Iverson Language Associates Inc., a Milwaukee-based language translation company, has been acquired by TransPerfect, a global language services provider. Terms of the acquisition were not disclosed.

With the acquisition, Iverson Language Associates has become a division of TransPerfect, said Steve Iverson, founder and president of the company. Iverson has become an employee of TransPerfect, and his 40 full and part-time employees have been retained by the company.

“I am still the president and will still be involved in strategic management and making sure we meet our objectives,” Iverson said.

Iverson Language Associates will remain in its east side Milwaukee location.

Iverson said selling to TransPerfect provided him with both an eventual exit strategy from his business and a way to offer his employees greater career advancement.

“Being a sole provider, my options for retirement were limited,” he said. “There were not a lot of other companies that would acquire us. And when you look at how (TransPerfect) do acquisitions – they buy viable companies and help grow them – it preserved the name of the company and kept a job for me. It made a path for me and my employees too. There is a greater opportunity for them to grow in the industry than if we stayed small.”

TransPerfect has more than 1,000 employees across the globe and expects 2008 revenues of more than $200 million. The New York-based company has more than 50 locations on four continents.

For more information, visit www.iversonlang.com.

Commerce State Bank to move to new headquarters in January
West Bend-based Commerce State Bank will open for business in its new 33,000-square-foot headquarters at 1700 S. Silverbrook Dr. on Jan. 20. The bank’s move was recently approved by the Wisconsin Department of Financial Institutions.

“We just had meetings with the contractor and architect,” said Joe Fazio, CEO of Commerce State Bank. “They’re putting the carpeting down in some areas and putting up cabinetry in other areas. They will be substantially complete by the end of December.”

The bank is planning to move on Jan. 17, barring any unforeseen circumstances, Fazio said, and will re-open on Jan. 20. Jan. 19 is Dr. Martin Luther King Jr. Day, and most banks are closed.

Commerce State Bank now has 23 employees, and will likely employ 26 by the time it opens in its new location. The bank is hiring new personal bankers and managers, Fazio said.

Commerce State Bank, founded in August, 2005, has grown to $260 million in assets. To assist in future growth, the bank is planning to raise a third round of capital in the first quarter of 2009, when it hopes to raise up to $10 million.

“We’re seeking a limited number of new shareholders,” Fazio said.

For more information, visit www.commercestatebank.com.

Beer Capitol completes acquisition of Miller Brands
Beer Capitol Distributing Inc. completed its acquisition of beer wholesaler Miller Brands-Milwaukee LLC last week.

The strategic acquisition has created one distributor for all Miller, Coors and Pabst products in Milwaukee County and makes Beer Capitol Distributing Inc. the largest beer wholesale distributor in the state servicing over 2,000 area accounts and employing about 250 team members.

Aldo Madrigrano will serve as chairman of the merged company.

"Our combined operations draw upon the strengths of both organizations to provide our customers with an outstanding sales and service organization representing among the broadest array of top-flight import, craft, domestic and premium brands currently available," said Madrigrano. "I'm excited to announce the closing of this acquisition and looking forward to servicing the many fine customers and consumers who have remained so loyal to Miller brands."

Beer Capitol represents a brand portfolio of import brands such as Corona Extra, Modelo Especial and St. Pauli Girl Lager, as well as domestic brands, including Coors Banquet, Coors Light and Pabst Blue Ribbon. In addition, Beer Capitol sells many premium brands such as Samuel Adams and craft brands such as those made by Capital Brewery, Lakefront Brewery, LaCrosse City Brewery and Tyranena Brewing Company.

Beer Capitol Distributing is owned by Madrigrano, president Mike Merriman and board member Ron Fowler. Madrigrano is also president of W.O.W. Distributing Co. Inc., which serves Washington, Ozaukee, Dodge and Waukesha counties.

The new entity will serve Milwaukee County.

Beer Capitol Distributing Inc. was founded in 1981 and operates offices and an 85,000-square-foot warehouse at W238 N1777 Rockwood Drive in Waukesha. The new entity also will be operating from the Miller Brands warehouse in Wauwatosa.

Breweries associated with Beer Capitol Distributing Inc. include Crown Imports, Gambrinus Co. LLC, Mark Anthony Brands (Mike's) and Star Brand Imports.

Financial terms of the transaction were not being disclosed.

Name: Joe Fazio

Title: Chairman & CEO, Co-founder

Company: Commerce State Bank

City of Residence: Cedarburg

Family: Wife, Lisa; children, Megan, Joey and Becca

What's new at your company this year? “Eight new employees, a new building, a new information technology partner (Metavante), hundreds of new clients, and perhaps you’ve heard, there’s an unbelievable change in the economy particularly as it relates to the financial services industry and banking. Years of easy credit and leverage are ‘unwinding.’ Thankfully, we’ve avoided the major problem areas – sub-prime mortgages, Fannie & Freddie stock, Lehman Brothers bonds, out-of-state real estate, etc. I’m sure there is more, but these have kept us quite busy.”

What was the best investment/client/project you've been involved with? “The best investment I’ve been involved in is this bank. I have never worked so hard, but never had so much fun. We’ve been very blessed with great clients, shareholders, employees and partners.”

What was the funniest or most interesting moment of your career? “There are several funny and interesting moments, most from when I’ve done or said something embarrassing. It is difficult to come up with one acceptable for print. I’m glad you are not asking my partners to provide an answer. I recall one time when we were signing documents asking our attorney, Bob Henkle of Reinhart what the “Its” means where you write in your title under your signature, thinking it was some legal acronym or Latin word. He replied, “It simply means ‘its’ CEO, CFO, President, or whatever title you write in, nothing more or less.” So I guess ‘its’ means ‘its’.”

Baird earns top ranking in industry magazine
Milwaukee-based R.W. Baird & Co. has been ranked first in Institutional Investor’s 2008 All-America Sales Team rankings amongst the “best small and mid cap equity sales forces in the United States.”

Recipients of the annual ranking are derived from Institutional Investor’s All-America Research Team survey. The sales portion of the 2008 survey provides rankings across 13 broad industry groups and specialist sales categories, rating 10 sales performance attributes for each candidate. To determine the best sales teams in the U.S., Institutional Investor surveyed portfolio managers, buy-side analysts, directors of research, chief investment officers and other investment professionals at 506 firms managing U.S. equities.

Baird moved up from No. 2 on the list in 2007, ranking ahead of competitors including William Blair & Co., Piper Jaffray, Jefferies & Co., Raymond James & Associates, Oppenheimer & Co. (CIBC).

Baird’s institutional equity services group is completing what is expected to be its fourteenth straight year of record revenues.

“Our team constantly strives to deliver timely, insightful advice and best execution for all of our clients in an incredibly competitive environment,” said Bill Mahler, Director of Institutional Equity Services. “Ultimately we rely on our clients to tell us how successful we are and, in that light, recognition like this is very meaningful for us.”

Mayfair Mall owner gets extension on loans
General Growth Properties Inc., the financially strapped real estate investment trust (REIT) that owns Mayfair Mall, announced it has reached an agreement with its syndicate of lenders to extend the deadline of its loans for two weeks.

The company has negotiated an extension on its Fashion Show and Palazzo mortgage loans totaling $900 million, which had been due Nov. 28.

The parties are continuing their discussions on a longer term extension, General Growth announced.

Chicago-based General Growth has an ownership interest in or management responsibility for a portfolio of more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings.

The company portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. However, the firm has been struggling as growing numbers of retailers are closing stores in response to declining consumer demand.

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