QuadTech acquires Irish print inspection technology firm
Sussex-based QuadTech Inc. has purchased Limerick, Ireland-based Vigitek, a designer and manufacturer of 100 percent print inspection technology.
QuadTech said, “The acquisition strengthens print quality solutions for printers and converters in the packaging industry by bringing together QuadTech’s advanced register guidance system with Vigitek’s state-of-the-art print defect detection technology.”
Vigitek will operate as a subsidiary of QuadTech and will continue to function as its own entity.
“We are excited to combine our companies’ products and know-how to benefit the packaging industry worldwide,” said Karl Fritchen, president of QuadTech. “Vigitek excels at continuous defect detection across the entire press web. QuadTech excels at register controls. Together, we offer a premier solution for the packaging industry.”
The precision and reliability of QuadTech’s and Vigitek’s solutions are equally well-suited for the decorative print industry, where precise color and register are essential to maintain pattern, repeat length and color consistency, Fritchen said.
“We, too, are excited about the acquisition,” added Martin Cooke, chief executive officer of Vigitek. “As part of QuadTech, we can accelerate the marketing of our print inspection technology in Europe, Asia and the Americas to help printers and converters produce packaging that reflects the quality of their customers’ brand while minimizing waste and costs.”
QuadTech is a subsidiary of Sussex-based Quad/Graphics Inc.
Growing Pewaukee company acquires Milwaukee painting firm
Pewaukee-based Facility Services Group Inc. has acquired the assets of Performance Painting LLC, more than doubling its current commercial/industrial painting capabilities in southeastern Wisconsin.
Performance Painting’s Milwaukee office and warehouse at 223 S. Second St. will remain open, but will become a Facility Services Group office. Six Performance Painting employees will be retained by the merged company.
Facility Services Group acquired Performance Painting from Michael Wolters. Financial terms of the transaction were not disclosed.
“The requests for painting and related services from building owners and property management companies has grown significantly,” said Dean Puccetti, president of Facility Services Group. “Expanding our commercial painting capabilities responds directly to our customers’ desire to improve and maintain their properties.”
Facility Services Group provides building improvement solutions to commercial and industrial facilities throughout southeastern Wisconsin with expertise in interior and exterior renovations.
Wendee Puccetti of Facility Services Group said, “We brought six employees into Facility Services Group and did not eliminate any. In fact, we plan to add more as we grow this division.”
Regal Beloit acquires Chinese firms
Regal Beloit Corp. has acquired Joyce Court Holdings Ltd. and Grand Delight Investments Ltd., sole shareholders of Wuxi Hwada Motor Co. and Wuxi New Hwada Motor Co. in Wuxi, China.
Hwada is a leading designer and manufacturer of Integral IEC and NEMA electric motors, which are used in various industrial applications such as compressor, pump, paper and steel processing, and power plants.
The purchase price was $27.6 million in cash and the assumption of approximately $8 million in net liabilities. Additionally, under the terms of the transaction, the company will pay to the seller up to $8.5 million received by the company in the future upon the sale of certain real property rights owned by Hwada.
Approximately 50 percent of Hwada’s product sales are in the Chinese industrial markets. The other half are exported to Europe, the United States and Southeast Asia. The business will be reported as part Regal Beloit’s electrical segment.
The acquired businesses are expected to add approximately $75 million to $80 million in sales for the Beloit-based company.
Henry Knueppel, chairman and chief executive officer of Regal Beloit, said, “We are very excited to announce the acquisition of Hwada. This is another significant, strategic-focused expansion of our industrial business in high growth markets. The acquisition represents our first wholly owned industrial motor facility in China. Hwada is currently one of the top industrial motor companies in China. It enjoys a reputation of product excellence and rapid growth and comes with an excellent management team.”
Modine closes on sale of subsidiary
Racine-based Modine Manufacturing Co. announced that it has sold substantially all of the assets of its Thermacore Inc. electronics cooling subsidiary based in Lancaster, Pa., for $13.25 million.
The price includes $2.5 million of seller financing with subordinated, promissory notes delivered by the buyer. The purchaser, FSBO Ventures, is owned by current and former members of Thermacore’s management team.
Commenting on the divestiture, Modine president and chief executive officer Thomas Burke said, “The sale of Thermacore is consistent with our strategy to divest non-core or underperforming assets in order to focus our leadership attention and capital resources on more strategic, value-adding opportunities.”
Kohler acquires upscale Mark David brand
Kohler Co. has acquired Mark David, a High Point, N.C.-based provider of sourced case goods and upholstered seating to the hospitality industry.
Mark David joins the Kohler Interiors Group, which is comprised of the Baker and McGuire brands of fine furnishings, Ann Sacks tile and stone, and Kallista, a luxury plumbing brand.
Mark David started in 1990 as a privately held, family-owned company, and has become a well-recognized supplier of case goods and seating to many of the four- and five-star hospitality properties throughout the United States. The company provides its hospitality customers a mix of classic, modern, casual, transitional and outdoor options for both guest rooms and public areas.
“Mark David provides a strong complement to our existing portfolio of premier home fashion brands. We intend to leverage Mark David’s expertise in the hospitality segment, as well as the brand’s focus on product value and processes that support outstanding customer response,” said Rachel Kohler, president of the Kohler Interiors Group. “All brands in the Kohler Interiors Group will be enhanced as we combine our existing depth of design and product resources with Mark David’s ability to serve a highly demanding hospitality clientele.”
Mark Norcross, the founder of Mark David, will serve as president for the brand, reporting to Rachel Kohler.
“We’re excited to be joining forces with Kohler,” Norcross said. “The collective strength of the KOHLER brands in design, furniture, plumbing and tile that Kohler offers the hospitality industry on a global scale is impressive. We’re all poised to be flexible and responsive to our hospitality customers.”
WellPoint acquires large dental benefit plan
WellPoint Inc., the nation’s largest health benefits company, announced the acquisition of DeCare Dental, one of the country’s largest administrators of dental benefit plans.
DeCare, a Minneapolis-based company, manages 4 million members representing 21,000 group customers. The acquisition of DeCare enhances WellPoint’s ability to offer dental products that balance affordability and access, drawing upon DeCare’s expertise in dental analytics and operations.
“The acquisition of DeCare builds upon a core focus of WellPoint which is to continually provide our members with innovative and industry-leading products,” said Angela Braly, president and chief executive officer of Indianapolis-based WellPoint, which operates Wisconsin Blue Cross & Blue Shield. “DeCare has clearly emerged as a leader in administering dental benefits. Their unique tools and services and exceptional management team will enhance WellPoint’s ability to provide affordable, high-quality dental benefits to our members nationwide.”
“DeCare is excited to join a company that has a unique market position of having both national scale and strong local depth,” said Michael Walsh, president and CEO of DeCare. “Our employees will be able to serve a much larger population of dental and medical members, executing on our mission to serve the oral health needs of our communities.”
Upon completion of the acquisition, WellPoint will become one of the largest providers and administrators of dental benefits in the country with significant growth opportunities nationwide. Both WellPoint and DeCare will continue to service their current clients while both dental organizations are integrated.
