Chicago-based Arbor Investments has completed its acquisition of Midland Container Corp. in Franksville, Wis.
Midland produces value-added corrugated packaging and display products.
In conjunction with the acquisition, Arbor operating partner Sieg Buck, a former senior executive for Newell-Rubbermaid, has been named chief executive officer of Midland.
The current management team will continue in their respective roles with the company.  Financial terms of the acquisition were not disclosed.
Founded in 1947 by the Gerlach family, Midland manufactures corrugated shipping containers, custom-designed industrial packaging and full-color point-of-purchase displays.  The company also provides an array of value-added services in structural design, front-end creative design, just-in-time (JIT) inventory management, packout and fulfillment.
"We are excited to be acquiring a company the caliber of Midland Container," said Arbor vice president Richard Boos. "Midland's outstanding reputation as a market leader in product quality and service provides the ideal foundation for accelerating the Company's growth."
Arbor Investments is one of the only private equity firms in North America that solely invests in the food, beverage and related industries. The firm has $236 million of capital under management across two private equity funds.
Boos said Arbor anticipates future growth for Midland.
"Employees and facilities will grow with the company," Boos told SBT. "We feel that it’s a great platform for growth.”
Midland Container represents Arbor's second investment in a Wisconsin-based company.  Previously, Arbor owned and then sold its interests in Mexican Accent Inc., the manufacturer of Manny's branded tortillas, located in New Berlin.
Arbor remains interested in making investments in other Wisconsin companies, Boos said.
"We’re always interested in something nearby, given our location in Chicago," he said. "And the area (Wisconsin) is a big interest. It's got a lot of food and beverage (companies)."
"Our partnership with Arbor will be a tremendous asset to the company going forward" said John Grow, chief operating officer of Midland. "Arbor brings a full complement of strategic, financial and operational resources to bear as we seek to build on our historically strong presence in the food and beverage packaging segment."

Direct Supply has completed the construction of the first building in its previously announced $85 million expansion project at 6767 N. Industrial Road in Milwaukee.
The company is planning a 10- to 15-year expansion of its current headquarters, linking its nine existing buildings with seven multi-story connectors and adding more than half a million square feet of office space for up to 2,500 additional employees.
Direct Supply is a privately held, employee-owned company started in 1985.  The company is the largest supplier of equipment for nursing homes, assisted living centers and retirement communities in the U.S.  It also operates the nation’s largest supply chain eCommerce network for those customers. 
The company planned a ceremony today to celebrate the grand opening of the first building in the expansion. Wisconsin Gov. Jim Doyle, Milwaukee Mayor Tom Barrett and other dignitaries were planning to attend the ceremony at the company's headquarters at 4 p.m.

Retailer Steve & Barry's LLC is running out of cash and is preparing to close more than 100 of its stores as it contemplates bankruptcy, according to a report in The Wall Street Journal.
The Port Washington, N.Y.-based apparel chain is considering a complete liquidation of its assets if it cannot find emergency financing, according to the report.
The company's bankruptcy counsel, Weil Gotshal & Manges LLP last weekend prepared for a potential bankruptcy filing as soon as this week, The Journal reported.
Sources told The Journal that Steve & Barry's officials were reaching out to other retailers, such as Wal-Mart Stores Inc., Gap Inc. and Sears Holding Corp., to see if they have any interest in investing in the company.
Steve& Barry's operates nine stores in Wisconsin, including a store at Southridge Mall in Greendale.

Twelve provosts from the Big Ten universities and the Midwest region say they will work together on efforts to make the Midwest's economy more competitive and are calling on governors to join them in the effort.
The provosts from the Committee on Institutional Cooperation (CIC), a consortium of the Big Ten universities plus the University of Chicago, signed a resolution during an economic summit convened by the provosts at the Federal Reserve Bank of Minneapolis on Friday.
University leaders, leaders of regional banks, chief executive officers, government leaders, economists, researchers and professors participated in the summit in an effort to find ways to break down barriers that prevent them from effectively working together to build a vital Midwest economy.
The summit, "Developing a Regional View of the Midwest Economy: Breaking Down Barriers That Impede Regional Progress," was sponsored by the University of Minnesota, the CIC and the Federal Reserve Bank of Minneapolis.
The summit concluded that the region already possesses vitally important assets, including the Great Lakes, significant industrial and corporate entities, world-class research universities, dynamic cities and agricultural resources - all of which are central to a vibrant Midwest economy.
"There has to be a better partnership - public-private partnership between the political leadership of each state and the business and corporate leaders, to be able to understand that they need a closer relationship with the universities that are literally in their back door and have all the talent to educate and to train the next generation of workers," said University of Minnesota provost Thomas Sullivan.
"The Midwest economy is undergoing an uneven transition to a new economic model propelled by knowledge based industries. While cities such as Chicago and Minneapolis have prospered by reinventing themselves and becoming meccas for new industries and talented workers, other parts of the region struggle with moving up the economic food chain. What is clear is that the production and retention of skilled human capital will have to be at the center of any regional plan to promote economic vitality," said Richard Mattoon, senior economist and economic advisor, Federal Reserve Bank of Chicago.
The region has strengths to build on, but it is losing ground as other regions make a more compelling case for where investment should go.
"The Midwest is failing the challenge of globalization, largely because it's so balkanized, with each state trying to compete in the global economy. Midwestern states are simply too small, too incompetent, too obsessed with the wreckage of the industrial economy, to deal with the problems of the future, like education. It's time for other players - cities, businesses, especially universities - to come together in a concerted regional approach that would leverage the Midwest's strengths, not undermine them," said Richard Longworth, senior fellow, Chicago Council on Global Affairs and author of the new book, "Caught in the Middle: America's Heartland in the Age of Globalism" (Bloomsbury).
To view a video interview about the summit, visit https://mediamill.cla.umn.edu/mediamill/embed/14499.

A new 87-room Country Inn & Suites By Carlson has opened in Marinette at 2020 Old Peshtigo Road.
The Country Inn & Suites property is located within walking distance to Pine Tree Mall and less than four miles from Menominee County Airport.
"We're very excited to bring the Country Inns & Suites By Carlson concept to this region," said Steve Mogck, executive vice president of franchise operations for Country Inns & Suites By Carlson. "All employees will participate in the Country Inns & Suites 'Be Our Guest' service training program, to ensure consistent delivery of quality customer service at our hotels."
"This new Country Inn & Suites By Carlson is a wonderful addition to our community. We are confident that this recognized brand and lodging concept will help us grow and prosper in the future," said Megan LaCosse, general manager of the Country Inn & Suites By Carlson in Marinette.
The owner of the hotel is MARWI LLC.

Wisconsin Gov. Jim Doyle has launched the new Department of Children and Families, an agency designed to protect children, strengthen families and build communities.
The new Department of Children and Families will be Wisconsin's first cabinet agency focused exclusively on promoting the safety, economic and social well-being of kids and families of the state.
The new department brings together under one roof 30 services currently divided between the Department of Health and Family Services (DHFS) and the Department of Workforce Development (DWD).
"I want this state to be a place where our kids can grow up knowing that their highest ambitions are never out of reach," Doyle said. "As I've said many times, the single most important thing we can do today to ensure a strong, successful future for Wisconsin is to invest in our kids early - because what we do now will determine exactly what kind of state Wisconsin will be 10, 20 even 50 years from now."
Reggie Bicha, 38, of Eau Claire was named secretary for the Department last November.
Doyle also announced the department's web site includes a new web tool that allows families to research child care providers in the state. For more information, visit http://dcf.wisconsin.gov.

Jannsen & Co., a Waukesha-based tax, human resources, information technology, payroll and wealth management firm, will break ground on a new $4.5 million, 25,000-square-foot multi-tenant building in Pewaukee on Wednesday, July 9. For more, read the new edition of the BizTimes Money bulletin.

The Urban Economic Development Association of Wisconsin (UEDA) held its seventh annual Community Development Summit recently at the Italian Conference Center. More than 225 participants representing a cross-section of community, government, political and business leaders attended the event. The theme was "Transportation & Jobs: The Case for Regional Cooperation." To view a slideshow of photographs from the event, visit the latest edition of SBT Around Town.

In the final trading session of the second quarter, the BizTimes Stock Index lost .22 points to close at 139.48, just a whisker above its 52-week low of 138.87, and local stocks bounced around in a volatile session this morning. The largest local advancers this morning were Modine Manufacturing Inc. (up $1.13 to $13.50) and Badger Meter Inc. (up 96 cents to $51.49). The largest local decliners this morning were Twin Disc Inc. (down 67 cents to $20.26) and Gehl Co. (down 47 cents to $14.32). The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.

Corporate responsibility and engagement in the community are not only the right things to do, they're good for business, according to Karl Robe, author of today's Milwaukee Biz Blog.

Starbucks Corp. became the latest distressed American retail chain today by announcing it will close approximately 600 underperforming company-operated stores across the United States.

Once a darling of Wall Street, the Seattle company said its decision is a result of a thorough evaluation of its portfolio of stores.

In addition, Starbucks now expects to open fewer than 200 new U.S. company-operated stores in fiscal 2009.
The stores identified for closure are spread across all major U.S. markets with approximately 70 percent of them opened since the beginning of fiscal 2006, the company said.

The firm did not immediately identify the stores that will be closed. According to the company's web site, Starbucks has 41 stores in the Milwaukee area.

The majority of the store closures are scheduled to occur during the remainder of fiscal 2008 and the first half of fiscal 2009. The timing of the closures is dependent on finalizing third-party agreements, and is therefore subject to change.

Both full-time and part-time retail positions will be eliminated.

"In January, we committed to transforming the company through a series of critical and strategic initiatives to improve the current state of our U.S. business and build the business for the long term," said Howard Schultz, chairman, president and chief executive officer of Starbucks. "Throughout the history of the company, we have always aspired to put our people first.  This makes our decision to close stores difficult, because it is disrupting the lives of the people who have worked so hard to deliver superior service to our customers."

Schultz has scheduled a conference call with analysts later today.

The company's pre-tax charges related to the store closures include approximately $200 million of asset write-offs to be recognized in the third quarter of fiscal 2008. In addition, a projected $120 million to $140 million for lease termination costs and future lease obligations are expected.

Costs associated with severance are currently estimated to be approximately $8 million, and the company anticipates the charges to be recorded during the same timeframe as the store closures.

Wisconsin Gov. Jim Doyle announced today that the Marquette Interchange project in Milwaukee will be completed months ahead of schedule and millions of dollars under budget.
The project will be finished by Aug. 30, Doyle said in a press conference in Milwaukee today.
The governor could not say exactly how much of the $810 million budget will be saved at the end of August, but what is left over will go to Wisconsin's other transportation needs, he said.
"Over the past four decades, the Marquette Interchange has transported people to downtown Milwaukee," Doyle said. "The city of Milwaukee is the center for culture and commerce in Wisconsin, and this key piece of infrastructure is an important addition to a thriving downtown. The Marquette Interchange project is the largest transportation construction project in state history, and we are getting it done early and under budget."
Doyle credited the success of the project to the cooperation and communication of all parties involved.
"The project will finish in less than four years and has focused on minority contracting and labor participation, committing more than $120 million to women and minority-owned consultants and contractors and hiring 1,000 minority workers to fill about 21-percent of all work hours on the project," Doyle said. "The Marquette Interchange has been called, 'The Gateway to Wisconsin,' and supports not only traffic, but economic growth throughout the region."