NewsWatch: Tedco, DBED recognizedfor investment funding

Friday, June 30, 2006

The Maryland Technology Development Corp. and Maryland Department of Business and Economic Development have been recognized by Entrepreneur magazine as two of the most active seed fund investors in the nation in 2005.

For the third consecutive year, Tedco ranked first on the VC 100 list, providing the most early stage funding awards — 23 — in 2005. DBED ranked third with 14 deals in 2005.

The Entrepreneur survey is part of the magazine’s report derived from the MoneyTree Survey from PricewaterhouseCoopers and the National Venture Capital Association, based on data from Thomson Financial.

College, business centerbegin Hispanic initiative

The Montgomery College Hispanic Business and Training Institute and Maryland Small Business Development Center, Capital Region, have begun a ‘‘Latino Business Initiative.” The initiative is to provide aspiring entrepreneurs services that include bilingual and bicultural technical assistance.

At a news conference Wednesday in Wheaton, Liliana Arango, director of the institute, said she was ‘‘excited” about the opportunity to provide more services to Latino businesses. Jose Hernandez, SBDC regional director, said his goals for the program include helping businesses achieve a ‘‘competitive edge.”

For more information, call 301-208-3824 or 301-403-1551, ext. 9.

McCormick buysAsian food company

Spicemaker McCormick & Co. of Sparks has acquired the assets of Epicurean International for $97 million in cash.

Robert J. Lawless, McCormick chairman, president and CEO, said in a statement that the deal provides McCormick with ‘‘ ... a strong foothold in the Asian food category with the addition of the Thai Kitchen and Simply Asia brands. Since 2002, sales have grown at a compound annual rate of 32 percent and have reached $50 million.”

Ernst & Young honorsMaryland entrepreneurs

Ernst & Young LLP presented its 2006 Entrepreneur of the Year Award to the following Maryland executives in their respective category, as selected by an independent panel of judges comprising area leaders from business, academic and civic organizations:

Mark Richardson, president, Case Design⁄Remodeling Inc. of Bethesda, construction services; Michael Tessler, president and CEO of BroadSoft Inc. of Gaithersburg, emerging entrepreneur; Brad MacDonald, chairman and CEO of Medifast Inc. of Owings Mills, consumer and retail products; Gary Marino, CEO of I4 Commerce of Timonium, financial services; Fran Lesson, president of Passport Health Inc. of Baltimore, health care education and related services; Ellen Yankellow, president and CEO of Correct Rx Pharmacy Services Inc. of Linthicum, health care services; Richard Campbell, president and CEO of Icat Logistics Inc. of Baltimore, services; Jay Steinmetz, chairman of Barcoding Inc. of Baltimore, technology; and Len Stoler, president of Len Stoler Inc. of Westminster, master entrepreneur.

Maryland award winners are eligible for the company’s national competition, results of which will be announced in November.