Deals

IPOs, deals change mix of public companies

Minnesota’s business scene in 2017 had three additions via IPOs, starting to reverse a long trend of the state losing more public companies than are added.

Completing the initial public offerings — the most since 2007 — were Celcuity (ticker symbol CELC) on Aug. 23, Calyxt Inc. (CLXT) on July 20 and ASV Holdings (ASV) on May 12.

Only Grand Rapids -based ASV Holdings, maker of compact track and skid-steer loaders, was large enough to debut on the Star Tribune’s top 50 list at No. 47, with revenue of $123.3 million. ASV is a returnee of sorts. A publicly traded company from 1984 until 2008, it was acquired by Westport, Conn.-based Terex Corp. for $488 million.

The IPOs are continuing this year with Ceridian HCM Holding Inc. (CDAY) and Bridgewater Bancshares Inc. (BWB).

Another public company was added to the mix in May with a split of Pentair; its electrical business spun off into nVent Electric PLC (NVT).

But Minnesota also has lost public companies because of acquisitions.

Abbott Laboratories closed on its acquisition of St. Jude Medical on Jan. 4, 2017. Insight Industries bought Datalink Corp. on Jan. 6, 2017. And on Feb. 17, 2017, Teleflex Inc. closed on its acquisition of Maple Grove-based Vascular Solutions for about $1 billion.

Also in 2017, Cincinnati-based Cintas Corp. bought G&K Services on March 21.

And on June 22, Berwyn, Pa.-based Ametek Inc. completed its acquisition of Brooklyn Park-based Mocon Inc. for approximately $182 million.

Toronto-based Intact Financial Corp. on May 2 announced a $1.7 billion merger for OneBeacon Insurance Group and closed on the deal Sept. 27.

Then in late November, MGC Diagnostics agreed to be acquired by the private-equity firm Altus Capital Partners. That deal closed on Jan. 3, 2018.

Sally Smith, CEO of Buffalo Wild Wings, looked to have lost a battle with activist investors in the middle of 2017. However, by Thanksgiving she had managed to orchestrate a $2.9 billion merger with Arby’s Restaurant Group that closed in early February.

Also, on June 1, 2017, the acquisition of Valspar by Sherwin-Williams closed.

PATRICK KENNEDY