IPOs, deals change mix of Minnesota public companies

Deals

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.

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.