– 19% Full Year Adjusted EBITDA Growth –
– 7% Full Year Organic Revenue Growth –
– Acquisition by GI Partners for $12.25 per share remains on track to close in Second Quarter 2023 –
AUSTIN, Texas, March 16, 2023 (GLOBE NEWSWIRE) — Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (“Atlas” or the “Company”), a leading infrastructure and environmental services provider, announced today results for the fourth quarter and full year ended December 30, 2022.
Fourth Quarter 2022 Highlights:
(all comparisons versus the prior-year period unless otherwise noted)
- Gross revenue grew 4% to $151.0 million.
- Gross margin, excluding subcontractor costs, was 61.4%, up 400 basis points; operating margin, excluding subcontractor costs, was 7.5%, up 320 basis points.
- Net loss was $4.2 million. Adjusted net income (1) was $2.8 million, or $0.07 per share which excludes $2.8 million of amortization of intangible assets, $2.7 million of non-recurring expenses, and $1.5 million of non-cash change in fair value of contingent consideration.
- Adjusted EBITDA(2) increased 15% to $23.8 million; Adjusted EBITDA margin, excluding subcontractor costs was a record 20.5%, and up 270 basis points.
- Backlog reached another record level at $877 million, up 8.5%.
Full Year 2022 Highlights:
(all comparisons versus the prior-year unless otherwise noted)
- Gross revenue of $604.8 million, compared to $538.8 million in 2021, driven by 7% organic growth and contributions from 2022 acquisitions.
- Gross margin, excluding subcontractor costs, was 58.4%, up 10 basis points driven by improved pricing and strong operational execution; operating margin, excluding subcontractor costs, was 8.4%, up 210 basis points.
- Net loss was $8.1 million. Adjusted net income(1) was $17.2 million, or $0.44 per share which excludes $19.5 million of amortization of intangible assets, $4.2 million of non-recurring expenses, and $1.5 million of non-cash change in fair value of contingent consideration.
- Adjusted EBITDA(2) was up 19.2% to $87.2 million. Adjusted EBITDA margin, excluding subcontractor costs was a record 18.3%, up 150 basis points.
“We closed out a strong year with solid fourth quarter 2022 results, highlighted by 7% organic growth for the full year, record Adjusted EBITDA margin and 8.5% year-over-year backlog growth as we continued to benefit from our growth strategy and favorable end-market dynamics,” said L. Joe Boyer, Atlas’ Chief Executive Officer.
“In January, we announced that we reached an agreement to be acquired by GI Partners in an all-cash transaction, under which all Atlas shareholders will receive $12.25 per share,” continued Boyer. “We remain committed to serving our customers in infrastructure and environmental markets across the country by providing high-quality mission critical services for infrastructure assets that improve the communities where we live and work.”
Acquisition by GI Partners
On January 30, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with private investors, GI Partners, in an all-cash transaction valued at approximately $1.05 billion, including outstanding debt. Under the terms of the merger (the “Merger”) and transactions contemplated by the Merger Agreement, Atlas shareholders will receive $12.25 per share in cash, which represents a premium of approximately 124% over the Company’s unaffected closing share price of $5.47 on January 30, 2023. Completion of the Merger is subject to the satisfaction or waiver of certain closing conditions. Upon completion of the transactions contemplated by the Merger Agreement, Atlas’ shares will no longer trade on Nasdaq and Atlas will become a private company.
Given the Company’s pending acquisition by GI Partners, Atlas is not hosting a conference call to discuss its fourth quarter 2022 financial results and the Company is no longer providing financial guidance.
(1) Adjusted net income is a Non-GAAP financial measure. Please see “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of Adjusted Net Income to the most comparable financial measure calculated in accordance with GAAP.
(2) Adjusted EBITDA is a Non-GAAP financial measure. Please see “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of Adjusted EBITDA to the most comparable financial measure calculated in accordance with GAAP.
(3) Net leverage is bank covenant net leverage calculated as (debt –cash) / LTM Adj. EBITDA including the pro forma impact from acquisitions and cost efficiencies.
About Atlas Technical Consultants
Headquartered in Austin, Texas, Atlas is a leading provider of Infrastructure and Environmental Solutions. We partner with our clients to improve performance and extend lifecycle of built and natural infrastructure assets stressed by climate, health, and economic impacts. With 3,500+ employees nationwide, Atlas brings deep technical expertise to public- and private-sector clients, integrating services across four primary disciplines: Environmental; Testing, Inspection and Certification; Engineering & Design; and Program, Construction, and Quality Management. To learn more about Atlas innovations for transportation, commercial, water, government, education, and industrial markets, visit https://www.oneatlas.com.
The statements contained in this press release that are not purely historical are forward-looking statements and involve a number of risks and uncertainties. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions and estimates, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations of such words and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements may include, but are not limited to, statements about the anticipated benefits of the Merger and the expected timing of the completion of the Merger. The forward-looking statements contained in this press release are based on our expectations and beliefs as of the date of this filing concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions or estimates that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described throughout our annual report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2023, particularly the “Risk Factors” section of such report and the factors described below: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (2) the risk that the necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated; (3) risks that any of the closing conditions to the Merger may not be satisfied or waived in a timely manner (4) the ability to maintain the listing of the Company’s shares of Class A common stock on Nasdaq; (5) the ability to recognize the anticipated benefits of acquisitions, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain management and key employees; (6) costs related to acquisitions; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors (including as a result of COVID-19); and (9) other risks and uncertainties indicated from time to time in the Company’s filings with the SEC, including those under “Risk Factors” therein. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this press release and in documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. Unless specifically indicated otherwise, the forward-looking statements in this press release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this press release are made as of the date of its release, including expectations based on third-party information and projections that management believes to be reputable, and the Company does not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.
Reconciliation of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Atlas discloses Adjusted EBITDA, adjusted net income and adjusted earnings per share (“Adjusted EPS”), which are non-GAAP financial measures, in this press release. Atlas believes these financial measures are useful indicators to evaluate performance because they allow for an effective evaluation of Atlas’ operating performance when compared to its peers, without regard to its financing methods or capital structure. Atlas believes Adjusted EBITDA is useful for investors and others in understanding and evaluating Atlas’ operations results in the same manner as its management. However, Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as substitutes for, or in isolation from, net income (loss), revenue, operating profit, or any other operating performance measures calculated in accordance with GAAP.
Atlas defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation and amortization, adjustments for certain one-time or non-recurring items and other adjustments. Atlas excludes these items from net income in arriving at Adjusted EBITDA because these amounts are either non-recurring or can vary substantially within the industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA. Atlas’ presentation of Adjusted EBITDA should not be construed as an indication that results will be unaffected by the items excluded from Adjusted EBITDA. Atlas’ computation of Adjusted EBITDA may not be identical to other similarly titled measures of other companies. For a reconciliation of Adjusted EBITDA to its most comparable measure under GAAP, please see the table entitled “Reconciliation of Non-GAAP Financial Measures” at the end of this press release. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
Atlas defines adjusted net income as net income excluding the after-tax impact of transaction costs, certain other non-recurring expenses, and the amortization of intangible assets. Atlas excludes these items from net income in arriving at adjusted net income because adjusted net income is an important measure of the underlying production and performance of the business. Certain items excluded from adjusted net income are significant components in understanding and assessing a company’s financial performance. Atlas’ presentation of adjusted net income should not be construed as an indication that results will be unaffected by the items excluded from adjusted net income. Atlas’ computation of adjusted net income may not be identical to other similarly titled measures of other companies. For a reconciliation of adjusted net income to its most comparable measure under GAAP, please see the table entitled “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.
Atlas defines Adjusted EPS as adjusted net income divided by the weighted average shares outstanding for the period. Adjusted EPS reflects adjustments to reported diluted earnings per share (“GAAP EPS”) to eliminate amortization expense of intangible assets from acquisitions, net of tax benefits, and the after-tax impact of transaction costs and certain other non-recurring expenses. As we continue our acquisition strategy, the growth in Adjusted EPS may increase at a greater rate than GAAP EPS. Our definition of Adjusted EPS may differ from other companies reporting similarly named measures. This measure should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as Net Income and Diluted Earnings per Share. For a reconciliation of Adjusted EPS to its most comparable measure under GAAP, please see the table entitled “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.
|ATLAS TECHNICAL CONSULTANTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|(in thousands, except per share data)|
|December 30, 2022||December 31, 2021|
|Cash and equivalents||$||5,799||$||10,697|
|Accounts receivable, net||103,442||105,362|
|Unbilled receivables, net||57,178||45,924|
|Other current assets||5,826||4,039|
|Total Current Assets||180,755||171,083|
|Property and equipment, net||15,028||13,757|
|Intangible assets, net||114,478||107,314|
|Other long-term assets||50,406||4,015|
|LIABILITIES AND SHAREHOLDERS’ DEFICIT|
|Trade accounts payable||$||29,758||$||42,521|
|Current maturities of long-term debt||4,930||3,606|
|Other current liabilities||36,251||26,489|
|Total Current Liabilities||78,556||89,740|
|Long-term debt, net of current maturities and loan costs||499,337||462,193|
|Other long-term liabilities||35,827||20,074|
|Commitments and Contingencies:|
|Class A common stock||4||3|
|Class B common stock||–||–|
|Additional paid in capital||(80,140||)||(102,692||)|
|Accumulated other comprehensive income||11,469||–|
|TOTAL SHAREHOLDERS’ DEFICIT||(126,360||)||(151,490||)|
|TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT||$||487,360||$||420,517|
|ATLAS TECHNICAL CONSULTANTS, INC. AND SUBSIDIARIES
STATEMENT OF OPERATIONS
|(in thousands, except per share data)|
|Three Months Ended||Year Ended|
|December 30, 2022||December 31, 2021||December 30, 2022||December 31, 2021|
|Other costs of revenues||(44,850||)||(49,535||)||(198,332||)||(181,967||)|
|Personnel costs and benefits||(27,071||)||(26,881||)||(137,130||)||(128,612||)|
|Selling general and administrative||(29,076||)||(27,647||)||(70,912||)||(72,026||)|
|Change in fair value of earnouts||1,518||–||1,518||(2,823||)|
|Depreciation and amortization||(8,060||)||(7,229||)||(32,177||)||(23,700||)|
|Total Operating expenses||(62,689||)||(61,757||)||(238,701||)||(227,161||)|
|Loss before income taxes||(3,218||)||(5,722||)||(6,322||)||(27,181||)|
|Income tax expense||(1,006||)||(1,883||)||(1,748||)||(2,524||)|
|Net (loss) income||(4,224||)||(7,605||)||(8,070||)||(29,705||)|
|Provision for non-controlling interest||146||197||565||13,216|
|Redeemable preferred stock dividends||–||–||–||(5,899||)|
|Net (loss) attributable to Class A common stock shareholders/members||$||(4,078||)||$||(7,408||)||$||(7,505||)||$||(22,388||)|
|(Loss) Per Class A Common Share||$||(0.11||)||$||(0.22||)||$||(0.21||)||$||(0.81||)|
|Weighted average of shares outstanding:|
|Class A common shares (basic and diluted)||37,774,971||33,630,586||36,308,926||27,799,511|
|ATLAS TECHNICAL CONSULTANTS, INC. AND SUBSIDIARIES
STATEMENT OF CASH FLOWS
|(in thousands, except per share data)|
|For the three months ended||For the year ended|
|Cash flows from operating activities:|
|Adjustments to reconcile net loss to net cash provided by operating activities:|
|Depreciation and amortization||8,060||7,208||32,177||23,679|
|Equity-based compensation expense||2,661||1,173||7,404||3,627|
|Interest expense, paid in kind||2,460||856||2,460||6,392|
|Gain on sale of property and equipment||(365||)||(53||)||(365||)||(21||)|
|Write-off of deferred financing costs related to debt extinguishment||–||–||–||15,197|
|Amortization of deferred financing costs||455||320||1,292||1,248|
|Provision for bad debts||1,014||439||1,014||36|
|Changes in assets & liabilities:|
|(Increase) decrease in accounts receivable and unbilled receivable||9,106||4,340||2,539||(2,629||)|
|Decrease (increase) in prepaid expenses||(3,341||)||107||(7,057||)||(1,523||)|
|Increase in other current assets||(1,814||)||(1,908||)||(1,480||)||(187||)|
|Increase in trade accounts payable||(7,281||)||10,956||(13,330||)||13,261|
|Increase (decrease) in accrued liabilities||(3,590||)||6,966||(12,741||)||(3,320||)|
|Increase (decrease) in other current and long-term liabilities||13,201||3,545||(1,468||)||2,806|
|Decrease in other long-term assets||(177||)||506||(177||)||243|
|Net cash provided by operating activities||16,165||26,850||2,198||29,104|
|Cash flows from investing activities:|
|Purchases of property and equipment||(1,127||)||(1,549||)||(8,410||)||(3,956||)|
|Proceeds from disposal of property and equipment||440||62||440||78|
|Purchase of business, net of cash acquired||(3,131||)||(1,670||)||(30,150||)||(32,669||)|
|Net cash used in investing activities||(3,818||)||(3,157||)||(38,120||)||(36,547||)|
|Cash flows from financing activities:|
|Proceeds from issuance of debt||–||–||26,000||496,754|
|Payment of loan acquisition costs||(650||)||(46||)||(650||)||(8,589||)|
|Repayments of debt||(1,232||)||–||(3,632||)||(294,463||)|
|Net (proceeds) payments on revolving line of credit||(12,065||)||(17,916||)||12,998||(29,760||)|
|Payment of contingent earnout||(1,230||)||–||(2,870||)||(1,706||)|
|Distributions to non-controlling interests||(822||)||451||(822||)||(787||)|
|Payment of redeemable preferred stock dividends||–||–||–||(1,185||)|
|Repayment of redeemable preferred stock||–||–||–||(156,186||)|
|Net cash (used in) provided by financing activities||(15,999||)||(17,511||)||31,024||4,078|
|Net change in cash and equivalents||(3,652||)||6,182||(4,898||)||(3,365||)|
|Cash and equivalents – beginning of period||9,451||4,515||10,697||14,062|
|Cash and equivalents – end of period||$||5,799||$||10,697||$||5,799||$||10,697|
|ATLAS TECHNICAL CONSULTANTS, INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA|
|Amounts in thousands|
|For the quarters ended|
|December 30, 2022
||December 31, 2021|
|Net Income (loss)||$||(4,224||)||$||(7,605||)|
|Depreciation and amortization||8,860||7,208|
|Other non-recurring expenses(1)||2,694||3,085|
|Non-cash change in fair value of contingent consideration||1,518||3,028|
|Non-cash equity compensation(2)||2,001||2,300|
|(1) Includes acquisition related professional fees and other non-recurring legal and professional fees.|
|(2) Includes the amortization of unvested restricted share units, performance share units and stock options granted in 2020, 2021 and 2022 to key management personnel and our compensation to our Board of Directors.|
|ATLAS TECHNICAL CONSULTANTS, INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME|
|Amounts in thousands|
|For the quarters ended|
|December 30, 2022
||December 31, 2021|
|Net Income (loss)||$||(4,224||)||$||(7,605||)|
|Amortization of intangible assets||2,810||4,300|
|Other non-recurring expenses||2,694||3,085|
|Non-cash change in fair value of contingent consideration||1,518||3,028|
|Income tax expense||–||–|
|Adjusted net income||$||2,798||$||2,808|
|Net Income (loss)||$||(0.11||)||$||(0.21||)|
|Amortization of intangible assets||0.07||0.12|
|Other non-recurring expenses||0.07||0.08|
|Non-cash change in fair value of contingent consideration||0.04||0.08|
|Income tax expense||–||–|
|Total shares outstanding Class A and B common shares (basic and diluted):||39,179||36,973|
How Rodney Clark and His Team are Developing The Market For Smart, Healthy, and Sustainable Buildings
A confluence of global trends – decarbonization, sustainability, the future of work, energy inflation, and cybersecurity – has created an enormous market for smart, healthy, and sustainable buildings.
Buildings are responsible for 47% of global energy consumption and over a quarter (27%) of annual global carbon emissions according to the International Energy Agency (IEA). The market for smart buildings is estimated to be $150 Billion. Investment analysts and industry leaders see the total addressable market for decarbonized, healthier, safer and more intelligent buildings exceeding $250 Billion. By any measure, the market for the software, insights, and services that optimize the cost, return on assets, and carbon footprint of the equipment that runs buildings dwarfs the market for manufacturing and servicing that equipment.
Johnson Controls (JCI) is a 135 year old brand that is well positioned to become the dominant player in this market. Their management is quickly evolving the business from its legacy roots in heating, ventilating, and air conditioning (HVAC) equipment and controls to become a global leader in the large emerging market for smart, healthy, and sustainable buildings.
In the last two years, the company has aggressively built and acquired software solutions that help building operators connect their equipment and controls and leverage AI to better manage emissions, security, air quality, and operating costs. This strategy makes sense because there is almost no way for building owners to hit their emissions and carbon zero targets without addressing their large, diverse, and highly fragmented installed base of HVAC equipment and controls.
“With over 8 million customers, a huge installed base of equipment and controls, and over 25,000 channel partners to help install, service, connect, and optimize that equipment Johnson Controls has the distribution scale, touch points, and technology to lead this market” according to Rodney Clark, the VP and Chief Commercial Officer at Johnson Controls. “Most of the equipment competitors in the segment focus on a single type of equipment or specialized building automation controls. On the services side, competitors tend to provide specific analytics or data capabilities.”
As the centerpiece of their strategy, they launched a software platform – OpenBlue – that allows building owners, managers, and sustainability executives to connect their diverse and fragmented portfolio of HVAC, fire, security, electrical, power, and refrigeration equipment to deliver breakthrough building performance. In the last year, the company has expanded the suite of OpenBlue software solutions to help customers leverage the power of connected devices – and the edge data they create – to reduce their carbon footprint, total cost of ownership, return on assets, security risks, and energy usage.
“The OpenBlue digital platform gives us the ability to work across the diverse and fragmented set of equipment types, brands and data sources you will find in a typical building portfolio,” says Clark, who is tasked with building the Smart, Healthy and Sustainable building category and adapting their commercial model so their sales and partner channels can develop it.
Reaching this large market will require significant commercial and business model transformation, as well as building a new market category from scratch. 135 year old businesses do not transform overnight. That puts a lot of pressure on Clark – and the sales, marketing, partner channel, customer experience, and operations teams that report to him in his expanded role of Chief Commercial Officer.
Clark came to Johnson Controls 7 months ago from Microsoft, where he gained 25 years’ experience leading their IoT business, managing business partner channels, and put business processes in place to accelerate into the digital era. “I was attracted to the role because of the size of the opportunity and the challenge of leading a complete business transformation,” says Clark. “Right now, we are going through a significant change management process,” he emphasizes.
That’s an understatement. Transforming Johnson Controls commercial model comes with a lot of specific challenges. To succeed, Clark’s team needs to move from product to solution selling, engage new buyer personas, shift selling effort to customer expansion, build a new category, and extend channel partners into cross sell, integration, and software services. This is an ambitious agenda. So it’s important that Clark has an extremely broad span of control over the entire revenue cycle and the commercial resources required to make these changes. “Rodney Clark is a great example of the next generation of business to business growth leaders – we call them CXOs – because he leads marketing, sales, customer experience, and the operations that support them,” says Chris Hummel, the President of Green Thread and co-author of the book Revenue Operations. His span of control includes account management, channel sales and over 25,000 business partners who account for 44% of revenues and represent the pathway to expanding the services business. For example, his breadth of control over commercial resources allow him to better align marketing, sales, and partner channels around the common purpose of achieving business outcomes for customers and expanding customer lifetime value. His CXO role will help his other core initiatives succeed – implementing a sales excellence initiative, adding new routes to market, and redefining roles and incentives along the revenue cycle to maximize customer lifetime value, “connectedness”, and channel performance.
In sales, client education is a big hurdle. Selling the notion of SMART Buildings requires account managers and business partners to educate customers about the value of IOT and edge data – which is one of the most valuable assets in the business, according to Clark. “The next frontier in our commercial transformation is getting technical sales and engineers to buy into and sell the benefits of connected systems which is a big change from the past,” says Clark. “For example, we’ve invested in eight OpenBlue innovation centers to better educate clients and partners about how to manage smarter, more sustainable and better connected buildings and spaces and “future proof” their buildings using software, analytics and AI.
Another challenge is changing the focus from selling products, features and price to selling solutions, value and business outcomes. Building competencies in solution selling and Customer Value Management are particularly important issues because communicating, quantifying, and demonstrating the “multiplier effect” connected devices and AI can have on building performance can be tricky. To do this, sellers must communicate and validate the many value creation pathways OpenBlue creates beyond operating cost efficiency – including but not limited to: Improving the return on assets, reducing total cost of ownership, visibility into future problems and achieving sustainability goals. For example, a client that connected 27 chillers to OpenBlue saw payback periods on equipment are accelerated from three to five years to one year. Their total cost of ownership and the carbon footprint is reduced by almost a third (30%). Equipment uptime improved as unplanned equipment failures and the time to repair are reduced by over 60%.
To provide validation for this value story, Clark’s team is recognizing visionary leaders – called OpenBlue Pioneers – that are leveraging edge AI data and connected devices to reduce carbon emissions from their buildings, improve safety, and deliver more personalized experiences for visitors. The most recent cohort of winners include one of the first fully AI-integrated buildings in the Middle East, the most net energy-positive building in the northern hemisphere, a London factory that was able to reduce its carbon emissions to net zero by 2030, and eight World Cup venues in Qatar connected in a single digital platform to help them run safely, efficiently and more sustainably.
Another go to market challenge Clark and his team have taken on is enabling partners and account managers to target and engage different buyer persona. “We’re asking our sales teams and business partners to go beyond the traditional facilities managers and procurement buyers and reach out to new C-level buyer persona at accounts– like building owners and Chief Sustainability Officers (CSO’s) – who value the business outcomes we can deliver,” says Clark. This makes sense as the number of Chief Sustainability Officers in the boardroom and C-suite has tripled in recent years and now represent a fixture at almost every (98%) of organization with a top ESG rating.
Clark’s biggest selling focus is to expand and enable their partner channel ecosystem to turn it into an even greater growth asset. “My biggest selling challenge is developing and educating a partner ecosystem that can help our customers leverage the OpenBlue software platform to manage all aspects of building operations and all data to create value,” says Clark. “Today, most of our partners install, service, and maintain one type of mechanical equipment. They are operationally excellent, great at what they do, and local which is an important factor in the service business. Evolving them to cross sell and connect equipment, and introduce software services will require nuance and patience,” warns Clark. “You need to pace it in a way to bring the largest and best channel partners along or your value story will get too far ahead of your ability to execute.”
“The goal of our partner program is to create a path (ladder) where partners can create and realize more value for their clients by cross selling more products and services to expand revenues and introduce new revenue streams that generate more projects and grow customer lifetime value,” says Clark. “As evidence, our multi-product partners are growing 5% faster than those that carry a single product. “
At the highest level in the partnership system, Clark and his channel team are developing channel partners that have more tech solution and software platform sales competencies. These include systems integrators, independent software vendors (ISVs) and technology partners who can connect the dots across the equipment portfolio using the OpenBlue platform to deliver connectivity services. “We are developing emerging technology partners which include independent software vendors (ISVs) that can write Building Automation Systems software that leverages the IOT data our platform generates, and technology firms who sell a connected more equipment and devices into our platform.
The Partner Program includes certification in the new platform, cross sell incentives for up to eleven products instead of just one, technology and integration skills, and account management support. To help partners develop accounts, Clark and his team are arming these partners with Propensity to Buy data to help them segment their local markets, prioritize the best accounts to develop, and identify the next best product to introduce to them. “Our core operating principles for driving scalable and consistent growth in these channels are to have a customer first focus, lead with innovation, grow industry capability through talent, and partners, and enable scale wherever possible,” says Clark.
In marketing, repositioning the brand to both define and win a new category is the major challenge “Creating a new market category is important because the shift to smart, healthy, and sustainable buildings is a core product focus and driver of firm value for us,” says Clark.. “The goal is to create an umbrella positioning for the brand assets around equipment, automation, and control brands that make up Johnson Controls that reflects the new direction of the business. We need to establish one Johnson Controls aligned on one message, and a core set of digital assets that provide an umbrella that can travel across all of our products – including legacy brands like Ansul®, Metasys®, Simplex®, TYCO® and YORK®.”
Genomics technology involves genome sequencing and annotation, and gene adaption and application, which culminate in the development of new and efficient breeding methods, as well as novel crop varieties.
“Understanding the function of genes enables us to find the most suitable growing condition to trigger gene expression. It also allows us to design a precision agriculture protocol to better grow economically important crops,” Dr Bao Shengjie, CEO and chief scientist of Singrow, told FoodNavigator-Asia.
Strawberries are widely considered as the “dirtiest crop” among fruits and vegetables, due to the huge amounts of pesticides used to grow them in traditional farms.
In contrast, Singrow’s strawberries are claimed to be disease-resistant and absent of any fungicide.
“We can detect a gene’s expression pattern during the initial stage — just seven days after germination. Thus, we are able to quickly identify whether the crop is in good condition, and spot early signs of disease or pest attack. This is just one example of how we can help build a more sustainable agricultural industry,” Dr Bao explained.
According to the United Nations, the world’s population is expected to reach 9.8 billion by 2050.
“A majority of food sources come from South East Asia, Africa and India, which happen to be the regions that will likely be hit by climate change the most. In other words, we need to design and develop climate-resilient, disease-resistant and fast-growing crops, as well as an advanced farming method to improve productivity to feed this increasing demand.
“We not only save land space and resources, but we also extend the harvesting season for strawberries, which are traditionally only available during the cold seasons. We are now able to grow and make them available to consumers all year round,” said Dr Bao.
Coming to fruition
The lack of affordable premium strawberries in the local market propelled Dr Bao to focus on producing an alternative.
“The commonly found ever-bearing variety from the US, Australia, New Zealand and European countries have high unit yield, but are often less sweet and nutritious.
“On the other hand, seasonal-bearing strawberries from East Asian countries like Japan and South Korea have higher Brix levels (amount of dissolved sugar in a liquid solution), but a very short shelf life. It’s nearly impossible to export fully mature seasonal variations, which is why they can be extremely expensive here,” said Dr Bao.
Singrow’s strawberries have an average Brix level of 12, which is indicative of a healthy, nutrient-dense plant that is “as good as the Japanese ones”.
Currently, the strawberries are sold on online grocery store Fresh4ALL, and supplied to some restaurants and hotels.
“Once our new farm reaches full capacity, we are looking at an output of 7.2 tonnes. We certainly want to make them readily available at supermarkets,” said Dr Bao.
Besides Singapore, the firm has a contracted farm in Batam, Indonesia, and is working on expanding to the rest of Asia-Pacific this year.
“We plan to introduce our high-quality, pesticide-free crops to bigger markets via the contract-farming model. In the overseas farms, the Singapore variety can be grown using our method at reduced costs, and the produce can be shipped back and retailed at a lower price,” he added.
Array of applications
While strawberry was the first to be brought to market, Singrow has been applying its tech on over 30 crop varieties since 2013.
On the precision-farming front, the firm is working on a range of leafy vegetables, rice, cherry tomato, blueberry, grape and wheat. Plans to grow and covert Japonica rice into animal feed, such as alfafa grass and kenaf, are also in the pipeline.
In addition, Dr Bao revealed that Singrow has sealed a deal with a major palm oil plantation in Malaysia. The firm will assist with the preparation of the palm oil seedlings to synchronise their growth, and boost crop production sustainably.
“We are confident to help them grow shorter palm oil trees, so that the harvest cycle would be reduced, and the yield increased. We will also monitor the palm oil trees to provide accurate and real-time feedback to the growers,” he shared.
At the same time, the firm has also tapped into the functional foods space by collaborating with partners in China to grow calcium- and zinc-enriched rice and maize.
“Imagine if you eat a bowl of rice and your daily calcium requirement is fulfilled — there won’t be a need to take supplements. Furthermore, 17% of the global population have zinc deficiency but very few people are aware of it. So, we are looking to leverage precision agriculture to solve these malnutrition problems and meet the growing demand for functional foods worldwide.
“We are one of the pioneers in Singapore to realise commercial application of agriculture technologies with promising results. We are seeking more forward-thinking partners to bring our business to new heights in 2023,” said Dr Bao.
Calgary, Feb. 10, 2023 (GLOBE NEWSWIRE) — Sproule, a leading global energy consulting and advisory firm, is pleased to announce an agreement to acquire SGS S.A.’s (“SGS”) Subsurface Consultancy (“SSC”) based in the Netherlands. Geneva-based SGS is a testing, inspection and certification company recognized as the global benchmark for sustainability, quality, and integrity. SSC conducts reserves certification, seismic interpretation, integrated subsurface studies, and provides expert witness services for clients related to various energy projects globally, but primarily in Europe and the Middle East.
“This acquisition strengthens Sproule’s existing Reservoir Services, Geothermal, and Energy Advisory teams, particularly in the European market. It offers continuity for clients and employees, while providing additional scale to our growing platform at a disruptive time in global energy markets,” says Christoffer Mylde, SVP Corporate Development, Sproule.
This acquisition combines SSC’s deep bench and extensive track record in reservoir studies, expert witness testimony, and advisory services with Sproule’s growing global platform. The combined expertise, industry contacts, and technical acumen will offer an even more compelling value proposition to clients. SSC will be integrated with Sproule’s existing team in the Netherlands. The transaction is set to close on March 1, 2023.
“This acquisition further cements our business within the European market. It positions us to compete more effectively and deliver better solutions for our global client base, by further deepening our technical and commercial expertise. We look forward to welcoming the SSC team to Sproule, where we will provide critical continuity and offer new services to existing SSC clients,” says Jim Chisholm, CEO, Sproule.
Sproule is a global energy consulting and advisory firm that helps companies, investors, and governments understand value and risk in an increasingly complex energy market. Clients value our solutions and the resulting stakeholder confidence in decisions. Sproule offers trusted advice on evolving energy markets, including decarbonization strategies, net zero pathways, independent assurance for resource reports, optimized turn-key asset management solutions, and strategic advice on M&A transactions across the energy value chain.
We are SGS – the world’s leading testing, inspection, and certification company. We are recognized as the global benchmark for sustainability, quality, and integrity. Our 97,000 employees operate a network of 2,650 offices and laboratories, working together to enable a better, safer, and more interconnected world.
Nicole Ronsky, Marketing Manager
Boeing’s chief sustainability officer: ‘We can’t count on hydrogen-powered commercial flights before 2050’
Reaching net zero in commercial aviation by 2050 is the aerospace industry’s next big mission. Aviation accounts for about 2.5% of the world’s carbon emissions.
More fuel-efficient planes have halved commercial flights’ emissions over the past 30 years–and we are partnering with NASA to develop and test a full-scale demonstrator airplane that could inform the designs of future airplanes to be as much as 30% more fuel-efficient.
However, achieving net zero in the next 28 years will also require rethinking which non-fossil energy sources should power the aircraft itself.
When it comes to changing airplanes’ energy carriers, safety and the laws of physics rule. Finding renewable energy alternatives with the same energy density and volumetric efficiency as fossil fuels is difficult.
Today, flights over 1,000 miles account for 80% of the industry’s emissions. New batteries will enable electric aircraft to be developed for short-haul travel–but batteries weigh too much for longer flights.
Many challenges must be overcome before hydrogen-powered long-haul planes can safely complete flights, refuel, and leave for their next destinations within an hour as most do today
Loading the smallest molecule in the universe into aircraft is tricky. Due to their small size and required cryogenic conditions, hydrogen molecules can leak through minute pores of welded seams and be absorbed into metal, since hydrogen and cooler temperatures can make metal brittle. Airports will need new infrastructure and training to safely load and handle the frigid fuel that must be chilled at -423 degrees Fahrenheit.
Storing hydrogen poses equally complicated challenges. Planes will have to be redesigned since hydrogen requires more space, as well as cryogenic conditions. Hydrogen takes up to four times the volume as jet fuel.
Hydrogen must be proven every bit as safe and practical as traditional jet fuel to be viable. That means governments will need to establish an alternative set of airworthiness requirements.
What the numbers say about reaching net zero by 2050
NASA’s inspiring Artemis 1 mission reminds us of valuable lessons for hydrogen aircraft and what it means to achieve net zero emissions by 2050.
The Space Launch System rocket we developed with NASA used supercooled hydrogen to launch the uncrewed Orion spacecraft. It is the latest in a long line of spacecraft and test aircraft to prove hydrogen-powered flight possible over the past half century. With NASA, we flew on hydrogen when Apollo 11 took humanity to the moon in 1969.
Using hydrogen directly in commercial aircraft requires substantial changes to both the aircraft and the infrastructure around it. Learning how to safely and efficiently load, store, fly and scale hydrogen-powered aircraft will be the challenge of a generation of engineers.
By contrast, short and long-range aircraft can fly on sustainable aviation fuels, or SAF, which are non-fossil certified variants of traditional petroleum jet fuel. The primary materials can be sustainable bio-based waste sources like plant oils and cooking oil, industrial capture, or even the electric grid itself. SAF can be dropped into today’s aircraft and infrastructure to mitigate emissions immediately by up to 80% over their life cycle.
While flying on hydrogen does not emit carbon, its production often does. Since most hydrogen today is produced from fossil fuels, truly reducing emissions by flying on hydrogen will also require a wholesale transformation of the energy industry to ensure sufficient so-called green hydrogen produced from renewable electricity exists for aviation. Aviation has to compete with other sectors for green hydrogen as it becomes available.
Even then, it is arithmetically impossible to replace the world’s fleets with hydrogen-powered airplanes in time to meet the industry’s 2050 target.
By the late 2030s, we estimate more than 40,000 non-hydrogen commercial jets will be in service. Each will last decades. Given that the most airplanes ever produced around the world in a year so far have been about 1,800, we can’t just switch overnight to hydrogen. Emissions from those aircraft will need to be mitigated with SAF.
Hydrogen-powered aircraft may make a small contribution to moderating emissions in 2050. And while research today may develop solutions for the latter half of the century, it must also consider the 2050 challenge at hand.
To ensure future generations can continue to fly and enjoy the other global benefits the aerospace industry contributes to a strong economy, aviation must focus on developing and scaling SAF. Advances in the science and engineering of complex hydrogen propulsion technologies should be pursued, but likely apply to the longer term.
Our founder Bill Boeing once said, “Let no new improvement in flying and flying equipment pass us by.” As the Artemis 1 mission shows, our industry achieves the seemingly unattainable. The world must scale sustainable aviation fuels that can be dropped into existing aircraft today, while exploring decarbonized propulsion technologies like hydrogen and electricity that can make an impact in the second half of the century.
Christopher Raymond is the Chief Sustainability Officer of Boeing
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
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NORTHAMPTON, MA / ACCESSWIRE / January 20, 2023 / Land Betterment Corporation (“Land Betterment” or the “Company”), an environmental solutions company fostering positive impact through upcycling former coal mining sites to create sustainable community development and job creation, is pleased to announce that its ekō Solutions commercial division now offers animal grooming shipping container units.
Together with its development partner, Block Experience Solutions, ekō Solutions continues to expand its product offerings into the animal grooming business. The Company now offers container-based grooming that will provide grooming services for an assortment of pets. The units offer the following features:
- 20′ Container
- 7′ x 7′ Office Area
- Working Area: 7′ x 12″
Windows and Doors:
- (3) 24″ x 24″ Slider Vinyl Windows
- (2) 36″ x 80″ Metal Entry Door
- 36″ x 80″ Barn Door
Framing / Walls:
- 2″x4″ Stud Framed Walls
- Trusscore Wall amp; Ceiling System
- Rust-Oleum Epoxy Shield 2-part Floor Epoxy
- Ceiling, Walls, Floor – R22
- Closed Cell 2 Part Spray Foam Insulation
HVAC / Water Heater:
- 9,000 BTU Mini-Split HVAC
- Electric Tankless Water Heater
- 100 amp Service
- Interior Lighting: Recessed
- Exterior Lighting: Security Lighting
- Enough Electrical to Accommodate Dog Dryer and Wash Tub
- Plumbed to accommodate Wash Tub, and Two Hose Spigots.
- Drains Connected to 100 Gallon Grey Water Tank
- Incoming Water Connected from 100 Gallon Fresh Water Tank
Peter Rodriguez, ekō Solutions President said, “This is another example of how innovative and nimble our team is in meeting our customer’s demands. Our client came to us with the idea and from the design phase to delivery, we were able to complete this project rapidly. Shipping ontainer-based units can be used in just about any business and we are able to easily customize unit unit to our customers’ specifications.
About ekō Solutions
ekō Solutions, a Land Betterment Company, uses innovative ecological structures to replace legacy inefficient and ineffective methods of living, growing and working. We provide durable structures which are affordable to operate, inhabit while also maintaining the ability to be utilized in a mobile environment. ekō structures are designed to be high quality, durable and affordable to inhabit from 1- 10 years. The sustainable craftsmanship of our structures is what separates us from the alternatives. For more information visit ekosolutionsllc.com and connect with ekō Solutions on LinkedIn and Twitter.
About Land Betterment Corporation
Land Betterment Corporation, an Indiana Benefit Corporation and Pending B-Corp, is an environmental solutions company focused on fostering a positive impact through upcycling former coal mining sites to create sustainable community development and job creation. The Company utilizes a complete solution-based lifecycle program to restore and rehabilitate the environment and revitalize communities in need of change and opportunity. Land Betterment accomplishes this by identifying un-reclaimed, run-down and neglected coal mining sites, fixing the environment through reclamation and remediation, and then repurposing the land to support a sustainable business that serves the community. Land Betterment firmly believes that with real solutions it is possible for restoration of impacted areas to live side-by-side long term employment, while building sustainable and safe surroundings for communities and our planet. For more information visit landbetterment.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company’s actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond Land Betterment Corporation’s control. The words “believes”, “may”, “will”, “should”, “would”, “could”, “continue”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
317.537.0492 ext. 0
Chief Governance Officer, Corporate Finance
Stakeholder Engagement Director
Source: Land Betterment Corporation
View additional multimedia and more ESG storytelling from Land Betterment Corporation on 3blmedia.com.
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Email: [email protected]
SOURCE: Land Betterment Corporation
All four farms in the AppHarvest network are now commercially shipping tomatoes, strawberries and salad greens to top retailers, restaurants and foodservice outlets
AppHarvest Somerset will plant long English cucumbers in advance of the seasonal summer refresh of strawberry plants
MOREHEAD, Ky., Jan. 18, 2023 (GLOBE NEWSWIRE) — AppHarvest, Inc. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today announced it has started commercial shipments from its first harvest of tomatoes at its new 60-acre high-tech indoor farm in Richmond, Ky. This marks the first time ever that all facilities in the AppHarvest four-farm network are shipping to top national grocery store chains, restaurants and foodservice outlets under a variety of brands for Mastronardi Produce.
The opening of AppHarvest Richmond last December delivered on the company’s commitment to quadruple the number of farms operating in its network by the end of 2022, in what the company believes is the largest simultaneous build out of controlled environment agriculture (CEA) infrastructure in U.S. history. With this milestone, the company is moving from a focus on construction and development to the next phase of the business focused on operations. On January 3, 2023, AppHarvest named CEA industry veteran and AppHarvest Board Member Tony Martin as Chief Operating Officer to leverage his extensive background in CEA. Martin is working to optimize production, revenue and costs across the AppHarvest four-farm network totaling 165 acres under glass.
AppHarvest Richmond, the 60-acre high-tech indoor farm growing tomatoes in Richmond, Ky., is harvesting and shipping from its first growing season of Campari and Maranice varieties of “Tomatoes on the Vine.” Opening in a two-phased approach, the second 30-acres in Richmond is expected to be planted later in 2023. With AppHarvest Morehead, the company expects to grow nearly 1.5 million tomato plants across the combined 120 acres.
Located in Berea, Ky., this 15-acre salad greens farm is believed to be the world’s largest high-tech indoor farm for autonomously harvested salad greens featuring a “touchless growing system.” AppHarvest Berea is designed to grow about 35 million lettuce plants at a time and is a supplier of the “Queen of Greens®” washed-and-ready-to-eat salad greens. On December 27, 2022, AppHarvest announced the completion of a $127 million sale-leaseback of the Berea farm to Mastronardi Berea LLC, a joint venture between Mastronardi Produce and COFRA Holding. Mastronardi Produce is AppHarvest’s exclusive marketing and distribution partner.
The 30-acre high-tech indoor farm in Somerset, Ky., is shipping strawberries under the “WOW® Berries” brand for AppHarvest customer, Mastronardi Produce. AppHarvest Somerset is designed to grow nearly one million strawberry plants at a time, which are expected to produce for about eight months of the year. The crop is expected to alternate seasonally with long English cucumbers. In advance of the seasonal summer refresh for strawberries, the Somerset farm is expected to plant multiple acres of cucumbers to kick off its initial cucumber crop.
AppHarvest Morehead, the 60-acre flagship farm in Morehead, Ky., kicked off its third season of harvesting ahead of schedule and is growing beefsteak tomatoes, Tomatoes on the Vine and snacking tomatoes. The Morehead farm has further diversified its crop set adding new varietals of premium snacking tomatoes sold under the Sunset brand as “Flavor Bombs®” and “Sugar Bombs®.”
AppHarvest is a sustainable food company in Appalachia developing and operating some of the world’s largest high-tech indoor farms with robotics and artificial intelligence to build a reliable, climate-resilient food system. AppHarvest’s farms are designed to grow produce using sunshine, rainwater and up to 90% less water than open-field growing, all while producing yields up to 30 times that of traditional agriculture and preventing pollution from agricultural runoff. AppHarvest currently operates its 60-acre flagship farm in Morehead, Ky., producing tomatoes, a 15-acre indoor farm for salad greens in Berea, Ky., a 30-acre farm for strawberries and cucumbers in Somerset, Ky., and a 60-acre farm in Richmond, Ky., for tomatoes. The four-farm network consists of 165 acres under glass. For more information, visit https://www.appharvest.com.
Certain statements included in this news release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words or phrases such as “will,” “believe,” “estimate,” “work to,” “continue,” “expect,” “plan,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this news release, regarding AppHarvest’s intention to build high-tech CEA farms, AppHarvest’s expectation of the landscape of the fruit and vegetables market, the economic impact of changing weather patterns on production for open-field farmers, the anticipated benefits of and production at controlled environment agriculture facilities, timing and availability of produce, the expected timing of planting and harvesting, AppHarvest’s future financial performance and profitability, AppHarvest’s growth and evolving business plans and strategy, ability to capitalize on commercial opportunities, future operations, estimated financial position and cash flow, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this news release, and on the current expectations of AppHarvest’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AppHarvest. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in the company’s Quarterly Report on Form 10-Q filed with the SEC by AppHarvest on Nov. 7, 2022, under the heading “Risk Factors,” and other documents AppHarvest has filed, or that AppHarvest will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect AppHarvest’s expectations, plans, or forecasts of future events and views as of the date of this press release. AppHarvest anticipates that subsequent events and developments will cause its assessments to change. However, while AppHarvest may elect to update these forward-looking statements at some point in the future, AppHarvest specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing AppHarvest’s assessments of any date subsequent to the date of this news release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Photos accompanying this announcement are available at
You want that glitz and glam of vintage? Look no further than this East Village store. There’s a flash of Vivienne Westwood, a glint of Dolce & Gabbana, and a glimmer of Alaïa.
Lily et Cie, US
This celebrity-beloved hub in Los Angeles boasts pieces from vintage Chanel, John Galliano, and Alexander McQueen. Perfect for a red carpet moment.
Melet Mercantile, US
A hot spot for rare and hard-to-find vintage and antique goods in Los Angeles. Find anything from a retro leather jacket to a box of ornate buttons.
Desert Vintage, US
This cool girl-beloved spot features an elegant curation of polished and glamorous vintage in New York City. Grab a Romeo Gigli coat or an embroidered vest by Michaele Vollbracht or a silk fringe dress that hails from the 1940s.
The RealReal, Global
The mammoth resale platform has brick-and-mortar stores throughout Brooklyn. Find some killer Tom Ford-era Gucci, or bring your never worn pieces in to resell for store credit (or cash).
Eva Fashion Art, Japan
A lowkey, Tokyo consignment shop beloved among fashion insiders that flogs Celine, Chanel, and luxury ’60s and ’70s retro wear.
This Shanghai consignment shop focuses on secondhand luxury handbags from Chanel, Hermes, Fendi and other brands.
Expand your closet with this circular fashion app that allows users to rent clothes from other users.
Olibati bills itself as a “circular online fashion platform.” The Madrid-based company offers rentals, secondhand fashion, and sustainably made garments.
dot COMME, Global
Fashion-collector-turned-dealer Octavius La Rosa offers a strong array of archival Comme des Garçons, Junya Watanabe, Issey Miyake, Yohji Yamamoto, Walter Van Beirendonck, and Bernhard Willhelm online and at a small shop in Melbourne, Australia.
Bodements became popular as a Mumbai-based, online vintage store. Founder Divya Saini recently expanded the shop into a full-fledged label of clothes made from upcycled fabrics that celebrate Indian heritage textiles.
It’s Vintage, Philippines
Located in Metro Manila, Philippines, It’s Vintage offers meticulously curated retro fashion, including band tees, varsity jackets, and classic Levi’s.
Wear Forward, US
This zero-waste consignment shop in Lowell, Michigan, offers a Gen-Z minded curation of affordable secondhand clothing. You can even shop by aesthetics on their website.
CITIC Pacific’s landmark five-year career development programme has helped rejuvenate the talent pipeline
This article is brought to you by CITIC Pacific
Here’s how CITIC Pacific is fulfilling its HR vision of “building a workforce with professionalism and sustainability through effective partnership with businesses”.
CITIC Pacific is a diversified business platform with operations in special steel, property, energy, health, consumer products distribution and other industries. As the largest non-financial platform of CITIC Group, one of China’s largest conglomerates, CITIC Pacific has over 30 years of history with operations in 13 markets and over 40,000 employees. Distinguished by its foundation in Mainland China and headquarters in the international business hub of Hong Kong, the company invests in and operates a unique portfolio of businesses with global perspective and a pioneering spirit.
CITIC Pacific’s HR vision is: “To build a workforce with professionalism and sustainability through effective partnership with businesses.” To execute this vision, the company has fostered a culture of shared responsibility towards talent development and deployment across the organisation. This commitment has led to the establishment of two development programmes, the Future Business Leader Trainee (FBLT) Programme and the Enterprise Talent Programme (ETP).
Launched in 2020, the FBLT Programme is an extensive five-year initiative that includes three concentrated phases of development: competency and business training, head office (HO) function attachment, and business unit (BU) visits (12 months); middle-management training along with specialised business expertise (30 -36 months); and business leadership across industries (12 months).
It begins with a campus marketing campaign across over 120 universities. After a rigorous selection process, the trainees are supported by a range of in-house and external resources during the familiarisation stage, such as a branding platform that serves as a gamified onboarding website, a psychometric-based competency gap analysis to identify future development needs, and an intensive engagement plan that includes meetings and discussions with the Chairman and the senior leadership team.
This holistic programme is one of the few in the industry that is truly expansive, offering trainees exposure across a wide range of businesses. The five-year horizon requires commitment on behalf of both the company and the trainees, and is designed to be especially rewarding for high-potential talents who can accelerate their careers into a management role by the fourth year, and into a business consultancy role by the fifth year.
The results to date have been promising and demonstrate the value of the time and resources invested. In addition to the 100% offer acceptance rate from candidates, the FBLT programme pipeline has helped to address workforce planning needs, which is especially critical in today’s competitive talent market. In 2021, LinkedIn presented the company with the ‘Evolving Employer Award’ and its programmes have also been recognised by CITIC Group, capturing interest across the CITIC network.
Following the success of the FBLT programme, CITIC Pacific also launched the ‘Enterprise Talent Programme’, which targets promising internal staff at the beginning of their careers, and serves to balance the external and internal pipeline of young talents.
Two years after inception, these programmes have already positively impacted the organisation, developing new competencies and preparing future leaders – a message reinforced by Zeng Chen, Chairman and President of CITIC Pacific. “The programmes we crafted not only offer mentorship and direct exposure to our many industries, but more importantly cultivate cultural dexterity and effective communication. Our future leaders will have strategic acumen and executive adaptability, ensuring they are well equipped to steer the company forward in an increasingly complex world.”
Photos / CITIC Pacific
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