Midwest Air sale finalized
The sale of Midwest Air Group Inc., parent company of Midwest Airlines, to an affiliate of TPG Capital, a Texas-based private equity group, was finalized late last week.
The transaction was valued at about $450 million. Shareholders were paid $17 cash per share under the sale. Midwest’s stock closed at $9.08 on Dec. 12, 2007, the last day it traded.
Smith family to divest of A.O. Smith shares
A. O. Smith Corp. has received a proposal from Smith Investment Co., which plans to restructure its holdings in A.O. Smith by transferring the ownership of its controlling shares of the company to its individual shareholders.
The proposed transaction would result in the shareholders of Smith Investment, a Milwaukee-based firm, having direct ownership of the same number and type of A. O. Smith shares currently held by Smith Investment.
The outstanding shares of A. O. Smith not held by Smith Investment would remain outstanding. Smith Investment currently controls more than 50 percent of the voting power of A. O. Smith.
Pursuant to the proposed transaction, Smith Investment, which is owned primarily by members of the Smith family, would be merged with a newly formed subsidiary of A. O. Smith.
Smith is also one of the largest manufacturers of electric motors for residential and commercial applications in North America.
Novum grows through acquisition in Europe
Menomonee Falls-based Novum Structures LLC is expanding its European market share 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.
Fiserv division acquired
TVC Capital has acquired Del Mar DataTrace Inc. from Fiserv Inc. Terms of the acquisition were not disclosed. TVC Capital is a private equity firm based in Del Mar, California.
Fi-Med acquires southwest firm
Wauwatosa-based Fi-Med Management Inc. has acquired Mediplete, a growing medical billing firm with offices in Utah and southern California.
The acquisition, completed on Dec. 28, 2007, will bring new and more efficient technologies to Mediplete, and will allow Fi-Med to expand into the southwest, Fi-Med officials said.
Milwaukee engineering firm acquires Florida company
Graef, Anhalt, Schloemer & Associates Inc., a Milwaukee engineering consulting firm, recently acquired BCA Consulting and Design Engineering, Inc. (BCA) in Orlando, Florida. BCA is an engineering firm specializing in mechanical, electrical, and plumbing (MEP) design. The Orlando office will be renamed BCA-GAS.
Its customer base includes government clients, architects, educational institutions, contractors, developers and industry.
This new location is GAS’ second Florida operation and will complement an existing office located near Fort Myers. Together, the two offices offer civil, structural, environmental, commissioning and MEP engineering, providing great synergy for the Florida market.
