Acquisitions in Wisconsin in 2017

Barracuda Networks acquired PhishLine, a Waukesha, Wisconsin–based SaaS provider of social engineering simulation and security awareness training. The acquisition expands Barracuda’s email and security training capabilities by integrating PhishLine’s phishing simulation, analytics and training platform into Barracuda’s portfolio.

Midwest private equity firm Mason Wells has acquired L.B. White Company, a Onalaska, Wisconsin-based manufacturer of forced-air, radiant and variable-rate heating equipment for the swine, poultry and construction markets. Cleary Gull served as exclusive financial advisor to L.B. White in the transaction; Mason Wells said it will provide capital and resources to support growth and the company's management transition.

Hub International Limited acquired the assets of Wisconsin-based Stellarus Benefits Inc.; terms were not disclosed. Christy Schwan, President of Stellarus, will join HUB Midwest West and report to Michael Booth as Hub expands its Wisconsin presence and broadens insurance solutions offered to Stellarus clients.

OpenGate Capital, a Los Angeles-based private equity firm, has acquired Hufcor, Inc., a Janesville, Wisconsin manufacturer of operable partitions and movable wall systems. The deal was advised by Cleary Gull Inc.; OpenGate plans to accelerate Hufcor's growth and operational improvements globally.

Vestar Capital Partners has acquired Quest Analytics, a provider of health plan provider network management software and services based in Appleton, Wisconsin. Quest's founders will remain active in the business with a substantial minority stake; Vestar said the investment will provide capital and sector expertise to accelerate product and market growth.

Yamaha Motor Corporation, U.S.A. formed Yamaha Marine Systems Company (YMSC) and YMSC acquired the assets of Kracor, Inc., a Milwaukee-based rotational molding manufacturer. The acquisition expands Yamaha Marine's integrated marine systems capabilities by adding in-house rotational molded parts and integrated fuel tank systems for boat builders and Yamaha's internal business units.

The Eastern Company has acquired Velvac Holdings, Inc., a portfolio company of Prospect Partners, for $39.5 million plus an earnout tied to Road-iQ growth. Velvac — a designer and manufacturer of camera-enabled vision systems for medium and heavy-duty commercial vehicles and motorhomes — will operate as an independent subsidiary with its existing CEO continuing to lead the business.