Business Briefs: Business ideas sought for ‘Will This Float?’

Business ideas sought for Will This Float?

The Company Lab announced Tuesday it has begun taking applications for its 8th annual “Will This Float?” competition, which showcases up-and-coming startup ideas in southeast Tennessee.

“Over the years, some of Chattanooga’s most promising entrepreneurs have debuted their companies at Will This Float,” said Marcus Shaw, chief executive of CO.LAB. “Startups like Variable Inc., Bellhops and RootsRated pitched their early-stage ideas at this competition, so we’re looking forward to seeing which up-and-coming companies step out into the spotlight this time around.”

Prospective participants must submit their business concepts by Oct. 3 for the competition, which takes place from 6-9 p.m. on Oct. 16.

Entrepreneurs working in all fields and focus areas are encouraged to apply to compete and win free business help, counseling and the potential of investment capital.

Established in 2010, “Will This Float?” is an annual business pitch competition that gives participants three minutes to pitch their startup idea before a panel of judges and an audience of local startup leaders.

SmartBank gets OK to acquire Capstone

Two years after acquiring the former Cornerstone Bank in Chattanooga, the parent company of SmartBank said Tuesday its shareholders have approved the previously announced purchase of Capstone Bank in Tuscaloosa, Ala.

SmartFinancial Inc. expects to close the acquisition of the $524 million-asset Capstone Financial Inc. in the fourth quarter of this year. When the deal was announced in May, the value of the stock and cash offer was put at $84.8 million.

“Capstone is a great community bank and we admire their leadership and the culture they’ve created,” Billy Carroll, president and CEO of SmartFinancial Inc., said in a statement. “Much like SmartBank, the Tuscaloosa-based bank has a strong history of service to both its clients and local communities, and we look forward to building on that together.”

Corker gets deal on GOP tax reform

U.S. Sen. Bob Corker, R-Tenn., says he’s reached a tentative agreement with other Republicans on how much their tax plan would add to the government’s debt.

Corker, a senior Republican who opposes adding to the deficit, didn’t offer a figure. But after meeting with other top Republicans, he said he’s willing to take into account revenue boosts from “pro-growth tax reform” when voting for a budget plan. Tax-cut advocates on the budget panel were pressing for a tax cut of $1.5 trillion or more.

Post Holdings buys Bob Evans Farms

Bob Evans Farms is being sold to Post in a deal worth about $1.53 billion, giving the cereal maker a stronger presence in the grocery store through Bob Evans’ valuable refrigerated sides business.

Bob Evans makes things like refrigerated potato, pasta and frozen convenience food items under a number of brands other than Bob Evans, such as Owens, Country Creek and Pineland Farms. Bob Evans, founded in 1948, also has a foodservice business that sells products including sausage, sausage gravy, breakfast sandwiches and side dishes. It sold its restaurant chain to Golden Gate Capital in April.

Post Holdings Inc. – whose cereals include Fruity Pebbles, Honey Bunches of Oats and others – will pay $77 per Bob Evans share, a 5.6 percent premium to the company’s Monday closing price of $72.93.

FedEx profit falls after cyberattack

FedEx said Tuesday that its first-quarter profit fell 17 percent, hurt by a June cyberattack at its TNT Express business that caused shipping delays in Europe.

The package delivery company said that most of TNT’s operations are up and running but profit, revenue and package volume are still down from previous levels. FedEx bought TNT last year to expand its business in Europe.

Overall, FedEx reported net income of $596 million, or $2.19 per share, in the three months ending Aug. 31. That’s down from $715 million, or $2.65 per share, in the same period a year ago.

Looking ahead to the busy holiday season, FedEx said Tuesday that it plans to hire 50,000 people to help deliver packages, the same number it hired last year.