Mergers & Acquisitions

M&I completes North Star aquisition

Marshall & Ilsley Corp., the Milwaukee-based parent company of M&I Bank, announced it has completed its acquisition of North Star Financial Corp. of Chicago.

North Star’s businesses will be integrated with M&I’s Wealth Management unit, which provides trust, asset management, brokerage, and private banking services to individuals, institutions, and corporate clients

The new M&I Wealth Management office in Chicago will continue to serve North Star’s clients’ wealth management and trust needs.

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Baird Private Equity sells Ohio company

Baird Capital Partners, the buyout fund of Baird Private Equity, announced the sale of its portfolio company, The Hygenic Corp. of Akron, Ohio, to The Cortec Group Fund IV L.P., a New York-based private equity firm.

Hygenic is a manufacturer and marketer of branded healthcare and fitness products for the rehabilitation, therapy, and wellness markets, including those marketed under the brands Thera-Band, Biofreeze, Dyna-Band, Aquafins and Parabath. Baird Capital Partners, the lead investor in Hygenic since 2004, partnered with American Capital Strategies Ltd. and Beecken Petty O’Keefe & Co.

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“We are proud of Hygenic’s growth since our purchase in 2004,” said Andrew Brickman, a partner at Baird Capital Partners, an affiliate of Milwaukee-based Robert W. Baird & Co. Inc. “Our investment exceeded our return expectation with greater than a 4x return on invested capital.”

“Baird and our other equity partners provided key strategic and financial resources allowing us to expand and build upon the most trusted and effective products in our industry,” said Hygenic chief executive officer Stewart Lorenzen. “We will continue to build upon this platform with our new partners at Cortec.”

During Baird Capital Partners’ ownership, Hygenic grew its sales from $40 million to $70 million.

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New York investors to acquire Janesville manufacturer

A New York investment group has signed a definitive agreement to acquire RathGibson Inc., a Janesville-based manufacturer of highly engineered premium stainless steel and alloy welded tubular produces.

RathGibson will be sold by its corporate parent, RGCH Holdings Corp., to affiliates of DLJ Merchant Banking Partners in a transaction valued at approximately $440 million.

DLJ Merchant Banking Partners, also known as Donaldson, Lufkin & Jenrette Merchant Banking Partners, is the leading middle market private equity investment arm of Credit Suisse First Boston.

Under the terms of the agreement, the buyer is expected to purchase RathGibson’s 11.25 percent senior notes due 2014.
Modine to explore sale of division Racine-based Modine Manufacturing Co. announced it is exploring strategic alternatives, including the potential sale of its Electronics Cooling business.

The Electronics Cooling business has plants in Lancaster, Pa., and Ashington, Great Britain. Combined, the plants have about 180 employees. The division expects revenues of $32 million in fiscal 2007.

The internal review process will be handled by Richard Ruffo, Modine’s director of development and strategic planning.

National City to acquire MidAmerica Bank’s parent company

National City Corp. has reached a definitive agreement to acquire MAF Bancorp Inc., which had acquired St. Francis Capital Corp., the former parent company of St. Francis Bank, in 2003.

Clarendon Hills, Ill.-based MAF has $11.1 billion in total assets and is the holding company for MidAmerica Bank, which operates 82 branches throughout the Chicago and Milwaukee markets. MidAmerica Bank is the 11th largest banking institution in the Chicago market with $5.7 billion in deposits and 58 branches.

The transaction also marks Cleveland, Ohio-based National City’s entrance into Wisconsin. With 24 branches and $1.3 billion in deposits in Milwaukee, MidAmerica currently is the fifth-largest bank in this market.

“The acquisition of MidAmerica Bank aligns perfectly with the strategy we have articulated over the last several years. It accelerates our expansion in the attractive growth market of Chicago and provides us the opportunity to serve customers in Milwaukee for the first time,” said National City chairman and chief executive officer David Daberko. “MidAmerica is a well-run institution with an exceptional branch network and a culture of superior customer service. We look forward to leveraging these strengths as we merge our franchises.”

“This partnership will be good for our customers, shareholders, employees and communities,” said Allen Koranda, MAF Bancorp chairman and CEO. “Joining forces with National City will greatly enhance our product and service offerings and significantly expand our delivery channels. Our customers will benefit from National City’s full suite of products and services, including expanded corporate banking, wealth management and mortgage banking services and greatly enhanced consumer and small business products and services, including credit card, online banking and bill pay services and an industry leading customer rewards program, points from National City.”

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