Indianapolis deals in 2009 ranged from $4.6 billion to $70

January 23, 2010

Wellpoint sells subsidiary for $4.6B

WellPoint Inc. on April 13 sold its pharmacy benefits management arm for $4.7 billion in cash and stock to St. Louis-based Express Scripts. WellPoint’s pharmacy subsidiaries, called NextRx, dispensed and managed 265 million prescriptions annually for 25 million people.

Republic Airways buys Midwest, Frontier airlines

Republic Airways Holdings on June 23 acquired Milwaukee-based Midwest Airlines for $31 million in cash and debt from private-equity firm TPG Capital. On Oct. 1, Republic acquired Denver-based Frontier Airlines Holdings for $108.8 million.

Norwood Promotional acquired in $162M deal

Norwood Promotional Products Inc., an Indianapolis-based supplier of promotional products, was sold June 19 to Bic Graphic USA for $162.5 million. Clearwater, Fla.-based Bic Graphic USA, a division of ink pen and shaver maker Bic USA, paid $125 million and assumed $37.5 million in liabilities for Norwood, which filed for Chapter 11 bankruptcy protection in May. Norwood, the nation’s second-biggest seller of promotional products, moved its headquarters from Austin, Texas, to Indianapolis six years ago.

Lilly sells longtime Lafayette plant

Eli Lilly and Co. sold its Tippecanoe Laboratories manufacturing plant in Lafayette to Germany-based Evonik Industries AG in October for $36 million.

Hat World acquires Sports Fan-Attic chain

Locally based Hat World Inc. acquired Sports Fan-Attic Inc., a Tampa-based, 37-store athletic retail chain focused on collegiate and professional sports licensed clothing, for $26.4 million. Hat World is owned by Nashville, Tenn.-based Genesco Inc.

Consona makes $20M software acquisition

Consona Corp. on April 6 acquired the enterprise-software-related assets of Redwood City, Calif.-based SupportSoft Inc. for about $20 million in cash. Consona, formerly Made2Manage Systems Inc., provides customer-relationship-management software and enterprise-resource-planning software primarily to manufacturers.

Old National completes $16M Charter One deal

Evansville-based Old National Bancorp on March 23 completed its nearly $16 million acquisition of 65 Charter One retail branches in Indiana from Providence, R.I.-based Citizens Financial Group. The deal was announced in November 2008. Most of the branches are in the Indianapolis area.

Arcadia sells four businesses for $11.2 million

Arcadia Resources Inc., an Indianapolis-based provider of health care services, on June 18 and 19 sold its home health equipment businesses for the Southeastern and Midwestern regions for a total of $8.8 million. On June 29, Arcadia sold its Grayrose Inc. industrial staffing business for $250,000. On July 11, Arcadia sold its Jascorp LLC retail pharmacy software business for $2.2 million. Arcadia did not disclose the buyers.

Sale ends Man Alive rebranding attempt

The Finish Line said June 22 it had ended an unsuccessful attempt to rebrand and revitalize its struggling Man Alive stores by agreeing to part with the 75-store clothing chain. Indianapolis-based Finish Line paid $7 million to Man Alive Acquisition LLC, which is controlled by Brooklyn-based Jimmy Jazz, to take Man Alive assets and liabilities off its hands. The sale is expected to close in early July.

Interactive Intelligence acquires S.C. firm

Indianapolis-based Interactive Intelligence Inc. on May 18 acquired AcroSoft Corp.—a Columbia, S.C., firm that provides document-management services to the insurance industry—for $2.4 million. AcroSoft, founded in 1996, has 13 full-time employees and more than 40 customers in the midsize property-and-casualty and life insurance markets.

Irwin Financial sells mortgage serving business

Irwin Financial Corp. in Columbus in March sold its Irwin Home Equity Corp. mortgage servicing business to Green Tree Servicing LLC of St. Paul, Minn., for $2 million.

Emmis sells Belgian radio operation

Emmis Communications Corp. on May 29 sold its radio operations in Belgium to Belgium-based Alfacam Group NV for $70.•


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