Staff Directory 10645186

Patrick Kennedy

Reporter | Business, Research
Phone: 612-673-7926
Location: Minneapolis
Other languages: None

Business reporter Patrick Kennedy covers executive compensation and public companies. He has reported on the Minnesota business community for more than 20 years.


Kennedy also has written about nonprofit organizations and mergers and acquisition activity.
Recent content from Patrick Kennedy
Bloomington-based Donaldson is on the verge of selling its exhaust and emissions business.

Bloomington-based Donaldson may sell exhaust business to Wisconsin company

It has been considering options for its exhaust and emissions business.
Shares in Minnetonka-based UnitedHealth Group, the nation's largest health insurer, fell 7.8% on Monday, Feb. 24.

Nearly all Minnesota companies caught in stock market sell-off

Shares in nearly all of Minnesota’s publicly traded companies were swept up Monday in a broad sell-off that was shaped by intensifying fears about the…
University of St. Thomas' Opus College of Business is housed at its downtown Minneapolis campus.

St. Thomas suspends enrollment in full-time MBA program

The University of St. Thomas has suspended enrollment into its full-time MBA and master's in accountancy programs and will eliminate 18 staff positions as a result, attributing the decision to shifting demographics and demands of its students.
Sleep Number headquarters in downtown Minneapolis.

Annual profits and innovation set Sleep Number apart from upstart mattress makers

Mpls.-based mattress maker defends its position as a leader in health-and-wellness sector.
Securian headquarters in St. Paul..

St. Paul's Securian Financial expands Canadian business with Gerber Life Insurance policies

Acquisition gives subsidiary Canadian Premier a boost worth $2.7 million in premiums.
Qumu will become part of New York-based Synacor.

Another small Minnesota public company being acquired by an out-of-state firm

Enterprise video software maker Qumu Corp. to be acquired by Buffalo, N.Y. -based Synacor Inc. in an all-stock transaction.
Catherine Rydell, retiring CEO of the American Academy of Neurology, in the lobby of the AAN, which features a giant photo.

One of longest tenured nonprofit CEOs retiring on a strong note

When Rydell retires in May, her 21-year tenure will be one of the longest among Minnesota nonprofit leaders.
Toro headquarters in Bloomington.

CEO paywatch: Toro CEO's rose to $4.8 million

Richard Olson's salary was $925,000, but vesting performance shares added over $2 million to his compensation.
Vista Outdoor CEO Chris Metz. ] Shari L. Gross • shari.gross@startribune.com Vista Outdoor moved its headquarters from Utah to Anoka, Minnesota last

Anoka-based Vista Outdoor's stock up more than 10% on strong earnings

The parent company of Federal Cartridge is finding its footing with restructuring plan.

Protolabs says global macroeconomic headwinds slowed customer activity

"Macroeconomic headwinds" blamed for slow customer activity.
Bloomington-based Toro, an active acquirer in recent years, is spending $167.5 million to broaden its portfolio of snow- and ice-management products.

Minnesota saw more deals in 2019, but with smaller price tags

Minnesota acquisitions, mergers went small in 2019
Ameriprise Financial saw fourth quarter net earnings decline in part because of hedges placed on variable annuities.

Minneapolis-based Ameriprise completes year of progress in advice and wealth management business

The company saw mixed results, with a profit decline because of hedges placed on variable annuities, among other charges.
Bob Biesterfeld, CEO of C.H. Robinson.

Disruption in the U.S. trucking industry caused problems for Eden Prairie's C.H. Robinson in Q4

C.H. Robinson recorded earnings that were down 45.5% from the same period a year ago.
Jamf CEO Dean Hager.

Report: Minneapolis-based software company seeking IPO

Software company Jamf said to be preparing for a confidential public offering.
Lakeshirts/Blue 84, started in 1984, makes branded T-shirts, sweatshirts and other merchandise for vacation resorts and colleges around the country, w

Carlson family fund chooses Detroit Lakes T-shirt factory for its first big investment

Carlson Private Capital Partners makes its first platform investment in Lakeshirts/Blue 84 of Detroit Lakes.

Minneapolis-based private-equity firm raises $289M for new fund

The private-equity firm in Mpls. raises $289 million.
This snow equipment was made by Venture Products, which Toro is acquiring.

Bloomington-based Toro spends $167M to acquire tractor and equipment maker

Family-run Venture's implements complement its turf, grounds products.
An index of Minnesota's publicly-traded stocks has new name and some new companies in it.

Our stock index of Minnesota companies is undergoing some changes

Renaming is due to firm's biggest-ever acquisition.
Carvana, a Phoenix-based online seller of used cars, has started service in the Twin Cities. Photo credit

Online used-car seller Carvana arrives in Minnesota

Minnesota rules require a used-vehicle dealer to have a physical location. Carvana's is an office.
Ranking Minnesota's health care, education, social service and other nonprofits.

Who's No. 1? Our annual ranking of Minnesota's top nonprofits

The list has long been dominated by the state's large nonprofit health care sector. Forty-six of the 100 organizations on the list are in health care, and they account for 90% of the overall revenue on the list.
The logo Great Clips will use at NCAA championship events. The Bloomington franchisor of hair salons made its biggest sports marketing deal yet, thoug

Great Clips signs deal to be official hair salon of the NCAA

The brand will be at 90 collegiate events annually.
TCF signed a three-year deal to put its name and logo on the rotunda meeting space on the east side of the Mall of America.

TCF signs naming-rights deal for the Mall of America's rotunda

Mall's large-event space gets a corporate sponsor, its first in 10 years.
The Wayzn Slide allows dog owners to open the door for pets remotely, even if they are not home.

Sleep Number, Protolabs receive nods for innovation at big CES trade show

Sleep Number won for its new smart bed, and Protolabs shared an award for the Wayzn Slide.
Illustration for Investors Roundtable 2019.

Investment pros predict growth ahead, but with some threats

At the Star Tribune's annual investors roundtable, eight top investment managers talked about the ups and downs of the stock market, plus their predictions for the coming year.
Inspire Medical Systems Chairwoman Marilyn Nelson, right, and CEO Tim Herbert, second from right, at the New York Stock Exchange in 2018.

Minnesota stocks soared in '19 but couldn't keep up with sprinting markets

State's Piper index was up 21.6% last year, but lagged the national S&P, which rose 31%
UnitedHealth Group's offices.

How a handful of Minnesota stocks tell the story of a decade

The growth of UnitedHealth Group dominated the Minnesota business scene in the 2010s and made the company’s investors immensely wealthier. The Minnetonka-based health insurance and…
Boss snow plows helped boost revenue in the fourth quarter for Toro Co. (Photo by Jacobson Rost)

Toro annual sales top $3 billion for first time

The acquisition of Charles Machine Works helped push revenue growth to 20% for the fiscal year.
David Kidwell, shown in 1997, died last month at 79.

David Kidwell, former dean of Carlson School of Management, dies at 79

As the school's 10th dean, Kidwell raised its profile and fostered stronger relations between the school and local business leaders.
PleasureLand RV Center showed off the Winnebago Travato last February at the RV, Vacation and Camping Show at the Minneapolis Convention Center.

Winnebago says it is gaining market share in RV industry

Company reports better-than-expected Q1 results as it gains market share in the RV industry.
Minneapolis' Faegre Baker Daniels to merge with large Philadelphia law firm

Minneapolis' Faegre Baker Daniels to merge with large Philadelphia law firm

The venerable Minneapolis firm will combine with Drinker Biddle & Reath to become of the 40 largest law firms in the U.S.
ApplianceSmart closed its Apple Valley store, pictured here, in August.

ApplianceSmart files for bankruptcy

ApplianceSmart, once based in Minnesota, has filed for Chapter 11 bankruptcy protection.
Employees of a Plymouth-based insurance company will now be shareholders as well

Employees of a Plymouth-based insurance company will now be shareholders as well

Parent company Integrity Marketing shared $50 million in past profits with its employees and is making them new shareholders.
DTN meteorologists do forecast work at an office in Norman, Okla.

Burnsville company is one of the world's leaders in weather information

DTN has had a few owners but now has the capital to make acquisitions, increase business.
Patterson headquarters in Mendota Heights. (GLEN STUBBE/Star Tribune)

Patterson top performer among Minnesota stocks after better-than-expected quarter

Shares of the Mendota Heights-based provider of supplies to dental and veterinary markets rose more than 14% in trading on Thursday, closing at $23.10 per share
Brian Johnson, left, and Dave Buhl co-founded ProServ Logistics. They worked together at Fortune 500 company C.H. Robinson Worldwide.

'Long game' starting to pay off for logistics startup ProServ

Now five years in, the startup company has momentum.
Sleep Number headquarter in downtown Minneapolis (AP Photo/Jim Mone)

Competitor accuses Sleep Number of unfairly controlling search-engine results

Sleep Number accused of suppressing web searches.
Bob Biesterfeld, CEO of C.H. Robinson, said the company sees an eventual $70 billion market, encompassing close to 2 million companies, for products l

Eden Prairie's C.H. Robinson launches product aimed at increasingly complex logistics needs for smaller businesses

Freightquote by C.H. Robinson will assist smaller companies facing complexities.
Faegre Baker Daniels is in merger talks with a big Philadelphia firm.

Possible Faegre Baker Daniels merger would form one of nation's top 50 law firms

Resulting law firm would be in the nation's Top 50.
CEO Ron Konezny of Digi International.

Hopkins internet of things company making $140M acquisition

Digi International is buying Opengear, a New Jersey company whose customers include Target and Best Buy.
A shareholder is trying to stop the delisting of Plymouth-based Tile Shop, a chain of 140 home improvement retail stores. The shareholder says the mov

Shareholder sues to stop Tile Shop delisting that is set for Friday

Shareholder says founder is tanking shares, asks court to halt "going dark."
The shake-up in the senior management office continues at BBQ Holdings Inc., the Minnetonka-based barbecue restaurant owner and franchiser that, until

BBQ Holdings, the company formerly known as Famous Dave's, is seeking a new CFO

The barbecue chain is searching for its fourth financial chief since 2014.
Shipping has hit a downcycle, the latest results from C.H. Robinson show. The company's shares fell sharply Wednesday on the news.

Freight slowdown erodes profit at C.H. Robinson; stock falls sharply

The logistics firm reported a slowdown in American trucking and tariff-affected drops in air and ocean freight.
Ameriprise Financial headquarters in downtown Minneapolis.

Market uncertainty helped Ameriprise's advice and wealth-management unit

Minneapolis-based Ameriprise Financial has capitalized, seeing an 8% increase in profits for the quarter ended Sept. 30.
Tile Shop Holdings Inc. CEO Cabell Lolmaugh.

Plymouth's Tile Shop plans to delist shares from Nasdaq

The Plymouth company's shares fell by two-thirds after the announcement.
Shelly Ibach, Sleep Number president and CEO.

Minneapolis-based Sleep Number to refresh smart-bed lineup in 2020

Sleep Number's smart-bed lineup will get a refresh in the second half of 2020.CEO Shelly Ibach told analysts during the company's earnings call that while…
Angler Terry Bolton at a recent tournament hosted by Fishing League Worldwide. The tournament company, also known as FLW, was sold to Major League Fis

Six months after Irwin Jacobs' death, his fishing tournament firm is sold

Major League Fishing buys late Minnesota businessman's Fishing League Worldwide.
Donaldson CEO Tod Carpenter

CEO Pay Watch: Donaldson's Tod Carpenter earned almost $9M last fiscal year

While Carpenter's bonus was less, his stock awards are worth more than previous year.
Don Smithmier of GoKart Labs, which was acquired by Chicago-based West Monroe Partners.

Minneapolis digital firm GoKart Labs acquired

West Monroe Partners, which already has 60 local employees, will combine the two operations in new space.
Deluxe Corp President and CEO Barry McCarthy at the company’s Shoreview headquarters.

New Deluxe CEO focuses on solidifying shift away from legacy check business

Shoreview-based Deluxe has been known for paper checks, but continues to grow its suite of services.
Weldon Spangler, former head of Papa Murphy’s pizza, is the new CEO of Lift Brands, which owns several fitness franchises including Snap Fitness and

Former CEO of Papa Murphy's pizza will now lead Snap Fitness

Onetime Papa Murphy's executive named new leader of Lift Brands, which owns Snap.
H.B. Fuller will realign its business from five to three units.

St. Paul's H.B. Fuller to realign business units to respond to customers more quickly

The reorganization was announced along with third quarter results in which sales were down.
“I’m truly failing healthwise both physically and mentally.” Irwin Jacobs’ note

Inheritance fight lays bare decades of tension in Jacobs family

The fight spilled into the open last week after lawyers for daughter Randi Jacobs won a temporary court order stopping her brother Mark and other siblings from conducting an estate sale at their parents' Lake Minnetonka home.
The fight among Irwin Jacobs' children broke into the open last weekend after a court order was obtained to stop an estate sale at their parents’ La

Son says Irwin Jacobs left more than $110 million in debts

Siblings hold differing views about the size of estate, which has led to a court battle.
Bob Biesterfeld, CEO of C.H. Robinson.

Eden Prairie's C.H. Robinson pledges to spend $1B over five years on technology

The Eden Prairie-based company invested $1 billion in technology over the previous 10 years, so this doubles the company's investment pace.
A Minnesota Vikings themed food truck was produced by the specialty vehicles division of Winnebago Industries. The company on Monday said it was acqui

Winnebago Industries to buy luxury RV maker for $344M

Winnebago, which is based in Forest City, Iowa, but managed out of Eden Prairie, is expanding its portfolio of premium recreational vehicles by acquiring Newmar Corp., based in Indiana.
Melissa Barra, senior vice president and chief sales, services and strategy officer at Sleep Number, was named one of the 50 most powerful Latinas in

Sleep Number's Melissa Barra: Diversity important to bake into corporate culture

Melissa Barra was named one of the 50 most powerful Latinas in business by the Association for Latino Professionals for America. As Sleep Number’s senior…
Workers test filtration equipment at Donaldson's plant in Bloomington in this file photo.

Bloomington-based Donaldson expects 'uneven' demand for its filters because of trade uncertainty

Filtration giant boosts R&D to increase profit margins as buyers grow more cautious.
Augeo CEO David Kristal said it is a perfect time in the industry for his company to purchase MotivAction.

Two Twin Cities employee engagement companies merging to form $350M firm

Augeo acquires MotivAction as companies are looking more broadly at their missions.
APi CEO Russell Becker praised J2, which will close on the acquisition this year, as a partner because it is “used to running multibrand businesses.

One of Minnesota's largest private firms to be acquired for $2.9 billion

New Brighton-based company will be publicly traded when J2 Acquisition Ltd. takes over.
Patterson Companies' headquarters in Mendota Heights. (GLEN STUBBE/Star Tribune)

Now that Mendota Heights' Patterson Cos. saw earnings increase, sales are down

Supplier of veterinary and dental products is working a 3-year plan.
Regis is transitioning to a full franchise model for its salons. Pictured is a file photo of the salon in downtown Minneapolis.

Edina-based Regis selling rest of company-owned salons

Edina-based company plans to sell almost all its remaining corporate-owned stores.
Archie Black, president and CEO of SPS.

Minneapolis-based SPS Commerce buys longtime business partner for $11.5 million

"As far as deals go, it was one of the easier to do just because we knew the people so well and they knew us," SPS's Archie Black said of purchasing the Mapadoc EDI division.
CFO Tom Donnelly stood atop the Baker Center, where Merrill Corp. will consolidate next spring.

Merrill Corp., once a specialized printing company, is now centered on M&A software

It has divested its legacy printing companies to invest in the faster-growing suite of M&A data services.
Sales of Ditch Witch and other Charles Machine Works brands helped drive Toro's quarterly revenue up nearly 30%.

Toro's quarterly sales up nearly 30% thanks to its largest-ever acquisition

Acquisition of Charles Machine Works brands helped drive the increase.
Target Corp. shares were on track for their biggest one-day gain Wednesday. File photo of Target CEO Brian Cornell during a TV interview on the floor

By the numbers: Target's exceptional day on the market

Target's investors have never had a day like Wednesday.
The headquarters of Alerus Financial Corp. in Grand Forks, N.D.

Grand Forks banking company, with large Twin Cities presence, files for IPO

Financial-services company is raising money to accelerate expansion, add acquisitions.
A new study found growth in CEO pay since 1978 far exceeds that of private-sector workers.

CEO pay in last four decades grew 940.3% while average worker's increased 11.9%

Over the same time period, the pay of an average worker has increased 11.9%.
Several dozen top executives of publicly-traded companies from Minnesota and elsewhere met with Twin Cities investors and analysts Wednesday. Pictured

On rough day for stocks, Minnesota's top execs make pitches to local investors

Top executives from about 40 Minnesota-based companies pitched their strategies for getting through the next year.
Craig Dahl, president and CEO of TCF.

CEO: Keeping growth momentum biggest challenge in TCF-Chemical merger

Now that the merger is completed, CEO Craig Dahl says combining two successful operations without slowing progress is key.
“Both John and his wife were great citizens of the community,” Peter Heegaar said.

John Greenman, World War II bomber pilot who got Northwestern National Bank back up after massive fire, dies at 96

By the Monday morning after the big 1982 blaze, Greenman had found an office for everybody in the bank building.
Bob Biesterfeld, CEO of C.H. Robinson (Brian Peterson/Star Tribune)

C.H. Robinson expects 'soft' freight market for rest of year

Amid softer demand for its transportation services, Eden Prairie-based C.H. Robinson reported an 8% increase in its second-quarter earnings per share.The third-party logistics firm earned…
3M announced it would acquire Acelity of Texas, a health care equipment firm, in a deal valued at $6.7 billion.

M&A deals just keep on coming in Minnesota, U.S., but fewer since 2015

It's not as frothy as a few years ago, but a resilient economy keeps the buying and selling churning.
Sleep Number headquarters in downtown Minneapolis.

Bedmakers like Sleep Number beneficiaries of China trade dispute

Sleep Number shares surged in after-hours trading after it reported better-than-expected second quarter earnings after the market closed.
Xcel Energy's Ben Fowke, shown here with regional vice president Laura McCarten, is the third-highest paid CEO in Minnesota in this year's Star Tribun

More Minnesota companies tying environmental, social goals to executive pay

Executive pay more often being tied to 'ESG' goals
Piper Jaffray is buying Sandler O’Neill and Partners. (Provided by Piper Jaffray)

Jaffray will soon disappear from the Piper Jaffray name

The Piper Jaffray name has been a vital part of Minnesota business history for more than 100 years. But before that name emerged as one…