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Continued: Star Tribune 100: Comings and goings

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  • Last update: May 19, 2013 - 12:05 AM

We added Tile Shop Holdings, which became a public company after the merger with a shell company, JWC Acquisition Corp., on Aug. 21. Tile Shop also completed a secondary offering on Dec. 18. The specialty retailer debuts on our list at No. 58 with $182.7 million in sales.

We’ll likely add the latest Minnesota IPO to next year’s list. On May 10, BioAmber Inc. completed a unit offering that raised $80 million. The Plymouth-based company is a next-generation chemical company that converts renewable feedstocks into chemicals used as replacements for petroleum-derived plastics and other chemicals. The company has 54 employees, revenue of less than $1 million, and is seeking to build a facility in Sarnia, Ontario, to produce bio-succinic acid.

Small fry

• Wireless Ronin Technologies was No. 100 on last year’s list. This year, and despite seeing revenue fall 27.7 percent, the company managed to rise two spots to No. 98.

• Aetrium, which endured a protracted proxy battle last year, may not be on the list much longer. Ranked at No. 100, Aetrium makes reliability testing equipment. It announced on Feb. 27 that it was exploring strategic alternatives.

Over-the-counter action

We’ve not always included over-the-counter stocks (OTC) on this list, but given the shrinking number of public companies, we’ve eased our selection criteria. Individuals can buy shares in these OTC companies, but some don’t trade actively. This year we’ve included New Ulm Telecom (No. 82), a phone, video and Internet service provider in Minnesota and Iowa, and Titan Energy Worldwide (No. 90), a provider of backup power generation and energy management needs to businesses.

Patrick Kennedy

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