Actuant Corp. acquires German company
Actuant Corp. has purchased the outstanding stock of Injectaseal Deutschland GmbH, a Kerpen, Germany-based company, for approximately $13 million in cash.
Funding for the transaction came from Butler-based Actuant’s revolving credit facility.
Injectaseal provides leak management, on-site machining, pipeline intervention and safety valve testing services primarily to Western European companies in the oil and gas and power generation industries. The company generated sales of approximately $10 million last year.
Injectaseal will operate within Hydratight, which is included in Actuant’s Industrial Segment.
Metavate Corp. acquires Valutec Card Solutions Inc.
Metavante Corp., the financial technology subsidiary of Milwaukee-based Marshall & Ilsley Corp., has acquired Valutec Card Solutions Inc. of Franklin, Tenn.
The company will continue to operate under the Valutec name and will become a Metavante company. Financial terms of the transaction were not disclosed.
Valutec is a provider of closed-loop, in-store gift and loyalty card solutions to small and medium-sized businesses, including hosted account management, reporting capabilities, plastic card design and production, along with card program merchandising products. The company provides services for more than 13,000 merchants in more than 30,000 locations.
Potawatomi acquire Oklahoma City business
The Potawatomi Business Development Corp. (PBDC) announced today it has purchased Advancia Corp. of Oklahoma City, Okla.
The acquisition of Advancia enables the Forest County Potawatomi Tribe of Wisconsin to participate in the federal government contracting arena at a new level.
The PBDC is owned by the tribe, which also operates the Potawatomi Bingo Casino in Milwaukee. The corporation seeks to diversify Potawatomi business interests beyond gaming.
Advancia will continue to operate at 14 locations across the nation, under its current management.
In addition to Advancia, other businesses owned by the PBDC include Potawatomi Design Group, OneProspect Technologies and HCI Logistics.
Milwaukee company acquires Oregon software firm
Milwaukee-based Virtual Care Provider Inc. (VCPI), a total solutions provider for the long-term care industry, has acquired IT Powered, a Portland, Ore.-based consulting and custom software development company focused on serving assisted living communities.
IT Powered has contracts with more than 20 organizations, primarily focused on the assisted living sector of the senior housing industry. IT Powered will operate as a division of VCPI. IT Powered’s principal, Steve Arndt, will continue to manage the operations of I.T. Powered.
“The purchase of IT Powered is a perfect match for our organization. VCPI has been focusing its efforts on growing our long term care business across the country and the acquisition of IT Powered will assist us in our efforts to expand more heavily into the assisted living market,” said Loren Claypool, VCPI vice president and managing Director.
VCPI was founded in 2000 as a separate, wholly-owned subsidiary by Extendicare Inc., one of the largest operators of long-term care facilities in the United States and Canada.
Associated Bank to acquire bank in Hudson
Green Bay-based Associated Banc-Corp has signed a definitive agreement to acquire The First National Bank of Hudson.
First National Bank, based in Hudson, Wis., is a $390 million community bank with eight banking locations in the Greater Twin Cities area.
With the additional locations added by the acquisition of First National Bank, Associated will have 35 offices in the greater Twin Cities area and Hudson.
Ken Heiser, the current president and chief executive officer of First National Bank, will continue with Associated, serving as Hudson market president.
John and Ruth Huss of St. Paul have owned the Hudson bank since 1977.
“After nearly 30 years, the timing was right for us to find a buyer who would appreciate what we’ve built and carry on our community banking tradition,” said John Huss. “I’m confident that our customers and employees will be well-served joining the Associated family.”
