Maine Business in May 2026: WEX's boardroom battle, housing pushes and deal-making

Maine businesses had a busy May, from WEX's boardroom shake-up to new housing, hotel and manufacturing projects breaking ground. Local banks, insurers and nonprofits also announced mergers and leadership changes.

Deals & Acquisitions

• WEX agreed to remove its CEO from the board chair role after bowing to hedge fund demands, Mainebiz reported. (Mainebiz)
• WEX named a new chair of its reshuffled board after the hedge fund won seats, Mainebiz reported. (Mainebiz)
• A Wilton power sports company bought a longtime shop in Aroostook County, Bangor Daily News reported. (Bangor Daily News)
• Sargent sold its Hermon asphalt plant to a Massachusetts contractor, Mainebiz reported. (Mainebiz)
• A Boothbay Harbor insurance agency acquired its Damariscotta peer, Mainebiz reported. (Mainebiz)
• The buyer of a high-visibility Ellsworth retail center plans upgrades to the property, Mainebiz reported. (Mainebiz)
• A $33.8 million Portland deal topped the office building category as the largest to date, Mainebiz reported. (Mainebiz)
• A Lewiston mental health services provider merged with Sweetser, Mainebiz reported. (Mainebiz)

Real Estate & Development

• The first phase of the Lockwood Mills redevelopment was completed, Mainebiz reported. (Mainebiz)
• A Midcoast auto dealer plans to spend up to $20 million to move to Thomaston, Bangor Daily News reported. (Bangor Daily News)
• A $15 million, 51-unit housing project broke ground in Freeport, Mainebiz reported. (Mainebiz)
• A Midcoast sports complex that had been envisioned for years is now under construction, Mainebiz reported. (Mainebiz)
• Avesta proposed an affordable apartment building in Portland, Mainebiz reported. (Mainebiz)
• A new hotel is taking shape on Portland's Monument Square, Mainebiz reported. (Mainebiz)
• PM Construction completed 75 affordable apartments in Biddeford, Mainebiz reported. (Mainebiz)
• Housing for Bath Iron Works shipbuilders and Navy workers is slated for completion in 2027, Mainebiz reported. (Mainebiz)

Openings, Expansions & Closures

• Aflac opened a South Portland office to handle paid leave claims, Mainebiz reported. (Mainebiz)
• Hancock Lumber will open a new factory in Oxford to manufacture building components, Sun Journal reported. (Sun Journal)
• A Westbrook kitchen countertop supplier opened an expanded showroom, Mainebiz reported. (Mainebiz)
• A Thomaston boatbuilder plans to expand with a 15,000-square-foot composites facility, Mainebiz reported. (Mainebiz)
• A Portland recycling company embarked on a $36 million expansion, Mainebiz reported. (Mainebiz)
• Maine's Landing School of Boatbuilding & Design closed its doors, Mainebiz reported. (Mainebiz)
• A downtown Biddeford restaurant and bar will close after three decades in business, Mainebiz reported. (Mainebiz)

Jobs, Leadership & Workforce

• Cumberland County Federal Credit Union promoted its CFO to the top executive post, Mainebiz reported. (Mainebiz)
• Employees at a Portland gallery voted to unionize, Mainebiz reported. (Mainebiz)
• A Maine Community Bank insider was named to lead its commercial banking division, Mainebiz reported. (Mainebiz)
• Houlton nurses went on strike over staffing while the hospital says assignments meet benchmarks, Mainebiz reported. (Mainebiz)
• A leadership transition is on tap for Portland developer J.B. Brown & Sons, Mainebiz reported. (Mainebiz)
• The University of Maine System chancellor's contract was extended to 2028, Mainebiz reported. (Mainebiz)
• An Arundel apprentice program aims to tackle a machinist shortage, Mainebiz reported. (Mainebiz)

Energy, Industry & Environment

• Three million dollars will fund research on 'forever chemicals' at Maine farms, Mainebiz reported. (Mainebiz)
• A utility company found a Kennebec County location to run its northern operations, Mainebiz reported. (Mainebiz)
• A Central Maine Power station in Westbrook is expected to reduce outages during storms, Mainebiz reported. (Mainebiz)
• Maine's data center council held its first meeting, Mainebiz reported. (Mainebiz)
• Westbrook will seek a temporary ban on data centers, Mainebiz reported. (Mainebiz)
• Maine is looking to Japan for ideas to strengthen its sea urchin industry, Mainebiz reported. (Mainebiz)

Economy, Startups & Government

• Maine business groups set goals for the state's economy in 2035, Mainebiz reported. (Mainebiz)
• A Maine real estate data platform raised $4.5 million to fund growth, Mainebiz reported. (Mainebiz)
• Maine Community Bank boosted the prize money for its LaunchPad contest, Mainebiz reported. (Mainebiz)
• Maine Angels backed Coastal Measures with $260,000, anchoring the ocean data startup in Maine, Business Wire reported. (Business Wire)
• A nutrition startup aims to shake things up for women in menopause, Mainebiz reported. (Mainebiz)
• Lewiston officials disagreed over a vote that cut the economic development director role, Lewiston Sun Journal reported. (​​Lewiston Sun Journal​​ ​​​ ​​​)
• A Maine survey found health care is now a 'top issue' for the business community, Mainebiz reported. (Mainebiz)

This roundup summarizes reporting by other outlets; follow the links for their full stories.