Recent content from Patrick Kennedy
New Brighton's APi Group continues its expansion with $570M acquisition
The addition of Tampa-based Elevated Facility Services Group is APi's largest acquisition since its 2021 acquisition of the Chubb fire and security business.
Xcel CEO Bob Frenzel awarded $9M retention bonus
Bob Frenzel's compensation is down because of stock awards and bonuses being lower than in 2022.
Archie Black's $20M payday, his last and biggest leading SPS Commerce
Black retired as CEO of SPS Commerce in October after 22 years leading the Minneapolis-based software company.
Indian Motorcycle gets a refresh as it's riding its biggest success
Polaris Industries is rebooting its most popular model. The success of the Indian Scout helped Polaris turn its first annual profit on motorcycles.
Bright Health CEO's bonus grew to $1.95M amid slashed workforce
The company, which was founded in Minnesota, cut its workforce by more than half after exiting the health plan business.
Outgoing 3M CEO made $7.2M last year, less than half new CEO's recruitment deal
Mike Roman is retiring May 1; new CEO Bill Brown's initial pay package is $19.1 million.
Plans to sell Federal ammunition to Czech company progress as U.S. group makes another offer
MNC Capital Partners, led by a former Vista Outdoor board member, ups its bid and looks to take Anoka company private.
U.S. Bank CEO's compensation drops 19%, but is still nearly $14M
More than half of Andrew Cecere's compensation in 2023 came from restricted stock awards that vested last year.
The man who turned Economics Laboratory into Ecolab and made it a billion-dollar company dies at 96
The retired CEO and civic leader died at 96 in late February.
Anoka's Vista Outdoor, which includes Federal ammunition, receives $2.9B acquisition bid
Dallas-based MNC Capital offers $35 a share to acquire all of Vista, including its ammunition and outdoor products businesses.
Minneapolis company that provides services for M&A deals makes another acquisition of its own
Datasite is acquiring Sherpany, a provider software to manage board room meetings and communication.
Minnesota losing public company in $366M deal as Agiliti's biggest shareholder takes it private
Thomas H. Lee Partners owns 73% of Agiliti's shares and will buy the rest.
First came smart thermostats. Now Marvin has windows, doors that you can open and close remotely.
While there are aftermarket products that you can add to windows, these are the first mainstream products with the feature baked in.
Amid worker shortages in factories, Tennant investing more in cleaning robots
Tennant is extending its existing partnership with the autonomous technology company Brain Corp. to develop and improve its autonomous floor cleaners.
Polaris says owners of recalled snowmobiles should use E10 fuel to avoid potential fire hazard
In 2022 Polaris recalled 230,000 snowmobiles to fix a fuel tank issue; now the company says owners should take additional safety steps.
British defense contractor BAE to build factory in Maple Grove, promises up to 500 jobs
The company's Systems Land & Armaments business has filed for approval for a 167,000-square-foot complex.
Ecolab surpasses $15B sales milestone, buoyed by strong launch of new products
CEO Christophe Beck says the company needs to continue a strong R&D pipeline to meet an operating margin goal of 20%.
C.H. Robinson using artificial intelligence to help automate shipping
Artificial intelligence and a huge database of shipping information used to further automate supply chains.
One of Minnesota's newer public companies has a new name, Dayforce
Ceridian has rebranded to match its most popular human resources software program.
![Deluxe CEO Barry McCarthy was pleased to announce the company's move to downtown Minneapolis.] Deluxe announcing it is moving headquarters to downtown](https://arc.stimg.co/startribunemedia/EHVV3KGMD7AFEW4OI4FJUSJ5ZY.jpg?h=120&w=180&fit=crop&bg=999&crop=faces)
Shifting a company's focus is hard. Ask Minneapolis-based Deluxe
Deluxe's latest plan to shift to small-business services from check printing involves more than $100 million in cost cuts.
Apogee laying off 250 workers, closing plant in restructuring
The company says it must shift focus from revenue growth to profitable growth.
Polaris will focus on trimming costs this year after a big fourth quarter miss
Profits fell 47% in the quarter and this year's landscape is already causing big challenges.
Ecolab buying 1,000 Ford EVs in first step to all-electric fleet in North America
FordPro, a commercial vehicle division of Ford, will start by converting 1,000 Ecolab sales and service vehicles in California over the next 18 months.
With sale of Carousel Motors, Pohlad leaving auto dealership business
Lithia Motors, one of the largest dealerships in the U.S., is taking over the nine dealerships in the Twin Cities area.
Apple Valley's Uponor hopes new owner will accelerate its Mexico, South America growth
It was a down year in 2023 for mergers and acquisition, but Uponor's merger with a Swiss company was one of the bigger deals for a Minnesota employer.
Fastenal rewards shareholders with special dividend after solid 2023
Fastenal invested heavily on inventory in 2021 and 2022, but as supply chains stabilized in 2023, it was able to redirect extra cash to shareholders.
Elk River-based Sportech is being acquired for $315M
The maker of components for the powersports market is joining Patrick Industries, a leading supplier to the RV market.
Minnesota companies capitalize on America's sleep problems
Companies from Inspire and Sleep Number to Gem Health and Cryosa are addressing sleep conditions through technology.
Which Minnesota companies' stock performed the best last year might surprise you
Technology stocks were the leaders on the big national stock indexes but Minnesota's best performers were more diverse
Activist shareholder wants to pick two new board members at Minneapolis-based Regis
A Florida-based investment firm that became a shareholder a year ago now offers "to assist in the process of growing the company."
Defying gravity: Minnesota investors on unexpected stock market year and what's next
Our panel of six investment professionals met on Dec. 11 to review the market year that was and what investors might expect in 2024.
Reverse stock splits grow as more companies seek quick fix for low share prices
The rising number of reverse splits — including from Foxo, Bright Health and Regis this year — has prompted Nasdaq to create new disclosure rules.
A St. Paul company now owns the maker of those coupon books you sold as a kid
Augeo recently acquired Entertainment, the company behind the Happenings and Entertainment coupon books.
Minnesota window-maker Marvin to share $20M in profit with employees
The profit-sharing is a way to retain and recruit employees, and is part of the family-owned company's long-term plan for growth.
John Oslund, Star Tribune assistant business editor who oversaw Minnesota's biggest business stories, dies at 70
He was a business reporter and assistant business editor at a time when business and personal finance news was gaining more importance to newspapers and readers.
Winnebago's profits down more than 50% in a tough quarter
The RV industry faced macroeconomic challenges in 2023, but Winnebago expects conditions to improve in second half of 2024.
CEO Paywatch: Hormel leader's compensation drops as share price slides
Hormel CEO Jim Snee's realized compensation fell 44.5% from last year.
General Mills shakes up senior leadership team
The company is rearranging who is in charge of its top divisions.
Fresh Vine Wine finds a buyer, appears to move out of Minnesota
Fresh Vine Wine announced it was seeking strategic alternatives, and it may have found one with a live entertainment company based in Colorado.
Anoka's Vista Outdoor rejects offer, sticks with first merger plan
The unsolicited $2.6 billion offer from Czech firm Colt CZ would have been for the entire company. The first plan sells off the ammunitions business.
Anoka's Vista Outdoor receives new $2.6B takeover offer from Czech company
The company's board said that while it is reviewing the offer, it still supports a deal that would sell the ammunition business to a different Czech company.
Steep merger costs contribute to $47.3M quarterly loss for Stratasys
Revenue for the third quarter was steady with last year.
Winnebago's Mike Happe is first Minnesota exec to win Ernst & Young entrepreneur award since 1999
Cheri Beranek, president and CEO of Brooklyn Park-based Clearfield Inc., was one of 11 executives from nine companies named as a finalist.
Minn. broadband equipment provider hopes federal spending will help lift it out of slump
Brooklyn Park's Clearfield said the market downturn is temporary and should get boost in next few years from government infrastructure programs.
Sleep Number lays off 500 as part of $50M restructuring, reaches agreement with activist shareholder
The stock closed down 29% after the announcements, including that Sleep Number added two new board members as part of the cooperation agreement with Stadium Capital.
Eden Prairie's C.H. Robinson sees quarterly profits dip 64% as logistics disruptions continue
C.H. Robinson looks for more efficiency as freight markets remain depressed.
Co-CEO of Bloomington-based Ceridian departs for new job in California
Leagh Turner is leaving to be CEO of California-based Coupa Software.
Shareholders take stand against Bio-Techne's executive pay plan
Discord comes amid the impending retirement of CEO Charles Kummeth.
Ecolab's strong third quarter boosts end-of-year confidence
While many economists are expecting a slower economy, Ecolab said it can maintain its momentum.
More Sleep Number shareholders join push for new board members
Shareholders Blue Clay Capital and Stadium Capital continue to call for change at the Minneapolis-based company.
New SPS Commerce CEO aims for more geographic expansion beyond Minneapolis
Chad Collins succeeded Archie Black as CEO on Oct. 2, and in his first earnings call, he pointed to the potential for an international presence.
Life Time expects to be 'cash flow-positive' by middle of next year
That's two years earlier than originally expected after the chain of fitness centers weathered COVID-19 closures and capacity limitations.
Thrivent to pay a record $542M in dividends to members
Investment and financial performance by Thrivent has built the surplus to record levels leading to record dividends to eligible members.
Minnesota's newest public companies from Bright Health to Life Time stumbling on stock market
In 2020 and 2021 Minnesota companies completed 10 IPOs. On average, their stock prices are down more than 60%.
Winnebago expanding Grand Design brand, predicts RV industry to improve in spring and summer
Winnebago's Grand Design towable RV business will introduce motorized RVs late in their next fiscal year.
In latest step ahead of split, Vista Outdoors reveals new name of its outdoors company
Vista is splitting into an ammunition company that will be named the Kinetic Group and an outdoors brand company named Revelyst.
Bloomington-based HR software company Ceridian changing name in rebranding effort
The new name will be Dayforce, which is also the name of Ceridian's signature human capital management software offering. Other Ceridian products will be renamed Dayforce as well.
Regis changed its business model — now what?
A decade ago, the Minneapolis-based company had more than 9,600 salons, with most being corporate-owned. The company is smaller now, with fewer than 5,000 salons, mostly owned by franchises.
Former CEO takes the helm again at Eden Prairie-based health equipment supplier Agiliti
Tom Leonard is returning as CEO of Agiliti after his successor, Tom Boehning, departed the company.
Shareholders of 3-D printing company Stratasys vote down acquisition plan
The company's shareholders roundly reject the board's proposal to buy Desktop Metal. New options could emerge as a result.
Stratasys to put $552M acquisition deal to shareholder vote
The meeting Thursday will determine whether the purchase of Desktop Metal will be completed. Two companies that made unsolicited bids for Stratasys, as well as some analysts, have recommended a no vote.
Alumacraft laying off 68 workers at its St. Peter plant, a blow to town's economy
There are still 207 employees at one of the oldest aluminum boat manufacturers in the U.S.
Ecolab study finds access to clean water a key issue around the world, especially Latin America
The study was released at the United Nations Climate Ambition Summit in New York.
Sleep Number shareholder issues wake-up call to company's board of directors
Activist shareholder, Stadium Capital Management, is seeking a board seat citing underperformance.
Stratasys rejects takeover bid, asks shareholders to approve its acquisition of competitor
A summer-long drama over merger partners with Stratasys looks headed to a resolution at the end of September.
C.H. Robinson builds new freight facility in Texas, reflecting Mexico's growing importance
The new 400,000-square-foot facility is in Laredo, now the largest commercial port of entry in the U.S., C.H. Robinson says.
Residential demand for lawn equipment plummets, leading to rare Toro quarterly loss
Weather and economic conditions dampened Toro's third quarter results. The Bloomington-based company announced Lowe's would start carrying equipment, one answer to the results.
Duluth native reveals corporate life through fiction with lessons for the real world
Megan Preston Meyer, an ex-pat Minnesotan now living in Switzerland, targets her first novel at millennials joining the workforce.
New head of Ernst & Young's Minneapolis says more companies asking about AI
Minnesota native Dominic Iannazzo, recently promoted to the office's managing partner, also talked about spin-offs and other consultations in a wide-ranging interview.
Floundering Fresh Vine Wine at odds with co-founders Nina Dobrev and Julianne Hough
The Minnetonka-based company is exploring strategic alternatives, including a sale, has fired most of its staff and liquidated some of its inventory.
Donaldson reports record $358.8M annual profit, touts new acquisition and partnership
The Bloomington-based filtration company announced another life sciences acquisition in their fourth quarter and a distribution deal with Napa after the quarter closed.
Entrepreneur Scott Burns joins the new venture capital business of Mairs & Power
Burns' former companies GovDelivery and Structural both used venture capital investments to grow.
New billionaire ShopHQ owner brings limited experience but lots of confidence to home shopping
The bankruptcy court-approved $55 million transaction opens a new chapter for the former iMedia channel.
iMedia's $50M sale is canceled; founder of 5-Hour Energy emerges as new buyer
RNN had a now-terminated agreement to purchase iMedia out of bankruptcy, but IV Media has since agreed to buy it for $55 million.
Anoka's Vista Outdoor spinoff has a new name, will trade under HUNT ticker
Vista will split into two companies by the end of the year. The sporting products group, which will remain in Minnesota and includes its Federal ammunitions brand, will be part of a newly named company, The Kinetic Group.
