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When NJBIZ introduced the Companies to Watch list a year ago, the criteria for inclusion were relatively simple. These were businesses that were worth paying attention to because they were doing more than ordinary operations. They were small, focused companies or global giants. They were recently founded or boasted origins dating back more than a century. The common thread was that they were uncommonly successful. Or growing quickly. Or conducting business in a way that improves the lives of a wide range of stakeholders.

Those factors were all positive – or at least neutral. But there were negative criteria. A company struggling to avoid insolvency is worth watching to see if its leaders can turn it around. Successful recoveries do occur – sometime in bankruptcy, sometimes through negotiations with creditors and vendors. When that happens, watching the company stand up and start moving forward again can be fascinating and every stakeholder benefits.

Sadly, despite the best efforts of the relevant executives, many restructuring efforts fail. But those efforts are worth watching as well. Executives of similarly situated companies can learn a great deal from the failure of their peers. How do they avoid making the same mistakes? Or how can they deal with factors beyond their control that may have contributed to a rival’s collapse? And what does the failure suggest about conditions in industry or the economy as a whole?

Essentially, these sets of companies – successful and thriving or foundering and sinking – are two sides of the same coin. Both offer lessons for business leaders. What is the best path to success? And conversely, what are the pitfalls to avoid? The companies on this list can provide answers to those questions.

So, by all means, let us know what you think of these selections. And let us know of any companies that might be included in the future. Where are the learning opportunities now, especially during tumultuous economic times? There are probably quite a few out there.

— Jeffrey Kanige, NJBIZ editor

2023 Companies to Watch

Baldwin & Obenauf Inc.

Somerville
Full-service creative agency
Trista Walker, president and CEO

After its founding 40 years earlier, Baldwin & Obenauf Inc. stayed true to its women-owned, women-led roots when President Trista Walker added the CEO title and duties, stepping into the lead role at the mid-size, full-service creative agency in 2022. Based in Somerville, BNO says it’s sustained double-digital growth for three consecutive years. It’s also expanded its footprint, opening additional outposts in Florida and Philadelphia, and its headcount — including by 30% during the pandemic, when most companies were downsizing instead of building up ranks. And that growing workforce hasn’t put a damper on the experience for team members. BNO has been recognized as a Best Places to Work in New Jersey by NJBIZ for the past three years. This year, it was No. 5 among employers with 50-249 employees. Inc. also named BNO to its Best Workplaces 2023 list — one of just nine from the Garden State to make the cut for the nearly 600-entry feature. As workers continue to look for jobs that speak to more than just their monetary needs, that kind of clout should continue to serve BNO well into the future. The company is also award-winning for the work that team produces. In May, the agency took home multiple awards at the 44th Annual Telly Awards, including for three of its Fortune 500 clients (Mastercard, BMS and Verizon). BNO works with companies across sectors, including health care, fintech, talent acquisition and more, offering creative; branding; digital; video; social; content; editorial; packaging & labeling; experiential; and public relations search, media & analytics services. Among the roster it serves are Allergan, Bristol Myers Squibb, KMPG, Johnson & Johnson, Nike and others. And it’s bringing fresh perspectives to those relationships. With AI abuzz, BNO dug into artificial intelligence in 2023 to see how it could help clients foster more meaningful relationships with customers. “Our net takeaway?” the firm wrote in a blog post on its website. “There are endless opportunities to explore the awesome potential of AI to make customer experiences more empathetic and human.” Sharing opportunity is also at the root of BNO’s work: it exceeds industry standards for women in leadership roles and staff diversity and, as an active participant in the small business and diverse supplier communities, is proud to match other women-owned businesses with Fortune 500 clients.

Bluevine

Jersey City
Financial technology company
Eyal Lifshitz, founder and CEO

Digital banking platform Bluevine serves a specific base – small businesses – in a big way. This month, the company announced it surpassed $1 billion in managed deposits. According to the most-recent FDIC quarterly report, ranked by deposit volume, that puts Bluevine on par with the top 20% of banks and savings institutions insured by the organization. But the 10-year-old company began 2023 as an eyecatcher too, relocating to Jersey City from the West Coast in January. Immediately establishing ties to the local community, Bluevine also announced a partnership with Rutgers University along with the move. Since getting its start, Bluevine says it has served more than 500,000 business owners and delivered over $14 billion in loans. A lot of that momentum has been driven by the fintech’s Bluevine Business Checking offering. According to co-founder and CEO Eyal Lifshitz, the rollout of the product has filled a “long-standing” market void. Along with updated account features, “we built a digital-first experience that eliminated the need for even a single branch visit, and integrated a range of sophisticated business features that would empower customers to streamline their financials – supporting the way they prefer to run their companies,” he explained in a recent statement. That streamlined strategy has also expanded accessibility, allowing customers historically underserved by traditional banks to make gains. In another move to level the playing field, in November, the company introduced a new checking feature to make big business banking available to its small-business base. Bluevine Premier, which has already earned praise from the likes of CNBC, is a “first-of-its-kind” banking plan that offers 4.25% annual percentage yield on balances of more than $100,000, up to $3 million. Looking ahead, expect more news from Bluevine, which says recent success has helped it to accelerate its timeline. “While the idea of an eventual IPO is not particularly new to our strategic roadmap, the business milestones, innovations, and sustained growth Bluevine has experienced over the past few years combined with our future trajectory has brought that long-term goal into nearer-term focus,” Lifshitz told Tearsheet in September.

Bubbakoo’s Burritos

Wall Township
Burrito chain
Paul Altero and Bill Hart, co-CEOs

As the Point Pleasant-born Mexican fusion fast-casual restaurant chain celebrates its 15th anniversary, the brand has been busy marking the milestone all year long. Founded by food industry veterans Paul Altero and Bill Hart, the concept has become a standout in the increasingly competitive Mexican food space for its unique menu of fresh, made-to-order burritos, tacos, quesadillas and bowls; top-notch customer service; and lively skater-surfer atmosphere. Now considered one of the hottest franchises in the country, Bubbakoo’s has over 100 locations across 16 states, including 50 in New Jersey. After kicking off the year with its highest-ever ranking on Entrepreneur’s top 500 franchises list (No. 238) – rising nearly 100 places from 2022 – Bubbakoo’s debuted on the Inc. 5000 annual compilation of the nation’s fastest-growing privately held firms, placing 1,517th. The company has also unveiled several other brand-enhancing initiatives this year, including a modernized app and loyalty program. In addition, Bubbakoo’s landed its first-ever major gameday promotion, announcing a partnership with Rutgers Athletics that gives fans a discount on entrees at New Jersey and New York locations for any game that the Scarlet Knights’ football and men’s basketball teams win. And it announced a brand ambassador – Eric LeGrand, a former Rutgers football player who became an author, entrepreneur, sports analysts and advocate for paralyzed individuals after suffering an injury during a 2010 game that left him paralyzed from the neck down. In commenting on the 15th anniversary, Altero said the “overwhelming enthusiasm from our devoted fans and franchisees” has been what’s propelled the brand forward and that Bubbakoo’s is looking forward to continuing to “showcase our spirit of innovation” while also showing gratitude “for the incredible support we receive from our Bubbakoo’s fans.”

Do Good Foods

Bedminister
Sustainable meat producer
Justin Karmine and Matthew Kamine, co-CEOs

Despite being named as one of Fast Company’s most innovative brands of 2023, Do Good Foods, a Bedminster-based meat producer focused on cutting food waste, showed just how tough it can be for companies to achieve true sustainability, both environmentally and financially. Since filing for Chapter 11 bankruptcy protection in June, calling it “an important step to put the business in a position to succeed and allow us to continue pursuing our goals,” the two-year-old company moved into Chapter 7 liquidation last month. Founded by Tewksbury natives and brothers Justin and Matthew Kamine, the company reportedly ran out of money to fund bankruptcy proceedings after an ongoing lawsuit filed by a California food-waste-to-fertilizer recycling startup threatened its $30 million debtor-in-possession funding and asset sale plans. As part of its mission, Do Good Foods sought to turn “sustainability from a rallying cry to a business strategy” by collecting unsold produce and proteins from grocery stores and converting what couldn’t be donated to food pantries into a nutrient-dense, healthy dry feed for animals. In April 2022, Do Food Foods launched its debut retail product: Do Good Chicken – the first United States Department of Agriculture-verified carbon-reduced chicken and the first verified chicken brand actively combating climate change – and expanded its retail distribution with Inserra Supermarkets under the ShopRite banner in North Jersey, as well as with Morton Williams in New York City and select Acme locations. The brothers – whose father is Harold Kamine, the founder and chairman of Bedminster-based investment firm Kamine Development Corp. – told NJBIZ earlier this year that they were optimistic about what’s ahead, which included continued efforts to expand distribution and production in addition to venturing into new retail categories, such as carbon-reduced eggs. At the time, the pair said they believe the “opportunity for impact” over the next five years “is incredibly exciting,” but admitted one of their biggest challenges was “simultaneously blending infrastructure development with the development of a consumer brand.”

Dream On Me

Piscataway
Baby goods retailer
Mark Serure, CEO

Less than five months after beloved baby goods retailer Buybuy Baby closed its doors for good, the brand is attempting a comeback thanks to Piscataway-based retailer Dream On Me Inc. After acquiring the trademark and digital assets of bankrupt, Union-headquartered Bed Bath & Beyond’s baby-focused banner for $15.5 million earlier, Dream On Me has embarked on a plan to revive the popular chain. Within the next three years, the company aims to launch 100 stores — starting with the 11 locations that reopened last month, four of which are in New Jersey. Along with a revamped retail experience that features a curated assortment of baby and maternal wellness brands, the new stores include more technology, like handheld point-of-sale devices for seamless checkout and QR codes to offer customers access to additional product details. Buybuy Baby’s return has also included a fresh website, new dedicated app and revamped registry program. To run the new business, Dream On Me – a longtime vendor for Buybuy Baby – tapped Pete Daleiden, a former Bed Bath & Beyond executive who spent three of his 16 years with the company as a vice president of merchandising, planning & allocation for Buybuy Baby. In advance of the November relaunch, Daleiden said the company is “just getting started” and is “grateful for the time and opportunity to rebuild this iconic brand into a new and improved iteration.” Launched in 1996 by the sons of Bed Bath & Beyond co-founder Leonard Feinstein, Buybuy Baby was considered to be the most valuable asset in the company’s portfolio. Although several parties reportedly expressed interest in keeping the chain’s stores open as a going concern, no viable bids emerged and Bed Bath & Beyond opted to seek approval of a more limited sale of Buybuy Baby’s IP rights to Dream On Me. Following court approval of the transaction, Dream On Me founder and Chief Executive Officer Mark Serure issued a statement saying his company remains “committed to ensuring that Buybuy Baby remains the go-to destination for all parents, caregivers and families seeking thoughtfully designed and quality baby and child-focused products, and exceptional customer service.” He went on to note the value of Buybuy Baby, particularly in the loyalty and trust that customers have with the brand, and said Dream On Me is focused on “honoring their legacy of offering quality and solution-oriented products at parent-friendly prices.”

Hain Celestial

Hoboken
Food and personal care company
Wendy Davidson, CEO

After relocating from New York to New Jersey this past fall, Hain Celestial Group is one of the Garden State’s newest consumer packaged goods giants and is already changing things up. Now headquartered at the Waterfront Corporate Center in Hoboken, the 30-year-old company – whose brands include Celestial Seasonings tea, Garden of Eatin’ snacks and Terra chips – just kicked off a multiyear transformation strategy aimed at driving long-term sustainable growth. Unveiled at its Investors Day event in September, the plan includes several steps to simplify business, reset global operations and invest in jumpstarting capabilities around brand building, channel expansion and innovation. Once a leader in the better-for-you-space, Hain is increasingly facing competition from larger companies, as well as headwinds like inflation and supply chain issues. Amid the challenges, Hain brought in Wendy Davidson – a CPG veteran who has worked at Kellogg, McCormick & Co. and Tyson Foods – earlier this year to lead the company and develop a plan to get the struggling business headed in the right direction. In commenting on the “Hain Reimagined” program, Davidson said, “By fiscal 2027, we expect to deliver sustained revenue and profit growth with a reimagined end-to-end supply chain, modern digital infrastructure, and performance driven culture that will enable our brands to expand reach and grow share. I look forward to executing our strategy to realize our full potential and deliver on our purpose to inspire healthier living for people, communities, and the planet through better-for-you brands.” Citing the shift to remote work over the past three years, the company told The Real Deal in April that it is leaving Long Island because the current office was too big and it wanted to find a “HQ space that is right-sized for our needs.” At its new location in Hoboken, the company has a flexible work model, as well as an “Innovation Experience Center,” which is where team members “explore consumer insights and create innovative opportunities for the future.”

Korn Dogs

Madison
Pet care service
Jackie Bray, co-owner and CEO

Jackie Bray and her husband, Pat, founded Korn Dogs in 2018 in Madison. The business concept is to pick up a bunch of dogs and bring them to play with their friends while their owners are working. The couple built a community with their clientele and have run fundraisers for the animals affected by wildfires in Australia, the nurses at the local hospital during the pandemic, a local shelter and one for the Make A Wish Foundation. The couple love the dogs and enjoy helping families balance their work and home responsibilities, and just as important they want to back as much as they can. They currently have a 65-dog waitlist and are trying to accommodate more clients. This year, the company won a Gold Stevie Award for Most Innovative Instagram Feed by or for Women. The Stevie Awards for Women in Business recognize the achievements of women executives, entrepreneurs and the organizations they run. Judges include executives, entrepreneurs, innovators and business educators from around the world. More than 1,000 professionals worldwide participate in the Stevie Award judging process each year.

Liberty Science Center

Jersey City
Interactive science museum and learning center
Paul Hoffman, president and CEO

The Liberty Science Center, by the nature of its work, is arguably always worthy of a watch. As testament: Each year, it draws at least 750,000 visitors to take in all the learning center in Liberty State Park has to offer. In addition to exhibitions, live animals, interactive experiences and its iconic Jennifer Chalsty Planetarium and LSC Giant Dome Theater, the 300,000-square-foot facility also includes classrooms and labs, as well as offers teacher-development programs. And while there’s plenty to see inside, turn – if you will – to its surroundings, and the future home of SciTech Scity. The 30-acre “Science City of Tomorrow” is a collaboration between Liberty Science Center and the City of Jersey City. The first $450 million phase of the project is set to include Edge Works, an innovative eight-story life sciences, health care, tech/business center with coworking spaces, labs and more; the 500-unit Scholars Village residential offering; Liberty Science Center High School, which broke ground earlier this year; and a 3-acre Public Commons that will house art installations and be activated for events. The transformative project continues to attract partners, like Ernst & Young LLP, which will lead a Healthcare Innovation Engine at SciTech Scity, and the State of New Jersey. In November, the NJEDA and SciTech Scity entered a non-binding LOI to oversee development, construction and management of Edge Works that would have the former invest up to $ 20 million in the anticipated more than $115 million project. With that momentum leading into the new year, and an anticipated 2025 delivery for the phase one work, 2024 promises to be busy for LSC.

Newark Symphony Hall

Newark
Entertainment venue
Talia Young, president and CEO

Newark Symphony Hall has been steadily building momentum since announcing its planned renovation in 2021 under then President and CEO Taneshia Nash Laird. “The unveiling of our design is just one step toward reaching our final mark,” the former leader said at the time. NSH is among a group of arts and cultural institutions in Newark that was solidified in 2022 when the official Newark Arts and Education District, envisioned as a center of entertainment and economic opportunity within which NSH is located, was created. Upon Nash Laird’s exit later that year, Talia Young temporarily stepped into the CEO position at the historic venue, having served on NSH’s board since 2014. This summer, she dropped the interim from her title just as the nearly 100-year-old NSH revealed the first completed phase of its $75 million restoration effort. The new 15,000-square-foot Terrace Ballroom – which once hosted the likes of Johnny Cash and B.B. King – is inspired by the 1920s jazz era, but with modern touches. Trenton-based Clarke Caton Hintz serves as lead design and architect team for the restoration project. Also on the docket for completion in 2023 were: the rehab of the Arts & Education Lab, the restoration of the venue’s two theaters, and upgrades to the roof, boiler, HVAC and plumbing systems. Overall renovations are slated for completion in 2025, NSH’s centennial year, but events have already returned to the hall. “For nearly a century, Newark Symphony Hall has been one of our city’s most glorious cultural institutions,” Mayor Ras Baraka commented when the phase one milestone was announced. “The roster of performers who have graced its stage defines the range of music, from opera stars like Roberta Peters and Robert Merrill to singing titans like Judy Garland, Count Basie, Patti LaBelle, The Rolling Stones and Eric Clapton. It is truly appropriate that we provide present and future generations of music stars and audiences with the finest theater in the nation.” Aside from staying tuned for who does end up crossing NSH’s restored stages, all the good going on inside the venue is attention-worthy for the impact it has outside its walls and the larger picture it’s part of within the City of Newark.

New Jersey Institute of Technology

Newark
Higher education institution
Teik Lim, president

The Newark-based institution keeps on growing, evolving and innovating. Evidence of that can be seen in many places, including at its New Jersey Innovation Institute, which was founded in 2014 to bridge the university and the business world. In August, Dr. Michael Johnson, co-founder of Visikol and chief commercial officer at MatTek Life Sciences, was appointed as the new NJII president. “I am passionate about translating cutting-edge research into innovative technologies that change the world, and the opportunity at NJII to be the conduit between a leading R1 research organization and industry was very attractive to me,” Johnson said in August. “As I look at NJII, I see an opportunity to greatly expand the organization’s scope, size, and impact over the next few years as we look to form stronger public and private partnerships, accelerate the translation of NJIT technologies, expand corporate education programs and spur innovation within the state while leveraging NJIT’s vast resources.” In October, NJIT received a $6 million grant from the National Science Foundation to support its efforts to commercialize science and engineering discoveries in areas such as health care, sustainable energy and data privacy – as well as the development of NJIT prototypes and training workshops for students, researchers, and faculty through a new Center for Translational Research. “NJIT’s goal is to become a regional leader in research translation,” said Atam Dhawan, NJIT senior vice provost for research and the grant’s principal investigator. “We have many game-changing technologies in the pipeline that are on the cusp of commercialization. This grant provides crucial backing for these projects.” Labor issues present a potential challenge, with the union representing adjuncts, graduate workers and post-doctorate students. They have been working without a contract for more than a year.

Novo Nordisk

Plainsboro
Pharmaceutical manufacturer
Doug Langa, executive vice president, North America operations (NAO) and president of Novo Nordisk Inc.

As Novo Nordisk’s weight loss drug Wegovy and diabetes medication Ozempic become more popular, the food industry is starting to examine how the widespread use of appetite suppressing medications could reshape consumer dietary behaviors. A recent analysis from Morgan Stanley estimated that over the next 10 years, 7% of the U.S. population – 24 million people – could be taking anti-obesity drugs and that individuals on such prescriptions will likely consume 20% fewer calories, which could affect demand for high-fat and sugary foods. Given the newness of the drugs, impact on consumer spending will likely be minimal in the immediate-to-near future, however enough people are now taking the medications that major retailers, like Walmart, say they have already noticed a change in shopping patterns. As drug adoption grows, it’s expected that companies will adapt to changes in consumer behavior through product innovation and portfolio reshaping efforts, though questions remain how patients will do on the prescriptions long-term or how long they’ll even stay on the medication. Meanwhile Novo Nordisk – which has its U.S. headquarters in Plainsboro – continues to ride a wave of demand for its blockbuster medications. Of the $8.4 billion in revenue reported by the Danish drugmaker for the third quarter of 2023, Ozempic and Wegovy accounted for more than half of sales. Authorized by the U.S. Food and Drug Administration in 2017, Ozempic is a self-injectable treatment made using semaglutide for adults with Type 2 diabetes that works by mimicking a natural hormone the body releases when a person eats, potentially causing weight loss as a secondary effect. Wegovy, which also contains semaglutide, was approved in 2021 specifically for chronic weight management in individuals who are obese or overweight with at least one weight-related condition. About six months after it hit the market, Novo Nordisk announced the drug was in short supply, prompting many physicians to shift to off-label prescriptions of Ozempic for patients who needed or wanted to lose weight but could not access Wegovy. The trend only intensified under the influence of social media campaigns and celebrities promoting semaglutide, eventually leading to ongoing shortages that the company is still working to resolve.

OHM Fitness

Park Ridge
Fitness studio
John and Janet Mok, franchise owners

OHM Fitness offers cutting-edge electro-muscle stimulation fitness experiences that pack the benefits of a rigorous two-hour workout into a 25-minute session with minimal impact on the joints. The company arrived in Bergen County early in the year, offering services for those seeking alternatives to regular fitness routines and a welcoming environment. OHM Fitness has developed an extensive library of purpose-driven movements. Every low-impact workout pattern is chosen, tested and optimized to burn calories while helping improve overall strength, mobility and alignment of the body. OHM claims to represent the future of fitness and has been linked to benefits such as fat loss, improved skin health, increased energy, reduced stress and anxiety levels, enhanced muscle strength, and relief from acute and chronic pain. At the studios, clients are immersed in an advanced fitness environment. From the use of wearable technology to the carefully designed ambiance, complete with synchronized music and lighting sequences tailored to the workout’s pace, OHM Fitness offers a unique and unparalleled workout in the industry. The EMS technology delivers the same efficiency and superior results that we expect from other technological advancements in our lives.

PamTen Inc.

Princeton
IT services provider
Chaya Pamula, PamTen CEO

The Princeton-based global IT staffing and software solutions firm continues its growth heading into 2024. For decades, the company has worked with businesses ranging from Fortune 500 companies to small businesses and nonprofits for IT staffing and solutions capabilities. In May, PamTen announced that it had opened an office in Atlanta – its third in the U.S. and seventh globally. “Atlanta has seen immense growth over the past five years in the technology sector,” Chaya Pamula, PamTen CEO, said in a May statement. “We know this expansion helps us strengthen our local presence to better serve our current and future clients.” The company prides itself on not just being a technology resource – but rather a trusted partner to help businesses overcome challenges, take advantage of transformational solutions and position their organization for long-term success. PamTen is also involved in a number of initiatives to help benefit the community: SheTek, which launched in 2018 with a mission of cultivating a qualified pipeline of women to meet the technology needs of companies, as well as SOFKIN (Support Organization For Kids in Need), which has a mission of supporting the upbringing of underprivileged children – providing them with homes, food, clothing, education, health care and love.

Paris Baguette

Moonachie
Bakery-café chain
Darren Tipton, CEO of North American operations

Paris Baguette is coming in hot. Known for its French-inspired bakery café fare, the South Korean chain with U.S. operations based in Moonachie has exploded in growth over the last several years. Since it began offering franchise opportunities in the U.S. back in 2015, the fast casual has opened more than 150 restaurants across the country, earning it the No. 118 spot on Entrepreneur Magazine’s 500 fastest-growing franchises and top venture in the baked goods/bakery café category. As part of a larger expansion goal of 1,000 units by 2030, Paris Baguette has been busy targeting new markets, like Florida, Arizona and Texas, as well as boosting its presence in existing ones, such as New Jersey and New York. After a remarkable 2022 and strong 2023 – in which Paris Baguette recorded 109 development deals, launched 64 locations and entered 45 new markets, the company strives to differentiate itself from other players in the $17 billion fast-casual bakery-café space by focusing almost exclusively on breads, cakes, pastries and beverages – unlike many other concepts that have drifted over into sandwiches and other lunch items. In October, Paris Baguette hired popular doughnut franchise Duck Donuts’ former chief development officer, Eric Lavinder, to help lead nationwide expansion efforts, saying his knowledge and expertise will help propel the chain into its next phase of growth. Lavinder – whose background also includes serving as chief development officer at WOWorks, which is the parent company of restaurant brands including Garbanzo Mediterranean Fresh, Saladworks, Barberitos Southwestern Grille and Cantina, The Simple Greek, Frutta Bowls and Zoup! Eatery – has said he believes “no other bakery café franchisors are doing what Paris Baguette is on the same scale.” He went on to say, “Our ability to stay true to our bakery café roots while embracing aggressive expansion has garnered attention, and that only serves to drive us forward.”

Penelope Bourbon

Roselle
Spirits distiller
Michael Paladine and Daniel Polise, co-founders

Penelope Bourbon was established in 2018, when two best friends quit their full-time jobs to build a bourbon brand from scratch. Without experience in the spirits industry, Michael Paladini and Daniel Polise took an initial personal investment of $15,000 and turned Penelope into a $5 million brand in just two years. The pair learned the ropes of the business entirely on their own and without any outside investors. Being independent of external factors led the co-founders to find smart marketing strategies, leverage their networking skills and reinvest every dollar they earned back into the business. Penelope is now sold in more than 30 states and has expanded its international distribution to include Australia, the U.K. and Canada. According to the company, Penelope was on track to generate nearly $15 million in sales last year. Strong demand for the brand’s bourbon resulted in Penelope having to build its own bottling facility in New Jersey. Two dads and high school best friends who had no idea what they were getting into are now sitting on one of the most profitable, privately held spirits brands in the country.

Playa Bowls

Belmar
Fruit bowl chain
Dan Harmon, CEO

After getting its start under an umbrella stand outside a pizzeria on the boardwalk in Belmar nine years ago, Playa Bowls’ acai, green pitaya and coconut bowls as well as juices, cold brew and smoothies have made the venture a leader in the growing-more-crowded national superfruit bowl shop segment. Despite the increasing competition from brands like Rush Bowls and fellow N.J.-born chain Frutta Bowls, Playa Bowls has squeezed, chopped and blended its way into more than two dozen states across the U.S., hitting its milestone 200th location this past summer in Hackensack. Over the last year, the company has also experienced several leadership changes. Dan Harmon – a veteran of Smoothie King – was brought in as chief executive officer in April, succeeding co-founder Rob Giuliani, who is remaining with Playa Bowls as chief innovation officer. Meanwhile, Abby Taylor, who co-founded the chain, stepped back from her role as chief marketing officer, turning the position over to Nicolle DuBose, and will continue as chief branding officer, Playa Bowls announced in late October. Shortly after taking the reins, Harmon – whose background also includes positions with McDonald’s, Blockbuster Canada and Potbelly Sandwich Works – told QSR magazine that while the landscape for healthy bowl concepts may be “getting aggressive” he believes Playa Bowls’ commitment to serving only the freshest, high-quality ingredients is what makes it stand out. As the brand continues to expand its national footprint – particularly in new markets and areas like college towns, airports and suburbs – Harmon said Playa Bowls will look to optimize menus to make it “easier to navigate for customers,” as well as cut some costs for franchisees.

PrimoHoagies

Westville
Sandwich chain
Nicholas Papanier Jr., CEO

When it comes to sandwich shops, PrimoHoagies has all the fixings to be one of the best in the business. Known for its specialty sandwiches made with high-quality meats and cheeses piled high on fresh-baked rolls, the 30-year-old Westville-headquartered franchise has more than 100 locations across the U.S. and plans to surpass 300 restaurants over the next five years. To support its ambitious goal, the brand slashed franchise fees by 50% for new development agreements finalized between October and November and appointed the company’s first director of business development to focus on franchise deals in new and important markets. Its growth efforts are paying off, as PrimoHoagies was recently ranked America’s No. 1 sandwich shop in USA Today’s readers’ choice awards, beating out several big chains, like Earl of Sandwich, Firehouse Subs and New Jersey-based fast-casual giant Jersey Mike’s. In naming it to the top spot, the newspaper praised the eatery’s diverse menu of 10 categories, saying, “If Italian specialty sandwiches are your jam, PrimoHoagies is definitely the place for you.” Nicholas Papanier Jr., owner and CEO of PrimoHoagies, called the recognition “a humbling honor” and “true reflection of the dedication of our team members, franchisees and suppliers who work tirelessly to bring the PrimoHoagies experience to communities across the nation.” He also credited guests for inspiring PrimoHoagies to continuously innovate and said the brand will strive to “continue to exceed customer expectations with our unique flavors and unwavering passion.”

Republic First Bank

Philadelphia (multiple branches in New Jersey)
Financial services institution
Thomas Geisel, president and CEO

If you have read these pages any time over the last two years, you have surely seen something about the long-running proxy fight between the Republic First Bank’s leadership and board and an activist investor group headed by South Jersey powerbroker George Norcross III – the Norcross Braca Group. However, things recently took a dramatic turn in the positive after maintaining an acrimonious boil since the fight began. In September, the two once-feuding sides agreed to an armistice – signing a Letter of Intent with the Norcross Braca Group pledging to invest up to $35 million as part of a capital raise totaling at least $75 million in exchange for board seats and a reconstitution of the board. And on the first day of December, the two sides gave an update on the situation – agreeing to extend the outside date for closing the investment to Feb. 29, 2024. Republic First will hold a special shareholder meeting no later than Feb. 16, 2024, to approve the transaction. In a show of good faith – reflecting how dramatically this situation has evolved – the Norcross Braca Group deposited $35 million into an escrow account – to be released upon closing of the deal. “We have made significant progress on what has been a complicated transaction, which is why we fully funded our $35 million investment into an escrow account – we will be able to move forward quickly when all requirements have been met and closing conditions have been satisfied,” Norcross said in December. “We look forward to completing the transaction in the coming weeks so we can make the changes needed to set Republic First up for long-term success for the benefits of its customers and clients, employees, and shareholders.”

Robert Edward Auctions

Chester
Auction house
Brian Dwyer, president

For more than 30 years, the Chester-based Robert Edward Auctions has specialized in all areas of baseball collectibles as well as other sport and non-sport memorabilia and cards – cementing its role as one of the hobby’s leading auction houses. In July, the company marked a major next step in its growth and evolution, acquiring Maryland-based auction house Huggins & Scott. The two companies are operating independently, with Huggins & Scott serving as a wholly owned subsidiary of Robert Edward Auctions. “We’re extremely excited to add Huggins & Scott to the Robert Edward Auctions team,” REA President Brian Dwyer said in July. “They’ve developed a very loyal following over their many years in business, and we’re looking forward to building upon their reputation as a trusted destination for collectors.” Said Ron Oser, who assumed the role of vice president and director of consignments for Huggins & Scott: “This brings together two companies with great reputations and decades of experience in our hobby,” Most recently, REA oversaw the sale of a rare 1914 Baltimore News Babe Ruth rookie card, one of only 10 known to exist, that sold for $7.2 million — the third-highest sum ever paid for a sports card. The company is riding a wave of momentum and seems well-positioned for a successful 2024 ahead.

Schweid & Sons

Carlstadt
Meat producer
Jamie Schweid, president and CEO

Schweid & Sons is a purveyor of premium ground beef and the secret ingredient behind some of America’s most beloved burgers from Five Guys, Fuddruckers and other eateries. Last year, company executives decided to enter the premium pork breakfast sausage category – its first foray into a category beyond beef. Schweid & Sons is known nationwide in the restaurant industry for its high standards for ground beef and its efforts to educate consumers about its products, which are now available in grocery stores. Built on principles including the fact that it’s about never compromising quality for price, this is a brand that could soon become a household name. Earlier this year, the company introduced its Brazen Climate Friendly Ground Beef Burgers which will be available nationwide through a partnership with Tyson Foods. Tyson previously stated that its new climate-smart beef program would demonstrate a 10% reduction in greenhouse gas emissions through sustainable agricultural practices in the supply chain. And in February, Florida burger chain BurgerFi won over a panel of celebrity judges with its BBQ Rodeo Burger, which was created using Schweid & Sons all-natural Angus beef and topped with charred jalapenos, pepper jack cheese, crispy haystack onions and sweet Memphis barbecue sauce.

StationMD

Maplewood
Telemedicine
Dr. Matthew Kaufman, CEO

StationMD is a 24/7 telehealth provider with a specialized approach that serves to help patients and to “fill gaps,” as the company puts it on its website, in health care. Since launching in 2016 to offer urgent care and behavioral health services for individuals with intellectual and/or developmental disabilities, StationMD has grown to provide services in 22 states and to more than 45,000 people. And in the wake and aftermath of the pandemic, that growth has exploded. In 2021, when President and CEO Dr. Matthew Kaufman was named an Entrepreneur Of The Year 2021 New Jersey Award winner by Ernst & Young LLP, he said StationMD had leapt from serving about 1,300 individuals across three states to more than 30,000 individuals in 12 states. And NJBIZ isn’t the only party paying attention. After observing the two-year trajectory, Adam Boehler – a former director of the Center for Medicare & Medicaid Innovation – along with venture capital firm Martin Ventures invested $3.2 million in StationMD. At the time, Martin Ventures CEO Devin Carty said that “StationMD offers an unrivaled capability to tailor medical care to people with I/DD.” Commenting on the announcement of his EOY Award, Kaufman said that “After working for years as an emergency room doctor, three fellow physicians and I knew we could offer better medical care to people with disabilities if we brought specialized doctors upstream to the patient. That’s what we’ve done with StationMD. … This service is a literal lifeline for people with I/DD, their families and support staff.” More than 8 million people in the U.S. with I/DD face disparities in health care access and quality, according to UnitedHealthcare, another company with its eye on StationMD, which can lead to frequent trips to the ER and hospitalization for avoidable causes. In September, UHC selected the company as one of 10 nationwide participants in the health benefits provider’s 2023 UnitedHealthcare Accelerator. If past is prologue, participation in the four-month program is just the next step of many.

The Cannabis Place

Jersey City
Cannabis dispensary
Osbert Orduna, CEO and founder

In November, retired U.S. Marine Osbert Orduna opened the first service-disabled veteran and Latino-owned dispensary in the Garden State – The Cannabis Place. The business has evolved from New York’s first licensed home delivery cannabis service earlier this year into a flagship storefront that Orduna opened Nov. 9 in Jersey City. “We picked this week to open because it’s symbolic in many ways: I am an Iraq veteran; we have the Marine Corps birthday and Veterans Day, so opening Jersey City’s first service-disabled, veteran-owned business makes this week even more special to us,” Orduna said. According to Orduna, The Cannabis Place is focused on launching social equity dispensaries that create union careers with true living wages, no-cost health benefits and retirement plans, with a special focus on marginalized communities, veterans and those affected by the war on drugs. Just before that grand opening, The Cannabis Place and the United Food and Commercial Workers Local 360 announced the completion of the country’s first-ever cannabis retail pre-apprenticeship training program – which showed nearly two dozen local participants over a two-week course the basics of working in a cannabis retail environment from the union. “We are a partner with our local community,” said Orduna. “That means running an ethical, pro-union company and boosting the prospects and prosperity of our neighbors. The Cannabis Place does that and is living proof that workforce investment equals immediate positive community impact.”

The Children’s Place

Secaucus
Apparel retailer
Jane Elfers, president and CEO

A lot of eyes are on the Secaucus-based children’s apparel retailer heading into 2024 following a series of not such great news and headlines in 2023. In March, the company announced it was permanently closing 100 stores – with an anticipation of starting 2024 with an “optimized fleet” of around 500 stores. “We are confident that our projected fleet size of approximately 500 stores allows us to maximize our omnichannel capabilities and grow our industry-leading digital penetration and service our young, digitally-savvy customers through our highest operating margin channel,” said Jane Elfers, president and CEO, in a March earnings call. In June, The Children’s Place announced it will expand its revolving credit facility from $350 million to $445 million – which company officials said would significantly strengthen its financial position while supporting seasonal working capital needs and investments for future growth. Over the summer, the company announced a 17% cut of its workforce and that it would end the lease for its headquarters in Secaucus four years earlier than schedule, in May 2024. In an U.S. Securities and Exchange Commission filing, the company cited its “its ongoing structural transformation from a legacy store operating model to a digital-first retailer” as the reason for the workforce reduction and voluntary early termination of the corporate office lease.

Valley National Bank

Morristown
Financial institution
Ira Robbins, CEO

In October, Valley National Bank marked the start of a new chapter as it celebrated the opening of a new 120,000-square-foot headquarters in Morristown – moving from its previous HQ in Wayne. “Moving our headquarters to Morristown, a dynamic and evolving community, aligns well with the growth Valley has achieved from a small community bank to a regional bank, while maintaining our focus and commitment to being relationship-driven,” said CEO Ira Robbins. The company is bringing more than 600 employees to the new Morristown base. “In the few weeks we have been in Morristown, it already feels like home,” said Tom Iadanza, president, Valley National Bank. “Our employees are enjoying the vibrancy of the city and variety of food and shopping establishments. We appreciate the warm welcome from the people and leaders of Morristown.” Added Morristown Mayor Tim Dougherty: “This is the beginning of a partnership that will invigorate Morristown as a vibrant and thriving district. Our town’s rich heritage and strong sense of community make it an ideal setting for a company to prosper.” Valley has nearly $62 billion assets and a multistate presence – in September, the bank landed on American Banker’s most recent annual reputation survey (coming in 35 out of the top 40), which factors in a bank’s products and services, innovation, workplace, conduct, citizenship, leadership and performance.

Visikol

Hampton
Pharmaceutical research
Tom Villani, co-founder and chief science officer

Earlier this year, advanced cell culture and imaging contract research service business Visikol marked its next chapter as it was commercially integrated with MatTek – under the MatTek name. That follows the company’s sale, along with MatTek, to CELLINK (later renamed BICO) in 2021. The companies had operated independently under the BICO umbrella – but the synergies between the two organizations made the integration seamless. “We have been working closely with MatTek prior to both of our acquisitions and we saw this commercial integration as a natural fit to both more easily work together and also to share best practices and resources such that together we can have a more efficient and higher growth company,” said Visikol co-founder Michael Johnson, who took on the chief commercial officer role at MatTek before moving on to lead the New Jersey Innovation Institute at NJIT, which he joined in September. And despite the integration, the Visikol brand will be maintained and operate as it has. “Our goal as a company has always been to reduce the usage of animals and to help accelerate the discovery and development of new therapeutics and teaming up more formally with the Visikol team allows us to better achieve this mission,” said MatTek CEO Alex Armento.

ZRG

Rochelle Park
Talent advisory firm
Larry Hartmann, CEO

ZRG is taking over the world, all from its base in Rochelle Park. The global talent advisory firm has already established its presence in the Middle East, South America, Europe Australia and the U.K. —and, at the end of November, it expanded internationally once again with its first outpost in Mexico. That month also brought the announcement of a high-profile hire by the firm, which helped to recruit media executive Will Lewis to the lead role at the Washington Post, as publisher and CEO. Celebrating its 25th anniversary in 2024, the company was founded “to revitalize a prosaic industry” — work it continues to this day through its data-based approach. In addition to its executive recruiting marketplace, fast-growing ZRG also offers interim and on-demand talent solutions, human capital consulting services and recruitment process outsourcing, or RPO. Last December, confidence in ZRG’s outlook was underscored when it secured a secondary equity investment from new and existing institutional investors, led by Timber Bay Partners. At the same time, the company announced the closing of a new and expanded senior credit facility led by Truist Bank. CEO Larry Hartmann said then that ZRG saw “tremendous opportunity to acquire great businesses … that will augment our organic growth across all of our business lines,” describing the capital and expanded credit as “ample dry powder for our organic and acquisition growth plans.” Throughout 2023, ZRG made good on that assessment. Adding a slew of new executives, as well as making two acquisitions. In the past four years the acquisitive company has closed upwards of 10 deals to help build out its diversified base and footprint. And the work – which is far from done – is paying off for the $230 million company, according to Hunt Scanlon Media, which spoke with Hartmann last month. “The convergence for us across four lines of business – executive search, RPO, interim, and leadership advisory solutions – may have come later in our investment model, but it has been highly intentional,” Hartmann told the publication. “Have we been opportunistic? Yes. But have we been deliberate in our acquisition strategy? Yes, we have.”

Editor’s note: A previous version of this story indicated that Baldwin & Obenauf Inc. has been an NJBIZ Best Places to Work in New Jersey for the past two years; that was incorrect, the company has been recognized for the past three years. The story was updated Dec. 18, 2023.