Brookfield-based Ridgestone Bank recently assisted Johnson Outdoors Inc., a Racine based publicly traded company, in restructuring its long-term debt. The bank provided Johnson Outdoors with nearly $16 million in guaranteed term financing through the U.S. Department of Agriculture’s Business & Industry Loan Guarantee program, which is designed to create and maintain employment and improve economic and environmental climates in rural communities. Ridgestone Bank is a national leader in providing USDA B&I financing.

“Johnson Outdoors benefited with a restructuring of the company's balance sheet”, said Bruce Lammers, CEO of Ridgestone Bank. “Ridgestone Bank was able to identify five Johnson Outdoors plants throughout the United States that qualified for the USDA program.”

Ridgestone Bank worked in conjunction with Pittsburgh-based PNC Capital, which led a syndication of banks and provided Johnson Outdoors with a $69 million revolving credit facility.

Collectively, the loans to Johnson Outdoors will provide added liquidity while saving 40 percent of their borrowing costs when compared to fiscal year 2009.

Wipfli LLP, a Wauwatosa-based CPA firm, ranks fifth nationwide in terms of total assets under management, according to a recent survey by CPA Wealth Provider, a supplement to Accounting Today, an industry magazine.

The survey reflects assets under management through Wipfli Hewins Investment Advisors LLC/Hewins Financial Advisors, an affiliated company.

The survey can be found at www.webcpa.com.

Robert W. Baird & Co. Inc. chief investment strategist Bruce Bittles says the stock market's ongoing surge reflects an economic recovery in the making.

"The results of the Federal Reserve meeting held in late September indicate that Fed members feel the economy has turned the corner and should experience positive growth in the second half of the year and into 2010. The latest economic data, including better-than-expected retail sales, an uptick in small business confidence and improving weekly jobless claims confirm that the U.S. economy is on the mend," Bittles said in an advisory note Monday. "Inflation is non-threatening with last week’s CPI (consumer price index) report showing pricing pressures down year-over-year. The CPI has fallen seven months in a row. Despite the government printing presses running overtime, we anticipate there is sufficient slack in the economy to prevent inflation from gaining a foothold until late 2010 or 2011. The performance in the government bond market, with the yield on the benchmark 10-year Treasury locked in a very narrow range of 3.25 to 3.75 percent also suggests pricing pressures are very low and likely to remain soft. Reports on the housing industry will dominate this week’s economic reports. Housing starts, building permits and sales of existing homes in August are expected to show housing has stabilized and could begin a recovery phase. Improvement in the home building industry could be an important factor in new job creation, which could show up in the employment data in the months just ahead."

EMSystems acquires Pennsylvania health care software firm

EMSystems LLC, a Milwaukee-based software and technology company that serves emergency medical, fire and police agencies, has acquired Med Media of Harrisburg, Pa.

Med Media has become a wholly owned subsidiary of EMSystems, said Andy Nunemaker, chief executive of EMSystems.

EMSystems will retain most of Med Media's 20 employees and management team, he said.

"The complimentary product lines and strong EMS focus that Med Media brings to our combined company will drive significant advantages for our customers," Nunemaker said. "This acquisition enables EMSystems to offer a fully integrated suite of EMS and emergency preparedness solutions that spans across the emergency response and preparedness continuum."

With the acquisition, more than 15,000 health care providers in 43 states now use EMSystems’ software or technology, covering more than 75 percent of the U.S. population.

The acquisition of Med Media is EMSystems' third in the past 18 months, Nunemaker said, and the company continues to look for other buyout opportunities.

"We're looking for companies with complementary product lines that sell into the same space we do, so we can sell to the same distribution channels," he said.

Dalton sells off Novo 1

Renowned entrepreneur George Dalton has sold some of the key assets of Waukesha-based Novo 1 to a Michigan private equity firm and plans to sell the remaining assets of the company to other buyers soon.

Dalton confirmed last week that he has sold the inbound telephone customer service business and some other assets of Novo 1 to Glencoe Capital's Michigan Opportunities Fund.

Dalton had co-founded Novo 1 in 2000. He told Biztimes that the company was devastated by the terrorist attacks of 9-11 in 2001, which brought the airline industry to a halt. Novo 1 had handled the customer service operations of American Airlines.

Dalton said his situation became worse shortly after 9-11, when his partner at Novo 1, Ross Housley, passed away.

"This has been a very difficult situation since 9-11. We lost $30 million of business in one day. We handled the reservations business for American Airlines. That went away. I probably back then should have said, 'George, go home.' The time has come. I don't have a passion for this business," Dalton said. "I always tell people, if you have to talk yourself into getting up and going to work in the morning, don't go. Find something else to do that you like."

With revenues of $43 million last year, Novo 1 ranked as the 25th-largest inbound services provider in the domestic United States in 2008, according to Customer Inter@ction Solutions magazine.

Birmingham, Mich.-based Glencoe Capital has acquired the Novo 1 brand name and plans to expand the company with 300 new jobs in western Michigan. Glencoe has shifted the headquarters of Novo 1 to Fort Worth, Texas.

The Novo 1 call center in Waukesha will remain open, with about 40 jobs. However, some of the 12 administrative jobs in Waukesha will be eliminated, Dalton said.

"Including me. I will be unemployed," said Dalton, who previously co-founded Brookfield-based Fiserv Inc. in 1984.

When asked if the sale of Novo 1 will result in his retirement - again – the 81-year-old Dalton laughed and said, "I don't think so."

Dalton will be one of the featured speakers at the Tempo Waukesha Pulse luncheon later this month.

Novo 1 has more than 400 corporate clients and employs more than 1,100 customer-care specialists and specializes in the health care, service dispatch, and transportation and logistics vertical markets.

"In Novo 1, Glencoe Capital is supporting a growing business that has a solid operating platform, a management team that averages 15 years with the company, and a history of success," said Jason Duzan, managing director of Glencoe Capital's Michigan Opportunities Fund. "Novo 1 has performed well over the past few years and is looking to expand further both geographically and operationally."

Grainger acquires Green Bay distributor

Lake Forest, Ill.-based W.W. Grainger Inc., North America's leading broad line distributor of facilities maintenance products, has signed and closed an all cash acquisition of Green Bay-based Imperial Supplies LLC from American Capital Ltd.

Imperial is a national distributor of quality maintenance products and aftermarket components for the vehicle and fleet industry. In 2008, Imperial had sales of $67 million.

"Imperial Supplies is a leading player in the $4 billion fleet maintenance industry and we are excited to begin working together," said Mike Pulick, president of Grainger's U.S. businesses. "In addition to the financial benefits for our shareholders, we anticipate cross selling opportunities by offering Imperial customers access to Grainger's broad product offering and national distribution scale and Grainger customers access to the 20,000 fleet maintenance products Imperial carries."

The business will continue to operate as Imperial Supplies LLC under Grainger's Specialty Brands business and will be led by Rob Gilson, Imperial's chief executive officer. Gilson will report to Ralph Howard, vice president of Specialty Brands.

"We share common values that focus on serving customers with the utmost integrity," Gilson said. "Going forward, this is a big win for Imperial customers because they have our ongoing commitment to superior service combined with the scale of Grainger's industry leading network."

Financial terms of the acquisition were not disclosed. Grainger anticipates the transaction should be accretive to earnings by 3 to 5 cents per share in 2010.

Kurt Andrae has joined WaterStone Bank as vice president and head of its commercial real estate division, bringing more than 15 years of experience in the financial industry. He previously held the position of president and CEO of the former First Wisconsin Bank & Trust in Brookfield, Wisconsin.

In addition to his experience in the banking industry, Andrae is also recognized as an expert in the field of conservation development for his work with Red Wing Land Company. Andrae formed Red Wing in 2003 and permanently preserved over 300 acres of land as open space since the company’s inception.

Andrae also serves on the board of directors for the UW-Whitewater Foundation. He also serves on the advisory boards of the College of Business of UW-Whitewater, Natural Resources Consulting, Inc. and Land Choices.

Dennis Weeks was recently appointed to the board of directors of Johnson Insurance Services LLC. Johnson Insurance is part of Johnson Financial Group, the $5.7 billion financial services company. 

Weeks is president and owner of Alloy Welding, Inc. in Franksville. He purchased Alloy Welding in 1987 when it had three employees. Today, the company has 70 employees all housed in a new, 50,000-square-foot facility in Franksville.

“I’m looking forward to serving in this role with Johnson Insurance,” said Weeks. “The Johnson philosophy of fostering quality long-term relationships mirrors the way we’ve tried to lead our business.”

Next Generation Wealth Management, Inc. has appointed Peter C. Jelacic to the newly created position of director of financial planning.

“Pete brings to Next Generation Wealth Management more than 20 years of experience in the financial industry and has a proven record of working with clients to achieve their financial security. He is a tremendous addition to our team and we’re excited to welcome him to our growing business,” said David Massart, president of NG Wealth Management.     

Jim Wagner and Jim Small were recently named shareholders of Kolb+Co., the largest locally owned CPA firm in the Milwaukee area.

Wagner recently retired from Deloitte after a 35 year career. Small worked in the Racine office of Clifton Gunderson for more than 30 years.

“We are very excited to have Jim Wagner and Jim Small on the Kolb+Co. team,” said Tom Luken, president of Kolb+Co. “Their industry experience and backgrounds fit perfectly with the strategic direction of Kolb+Co.”

MGIC hopes it has hit bottom of real estate market

Milwaukee-based MGIC Investment Corp. has reported a third quarter net loss of $517.8 million, or $4.17 per share, which was worse than a net loss of $115.4 million, or 93 cents per share, for the same period a year ago.

Curt Culver, chairman and chief executive officer of MGIC and Mortgage Guaranty Insurance Corp., said the weak economy, higher unemployment and lower home prices continue to keep cure rates low, which resulted in an increase in the delinquent inventory and consequently higher losses incurred for the quarter.

Culver said that while there has been minimal financial benefit to date, for the first time the company is seeing signs that the various loan modification programs of the U.S. Treasury Department and the private sector that are designed to help responsible homeowners avoid foreclosure are being implemented.

Culver reported that Fannie Mae has approved MGIC Indemnity Corp. as an approved mortgage insurer in selected jurisdictions. MGIC is working closely with Freddie Mac and hopes to have its approval soon, Culver said. Once Freddie Mac's approval is finalized, Culver said he is optimistic that the Office of the Commissioner of Insurance for the State of Wisconsin will issue a decision allowing the reactivation of MIC in the very near future.

MGIC's total revenues for the third quarter were $413.3 million, down from $461.6 million in the same period a year ago.

Wealth management firm offers free services for the unemployed

Waukesha-based Investors Advisory Group (IAG), an independent full-service financial planning and wealth management firm, is offering complimentary financial planning services to assist local greater Milwaukee area residents who are unemployed to help them better manage a challenging period in their lives.

As part of the new initiative, IAG has mobilized a team of experienced professionals to assess each individual's unemployment situation, suggest strategies for conserving their financial resources and help them avoid costly mistakes that could harm their personal finances and their ability to find a good job.

The free services include developing a strategy to handle severance packages and stock options, planning for insurance needs, protecting their retirement funds, debt management and consolidation, and managing the equity in their home.

Founded in 1985 and with $180 million in assets under management, IAG provides financial planning and investment management services to individuals, families and small businesses throughout the region.

Lori Watt, president and founder of IAG, said, "Since our firm's establishment almost 25 years ago, we have had one focus:  Helping individuals and family business owners achieve their life goals. Recent statistics indicate that unemployment in the Milwaukee area has increased from just a little over 5 percent as of June 30, 2008, to nearly 10 percent as of June 30 this year. We have seen firsthand, and on a very personal level, the effects of nationwide cost-cutting and layoffs on the communities we serve. We are committed to utilizing our firm's resources to help area families who are facing challenging issues, and do our part in preserving the economic health and resilience of the communities we serve."

For additional information about the free services, call (262) 446-8150.

“Generating Cash Flow – Leverage, Marketing, Building a Marketing Campaign,” presented by the Greater Brookfield Chamber of Commerce, the city of Brookfield Economic Development Committee and Spring Bank, will be held Friday, Oct. 23 from 8 to 10:15 a.m. at the Sharon Lynne Wilson Center for the Arts, 19805 W. Capitol Drive, Brookfield. Cost is $59. Call or e-mail the Greater Brookfield Chamber of Commerce at 262-786-1886 or bcc@brookfieldchamber.com.

Banking

• Wisconsin Department of Financial Institutions 
• Federal Deposit Insurance Corp.
• Wisconsin Bankers Association 
• Community Bankers of Wisconsin
• Wisconsin Mortgage Bankers Association
• American Bankers Association
• Bankers Association for Finance and Trade
• Commercial Finance Association 
• Risk Management Association

Mergers & Acquisitions

• Association for Corporate Growth 
• International Business Brokers Association 
• Mergers.com

Wealth Management/Financial/Retirement Planning

• Financial Planning Association
• Financial Planning Association of Southern Wisconsin
• Investment Management Consultants Association
• National Association of Personal Financial Advisors (NAPFA)

Other 

• Society of Financial Service Providers
• Small Business Administration
• State public awareness campaign
• Wisconsin Credit Union League
• CFA Institute
• CFA Society of Milwaukee
• Wisconsin Angel Network