucker + Falk Wake Tech Community College RTI International Syngenta

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GLOBAL IMPACT, COMMUNITY FOCUS Lenovo might be known as a global technology company with a command over the PC market, but in North Carolina they’re known for their giving and community initiatives, as evidenced by their estimated 1.5 billion economic and fiscal impact in the state each year. The company has called North Carolina home for just over 20 years, with one of its global headquarters located in Morrisville as well as a manufacturing and fulfillment center in Whitsett, N.C. “We’re a global technology company, but we’re really deeply rooted in North Carolina,” says Libby Richards, Senior Community Engagement Manager at Lenovo North America. “We have customers all over the world, but so much of the work we do around innovation is taking place in the state. The Triangle is home to our staff and we partner with many of the amazing academic institutions here.” Through the Lenovo Foundation, the company has a mission to increase access to technology and STEM education to those who need it most, and this guides many of their partnerships and work with organizations in the state and beyond. Richards explains it’s all part of building a strong education pipeline to help build a techsavvy workforce for the future.

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There are several partnerships they utilize to achieve this goal, including NAF, a nationwide organization that has curriculum in many public schools in North Carolina. Other frequent partners include Boys & Girls Club of America and Marbles Kids Museum in Raleigh. Lenovo also hosts an annual program called Girls Belong In Tech, where several hundred students head to the Lenovo campus to learn about technology and future career opportunities. This program was the brainchild of a former high school intern with Lenovo, of which the company has over 30 of each summer at their Morrisville headquarters. Lenovo also provides opportunities for university students, employing over 100 interns each summer. Keeping the future workforce excited and interested in the technology field is necessary for a company like Lenovo, which is on the cutting edge of daily technology use. In

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fact, you’ve likely seen some of their newer technologies in action this summer: Lenovo was the first-ever Official Technology Partner of the FIFA World Cup 2026, debuting new enhancements such as the 3D digital avatars and the instantly popular Referee View, alongside other behindthe-scenes advancements that helped improve the game and the experience for viewers. “Our staff and our Lenovo Foundation team recognize that technology alone isn’t going to solve the world’s biggest problems,” Richards says. “We really try to take a humanpowered approach, recognizing that our investments and support of nonprofit organizations in the community allow us to see where communities have their biggest strengths and challenges. We really think of the Lenovo Foundation as being powered by humanity.” Lenovo boasts several thousand employees across North America and are quickly becoming a household name thanks to strategic partnerships with organizations like the Carolina Hurricanes, Dallas Cowboys, and Madison Square Garden Family of Properties, just to name a few. By 2030, the Lenovo Foundation aims to impact 30 million individuals through their giving efforts. SPONSORED SECTION

FORWARD MOMENTUM THROUGH CARING For 150 years, Eli Lilly and Company has been at the forefront of turning science into medicine and pushing into new frontiers in health. The goal is simple, but what it takes to get there is not: uniting caring with discovery to make life better for people around the world. Day after day, Lilly does this by developing and producing medicines for diseases ranging from Alzheimer’s to diabetes and obesity. Lilly is never complacent with what’s currently available, always working to improve today’s therapies and expand what’s possible for patients tomorrow. Lilly’s passion for making a difference goes beyond the medicines it creates and into the communities it is a part of. Lilly boasts two locations in North Carolina, hiring just under 2,000 between Concord and the Research Triangle Park facilities. Lilly also invests in workforce development and Science, Technology,

Engineering and Mathematics (STEM) educational partnerships in those regions and beyond. Lilly was a founding member of The North Carolina Life Sciences Apprenticeship Consortium (NCLSAC), an assembly of life sciences companies that partner strategically with academic institutions to create training opportunities and awareness around careers in the pharmaceutical industry. Jenn Petty, Associate Vice President of HR - Global PDN Manufacturing for Lilly, serves as the treasurer of NCLSAC. In this role, she plays a direct part in developing some of these strategic partnerships, which build pathways from North Carolina’s robust community college system into the pharmaceutical industry. “One of my favorite things about Lilly is that we don’t just want to exist in a community, we want to be good stewards of that community,” she says. “We want to give back and build STEM

interest and workforce pipeline.” Lilly also offers a robust apprenticeship program. Petty says it’s not uncommon to see a high school graduate with a certificate enter their apprenticeship program, only to later build their career at Lilly. Additionally, Lilly funds foundation programs, such as the $250,000 grant it has established in partnership with NC A&T University. There are no signs of Lilly slowing down. Since 2020, Petty says more than $50 billion has been committed by Lilly to developing manufacturing sites across the U.S. Lilly’s apprenticeship programs continue to grow, as the company remains committed to producing and improving today’s medicines and discovering new treatments for some of life’s most challenging diseases. “We’re thrilled to be here, and we hope we can continue to contribute to and shape the local communities we are a part of for many years to come,” Petty says.

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BRIDGING THE RURAL AND URBAN WORKFORCE MCNC is a nonprofit telecommunications company based in Durham looking to provide more resilient service to residents and institutions across North Carolina. Tracy Doaks

Access to quality, high speed internet is beyond something that’s practical — for many, that access is now necessary for their quality of life and upward mobility. It makes the work MCNC has done through its HERO Project even more important. MCNC is a nonprofit telecommunications company based in Durham which also owns North Carolina Research and Education Network (NCREN), one of America’s longest-running regional research and education networks. They operate in all100 counties in North Carolina, and have been expanding their network since beginning operations in 1980. Recent expansion efforts include the HERO (High-Speed Economies for Rural Opportunity) Project, which allowed MCNC to extend its network by 209 fiber miles via two strategic routes which covered a large gap in the state. They were one of 235 to apply for a grant from the National Telecommunications and Information Administration (NTIA) as a part of their Internet For All initiative announced in 2022. The HERO Project positively impacted over 350,000 housing units and 696 community anchor institutions stretching between Sanford via Fayetteville to Jacksonville in southeastern North Carolina, and Winston-Salem to Albemarle in the central part of the state. 40

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THE NEED When Tracy Doaks first joined MCNC as the President and CEO six years ago, she and MCNC’s COO, Tommy Jacobson, noticed there was a donut-hole gap in North Carolina where MCNC fiber infrastructure had not been run yet. They knew it needed to be addressed, but the timing wasn’t right until the NTIA announced its $45 billion investment in providing affordable, reliable, high-speed internet for everyone in America by the end of the decade. Having received NTIA funds before for similar, albeit larger projects, Doaks knew MCNC was up for the challenge and could use that money to fill that hole

and provide even more access to rural areas of North Carolina. Ultimately, MCNC was the only Research and Education Network in the country to receive funding from this initiative. “That spoke volumes to us and the state because we had that long history of using federal funds to build fiber across the state effectively and quickly,” Doaks says. MCNC received $11 million from the NTIA, with an additional $2.5 million coming from The Golden LEAF Foundation. MCNC provided an additional $5.5 million, bringing the investment total to $19 million. Ground broke for the project at Central Carolina Community College in September 2024.

Dr. Lisa M. Chapman, President of Central Carolina Community College with Sanford Mayor Rebecca Wyhof Salmon

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MCNC Team at HERO Project groundbreaking.

THE IMPACT With the HERO Project’s completion in July this year, MCNC has expanded its total operations to over 4,000 miles across the state, allowing them to connect three additional community colleges, five additional school districts and five additional charter schools. The project itself went through 11 counties, affecting 10% of the state. To be clear, those areas may have had connectivity prior to the MCNC expansion, but the HERO Project allows all those education centers to operate on the same highspeed, high resilience network provided by MCNC. For MCNC Leadership, supporting education institutions hits close to home. The NC Research and Education Network got its start with higher education, so supporting schools and universities through quality fiber networks is a nod to a major component of the organization. “That’s our goal, to support education and healthcare,” says Doaks. “In our minds it’s part of our identity and it’s a big component of what we do at MCNC.” In total, MCNC has 44 of the 58 community colleges on their MCNC infrastructure. One school that was directly impacted by the HERO Project was Central Carolina Community College (CCCC), the largest ruralserving college in North Carolina with 16,000 students. CCCC, like many of the community colleges in the state, has a heavy focus on supporting the local community and local employers by educating a prepared workforce. This involves everything from short-term training to post-secondary training, applied degrees and transfer degrees.

Access to resilient and reliable networks is key to their success, and therefore the community’s success. It’s why a partnership with MCNC through the HERO Project was appealing, according to CCCC President Lisa Chapman. “One of the things that sets us apart among our sister institutions is our interest and active engagement in partner development and our workforce strategy focus,” Chapman says. “We’re the largest rural-serving college, but we’re connected to the Research Triangle, so what that means is we’re in a unique position to bridge those worlds. If we’re going to do that well, we need partners like MCNC.” BEYOND HERO Outside of their recent expansion through the HERO Project, MCNC has ongoing partnerships and grants to support education and workforce development in North Carolina. This includes grants through the National Science Foundation to build network spaces for researchers and a grant designated for AI infrastructure.

MCNC currently hosts a small data center in its facility in Durham, but Doaks says they’ve quickly realized it’s too small to fully support the higher education institutions and community colleges they currently serve. The team is currently looking to expand its data center capacity to better meet their needs. Additionally, MCNC is looking to reinforce their networks so they continue to provide better and more resilient service to residents and institutions across the state, especially in the face of natural disasters. Tommy Jacobson, MCNC’s Vice President and COO, says the aftermath of Hurricane Helene showed a need to build more routes that will benefit the state as a whole in extreme situations. “We always have an eye on how we can add more redundancy and resiliency so that an event like Hurricane Helene has less of an impact on communication,” Jacobson says. “In the days after Helene the ability to communicate with folks was important. We were able to re-establish communications after 3 days, which is pretty good, but in the future it would be better if we didn’t even suffer an outage.” This focus on improving, expanding and partnering is how communities grow and thrive. MCNC understands the importance of pouring into your local community, especially those that are as diverse and lucrative as North Carolina’s. “I would love for folks to understand that North Carolina’s secret sauce is we have all the right pieces,” says Chapman. “We just need to be sure we keep supporting those pieces and investing in them.”

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CLOSING THE DISTANCE BETWEEN RESEARCH AND RESULTS The hardest challenges do not end with understanding a problem. They require turning evidence into action. At RTI International, researchers, scientists, analysts, and technical experts work at the intersection of discovery and implementation, helping organizations move from insight to real-world impact. Combining rigorous science, deep technical expertise, and independence grounded in evidence, RTI partners with governments, communities, and industry to address complex challenges and deliver solutions that can be tested, deployed, and scaled with confidence. Founded in North Carolina in 1958 and headquartered in Research Triangle Park, RTI has grown into a global organization with expertise spanning more than 250 scientific, technical, and professional disciplines. Working across health, education, technology, engineering, and beyond, RTI brings together diverse perspectives to solve some of the world’s most pressing challenges.

That work often extends far from a laboratory or research publication. Kristana Rogers, a Research Education Analyst at RTI, helps schools and communities apply evidence-based approaches to strengthen science, technology, engineering, and mathematics (STEM) education and workforce development. Bridging research and practice, she helps create opportunities that inspire the next generation of innovators. “One example is STARward STEM in Cumberland County Schools,” she says. Originally a three-year investment from Department of War (DoW) STEM and sustained by the school district, the initiative creates memorable “STAR moments” that spark curiosity and confidence in STEM. Students participate in immersive learning experiences that deepen their understanding of space exploration and scientific discovery. “Each year, students design experiments that address challenges astronauts face in

space. Winning teams earn the opportunity to have their experiments launched to the International Space Station, where astronauts conduct the research,” Rogers explains. Since the program’s inception, RTI has helped design the model, coached teachers, supported the annual competition, and built partnerships with STEM professionals. Students gain hands-on exposure to real-world science while beginning to see themselves as future scientists, engineers, and problem-solvers. “A student can’t be what they can’t see,” Rogers says. “STEM allows them to see different pathways for their world, so they can think about what it might look like to be in those spaces. It’s the responsibility of everyone to shape our future generation.” Learn more about RTI’s work in North Carolina at www.rti.org/northcarolina.

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KELLIE FALK’S INVESTMENT IN THE SKILLED TRADES Investing in education is a priority for many organizations and businesses across North Carolina. For Kellie Falk, Managing Director of Drucker & Falk, that investment also means making sure the skilled trades—and the career opportunities they provide—aren’t overlooked. Falk recently completed eight years of service on the Board of Trustees for Wake Tech Community College, the largest community college in North Carolina. During her tenure, one of her primary focuses was increasing support for students pursuing careers in the skilled trades, particularly electrical, mechanical, HVAC and plumbing. That commitment led Falk to establish two endowments at Wake Tech. The Falk Achievement Fund Endowed Scholarship supports students pursuing certification programs in electrical, mechanical, HVAC and plumbing trades by helping cover the cost of books and required course materials. The support doesn’t end at graduation. Once students complete their program and earn their certification, they are guaranteed an interview with Drucker & Falk for potential employment— creating a direct connection between education and career. Last year, Falk furthered that commitment with a $1 million gift to support the faculty teaching these critical programs. The endowment provides funding to supplement faculty salaries while also supporting professional training and instructional materials. In recognition of Falk’s commitment to Wake Tech and skilled-trades education, the college named the Kellie J. Falk Center for Building Technologies in her honor. The high-tech training facility focuses on hands-on education in building maintenance, electrical and mechanical systems, and other critical building technologies. For Falk, the ultimate goal is to encourage more students to recognize the skilled trades as rewarding, essential career paths. With an aging workforce and continued demand for qualified professionals, she believes businesses have an important role to play in introducing the next generation to these opportunities. “The trades are so important,” Falk says. “They’re aging, and they can’t be replaced by AI. It’s up to us as business owners to guide the youth of today so they can find those opportunities.”

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Kellie J. Falk, fifth from the left, poses for a photo with Wake Tech trustees in the lobby of the Southern Wake Campus building named for her.

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experience introduced them to career pathways they had not previously considered, while interest in manufacturing careers increased significantly after visiting Novonesis.

BUILDING NORTH CAROLINA’S FUTURE WORKFORCE STARTS LONG BEFORE THE APPLICATION North Carolina is one of the nation’s leading biotechnology hubs, home to more than 100,000 life sciences jobs and one of the country’s strongest biomanufacturing ecosystems. From world-class research institutions to thriving life sciences companies, the state continues to attract investment, innovation and opportunity. Importantly, the impact of biomanufacturing extends beyond biotechnology itself, supporting jobs across engineering, construction, logistics, education and countless local businesses that help power the economy. But sustaining that momentum requires more than cutting-edge facilities and breakthrough technologies. It requires a strong pipeline of people prepared to lead the next generation. As the world’s leading biosolutions partner, Novonesis harnesses the power of enzymes, microbes and fermentation to advance industries including human health, agriculture, renewable energy, and household care, with products helping to improve billions of lives every week. The North American headquarters in Franklinton is home to the continent’s largest multipurpose enzyme manufacturing plant. Novonesis’ people are united by a belief that biology can solve some of the world’s biggest challenges, and by a culture where colleagues can be themselves, grow together, and create meaningful impact. For companies like Novonesis, growth and impact require helping the next generation discover career possibilities they may never have considered and creating clear pathways from the classroom to meaningful careers.

INSPIRING CURIOSITY Many students still picture manufacturing as repetitive, physically demanding work. Modern biomanufacturing combines biology, technology, AI and data science. Helping students see that transformation firsthand is an important first step. Throughout the year, Novonesis supports classroom outreach, career fairs, on-site field trips, education partnerships, scholarships, internships and other community engagement initiatives that introduce students—from elementary school through college and post-grad—to STEM careers and modern biomanufacturing. For example, the company partnered with United Way to enhance Franklinton Park with STEM-focused science exhibits, creating opportunities for local youth to gain hands-on exposure to science outside the classroom. Sometimes the most powerful classroom is the workplace itself. Experiences that allow students to see modern manufacturing firsthand can transform curiosity into career ambition. Each October, Novonesis participates in Manufacturing Day, a nationwide initiative promoted by The Manufacturing Institute, welcoming students to tour labs, meet employees, and explore careers in manufacturing. Students tour research laboratories and production facilities, interact with engineers and operators, and explore how biology is helping solve challenges related to food, fuel, health, and sustainability. The impact from previous Manufacturing Day events has been measurable. Following the 2025 event, 93% of participating students said the

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BUILDING PATHWAYS INTO THE INDUSTRY Workforce development is not the responsibility of schools alone, nor can industry solve the challenge independently. Strong communities are built when employers, educators, nonprofit organizations, and local leaders work together. Students also need accessible pathways that connect education with careers. More than two decades ago, Novonesis helped establish the BioWork program alongside the North Carolina Biotechnology Center and North Carolina community colleges. BioWork is a short-term, non-degree certificate designed to train students for entry-level careers as process technicians in the biotechnology, pharmaceutical and chemical manufacturing industries. Today, the program continues under community college leadership. Novonesis also works closely with North Carolina State University through partnerships with the Plant Sciences Initiative, the Bezos Center for Sustainable Protein and the NC Food Innovation Lab. Employees also participate on industry advisory boards such as for the Golden LEAF Biomanufacturing Training and Education Center, the Integrative Sciences Initiative and the North Carolina Agricultural and Life Sciences Research Foundation, among other efforts that support student success and foster connections with industry. Together, these engagements help create pathways for students to explore, prepare for, and enter careers in the biotechnology industry. Novonesis is also exploring engaging veterans, recognizing the leadership, technical expertise and problem-solving skills they bring to advanced manufacturing careers. INVESTING IN NORTH CAROLINA’S FUTURE ECONOMY As North Carolina’s biotechnology sector grows, the investment in the future workforce becomes increasingly important, for individual companies and for the state’s long-term competitiveness. “North Carolina’s strength has always been its people,” says Tue Micheelsen, President of Novonesis North America. “The future of biomanufacturing begins long before someone submits a job application. It begins with curiosity, exposure, and opportunity. By working alongside education and community partners, we’re helping more people discover careers where they can make a meaningful difference while strengthening North Carolina’s workforce for generations to come.” Building the next generation of innovators takes sustained collaboration, long-term investment and a shared commitment to preparing today’s students for tomorrow’s opportunities. For Novonesis, that investment is one of the most important contributions a company can make — to its business, to its communities and to North Carolina’s future. S E P T E M B E R

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ENGINEERING NORTH CAROLINA’S BIOPHARMA WORKFORCE READINESS Companies aren’t the only ones leading the way when it comes to creating educational pathways to industry jobs. Since it opened in 2007, the Golden LEAF Biomanufacturing Training and Education Center (BTEC) at NC State University has been creating a highly trained workforce for the biopharma manufacturing industry. 860 companies employing over 76,000 individuals make up the booming life sciences industry in North Carolina, as reported by the North Carolina Biotechnology Center. Notably, nearly half of that total workforce—36,000 employees—is concentrated across 170+ life sciences manufacturing sites, with leading companies such as Amgen, Biogen, Johnson & Johnson, Pfizer, and more.

HANDS-ON TRAINING FACILITY BTEC offers both in-person, hands-on education and training programs as well as

online programs for undergraduate and graduate students, industry professionals and government regulators. The center also collaborates on a wide range of bioprocess and analytical services with industry firms and academia. All of these activities happen in BTEC’s two facilities that boast more than $18 million of industry-standard equipment and are located on NC State’s Centennial Campus in Raleigh. The hallmark of their 77,700 grosssquare-foot main building is a simulated CGMP (Current Good Manufacturing Practice) pilot plant facility. Unlike on-the-job training at a biopharma manufacturing plant, BTEC’s CGMP space provides a risk-free, hands-on training environment. A nearby 5,000 gross-square-foot annex provides additional laboratories and equipment dedicated to services and special projects for viral processing, mammalian cell culture, purification and more.

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EARLY OUTREACH BTEC’s advisory board helps ensure the center’s programs and technology remain current and meet the needs of the biopharma industry, according to Leslie Lewis, BTEC’s assistant director of Industry Programs. In addition to her industry program responsibilities, Lewis focuses on outreach to help K-12 students and teachers learn what biomanufacturing is, share the importance and impact of biomanufacturing jobs, and raise awareness about BTEC and career opportunities. “Having exposure to biotechnology and biomanufacturing earlier in their education is key. We want to make sure we’re meeting students at the right time so they can make educated decisions about their career paths,” Lewis says. “Unless their parents work in the industry, many students never hear the word ‘biomanufacturing’ until they are in college, if at all. We’re doing a lot of work to change that narrative.” As part of these outreach efforts, BTEC offers facility tours to the general public, hosts school field trips, conducts educator workshops, and participates in local and regional career and job fairs. The center also collaborates with organizations and NC State units that focus on STEM education and outreach. In 2025–26 alone, almost 550 middle and high school students, educators and others attended BTEC’s outreach programs, which were offered in conjunction with other NC State units or industry organizations and firms. MEASURING THE IMPACT The work is paying off. Lewis says many of their academic courses for NC State University students are oversubscribed with nearly 100% of BTEC graduates employed in the industry within 6 months of graduation. According to their statistics, 80% of those graduates accept jobs in North Carolina. The center’s industry training program, which began in 2008, tells a similar success story: more than 7,000 professionals from over 340 organizations have attended BTEC’s courses to continue their education in biomanufacturing.

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BUILDING NORTH CAROLINA’S WORKFORCE FOR WHAT’S NEXT North Carolina’s economy is growing fast, with the Raleigh metropolitan region adding jobs at a faster rate over the past year than 99% of the metropolitan regions in the nation. Wake Tech both helps drive this phenomenal job growth and is a key player in ensuring the region’s workforce grows to sustain it. Through employer partnerships, workforce training, apprenticeships, and careerfocused college degree programs in advanced manufacturing, biotechnology, health care, skilled trades and information technology, the college is preparing students for meaningful careers and helping businesses meet critical workforce needs. As North Carolina’s largest community college, Wake Tech reaches approximately 75,000 students each year through more than 250 degree-related programs and even more workforce training engagements, giving the college unmatched reach in responding to regional workforce needs. “A strong workforce is central to a strong economy, a fact repeatedly reinforced by employers who point to the availability of a talented workforce as the most important factor in making new investments,” said Wake Tech President Dr. Scott Ralls. “In North Carolina, job-focused community colleges like Wake Tech are central to workforce development and a strong economy.” Wake Tech’s workforce impact is especially visible in the industries driving North Carolina’s growth. Wake Tech prepares students for advanced manufacturing and biotechnology jobs that use robotics, automation, mechatronics and smart manufacturing systems, expands simulation-based health care training, and builds digital skills for fields shaped by data, security, and artificial intelligence. Apprenticeship is one of Wake Tech’s strongest examples of education aligned with workforce demand. Wake Tech’s model connects classroom instruction with paid, on-the-job experience, allowing students to earn while they learn, complete related technical education and work with local employers. Employers gain a structured way to train future workers, while students gain tuition-free education, income, mentorship, credentials and employment and experience from the start. Wake Tech has become one of the nation’s leading apprenticeship colleges, partnering with more than 170 employers over the past five years. Last year, more than 600 students attended Wake Tech as apprentices, and the college launched the nation’s first BioMechatronics and dental assisting

apprenticeships. Next year, Wake Tech will expand youth apprenticeships for high school juniors and seniors with Wake County Public Schools thanks to a significant investment from Bloomberg Philanthropies. The college is also investing in the facilities needed to train workers for those evolving industries and has emerged as one of the nation’s leading colleges in the development of simulated work environments, educational and training facilities that replicate the workplaces and simulate the experiences that workers experience on their jobs. At the Eastern Wake Campus in Wendell, the Advanced Technology Center is expected to open in January 2027 as a hub for advanced, automation-driven manufacturing programs and partnerships, with a 10,000-square-foot biopharmaceutical simulated work environment or SWE, a replica of a fully functioning biopharmaceutical facility. The Biopharma SWE follows other simulation centers on the Eastern Campus in emergency medical science and unmanned aircraft, as well as Wake Tech’s unique Public Safety Simulation Center that has emerged as a national model. While Wake Tech is known for its advanced workplace facilities, it is even better known for its employer and educational partnerships. Current activity at the college’s new Eastern Campus exemplifies this collaborative spirit. There, Wake Tech is partnering with Siemens on Operation Boot Camp, a partnership to provide accelerated entry training for the hundreds of new jobs Siemens is creating to support AI infrastructure. The Eastern Campus is also a site of SparkNC, a hub where high school students gain exposure to high tech career fields like cybersecurity, artificial intelligence, and computer engineering, and will be a new hub for “Project Lighthouse,” a state-funded pilot to enhance math education through artificial intelligence and a collaboration between the Khan Academy, Wake Tech and Wake County Public schools. University connections have been key to the strategic growth at Wake Tech’s Eastern Campus, including support from the NC State College of Engineering, and on-site program delivery partnerships with East Carolina University and Elizabeth City State University. Wake Tech is also expanding health sciences simulation training with the Perry Family Simulation Hospital, scheduled to open at the Perry Health Sciences Campus in fall 2027

to allow for significant growth of the college’s nursing and imaging programs. The three-story, 106,000-square-foot facility will be one of the largest simulation hospitals in the United States, with realistic spaces for emergency, operating, imaging, diagnostic, nursing and patient care training. The development of the Simulation Hospital was made possible by a unique collaboration between Wake Tech, Wake County and WakeMed, the county’s largest hospital complex that sits adjacent to Wake Tech’s Perry Health Sciences Campus. Through a collaboration known as Wake III, the three partners have collaborated on the development of a new “Health and Education District” which will support the growth of the region for years to come. Developed by Wake Tech with Wake County and WakeMed, the project will help expand nursing, radiography, CT and MRI, medical assisting, neurodiagnostic technology and respiratory therapy programs while strengthening the region’s health care pipeline. That same focus extends to skilled trades and the expansion of the electrical workforce. Wake Tech is the anchor college in the North Carolina pilot of Careers Electric™, a national Siemens Foundation initiative to expand electrical training for careers in construction, energy, manufacturing and infrastructure. With support from the Siemens Foundation and other industry partners like ABB, Wake Tech is supporting development of a statewide Electrification Training Network and creating more entry points through high school pathways, youth apprenticeships, community college credentials and advanced electrical training. This past summer, through a partnership with the North Carolina Business Committee for Education and Wake County Public Schools, 27 Wake County high school students completed a Careers Electric Summer Academy gaining a valuable jump start on electrical careers. Together, these investments support a broader strategy to ensure Wake County has the facilities, training capacity and employer-connected programs to keep pace with growth. The proposed 2026 Wake Tech Workforce Forward Bond would provide $149 million to enable continued growth in facilities for skilled trades, public safety and healthcare, and help ensure that Wake Tech can continue to grow the workforce for one of the nation’s fastest growing economies. For business leaders, Wake Tech is more than an education provider. It is a strategic workforce partner that understands industry needs and prepares talent for jobs changing as quickly as the economy itself. As North Carolina continues to attract investment in biotechnology, advanced manufacturing, health care, technology and innovation, Wake Tech will remain central to the state’s competitiveness by connecting students, employers and communities to build the workforce that will power North Carolina’s future.

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Data by the ton By recovering value or creating it, Spencer Baird thinks Inmar Intelligence has the future covered.

By TUCKER MITCHELL

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Privately held Inmar Intelligence has nearly 4,000 employees and touches 100 million U.S. households on a regular basis. Still, many have never heard of the Winston-Salem-based company, and few know what it does. CEO Spencer Baird smiles at the perception. “It’s always been a little tough to explain, but let me tell you, it is a great business.” In a nutshell, Inmar began as a value recovery business that works between suppliers and retailers in various consumer industries. It moved aggressively into the value creation business — or in MBA lingo, marketing technology or “martech” — under David Mounts Gonzales, who was CEO for a dozen years before Baird succeeded him in 2022. More detail: Inmar helps retailers recover value through the redemption of store coupons, its original business, and by helping pharmacies obtain payments from insurance and pharmaceutical companies. Because Inmar understood that process, it built another business line that helps retailers lure customers back to the store, by showering them with incentives (coupons, reminders, etc.) delivered at just the right moment and in just the right way. Those creepy texts and ads, the ones that make it feel like someone is listening to your conversations, watching your every online move, possibly even reading your mind? That’s Inmar. “We have 57 different types of incentives we can offer you, BOGO (buy one/get one), $1 off, the Cincinnati Bengals just won a game, come get a free doughnut, … you name it,” says Baird. We’re very careful about calling it (incentives), not digital value coupons, which sounds like kind of a nod to the past for us. It doesn’t describe what we do today.” All Inmar is trying to do, says Baird, is look at data to understand what consumers like and when they’d like it. “I’m not trying to sell you something,” he says. “We’re just letting you know that there is something that you want, and buy regularly, sometimes maybe a suggestion on a similar product, and that it is here now. This brings you back to that store, which is good for (the retailer), but we think it’s good for you too.”

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Inmar reports on its website that it “saves consumers billions.” The key to doing that is data, mountains of it. The company manages five petabytes of data — roughly the equivalent of 2.5 trillion standard printed pages — collected from its 9,000-plus corporate customers. About a tenth of Immar’s 3,668-person workforce is made up of data scientists or engineers, who manage and manipulate the data in endless variations. About 670 employees work at the Winston-Salem headquarters. Baird says Inmar relies on two essential pieces of information: customer identification numbers, mostly generated through retailer loyalty programs, and transaction records. Most of the info comes from point-of-sale terminals. “I don’t know who you are other than the ID, and I don’t care. But if you shop three or more times in that retailer, I can tell you with more than 90% accuracy — it’s closer to 100% in a household with kids — what you’re out of in your pantry. We’re all pretty routinized as it turns out. We have our rhythms with regard to our buying. “As you might imagine, our customers find all this information very valuable.”

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COUPONS BY THE POUND Inmar started 45 years ago in Winston-Salem. John Whitaker Jr., the son of former R.J. Reynolds Tobacco chairman and President John Whitaker Sr., saw a problem that needed solving in the paper coupon redemption business. It was a logical progression given how RJR was a marketing pioneer as it sold cigarettes in several hundred thousand U.S. locations. Paper coupons, used mostly by grocery suppliers to lure customers to stores, took off during and after World War II. The transaction behind a coupon is simple – a customer turns in a coupon for 50 cents off the store price. The retailer hands the coupon to the manufacturer, who gives the retailers two quarters in return. Easy enough, but when multiplied millions of times across thousands of stores and brands, it quickly became untenable. The A.C. Nielsen Company, best known for its TV and radio ratings, took over the business in the 1950s, building a redemption center in Clinton, Iowa, that centralized the process and managed tons (not peta bytes) of coupons.That

Inmar Intelligence drug processing facility in Grand Prairie, Texas

was a notable improvement over a process that saw individuals stores mailing sacks of coupons to manufacturers, but it still left much to be desired. Nielsen sorted the coupons by brand, then weighed the piles and made a guesstimate as to how much the manufacturer needed to send to a particular store or chain. “It’s crazy,” says Baird. “You know, depending on the scales, Procter & Gamble could have a good day or a bad day. When I’m up on stage, making a presentation, and I tell that story, people laugh. They can’t believe it. … John (Whitaker) laughed, too, but he also went to work building our company.” Whitaker’s employees digitized the physical coupons, building a redemption process, and a database. Accounts receivables suddenly became much more accurate, and the real impact of coupons could be measured. Carolina Coupon Corp., Whitaker’s new business, fixed a chaotic transaction and unlocked an information gold mine. The company, says Baird, “quickly became very valuable to both ends of a massive, two-sided market. “That’s still where we want to be today.”

At A Glance

Spencer Baird CEO Inmar Intelligence Age: 48

Hometown: Lynchburg, Viginia Education: Bachelor’s degree, Virginia Wesleyan University, where he played varsity basketball and tennis. Teammates included Oklahoma City Thunder GM Sam Presti. Career highlights: Manager roles at Kraft/Heinz, Dannon, Kellogg’s; VP for Global Commercial Strategy at Kellogg’s; VP Assortment and Merchandising Support, Ahold Delhaize, which owns Food Lion; Joined Inmar Intelligence in 2020 as Chief Transformation Officer; named interim CEO in April 2022, then CEO in October 2022. Awards: Ernst & Young Entrepreneur of the Year, Southeast, 2026.

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“The world is going to change 100 years in the next five years.” – SPENCER BAIRD

Spencer Baird and John Whittaker Jr

DRUGS GONE BAD

Inmar's take on AI Baird says Inmar is focused on ensuring its various business lines remain an essential part of the customer’s world as it continues to evolve into a full-fledged data company. That requires continued investment in artificial intelligence, and Baird says Inmar is in the top 5% of adopters in a variety of AI fields. That means a significant investment in human capital, prompting the formation of a “leadership lab.” Its mission is to develop poise, resilience and other vital skills among Inmar’s top 200 executives. Inmar is a technology company, but Baird says humans will be the key to its future, and the future in general. “The world is going to change 100 years in the next five years,” says Baird. “That kind of environment will favor those with deep relationship skills, something I think we really lost during Covid. Not repairing the muscles that atrophied in Covid — what I’m talking about is mostly relationship skills — is more of a threat than any part of AI. “We want to embrace AI as a great tool, which it is,” says Baird. “But when answers are automated, you have to realize that there is a question problem, and that’s what humans do. It’s human to human and it’s all about trust. I’m telling you, trust does not come through a screen.” Baird says Inmar recently celebrated one of its partners, HR talent enablement analyst Christine Mabe, who used AI to eliminate most of her job by asking AI how to automate it. Soon after, Mabe was promoted to a new job. She says AI eliminated “a weekly headache … (and) … cleared a path for me to focus on the work that really matters.” “’How do I automate my job out of existence?’ That’s a great prompt for anybody,” says Baird. ■

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Grocery stores and other retailers had more value to recover than just coupons, including how to handle damaged products. Once they trusted Carolina Coupon in one aspect of value recovery, it was logical to engage them in others. You got my coupon money back. What about those dented cans of corn over on aisle 7? Carolina Coupon, which was renamed Inmar in 2011, entered that business, too. It was schlepping busted corn cans and ripped sweatshirts to recovery sites around the country until just a few years ago. Inmar earned minimal returns for that investment, however, and sold the business’s 14 return centers last year to DHL, the Germany-based logistics company. It’s one of 19 lines of business that Baird has ended during his four-year tenure as CEO. Return work on pharmaceuticals is a different story. It’s a big, booming business for Inmar. Inmar manages the documentation and compliance work associated with the return of out-of-date prescription drugs from pharmacies and hospitals. Product processing occurs at two massive collection centers, one near Dallas and the other near Chicago. Trucks and vans roll in round the clock and drop off shipments that are meticulously catalogued by a workforce of almost 1,200. Afterward, the drugs are shipped to another vendor that destroys them.

Inmar Ownership

CAR MAINTENANCE, BUT NO NIL

A solid core business will help Inmar continue its steady growth. Big leaps will 1980 - John Whitaker Jr. starts Carolina Coupon, likely come from expansion in the value later renamed Inmar. creation field, which has been applied to a small segment of the vast retail world. 2007- Whitaker sold majority interest to New Baird is pushing for more. Inmar is in discussions with major Mountain Capital of New York hospital operators to use martech to drive patients to more proactive health 2014- Boston-based Abry Partners bought behaviors. That could help the hospital’s Inmar from New Mountain Capital bottom line by eliminating some costly procedures. It might make for better 2017- Ontario Municipal Employees Retirement patient outcomes, too. John C. Last year, Inmar launched a program Whitaker Jr System bought Inmar for $1.5 billion. designed to bring car buyers back to the dealership where they purchased their vehicle for service. Fewer than 30% of buyers have their cars serviced at the original dealership, but Inmar says its Inmar plays no role in the shipping, but do, and the alpha is almost unlimited.” system to combine consumer data and validates the returns down to the last pill Three financial groups have owned vehicle maintenance calendars can raise or fluid ounce. It also creates the records Inmar since Whitaker sold control that percentage. to meet governmental regulatory and in 2007. The owner since 2017 has That program started with an unnamed compliance standards. Rigorous in-house been the Ontario (Canada) Municipal audits ensure that visits from the DEA and Employees Retirement System which has “big operator in Winston-Salem,” Baird says. The pilot was successful enough that Inmar other federal agencies run smoothly. assets of more than $100 billion. is partnering with some out-of-state dealers. Prescription drugs are a $750 billion Inmar’s net client retention is near Inmar is also working with the Caryindustry, says The Drug Channels, a 100%, and potential growth suggests based N.C. Courage of the National pharmaceutical industry newsletter. long-term profitability. It also means Value recovery and revenue cycle Inmar is likely to remain private for the Women’s Soccer League and the Atlanta Vibe of the Major Volleyball League on management make up significant parts foreseeable future. martech projects designed to drive ticket of that industry’s bottom line, and Baird says that the company’s stable sales and on-site purchases. Inmar, which handles more than 85% business offset any worries about its Baird is a former small college of expired drugs in the U.S., is the $1 billion-plus debt, which Fitch basketball and tennis player and an avid dominant player in both fields. Ratings calls “moderately high.” It has sports fan. He longs for the day when That business is a big part of Inmar’s a speculative, B+ grade. In a report last Inmar pairs up with the major league appeal. A stable business built on longSeptember, the agency credits Inmar’s professional team or a major collegiate term contracts and significant barriers to improving positive cash flow and athletic squad, which is more or less the competition makes for steady cash flow. diverse business lines, with its 10 top same thing these days. “Everybody loves the P&L of this customers accounting for only about He’s been approached by two Wake business,” says Baird. “It’s high alpha, 25% of total revenue. Forest University coaches asking if low beta. During the pandemic, we “We like our position in private Inmar could help them manage the grew. During the 2008-09 (recession) we world. It benefits us,” says Baird. “The grew — barely — but we grew. So, it's day that’s not the case, we’ll consider the chaotic world of name, image, likeness (NIL) payments to college athletes. very, very resilient, because of what we alternative.” Baird chuckles. Inmar has done amazing things, but some tasks are beyond the pale. “I told them, ‘I’m sorry. We don’t have an algorithm for that.” ■ Inmar Intelligence CEO Spencer Baird was named an EY US Entrepreneur Of The Year® 2026 Southeast Award winner on June 30, 2026, recognized for driving the company's strong organic growth, structural transformation, and digital commerce innovations.

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BUSINESS NORTH CAROLINA 2026

TOP PRIVATE COMPANIES

Private Players G

By KEVIN ELLIS and CAROLINE KHALAF

etting individuals to share financial details about their private businesses is a bit like convincing poker players to show their hands. For decades now, Business North Carolina has produced a list that highlights the largest private employers headquartered in the state, based solely on revenue. Fortunately, a majority of the companies on this annual list provide the information readily, making our job easier. For the others, we develop estimates by talking with industry experts and researching public sources. Trade publications with deep expertise in specific industries are key data sources. This year’s Private 125 list includes 30 companies that check the box of $1 billion or more in revenue in 2025. Another 28 have between $500 million and $999 million. Most of the companies are considered middle-market enterprises, and they make up the core of North Carolina’s business community. The goal is to make the list more comprehensive every year. Within the revenue ranges, we attempt to rank companies by sales in the 2025 calendar year. Many thanks to the contributors to this report. Reflecting a long-term trend, an increasing number of Private 125 companies are controlled by privateequity companies. Many others are closely held organizations, including many family-owned operations.

SPONSORED BY 

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B U S IS NI N E SE SS S N N O O R TR H L IL NI N A A B U T HC A C R A O R O

&

 SPONSORED BY

$1 BILLION AND MORE

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The Backbone of Our State’s Economy On behalf of Ward and Smith, P.A., we are honored to sponsor Business North Carolina’s annual BNC125, recognizing the state’s largest and most influential private companies. For decades, Ward and Smith has been North Carolina’s established legal network, serving the unique needs of private businesses across the state. With offices in Asheville, Greenville, Morehead City, New Bern, Raleigh, and Wilmington, we understand the challenges facing privately held companies from the mountains to the coast. Our recent expansion into Columbia, South Carolina extends that same depth of experience to clients with operations throughout the Carolinas.

QUICK LOOK

OFFICES FROM

MOUNTAINS 7 THE TO THE COAST

NORTH CAROLINA STATE BAR BOARD-CERTIFIED SPECIALISTS

ATTORNEYS NAMED

2026 SUPER 23 INLAWYERS AND RISING STARS

AREAS OF PRACTICE

The companies featured in this year’s BNC125 represent the backbone of our state’s economy: family-owned enterprises, closely held corporations, and private equity-backed businesses that drive innovation, create jobs, and build communities. These organizations need legal counsel that understands their entrepreneurial spirit, complex ownership structures, and long-term vision. Whether navigating mergers and acquisitions, structuring business relationships, managing regulatory compliance, or planning for succession, Ward and Smith delivers the reliability, responsiveness, and strategic insight private enterprises demand. We are proud to celebrate these remarkable companies and the entrepreneurs who lead them. Their success strengthens our state’s economy and reflects the innovation and determination that make North Carolina, and increasingly the Carolinas as a whole, a premier destination for business.

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35 ATTORNEYS NAMED

THE 2026 BNC 38 INLEGAL ELITE

ATTORNEYS NAMED BEST LAWYERS IN AMERICA® FOR 2027

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$500 MILLION TO $999 MILLION

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$150 MILLION TO $299 MILLION

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KEY UPDATES Changes at some BNC125 Top Private Companies during the past year.

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Hendrick Automotive Group

They are among the largest privately held automotive groups in the U.S., with $13.6 billion in revenue last year, now sells Ferraris. It acquired eight luxury import franchises from Hickory-based Paramount Automotive Group on July 1, including Ferrari, Bentley and Aston Martin. The acquisition increased the company’s dealership count to more than 100. Founder Rick Hendrick had pursued the famed Italian brand for nearly three decades.

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Epic Games

The gaming company won a decisive court victory over Google in late July, meaning its games store for Android users will be available on the Google Play store, CEO Tim Sweeney said on July 31. Epic first filed its lawsuit against Google in 2020, with a jury and trial judge saying Google needs to open its store to rivals. Google is expected to appeal. Epic doesn’t share information about its finances or operations, but is believed to employ more than 4,000 people. Its estimated valuation was was $22.5 billion in 2024..

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Pike Corp

Maintaining energy infrastructure is a critical business in which Pike is a leader, as reflected by the November transaction in which San Francisco-based TPG and Montreal-based La Caisse acquired a majority interest. The seller was PE group Lindsay Goldberg, which bought a majority stake in Pike in 2020. The TPG transaction valued Pike at more than $5 billion, reports Octus, a financial data firm. Founded in 1945 by Floyd Pike, the company was based in Mount Airy for decades before establishing its headquarters in Charlotte this year. Floyd Pike’s grandson, Eric Pike, chairs the company’s board of directors. The company offers engineering and construction services to more than 400 U.S. utilities and other groups.

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From Ashe to Paris

Vannoy Construction links up with one of Europe’s largest building companies. By KEVIN ELLIS

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n ocean separates Paris from the Ashe County town of Jefferson, but Mark Vannoy discovered a kindred spirit over months of business negotiations with France’s Bouygues Construction. In June, the French company with more than $12 billion in annual revenue, bought Vannoy Construction, a regular on Business North Carolina’s Private 125 list for many years. “After you see both groups, it’s not that hard to imagine a construction company in France being able to work with a construction company in Jefferson, North Carolina,” Vannoy says. Both firms were founded in 1952, and both remain under family control. “Both companies are family-owned organizations, and that’s what drove us to each other after we got to know one another,” says Vannoy. Bouygues (pronounced bweeg) is a public company trading on the Paris Stock Exchange. It diversified in the 1970s and 1980s into media, television and telecommunications, and now employs about 200,000 workers in 80 nations, and has a market value of about $20.5 billion. About 35,000 work in its construction business, says Mehdi Marine, head of mergers and acquisitions for Bouygues. He’s helping integrate the two companies. The French contractor, which is a leader in European construction, has had projects in Florida, Rhode Island and Washington, D.C. Adding Vannoy for about $148 million provides a major platform for growth in the fast-growing Southeast, the company said in a financial filing. Vannoy, among the largest N.C.-based general contractors, reported 405 employees and about $1 billion in revenue last year. Jim and Wilma Vannoy founded the business in Jefferson, 90 miles northwest of Winston-Salem. Their sons, Mark and Eddie, who are in their 70s, owned the company, which has seven offices in North Carolina and Virginia. About 150 people work in Jefferson, which will remain the headquarters. Several younger family members work for the contractor. Bouygues had sought a stake for three years, and contacted

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because it is based in a fast-growing state and had “the

enduring loyalty of its customers,” Marine says. The Vannoys focus on “bread and butter” sectors including healthcare, education, manufacturing and retailing, company officials say. Mark Vannoy says the family wasn’t shopping the business around. “I wasn’t expecting it, but as any businessman knows, when you get a call like that, you listen to see what they’re about,” he says. “The most important thing was the future of the employees and the continuation of the Vannoy name.” Age was a factor. “The years have crept up on us,” says Vannoy, referring to himself and his brother. Pierre-Éric Saint-André, CEO of Bouygues “We’re not 40-year-old Construction and Mark Vannoy, president of Vannoy Construction businessmen anymore, so we wanted to make sure everything continues as well as it does now.” The acquisition should enable some non-family members who have helped the company excel to advance faster in their careers. Neither customers nor vendors will notice a difference from the ownership change, say Vannoy and Marine. The Vannoy management team remains intact. “The business is doing well because it operates the way it’s been operated,” says Marine. Eddie Vannoy, who is the company’s CEO, remains involved in the Jefferson Landing Golf Club and Resort, which opened in 1991. He promotes community causes, including raising more than $1 million for local high school seniors through the Jeremy Elliott Scholarship Fund. A five-day auction of Eddie Vannoy’s automobile collection in 2020 raised $15 million from the sale of 80 mint-condition muscle cars and other memorabilia. Mark Vannoy, the company’s president, is a board member of UNC Health Appalachian in Boone and a founding member of Forest Commercial Bank in Asheville. “We’re going to continue to give back to our communities and the places our businesses are located,” Mark Vannoy says. International contractors buying North Carolina-based peers is a long-term trend. In 1979, Germany’s Philipp Holzmann A.G. bought J.A. Jones Construction. In 2014, British contractor Balfour Beatty bought RT Dooley, while Japan’s Kajima acquired Rodgers Builders in 2024. Bouygues is taking a long-term view with the Vannoy deal, Marine says. “We are builders. We’re not investors, we’re builders. We know where the dust is.” ■

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10 Bojangles Bojangles added about 50 restaurants in the past 18 months, and now has more than 880 stores. It entered Arizona in July, and expanded to New Jersey, New York, Texas, Oklahoma, Nevada, Colorado and Michigan in the past year. Last September, its largest franchisee group, BOJ of WNC, sold 126 stores in six states to California-based hospitality management company Eyas Capital. Most of the restaurants are based in western North Carolina, although Eyas committed to opening 40 additional Bojangles in Ohio. Bojangles had $1.9 billion in systemwide sales last year, seventh-highest among U.S. chicken chains, according to QSR Magazine. The fast-food chain known for its Cajun-flavored chicken, biscuits and sweet tea is owned by The Jordan Company and Durational Capital Management. The PE firms bought the company for about $594 million in 2019.

13

Weisiger Group

The fourth-generation family-owned parent company of Carolina Cat, LiftOne and Sitech, celebrated its 100th anniversary in 2026. Weisiger Group opened a new Carolina Cat facility in Gastonia, strengthening its Caterpillar franchise’s capabilities in western North Carolina. Formerly known as CTE, the Charlotte-based equipment and service provider operates in five Southeastern states.

25 Gregory Poole Equipment Gregory Poole Equipment plans to move its headquarters from Raleigh to Garner over the next four years, bringing 500 jobs and $347 million investment to the southeast Wake County town. Construction is expected to begin within the next year. Gregory Poole bought 130 acres on South Greenfield Parkway in Garner in February 2025. The family-owned company had been looking to move after about 75 years in Raleigh. It has more than 1,500 workers across 27 locations. It is the Caterpillar construction dealer for eastern North Carolina, and the Hyster and Yale dealer across parts of North Carolina, South Carolina and Virginia.

34 Captrust The wealth management firm completed multiple acquisitions in the past two years, adding Alpha Cubed Investments, Stillwater Capital Advisors, Cobblestone Capital Advisors and Carolinas Investment Consulting. Captrust manages more than $1.2 trillion in assets and operates more than 80 offices nationwide.

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46 CBX Solutions Cook & Boardman, founded in 1955, rebranded as CBX Solutions in May to unify its network of companies under a single identity. The new name reflects the company’s expansion beyond commercial doors and hardware into security systems and technology networks. CBX has more than 100 locations and has completed eight acquisitions since January 2025. While it started in Charlotte, it has long been based in Winston-Salem, becoming a leading distributor of doors, frames and electronic access control products. Beverly Hills, California-based Platinum Equity acquired a majority interest in 2023, while the Littlejohn & Co. private equity group of Greenwich, Connecticut, retains a significant minority interest. David Eisner left the company in June after three years as CEO. Christian Cook, a managing director at Platinum Equity since 2013, is now the interim CEO.

54 Metcon CEO Aaron Thomas was named an EY Entrepreneur Of The Year 2026 Southeast winner for expanding the Pembroke-based company from a specialty contractor into a full-service construction firm. The business’s notable projects include the Catawba Twin Kings Casino in Kings Mountain.

59 Tencarva Machinery Tencarva Machinery, which primarily serves the municipal water and wastewater industry, acquired WWaterTech Services, expanding into Texas and Oklahoma. In February, it acquired Hoffman Kane Distributors, which supplies fluid handling and sealing solutions in western Pennsylvania, eastern Ohio and West Virginia. New York City-based Bessemer Investments began backing the company in November 2021, when it had 350 employees in 28 locations in the Southeast. It now has more than 580 staffers at 34 locations in the Southeast, Mid-Atlantic and Midwest.

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60 Renfro Brands Sock manufacturer Renfro Brands promoted Jay Robinson, right, to CEO in January after longtime leader Stan Jewell joined Fruit of the Loom. Robinson has worked at Mount Airy-based Renfro for 19 years, most recently as a senior vice president and chief innovation officer. The company’s sock and hosiery licenses include Polo Ralph Lauren, New Balance and Dr. Scholl’s. Jewell had led Renfro since 2017, but now is CEO of Bowling Green, Kentucky-based Fruit of the Loom, whose other brands include Russell Athletic, and Vanity Fair. In December, Renfro closed its 455-employee factory in Fort Payne, Alabama, citing declining sales. It consolidated operations at its Cleveland, Tennessee, plant. Renfro Hosiery Mills was founded in Mount Airy in 1921. Its innovations include standardizing sock sizes and eliminating toe seams.

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50 Tepper Sports and Entertainment The 30-year-old Bank of America Stadium is getting a $1.3 billion upgrade, boosted by an additional $500 million from Tepper Sports and Entertainment, owners of the Carolina Panthers and Charlotte FC. NFL Commissioner Roger Goodell endorsed owner David Tepper’s plans and said the renovated stadium would be a good site for an NFL draft, and possibly a Super Bowl, after visiting in July. The stadium expansion plans coincided with an agreement to extend Bank of America’s naming rights for an additional 20 years. The renovations are expected to be completed by 2030. Plans call for wider concourses, more luxury boxes and a 4,400-seat venue that may attract 100-plus events per year. In 2024, the city of Charlotte agreed to put $650 million toward the project.

93 Alcami The pharmaceutical contract research and manufacturing organization acquired Netherlands-based Tjoapack in May, pushing its combined workforce above 1,400. Tjoapack operates a packaging facility in Clinton, Tennessee, that employs more than 400. The roots of Alcami are in Wilmington, where Frederick Sancilio started Applied Analytical Industries in 1979. A merger with Cambridge Major Laboratories created Alcami in 2016. It now has more than 1 million square feet of space that supports the organization of more than 80 products worldwide. Much of the real estate is in Morrisville, Durham and Garner. In January, it bought a 37,000-square-foot building in Durham for $6.7 million for a future laboratory expansion. Alcami’s private equity ownership includes GHO Capital, The Vistria Group and Ampersand Capital Partners.

124 Capitol Broadcasting Capitol Broadcasting, which went on the air with WRAL-AM in 1938, has diversified into new media, real estate and professional sports. Capitol now has almost 3 million square feet of real estate, including the American Tobacco Campus surrounding the iconic baseball stadium in Durham. It bought the Durham Bulls in 1991. Capitol sold five Wilmington-area radio stations and two translators to Curtis Media Group, another Raleigh-based media firm, WilmingtonBiz reported in May. It still owns the Fox and NBC affiliates in the Triangle, making it one of the few independent familyowned TV station owners in a major market. Capitol broke ground this year on its Overlook on Main project in Holly Springs in south Wake County. It will include 237 apartments and retail space near Ting Stadium, home of Capitol’s Holly Springs Salamanders amateur baseball team. Earlier this year, the company started a 10-year contract with Wake County and the town of Zebulon to manage Nomaco Park, which was formerly Five County Stadium.

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69 Metrolina Greenhouses The plant supplier to major retailers including Walmart, Home Depot and Lowe’s Home Improvement grew itself through a merger with Springfield, Tennessee-based South Central Growers. The combined organization operates under the Metrolina Greenhouses brand. Abe VanWingerden is CEO of the combined companies, with co-CEO Art VanWingerden as chief operating officer, overseeing supply chain, horticulture and site management. Alex Van Der Hengst, whose family owned South Central Growers since 1990, is chief revenue officer. Metrolina Greenhouses has about 200 acres of greenhouse space and 200 acres of outdoor growing space with operations in Huntersville and York, South Carolina. It supplies about 1,400 retail garden centers along the East Coast with annuals, perennials, shrubs and trees. Tom and Vickie VanWingerden immigrated from the Netherlands and founded the business in 1972 with $5,000 and a 12-acre greenhouse. Today, their children lead the company.

OFF THE LIST Pine Gate Renewables The story of Asheville-based Pine Gate Renewables, once one of the nation’s fastest-growing solar energy companies, ended in a U.S. Capital Bankruptcy Court auction in Houston. Nofar USA, a subsidiary of Israeli-based Nofar Energy, purchased Pine Gate’s assets in a deal valued around $575 million in March. President Donald Trump’s energy policies in his second term, including the One Big Beautiful Bill Act, accelerated the phaseout of federal subsidies for solar and wind energy projects. Those changes prompted Pine Gate’s failure, said CEO Ben Catt, who founded the business with James Luster in 2016. Pine Gate was a developer and operator of utility-scale solar energy and storage projects that signed power-purchase agreements and renewable energy certificates. It closed on approximately $10 billion of projects and at one time had 109 operating sites in more than 30 states. In 2024, it closed on $650 million in funding led by Generate Capital with plans to finance 3 gigawatts of clean energy projects. When Pine Gate filed for bankruptcy in November, it listed $4.4 billion in debt against $8.5 million in cash. Pine Gate had been soliciting potential buyers since 2024. ■

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The Modern Energy building on Durham’s Foster Street, where American Efficient LLC is headquartered. (Photo via Google Maps.)

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Latent

Energy

How the mysterious trading business of the scion of a famous N.C. family has unraveled.

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By MIKE MACMILLAN

Sometimes the numbers just don’t add up. In its July 18 bankruptcy filing, Durham-based American Efficient listed assets of no more than $10 million versus liabilities of at least $1.1 billion. Most of the debt is owed to the Federal Energy Regulatory Commission (FERC), which filed the enforcement action in April that led to the company’s insolvency. Then again, much of the American Efficient story doesn’t add up. Ben Abram, the son of prominent Triangle real estate and financial services investor Adam Abram, created a company that appeared to be an energy-market innovator. Then in April, FERC dropped a press release announcing that it was accusing the company of fraud and levying a $722 million fine, the largest civil penalty in FERC’s five-decade history. FERC chairperson Laura Swett called the case “an extraordinary and deeply troubling breach of public trust — a meticulously orchestrated scheme that siphoned hundreds of millions of dollars away from hardworking American families and businesses. Such blatant disregard for the rules not only threatens the integrity of our energy markets but also undermines the confidence consumers place in these systems.” The company has denied wrongdoing. Ben Abram declined requests for comment.

MONEY FOR NOTHING

Ben Abram graduated from Duke in 2007 with a degree in civil/environmental engineering. He acquired American Efficient in 2013 and set about shifting a company whose business previously focused on partnering with utilities and others to encourage adoption of energy-efficient products to an aggregator that could “bring energy efficiency resources to market at scale,” according to his bio. Aggregation involves bundling the potential power generation savings from energy-efficient refrigerators, light bulbs and other products into a saleable asset. For example, when a big box retailer like Lowe’s or Home Depot sells a refrigerator that uses less energy, American Efficient might buy that sales data. It then aggregates the data of thousands of such purchases. Collectively, those buys should result in significant reductions in demand for electricity that benefits both the consumer and the utility. On its website, American Efficient said it “incentivized” the sale of millions of units of efficient appliances and other products. This reduced CO2 emissions by the equivalent of more than 10 million metric tons and obviated the need for constructing four new conventional power plants, it says. If true, this would represent a billion dollars or more of potential savings to ratepayers and utilities. (A new combined cycle gas-turbine plant costs upward of $1 billion to build.) Famed energy efficiency guru Amory Lovins refers to this concept as “negawatts,” and it’s become an accepted practice. Duke Energy runs its own programs encouraging the use of efficient appliances

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and provides credits to consumers who use less power during peak hot or cold times. To make this work, there should be a clear cause and effect, a through line that shows that a program is modifying consumer behavior, leading to lower electricity demand. That was missing in the American Efficient program, according to FERC, which argued that the company was “enriching itself, its individual investors, its various holding companies, and its investment bank counterparties by receiving capacity payments for a purported energy efficiency project that does not actually do anything to reduce demand.” In FERC’s telling, this was a straightforward case of fraud. “Money for Nothing” was the headline of its press release announcing the enforcement action, accompanying a 178-page complaint. In addition to the $722 million in civil penalties, the agency demanded another $410 million in disgorgement of what the regulator described as unjust profits, plus interest. The fraud, said FERC, went on for more than a decade.

FERC Chair Swett had a 15-year career as an energy lawyer, including work as a FERC attorney, before President Donald Trump nominated her to chair the agency in June 2025. The Senate confirmed her last October, impressed with her legal expertise and life story as the daughter of a Vietnamese refugee. In its response to FERC, American Efficient says the case is “largely a disagreement regarding what exactly should qualify as an Energy Efficiency Resource and the evidence needed to support such qualification.” It says that these “policy disputes” belong in policy channels. It argues that, “Nothing in the agreements requires energy efficiency providers to contract with end users — homeowners, renters, schools — or to prove they bought energy efficient products solely because of the provider’s program. This is not a ‘money for nothing’ case. The grid operators received what they paid for.” While FERC’s accusations are stark, some experts agree the case may not be as straightforward. Ari Peskoe, director of the Electricity Law Initiative at the

Harvard Law School, noted on X.com that the market rules are ambiguous and do not clearly prohibit American Efficient's scheme. “Conduct that looks bad can still be legal,” he wrote.

A FREE MARKET STAB

There are two general ways that electricity is purchased in the utility world. One is the “spot market,” where power is bought from those who generate it and added to the grid in real time. The other is the “capacity market,” where producers are paid to set aside power for future needs. Capacity markets are generally a feature of regions where there is competition, like the PJM Interconnection, the largest regional transmission organization in the U.S. It operates mostly in the mid-Atlantic states, including two counties in eastern North Carolina. By contrast, North Carolina’s energy market is regulated by the N.C. Utilities Commission, which oversees dominant provider Duke Energy and several smaller operators. Duke participates in what it calls a “bilateral”

WHO is Ben Abram? Chapel Hill native Ben Abram, 41, is the CEO of Modern Energy and chair of the board of American Efficient. He is a graduate of Duke University, holding a bachelor's degree with dual majors in civil and environmental engineering and public policy studies. Abram’s grandfather, Morris Abram, was a civil rights advocate and a former president of Brandeis University. Abram’s wife, Sophia Chitlik, is a Democratic state senator representing District 22 in Durham. His father, Adam, has led Adaron Group as it developed more than 4 million square feet of commercial property in the state. He was a founder of what became the parent company of Yadkin Bank, which was acquired by FNB in 2016 for $1.4 billion. He founded and formerly chaired the board of James River Group, a publicly traded insurance company. He was Triangle Business Journal's Business Person of the Year, and is a board member of The Assembly NC news company. A 2006 profile in Duke Today described Ben Abram, then an undergraduate as “tall, lean, and charged with energy … (and) committed to environmental causes and progressive politics.” While an undergraduate, Abram received the William J. Griffith University Service Award, recognizing students who have had a significant impact on the university, and the Algernon Sydney Sullivan Award, which recognizes one graduating senior for their outstanding commitment to service, according to a Duke press release. Abram was named to the Duke University board of trustees shortly after graduating in 2007. More recently, he served on the board of Duke’s Nicholas Institute for Energy, Environment and Sustainability. He is no longer listed on its website.

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Ben Abram was an active political donor in North Carolina, both for his wife, who ousted incumbent Sen. Mike Woodard in 2024, and other Democratic candidates. State Board of Elections records show Abram gave his wife’s campaign an $18,000 loan and a $5,400 individual donation. He gave her campaign an additional $7,560 since then. He’s also given more than $5,000 to the campaigns of incumbent Sens. Jay Chaudhuri, D-Wake; DeAndrea Salvador, D-Mecklenburg; Natalie Murdock, D-Durham; former Sen. Mary Willis Bode, D-Wake, along with Rep. Zack Hawkins, D-Durham. At the statewide level, Abram has given Gov. Josh Stein's campaigns for attorney general and governor $16,950 since 2018. Attorney General Jeff Jackson’s campaigns received $11,500 since 2020. In 2024, Abram was again highlighted in a Duke Chronicle story titled, “Duke Alumnus Didn’t Set Out to Make a Difference in Clean Energy.” The article showcases his success in running Modern Energy, “a diversified company that invests in renewable energy business with a goal of ‘helping the world reach a net-zero carbon economy.’” He told the student newspaper, “The energy transition is one of the most pressing issues of our time. It’s a great feeling to work in partnership with my team and other professionals to wrestle with this complex, important issue and come up with unique and effective business models that can contribute to the energy transition.” To all appearances, Abram had made good on his early promise, building companies and investing in sustainable energy projects. Much of that is now being called into question as a result of recent actions by FERC.

capacity and energy markets, buying and selling surplus power through forward agreements with neighboring utilities. In 2008, PJM determined that energy efficient resources (EERs) could be considered a form of capacity that could be bought and sold in its region. Its first capacity auction including EERs took place for the 2012-2013 delivery year, with FERC signing off on the approach. This packaging and selling of “environmental attributes” was similar to other efforts to leverage free market principles in service of conservation and green energy. Another example is carbon credits, which provide a tradable instrument to buy and sell a claim to “avoided” greenhouse gas emissions. Tesla has generated billions of dollars in revenue by selling carbon credits, often to other automobile manufacturers. It avoids generating carbon by building electric cars. Similar credits have been sold to protect global rainforests. Both markets have been subject to periodic manipulation and fraud. For the rainforests, at least, the challenge is similar to that faced by companies operating in the energy efficiency marketplace. How do you establish that someone was going to cut down a tree but then didn’t, based on an incentive payment? In FERC’s view, this is where American Efficient came up short. The agency calculated that the company “cleared” half a billion dollars in revenue (primarily in payments from PJM) for more than 10 years “without offering any real energy efficiency, providing any demand reductions, or making the grid any more reliable.” American Efficient had no relationships with the customers and paid only a nominal amount for the sales data, a “few cents” per transaction, says FERC. That was insufficient to influence behaviors, the agency says. “What American Efficient passes off as energy efficiency in its capacity supply offers really is just market research,” the regulator wrote. “The capacity markets pay providers for causing reductions in energy use, not for abstract characteristics of retail products.” The company didn’t require rebates or hand out educational materials and didn’t cause the reductions in energy use for which it took credit, FERC says. As a result, its offerings didn’t qualify as EERs for PJM or a peer group, the Midcontinent Independent System Operator.

Mark Laabs, left, and Ben Abram founded the energy holding firm Modern Energy, which includes American Efficient. Laabs died in 2024 at age 40 following a years-long battle with cancer.

American Efficient contends that FERC’s critical view of the company’s program was “no basis for a proposed enforcement sanction that is more than double the highest the commission has ever publicly considered.” It adds, because of a “legitimate ambiguity” over the rules, “an unprecedented enforcement action is not the way to resolve it.” American Efficient “had no contracts with end-use customers, provided no rebates or incentives, conducted no studies on purchasing behavior, and had no mechanism to verify product installation,” according to a May article by three regulatory lawyers at the Boston-based Foley Hoag law firm. Still, its bids represented more than 70% of PJM’s energy efficiency market, they noted. “The case exposes fundamental gaps in how wholesale electricity markets verify demand-side resources, particularly energy efficiency,” Foley Hoag partner Noah Shaw wrote. PJM has ended the program.

LACK OF CLARITY

The company seems to exist in a regulatory gray area. “Not a lot of attention has been paid at the federal level as to how all this should work,” says Rob Gramich, founder of Washington, D.C.-based consultancy Grid Strategies. “This ambiguity has lingered for a number of years and certain companies operated in those markets without any clear regulation as to what counts and does not count (as energy efficiency). Clarity needs to be provided by whoever is in charge of a market. When the rules are unclear, there’s a lot of regulatory risk.” As to this particular instance, Harvard Law’s Peskoe says, “The rules of the capacity auction are in

the tariffs. The question is whether they (American Efficient) violated the tariff. FERC is taking one view of this. American Efficient is taking another.” The matteris being hashed out in court. Under the Federal Power Act, if a fine is not paid within 60 days of its levy, FERC can file an enforcement action in federal court. Another mystery is where all the money went. Privately held American Efficient and its parent, Modern Energy, haven’t disclosed their financial reports publicly. An Aug. 3 bankruptcy court filing shows American Efficient held a $180 million investment in its affiliated Wylan Management Partners, plus $1 million in its MidContinent Energy. American Efficient attorneys have made a filing contending that FERC has no jurisdiction over the matter. This builds on earlier challenges to regulatory agencies filed by the Trump administration. A Supreme Court decision on June 29 expanded the president’s control over the independent agencies. Its impact on the American Efficient matter is unclear. The case is being closely watched by the industry. “Energy efficiency is a powerful way to create capacity on the grid at a time when demand for electric power is going up all over the country,” says Walter “Mack” Ramsden, an associate in the energy practice in the a New York associate of Foley Hoag. “You don’t have to build anything. You don’t have to connect to the grid.” Unfortunately, he says, “The capacity markets weren’t designed with energy efficiency in mind. They were designed with power plants in mind,” where the contribution to the grid is much less ambiguous. “American Efficient could be read as the end of the era of light touch regulation,” he says. “It will be the start of a new chapter. We just don’t know what that chapter looks like yet.” ■ S E P T E M B E R

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The MTV generation is trading work schedules for travel, hobbies and second careers. North Carolina is benefiting. By VANESSA INFANZON

In 2022, Indiana residents Christine and Peter Burrows leaped toward retirement by moving to Kure Beach and launching PickleBall Corporate (team) Building. Peter first visited during spring break when he was a student at Virginia Tech. In 2018, the couple purchased a vacation home at the New Hanover County beach and started building a pickleball community. The Burrows, who are in their early 60s, invested $20,000 in their business, which combines instruction in teaching pickleball and exploring leadership skills. Over the past three years, they’ve hosted 25 events for clients such as Chick-fil-A, Live Oak Bank and UNC Wilmington, along with hosting events in Chicago and Indiana. So far, they’ve reinvested and not drawn salaries. While Christine left her human resources consulting job in 2022, Peter worked remotely for an auto auction company until last year. “We started to imagine what retirement would look like,” Christine says. “We knew it was in sight financially, but I said to Peter, ‘I’m not going to eat and drink my way through retirement. We have to do something, together or separate, that drives us and gives us meaning.'” The Burrows’ story mirrors many members of Generation X, born between 1965 and 1980, who are in the homestretch toward retirement. The latchkey kids who played outside till dark, watched MTV and stumbled through dial-up internet and AOL, are 46 to 61 years old now. Their children are starting college or building careers. According to the U.S. Census Bureau, this generation makes up 65.4 million of the United States population, almost 20% of the population. Generation X is redefining retirement — and North Carolina is positioning to meet the generation's expectations. Whether they’re looking for community, purpose or a way to fund retirement, Gen X’s retirement will look different than past exits from the workforce. While about half of baby boomers retired with a traditional defined-contribution pension, fewer than 15% of Gen X have them, leaving them to mostly rely on selffunded 401(k) plans. The preceding Boomer generation was born between 1946 and 1964. “Gen X is the first generation where the pension isn’t going to be a major part of the retirement plan,” says Keith Beverly, owner of Durham-based Re-Envision Wealth. “They’ve been coined the ‘Ownership Society.’ We take ownership of our retirement and what that’s going to look like.” Also labeled as the sandwich generation, Gen X often serve as caregivers to both their children and elderly parents. Beverly says his mostly Gen X clients sometimes prioritize their children’s college education and parents’ healthcare over their own retirement. “If you don’t have a plan in place or you haven’t thought about it,” he says, “it can wreak havoc on your financial plans.” S E P T E M B E R

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Gen Xers are searching for the ideal place to retire, and North Carolina has steadily climbed the list of preferred destinations. In 2014, the state ranked seventh nationally for Gen X migration. By 2025, it had risen to third, trailing only Florida and Texas, according to Retirement Living's Journal of Retirement Research. In 2024, the Economic Development Partnership of North Carolina said about 48,500 adults in the 45-59 age range moved to the state, including 80% from other states and the rest from abroad. Nearly 40% landed in Mecklenburg and Wake counties, the state’s two largest, but many other areas attracted large numbers of newcomers. It helps that North Carolina is the fifth-most visited state and seems to draw more attention each year. Asheville landed at No. 9 on Travel + Leisure's 2025 list of the 15 Best Cities in the United States, based on reader votes. In 2026, Bravo’s TV show, “Top Chef,” highlighted local culinary stars and featured attractions such as Charlotte Motor Speedway and the Whitewater Center. For some, a visit is the first step toward becoming a resident. Four seasons and access to mountains, beaches, charming towns and vibrant cities make the state a desirable place to live. North Carolina remains one of the nation's top relocation destinations. The population grew by more than 750,000 between 2020 and 2025, ranking third nationally.

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Retire NC also oversees a certified retirement community program for 18 In 2008, the state legislature cities, counties and towns that have established the North Carolina signed on. A self-assessment measures Retirement Community Program, a community buy-in, the crime rate and plan to encourage retirees to stay in North Carolina and introduce others to access to medical facilities, along with options for continuing education, the state’s amenities. Since 2014, Visit healthcare, housing and outdoor North Carolina, the state's destination recreation. The certified communities, marketing organization funded by the which include Edenton, Elizabeth City, North Carolina General Assembly, has Mount Airy and Tarboro, pay $3,000 a led the program, which is now called year and recertify every five years. Retire NC. Visit New Bern, the tourism and The effort exposes potential new visitors bureau for Craven County, residents to places where they can stay became the tenth Retire NC member active. Newcomers bring vibrancy and in 2015. In Craven and other coastal tax revenue to smaller communities counties, adults aged 55-74 are among by volunteering for local projects and the fastest-growing demographic starting new businesses. grounds, according to Census Bureau “[The new residents] bring great estimates. ideas,” says Andre Nabors, a Visit NC "The Retire New Bern program manager who works with the program. has introduced hundreds of prospective “They may retire from a corporate retirees to the community,” says position and then they’re looking to do Melissa Riggle, executive director of what they always wanted to do. Not only will they become residents, but they Visit New Bern. What began as a visit to New Bern open businesses and become business in June 2024 became a life-changing owners within the small town.” decision for Sharon Breault and John Representatives from Visit NC Case. Six months later, they sold attend four shows a year hosted by their lavender farm near Sacramento, ideal-LIVING, a company specializing in connecting retirees with communities. California, and purchased a home in New Bern. They launched New Bern Mississippi, Tennessee and North Coffee Roasters, a coffee shop and Carolina are the only states with bakery specializing in San Franciscogovernment-sanctioned retirement style sourdough, in a 100-year-old programs. downtown building. They plan to “Research tells us that before renovate the second floor and rooftop someone makes a decision to retire to a different location, they usually visit that and lease the space to another business. “We’ve been pedaling very fast out place anywhere between five and seven of the gate,” says Case. “We’ve been times before they make that decision,” profitable since day one.” Nabors says.

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FISHING TALE

Maeghan, 47, and Rob Crenshaw, 51, are approaching retirement differently than people working in corporate or government jobs. The restaurant owners don’t have a 401(k) to rely on. Their Cabo Fish Taco restaurant, opened in 2001, is a fixture of Charlotte’s Noda neighborhood and was featured in 2010 on Food Network’s “Diners, Drive-Ins and Dives.” They expanded to Blacksburg, Virginia, in 2005, and a franchise location started in Charlotte’s Ballantyne neighborhood in 2017. Two additional locations in Virginia shuttered during the pandemic. The couple owns the buildings in which the restaurants operate in Blacksburg and Noda, which may come into play when they retire. Maeghan is chief operating officer, while Rob oversees ordering and receiving, maintenance issues and dayto-day operations. In North Carolina, they employ 75 people, including six managers. With a son in college and another in high school, the Crenshaws foresee a long runway to retirement with a few off-ramps, none that involve their sons taking over the business: They could sell the restaurants and collect rent on the buildings and live full-time in Folly Beach, South Carolina, where

they own a home. If they continue to run the restaurants and rely on strong management, they’d keep an apartment in Charlotte, rent their current house and check on the restaurants every three weeks or so. “We have so many ideas and questions,” says Maeghan. “It’s kind of a confusing time. It’s not just as simple as retiring at 65. We own the stores and the buildings. We have great people who work for us so we do feel like we can step away in a really organic way.”

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For North Carolina natives and physicians Jay and Preeti Matkins, staying in Charlotte after building medical careers, raising two children and becoming active in their faith community wasn't about relocating. It was about embracing a new lifestyle. “There was zero thought of moving out of Charlotte,” says Preeti. “I grew up here. At least for me, as we age, it’s important to be near our community.” In 2024, they sold their more than 4,000-square-foot house in Charlotte’s Myers Park neighborhood and moved into a nearby, 3,000square-foot newly built condominium. The secure building with a garage and an elevator is within walking distance from shops. The proximity to an international airport and major airline hub, access to mountain towns and beach communities and opportunities to enjoy college and professional sports teams made Charlotte an easy choice for the Matkins. “It doesn’t necessarily save money to downsize,” says Preeti, “What we got out of this is a beautiful new modern home within a community we built over 30 years.” ■

THE HOT 55PLUS MARKET Phoenix contractor Del Webb opened what is considered the first master-planned active adult community in the U.S. in Sun City, Arizona in 1960. Since then, Del Webb and Kolter Homes, Greystone, Shea Homes, Toll Brothers and others have built communities for folks in their mid50s and older across the country. North Carolina has an estimated 246 retirement communities, with homes costing an average of $529,000. More are on the way. Del Webb, which was acquired by PulteGroup in 2001, expects to open its Carolina Ridge projection Cabarrus County later this year. In July it announced plans for a 588-home adult community in northwest Winston-Salem, joining the company’s developments in t he Charlotte, Triangle and Wilmington areas. Another high-profile 55-plus project is the 4,000-unit Asteria community by Disney in Pittsboro, with plans to start selling homes next year. “North Carolina, over the years, has become one of the top states for people to retire to because we have the ocean, we have the mountains and everywhere in between,” says Kelly Godbey, editor of idealLIVING magazine, a based in Wilmington. “What attracts people to 55 and over communities is the lifestyle.”

Meaghan and Rob Crenshaw

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VERSATILE PLAYER

Natalie Hawkins, Moore County Economic Development Partnership president, says location, workforce development and quality of life help fuel the growing local economy.

Moore County sports a diverse economy that includes defense, manufacturing and tourism, thanks to worldclass golf. Expanding transportation and workforce development assets are strengthening its game and meeting the needs of a growing population.

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oore County and big golf are synonymous. It’s home to more than 40 public and private courses, the best-known being Pinehurst Resort’s No. 2. Designed by Donald Ross, it will host the men’s and women’s U.S. Opens in consecutive weeks in 2029. It did the same in 2014, the first and only other time that arrangement has played out. No. 2 and the Resort’s No. 4 course will host the U.S. Women’s Amateur next year. But away from the lush fairways and big-name tournaments, which are pillars in Moore’s tourism industry, which draws more than 1 million visitors annually, the county is steadily gaining recognition as an address within a variety of industries.

“Moore County’s economy is strong because it is diverse,” says Natalie Hawkins, Moore County Economic Development Partnership president. “As the Home of American Golf, tourism is an economic engine that supports recreation, accommodations, hospitality, retail and small businesses across the county. Healthcare, anchored by FirstHealth of the Carolinas, is our largest industry employer, and it keeps growing alongside our population. Manufacturing also remains a steady, often under-theradar contributor, and we’ve recently seen an uptick in professional, scientific and technical jobs that continue to help diversify our local economy.” The EDP received 109 business leads and worked with 29 active projects across several industries

in this year’s first quarter. They represented a variety of industries, more than 1,225 jobs and $595.5 million in capital investment, according to its website. In February, the EDP was awarded a $75,000 Rural Business Development Grant from the U.S. Department of Agriculture to obtain a Biofuel Development Opportunity rating, the first in North Carolina. It helps pave the way for investments and jobs connected to biomass businesses, which create energy from organic materials. Hawkins wants Moore County to seize that momentum. “I’d like to see development of one or more business parks, so we can meet the needs of businesses wanting to move to and expand in our community,” she says. “I also hope to see continued S E P T E M B E R

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MOORE COUNTY investments in infrastructure by our local governments and workforce development by our educational institutions. Moore County offers a rare combination of small-town charm and big-city amenities, from nationally recognized healthcare to world-class golf to a thriving cultural arts scene woven through our historic downtowns. This blend of high quality of life, natural beauty and strong community character makes Moore County a place where businesses, families and visitors alike can put down roots and thrive.”

MILITARY INVASION

Moore County is home to world class golf, arts and equine events. All contribute to its high quality of life.

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Moore County businesses secured more than $25 million in Department of Defense prime contracts in 2023, according to the EDP. That makes defense one of the county’s top industries. “Moore County’s defensesector growth isn’t happening by accident,” Hawkins says. “It’s a direct extension of our proximity to Fort Bragg, the largest military installation in the world [by population, about 50,000 soldiers]. We’re seeing defense companies choose Moore County not just for the workforce but for the quality of life.” Modern weapons-system maker Kraken Kinetics has offices in Pinehurst and is one of five companies named by the Pentagon in May in its Lethality Prize Challenge, part of the Drone Dominance initiative to arm small, less than 20-pound drones. And defense contractors Titan Echelon and AVA Technologies, whose work aligns with national security, special government operations, aerospace and technology development, each broke

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ground on corporate aircraft hangars at Moore County Airport in June. Moore County Airport Director Rick Cloutier says Titan Echelon and AVA Technologies reflect a broader trend in the region. “The Sandhills already has a significant defense presence because of its proximity to Fort Bragg, the U.S. Army Special Operations Command and a growing cluster of government contractors,” he says. “These companies reinforce the airport’s role as a strategic location for aviation, defense and technology businesses while diversifying the local economy beyond tourism and golf.” The Pinehurst-Aberdeen-Southern Pines region is a popular choice for military members for life after the service. Many were once stationed at Fort Bragg, which is a short 45-minute drive away. They’re contributing to Moore County’s growing population, which is expected to be 117,181 by 2030, up from 110,275 in 2025, according to the N.C. Office of State Budget and Management.

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PHOTOS COURTESY OF KRAKEN KINETICS AND MOORE COUNTY EDC

Moore County’s location is attractive to an increasing number of defense companies, including weapons-system maker Kraken Kinetics, which has offices in Pinehurst. It’s near Fort Bragg, the U.S. Army’s largest base by population, about 50,000 soldiers.

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Sandy Stewart is president of Sandhills Community College, where the number of military and dependent students has doubled since 2023.

Sandy Stewart is president of Sandhills Community College in Southern Pines, which helps soldiers transition to civilian life. “Moore County is home to a military population, which is unique in the world in terms of their function, training and mission,” he says. “The quality of life makes this the place they want to live, raise families and often go into business as they transition out of active duty. Sandhill’s military and dependent student population has doubled in the last three years, so we invest a lot in supporting that student population. We also work with the defense sector for workforce development and overall business support through customized training, developing apprenticeships and in partnerships with a lot of groups and organizations like the North Carolina Military Business Support Center.”

Its students earn a high school diploma alongside workforce credentials, certificates and college credit. After completing honors-level core courses, students move to SCC’s technical and vocational pathways. “All students left for summer with a career development plan completed and an updated resume for summer employment or volunteer experiences,” says MIHS Principal Ashlee Ciccone. She says 58 of the original 65 students are expected to return this fall, along with 70 incoming freshmen. Ciccone says MIHS serves a range of students, including those from first-generation college families, those wanting accelerated options and those at risk of dropping out. “We are not designed for any one type of student and seek instead to find all types of learners with a desire to learn differently in a focused and positive atmosphere,” she says. “A common misconception is that we only take the highest students in Moore County. This could not be further from the truth. Instead, we are seeking students who want to connect to their schooling in a unique way and are committed

to working cohesively with our team to ensure their own success. Systems and processes built into our school day ensure that students can be successful in a rigorous environment, leaving MIHS as a prepared professional no matter their next step.” MIHS is held on the second floor of SCC’s Van Dusen Hall in Pinehurst. Students pursue careers in many industries. “Additionally, MIHS also hosted several professionals from local, state and federal levels for criminal justice based on student interest,” Ciccone says. “Plans for working with industry partners are being organized now. We intend to visit local workplaces with our sophomore students with decisions about specializations beginning in the spring of the sophomore year.” Stewart says MIHS is an important addition to SCC’s efforts to expand educational opportunities. “For many years, we have had the SandHoke Early College High School at our Hoke County campus, so the concept is not a new one for the college,” he says. “The difference with MIHS is its emphasis on the skilled trades and applied sciences.

SPECIALIZED TRAINING Moore Innovative High School welcomed its first class in August 2025. A cooperative high school, MIHS is a joint venture between Moore County Schools and Sandhills Community College.

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Moore Innovative High School welcomed its first class in August 2025. A cooperative school, its students earn a high school diploma, workforce certificates and college credit. C A R O L I N A

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PHOTO CREDIT: MOORE IINNOVATIVE HIGH SCHOOL AND SANDHILLS COMMUNITY COLLEGE

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Sandhills Community College prepares its students, whether they’re fresh from high school or returning to sharpen skills, for a variety of well-paying and in-demand jobs.

PHOTO CREDIT: SANDHILLS COMMUNITY COLLEGE

So, it really addresses a need across Moore County and the state for workforce development, providing incredible opportunities for these students. Sandhills has really embraced what we call a One College model, which fully integrates our workforce programs and general college transfer degree programs. This opens a multitude of educational pathways and strives to meet the needs of all students. The college has also placed a heavy emphasis on working with those leading industries in Moore and Hoke counties.” SCC’s educational opportunities are connected to workforce development, too. “Our student population is growing, and a lot of people don’t realize that the average age of our students is 32,” he says. “So, we serve students from all sorts of backgrounds and serve the community in a multitude of ways. Community colleges are at their best when they are embedded in the community, and the community is embedded in the college.” Defense-sector programs, for example, are part of an SCC extension model. “[It] can help businesses grow, create student opportunities and ensure that our programs are relevant to what our community needs,” Stewart says.

The board of trustees recently approved the LS3P architecture firm’s latest rendering for the college’s new workforce training facility.

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MIHS, along with SCC’s other educational and training efforts, is making Hawkins’ job easier. “Students earning a diploma alongside industry credentials on the Sandhills Community College campus is building the talent pipeline our employers are asking for,” she says.

COMMUNITY CARE

Clinical Medical Assistant program in partnership with the National Enfinger is CEO Healthcare Brandon of Pinehurst Medical Association. Clinic, which has 15 location in Moore and PMC has surrounding counties. received numerous awards, including Top Place to Work in Healthcare by Becker’s Healthcare, being recognized by the American Heart Association for fostering healthy workplace culture and 2023 N.C. Medical Group Management Association Practice of the Year. “These recognitions reflect our commitment to employee wellbeing, professional development and creating a workplace culture that empowers our team to deliver exceptional care,” Enfinger says.

PHOTO CREDIT: PINEHURST MEDICAL CLINIC

Healthcare employs nearly 30% of Moore County’s private sector workforce, according to the EDP. Most work for Pinehurst-based FirstHealth of the Carolinas, which was named to the Forbes America’s Best Employers list in 2025. Its 6,300 workers staff four hospitals and specialty clinics, including a comprehensive cancer center and Reid Heart Hospital, across 15 counties. Pinehurst Medical Clinic’s 160 providers treat patients at 15 locations in Moore and adjacent counties. It offers specialty care, including pulmonology, oncology,

geriatrics, cardiology, primary care and internal medicine. It recently added 3D mammography. “As one of the region’s largest independent, physician-owned medical practices, our focus is on delivering exceptional care while continuing to meet the evolving healthcare needs of our growing communities,” says Dr. Jennifer Szurgot, Pinehurst Medical Clinic president and internal medicine physician. PMC was recently ranked among the top 10 Medicare Accountable Care Organization Realizing Equity, Access, and Community Health organizations. “This recognition underscores our dedication to improving patient outcomes while advancing value-based care that benefits both our patients and the broader healthcare system,” says Brandon Enfinger, PMC’s CEO. Educational and career opportunities with the system are developed through its Certified

Pinehurst Medical Clinic participates in workforce development through its Certified Clinical Medical Assistant Academy and supports community events such as the Alzheimer’s Association’s Walk to End Alzheimer’s. Both help sustain Moore County’s high quality of life.

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Moore County Airport offers a variety of avaiation services, including fuel, baggage handling and hanger space. Efforts are underway to return commerical service to the airport. Those daily nonstop flights to Washington Dulles Airport would fill the needs of local companies and tourists.

SKYWARD BOUND

Moore County Airport’s runway measures 6,502 feet, nearly a mileand-a-quarter long. That’s enough distance to welcome a twin-engine Boeing 737. And it will help transport the region into its future. “One mile of highway will take you a mile, but one mile of runway will take you anywhere in the world,” goes a popular aviation saying. Cloutier says efforts to return commercial service to the airport are gaining momentum. “Current plans call for daily nonstop service between Moore County Airport and Washington Dulles International Airport, with a major U.S. airline evaluating the route for potential service beginning as early as spring 2027,” he says. “Before service can begin, the community must successfully raise a $3 million Minimum Revenue Guarantee fund, a common industry tool used to help launch new airline routes. Fundraising efforts continue to make progress, while the Airport Authority

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is also pursuing potential federal grant opportunities to help support the project.” Dulles sets up passengers for hundreds of domestic and international destinations. Cloutier says that’s more convenient than adding a drive to the next closest international airport, either Charlotte Douglas or Raleigh-Durham, to an itinerary. “The opportunity is supported by strong local demand,” he says. “A 2024 market analysis found that Moore County residents and visitors purchase approximately 400,000 airline seats each year — roughly 1,200 trips every day — with the vast majority beginning at airports outside the county.” Phil Werz, president and CEO of Visit Pinehurst, Southern Pines, Aberdeen, says his tourism development authority is prepared to launch a marketing campaign six months in advance of the first scheduled flight. “This would include digital advertising in and out of market, social media awareness C A R O L I N A

across all platforms, streaming TV ads, and activation in airports here and in the DC area,” he says. “We are confident that the service will be very successful. We had service 20 years ago, but the Pinehurst area is much different than back then. The demand for travel is great, and a recent survey across the destination showed that almost 80% of those surveyed wanted commercial flight service. We did our homework, and the data was overwhelmingly positive. Our job is to bring more people to the destination to visit. Commercial flight service is a very logical option backed by significant research and data.” Moore County Airport has other ongoing projects. It’s constructing two corporate hangars, adding a fixed base operator terminal building and investing in infrastructure to grow business aviation. “Longer term planning also includes preparing the airport for emerging aviation technologies and continuing upgrades that position it as a regional business aviation hub,” Cloutier says. Demand for aviation access is growing in the tourism and golf industry and with relocating and expanding businesses that value executive air access. “The airport continues to grow as an economic development asset serving both the golf economy and an increasingly diversified business base,” Cloutier says. “Airport leadership sees commercial airline service, expanded corporate aviation, defense industry growth and tourism as complementary rather than competing priorities. Better air access helps companies recruit talent, attracts investment and makes Moore County more competitive for future economic development.” — Kathy Blake is a writer from eastern North Carolina. SPONSORED SECTION

PHOTO CREDIT: MOORE COUNTY AIRPORT

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INVITATIONS ABOUND New golf courses, accommodations and holiday celebrations give visitors more reasons to plan a Home of American Golf trip.

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ossibilities abounded in Pinehurst as the 20th century was about to begin. James Walker Tufts saw a healthier life, and others dreamed of what could be built with its sand, a core ingredient in construction materials, including concrete. More than a century later, some of the biggest names in golf-course design saw something different but just as grand in the landscape. Its dual personalities, open with wide pathways and jagged with pine trees, would each be home to a golf course. Pinehurst No. 10, the first course built by Pinehurst Resort in 30 years, was created by designer Tom Doak and opened in April 2024. The tee shot from its signature No. 8 hole requires clearing a nearly 30-foot mound of sand. And Pinehurst No. 11, designed by Bill Coore and Ben Crenshaw, is under construction on the eastern wooded side of No. 10. The two courses will share a golf shop, restaurant and a 900-acre location. “Of course, we’re very excited about the projects ongoing at the Pinehurst Sandmines,” says Phil Werz, president and CEO of Visit Pinehurst, Southern Pines, Aberdeen. “Adding Pinehurst No. 11 next year and later the new lodge will continue to create that destination within a

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destination feel that the resort wishes to achieve.” Pinehurst Sandmines’ accommodations, a 26-room lodge and eight-bedroom cabin, are expected to open next year. “As a tourism development authority, we couldn’t be happier with the vision [Pinehurst Resort Owner] Mr. Bob Dedman Jr. and [Pinehurst President] Tom Pashley have for the property, but also their efforts to keep Pinehurst top of mind for visitors and our rightful place as one of the finest golf destinations in the world,” Werz says. “We’re just lucky to live here!” Tourism-related investments are being made and offerings unveiled across Moore County. They’re ensuring golf and recreation remain its No. 2 industry, trailing only healthcare. The tourism development authority says the county attracts more than 1 million visitors annually, who spent about $901.4 million in 2025, an increase of 2.4% from the year before. Moore’s tourism industry generated $34.2 million in state tax revenue and employed 6,528 people that year, according to Moore County Economic Development Partnership. That ranked it 10th among North Carolina’s 100 counties. A short drive from Pinehurst No.

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Phil Werz, president and CEO of Visit Pinehurst, Southern Pines, Aberdeen

11, upgrades are underway at two golf courses. The Country Club of Whispering Pines and Foxfire Country Club were acquired by Rolling Pines, a division of parent company Mid Pines Development Group, part of the Pine Needles, Mid Pines and Southern Pines group. Kelly Miller is managing partner of Rolling Pines. “Kelly Miller’s acquisition of the Country Club of Whispering Pines and Foxfire is very encouraging,” Werz says. “Presently, the renovations at Country Club of Whispering Pines are the priority, and all greens were recently sprigged, and the overall improvements made by noted and rising star golf architect Kyle Franz are outstanding. We understand that the Country Club of Whispering Pines plans to reopen sometime this September. And that means more quality golf at an affordable price will soon be available.” SPONSORED SECTION

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MOORE COUNTY satisfaction and service excellence, in June. It recognizes the top-ranked Hilton Garden Inn in the U.S. and Canada. It was the third time it has won in its five years of operation. McPeake’s future plans include a Tapestry Collection by Hilton boutique hotel in Southern Pines. “It’s a long-term vision I’ve had for downtown,” she says. “I think it’s going to come true.” CELEBRATING THE SEASON Visit Pinehurst, Southern Pines, Aberdeen and Sandhills Community College are partnering for the Sandhills Garden of Lights display, which is slated for Nov. 27 through Jan. 10 at the Sandhills Horticultural Gardens. “We are excited,” says college President Sandy Stewart. “We are blessed to have the Sandhills Horticultural Gardens, which is a

32-acre public garden on our campus and destination for thousands of visitors throughout the year. Bringing the Gardens to light in the holiday season will truly be a destination for families across the region and highlight an incredible resource at the college.” Sandhills Garden of Lights will include holiday scenes, illuminated displays and interactive experiences. “This new holiday program is a huge investment for us, as we are going all in to create a destination holiday experience,” Werz says. “The idea blossomed from the fact that from mid-November to mid-January we see less lodging occupancy than any other time of the year as the demand for golf is enormously high the rest of the year. We felt if we could increase occupancy 3% to 5% during that

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MAKING ROOMS Providing accommodations is the mission of Southern Pinesbased McPeake Hotels. “We just opened a Courtyard by Marriott in December on Columbus Drive in Aberdeen,” says company owner Bonnie McPeake. “It’s 103 rooms with a restaurant, bar, indoor pool, 1,200-square-foot conference room, and it sits over there with the other three.” Those other McPeake properties are Hampton Inn & Suites Southern Pines/ Pinehurst, TownePlace Suites by Marriott Southern Pines/ Aberdeen and Hilton Garden Inn Southern Pines/ Pinehurst. The four offer almost 400 rooms total. McPeake’s Hilton Garden Inn in Aberdeen won the Connie Award, Hilton’s highest honor for guest

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time frame, we would really move the needle in a big way. So, we needed a big idea. The Sandhills Garden of Lights was the perfect solution as it will span a five-to-six-week period, when we can attract visitors to see the display with more than 1 million lights, plus they can take in all the other things going on in the destination for the holidays.” The Aberdeen Carolina and Western Railway Christmas Train adds to the festive holiday

experience. Werz says the Candorbased system’s passenger rail cars are available throughout the year for special events and corporate rentals. It offers a Halloween adventure ride and themed excursions such as LocoMOTIVE: Diamond, Deception & Dinner mystery trip. Werz says when Moore County’s quaint downtowns are filled with holiday decorations, they’re often described as scenes from a Hallmark holiday card or movie. “When you

blend in all the tree lightings across Moore County, the Aberdeen Carolina and Western Railway Christmas Train and all the holiday events, we feel like we have a hidden gem family friendly holiday experience awaiting everyone,” he says. “Plus, lodging rates are at their best that time of year. And if it’s warm, then golf is a bonus!”■ — Kathy Blake is a writer from eastern North Carolina.

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BRICK&MORTAR — Iconic N.C. structures

DUKE UNIVERSITY CHAPEL

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Completed in 1935, the English Gothic architecture of the Duke Chapel combines North Carolina bluestone and Indiana limestone. It mirrors medieval European churches with a soaring tower, ribbed vaults, pointed arches and flying buttresses. Other Gothic features include a kaleidoscope of a million pieces of stained glass in a vaulted sanctuary and more than 300 exterior carved-stone figures depicting biblical characters, scholars and historical figures. In summer 2024, a restoration of Abele Quad unveiled better walkways around the chapel and improved landscaping and drainage systems. Now, the Reuben-Cooke Building on the West Campus is undergoing a $75.8 million modernization project. It is named for Wilhelmina Reuben-Cooke, one of five Black undergraduates in Duke’s first desegregated class in 1963. Completion is expected next year. ■ — Lori D. R. Wiggins

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early 100 years after James B. Duke imagined a “great towering church” as the centerpiece of his Durham college campus, the Duke University Chapel stands as an iconic landmark. Piercing 210 feet through a wooded frame, it is among the world’s tallest university chapels and one of the state’s most recognizable architectural icons, bridging faith, music, scholarship and community. Duke Chapel also anchors a pioneering legacy through its Philadelphia-based architect Julian Abele, who “brought the idea of Duke University to life,” said Richard Broadhead, who was the university’s president from 2004-17. “It is an astonishing fact that, in the deepest days of racial segregation, a black architect designed the beauty of this campus,” he said during the 2016 designation of the Abele Quad on the university’s West Campus. “Now, everyone who lives, works, studies and visits the heart of Duke’s campus will be reminded of Abele’s role in its creation.” Abele, who worked in a Philadelphia firm led by Horace Trumbauer, designed more than 30 buildings at Duke from 1924 to the 1950s.