Southeastern Wisconsin financial service industry news
Tuesday, April 15, 2014
Experts will provide market strategy at M&A Forum
The 2014 BizTimes M&A Forum will be held on Friday, May 2, to offer professional insight for those who are considering buying or selling a business. The forum will take place from 7:30 to 11:30 a.m. at the Milwaukee Marriott Downtown in Milwaukee.
The theme of this year's event is "The Market is Active—Strategize Accordingly."
The Forum will review mergers and acquisitions trends and provide advice for maximizing value, strategies for handling unsolicited offers, integration tips and more.
Howard Lanser, managing director, Mergers & Acquisitions and Debt Advisory at Milwaukee-based Robert W. Baird & Co. Inc., will be the keynote speaker at the M&A Forum. Lanser serves as a senior M&A execution specialist and heads the firm's M&A Debt Advisory practice. He has more than 15 years of experience originating and executing financing and M&A advisory assignments in a diverse range of industry sectors, including industrial, consumer products, for-profit education, corporate training, human capital services and health care services. His clients have ranged from public multinational corporations to private, growth-oriented middle-market firms.
The M&A Forum will also feature a panel discussion about best practices and emerging trends from the perspectives of buyers, sellers and professional advisors.
The featured panelists will include: David Strand, president and chief executive officer of Wisconsin Oven Corp., Jeff Beischel, founding partner/managing director at Wing Capital Group, Brian Dunsirn, chairman and CEO of Dunsirn Partners and Greg Myers, senior managing director at Mason Wells.
Additional panelists will include Corey Vanderpoel of Schenck M&A Solutions, Eric Lenzen of Whyte Hirschboeck Dudek S.C. and Peter Ruud.
Four breakout sessions will follow the panel. The topics are:
* How Strategic M&A Maximizes Value
* The Art of Business Acquisitions
* Responding to the Unsolicited Offer
* Insights for how to make the post buy/sell seamless and successful
For more information and to register for the 2014 M&A Forum, visit www.biztimes.com/maforum.
Cleary Gull completes sale of transportation company
Milwaukee-based private equity firm Cleary Gull Inc. has completed the sale of Van Pool Transportation LLC to Fort Point Capital.
Cleary Gull served as the exclusive financial advisor to Van Pool, a Wilbraham, Mass.-based portfolio company of Gen Cap America Inc. Van Pool provides regional transportation services for special needs children at more than 100 school districts in New England.
Fort Point Capital, the buyer, is a Boston-based private equity firm. The previous owner, private investment firm Gen Cap America, is based in Nashville.
“Van Pool’s specialized service model and its high quality employees, led by Kevin Hinkamper, CEO, were key factors in Gen Cap’s successful investment in Van Pool,” said Gen Cap Senior Vice President Matt Lane. “We believe that Fort Point’s partnership with Kevin Hinkamper and the management team will result in the next successful chapter of growth for Van Pool.”
Town Bank acquires Talmer Bank's 11 Wisconsin branches
Hartland-based Town Bank has acquired Talmer Bancorp.'s 11 Wisconsin Talmer Bank and Trust branches.
According to an SEC filing, Town Bank, a subsidiary of Rosemont, Ill.-based Wintrust Financial Corp., will pay about $13.5 million more than the net book value of Talmer's assets.
Troy, Mich.-based Talmer Bancorp has about $360 million in deposits in Wisconsin as of March 31, which Town Bank will assume.
The transaction will eliminate about $1 million of Talmer's core deposit intangibles related to the deposits sold. None of Talmer's loans will be sold to Town Bank.
Talmer expects it will incur about $1 million in expenses related to the transaction, which is expected to be completed in the third quarter, subject to regulatory approval.
Talmer's employees will continue operating its Wisconsin branches until the transaction is completed.
"This transaction presents a great opportunity to expand our presence in southern Wisconsin," said Edward Wehmer, president and chief executive officer of Wintrust. "These locations fill a gap between our Illinois branches and our Town Bank's Milwaukee area branches. Talmer has a great community bank franchise with a team of bankers that are committed to a high level of customer service. We look forward to continuing to build upon that franchise and providing its customers with Wintrust's full array of products and services. We welcome Talmer's employees and customers to the Wintrust family."
Talmer purchased the Wisconsin branches through a Federal Deposit Insurance Corp. transaction in November 2010. The bank had two branches in Burlington, two branches in Lake Geneva and branches in Kenosha, Albany, Darlington, Walworth, Monroe, Wind Lake and Genoa City.
"We have recently undertaken a strategic assessment of all our markets including an evaluation of the best opportunities to invest our capital resources and continue to execute our growth plans," said David Provost, president and CEO of Talmer Bancorp. "This divestiture is in line with our long-term plans and allows us to focus on our core banking franchise."
Talmer Bancorp. also operates branches in Michigan, Ohio, Indiana and Illinois.
Also last week, Town Bank acquired the Pewaukee branch of THE National Bank, gaining about $40 million in deposits and $90 million in performing loans, the branch and its property and other assets. That transaction is also slated to close in the third quarter.
Joy Global acquires Canadian mining company
Milwaukee-based mining equipment manufacturer Joy Global Inc. has agreed to acquire certain assets of Ontario-based Mining Technologies International Inc. for $46.5 million.
MTI manufactures hard rock mining equipment for underground application, specializing in raise bore drilling consumables. Its customers are across North America.
Joy Global will purchase substantially all of MTI's assets associated with hard rock drilling, loaders, dump trucks, shaft sinking and raise bore product lines. The 2013 revenues for these product lines were about $90 million.
The transaction is expected to close, subject to customary closing conditions, within 90 days. Joy Global expects it will be accretive to 2015 earnings, excluding transaction costs and excess purchase accounting charges.
"This acquisition represents an exciting opportunity as we execute on our growth strategy to expand our underground mining product lines into the hard rock markets including nickel, potash, palladium, platinum, gold and copper," said Ted Doheny, president and chief executive officer of Joy Global. "We believe that MTI's broad range of complementary products, combined with Joy's proprietary technology, our global direct service team and operational excellence capabilities, will provide significant value to hard rock mining customers and our shareholders."
Baird to acquire Seattle firm
Robert W. Baird & Co. Inc. will retain its name and its Milwaukee headquarters when it acquires Seattle-based investment McAdams Wright Ragen Inc.
The merged company will keep the Baird name, and the MWR name will be integrated into the Baird brand, according to John Rumpf, director of corporate communications at Baird.
The merger was announced Wednesday afternoon.
As for the impact of the merger on its Milwaukee operations, Rumpf replied, "Baird's Milwaukee footprint has continued to grow and we have a variety of open positions available at our Milwaukee headquarters."
Rumpf said, "No Baird jobs will be impacted" by the merger. "Working closely with MWR leadership, we will be going through a very thoughtful process to determine our future business/staffing needs," he said.
BizTimes also asked what will become of the management teams of the two companies. Rumpf replied, "MWR's management is working closely with us on the integration of our two firms."
McAdams Wright Ragen has 180 employees and offers investment advisory, brokerage, equity research, bond and equity trading, asset management, institutional sales and investment banking. The company has seven offices in the Pacific Northwest and manages more than $10 billion in assets. It reported 2013 revenues of $48 million.
Baird, a global wealth management, capital markets, private equity and asset management firm, reported a record $1.1 billion in 2013 revenues. It has more than 2,900 employees at more than 100 locations worldwide. It manages more than $100 billion in assets.
Financial terms of the acquisition were not disclosed.
WBA: Bank customers protected from Heartbleed Bug
The Wisconsin Bankers Association has reassured bank customers that they are protected from unauthorized transactions that could result from a virus called the Heartbleed Bug.
The encryption, fraud detection software and rigorous security standards banks have in place will help in combatting the virus, said Rose Oswald Poels, president and chief executive officer of the WBA.
"Financial institutions in Wisconsin are examining their systems with a fine-toothed comb and are applying security patches and updating encryption keys where needed," Oswald Poels said. "In many cases, internet banking applications are not impacted by this bug. Most financial institutions have a layer of security that prevents this type of exploitation, while others don't even use OpenSSl, so this vulnerability isn't an issue for them."
The WBA encouraged consumers to carefully monitor their accounts for any unusual activity, and report it to their banks as soon as possible. To avoid phishing scams, the WBA advises consumers not to responding to emails with links claiming an account is under jeopardy, and to contact a business directly with any concerns.
Comfort Suites hotel in Milwaukee sold
Boca Raton, Fla.-based Waramaug LS Hotels LLC, a private investment group, announced that it has acquired the 120-room Comfort Suites Park Place hotel located at 10831 W. Park Place on the far northwest side of Milwaukee.
No sales price was disclosed.
The four-story, 86,592-square-foot hotel was built in 2007 and has an assessed value of $6.55 million, according to city records. The hotel has two meeting rooms able to accommodate up to 100 people.
The hotel was previously owned by Eau Claire-based Hallie Rapids Ltd., according to city records.
"The hotel has strong investment potential, located in a market ripe with demand generators," said Craig Nussbaum, Waramaug LS Hotels' vice president. "We continue to pursue high quality assets under strong brands in vibrant markets such as Milwaukee."
MBBI event will present buyer’s perspective
Midwest Business Brokers and Intermediaries-Wisconsin Chapter will host Visions through the Eyes of a Buyer – A Buyer’s Perspective on Tuesday, May 6, from 1 p.m. to 5 p.m. at the Milwaukee Athletic Club, 758 N. Broadway in Milwaukee.
The event will feature a keynote address by Jim Lindenberg, owner of Lindy Enterprises and JML Holdings and majority owner and president of Legends of the Field. Lindenberg previously owned World Class Wire and Cable, which he sold in 2008, and the Milwaukee Wave and Wave of Hope, which he sold to Sue Black last year. Lindenberg will share the secrets to his entrepreneurial success.
An afternoon panel will examine Growth: Organic vs. Acquisition. Tom Kintis, president of CGK M&A Advisors, will moderate the panel. Panelists are: Mark Melzer, president of Nassco, John Reinke, partner at Generation Growth Capital and Michael Italiano, chief development officer at Dohmen Life Science Services.
BizTimes Media is a media sponsor of the event. Cost is $45 for members and $70 for nonmembers who register by April 26. For more information or to register, click here.
This exclusive news bulletin is compiled by BizTimes Milwaukee reporter Molly Dill. This bulletin is published every Tuesday morning. Send financial services industry news and tips to email@example.com or call her at (414) 336-7144.
» Wisconsin Association of Accountants
» Wisconsin Institute of Certified Public Accountants
» Wisconsin Association for Financial Professionals
» Wisconsin Bankers Association
» The Wisconsin Credit Union League
» Community Bankers of Wisconsin
» Wisconsin Mortgage Bankers Association
» Financial Planning Association of Southern Wisconsin
» National Association of Personal Financial Advisors
» Professional Insurance Agents of Wisconsin
Mergers & Acquisitions
» Wisconsin Association of Mutual Insurance Companies
» Midwest Business Brokers and Intermediaries
» Association for Corporate Growth - Wisconsin
» Turnaround Management Association - Chicago/Midwest
» Wisconsin Department of Financial Institutions
» Wisconsin Government Finance Officers Association