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
GLEN STUBBE ¥ gstubbe@startribune.com] File photo. A recent analysis found that Ohio-based Marathon Petroleum Co., which owns this refinery in St. Pa

Minnesota companies cashing in on CARES Act business tax breaks

Companies in Minnesota cashing in.
Dr. Claudia de Liano tested patient Charity Stevson's (CQ) teeth for sensitivity during an appointment at Shamblott Family Dentistry in Hopkins, Minn.

Fewer N95 masks mean fewer appointments for Minnesota dentists

A persistent lack of masks and other PPE is a major limiting factor in dental offices returning to full scheduling.
TruStone, Firefly OK merger to create second-largest credit union in Minnesota

TruStone, Firefly OK merger to create second-largest credit union in Minnesota

The deal still needs regulatory approval.

Two of Minnesota's two largest business groups merging

The Minneapolis Regional Chamber of Commerce, TwinWest Chamber of Commerce are joining forces.
Securian Financial of St. Paul returned to the Fortune 500 list for 2020.. It is ranked No. 445.

UnitedHealth, 15 other Minnesota companies make latest Fortune 500 list

Minnesota has 16 companies in this year's edition of the Fortune 500, with UnitedHealth Group ranked No. 7.The list always has a certain amount of…
Ameriprise Financial has been the best-performing big financial services stock in Minnesota so far this year. Star Tribune file photo ORG XMIT: MIN190

Ameriprise earnings easily beat estimates, sending shares up

Financial advice in big demand as investors deal with volatile markets.
DTN employees at their offices in Burnsville.

Burnsville weather-analytics company bolsters agricultural business with $12M acquisition

DTN bought Iteris Inc.'s ClearAg product line, its seventh acquisition since 2018.
Great Clips now has over 200 salons open as state stay-at-home orders expire. In Minnesota, though, they must still remain closed.

Regis, Great Clips want to be industry leaders in reopening process

As states start to reopen after COVID-related stay-at-home orders, Regis Corp. and Great Clips say they can be national leaders on how salons can operate…
The APi Group's headquarters

Minnesota's APi Group increases visibility by listing on New York Stock Exchange

"APG" was acquired last year for $2.9 billion by J2, which took its name.
Winnebago Industries CEO Mike Happe, shown in 2017.

Winnebago plans gradual restart of RV production May 4

The RV maker said it is cautiously optimistic about demand for its product despite the economic downturn.
UnitedHealth Group headquarters in Minnetonka.

CEO Pay Watch: UnitedHealth's David Wichmann made more than $52 million last year

Both David Wichmann, UnitedHealth Group's CEO, and Stephen Hemsley, its former CEO and executive chairman, made over $50 million in salary, bonus and stock option compensation.
President Donald Trump signs a coronavirus aid package to direct funds to small businesses, hospitals, and testing, in the Oval Office of the White Ho

Small business loan recipients include not-so-small Minn. companies

At least four publicly traded companies, one with more than $100 million in sales, received forgivable loans.
Tennant says first quarter sales are lower because of coronavirus effects.

Tennant institutes furloughs, executive pay cuts to counteract COVID-19 effects

Tennant's preliminary results show first quarter sales down 4% and EPS flat to down.
Sleep Number CEO Shelly Ibach held a virtual earnings meeting with employees after a conference call with analysts and the media.

Sleep Number turns to online chats, phone calls to sell beds

Sleep Number still managed a record first quarter despite a 80% drop off in business in last two weeks of March.
Toro was among the first firms in Minnesota to switch to a webcast instead of gathering in-person for its annual meeting.

Companies turning to virtual conferences to stage annual meetings

It is annual meeting season for public companies, but the coronavirus restrictions are quickening a trend toward virtual meetings. With no unnecessary travel and stay-at-home…
Kelly Olson Pedersen said investment firms have found themselves counseling on much more than the economy.

Financial advisers must calm their clients — and themselves

While dealing with their own stresses, advisers guide customers through planning and resources.
Fastenal public-facing stores have closed to the public but are still filling orders.

Winona-based Fastenal has no idea when coronavirus effects will end

The industrial supplier had a better-than-expected first quarter as health care and government customers started buying more protective equipment.
Sleep Number Corp. has furloughed 40% of its 4,400-person workforce and cut hours for the rest, and the CEO stopped collecting cash compensation.

'Technical depression' upends big Minnesota companies

The COVID-19 pandemic has left many of the state's major corporate players reeling. Six of Minnesota's largest publicly traded companies have announced temporary reductions in operations. Four have furloughed large portions of their workforce. More have issued dire warnings to investors.
APi Group headquarters in New Brighton.

New Brighton's APi hopes to be on NYSE by end of month

The New Brighton industrial services company was bought for $2.9 billion last fall by J2 Acquisition Group.
Sleep Number's headquarters in downtown Minneapolis.

Sleep Number furloughs 40% of employees because of coronavirus

The Minneapolis-based mattress maker and retailer has furloughed 40% of its 4,400 employees and reduced hours for 30% more as it closed stores and suspended most home delivery during the COVID-19 epidemic.
Richfield-based Best Buy first accessed its five-year revolving loan until Feb. 1 and on March 19 tapped the entire $1.25 billion. It also suspended i

Minnesota companies borrow billions to pad cash flow

Companies are tapping revolving lines of credit to help secure cash flow during an increasingly volatile economy caused by the coronavirus pandemic. They also are tightening expenses, some by laying off or furloughing workers, others by putting off capital expenditures, all with the goal of conserving cash.
Ecolab CEO Doug Baker made $33.9 million the last fiscal year.

Ecolab CEO has largest compensation package among Minnesota companies so far this year

Doug Baker's compensation included $17.4 million from stock option gains.
Datasite CEO Rusty Wiley.

Minneapolis company Merrill Corp. changes name to Datasite

The change reflects its shift to virtual data room services.
Polaris is shutting down its factories for a week, it said Monday.

Polaris, Winnebago temporarily closing factories

Polaris and Winnebago have suspended manufacturing as demand screeches to a halt.
Trader Peter Tuchman worked on the floor of the New York Stock Exchange on Monday. Wall Street’s plunge into a bear market after a nearly 11-year bu

After bad week for stocks, Minnesota market pros try to look ahead

Market professionals are hesitant to call a bottom to this stock market, but are confident there will be a recovery in a year or more.
Bremer encouraged customers to use ATMs and mobile banking.

Banks, credit unions closing branches in response to coronavirus threat

Many drive-throughs, ATMs remain open, as well as mobile banking.
Winona State geology graduate Rob Bergmann explored the Black Hills of South Dakota. He is co-founder of F3 Gold, which is prospecting for gold there.

Two Mpls. businessmen prospecting for gold in South Dakota's Black Hills

Local geologists hope Black Hills test drilling reveals a major gold discovery and boosts their geology consulting business.
Donaldson headquarters in Bloomington.

Bloomington-based Donaldson lowers revenue forecast due to coronavirus, other market disruptions

Filtration company warns of likely sales disruptions and sluggish truck sector.
Manny’s Steakhouse is owned by Parasole Restaurant Holdings, which is being sold to a private equity firm.

Manny's Steakhouse, Good Earth owner Parasole sold to private investment firm

Principals of FS Funds own four Original Pancake House restaurants.
Trader Neil Catania works on the floor of the New York Stock Exchange on Friday when the markets ended with the worst week since 2008.

Worst week on stock market since 2008 stuns some of Minnesota's top money managers

Some area market professionals have re-evaluated short-term tactics based on the sell-off caused by coronavirus spread.
Ameriprise Financial shares lost nearly 20% of their value this week.

Only four of Minnesota's major public companies saw stock gains amid sell-off

Most of the biggest companies such as Ameriprise, UnitedHealth Group and Best Buy lost more than 10% in stock value this week.
Patterson Cos. headquarter in Mendota Heights.

Mendota Heights' Patterson bucks trend as stock rises in volatile week

Investments in Patterson's dental business starting to show dividends.
St. Paul's Securian Financial employees receive 7% profit-sharing award after strong 2019

St. Paul's Securian Financial employees receive 7% profit-sharing award after strong 2019

Securian has made a profit-sharing contribution to eligible employees' retirement accounts for 46 consecutive years.
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.