Mergers & Acquisitions

Steinhafel’s acquires Evans Mattress & Furniture Co.

Steinhafel’s Furniture recently announced it has acquired Evans Mattress and Furniture Co., combining two of southeastern Wisconsin’s oldest and best-known mattress stores.

The acquisition will will enable Steinhafel’s to enter the factory-direct mattress market with products manufactured by the Evans staff.

Both Steinhafel’s and Evans are third-generation, family-owned companies.

Under terms of their agreement, Jeff Tennyson, grandson of founder Bob Evans, his sister, Kristin Finco, and all of their mattress employees have accepted positions with Steinhafel’s.

Tennyson will supervise Steinhafel’s factory-direct mattress manufacturing, which will take place at Steinhafel’s New Berlin facility.

“We’re both thrilled because we’re able to keep Milwaukee area jobs here in the Milwaukee area,” company president Gary Steinhafel said. “A fact sometimes lost in major purchases is that jobs frequently are sent to the purchaser’s facilities in other cities or states, but not in this case. This purchase is good for the people involved, good for the local economy and good for our customers.”

Tennyson said, “For 60 years, our products have been manufactured with a passion for quality by employees committed to their work. To be able to retain this dedication to handcrafting mattresses, one at a time, especially tailored for customers, and then offering them through Wisconsin’s largest retail mattress store is a wonderful opportunity for all of us.”

Steinhafel said the idea of entering the factory-direct mattress market was championed by his sister, Ellen Steinhafel-Lappe, the company’s chief financial officer.

“Ellen saw this not just as an opportunity to expand our business, but to do so in a way that would allow us to stamp the product with our standard of excellence that customers have come to trust,” Steinhafel said. “Customers will be able to purchase quality products that are built right here in the Metro Milwaukee area, thereby eliminating freight, national advertising, and other middleman’ costs.”

Tennyson also noted that his family and the Steinhafel family have had a longstanding friendship.

“And when Gary heard about our plans to close, he contacted us with the idea of seeing if there was a way for Evans and Steinhafel’s to work together in the future,” Tennyson said.

Steinhafel said he expects to introduce the new factory-direct line within the next 60 days.


Fi-Med acquires medical billing firm

Wauwatosa-based Fi-Med Management Inc. has acquired Mediplete, a growing medical billing firm with offices in Utah and southern California.

The acquisition is intended to help Fi-Med expand its presence into the western United States.

“It was a natural for the two companies to merge,” says Fi-Med president Adrian Velasquez. “Fi-Med had proven technology with proven results. Mediplete was able to bring more value to their clients without having to increase the cost to the client.”

Fi-Med has welcomed aboard all existing Mediplete employees, including the company’s owners and management team. Mediplete clients, many of them surgical centers and anesthesia groups, will continue to receive the same services they received before the acquisition, with the addition of Fi-Med’s repertoire of financial medical management services and cutting-edge technology.

Novum expands in Europe with acquistiions

Menomonee Falls-based Novum Structures LLC is expanding its European marketshare by acquiring CoverTex Management Systems Ltd. and Rig ‘n High Ltd., both of the United Kingdom.

The two companies have been purchased and combined to form Novum Structures UK Ltd.

Novum’s existing company in Germany, Novum Structures GmbH, also has acquired KFM GmbH, another high quality manufacturer of architectural membrane materials for lightweight structures.

Novum Structures is a specialty contractor for high-technology spatial architectural structures and enclosures, primarily in steel and glass. The addition of a capability to design and fabricate the most advanced membrane cladding systems will expand Novum’s product line.

“The addition of KFM is exciting for us and gives us not only a world class production capability in a new technology but also a central logistic center for our European project business,” said Ian Collins, chief executive officer of Novum Structures. “In addition to growing our European business, we fully expect to introduce this exciting product technology to the United States architectural market through our established sales team and brand. The acquisitions are part of our growth strategy to diversify and control risk using the opportunities available in the global economy.”

Harris moves forward with Wisconsin bank acquisitions

Chicago-based Harris Bankcorp Inc. and BMO Financial Group announced they have received all required regulatory and shareholder approval and expect to close on the acquisitions of Ozaukee Bank and Merchants and Manufacturers Bancorporation Inc., later this month.

Harris and BMO announced in July 2007 a definitive agreement for BMO to purchase Ozaukee Bank, a Cedarburg-based community bank with six full-service and two limited-service locations.

Additionally, Harris and BMO announced a definitive agreement to purchase New Berlin-based Merchants and Manufacturers, which operates 34 full-service and 11 limited-service locations in an area concentrated in Milwaukee, and extending into Green Bay to the north and LaCrosse to the west.

“Harris, Ozaukee Bank and Merchants & Manufacturers share the same commitment to helping customers reach their goals by making smart financial decisions, and ensuring our communities prosper through active support as engaged corporate partners,” said Ellen Costello, chief executive officer of Harris Bankcorp Inc. “We look forward to building on the foundations of these great banks to better serve customers, grow our business and enrich the communities we serve.”


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