February 3, 2026 | Vol. 13 • No. 3 | $4.00 | DelawareBusinessTimes.com
STATE OF THE STATE:
THE DOCTOR IS IN:
TOP HONORS:
Gov. Meyer unveils FY 2027 priorities
Hospitality contractor firm aims to treat businesses
Michelle DiFebo Freeman honored with Marvel cup
5
8
9
NEW SCHOOL: WilmU. opens restructuring institute
12
In the C-Suite : Bayhealth CEO Terry Murphy talks about his path, health care's future
19
2026
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22 DELAWARE BUSINESS TIMES / FEBRUARY 3, 2026
WHO'S INSIDE Founded 2014, printed bimonthly, serving Delaware’s business community Vol. 13, No. 3 dated February 3, 2026 Copyright © 2026 by Today Media, all rights reserved This newspaper or its trademarks may not be reproduced in whole or in part in any form or by any means electronic or mechanical, including photocopying or recording, or by any information storage and retrieval system now known or hereafter invent without written permission from the Publisher. For licensing, reprints, e-prints, plaques, e-mail Advertising@delawarebusinesstimes.com.
1776 Steakhouse ......................8 Ben Gray ...................................8 Bowlerama Family Entertainment Bowling Center ..........................6 Buccini Pollin Group ..................9 Camden-Wyoming Market......... 6
Delaware Department of Insurance ................................12
Joshua Freeman Foundation...... 9
Delaware Prosperity Partnership ................................5
Kent Economic Partnership .......7
Delaware Senator Trey Paradee .............................7
Marvel Cup................................ 9
Karyn Polak .............................10 Louis Capano............................. 6 Merck ........................................5
Capano Management................ 6
Delaware State Chamber of Commerce............................. 9
Carl M. Freeman Companies ......9
Delaware State University ........11
Nalu Hospitality .........................8
Center for Accelerating Financial Equity....................... 11
Delaware Technical and Community College ..................10
Reegan Derrickson ....................8
ASSOCIATE EDITOR Jennifer Antonik jantonik@delawarebusinesstimes.com
Central Delaware Chamber of Commerce............................. 7
Dr. Bryan Deptula ......................8
Sussex County Land Trust ..........9
Chase Riverfront Center .............9
Encouraging Development, Growth, And Expansion ..............5
Tech Impact .............................11
RESEARCH, DIGITAL, AND ENGAGEMENT COORDINATOR Sabrina Wade swade@delawarebusinesstimes.com
GROUP PUBLISHER Robert F. Martinelli rmartinelli@todaymediainc.com ASSOCIATE PUBLISHER Alex Cornelius acornelius@delawarebusinesstimes.com EDITOR Katie Tabeling ktabeling@delawarebusinesstimes.com
ASSOCIATE PUBLISHER EMERITUS Charlie Tomlinson DIGITAL SALES & MARKETING MANAGER Karen Martinelli kmartinelli@todaymediainc.com LEAD DIGITAL STRATEGIST Mike Rocheleau mrocheleau@todaymediainc.com ADVERTISING DIRECTOR Lisa Minto lminto@delawarebusinesstimes.com MULTIMEDIA ACCOUNT EXECUTIVES Al Woolfolk, Tanya Tecce, Sophia Mitchell
Michelle DiFebo Freeman ..........9
Rob Buccini ...............................9
Delaware Affordable Housing Group ..........................9
Gov. Matt Meyer.................. 5, 10
U.S. Department of Housing and Urban Development ..................9
Henlopen Hospitality .................8
U.S. Department of Labor........ 12
Delaware Bankers Association ..............................10
House Speaker Melissa Minor Brown .................5
University of Delaware............. 11 Wilmington University ..............12
INDEX At a Glance..........................................................4
Business Leads..................................................15
Industry Updates..............................................5-8
BizPeople..........................................................16
Special Section: Health Care.......................... 9-12
Calendar............................................................17
PRODUCTION DIRECTOR Eric Bolis
The List..............................................................13
Viewpoints.........................................................18
ART DIRECTOR Natalie Newhart
News Briefs.......................................................14
In the C-Suite.....................................................19
MARKETING DIRECTOR Kate Schlegel MARKETING MANAGER Andrea Hill SALES & MARKETING COORDINATOR Shannon Ward
SENIOR GRAPHIC DESIGNER Rosalinda Rocco GRAPHIC DESIGNER Kyle Manzolillo SENIOR AUDIENCE DEVELOPMENT MANAGER Lisa P. Bennett DIRECTOR OF DIGITAL STRATEGY Greg Mathias
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ON THE COVER As Delaware looks to jobs in high-tech fields, the state’s leading educators say that the skills in communication, critical thinking and human empathy remain the same.
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FEBRUARY 3, 2026 / DELAWARE BUSINESS TIMES 3
AT A GLANCE
A
I in the Workplace
The introduction of artificial intelligence (AI) has sparked mixed reactions. According to a recent Pew Research Center survey, 21% of U.S. workers report using AI for some of their work, a 5% increase compared to 2024. However, a significant majority, about 65%, still use AI little or not at all in their jobs. Whether someone uses AI may also depend on age and education, as workers under 50 and those with a bachelor’s degree or higher are more likely to use AI in their roles. Moreover, individuals in these demographics have increased their use of AI over the past year by 8%. Among non-AI
16% to 21% U.S. workers use AI (from 2024 to 2025)
20% to 28% U.S. workers with bachelor’s+ and use AI
63% to 65% U.S. workers do not use AI (from 2024 to 2025)
13% to 16% U.S. workers with some college or less and use AI
17% to 12% U.S. workers unfamiliar with workplace AI
31% to 36% Non-AI users say some work can be done with AI
Source: Pew Reach Center and Delaware Department of Technology and Information 2025.
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users, 36% say that at least some of their work can be done with AI. In the First State, new AI policies were introduced to state employees in July of last year. The policy allows employees to use public versions of AI tools, such as ChatGPT, but prohibits the use of “malicious AI models,” such as DeepSeek, which is developed by Chinese companies. Regardless of how common AI is in a workplace, new rules are quickly being put in place to regulate it.
GOVERNMENT
Meyer focuses on ‘innovation economy,’ affordability in annual address By Katie Tabeling DOVER — During his annual State of the State address, Gov. Matt Meyer focused on affordability and the economy of innovation, hinting that legislators should see a modest Fiscal Year 2027 budget proposal with a 5% increase in spending at most. The annual gubernatorial address to state senators and representatives served as a foreshadowing for the first budget Meyer will have total control over crafting from beginning to end. In his first major speech of the year against a backdrop of national turmoil on Jan. 22 afternoon, Meyer struck a hopeful tone and focused on Delaware’s future and what lawmakers can achieve when working together. “Listen, we all know that within this building there are heated debates. Outside this building, with trillion-dollar social media companies printing money by triggering your anger and our division, it is harder than ever to come together and move this state forward,” he said. “But we owe it to the legacies of these tremendous leaders to work together to get real work done for Delawareans now.” The governor’s address was broad
and touched upon education funding and affordable housing reform, as well as skyrocketing electric bills. Meyer framed economic development as a natural progression of education outcomes and innovation in classrooms, noting that “innovation must exist not just in labs, but also in classrooms.” Meyer also made it clear that his proposed budget would grow at most 5% from the previous year in a move he said would be “returning the state
Gov. Matt Meyer pauses after a standing ovation from lawmakers during his State of the State address when he called for the Public Service Commissioner to deny Delmarva Power's rate increase. Senate Pro Tem David Sokola (D-Newark) joined in the praise. | DBT PHOTO BY KATIE TABELING
Meyer proposes FY 2027 budget at $6.94B By Katie Tabeling DOVER — After months of warning that Delaware’s spending is outpacing its revenue, Gov. Matt Meyer released a Fiscal Year 2027 that pares back on that spending with $6.94 billion in operating expenses along with $1.01 billion in bonded projects and capital expenses. “Our budget is focused on putting Delaware first, on making life more affordable for Delawareans in every community,” Meyer said in a press conference announcing his budget’s details. “We’re really proud of the work we’ve done in the first year to strengthen the foundation of
to manageable growth.” For years, Delaware has been awash with federal funds from COVID-19 pandemic stimulus bills which are now starting to dry out. Even as the pandemic wore on for years, independent financial reports found that Delaware’s economy continued to perform better than expected, but now expenses are outpacing revenues. Meyer outlined his vision for the “innovation economy,” where cutting
the state and we’re excited to build on this momentum as we invest in progress.” The entire FY 2027 budget, including capital and bond funding, is a 6.6% increase from the current budget. Meyer vowed during his State of the State address last week that he would keep growth under 5%. He meets that goal with the operating budget, excluding the $29 million one-time expenditures rolled into that plan. A key factor of the Meyer administration’s budget deliberations was the whirlwind of cuts from the Trump administration. One of the biggest
issues is the Medicaid program is rapidly changing, largely due to previous Affordable Care Act subsidies targeted for significant changes in terms of a work requirement, among other items. The governor is proposing a bond bill of $930.4 million, as well as $85.5 million for grant-inaid funding, or state assistance for nonprofit service providers, cultural organizations, volunteer fire companies and veterans organizations. At the end of last year, Delaware fended off a shortfall brought on by tax cuts and credits for research and development firms and other businesses by decoupling from the federal tax code. But even with that state funding recovery, Delaware was contending with a $511.6 million deficit. The deficit was closed by cuts in state agencies and
edge companies are formed and create several jobs in rising fields in manufacturing, technology and biopharmaceuticals. He specifically shined a light on Merck’s $1 billion campus in Wilmington that was facilitated in part due to the Delaware Prosperity Partnership (DPP) and $32 million in state taxpayer-backed grants. In the past year, the Meyer administration expanded funding and the scope of the Encouraging Development, Growth, and Expansion (EDGE) Grants to focus on two paths for entrepreneurs and STEM-based ventures. That funding comes out of the strategic grant fund, which also backs a myriad of programs, including the job performance and capital expenditure grants for Merck. When asked by reporters after the State of the State address, Meyer said that his administration’s No. 1 economic policy position would be to push hard to make sure that anyone looking to start a business would do it in Delaware. The second piece would be a “network opportunity” to support start-ups here in Delaware, among the top ranks in the Greater Philadelphia area, Baltimore and Washington D.C. “Funding is a part of it, but it’s not the only part of it,” Meyer told reporters. He also called the incentives for Merck as a move for “business attraction at large” noting that it’s “not one or the other.” reducing one-time funding. “We believe not in budgeting and cutting with a chainsaw but making intelligent decisions and creating efficiencies with a scalpel, looking at budgeted items where we can reduce the expenditure without any meaningful reduction in service levels,” Meyer said. The governor is leaving a personal income tax hike off the table for now, though he urged the Delaware General Assembly to pass a bill setting new tax brackets for those who earn more than $65,000 a year. But his proposed budget does include $81 million in business formation fees and a 40% hike in the tobacco and cigarette tax to generate an additional $18.9 million. Last year, House Speaker Melissa Minor Brown backed the tobacco tax hike, though it was ultimately unsuccessful.
FEBRUARY 3, 2026 / DELAWARE BUSINESS TIMES 5
COMMERCIAL REAL ESTATE
Capano Management buys its first Philadelphia apartment complex
Bowlerama in New Castle bought by N.J. operator
By Katie Tabeling PHILADELPHIA — Capano Management has acquired its first apartment complex in center city Philadelphia, signaling that it’s ready to take on more apartments in the city of Brotherly Love. Capano Residential, an arm of the Wilmington-based Capano Management, announced that it bought the Rittenhouse Row Apartments at 1601 Sansom St. in Philadelphia for $23.7 million from New York based CSA Real Estate Advisors. Built in 1910 and converted to residential use in the early 1990s, the 13-story building has 80 units, selling at $296,562 per unit. It is currently 94% occupied. There are two ground floor commercial spaces already leased out to fast-casual stir-fry brand honeygrow and self-pour beer bar chain Tapster. Capano Residential is planning $2 million in renovations to the second floor which currently has a gym and leasing office. The entire floor will be demolished to add four apartments and a renovated leasing office. The gym will be relocated. Capano Residential also plans to add an amenity space for
By Katie Tabeling
Capano Management built and owns around 30 multi-family complexes and subdivisions in Delaware. | PHOTO BY JONATHAN KOLBE/COURTESY OF CAPANO MANAGMENT
coworking and social gatherings. The apartment deal marks Capano Management’s first in Philadelphia. “Rittenhouse Row Apartments is located at a bustling established retail corner and it reflects the type of targeted acquisitions we’re pursuing as we expand our regional footprint,” Capano Management CEO Louis Capano III said in a prepared statement. “We are focused on unlocking the property’s full potential through thoughtful investment, operational excellence, and a commitment to
delivering an elevated residential experience,” he added. Capano also added that the firm is planning to purchase more properties in the Philadelphia real estate market and is currently under agreement to acquire another building in Center City “a few blocks away.” Capano Management representatives later told the Delaware Business Times that its current focus is multi-family acquisition and development and the company is “actively evaluating investment opportunities."
NEW CASTLE — A New Jersey bowling alley operator has taken over Bowlerama Family Entertainment Bowling Center on the Route 9 corridor. Vijay Papaiya, the owner of East Windsor Bowl and Recreation Center in central New Jersey, acquired the 62-bowling lane facility on Dec. 12 for $4.18 million. Papaya and representatives at the East Windsor Bowl did not return the Delaware Business Times. Bowlerama at 3031 New Castle Ave. is a favorite local spot with frequent tournaments and specials on shoe rentals and play time. There is an arcade, children’s entertainment area and on-site dining options like the Spare Rib and Kegler’s Pub & Sports Bar. It is one of seven bowling alleys in New Castle County with Lefty’s Alley & Eats planning its Newark location making it the eighth in the county. The sale included seven acres of land, including the parking lot and 67,700 squarefoot building. The deal translated to $61.74 per square foot of the building.
Historic Camden market sold for $450k By Jennifer Antonik CAMDEN-WYOMING – The Camden-Wyoming Market, a longtime community staple, closed last year, leaving many locals wondering what would happen to the iconic space. The answer may rest in Mike Marasco, co-owner of ice cream and Italian ice spot Tre Sorelle Dolce along with his wife Becky, as well as several other businesses around Camden-Wyoming. The market was purchased for $450,000 on Oct. 8, according to property records; Marasco and his property partner Dave Failing are planning to renovate the spot over
the next year to bring a renewed opportunity to their hometown. “We’ve got a few ideas for it, that's for sure. But the biggest thing is, it's not going to be a market anymore. We're thinking about putting a restaurant in there,” Marasco told the Delaware Business Times. He’s currently trying to identify a chef to help nail down the flavor of restaurant the partners would like to bring to Kent County, but he added that it would be an upscale restaurant and something worthy of the historic and hometown charm one can find in Camden-Wyoming. “What's cool about this place is, No. 1 for years it's been like an iconic
62 DELAWARE BUSINESS TIMES / FEBRUARY 3, 2026
business in central Kent County. And No. 2, Wyoming itself really has a lot of small town characteristics that some of the towns immediately around us don't really have anymore. The footprint of this place is really
“What's cool about this place is No.1, for years it's been an iconic business in central Kent County.” MIKE MARASCO
Owner, Tre Sorelle Dolce
cool. It has parking, it has that small town quality and it's a well-known spot that's easily accessible,” he added. “I started going to that market when I was 13 years old. I used to return Coke bottles to the back porch for old Mr. Terry Witt. And I used to come for lunch every single day and get my brown bag special. We bought meats right up until Phyllis closed it. My wife came over weekly. I absolutely was a longtime patron,” he said. It’s a sentiment he hopes to further as the partners work to redevelop the property that is just steps away from Tre Sorelle Dolce, the town fire hall, wellness activities at the Ice House which is also owned by Marasco and Pippin Funeral Home, to name a few local businesses.
ECONOMIC DEVELOPMENT
Kent Business leaders cautiously look into 2026 By Jennfier Antonik WYOMING – The future of business in Delaware is complicated, according to several speakers during the Central Delaware Chamber of Commerce’s annual Economic Breakfast last month. BIG Investment Services Founder and Chief Investment Officer David Booth, Senator Trey Paradee (D-East Dover) and Kent Economic Partnership Economic Director Linda Parkowski shared their perspective on the national and local economy for the year. Booth opened the program with a review of national economic trends, noting that while the economy remains strong by many traditional measures, market risks are building. He explained that while inflation has continued to cool, unemployment remains low and gross domestic product growth has remained strong, markets appear increasingly
complacent – something that he said could be concerning in the near future. Booth also highlighted the growing role of artificial intelligence in reshaping productivity and labor markets.
At the state level Paradee, who is also the chairman of the state’s Joint Finance Committee, added statewide analysis to the conversation, focusing on Delaware’s economy, labor trends and fiscal position in light of its next budget cycle. Paradee cited Federal Reserve data showing that approximately 5,470 new private housing units were authorized by building permits in Delaware as of October 2025. He also emphasized agriculture’s continued importance to the state economy, estimating a roughly $8 billion contribution in total economic activity.
Kent Economic Partnership Executive Director Linda Parkowski speaks during the economic breakfast last month. | PHOTO COURTESY OF HEATHER CREGAR/CENTRAL DELAWARE CHAMBER OF COMMERCE
Even though a variety of industries remain steady, Paradee said Delaware’s unemployment rate rose to 4.9% in November 2025, slightly above the national average. But he emphasized that the increase reflects growth in the labor force rather than job losses with more Delawareans working now than a year earlier. Despite that stability, Paradee warned that Delaware’s competitive edge on taxes has weakened, in part due to property tax reassessments.
Kent County news
Parkowski wrapped up the speakers list with information on the local impacts of economic development activities currently taking place in multiple municipalities. She cited ready-to-go infrastructure and site readiness as key factors in helping to bring businesses to central Delaware. The lack of those items, including easy-to-access electricity, is most often the reason behind a business choosing to go elsewhere.
Application Period:
Friday, February 6 - Friday, March 6
Compete for grant funding through the next round of our EDGE (Encouraging Development, Growth & Expansion) initiative. It’s a great way to help your small business start or grow!
de.gov/edge
FEBRUARY 3, 2026 / DELAWARE BUSINESS TIMES 7
HOSPITALITY & ENTERTAINMENT
Henlopen Hospitality offers fractional CEO model to support area leaders By Jennifer Antonik REHOBOTH BEACH – The business physicians are in and the owners behind Henlopen Hospitality say they are ready to help diagnose, treat and cure organizational illnesses by approaching consulting in a different way. Founded last year by Ben Gray and Dr. Bryan Deptula, Henlopen Hospitality works with business owners and organizations that are operationally strained, leadershipchallenged or stuck between growth and day-to-day survival. While its roots are in hospitality, the firm’s founders say its model applies far beyond hotels and restaurants. “We go in and do a diagnosis, a treatment and a cure,” Gray told the Delaware Business Times. “A lot of owners have made a significant investment, but they don’t always know how to operate that business or grow it sustainably.” Henlopen Hospitality was born
out of a chance meeting at the Ocean City Trade Expo, where its two founders, each already consulting Dr. Bryan independently Deptula at the time, recognized a gap in the market. One specialized in operational execution and hotel management, while the Ben Gray other focused on leadership development, organizational psychology and executive coaching. The two now offer decades of experience in managing hotel portfolios, leading day-to-day operations, consulting and strategic insight, among other skills, in one neatly presented package.
The result is a fractional CEO model placing Henlopen Hospitality between ownership and operations. They act as an advisor and strategist while supporting teams in executing that vision to help the business move forward, all without the cost of a full-
“We often find that people don't know that their businesses are ill until they're on death's doorstep.” DR. BRYAN DEPTULA
Co-owner, Henlopen Hospitality
time executive. And, while they hope to improve and strengthen businesses through their unique consulting approach,
the ultimate goal – improving lives. “The magic is the moment that the owner operator realizes that the rest of their life has been changed. And that started with their acceptance that they know enough to know that they don't know enough,” Deptula told DBT. “We often find that people don't know that their businesses are ill until they're on death's doorstep. . . There's pain, empathy, stress, and a lack of certainty around your financial and familial future when your business venture is in the red.” Gray recalled one of those moments vividly when a 90-year-old hotel owner called him for support so he could spend less time fielding daily operational calls and more time enjoying his retirement by golfing more. “His wife thanked me for giving her husband his time back,” Gray said. “That’s something that stays with you.” Along with formal diagnostic and treatment services, Gray and Deptula are also launching a free community initiative called the Henlopen Huddle, a monthly, inperson learning group focused on best practices, emerging trends and peer problem-solving for business and organization leaders.
Nalu Hospitality buys 1776 Steakhouse By Jennifer Antonik REHOBOTH BEACH – Nalu Hospitality Group has purchased 1776 Steakhouse, a popular beach restaurant with 40 years of service under its belt. The acquisition closed in January, according to Nalu Hospitality Group Owner Reegan Derrickson who said he’s looking forward to preparing the restaurant for its next chapter rather than reinvent it. He purchased the restaurant from Tom Holmes who owned the business since 2007. “Despite some of the public or customers of 1776 that don’t want to see any changes, with a place that’s that busy and taking that much of a beating, it’s absolutely a requirement to do a renovation,” Derrickson said. “It’s not broke, but how do we make it better?”
While the space will be updated, the restaurant’s name and key menu items will remain unchanged while some items may be refreshed or replaced to reflect Nalu’s culinary approach, including additional steak cuts. “A lot of steakhouses are à la carte,” Derrickson said. “This one gives you two sides with your steak. That value is important to us, and that’s not changing.” Derrickson described the concept as an old-school New York–style steakhouse adapted for the beach, combining a modern colonial aesthetic with the essence of what has made 1776 Steakhouse recognizable to locals and visitors for decades. The Midway location itself was a major factor in the purchase. Derrickson said the restaurant has
82 DELAWARE BUSINESS TIMES / FEBRUARY 3, 2026
The beachtime favorite 1776 has been acquired by Nalu Hospitality with hopes of maintaining the same favorite charm with a new, rennovated flair. | PHOTO COURTESY OF 1776 STEAKHOUSE
benefited from nearly 40 years of visibility and brand recognition, reducing the risk associated with launching an entirely new concept in an increasingly challenging restaurant environment. “Opening a new concept right now is scary,” he said. “If there’s a possibility of taking over a business that’s successful and has
a great name, that takes a lot of uncertainty off the table.” Derrickson, a Sussex County native, said the restaurant also carries personal significance as he recalled family milestones and community events tied to the location over the years. The renovated 1776 Steakhouse is expected to reopen later this year.
RESIDENTIAL REAL ESTATE
Philanthropist, developer honored with State Chamber’s Marvel Cup By Katie Tabeling WILMINGTON — Michelle DiFebo Freeman, a philanthropist and developer of top-notch communities and commercial properties, was honored Jan. 12 night with the Marvel Cup award, the Delaware State Chamber of Commerce’s highest honor. The 76-year-old award honors a Delawarean who has made an outstanding contribution to the state, community or society. Named after Josiah Marvel, who reorganized and served as the first president of the state chamber in 1913, the recipient of the Marvel Cup is kept secret until the night of the dinner when it is revealed in a tribute video from the honoree’s peers. Freeman told the crowd at the Chase Riverfront Center that she was proud to be a Delawarean and blessed with an inspirational family. Freeman is the owner and CEO of the Carl M. Freeman
Companies, a development and construction firm that she took over after her husband Joshua Freeman died in 2006. “My father-in-law had to change his name from Friedman to Freeman, because people wouldn’t buy houses from a Jew. He used to say, ‘Gather people around you who are smarter than yourself. Tonight, I want to acknowledge my team from the Joshua Freeman Foundation to the Carl Freeman Foundation and the Carl M. Freeman Companies,” she said. Carl M. Freeman Companies was established in 1947 and has made a name for itself in land acquisition, planning, development and management of residential communities, shopping centers and golf courses. Under Michelle Freeman’s leadership, the company has expanded to properties in Delaware, Maryland and Virginia, including the upcoming Nylon Capital Shopping Center in Seaford,
the Bayside Resort Gold Club in Fenwick Island and many more. Carl M. Freeman companies went from selling 100 houses in a development to selling none. But under her leadership, the company rallied and came out of it in a position to grow beyond its footprint, even adding a second office in Bethesda, Md. “I think she has a vision for Sussex County that is beyond what any of us could have ever imagined,” Sussex County Land Trust Executive Director Sara Bluhm said in the tribute video. “For open space down here, there are easy roads that she can take and she chooses to take the one that’s less traveled all the time.” Freeman has also taken the mantle of her late husband’s philanthropy as she is the president and chairman of the Carl M. Freeman Foundation. That foundation has awarded more than $60 million in grants to organizations where her employees
Michelle Freeman, the owner and CEO of the Carl M. Freeman Foundations, was honored with the Marvel Cup at the Delaware State Chamber of Commerce's Marvel Cup. | DBT PHOTO BY KATIE TABELING
live and work since 1960, running the gambit from libraries, cancer treatment centers and fire stations. Freeman also is heavily involved in the Joshua M. Freeman Foundation which hosts live shows at its pavilion in Selbyville and offers high-quality arts experiences in local schools. The Freeman Arts Pavilion draws 4,000 guests per performance and more than 130,000 people each summer.
BPG donates Market Street building in Wilmington for affordable housing By Katie Tabeling WILMINGTON — The Buccini Pollin Group has donated one of the first buildings it bought on Wilmington’s Market Street to the city’s affordable housing non-profit. On Jan. 23, BPG announced that it sold 417 N. Market St. for $1 to the Delaware Affordable Housing Group, a non-profit affiliate of the Wilmington Housing Authority. The three-story building was the last vacant building BPG owns on Market Street, according to company co-founder Rob Buccini. Since the 1990s, BPG bought at least 31 properties along the Market Street corridor and more in the downtown business district. Buccini said Wilmington City Councilwomen Latisha Bracy, Zanthia Oliver and Michelle Harlee approached BPG in October to ask about possible donations to the Wilmington Housing Authority to
make affordable apartment units. “It’s on a block that’s come a long way since we started and we entered into discussions on it really quickly,” Buccini told the Delaware Business Times. Realtor.com estimates list prices for buildings along those blocks between $246,000 and $450,000. Buccini estimated the value of 417 N.
Market Street at $500,000. The Delaware Affordable Housing Group plans to turn the building into a mixed-use apartment complex with 800 square feet of commercial space on the first floor. The redevelopment will also include five one-bedroom apartments, including one handicap accessible unit. Rents will be stabilized for middle-
The Buccini Pollin Group has donated 417 N. Market Street to the Wilmington Housing Authority. The building was the last vacant property BPG held along Market Street. | DBT PHOTO BY KATIE TABELING
income residents with rents priced at 25% below the U.S Department of Housing and Urban Development (HUD)’s fair market rents. The HUD determines fair market rents at $1,350 for one-bedroom units in the ZIP code of 19801. Renovations are expected to begin this year. Annual rent increases will be limited to 1% to “ensure the longterm affordability of the apartment complex,” representatives of the Delaware Affordable Housing Group said in a press release. Buccini told DBT that the timing of the donation was key. At the time, as BPG was completing Pretty Eddie’s grocery store as well as a retail space on the corner of Seventh and Market Streets. “We had talked to multiple users over the years [about 417 N. Market St.] and there was another market concept that would have gone there. It just didn't ever materialize. So, we pursued a lot of different users, but this is the first one that materialized,” he said. “I think the reason it materialized was that the vacancy on Market Street really has decreased.”
FEBRUARY 3, 2026 / DELAWARE BUSINESS TIMES 9
XSPECIAL SECTION: WORKFORCE DEVELOPMENT
The future of work Employers believe that soft skills, critical thinking will be paramount for next generation’s work By Kim Hoey Stevenson Contributing Writer Backing innovation and strengthening our workforce is how Delaware will compete in a global economy, according to Gov. Matt Meyer. “The First State will continue to back innovation, strengthen our workforce, and compete in a global economy that is not slowing down for anyone,” he said in his 2026 State of the State address on Jan. 22. In the past year, Meyer has laid the groundwork for what he calls the innovation economy, and he’s targeted biopharmaceutical manufacturing, financial technology (fintech), blue tech among the top sectors he wants to see grow in Delaware. Those are good priorities according to Delaware business leaders and education professional, but they don’t encompass all Delaware needs. Trade jobs, health care and emergency services, they said, should be in every conversation about the jobs of tomorrow. Delaware’s aging population is driving demand as workers retire from trade jobs and
more older residents move to the state requiring services. That tension presents challenges to build that workforce pipeline – but also creates opportunities for the future. “We must prepare people for the jobs that come next,” Meyer said continued in his State of the State address. He’s confident Delaware will prevail. “Because challenge creates opportunity. And opportunity – when met with purpose – makes us stronger.” The so-called jobs of the future may seem vastly different with automated vehicles for truck drivers and artificial intelligence helping with pharmaceutical drug testing for pharmaceutical engineers. But top business leaders across these innovative jobs said that the skills employers will probably seek are strikingly similar. Those employees who are comfortable using technology — especially artificial intelligence— and have strong communication and problem-solving skills and who are adaptable to an ever-changing environment. “Artificial intelligence cannot replace empathy or judgment,” said Karyn Polak, president of the
102 DELAWARE BUSINESS TIMES / FEBRUARY 3, 2026
The Fintech Accelerator program is training start-up founders in cohorts, giving them the tools and resources here in Delaware to ideally succeed for years to come. | PHOTO COURTESY OF KRISTEN CASTELL
Delaware Bankers Association. “If you don’t learn how to … make connections among people, issues, and initiative, you can’t innovate.”
“If you don't learn how to ... make connections among people, issues and initiative, you can't innovate." KARYN POLAK
President, Delaware Bankers Association
Those desired traits are starting to show up in educational models around the state. Delaware Technical and Community College, which positions itself to be on the cutting edge of workforce development in the state, has built empathy and communication training into its health care and paramedic programs. With Delaware expecting one-
third of all the new jobs by 2032 to be in health care and social services, training for those jobs is evolving beyond offices and hospitals and into communities and homes. Del Tech Instructor for the RN-to-BSN program Kelly Davis said that it’s also critical for health care professionals to learn how to work independently, treat patients holistically and adapt to nontraditional care settings. As a result, health care and emergency services workers will need stronger soft skills to meet people who are not just in clinical environments. “We’re not going to have ICUs at home, but there’s potential for wound care at home,” Davis said. Changes in training include students using virtual reality to help prepare them for realworld situations. But in the end, they need to be in the field interacting with patients to learn, she added.
Tech Skills Today The ongoing evolution of financial services shows how traditional
XSPECIAL SECTION: WORKFORCE DEVELOPMENT industries are adapting with both soft and tech skills. Conventional banking has been a staple of the Delaware economy for years, but now fintech is creating new opportunities. Traditional banks and financial institutions are learning to adapt and compete on the digital stage as they begin to partner with new technology and even crypto currency markets. Those banks and loan providers will need workers strong in areas such as digital assets, blockchain and stablecoin, said Kristen Castell, managing director of the Center for Accelerating Financial Equity (CAFE). The CAFÉ is a fintech innovation hub helping financial services companies grow and multiply. These future workers will also have to know how to meet with people. That means talking to them, understanding what their financial issues are, and what solutions would make sense. One example of innovation building a bridge between technology and human needs is the CAFE protégé company, Prismm. The start-up is a fintech enterprise that partners with traditional banks to offer digital vaults for personal financial documents. Prismm founder Martha Underwood said she relocated the company from Alabama to Delaware, drawn by the state’s long history in banking and its collaborative business culture. “We get to help shape what comes next,” Underwood said. The necessity for teamwork is the same for manufacturing and technology jobs. Delaware Bioscience Association Associate Director of Workforce Development Katie Lakofsky sees it first hand, as she developed the BioConnect program with employers specifically with skills in mind. Those pharmaceutical and biotech companies are seeking “middleskill” workers – roles that require specialized skills but not necessarily four-year degrees. Those skills will come from people working together in training and problem solving. Biopharmaceutical manufacturing in Delaware, such as what is expected from the $1 billion Merck biologics center being built at the Chestnut Run campus, will need people who can work together as they run the technology and operations necessary for the modern factory. The top
professions there are expected to be: process technicians and mechanics who keep factory lines running smoothly, and quality and compliance specialists who make sure rules are in place and followed in the highly regulated environment.
“[The] Coders of tomorrow will be fixers.” PATRICK CALLIHAN
CEO, Tech Impact
Lakofsky sees these jobs as a modern replacement for the stable manufacturing careers lost decades ago after the car factories closed down decades ago.
Future farm jobs That same concern about decline is being felt by another staple to Delaware’s economy: agriculture. While many fear farming could follow manufacturing’s path as cornfields give way to housing developments, local agricultural experts say the industry isn’t disappearing—it’s evolving. In fact, agriculture is expanding, moving offshore and becoming increasingly technology-driven. A 2025 University of Delaware report projected clean, green and blue economy careers could exceed 110,000 by 2032. Future job needs in the blue tech category will be a mix of traditional farm skills, space age technology and just basic blue-collar labor. Examples of such career essentials are farmers of aquaculture (farm raised fish and shellfish), remotely operated vehicle technicians (robotics), marine renewable energy technicians (people who can run and service off-shore wind), marine sensor engineers, data analysts, and truck drivers. “It’s about sustainability,” said Ed Hale, associate professor of marine biosciences for University of Delaware on why he sees the changes as important. Modern aquaculture produces more than 51% of global seafood production, he said. One of his projects is rebuilding the Delaware oyster production – an undertaking that can be both environmentally and economically important to the first state. That sustainability on sea and land is working to increase productivity
and yield without polluting the ecosystem with more fertilizers and feed than is necessary. Turning to the farm fields, those jobs are more than just tractor driving. Marikis Alvarez, the associate dean for land-grant research at Delaware State University sees a future where agriculture and aquaculture jobs sending people outdoors, but there’s also supporting work with data analysis and interpretation. Modern agriculture relies heavily on data, biotechnology and global trade, Alvarez said. People who can fly drones, put out soil sensors and analyze the data collected are integral to the ag of tomorrow. Precision agriculture, how the fields of tomorrow will be grown, requires precision fertilizer and pesticide application done by robots; and seeding and crop monitoring done by drones. For that technology to work, people must know how to analyze data, or at least teach AI how information should be interpreted. Modern agriculture will require people who can analyze data to protect the environment and maximize crop yield.
Training in Code Across most of the innovation jobs will be people who also know how to use statistical analysis programs like SQL, Python or R will be needed in almost every profession. Fintech founder Martha Underwood said those are highly desired traints when it comes to small companies on the cutting edge or big banks. There will be a need for people able to see trends and predict what’s next or find a need that’s not being met, which is going to be important to future innovation. Most likely it won’t be a person with a pen and a
calculator, but someone who knows how to train the artificial intelligence technology to find the trends and report the data. It seems there are practically no jobs in the future that won’t be affected by technology, in particular, artificial intelligence (AI). Many of those training the workforce today said that AI will play a bigger and bigger role in the workforce and everyday life. Yet, local business and education leaders believe its impact will not be a job killer, but a job changer. A direct example of that change is in jobs for computer coders. “Coders of tomorrow will be fixers,” Patrick Callihan, CEO of Tech Impact said. Tech Impact is a non-profit that provides certifications and stackable credentials for entry-level tech jobs to the unemployed or underemployed. It’s likely jobs in AI will include machine learning and AI engineers – people who teach the AI, build algorithms so the AI can learn and adapt and set boundaries for the technology. Coders will be needed to check AI written code for flaws and apply business knowledge that AI lacks. There will still be coders, they’ll just have a new direction for their skills. It’s like the typing pools of the past, Callihan said. Typewriters were replaced with word processors. Those people learned the new skills or moved to different jobs. “AI isn’t going to replace jobs; it’ll replace people who don’t know AI.” Innovation supported by people who can think, adapt and connect — is shaping Delaware’s path forward. As the state looks toward the jobs of tomorrow, leaders agree success will depend not on choosing between technology and people, but on investing in both.
The Center for Accelerating Financial Equity (CAFE) hosts an accelerator program, which includes hands on seminars of "next gen" skills | PHOTO COURTESY OF KRISTEN CASTELL
FEBRUARY 3, 2026 / DELAWARE BUSINESS TIMES 11
XSPECIAL SECTION: WORKFORCE DEVELOPMENT
New program aims to upskill brokers By Katie Tabeling WILMINGTON — Delaware’s licensed insurance brokers have hit record highs at the end of 2025, but there’s a real chance that the workforce could wane in the years to come with many brokers looking to retire and with more online resources on hand than ever. Here in the First State, there’s 282,881 active license holders, including 52,807 newly issued licenses in 2025, according to the Delaware Department of Insurance. But those high numbers are also driven by non-resident licenses for brokers that are offering policies from a local agency and more online services than ever before. The U.S. Department of Labor estimates that 47,000 insurance agent job openings are expected to open
in the next decade, from brokers retiring or seeking new jobs. Many brokers don’t have a solid transition
BY THE NUMBERS
282,881
Active insurance licenses in Delaware
47,000
Insurance broker job opening projected by 2034 plan in place for the next generation, which can leave even more gaps in the workforce – and increase the likelihood for automated chatbots and other tools. “It’s a hard market right now, for more reasons than one. But if your hot water heater goes up, who are you calling? Would you prefer to get online with a bot or on the
WilmU launches Restructuring Institute By Jennifer Antonik WILMINGTON – Within the home court of one of the busiest bankruptcy courts in the state, Wilmington University is preparing new opportunities for learning about bankruptcy law, restructuring and other business needs. It has launched the Restructuring Institute which is designed to connect students, lawyers and business professionals alike with experts in hot topics often found in Delaware’s top courts. Developed with the support of federal judges and leading restructuring professionals, the institute aims to offer hands-on training and continuing education opportunities as businesses across the country continue to navigate financial headwinds and before they find themselves in Delaware for complex bankruptcies. John Ray, a longtime bankruptcy executive who serves as a trustee at Wilmington University and
co-chairs the initiative, said the institute is intended to marry the university’s growing legal presence and its new law school with the high-profile restructuring work that routinely moves through federal courts in Wilmington. Mike Nestor, vice chair and partner of Young Conaway Stargatt & Taylor, is the other co-chair and the program’s interim director. Ray said that Delaware remains one of the country’s “go-to” jurisdictions for major Chapter 11 bankruptcy cases and this program gives the law school a strategic advantage by engaging the judges, law firms and restructuring leaders already operating here. According to the United States District Court, the weighted caseload for the District of Delaware was 14th in the country in 2023 with most coming through as civil cases. “We just brought together a worldclass asset, Wilmington University,
122 DELAWARE BUSINESS TIMES / FEBRUARY 3, 2026
phone with an agent to talk about your options?” said Heather Ulrich, director of Career Services at the Insurance Agents & Brokers (IA&B). The IA&B is a professional association for insurance agents in Pennsylvania, Delaware and Maryland, offering education and advocacy for its members, as well as resources to make daily operations more seamless. But in recent months, the association has been on the frontlines on trying to solve the impending workforce crisis for the industry. Ulrich said that insurance is a viable career not just for the young, but many in the middle of their careers usually pivot for a viable option. The IA&B is looking to change that by offering new resources to give brokers and agencies the confidence to stay in the field long-term with the insuring careers certification program. The online course is self-paced and runs six months at most, and it’s designed to give new brokers the programs they need to pass the licensing and more, such as the ins and outs of property and casualty to a world-class court system,” he said. “I think it’s one of the most powerful things that has happened in the bankruptcy area in terms of further education and learning. So, it’s really exciting for the community and for the law school itself.” Unlike a formal academic department, the institute functions as an ad hoc advisory and teaching body made up of more than a dozen restructuring experts from across
“We just brought together a world-class, Wilmington University to a world-class court systems. I think it's one of the most powerful things ...” JOHN RAY
Trustee, Wilmington University
the United States. The group will guide programming, help shape practical instruction and bring in guest speakers ranging from
insurance, understanding policy language, and business soft skills. Even though it’s a self-paced course, the IA&B closely monitors each participant’s progress, and if a student isn’t progressing, they reach out. Students can also get one-on-one support from the IA&B in the job search, making connections with agencies looking to hire and even helping to understand compensation if an offer is made. The insuring careers certification program is not only designed for people entering the workforce looking to bypass college education and get started, but also those looking to change careers or reentering the workforce. “Insurance isn't going anywhere. It touches every facet of our life...we can't replace that human element of that insurance agent and someone who's going to be combing over your policy and making sure that there aren't any coverage gaps, and who really has that connection and your best interest in mind,” Ulrich said. investigators to artificial intelligence specialists and sector-specific turnaround professionals. “We’re talking about decades of experience that you can’t reproduce, and to expose young lawyers to it and other practitioners and businesspeople to the wealth of knowledge that we’ve assembled here, I think it’s just really a great thing,” Ray told the Delaware Business Times. “This is really to benefit not just the legal community, but the overall business community . . . People only learn about bankruptcy when it’s too late.” Students, practicing attorneys and business professionals can attend and Ray said the university intends to pursue continuingeducation accreditation for licensed professionals. Participants will gain exposure to real-world decision-making, lender interactions, contract pitfalls and risk-management strategies that could help businesses avoid insolvency altogether. He added that the judges’ participation offers uncommon visibility into what courts expect from legal teams navigating distressed situations.
THE LIST
SMALL MANUFACTURERS
AT THE TOP
Ranked by Del. Employees RANK
1
COMPANY
CONTACT
Hologic, Inc. 600 Technology Drive Newark, Del. 19702
(302) 631-2700 hologic.com
DEL. EMPLOYEES
DESCRIPTION
425
Medical Technology
SENIOR EXECUTIVE(S)
FOUNDED
STEPHEN MACMILLAN Stephen MacMillan (President & CEO)
1985
Hologic, Inc President & CEO Since 2013 Alma Mater: Davidson College
2
Noramco, Inc. 500 Swedes Landing Road Wilmington, Del. 19801
(302) 761-2938 noramco.com
389
Biopharmaceuticals
Matthew Martin (CEO) Alan Majewski (President and Group Chief Financial Officer)
1979
608 No. of manufacturing businesses in Delaware, per National Association
3
Diamond Materials 242 N. James St., Suite 102 Newport, Del. 19801
(302) 658-6524 diamondmaterials.com
350
Infrastructure & Asphalt
Richard Pierson, Jr. (President & Owner)
1997
of Manufacturers.
29,800
4
Merck Animal Health 29160 Intervet Lane Millsboro, Del. 19966
Delaware's manufacturing workforce (302) 934-8051 merck-animal-health.com
300
Animal Pharmaceuticals
Richard DeLuca, Jr. (President)
1940
in 2025, per NAM.
13M TA Instruments-Waters, LLC 159 Lukens Drive New Castle, Del. 19720
(302) 427-4000 tainstruments.com
300
Biopharmaceuticals
6
M. Davis & Sons, Inc. 24 McMillian Way Newark, Del. 19713
(302) 998-3385 mdavisinc.com
238
Construction
7
SPI Pharma, Inc. 503 Carr Road, Suite 210 Wilmington, Del. 19809
(302) 576-8538 spipharma.com
214
Pharmaceuticals
8
Delrin USA LLC 200 Powder Mill Road Willmington, Del. 19803
(949) 242-6263 delrin.com
207
Plastics Material & Resin
9
Eagle Group 100 Industrial Blvd. Clayton, Del. 19938
(302) 653-3000 eaglegrp.com
180
10
Adesis, Inc. 27 McCullough Drive New Castle, Del. 19720
(302) 332-4880 adesisinc.com
11
Covation Biomaterials 800 Prides Crossing Newark, Del. 19713
(252) 643-7159 covationbio.com
Jianqing Bennett (Senior Vice President)
1990
Peggy Del Fabbro (CEO) Michael Gilmartin (President and CFO)
1870
Freek Snieders (CEO)
1964
Juergen Pongratz (President & CEO)
2023
Food Services
Brandon Dewan (CEO)
1947
153
Biotechnology
Andrew Cottone (Founder & Board Member)
2005
129
Bioengineering
Steve Ackerman (CEO)
2022
U.S. manufacturing workforce in 2025, per NAM.
Our upcoming lists include: Art Organizations (2/17)
12
County Group Companies 461 New Churchmans Road New Castle, Del. 19720
Manufacturers (3/3) (302) 322-8946 countrygrp.com
108
Industrial Equipment
Jim Betley (President)
1969
Banks/Credit Unions (3/17) Commercial Real Estate (4/7)
Source: Information for Delaware Business Times' lists are either generated through public sources or supplied by individual organizations through questionnaires. We assume that information provided by company representatives is accurate and truthful. Small manufacturers is defined by the Delaware Business Times as companies with less than 500 employees.
If your organization should be on one or more of these lists email swade@delawarebusinesstimes.com
FEBRUARY 3, 2026 / DELAWARE BUSINESS TIMES 13
POWER WHAT’S IMPORTANT.
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INTRODUCING DELAWARE BUSINESS TIMES’ DATA CENTER
Delaware unemployment rate rises Delaware's labor force is now 516,200, with 9,500 people joining the workforce this year. | PHOTO COURTESY OF UNSPLASHED/NATHAN SACK
to 5% in December
Delaware’s unemployment rate spiked to 5.2% in December while another 1,200 people became unemployed by the end of the year, according to the state’s labor department. December’s jobs report shows the continued the acceleration of unemployment in the First State, as it is now 30 basis points above the last data available for November 2025. The state is well above the national unemployment rate of 4.4%. Delaware had no net gain of jobs between November and December, according to the report released on Jan. 23 morning.
Senate Pro Tempore David Sokola (D-Newark) announced Jan. 15 afternoon that he will retire when his term ends in November. | PHOTO COURTESY OF SENATE DEMOCRATS
Senate Pro Tem Sokola announces retirement
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Delaware Senate Pro Tempore David Sokola (D-Newark), one of the General Assembly’s longest-serving, announced his retirement on the Senate floor Jan. 15 afternoon stating that he will not seek reelection after nearly four decades of service. “For half of my life, I’ve had the privilege of serving the Newark community here in Dover. . . It is with a heart full of gratitude when I say this will be my last term in office. I will not be seeking re-election this fall,” he told his colleagues in the Senate. “At no point did I ever set out to become the longest serving member. I just kept coming to work session after session putting forward my best efforts to improve the lives of people of the 8th Senate District and the State of Delaware.” Sokola, 70, was named the Senate Pro Tempore in 2020, making him the topranking Democrat in the state senate.
Delaware Supreme Court Justice Karen Valihura will not seek to be re-appointed in July 2026. | PHOTO COURTESY OF DELAWARE COURTS
Delaware Supreme Court Justice Valihura to step down this summer
Delaware Supreme Court Justice Karen Valihura, the second woman to serve on the state’s highest court, will not seek reappointment to the bench. Her term ends on July 25. “For me, being a Justice on our state’s Supreme Court has been the highest honor and privilege. And I have the great satisfaction of knowing that I have given ‘my all’ to the call of justice and to the goal of completing my full twelve-year term,” she wrote in a letter to Meyer. Valihura, a Republican who was appointed by Gov. Jack Markell, will be 63 when she steps down. She hopes to continue her legal career “in another phase.”
All small businesses located in Downtown Milton are eligible. Franchise businesses may apply, provided they operate no more than two outlets. | PHOTO COURTESY OF COAST TECH
Milton Main Street to award 10K to local small businesses
Milton Main Street will award $500 to $2,000 grants to local small businesses thanks to funding from The Granary at Draper Farm. The deadline to apply is February 15, 2026. According to Milton Main Street board president Gloria Garcia, the grants, which will range from $500 to $2,000, “can be used to purchase equipment or furnishings, to take on façade or streetscape improvements, or to plan and/or implement marketing plans – anything, really, that will give their businesses a boost or will enhance the public’s experience.” “The Granary is proud to partner with the Town of Milton and Milton Main Street to help encourage small business growth,” Mariah Underhill, Vice President of Development for The Granary said. “Milton’s success matters to us, and these grants are one way we can support the entrepreneurs who make the town such a vibrant and welcoming place to live, work, and visit.”
BUSINESS LEADS REAL ESTATE TRANSACTIONS Source: Local Recorders of Deeds
NEW CASTLE CO. SNH FM Financing to 1212 Foulk Road Owner; 1212 Foulk Road, Wilmington 19803; $17,439,050 CCDE Senior Living to 2723 Shipley Road Owner; 2723 Shipley Road, Wilmington 19810; $17,330,750 VARS Property Managers to Otts Chapel Associates; 1105 Elkton Road, Newark 19711; $2,500,000 Nadia & Hamid Belkadi to Jamie & Aaron Smith; 3 N Pheasants Ridge, Wilmington 19807; $1,475,000 903 Dupont Highway to HP 2702 Concord; 903 N Dupont Highway, New Castle 19720; $1,200,000 AG EHC II (Len) Multi State 3 to U.S. Home; 3225 Rye Harbour Way, Middletown 19709; $1,098,400 NVR, Inc. to Christopher & Margrit Bechara; 1102 Spyglass Hill Way, Wilmington; 19808. $1,061,265 New Castle, DE Lodge No. 1578 Loyal Order of Moose, Inc. to Tower Lane Capital Partners IV; 605 Tower Lane, Middletown 19709; $1,000,000
SD Harbeson to Westside Drive; 26352 Lewes Georgetown Highway, Harbeson 19951; $2,495,000 Frederick & Laura Dougherty to Robert & Nora Joyce; 110 Rodney St., Rehoboth Beach 19971; $2,400,000 Stacey Morris to Ostendso Holdings; 109 Central Blvd., Bethany Beach 19930; $2,400,000 DRP Multistate 1 to Beazer Homes; 21034 Blue Jay Drive, Selbyville 19975; $2,328,106 Laurel Place to 116 Laurel; 116 Laurel St., Rehoboth Beach 19971; $2,287,500 Millrose Properties to Lencraft; 29471 Oxford Drive, Millsboro 19966; $2,228,628 Kenneth Minton to Jeffrey & Laure Kirby; 40126 W Virginia Ave., Fenwick Island 19944; $2,200,000 Manntino Realty Holdings to Two Elizabeths; 26822 Lewes Georgetown Highway, Harbeson 19951; $2,150,000 114 Chesapeake to Mary Patricia Van Veen; 114 Chesapeake St., Dewey Beach 19971; $2,110,000 Kathleen Sellers to Sahin Real Estate; 1301 Coastal Highway, Dewey Beach 19971; $2,025,000
U.S. Home to Joseph Hock & Heather Gasser; 461 Crownleaf Drive, Middletown 19709; $823,875
Richard & Brynn Byerly to Donald & Dianne Short; 32156 River Road, Millsboro 19966; $1,950,000
Robert & Robyn Bell to Theodore & Sarah Lauzen; 801 Essex Road, Wilmington 19807; $810,000
Patricia & Kirsten Dahlberg to Robert Kaplan; 39692 Kittiwake Drive, Bethany Beach 19930; $1,930,000
Little Hearts Childcare to A Kidz World; 1169 S Dupont Highway, New Castle 19720; $805,475
Michael & Margaret Servello to Gordon & Heidi McGregor; 30955 Stallion Lane, Lewes 19958; $1,900,000
John & Loannis Alexopoulos to Aaronyee & Sean Harris; 132 Dewberry Drive, Hockessin19707; $800,000
Jonathan & Amanda Larsen to Bruce & Tracy Palmieri; 26415 Crosswinds Landing, Selbyville 19975; $1,780,000
KENT CO.
C&SH Rehoboth Beach to Nancy Laubenthal & Ronald Zellar; 19911 Church St., Rehoboth Beach 19971; $1,585,000
Christopher Cartanza to Dempsey Farms; Long Point Road, Dover 19901; $1,280,000 K. Hovnanian at Woodfield to Georges Cesar, Jr. & Monique Horton; 351 Winding Wood Drive, Magnolia 19962; $675,000 K. Hovnanian's Four Seasons at Hatteras Hills to Christopher Sr. & Joan Redwood; 365 Buxton Circle, Magnolia 19962; $659,859
Michael & Kathy Shea to McCabes Farms; 24011 Shea Road, Millsboro 19966; $1,575,000 Schell Brothers to Mary & Lawrence Hineline; 30531 Lightkeepers Way, Selbyville 19975; $1,557,902
SUSSEX CO.
Paul & Tiffini Anderson to John & Susan Doehler; 41333 Gloucester Drive, Rehoboth Beach 19971; $1,545,000
James & Mary Parker to Sockman Wash; 200 Broadkill Road. Milton 19968; $5,000,000
Dennis & Debra Conway to Gregory Hostetter; 30547 N Magnolia Crossing, Selbyville 19975; $1,400,000
91 Columbia Ave to Tipey Taut; 91 Columbia Ave., Rehoboth Beach 19971; $3,200,000
Melissa Nassar to Marc Boutin; 37341 10 St., Rehoboth Beach 19971; $1,355,000
Judith Peiffer & Gene Jordin to Richard & Tracey Horn; 121 1st St. , Bethany Beach 19930; $2,500,000
Robert Boyd to Matthew & Maryam Smith; 13 Read Ave., Dewey Beach 19971; $1,350,000
HO N O R I N G TO P L EA D ER S I N D EL AWA R E AP P L ICAT I O N S A R E O PE N The CEO Awards program honors CEOs and C-Suite leaders across Delaware. This program recognizes outstanding professionals not only for their leadership within their organization, but also for their contributions to the Delaware business community. Honorees will be selected on demonstrated exemplary leadership, innovation, and performance in their respective executive roles. Honorees will be celebrated at an in-person awards event in June 2026 and profiled in the Delaware Business Times’ June 16th issue. Awards will be presented for leaders in both profit and nonprofit sectors, each in three levels. NEW THIS YEAR: Delaware Business Times is excited to also celebrate five C-Suite Executives. Submit an application or nominate a deserving professional today. Application window is open through March 18th. More information: delawarebusinesstimes.com/events/ceo
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FEBRUARY 3, 2026 / DELAWARE BUSINESS TIMES 15
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Print | Online | Events INNOVATION
January 6, 2026 | Vol. 13 • No. 1 | $4.00 | DelawareBusinessTimes.com
SHOWCASING DELAWARE’S INNOVATORS
2025
2026
DELAWARE
THE FIRST STATE’S MOST IMPACTFUL LEADERS
Meet the
New Guard Delaware organizations welcomed new leaders in 2025. What's next in 2026? 10-11
WAREHOUSE CONVERSION?:
SBA VISIT:
Developers explore data centers
Loeffler stops in Newark for national tour
4
6
OFF THE TABLE: Christiana, Virtua end merger talks
8
FARM FORECAST:
DELAWARE’S PREMIER BUSINESS RESOURCE BOOK
MEET UDʼS PRESIDENT:
After turbulent year,
Carlson to lead
farmers look ahead
Delaware’s top
12
university
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BUSINESS CALENDAR Unless otherwise noted, webinar access details (including dial-in information) will be e-mailed to registrants. Dates and times subject to change.
FEBRUARY 10 9:30 - 11:00 AM Meet the New WTC Delaware President Join us for a Meet & Greet with Dr. Mary Swenson, the new President of the World Trade Center Delaware, and take the opportunity to expand your global business connections. Whether you are an entrepreneur, executive, or business professional, don’t miss this opportunity to connect and explore new global business opportunities. For more information, visit web.wtcde.org
FEBRUARY 10 11:00 AM - 12:00 PM Economic Forecast Luncheon This annual event features one of the Mid-Atlantic region’s most recognizable economists, Dr. Anirban Basu, Chairman & CEO of Sage Policy Group, Inc. Dr. Basu recaps the economic activities of the previous year and discusses the potential outlook for Delaware’s economy in the upcoming year. The Economic Forecast Luncheon has become quite popular and often sells out. For more information, visit ncccc.com
FEBRUARY 19 10:00 AM - 11:00 AM 8(a) Business Development Program Info Session The SBA will discuss the 8(a) Business Development Program and how this federal contracting certification can assist small businesses. The program is a robust nine-year program created to help firms owned and controlled by socially and economically disadvantaged individuals. Businesses that participate in the program receive training and technical assistance designed to strengthen their ability to compete effectively in the federal marketplace. For more information, visit sba.gov/event
MARCH 5 4:00 PM - 7:00 PM 17th Annual Spring Expo The Middletown Area Chamber of Commerce will host the 17th Annual Spring Expo in the Delaware region, providing an opportunity for sponsors, corporate exhibitors, and vendors to promote their businesses to the surrounding community. For more information, visit business.maccde.com/events
MARCH 10 7:00 PM - 8:00 PM Foundations of Financial Literacy Crypto Join us for this session in the Foundations of Financial Literacy series. Designed to support educators in exploring key topics in financial education, this workshop offers practical insights and resources to enhance classroom learning. For more information, visit events.udel.edu/event
MARCH 18 CEO and C-Suite Awards Application Deadline The CEO and C-Suite Awards recognize outstanding CEOs and C-Suite leaders across Delaware. This program celebrates outstanding professionals not only for their leadership within their organization, but also for their contributions to the Delaware business community. For more information, visit delawarebusinesstimes.com/ events/ceo
APRIL 16 9:00 AM - 3:00 PM 25th Annual 55+ Expo The Central Delaware Chamber of Commerce will host the 25th Annual 55+ Expo, providing an opportunity for organizations to share their products, services, and information with attendees. The Expo offers a platform to reach potential clients, and double booth spaces are available at discounted rates for those seeking additional visibility. The event will be promoted statewide by The Dover Post to over 300,000 people over the next three months and will include an official program guide. For more information, visit cca.cdcc.net
APRIL 23 8:30 AM - 12 PM SBDC Spring Grants & Loan Fair Join us for the 2026 Spring Grants & Loans Fair, presented by the Delaware Small Business Development Center (SBDC) and Delaware Business Times. This event offers a valuable opportunity to gain expert insights and make meaningful funding connections to help take your business to the next level. For more information, visit delawarebusinesstimes.com/ events/sbdc
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VIEWPOINT
Delaware must go on offense to secure our economic future
Governor Matt Meyer’s State of the State address struck the right tone—and the right target. Brian Emphasizing DiSabantino focused investments that grow an innovation economy, paired with a clear commitment to keeping budget growth modest, is precisely the disciplined, forwardminded leadership Delaware needs. The Delaware Business Roundtable shares this vision. However, we must be clear-eyed about the math. The only sustainable path to affordability is the aggressive expansion of high-paying jobs and the wholesale removal of barriers to housing and commerce. As any builder knows, a house is only as strong as its foundation. In Delaware, that foundation is our corporate brand. The End of the “Gold Standard” Monopoly For a century, Delaware has been the world’s corporate capital, providing a global benchmark for trust and predictability. Today, 68% of the Fortune 500 call Delaware their legal home. This is not merely a point of pride; it is the state’s primary economic engine. Corporate franchise fees and taxes fund more than one-third of our schools, roads, and public safety. For the first time in a generation, our “Gold Standard” is being challenged by competitors who are no longer
content to follow our lead. States like Texas, Nevada, and Florida are actively legislating to dismantle our advantage. Texas’s SB 29 is a predatory invitation for companies to exit Delaware. When a corporation moves its “home,” it is rarely just a paperwork change. It is the precursor to moving offices, leadership, and the high-paying jobs that fuel our $2 billion Personal Income Tax base.
A House Divided We are at a crossroads, and our current response is inconsistent. While the General Assembly has made strides with SB 21 to modernize our laws, other measures like HB 255 are a step backward. HB 255 attempts to claw back short-term tax revenue by denying federal investment incentives. It is the definition of “penny wise and pound foolish.” By chasing a few million dollars in immediate tax receipts, we risk alienating the very companies that provide billions in long-term stability. We cannot tax our way to growth if we are simultaneously driving the taxpayers away. The Mandate: A Commission on Economic Competitiveness It is time for Delaware to go on offense. Delaware must stop reacting and start dictating the terms of the new economy. The Delaware Business Roundtable proposes the immediate creation of a Bipartisan Commission on Economic Competitiveness. This shouldn’t be another “study
182 DELAWARE BUSINESS TIMES / FEBRUARY 3, 2026
group” that defers difficult decisions. It must be a high-level strike team of business leaders, legal experts, and public officials tasked with one mission: propose bold, modern reforms that strengthen Delaware’s corporate brand while attracting 21st-century businesses—and doing so in a way that aligns with Governor Meyer’s call for discipline, focus, and growth-minded investment. It’s an effort to stop talking and act. To succeed, this commission must move with urgency in four critical areas: 1. Permitting Radicalization: We must collapse the timeframes for affordable housing and job-creating development. Pennsylvania and Maryland have already streamlined their administrative processes. Delaware is being outpaced. 2. Economic Presence Incentives: We must link tax policy to physical presence. Merck’s recent $1 billion investment is a victory, but it must be the rule, not the exception. We need concrete incentives that compel entrepreneurs to not just incorporate here, but to live, build, and hire here. 3. Digital-First Governance: We must upgrade the Delaware General Corporation Law to provide “one-click” formation and digital-first shareholder engagement to compete with the
streamlined systems of Wyoming and Nevada. 4. Tax Predictability: We must reject the urge to create higher marginal personal income tax rates. Because Delaware law allows small business owners to “pass-through” income, raising personal taxes is a direct tax hike on the entrepreneurs the Governor wishes to court.
The Path Forward Fortunately, we’re not starting from scratch. The Delaware Investment Agenda, created in partnership with the Delaware Business Roundtable, already outlines powerful strategies— from innovation corridors and techtransfer modernization to pro-growth tax reforms and stronger workforce alignment. What we need now is political courage and partnership to turn strategy into action. Delaware has always punched above its weight. But we cannot lead by looking backward. Our incorporation model must evolve. Our policies must make us competitive. And our economy must grow. Otherwise, we risk a slow decline that will undermine our ability to invest in Delaware’s future—no matter how responsible the budgeting may be. Brian DiSabatino is the President and CEO of EDiS Company and the president of the Delaware Business Roundtable.
IN THE C-SUITE
Terry Murphy President & CEO Bayhealth By Katie Tabeling DOVER — Bayhealth President and CEO Terry Murphy doesn’t think of his past in terms of jobs on his resume. He looks back in terms of lessons he’s learned and where he has been, because he’s always been trying to figure things out. That curiosity likely charted his course to hospital administration in a roundabout way. When he was in college, he loved the complexities of the world around him — inside the human body and the broader universe. “I really enjoyed figuring out how things worked, like the complexities of organic chemistry, but I also really liked the people aspect,” he told the Delaware Business Times. By the time he was in Belmont Abbey College, Murphy said he had been exposed to a unique education. The institution is a liberal arts college, which has a model of exposing its students to a wide range of academic studies. Murphy’s undergraduate studies helped him figure out that he did not want to be a scientist or a technician, but he still wanted to work in hospitals. From there, he said he got lucky and was accepted into George Washington University which has a strong hospital administration program. He started his residency back in his home state of Florida at Wuesthoff Health Systems in 1984 where he was paid around $12,000 a year. That close shadowing experience allowed Murphy to rotate through each department, write policies and attend community meetings and make presentations. It also gave him the unique opportunity to fail under the watchful eye of his mentor Wuestholff Hospital President and CEO Tony Rose.
After his residency, Murphy was hired at Wuestholff Hospital where he managed several departments. Over the years, he worked his way to become the hospital’s chief operating officer while getting married and starting a family at the same time. When he felt like it was time to explore opportunities, he started looking for options at other hospitals on the East Coast. “Sometimes, you go where the opportunities are and there’s only so many hospitals. It’s a high-risk situation in that way. It also put us in an area where we had a great community, but we had access to so
fold of Delaware’s small group of health care systems — and learning how different things were in the First State. Bayhealth, Beebe, TidalHealth and ChristianaCare all invested in brick-and-mortar expansions and more residency programs to attract and keep nurses, doctors and other professions in the state. In the last seven years alone, Bayhealth closed that historic hospital and opened its Sussex County campus just miles down the road, still in Milford, along Delaware Route 1. Today, there’s plans to open a behavioral health unit at the Milford site and “I really the vibrant Milford Wellness enjoyed Village has taken up residency figuring out at the old hospital location how things filled with community-based organizations. worked, Even with the pressure like the that comes with running one complexities of Delaware’s main not-forof organic profit hospital systems, he chemistry, but said that Delaware’s still more cooperative than competitive. I also really liked the people “There’s a lot of great ways to aspect.” do things here that would have never been achieved in Florida just because of Delaware’s size and the cooperation between those in our industry,” he said. “This area is growing so fast, it requires all of us to be successful and grow. I do think the population can only benefit from the competition we have here, and it’s good to challenge you to do better,” he said. While Murphy’s been one of the key figures in the state’s health care arm’s race, he said he’s not sure that will be his legacy. Instead of seeing himself at the top, he said he has 17 bosses, the Bayhealth board members, who continue to help set the culture for success. “The two things that are important are you have to build personal relationships and you have to show appreciation. People work very hard in health care and we’re reflective of society. What comes in at 3 a.m. in the emergency department is not what everyone wants to see, but we’re working exceptionally hard to provide that service,” he said. “Leaders have to show what they truly believe in, what you do and what you support.”
many different things. Within three hours, you can drive to so many different, interesting places in our country,” he said. When he arrived at Bayhealth’s Milford Memorial Hospital in 2001, Murphy described greeting a “tightknit and loving community” in the facility and the city. While he was learning about Delaware and Sussex County in those early days with Bayhealth, he also starting to join the
FEBRUARY 3, 2026 / DELAWARE BUSINESS TIMES 19
Grants & Loans Fair April 23
The Audion, 100 Discovery Blvd., Newark DE 19713
HOSTED BY
DOORS OPEN: 8:00 a.m.
BREAKFAST / REGISTRATION: 8:00 - 8:30 a.m.
EDUCATIONAL SESSIONS: 8:30 - 9:30 a.m.
ATTEND ANY OR ALL SESSIONS AS IT FITS YOUR SCHEDULE
Know Your Numbers: Understanding Key Financial Documents for Funding This session will help small business owners make sense of the financial documents most commonly required in loan and grant applications.
Tickets and information:
9:30 - 10:30 a.m.
What Happens After You Get the Money? A Candid Conversation with Funders In this candid panel discussion, representatives from both a lending institution and a grant‑making organization will explain what happens after the money arrives, how to properly track and use funds, what documents you’ll need to provide, how often updates are required, common red flags, and best practices to stay compliant.
GRANTS AND LOANS FAIR: 10:30 a.m. - noon
Visit with Grant Organizations and Loan Representatives Meet with representatives from grant organizations and lenders at their tables. This is your opportunity to ask questions, explore funding options, and make valuable connections to help support the growth of your business. Don’t miss this opportunity to gain insights and build relationships with key funding sources.
delawarebusinesstimes.com/events/sbdc
Tickets - $35 pp
Price increases on April 13
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Sponsorship and exhibitor information, please contact 302.656.1837 or Advertising@DelawareBusinessTimes.com 202 DELAWARE BUSINESS TIMES / FEBRUARY 3, 2026