INDIANA 100: Mainstreet tops fastest-growing companies list
Nursing home developer Mainstreet is the fastest-growing private company in the Indianapolis area.
Nursing home developer Mainstreet is the fastest-growing private company in the Indianapolis area.
Carmel wants to rezone more than 130 properties along the Monon Greenway north of 96th Street, a move leaders say will protect the tree-lined trail from future development. Neighbors aren’t convinced.
Corinthian Colleges is a competitor of Carmel-based ITT Educational Services Inc. Firms in that field have seen enrollment drop amid heightened government scrutiny.
The state’s jobless rate held firm in May at 5.7 percent, following nine straight months of declines.
More than 100 Indiana firms since January have told federal regulators they plan to offer up ownership stakes or take on debt. That’s approaching a year’s worth of activity in less than six months, based on the state’s performance the past few years. Firms selling equity or debt include numerous health care firms, such as RepuCare, HC1.com, Indigo BioSystems, SonarMed and Wellfount. Indigo CEO Randy Julian boiled his firm’s investment timing down to, “It was time to mash the pedal to the floor and go.” The 47-employee company, which develops software for medical laboratories, secured $8.5 million earlier this month. “I do think if you look around,” Julian said, “the other companies that have raised money have had some component of that story that’s the same.”
Carmel-based Mainstreet has built 14 short-term rehabilitation facilities—usually near hospitals—and has 17 more under construction or in planning stages. That rapid building helped drive the company from $11 million in revenue in 2011 to more than $66 million two years later, making it the fastest-growing private company in the Indianapolis area. “We’re in the right place at the right time. We’ve invested heavily into our systems and our designs and now are really bearing the fruits of a lot of years of labor,” said Mainstreet CEO Zeke Turner. Beginning in 2015, rather than only build facilities that others operate, Mainstreet will begin to operate some facilities that it builds. The first two Mainstreet-operated facilities are scheduled to open in Carmel and Bloomington.
Shares of central Indiana pharmaceutical firm Endocyte Inc. lost 15 percent of their value last week after industry giant Merck & Co. Inc. gave up on developing Endocyte cancer drug vintafolide. On Tuesday evening, West-Lafayette-based Endocyte said it had regained worldwide rights to vintafolide from Merck. The move essentially meant Endocyte lost Merck’s financial backing and sales muscle for the drug. The treatment failed a key study last month, leading to a 62-percent single-day drop in Endocyte's share price on May 2. Endocyte and Merck announced May 19 that they were terminating a clinical trial of the drug, after an analysis showed vintafolide didn’t demonstrate efficacy when treating patients with platinum-resistant ovarian cancer. Endocyte said it will continue to test vintafolide for lung cancer. Shares of Endocyte closed Friday at $6.55 apiece.
Since hospitals lose money on just about every patient except those with private insurance, they have been closing inner-city facilities and opening new facilities in the suburbs for the past four decades.
-National Oilwell Varco leased 31,790 square feet of industrial space at 9870 E. 30th St. The tenant was represented by Grant Lindley of Cassidy Turley. The landlord, James D. Crawford Trust, was represented by Luke Wessel of Cassidy Turley.
-Progressive Casualty Insurance Co. renewed its lease for 17,444 square feet of office space at 5975 Castle Creek Parkway. The tenant was represented by Tom Osborne and Kimberly Estes Hartman of Colliers International. The landlord, LS REF2 OREO/Castle Creek, was represented by Matt Langfeldt and Rich Forslund of Cushman & Wakefield/Summit.
-The Icing On The Cake Event Center LLC leased 4,084 square feet of retail space at Lafayette Center, 4261 Lafayette Road. The tenant was represented by Alex Sanders of Newmark Knight Frank Halakar.The landlord, Namdar Realty Group, was represented by Bill Marsh and Greg Smith of Colliers International.
-CTL Global Holdings LLC leased 2,125 square feet of industrial space at 6330 E. 75th St. The landlord, TIAA-CREF, was represented by Todd Vannatta and Bennett Williams of Cassidy Turley. The tenant represented itself.
-Sweet Express Yogurt Shop leased 1,967 square feet at North Willow Mall, 2278 W. 86th St. The landlord, Township 86 Development Co. LP, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
-A Nail Salon leased 1,800 square feet at Brownsburg Shopping Center, 816 E. Main St., Brownsburg. The landlord, TCP Brownsburg Center LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
-Little Caesars leased 1,460 square feet at Sandstone Commons, 11640 Brooks School Road, Fishers. The landlord, CPM III LP, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
-China Wok Restaurant leased 1,370 square feet at Saratoga Shops, 1070 W. Main St., Plainfield. The tenant was represented by Jerry Zheng of DOC Real Estate Inc. The landlord, Saratoga Associates LLC, was represented by Keith Fried of Sitehawk Retail Real Estate.
-9-Round Kickboxing leased 1,272 square feet at 116th Street Centre, 980 E. 116th St., Carmel. The Landlord, TCP Guilford LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
Anacore Inc., which develops software for touch-screen programs, has been acquired by Prysm Inc., a San Jose, Calif.-based company that makes big-screen video walls that use Anacore’s technology.
Westfield City Council is considering a nearly $3 million plan to erect a pair of “landmark” towers at U.S. 31 and State Road 32, considered a key gateway to the growing community.
Indianapolis-based Liberty Fund plans to build a campus-like headquarters on the Meridian Street office corridor in Carmel—if officials approve a couple of notable exceptions to the city’s development guidelines for the area.
Indiana Gov. Mike Pence picked a new secretary Wednesday to run the Family and Social Services Administration and created a position overseeing his proposed alternative to traditional Medicaid.
Systems in Motion LLC, a California-based technology consulting firm, expects to invest up to $5.4 million to lease, renovate and equip its new digs.
Hendricks Regional Health is extending its reach farther west via a collaboration with Putnam County Hospital in Greencastle. On July 10, the two hospitals will open a new obstetrics clinic, called Partners in Care, to provide prenatal care for low-income pregnant women. The clinic will be staffed by a Hendricks Regional Health nurse midwife, and two physicians from the Hendricks Regional Health Medical Group. Patients of Partners in Care will receive prenatal services at Putnam County Hospital, while deliveries will take place at Hendricks Regional Health in Danville. The idea of starting a clinic was boosted by a needs assessment conducted by DePauw University in Greencastle, which confirmed a shortage of prenatal care in Putnam County.
The U.S. Supreme Court ruled Monday that closely held corporations can hold religious objections that allow them to opt out of Obamacare’s requirement that they cover contraceptives for women at no charge. According to the Associated Press, the justices' 5-4 decision is the first time the high court has ruled that profit-seeking businesses can hold religious views under federal law. And it means the Obama administration must search for a different way of providing free contraception to women who are covered under objecting companies' health insurance plans. Contraception is among a range of preventive services that must be provided at no extra charge under the health care law that President Barack Obama signed in 2010 and the Supreme Court upheld two years later. Justice Samuel Alito wrote the majority opinion, which stressed that the ruling applies only to corporations that are under the control of just a few people in which there is no essential difference between the business and its owners.
Indiana Gov. Mike Pence hired Carmel psychiatrist Dr. John Wernert to take over the state's Family and Social Services Administration and tapped former FSSA Secretary Michael Gargano to oversee Pence’s Healthy Indiana Plan 2.0. Wernert is the medical director of medical management at Eskenazi Health in Indianapolis and was the medical director for behavioral health integration for the Franciscan Alliance health system. He'll replace outgoing Secretary Debra Minott, who unexpectedly announced her resignation in June; neither Pence nor Minott have explained her sudden departure. Gargano, who led the agency until Pence took office last January, is returning in the new role overseeing Pence's insurance expansion plan. The Pence administration is in the middle of pitching the Centers for Medicare and Medicaid Services on Indiana's proposal to use the state-run Healthy Indiana Plan 2.0 to expand Medicaid. If the application is approved, residents earning up to 138 percent of the federal poverty level would be allowed to enroll in a hybrid-health savings account plan. The state estimates that more than 457,000 low-income residents could enroll in the program by 2020.
Indianapolis-based Eli Lilly and Co. received European backing for a biosimilar version of Lantus insulin, a mega-blockbuster made by France-based Sanofi that has never faced generic competition. According to Bloomberg News, Lilly’s Abasria insulin was recommended by the European Medicines Agency’s Committee for Medicinal Products for Human Use for the treatment of diabetes. The European Commission, the EU’s executive arm, usually follows the panel’s recommendation. Lantus, which garnered $7.8 billion in sales for Paris-based Sanofi in 2013, loses patent protection in Europe in May next year. The U.S. patent on Lantus expires in February, but generic competition there may be delayed after Sanofi in January said it was suing Indianapolis-based Lilly over its plans to introduce a version in the U.S. Sales of the drug in Europe were less than 15 percent of the total in 2013, because the price of the drug is far lower than in the United States, which accounted for almost two-thirds of total Lantus sales, said Mark Clark, an analyst at Deutsche Bank AG in London. That may limit the erosion of Lantus sales in Europe, he said. Lilly is also trying to introduce a brand-name drug that would compete with Lantus. Last month, it released study results suggesting its once-a-day insulin injection, Peglispro, was better than Lantus in controlling patients’ blood sugar. Lilly has said it will file for U.S. approval to sell that drug in the first quarter of next year.
Holladay Properties and Schahet Hotels Inc. are partnering on a new full-service Holiday Inn that’s expected to open early next year.
Carmel-based ITT Educational Services Inc. said the U.S. Education Department may limit its access to student-loan funds because the company is unable to provide audited financial statements.
CNO Financial Group Inc. was upgraded by Standard & Poor’s after the Carmel-based company completed the sale of a life insurance unit that was no longer issuing policies.
Westbrook Mfg., founded in 1977, makes electro-mechanical assemblies and wiring harnesses for the automotive industry at its manufacturing plant in Fresnillo, Mexico. The company has about 400 workers.
Indianapolis Power & Light Co. says it might have to pay as much as $22 million in extra costs because of contract issues with the Midwest Independent System Operator.
The $42 million project is Milhaus' second mixed-use project outside the Indianapolis area.
Operating cost data from participants in Carmel-based MISO's power network was compromised in a computer breach that highlighted the rising vulnerability of the U.S. electricity infrastructure.