Mergers & acquisitions
Zeon Solutions acquires Grand River Interactive
Zeon Solutions, a Milwaukee contract software and developmental services company, has acquired Grand River Interactive of Ann Arbor, Mich.
Milwaukee mergers and acquisitions firm Pentvia Parners assisted with the transaction, which joins two similar companies with different specialties.
According to Pentvia, Zeon focuses on industrial customers like Brady Corporation, while Grand River serves many retail companies, such as Gander Mountain.
The companies have both experienced rapid growth. Zeon has experienced 30 percent and Grand River has had 125 percent compound annual growth over the past three years.
Both Zeon and Grand River will retain their brands and identities. The combined company has 285 employees.
"Both organizations have complementary capabilities and deep e-Commerce skill sets, so we see this as an outstanding opportunity to grow together," said Rupesh Agrawal, CEO of Zeon Solutions.
Roadrunner acquires New Hampshire trucking company
Cudahy-based Roadrunner Transportation Systems Inc. has acquired all of the outstanding capital stock of Capital Transportation Logistics (CTL), a provider of transportation management solutions located in Nashua, N.H.
The purchase price of $6.25 million was financed with borrowings under Roadrunner’s credit facility.
"The acquisition of CTL broadens the service offerings within our TMS business segment and expands our critical mass, freight density, and customer base in the Northeast," said Mark DiBlasi, chief executive officer of Roadrunner. "CTL has built solid customer relationships with mid-sized and large shippers by providing robust, user-friendly technology solutions, access to consistently competitive rates, and an ability to drive continuous operating improvements."
"CTL is very complementary to our TMS platform," said Paul Kithcart, president of Roadrunner’s TMS business segment. "We are excited about the opportunity to market their service capabilities across our collective customer base and to accelerate geographic expansion across the United States."
In 2011, CTL generated net revenues of approximately $6 million. CTL is expected to be accretive to Roadrunner’s earnings in 2012.
Corix to acquire Utilities Inc.
Wauwatosa-based Corix Utilities has entered into a definitive agreement to acquire 100 percent of the membership interests in Hydro Star LLC from Highstar Capital Fund II L.P. and some of its affiliates and co-investors.
Hydro Star, through its wholly owned subsidiary, Hydro Star Holdings Corp., is the sole shareholder of Utilities Inc., a privately held regulated water and wastewater company headquartered in Northbrook, Ill.
Utilities Inc. is one of the largest privately owned U.S. water and wastewater companies, serving more than 290,000 customers across 15 states.
“Corix’s vision is to be the leading North American multi-utility infrastructure provider, and this acquisition continues the successful execution of our growth strategy," said Brett Hodson, president and chief executive officer of Corix. "These assets come with an exceptional management team and employee group with a proven track record of delivering safe and reliable service. These values align well with Corix’s commitment to working closely with local communities in providing sustainable utility infrastructure solutions across North America. We look forward to welcoming the Utilities, Inc. management and employees to Corix.
“We believe that Utilities Inc. is a best-in-class water utility with a strong management team and a dedicated and highly professional group of employees,” said Christopher Lee, Highstar’s founder and managing partner. “Under our ownership, Utilities Inc. has been customer focused and committed to providing safe and reliable service. We are pleased that Corix is also a leader in the North American water sector and shares these values.”
The transaction is subject to regulatory approvals.
