Fairfax County gets a new tourism-promotion authority with the creation of the Fairfax County Convention and Visitors Corp.
The tourism industry persuaded the county board of supervisors to move tourism promotion out of the county Economic Development Authority, which has many other duties, including recruiting businesses to the fast-growing county, and into the new public-private partnership.
The corporation is to receive $2 million of the estimated $7 million in revenue a year from the recent doubling of the county's hotel-room tax to 4 percent.
The corporation plans to conduct market research, then develop a marketing campaign that is to include advertising in other states to bring more tourists to Fairfax, said James Wordsworth, president of the new corporation. Wordsworth owns J.R.'s Stockyards Inn and is the founder of J.R.'s Goodtime.
The board includes 11 other local tourism industry leaders and some county officials. "We think we found the best way to promote tourism," Wordsworth said.
American Capital Strategies, a Bethesda buyout company, invested $10 million in the recapitalization of Valley Proteins, a leading independent recycler and renderer of turkey- and chicken-processing byproducts.
CapitalSource, a commercial finance company in Chevy Chase, completed an $875 million debt securitization and expanded its borrowing capacity under its credit facilities by $400 million to about $1.6 billion.
Ace*Comm, a Gaithersburg communications network supplier, said the Chicago Board of Trade selected one of its support systems to manage part of the commodity exchange's voice-digital and analog telecommunications network. The CBOT, established in 1848, is the world's oldest futures and futures-options exchange.
HealthExtras of Rockville is to acquire Managed Healthcare Systems of Oakland Park, Fla., in a deal worth up to $44 million in cash and stock. MHS provides pharmacy benefits management services for clients, including self-funded employers, third-party administrators and local government agencies.
MobilePro agreed to acquire two competitive local exchange carriers for undisclosed terms in separate deals last week. The Bethesda Internet services company signed letters of intent to buy Affinity Telecom of Bloomfield Hills, Mich., and CommSouth Companies Inc. of Dallas. MobilePro expects the two acquisitions to add more than $21 million of revenue annually.
Pepco Energy Services of Arlington, a subsidiary of Pepco Holdings, won a $25 million contract from the Washington Metropolitan Area Transit Authority to supply electricity for WMATA facilities in suburban Maryland.
YDI Wireless of Falls Church and Terabeam said Terabeam is now a wholly owned YDI subsidiary after a vote of Terabeam shareholders. YDI also said that its stock would begin to trade Wednesday on the Nasdaq Small Cap market under the symbol YDIW.
Trex of Winchester ranked 91st on Fortune magazine's annual list of the nation's 100 fastest-growing small companies. Trex is the nation's largest manufacturer of deck material made of a wood and plastic composite.
Washington ranked second in a Black Enterprise magazine survey of the best cities for blacks to live and work. The magazine cited the 60 percent of African Americans who make up the District's population as "among the nation's best educated and highest paid." Washington had the second-lowest black unemployment rate, 7.6 percent, compared with the national average of 10.2 percent, the magazine said. Atlanta ranked first.
Compiled from reports by the Associated Press, Bloomberg News, Dow Jones News Service and Washington Post staff writers.