MERGERS AND ACQUISITIONSSecurian Financial Group Inc., St. Paul, closed its purchase of Balboa Life Insurance Co. and Balboa Life Insurance Co. of New York from a subsidiary of Bank of America. The integration of the Balboa Life business is underway and scheduled for completion March 31.
3M Co., Maplewood, has completed its acquisition of the do-it-yourself and professional business of GPI Group, a French manufacturer and marketer of home improvement products such as tapes, hooks, insulation and floor protection products and accessories. Terms were not disclosed.
NEW BUSINESSThe Hilton Minneapolis unveiled its new event space: the Gallery. It has 3,400 square feet of reception and dining areas plus a custom built-in bar. The hotel invested more than $300,000 to convert the former Carvers Restaurant into a place for holiday parties, short-term corporate meetings and high-end dinners.
DEBT AND EQUITIESCapella Education Co., Minneapolis, has entered into a revolving credit agreement for $100 million of borrowing capacity, with an increase option of an additional $50 million. The agreement has a term of five years ending Sept. 30, 2016. Capella's previous $10 million line of credit facility was terminated upon entering into the new credit agreement. The credit agreement is with Bank of America as the administrative agent, and with other lenders including U.S. Bank, PNC Bank, Associated Bank and Merrill Lynch Pierce Fenner & Smith Inc. as the lead arranger and book manager.
PERSONNELLeuthold Weeden, Minneapolis, said that Steve Leuthold will transition into a new reduced role. Leuthold will pass along his duties as chief investment officer and relinquish co-portfolio manager responsibilities on the Leuthold Funds and most separate accounts. Doug Ramsey has been named chief investment officer and Eric Weigel will become director of research. Leuthold will continue to serve on both the Mutual Fund and the Leuthold Weeden boards and will maintain his ownership stake in Leuthold Weeden.
