Fiserv acquires Dutch company
Fiserv Inc. announced it has acquired NetEconomy, a Dutch financial crime management and compliance solutions provider to financial institutions across the globe.
Net Economy, with more than 130 implementations in 58 countries, is based in The Hague, The Netherlands, and has offices in London, Paris, Boston, New York, Sydney, Shanghai, and Kuala Lumpur, Malaysia.
Financial terms of the acquisition were not disclosed.
Fiserv, a Brookfield-based provider of information technology services to the financial industry, acquired the company from Esprit Capital Partners.
“NetEconomy’s proven products and strong management team will be at the forefront of our efforts to deliver value in the important growth area of enterprise risk management. We will now be able to provide banks, thrifts and credit unions a superior solution for both anti-money laundering and fraud management which will be integrated into all of our core account processing platforms – and at the same time, continue to serve large financial institutions who desire a superior risk management solution,” said Fiserv president and chief executive officer Jeff Yabuki. “This is a prime example of how our Fiserv 2.0 strategies come together to benefit clients. We bring high-quality technology products to our client base to help them achieve best-in-class results. We will continue to expand our capabilities in this important area.”
“Fiserv is a trusted and world-class organization, providing end-to-end software solutions, and processing data for accounts and transactions across thousands of financial institutions. As a core building block of Fiserv’s enterprise risk, compliance and fraud platform, we look forward to working together to help financial institutions meet the business challenges of risk management and compliance,” said Sebastian Kuntz, CEO of NetEconomy.
RBC Dain Rauscher to acquire New Jersey firm
RBC Dain Rauscher Inc., a wholly owned subsidiary of Royal Bank of Canada that has offices in downtown Milwaukee and Brookfield, announced it has signed a definitive agreement to acquire Parsippany, N.J.-based J.B. Hanauer & Co.
Financial details of the transaction were not disclosed. The acquisition is subject to customary closing conditions, including approval by U.S. and Canadian regulators and by J.B. Hanauer shareholders.
The transaction is expected to be completed in May 2007.
J.B. Hanauer, a privately held, employee-owned financial services firm, specializes in retail fixed income and wealth management services. The company operates five offices in three states with slightly more than 300 employees and close to $10 billion in assets under administration.
“J.B. Hanauer represents a strong strategic and cultural fit for our firm, significantly expanding our presence in New Jersey, Florida and Pennsylvania – all important markets for us,” said John Taft, chief executive officer of RBC Dain Rauscher. “Our success comes from superior customer service delivered by some of the finest financial consultants in the industry. We enhanced that capability today.”
Wells Fargo to sell Instant Cash Network
Wells Fargo Bank N.A., a subsidiary of Wells Fargo & Co., has signed a definitive agreement to sell its Instant Cash Services business to First Data Corp.
The business to be sold includes the Instant Cash Network, which provides debit card and ATM payment processing services for more than 500 community banks, credit unions, thrifts and non-financial institutions in 20 states, including Wisconsin, Minnesota, North Dakota, Montana, Arizona, Nebraska, South Dakota, Colorado, Utah and Texas.
The transaction will not affect Wells Fargo’s ATM banking network of 6,700 ATMs in 23 states nor will it affect the company’s ranking as the nation’s second-largest debit card issuer.
Financial terms of the transaction were not disclosed.
The business was created in 1977 by Northwestern National Bank of Minneapolis, a predecessor of the former Norwest Corp. which was acquired by San Francisco-based Wells Fargo.
Chicago investors buy Wisconsin foundry
TMB Industries, a Chicago-based private equity firm, has acquired Richland Center Foundry (RCF), a manufacturer of large ductile and grey iron castings.
RCF was acquired from Schneider Fuel and Supply Co. in Milwaukee for an undisclosed price.
Founded in 1963, the Richland Center company manufactures castings weighing up to 2,500 pounds such as transmission housings, exhaust manifolds, turbocharger housings, rotors and stators supporting the manufacturing of mining and construction equipment, locomotive powertrains, pumping equipment, stationary diesel engines and power generation systems.
With the acquisition, John Gerszewski will be promoted from general manager to president of RCF, and Mark Clark will continue as chief financial officer of the firm.
TMB will oversee RCF through its principals, who have experience in managing foundries and industrial businesses.
Thomas Begel, chairman of TMB, said, “We are excited to acquire Richland Center Foundry, a company with an outstanding reputation for product quality, an excellent customer base and a unique set of manufacturing capabilities. TMB looks forward to providing the investment capital and other resources necessary to build upon these strengths and support the needs of RCF’s customers.”
TMB focuses on creating value through investing in industrial businesses and providing management and operational resources. TMB has acquired 40 businesses since 1989 and generally acquires industrial companies with sales of $30 million to $500 million.
Marcus to acquire more theaters for $75 million
Marcus Theatres Corp., a division of The Marcus Corp., announced it has signed an agreement to acquire selected assets, including 11 theater locations, from Cinema Entertainment Corp. (CEC) for an estimated $75.7 million in cash.
CEC is a St. Cloud, Minn.-based theater chain.
The 11 theater locations have a total of 122 screens in five metropolitan markets, including St. Cloud; Duluth, Minn./Superior, Wis.; Fargo N.D./Moorhead, Minn.; Cedar Falls/Waterloo, Iowa; and Iowa City, Iowa.
Marcus Theatres will operate the screens in those markets, while CEC will continue to own and operate the balance of its existing theater circuit.
The transaction is expected to be completed in late April 2007, subject to customary closing conditions, consents and approvals, including early termination or expiration of the applicable waiting period under the Hart-Scott-Rodino Act.
With the acquisitions and the opening of a large new theater complex in Brookfield, Marcus Theatres will operate 628 screens at 52 locations in six states and become the seventh-largest exhibition chain in the nation.
“This purchase will extend Marcus Theatres’ operations into North Dakota and Iowa and will further expand our presence in Minnesota and Wisconsin. CEC is an excellent theatre operator, and we intend to continue enhancing the outstanding movie-going experience for which CEC is well known,” said Stephen Marcus, chairman and chief executive officer of The Marcus Corp. “We anticipate a smooth integration of the CEC theatres into our circuit and expect that the acquisition will be accretive to both earnings and cash flow. This investment demonstrates our continued confidence in the theatre business and, coupled with the expansion of our hotel management portfolio in recent months, reflects The Marcus Corporation’s commitment to growing both of our operating divisions.”
