Mequon technology company
acquires Tennessee firm
Eagle Technology Inc. of Mequon has acquired Equipsoft Corp., Knoxville, Tenn.-based maintenance management software vendor.
“Equipsoft offers a complementary product line. The combined enterprises will result in a stronger presence in the maintenance field,” said Harshad Shah, president of Eagle Technology.
Equipsoft president Rich Gabel will continue to serve the merged company as a consultant. “Eagle’s commitment to the maintenance market and their reputation for quality solutions and service made them an ideal merger partner. Equipsoft customers will have a stronger base of support through the merger along with an enterprise solution to meet their growth needs,” Gabel said.
Eagle Technology was founded in 1987 by Shah and is privately owned. Eagle’s ProTeus family of products is used by more than 3,000 users in companies of all sizes and is translated into 10 languages.
Eagle Technology Inc. formed Equipsoft Eagle LLC to handle the transaction. The financial terms of the acquisition were not disclosed. Eagle also has a wholly owned subsidiary in Monterey, Mexico.
Adelman Travel Group acquires
Fort Worth agency
Milwaukee-based Adelman Travel Group, the eighth largest travel agency in the nation, announced it has acquired Pegasus Travel of Fort Worth, Texas.
“With the addition of Pegasus Travel and our recent sales and retention successes, we should see over 20 percent sales growth in 2007,” said Craig Adelman, the company’s founder, president and chief executive officer. “Our extensive growth can be attributed to the skill and professionalism of our staff, which is by far the most significant ingredient of a successful travel agency.”
Pegasus Travel, which has sales of more than $25 million, was founded by Bill Davidson in 1977. His son and current president and CEO, Bill Davidson Jr., took over operations of the company in 1986. Pegasus Travel was one of the first agencies to develop extensive travel management for business travelers, while placing high value on service.
“We will continue to provide our clients with the same personalized service and local responsiveness from our Fort Worth office. By joining Adelman Travel, we will have more to offer business and leisure travelers than ever,” said Davidson Jr.
Brookfield company sold
to private equity group
Crisis Prevention Institute Inc. (CPI), a Brookfield-based global crisis prevention training company, has been sold to The Riverside Company, a global private equity firm.
CPI, which was founded in 1980 by David Ippolite, has less than 100 employees and offices in England, Germany and Japan. Ippolite sold all of his interest in the company.
However, the CPI management at its headquarters, 3315 N. 124th St., will be retained.
Financial terms of the transaction were not disclosed.
“In CPI, Riverside found a company in a growing industry, with an attractive record of customer retention, a passion for its products and an outstanding and experienced growth team – all contributors to the company’s ability to grow its top line and gross margins consistently without a down year,” said Suzy Kriscunas, a partner at Riverside. “We expect to help CPI further penetrate existing end-markets such as traditional health care, education and retail, and to expand into other markets that have not historically been a focus.”
Riverside has $1.6 billion under management in
eight funds. The company has 11 offices in cities
such as Chicago, New York, San Francisco, Budapest and Munich.
Emory & Co., a Milwaukee investment banking firm, represented CPI in the sale.
“Emory far exceeded my expectations in terms of value and completing the sale in a few short months,” Ippolite said.
Port Washington State Bank to acquire Marine’s Cedarburg branch
Port Washington State Bank announced it plans to purchase the deposit accounts and real estate of the Cedarburg office of Marine Bank of Wauwatosa. The office is located at W61 N526 Washington Ave.
The sale is part of a strategic plan by Marine Bank to consolidate its branch banking facilities to achieve operating efficiencies and to better concentrate on targeted growth markets and lines of business for the bank.
Marine Bank will continue to operate its 11 branch facilities in Brookfield, Franklin, Milwaukee, Pewaukee and Wauwatosa; Carmel and Indianapolis (two locations) Ind.; Scottsdale and Sun City, Ariz.; and Henderson, Nev.
Steve Schowalter, president and chief executive officer of Port Washington State Bank, said, “The purchase is a ‘win-win’ for all concerned. We anticipate being able to seamlessly transfer the accounts of the office to our systems and complimentary products with no disruption in service or significant time commitment on the part of the Marine Bank clients.”
Schowalter said all of the Marine Bank–Cedarburg employees have been offered similar positions at Port Washington State Bank.
“We will be looking at equipment and facility upgrades in the very near future to better serve our customer base in Cedarburg, which will number in excess of 1,000 households after the acquisition,” Schowalter said.
The purchase is subject to regulatory approval and is expected to close during the first quarter of 2007.
This acquisition is part of Port Washington State Bank’s strategic plan to continue to expand the franchise within Ozaukee County, Schowalter said.
Port Washington State Bank is an independent community bank with assets of $300 million.
Rexnord to acquire
plumbing products business
RBS Global Inc., the parent company of Milwaukee-based Rexnord Corp.announced it has entered into an agreement with an affiliate of Apollo Management
L.P. to acquire the Zurn plumbing products business of West Palm Beach, Fla.-based Jacuzzi Brands Inc. for $950 million.
Rexnord anticipates the purchase will be financed through an equity investment by Apollo and its affiliates of approximately $290 million and debt financing of approximately $660 million, for which Rexnord has received customary commitments. The acquisition, which is expected to close in the first quarter 2007, will create a new strategic water management platform for Rexnord.
Rexnord’s acquisition of Zurn is dependent on Rexnord’s receipt of financing, as well as the completed acquisition of Jacuzzi Brands by Apollo, which is subject to customary closing conditions, including the receipt of debt financing and approval by Jacuzzi Brands’ stockholders. With the acquisition, Rexnord, a leading manufacturer of highly engineered power transmission, aerospace and other precision motion technology products, adds another strategic platform.
George Sherman, chairman of Rexnord and former president and chief executive officer of Danaher Corp., will be co-investing in the transaction with Apollo.
“We look forward to working with Al Marini, current president and CEO of Jacuzzi Brands, and the entire Zurn team to continue their successful track record of financial performance, which includes more than a decade of strong revenue and earnings growth,” Sherman said. “We believe this acquisition will enhance Rexnord’s already strong growth potential as a high quality, multi-industry company.”
Bob Hitt, Rexnord’s president and CEO, said, “Zurn’s water management business complements our already successful power transmission business. Zurn has a strong market position, leading brands, innovative new product development capabilities, excellent customer service, dedicated employees and a solid management team.”
Rexnord also is a portfolio company of Apollo Management.
