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Magnetek manufactures digital power and motion control solutions for material handling, elevator and mining applications. It is one of North America’s largest independent digital drives, radio controls, software and accessories suppliers for industrial cranes and hoists, and has counted Columbus McKinnon as a customer.
The $188.9 million transaction, announced in July, is expected to provide enhanced technology, innovation, branding and expertise to Columbus McKinnon.
The brand and operations will remain intact at Magnetek, and its president and chief executive officer, Peter McCormick, will continue to lead the subsidiary. The company has about 340 employees. While Columbus McKinnon, which has 2,735 employees at 17 global manufacturing facilities, does not yet have any firm hiring plans, it expects to add additional employees at Magnetek as it grows the business, said Gregory Rustowicz, chief financial officer and vice president of finance at Columbus.
Columbus McKinnon expects the acquisition to be accretive in the first full year following the combination, to the tune of about 40 cents per share. The acquisition will offer $5 million in cost synergies in the next fiscal year, but will cost between $7.5 million and $8.5 million to complete in the current fiscal year.
"With this accretive combination, we can more fully address the continued global trend of industrial and commercial businesses searching for ways to improve productivity and safety in their operations,” said Timothy Tevens, president and chief executive officer of Columbus McKinnon. “We are all very excited about the expanded market potential this transaction provides. We command a measurably broader market for Magnetek's technologies and the addition of their power control technology impressively enhances our product offering. This compelling blend of products and know-how enables us to bring 'smart' lifting and moving solutions to our customers."
Johnson Controls is a global diversified technology and industrial company with 170,000 employees in more than 150 countries. Its GWS segment provided integrated facilities and corporate real estate management. CBRE Group is a commercial real estate company based in Los Angeles.
The $1.475 billion transaction, which the companies announced in March, includes a provision that they will remain strategic partners for 10 years. Johnson Controls will provide HVAC equipment, building automation systems and related services for CBRE’s real estate portfolio, which now totals 5 billion square feet. The partnership will provide about $500 million in annual incremental revenue to the Johnson Controls Building Efficiency business.
And CBRE will provide integrated corporate real estate services, including facilities management, project management and transaction services, for Johnson Controls’ 50 million square feet of property.
Johnson Controls is also in the process of spinning off its Automotive Experience division as it reorganizes the company to focus on its core offerings.
Kraig Sadownikow, manager of American Construction Services, in West Bend, has purchased the bank-owned parcel and hopes to begin commercial development on the property.
“Kraig has been working on this deal for over a year and I can’t tell you how impressed I am with his willingness to stick it out,” said Matt Heiser, village administrator.
The village created a tax incremental financing district to drive construction of the area in 2005. But by 2008, all construction was halted and the TIF has been dormant since.
Sadownikow, who is also the mayor of West Bend, and has family ties to Kewaskum, had been watching this from afar. When he was approached by community members about the project, he decided the time was right to get involved.
“At American Companies, we are always looking to make a positive impact on the communities we work in and partner with,” Sadownikow said.
Heiser said he would love to see a commercial tenant come in that would create jobs for the area. The land is zoned for light industrial and commercial.
“Honestly at this point, I would be happy with anything,” Heiser said. “Right now (Sadownikow) doesn’t have any potential buyers because this project has taken so long. But this is a public, private partnership that will hopefully spur some growth.”
The village has agreed to spend $230,000 on infrastructure. In return, Sadownikow has committed to building $2 million worth of improvements by 2019 and another $2 million worth of improvements by 2021.
About 20 acres of the 34 acres are buildable, Sadownikow said. He has been talking to potential tenants and said now that the deal has closed, talks can get more serious.
“The property in Kewaskum has been on hold for many years,” he said. “We are confident a renewed economy coupled with fully-improved lots that include direct access to Hwy 45 will prove to be a successful venture for our firm, the Village, well as new users of the property.”
The new headquarters will be built on Corporate Center Drive. Delta Defense has been located in the 30,000-square-foot Museum of Wisconsin Art, 300 S. 6th St. since moving its headquarters from Jackson in November 2013 and is “busting at the seams,” said Katie Strupp, company spokesperson.
Delta Defense provides insurance and training materials for firearms owners. It also publishes Concealed Carry Magazine. The company currently employees about 70 people – 55 work at the headquarters and the others work remotely, Strupp said.
The new jobs will likely be created in marketing, content and customer service, Strupp said.
Delta Defense has been working with Milwaukee-based architecture firm Kahler Slater and Minneapolis-based development firm The Opus Group to develop, design and build the new facility.
The main product offered by Delta Defense is membership in the United States Concealed Carry Association. USCCA membership has grown more than 80 percent in the last two years, according to the company.
Andrew previously was president and chief investment officer at Cleary Gull in Milwaukee, where he managed the firm’s investment banking and advisory businesses, which included investment management research, portfolio management and trading. He joined Cleary Gull in 2011 and was named president in March 2014. Andrew earned a bachelor’s in business and finance from the University of Minnesota.
At Johnson Financial, Andrew assumes the role previously filled by Kevin Tan for just one year. The role was newly created when Tan was named to it in August 2014.
“Appointing Brian to this important leadership position for our Wealth team not only broadens our expertise, it enhances our capacity to meet the needs and goals of our clients and is reflective of the growth of the wealth business,” said Thomas Bolger, president and chief executive officer of Johnson Financial Group.
“Given Brian’s long tenure as a highly successful investor and proven track record of accomplishment, he will complement our experienced team and allow us to further enhance our Wealth business,” said Daniel Kaminski, executive vice president of Wealth for Johnson Financial Group.
“I am honored to take on this role and excited about the future of Johnson Bank,” Andrew said. “We have an industry leading team firmly focused on delivering strong investment performance to our clients. I am excited to be a part of this growth and look forward to working with the entire Johnson team.”
Michael Cleary, chief executive officer at Cleary Gull, will assume Andrew’s executive duties and the company’s investment committee will assume chief investment officer duties as the firm conducts its search for a new president.
“We are grateful for Brian’s many contributions to our firm,” Cleary said. “He had a positive impact on many of our day-to-day functions and the service we deliver to clients. We look to continue the initiatives that began under his watch.”
The addition of VBLH&C employees will bolster WHD’s corporate, litigation, real estate, consumer finance, health care and environmental practices as well as give the Wisconsin firm a stronger identity in Illinois.
“As our presence in the Chicago market grows, this addition will greatly expand and enhance several practice areas as part of the firm’s growth plan and its continued commitment to meet the needs of our growing business client base in the Midwest,” Paul Eberle, WHD’s chief executive, said in a press release. “The team is an outstanding addition to our firm, and we look forward to continued growth and success in the years to come.”
The eight attorneys, two assistants, clerk and office administrator the WHD is inheriting from VBLH&C will continue to work out of their downtown Chicago office, located at 125 S. Wacker Drive, Suite 2150.
Additionally, one WHD attorney who has worked out of a small Chicago office the firm opened in 2013 will relocate to join the new staff members.
WHD now has about 320 staff members across four locations in Wisconsin and Illinois. In April, the firm announced plans to open an office in Brookfield. The location, which will be the firm’s first site in Waukesha County, will likely open in November with about 30 employees.
“Dental Associates has been serving the Green Bay area since 1994. During that time, we’ve grown and are excited to bring our high quality dental care and community involvement to residents in Howard,” said Dr. Thomas Manos, president and owner of Dental Associates.
Dental Associates plans to extensively remodel the existing 5,000-square-foot space and will add 3,300 square feet to the building. The finished, 8,300-square-foot, 19-chair clinic will provide general dentistry services and employ a staff of 15 dentists, hygienists, dental assistants and patient care coordinators.
This summer, the Green Bay dental center earned reaccreditation from the Accreditation Association for Ambulatory Health Care (AAAHC). The AAAHC status means Dental Associates and its locations meet nationally recognized standards for the delivery of quality health care. The company originally received accreditation in 2012 and was reaccredited this July.
Dental Associates has 13 clinics in Milwaukee, Wauwatosa, Franklin, Sturtevant, Kenosha, Fond du Lac, Green Bay, Appleton and Greenville.
Floyd, who holds an MBA and Ph.D. in neurophysiology, most recently served as vice president of U.S. regulatory affairs and clinical quality assurance and vice president of global regulatory affairs at Lundbeck Inc.
"This area of expertise is of particular strategic focus for Dohmen,” said Cynthia LaConte, chief executive officer of Dohmen. “As precision medicine begins to take root, with continued interest and investment in the rare disease space, we can see the ripple effect in all aspects of development and commercialization. We've invested heavily, on behalf of our life science clients, in best practice tools, technology and talent in support of this sea of change. Serving small markets requires a different strategic approach to the marketplace, starting with clinical trial design and continuing through the product's lifecycle.
"Eric's experience with global regulators in pharma, bio and in particular within the orphan drug space will help our clients navigate new paradigms for development, clinical trial and ongoing safety requirements."
Floyd brings decades of experience leading global regulatory affairs and quality assurance divisions within Novartis, Cephalon Inc., Hospira Inc. and Lundbeck. Floyd has also worked in global regulatory affairs at Aventis Pharmaceuticals, Bristol-Myers Squibb Co. and Merck Research Laboratories.
"The opportunity that lies ahead for DLSS is tremendous,” Floyd said. “Dohmen has built a strong portfolio of capability in response to changing industry dynamics. They're clearly on the leading edge of that change with services that span a product's journey from clinical trial to patient care. I'll be focused on advancing the compliance business unit with a diverse array of services that range from pre-commercial consulting to in market call center support.
“I'm looking forward to leveraging the reputational excellence of a brand that's been in market for over 157 years and providing the innovation that our customers expect from us. It's a pleasure to find an organization where I can use my knowledge and experience to advance the DLSS mission of reducing the burden of disease by connecting life science innovators with the patients they serve."
The 17-year-old awards program, officially known as the Milwaukee Awards for Neighborhood Development Innovation, features five award categories backed by area companies:
*BMO Harris Bank Cornerstone Award: Salutes an organization for commitment and effectiveness
*Northern Trust Navigator Award: Applauds an individual for excellence in leadership and collaboration
*PNC Trail Blazer Award: Highlights an innovative approach to a community issue
*State Farm Building Blocks Award: Recognizes a real estate project that significantly improves a city neighborhood
*Brewers Community Foundation Public Space Award: Honors a public space that rejuvenates a neighborhood
“The MANDIs lift up the stories of creative, inspiring, and effective work being done to improve the social and economic vitality of Milwaukee’s neighborhoods,” Laura Bray, executive director of LISC, said in an email to BizTimes. “We are looking for the people and projects who are making a tremendous community impact, even though their hard work might otherwise go unnoticed. Our goal is to share these stories with the broader public and to build investment and awareness for our city.”
Award winners will be celebrated during a gala on March 16, when they will each receive a trophy and $1,000 for their efforts. The last awards gala drew an audience of about 850, comprised of leaders from Milwaukee’s public sector as well as business and nonprofit communities.
Nominations for the 2016 program will be accepted through Monday, Oct. 19. Each nomination is reviewed by an independent committee, which chooses finalists for each award category. LISC will reveal finalists during a celebration on Wednesday, Dec. 2.
In 2015, LISC introduced a new award, the Wells Fargo People’s Choice Award, which gives the community an opportunity to vote for the finalist they believe is most deserving of recognition. The 2016 program will again incorporate the People’s Choice Award with all finalists eligible for the award. Public voting will run online March 7-15.
Additionally, LISC plans to issue the Vision Award as it has in past years. The award has traditionally honored corporations that have made significant investments in community revitalization. The 2015 award, however, was given to former executive director Leo Ries in praise of his 15-year commitment to LISC. Each year, the Vision Award winner is selected by LISC’s Local Advisory Board.
The MANDI Awards are sponsored by U.S. Bank.
The company announced in December it will open a newly constructed 3,500-square-foot full-service branch at 5000 W. Loomis Road in Greenfield, and in July, it announced plans to open a new branch in an existing building at 8607 N. Port Washington Road in Fox Point.
Elizabeth Baumann will head the Greenfield branch, which will open this month. Baumann joined WaterStone in August. She previously worked as assistant vice president-bank office manager at Bank Mutual. Baumann holds Wisconsin licenses for life and health insurance, is NMLS and SAFE Act registered, and is Signature Guarantee and Notary Public Bonded. She graduated from Marquette University in 2012 with a master of art in medieval history and earned a master of library and information science degree from University of Wisconsin-Milwaukee in 2014.
“I am excited to get out into the community and forge new customer and business relationships,” Baumann said. “I am also thrilled to develop an amazing team at our Greenfield branch. I know we will do great things.”
Jim Vick will head the Fox Point branch, which will open in October. Vick has worked in banking for 15 years, most recently as branch manager at BMO Harris Bank. He holds a bachelor’s of business administration from UW-Milwaukee.
“I’m looking forward to getting into our Fox Point location and growing our footprint in that region,” Vick stated. “I’m excited to help educate our customers and new employees about what WaterStone has to offer!”
“Elizabeth and Jim are great additions to the WaterStone Bank team,” said Judy Gebhard, vice president of retail delivery with WaterStone Bank. “Their vast knowledge and experience in the banking industry will be integral as we build our presence in the Greenfield and Fox Point markets.”
Read more in today’s Milwaukee Biz Blog by editor Andrew Weiland.
Read more in today’s Wisconsin Morning Headlines.
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The project, which is expected to be completed in the spring, is intended to help the manufacturer reach its projected goals of doubling its revenue and hiring 100 people in the next four years.
To kick off the renovation, the manufacturer of storing, lifting and guarding products is scheduled to hold a “wall busting” event on Wednesday, Sept.9. Leadership officers from Wildeck and its parent company, Holden Industries, as well as Waukesha Mayor Shawn Reilly will swing sledgehammers to bring down the first wall.
“The facility is quite dated,” said director of marketing Hubert Schlegel. “We need a complete renovation if we’re going to attract top talent to the company.”
The building, which Wildeck has occupied for 39 years, will not be physically expanded, but Schlegel said the interior will be renovated and previously unused space will be turned into offices. Among the other renovations are a new mezzanine, bathrooms, conference rooms and carpeting.
“The end result will really be something everyone will be happy with,” Schlegel said. “It will be a more attractive and modern facility when we’re having new employee recruits in here for interviews.”
Wildeck currently has 150 employees, and about 10 of them were hired over the last few months.
Schlegel declined to disclose the company’s annual revenue, but he said the growth of the company is due to the construction of new distribution centers around the country that use mezzanines in their facilities. Other strong areas for the business, he said, are the automotive and pharmaceutical industries.
Milwaukee-based Creative Business Interiors is doing the renovation work.