M&A Deals of the Week

With deal news from Jefferson Wells and Joy Global

Jefferson Wells acquires New Jersey firm
Jefferson Wells, a Milwaukee-based global provider of tax, finance and accounting, internal audit and controls, and technology risk management-related services, has acquired The Gelber Organization, an Edison, N.J.-based state and local tax consulting firm.

Jefferson Wells said the acquisition will enhance its rapidly growing tax practice by expanding its services and capabilities in the highly technical arena of state and local taxation.

"Jefferson Wells is in a unique position to enhance our clients’ tax functions with The Gelber Organization’s deep expertise and talent, extending our services and expanding our ability to meet the growing client demand for state and local tax consulting," said Michael Touhey, president and chief operating officer of Jefferson Wells.

"By joining Jefferson Wells’ global network of highly experienced professionals, resources and service offerings, this move allows us to better serve our clients," said Arthur Gelber, president of The Gelber Organization.

In conjunction with the acquisition, Jefferson Wells is formally establishing its third Tax Center of Expertise, which will focus on client needs.

Jefferson Wells is an independently operating, wholly owned subsidiary of Milwaukee-based Manpower Inc.

Joy Global subsidiary to acquire Chinese company
China Mining Machinery, a wholly-owned subsidiary of Milwaukee mining equipment manufacturer Joy Global Inc, has entered into a definitive agreement to acquire all of the outstanding shares of Wuxi Shengda, a Chinese manufacturer of longwall shearing machines, for $22.0 million, excluding closing costs.

Wuxi Shengda primarily serves the markets for provincial mining companies and employs approximately 450 at its facility in Wuxi, China. Completion of the transaction is subject to customary regulatory approvals and other closing conditions and is expected to occur during the fourth calendar quarter.

Mike Sutherlin, president and chief executive officer of Joy Global, "The acquisition of Wuxi Shengda provides us with a foothold in the China market for domestic equipment and will allow us to better serve that country’s local and regional mining industry."

"We see opportunities to grow revenues and margins at Wuxi Shengda by enhancing its existing product offering through newer shearer technology, improving operational efficiencies and establishing our service/aftermarket capabilities," said Ted Doheny, president of Joy Mining Machinery, Joy Global’s underground mining business.

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