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Additional deals that didn't make the mergers-and-acquisitions list

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Every year, for various reasons, significant business deals take place in central Indiana that can’t be included in Indianapolis Business Journal’s annual list of mergers and acquisitions (see list, page 20).

These “other deals” often involve private parties that don’t disclose financial terms or companies headquartered elsewhere that nevertheless influence the Indianapolis area.

The following is a look at some important deals that didn’t show up on our main list but deserve attention.

Too late for 2010

• Simon Property Group acquired Prime Outlets on Dec. 8 for $2.3 billion including assumption of debt. Baltimore-based Prime Outlets owned 22 huge properties. The deal, Simon’s largest since it acquired Chelsea Property Group Inc. in 2004 for $3.5 billion, is expected to close in the first quarter of 2010.

No price tag

• Herff Jones Inc., the Indianapolis company that makes high school rings, yearbooks and other educational products, bought Murphy Cap & Gown Co. of St. Petersburg, Fla. Herff Jones also acquired Framing Success Inc., a Virginia Beach, Va., supplier of diploma frames for college and professional certificates.

• Indianapolis-based G3 Technology Partners Inc. acquired cross-town rival Dugdale Communications Inc. Both firms integrate voice and data systems.

• Carmel Total Fitness LLC purchased the assets of local competitor Eclipse Fitness Inc.

• Grain Dealers Mutual Insurance Co., an Indianapolis-based property and casualty insurer, was acquired by Main Street America Group of Jacksonville, Fla.

• Indianapolis architecture firm James T. Kienle & Associates Inc. was acquired by Columbus, Ohio-based architectural firm Moody Nolan Inc.

• Carmel-based Shepherd Insurance & Financial Services acquired a competitor, Indianapolis-based DeTrude & Co.

• Indianapolis-based Miller Pipeline Corp. purchased Elcon Pipeline Inc. of Rosamond, Ill. Miller, a natural gas distribution, transmission pipeline and utility contractor, is owned by Evansville-based Vectren Corp.

• Geneva Insurance Co. Inc., an Indianapolis firm focused on nonstandard auto insurance, was acquired by Arizona-based Trillium Management Services Inc.

• Indianapolis-based Crown Paper Box was acquired by Colbert Packaging Corp. of Chicago.

• Hi-Tech Foam Products Inc., an Indianapolis company that makes foam components, was acquired by Hickory Springs Manufacturing Co. of Hickory, N.C.

• Compass Automotive Group Inc., an auto-parts firm headquartered in Franklin, acquired the aluminum die casting and magnesium component arms of Citation Corp., headquartered in Grand Rapids, Mich.

• ITT Education Services Inc., the Carmel company that offers technical post-secondary degrees, acquired Daniel Webster College in New Hampshire.

• Carmel-based Gaylor Inc., one of the largest electrical contractors in the Indianapolis area, acquired Griffith Group Inc., a 25-employee electrical, heating and cooling contractor in Lafayette.

• One Source Insurance agency in Noblesville was acquired by Florida-based Brown & Brown.

• Indiana Supply Corp., a distributor of heating and air-conditioning equipment, was acquired by Gustave A. Larson Co. of Pewaukee, Wis.

• Dow AgroSciences LLC acquired most assets of Illinois-based seed corn company Pfister Hybrids and the assets of Hyland Seeds, a division of Blenheim, Ontario-based Thompson Ltd. Dow AgroSciences is owned by Dow Chemical Co. of Midland, Mich.

• Indianapolis-based Vertellus Specialties Inc. acquired Degen Oil & Chemical Co., a New Jersey-based manufacturer of alkyd resins and specialty vegetable, nut and fish oils. Vertellus develops and manufactures specialty chemicals used for pharmaceutical, personal care, nutrition and agricultural purposes.

• Indianapolis-based Enterprise Electrical & Mechanical Co. acquired The Freije Co., a local firm specializing in industrial ammonia refrigeration systems design, installation and service.

• Locally based Hat World Inc. acquired Great Plains Sports, a St. Paul, Minn., provider of sporting goods to educational, corporate and youth organizations. Hat World is owned by Nashville, Tenn.-based Genesco Inc.

• The Promotion Co. Inc., an Indianapolis-based event promoter, acquired the Monster Nationals series of monster-truck shows from Image Promotions Inc. in Chardon, Ohio.•

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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