Daily Record FINANCIAL NEWS &
MONDAY, FEBRUARY 6, 2017
Vol. 104, No. 060 • Two SecTioNS
35¢ www.jaxdailyrecord.com
FNFV will be ‘investment vehicle’
Foley says company will pursue controlling interests
Several months from now, the ever-confusing mix of businesses under the Fidelity National Financial Inc. umbrella should be much clearer after Fidelity completes a spinoff of two companies under its control. As Fidelity announced late in 2016, the company plans to distribute its majority stake of 83.3 million shares of Black Knight Financial Services Inc. to Fidelity shareholders. Fidelity also will spin off its
Fidelity National Financial Ventures investment subsidiary, or FNFV, as a separate public company. Fidelity hasn’t announced a corporate structure for an independent FNFV. But during quarterly conference calls for Fidelity and FNFV last week, Fidelity Chairman Bill Foley did give some insight on what the new FNFV will be. While not a separate company now, FNFV has a tracking stock
trading on the New York Stock Exchange. Once it is spun out, FNFV — which owns stakes in a wide range of businesses — will be able to raise additional cash to make more investments, Foley said.
s going to be ‘It’ a big step for us
“That’s one of the reasons we want to get FNFV out from the FNF tracking stock umbrella,” he said. “In retrospect, maybe we just should have created a company and spun it out to start with.” FNFV does not expect to own businesses outright but will instead make investments in them. “FNFV is going to be an investment vehicle that’s going to own controlling interests because BASCH CONTINUED ON PAGE A-7
CSX has interest in moving to BofA
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Bold Bean establishing Southside headquarters a decade after launch
Adam Burnett’s baked goods are displayed on the shops’ front counters.
Company would relocate 550 workers from suburbs to Downtown with DIA help
By Karen Brune Mathis Managing Editor
Public UBLIC
By Karen Brune Mathis Managing Editor
Zack Burnett, at Bold Bean Coffee Roasters’ San Marco shop, is managing partner. Starting next week, he’ll have an office in a new headquarters space in Center Point Business Park.
legal LEGAL NoTiceS NOTICES begiN BEGIN oN ON Page PAGE
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Photos by Karen Brune Mathis
A week from now, Bold Bean Coffee Roasters intends to be grounded. The 10-year-old Jacksonville-based wholesale and retail coffee company will move into its first home office space. “It’s going to be a big step for us to have a headquarters,” said Managing Partner Zack Burnett. Until now, the roastery and bakery have been operating at 1179 Edgewood Ave. S. in Murray Hill with Burnett grabbing space for office tasks when convenient. “I work out of my briefcase wherever I can find a table,” he said. Bold Bean, with three coffee shops around town, will consolidate its offices, roastery, bakery, training lab, storage and packaging areas and other functions in Center Point Business Park off Philips Highway. Burnett said the move will boost productivity, allowing staff to work together faceto-face rather than by text or other remote conversations, or by necessitating a drive across town. Colliers International Executive Vice President Chuck Diebel represented Bold Bean in the site search. The city is reviewing a permit application for a $65,000 build-out of the 6,000 square feet at 4815 Executive Park Court by contractor North River Building Solutions. Burnett said the location is centrally located near Butler Boulevard and Interstate 95 to reach customers and the three coffee shops. Those shops comprise the first in December 2011 at 869 Stockton St. in Riverside, the second in May 2014 at 2400 S. Third St. in Jacksonville Beach, and the newest in October in San Marco at 1905 Hendricks Ave. The existing roastery is slated to become Maple Street Biscuit Co.’s new Latin concept, B Street Eats. Three retail stores, a wholesale business and now a new headquarters represent a significant move for a business that began when Zack’s father, Jay Burnett, started BOLD BEAN CONTINUED ON PAGE A-9
Foley
CSX confirms in letters to the Downtown Investment Authority that it wants to bring 550 employees Downtown to the Bank of America Tower, if the DIA can work with the landlord to make the move from Southside work financially. That gap as of Jan. 6 is $1.9 million over the seven-year lease term, down from $2.7 million in a November request. CSX said with an arrangement, it is prepared to enter into a lease for 120,000 square feet of space over multiple floors at the tower in the city’s urban core. In a Jan. 20 report to the city, Wallace said DIA staff has discussed job expansion opportunities with CSX. He said Friday he is waiting for Jacksonville-based CSX to get back with the DIA. The Nov. 30 and Jan. 6 letters from CSX Real Property Inc. President Richard Hood says as CSX has discussed with Wallace’s office, “CSX is under pressure to reduce its overhead costs company-wide.” It is considering consolidating its operations that have occupied two adjacent buildings in Southpoint for more than 25 years. CSX has looked at numerous alternatives across the Southside and Downtown, and “has fully negotiated its best deals,” he wrote. All else being equal, he wrote, CSX would like to bring the employees to the tower at 50 N. Laura St. That would be in addition to the employees working in CSX’s Downtown headquarters buildings at 500 and 550 Water St. “Unfortunately, all is not equal, and while comparing alternatives is very subjective with plusses and minuses, some issues do come down to cost,” Hood wrote. The Nov. 30 letter said an additional
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