Trident, provider of healthy beverages, is sold Mortgage rates inch up, still at historic lows
St. Louis-based Ronnoco Beverage Solutions has acquired Trident Beverage, a Houston dispensed beverage provider to food-service establishments throughout the U.S.
Created in 2004 to provide healthy beverage options, Trident Beverage serves thousands of schools, day cares, restaurants, bars and other food venues. John Walker, president of Trident Beverage, and Patrick Walker, vice president, will maintain a stake in the company and continue to run the business. Trident Beverages has 30 employees.
Terms of the deal were not disclosed.
Ronnoco, founded in 1904, changed its name from Ronnoco Coffee following its acquisition of Beverage Solutions Group in March. It is owned by Huron Capital Partners and company management.
Houston economy appears to have expanded in Jan.
Houston’s economy showed signs of expanding in January, the first time since September that the Houston Purchasing Manager’s index , a gauge of economic activity in the region, showed the local economy accelerating.
The index, based on a survey of Houston area supply-chain executives, measures the direction of Houston’s economy by predicting likely shifts in production three to four months in advance. It registered 52.5, up 5.1 points from December’s 47.4. Readings above 50 generally indicate an expansion, readings below 50 indicate a contraction in goods production, a leading indicator for the local economy.
It’s calculated based on survey responses from local executives reporting prices, production, sales and inventories. In November, the index fell below 50 for the first time in three years.
Ted Turner-backed solar project set for West Texas
Houston solar developer Merit SI and Komipo America, which is owned by Korea Electric Power Corp., announced a deal to develop and build a 150megawatt solar project in Tom Green County about 200 miles northwest of San Antonio.
The project will be called Concho Valley Solar, according to the announcement.
Merit was formed four years ago. Ted Turner, founder of CNN, is a lead investor through his Turner Renewable Energy in Atlanta. Korea Electric Power is the largest electricity provider in South Korea.
Tight markets hinder oil and gas dealmaking
M&A activity in the oil and natural gas industry saw 392 deals worth $370 billion in 2019 — mixed figures compared with the 549 deals worth $262 billion a year earlier, according to a report by global consulting firm Deloitte.
The report came as crude oil has been trading around $50 per barrel for more than a year, a price below the break-even point for many companies. That situation has resulted in fewer investments in the energy sector.
As a result, large international oil companies are predicted to sell off less-profitable assets, expand renewables portfolios and make larger investments in downstream assets such as petrochemical plants.
Mortgage rates have ticked up slightly, but remain near the lowest recorded in government-sponsored mortgage-finance company Freddie Mac’s 50 years of tracking rates.
The average rate for a 30-year fixed-rate mortgage was 3.47 percent in the past week, up from 3.45 percent the week before, according to Freddie Mac’s most recent survey. That’s still almost a full point lower than the year before, and well below historic rates.
The unexpected plunge in mortgage rates within the past year has sped led to faster growth in home prices, as homebuyers can afford more house for the same monthly payment. January listing prices ticked up 4.9 percent from the year before — a drastic increase after four months in which listing prices had only increased between 0.5 and 1.9 percent year over year.