Mergers and Acquisitions

With deal news from Foundations Bank, Manitowoc Co. and Gehl Co.

Foundations Bank parent buying Amerihome Mortgage
Generations Bancorp Inc., the parent company of Pewaukee-based Foundations Bank, has agreed to purchase Brookfield-based Amerihome Mortgage Company LLC to create a wholly-owned mortgage banking subsidiary called American Foundations MortgageBanc Inc.

"The new entity will continue all current Amerihome operations, with the benefits of being a mortgage banking subsidiary of our financial holding company," said Greg Kolton, chairman, president and chief executive officer of Foundations Bank and Generations Bancorp. "Even in the current economy, people are buying homes and need traditional mortgage products. Amerihome is a top-quality company known for experienced people who provide safe and sound mortgage financing products. The management philosophy and culture are synergistic with those of the bank. We both believe in building long-term relationships based on trust."

Kolton said the new subsidiary’s strength will position it to be a reliable source of mortgage products.

"This addition to the Foundations Bank family will also give the bank more opportunities to reach customers with our high-quality products and services," he said.

Nicholas DelTorto, president and CEO of Amerihome, will serve as president and CEO of American Foundations MortgageBanc Inc. Amerihome employees will continue in their current positions.

"As part of Generations Bancorp, we’ll have access to more capital to support our continued growth," DelTorto said. "Through being aligned with a strong bank, we can offer our customers greater long-term stability."

Kolton said the new subsidiary will bring more revenue to Generations Bancorp and more potential customers to Foundations Bank.

"American Foundations MortgageBanc Inc. will continue to offer the same great mortgage products, helping customers find the right mortgage, at the right price, while experiencing a smooth, professional mortgage process," he said.

Manitowoc completes acquisition of Enodis
The Manitowoc Company Inc. has finalized its acquisition of Enodis plc, a global leader in the design and manufacture of innovative equipment for the commercial foodservice industry.

The $2.7-billion acquisition will establish Manitowoc among the world’s top manufacturers of commercial foodservice equipment. Manitowoc also is one of the world’s leading producers of cranes and innovative lifting solutions for the global construction industry.

The successful integration of the Manitowoc and Enodis foodservice businesses will create a platform for global growth. With capabilities that span refrigeration, ice-making, cooking, food-prep, and beverage-dispensing technologies, Manitowoc will be able to equip entire commercial kitchens and serve the world’s growing demand for food prepared away from home.

"Given the experience that we gained in prior acquisitions, we will use a consistent approach in integrating Enodis and Manitowoc," said Glen Tellock, president and chief executive officer. "We believe that our expanded product line and broad-based manufacturing capabilities will enable Manitowoc’s Foodservice segment to grow and succeed, even in a diverse global marketplace."

Gehl sale finalized
The $450 million sale of West Bend-based Gehl Co. to Manitou BF S.A., a French manufacturer, was finalized Monday.

The purchase price was a 120 percent premium over Gehl’s closing price on the date of day before the transaction’s announcement. Milwaukee-based R.W. Baird & Co. served as the financial advisor to Gehl Co. in the transaction and offered its board of directors a fairness opinion on the offer.

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