Lubars invest in bank and health care facility company

Milwaukee investor Sheldon Lubar, his family and his company are in the midst of a busy week in which they agreed to invest $15 million in Ixonia Bancshares, parent company of ISB Community Bank, and they acquired Madison-based Erdman Company.

ISB Community Bank is an independent bank serving Ixonia, Dousman, Hartland, Oconomowoc and Watertown. The bank announced today that it has entered into a stock purchase agreement with Lubar and immediate members of his family.
Upon approval from banking regulators and shareholders, the Lubar family will invest $15 million, as part of a planned $20 million total investment, to augment ISB Community Bank’s current capital. 
In addition, Ixonia shareholders residing in Wisconsin will have the ability to purchase shares during a stock offering. The additional $20 million of capital will enhance the bank’s financial position and assure full compliance with regulatory capital requirements.
ISB Community Bank has over $300 million in assets, six locations, and has served customers for almost 100 years.
“This agreement is positive for our customers, shareholders, the community and our employees,” said Philip Holland, chairman of ISB Community Bank. “The capital will have a beneficial and lasting impact on the success of ISB Community Bank, strengthening our business and our financial position and allows us to remain a well-capitalized and independent bank.”
Lubar said, “We look forward to working with Ixonia Bancshares and ISB Community Bank and investing in its future. Simply said, our mission will be soundness, profitability and growth, in that order.”
At the closing of the recapitalization, the Lubar family investors will have voting control of Ixonia Bancshares. The transaction is subject to receipt of all necessary regulatory and shareholder approvals.
Lubar & Co. also announced its acquisition of Erdman Company. With seven offices across the country, Erdman is one of the nation’s leading health care planning, development and design-build firms, partnering with hospitals, integrated health systems and physician groups to provide optimal health care facility solutions.
The acquisition was completed in partnership with Brian Happ, Erdman president and chief executive officer, and members of the management team. The company was sold in connection with the sale of its parent, Cogdell Spencer, based in Charlotte, N.C., to Ventas, a diversified Real Estate Investment Trust (REIT), headquartered in Chicago.
“I look forward to working with Lubar & Co. as we aggressively pursue our vision for the future.  We are a well-capitalized company that will continue to play an important role in our country’s delivery of healthcare,” said Happ. “The unique complexities of the rapidly shifting healthcare landscape require complete focus and specialized experience.  We have a highly engaged, talented workforce ready to execute on our long-term strategies that will better serve our clients and the healthcare market.”
“We are proud to be associated with the Erdman Company, a relationship dating back approximately 50 years when my father, Sheldon Lubar, was first elected to the board of directors of Marshall Erdman & Associates,” said David Lubar. “We fully support and are pleased to be working with Brian Happ and his management team. We share their optimism about future prospects for the company given the demographic trends in America, the aging of healthcare facilities and the company’s impressive record in planning, designing and constructing modern facilities for clients.”
Lubar & Co. has more than 40 years of investment experience and a record of success with portfolio companies in diverse industries in various stages of development.
Final terms of the transaction were not disclosed.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display