UMB Fund Services acquires Utah-based fund service provider; Fertilizer division of Madison-based agribusiness acquired
UMB Fund Services acquires Utah-based fund service provider
UMB Fund Services Inc., the Milwaukee-based subsidiary of UMB Financial Corp., has reached terms to acquire J.D. Clark & Co., an Odgen, Utah-based third-party fund service provider to alternative investment firms.
Terms of the deal were not disclosed. Jeffrey Clark, founder and CEO of J.D. Clark, will remain with the company. There are no planned job cuts with the acquisition, but if redundancies are discovered, minimal job losses at J.D. Clark are possible, a UMB spokesman said. J.D. Clark & Co. will operate as a wholly-owned division of UMB Fund Services, but will retain its name.
“UMB has a history of commitment to growing our fee-based business and this acquisition of J.D. Clark gives us an opportunity to do just that,” said Peter deSilva chairman of UMB Fund Services, and president and chief operating officer of UMB Financial Corp. “Now is the time to make investments in companies that build on our strength and stability as an organization. UB has a strong balance sheet and has been actively looking for the right acquisition in the alternative investments space, and by combining our businesses, we will be in the top quartile of service providers to alternative investments in the U.S.”
Fertilizer division of Madison-based agribusiness acquired
The fertilizer division of Hartung Brothers Inc. (HBI), an agribusiness headquartered in Madison, will be acquired by Ohio-based The Andersons Inc., a company with interests in the grain, ethanol and plant nutrient businesses.
The transaction is expected to close on July 31, and terms were not disclosed.
HBI’s fertilizer division has six facilities in Wisconsin and Minnesota with 145,000 tons of storage capacity. It generated about $60 million in revenue in 2008 and is the leading regional supplier of liquid fertilizers.
“The HBI fertilizer division will be a very nice addition to the plant nutrition group,” said Mike Anderson, chief executive officer of The Andersons Inc. “This strategic acquisition is consistent with the group’s state growth objective expanding our geographical footprint to serve more customers in the western corn belt states of Wisconsin and Minnesota.”
