Mergers & Acquisitions

2002

December

Robert F. Cooper, owner and CEO of Burlington Foodservice Co. in Colchester, and Mario Bonacorsi, president of Bonacorsi & Sons Inc. in Barre, announced the signing of a letter of intent for Burlington Foodservice Co. to acquire the stock of Bonacorsi & Sons. Burlington Foodservice Co. is the largest independent broadline foodservice distribution company in Northern New England with projected sales in 2002 of $47 million. Bonacorsi & Sons, with more than 600 customers and 24 experienced employees, anticipates sales of $8.5 million. With this acquisition, Burlington Foodservice Co. is projecting sales of $61 million.

November

Al Rodgers, vice president of business operations, and Ken Jedrzejewski, vice president of finance, have reached an agreement with Rockwell Collins to purchase Polhemus Inc., effective immediately. Rockwell Collins acquired Polhemus in December 2000 as part of its acquisition of Kaiser Aerospace and Electronics. Collectively, Rodgers and Jedrzejewski have more than 50 years' experience with Polhemus. The company provides three-dimensional position tracking systems, digitizing systems, eye tracking systems and hand-held three-dimensional scanners for the medical industry, university research, military training and simulation industry and the computer-aided design industry.

Pioneer Environmental Associates LLC, a Vermont consulting firm specializing in water resources planning and permitting, has purchased the former Hanna's Market building in Vergennes. The purchase was facilitated by Ed and Bev Biello of Panton, who negotiated with the owners. Rep. Connie Houston, R-Ferrisburgh, and Courtney Houston, a Realtor with Lang Associates, assisted all parties in completing the transaction. Pioneer's owner, Jeffrey Nelson, plans to rehabilitate the building and grounds, which will become the firm's headquarters. The remaining office space in the 6,300-square-foot building will be leased to other businesses.

Tracey Morehouse, co-founder and co-publisher of Kids VT, a monthly parenting newspaper, has sold her half of the business to Susan Holson. Holson will assume Morehouse's responsibilities as managing editor, and co-founder Kim Kropf will continue as advertising manager.

October

Quickprint of Rutland has been sold by Lyman Louis to Mark and Patricia Lawrence of Rutland. The business provides quick-print and copying services in the Rutland region. John Stimets of Country Business Inc. managed the ownership transition.

Banknorth Group announced it will acquire American Financial Holdings Inc. to nearly quadruple its size in Connecticut. American Financial is the parent company of American Savings Bank and recent acquirer of American Bank of Connecticut. The transaction is valued at approximately $709.3 million in cash and stock.

Nordic Funding Inc. of Burlington has been sold by the estate of Wilbur Parker to Peter Beauregard of Williston. Nordic arranges financing for equipment and machinery for individuals and businesses. John Stimets of Country Business Inc. managed the ownership transition.

September

Former Bombardier executives William Brady of Williston and James Dolan of Lincoln have acquired McLure North American, McLure Moving & Storage, Access Mini-Storage and McLure Packaging Systems & Supply Co. from Peder and Mary Lou Marcussen. All of the companies are based in Essex Junction. The McLure operations have had a continued presence in Vermont for more than 70 years. David Matthews, principal of NewEnglandNorth in Stowe, represented the sellers in the transaction.

After three years under the ownership of Quabaug Corp., the exclusive U.S. manufacturer of Vibram soles, New England Overshoe Co. Inc. (NEOS) has been bought back by its inventor and founder, Scott Hardy. NEOS will continue to be available through its established retail base, which includes nationwide retailers such as L.L. Bean, REI, Allen Edmunds and Galyan's Trading Co. Longtime NEOS customers such as Plow & Hearth and Orvis say they are delighted by the acquisition. Hardy has completed a seamless transfer of operations back to NEOS' home in Charlotte. The company has formed a partnership with Karhu USA to carry out distribution and customer service. Other key NEOS personnel include John Siminger, inside sales manager, and Michelle Holland, operations manager. The NEOS sales rep force, which includes representation across North America, Europe and Japan, will remain unchanged. P.O. Box 540, 823-B Ferry Road, Charlotte. 425-4848. www.overshoe.com.

Bond Auto Parts Inc. purchased A.D. Sanel Inc. (a Parts Plus Company) with headquarters in St. Johnsbury. Bond operates 19 auto parts stores in Vermont and four in New Hampshire. The A.D. Sanel acquisition will add nine store locations, three of which will join the Bond auto stores. A.D. Sanel has a strong background in the aftermarket parts industry, upon which Bond Auto Parts plans to build both retail and professional installer business.

August

Four employees purchased Vermont HoneyLights Inc., a 16-year-old business that makes and sells molded and hand-rolled beeswax candles. The company has moved its wholesale and retail division to 9 Main St. in Bristol. The new owners are Bonita Bedard, David Bedard, Shawna Sherwin and Robin Terricciano. The company's Web site is www.vermonthoneylights.com. 453-3952.

Edward Sawyer and Mark Browning Sr. acquired S B Electronics Inc. of Barre. The new corporation, SBE Inc., will continue to manufacture film capacitors for the electronics, lighting and industrial equipment industries under the S B Electronics trade name. Sawyer is president and Browning is vice president of the corporation. S B Electronics' founder, Perry Browning, is retiring as a result of the sale. The company employs 35 people. 131 S. Main St., Barre. 476-4146.

July

Rollover Design of Shelburne has joined forces with Angus Walker Design of Milton, Mass., to form Walker Henderson Design Group, a strategic creative services and corporate identity firm specializing in integrated brand experiences. The principals, Jeffrey Henderson and Angus Walker bring their experience in print and new media design to provide creative solutions for clients from a wide range of industries. The new company has just wrapped up a branding/identity campaign for Vitex, a Massachusetts biotech firm, and has been selected to design and develop a new Web presence for national retailer Filene's Basement. WHDG's Web site can be found at www.walkerhenderson.com. The Shelburne studio can be reached at 985-3504.

June

Banknorth Group Inc., the parent company of Banknorth Vermont, announced that it has signed an agreement to acquire Bancorp Connecticut Inc. for $28 per share in cash. The transaction value is $157 million. The agreement was approved by the boards of both corporations. Peter J. Verrill, Banknorth chief operating officer and chief financial officer, said Banknorth expects to achieve cost savings of 25 percent in the transaction.

Computer Alternatives of Middlebury and CyberDoctors Inc. of Burlington announced their merger to form Summit Technologies. The combined entity provides a full-service menu of technology solutions, including consulting and hardware/software sales. The principal partners in the new alliance are Al Levy, Keith Mattes and Johannes Jobst. The headquarters are at 812 Exchange St., Middlebury, 388-7545; the Burlington office is at 47 Maple St., 860-2430. Web address: www.summittechnologies.biz .

Russ Walker has bought Copy Ship Fax Plus at 159 Pearl St., Essex Junction, from Tom Hanson. Operating for more than 10 years, Copy Ship Fax Plus is a business services center offering copying, printing, typesetting, notary and facsimile services and is an authorized shipping outlet for UPS and FedEx. Before buying the business, Walker held managerial positions with Woolworth, Ames and Wal-Mart. The buyer and seller are shown with Charlie Poulin of Pomerleau Business Services, the broker in the transaction.

Doug Nedde of Redstone was the listing and leasing broker for a 3,500-square-foot space at 112 Lake St., Burlington, formerly Isabel’s Restaurant. The new occupants, Sir Umm LLC, opened O Restaurant in May. Shown here with Nedde are the sharing partners Jay Strausser, Lisa Strausser, Floery Mahoney and Phil Beard.

May

Timothy Fitzgerald, D.O., of Champlain Valley Urgent Care has acquired the former U.S. HealthWorks medical clinic at 1233 Shelburne Road in South Burlington. The office will continue to focus on urgent care and occupational health services and a wellness program, including the services of a registered dietician. Laboratory services, including instant cholesterol testing and instant drug testing, can be performed in the office or on a mobile basis. Office hours are 7 a.m. to 6 p.m. Monday through Friday.

NorthCountry Federal Credit Union and Burlington City Employees Credit Union have merged. NorthCountry of South Burlington will be the continuing organization. The credit union now has five branches, 15,500 members and over $80 million in assets. Organized in 1950, NorthCountry Federal Credit Union is a full-service, not-for-profit financial cooperative serving people who live, work, worship or attend school in Chittenden, Addison, Washington, Lamoille, Franklin, Grand Isle or Essex counties and people who live or work in Lyndonville, West Burke or Hardwick. Deposit accounts are insured to $100,000 by the National Credit Union Administration.

CBI Acquisition, Brokerage & Financial Services announced the sale of the Sears Independent Dealer Store in Berlin by Paul and Suzanne Gruhler to Louis LaCroix of Barre. The store is one of 800 independently owned stores operated nationwide. It concentrates on appliances, electronics, lawn and garden, and hardware. John Stimetz of CBI’s Burlington office managed the ownership transition.

Ted Child, owner and president of Child Travel Services, announced that his company has brought Travel Network of South Burlington into its network of travel agency offices. Specializing in corporate travel, vacation packages, cruises, honeymoons and group travel, both Travel Network and Child Travel expect a smooth transition. “Becoming part of the Child Travel Services family with their WorldTravel affiliate status is an important step in providing better service and more competitive rates for both our corporate and leisure customers,” said Dan Petherbridge, owner of Travel Network. The existing staff at Travel Network will continue to provide services from its South Burlington offices on Williston Road under the Child Travel Services name.

Green Mountain Coffee Roasters Inc. has completed financing to exercise options on all 2,217,859 shares of Keurig Inc. that have been granted to the company by Keurig shareholders at an exercise price of $6.50 per share, including options previously exercised. The purchase is expected to be completed at a total cost of approximately $14.4 million. After the purchase, Green Mountain Coffee will own approximately 41 percent of Keurig Inc.

MH Investments has purchased the assets of Goss Tire on Pine Street in Burlington. MH Investments is the parent company of Northwest Tire & Service, a full-service tire and auto repair shop. A May 2002 opening is planned.

April

Leslie Tucker, CEO of Roundstone International Inc., and Kathryn Grad & Associates (KG&A) announced an agreement that allows Roundstone to acquire KG&A’s client base. Grad will join Roundstone as a senior consultant focusing on leadership and coaching. She has more than 20 years of experience and a client list favorably weighted in the manufacturing industries. Roundstone is an organizational revitalization company with eight consultants who serve organizations worldwide in executive leadership training, culture change, internal coaches training, team skills and coaching, and women’s leadership training retreats.

March

Green Mountain Coffee Inc. announced that its wholly owned subsidiary, Green Mountain Coffee Roasters Inc., has been granted options to acquire certain shares of preferred and common Stock of Keurig Inc., the manufacturer of the Keurig® Premium Coffee System, which brews one cup of coffee in approximately 30 seconds. Green Mountain has an irrevocable right to purchase approximately 1.8 million shares of the outstanding capital stock of Keurig Inc. before April 8. Assuming Green Mountain purchases all the shares subject to the options, it would own approximately 34 percent of Keurig. Green Mountain was involved in supporting the early research, development and testing of the Keurig system starting in 1994.

Audio Video Authority of South Burlington and Rutland merged with Double Diamond Audio of West Lebanon, N.H. The merger allows the New Hampshire store to expand its offerings to include home audio and video equipment and mobile electronics. A.V. Authority was founded in 1993.

February

Kenneth J. Ballard has purchased the assets of Spherion Atlantic Enterprises' Vermont office, Spherion Workforce Architects. Formerly known as Norrell Services, Spherion, a provider of temporary or flexible staff and full-time recruitment services for office, professional and light industrial disciplines, will continue to service the Vermont business community.

ACT Teleconferencing Inc., a full-service provider of audio, video, data and Internet conferencing products and services, recently acquired Proximity Inc., a provider of room-based videoconferencing services. ACT Teleconferencing headquarters are in Denver, Colo.; Proximity is based in Burlington. Proximity customers are able to conduct small- or large-scale video-conferences from more than 3,500 sites worldwide. Founded in January 1995, the company has more than 2,000 clients around the world, including numerous Fortune 100 corporations. Proximity also produces videoconferencing events, consulting and outsourcing services.

Avonda Air Systems Inc., a Williston residential and commercial mechanical contractor, has merged businesses with 4 Systems Mechanical Inc. of Winooski.

January

M&M Properties has purchased the commercial property at 348 Flynn Ave. in Burlington from James and Linda Roberts. The property will be the headquarters for the Spirit of Ethan Allen. Rich Feeley of Feeley Commercial Real Estate represented the buyer. Don Marcelino of Prudential Realty Mart represented the seller.

Reprographics of New England has acquired the assets of Bergman Graphics Inc., a provider of digital imaging, management and offset printing. Bergman has locations in Colchester and in Nashua, N.H. Reprographics will continue to operate the Bergman Graphics business in Vermont under the Bergman name as a division of Reprographics of New England.

With headquarters for North American and Canada in Burlington, Goldstone Technologies, a software services company that specializes in e-commerce, Wireless Access Protocol, database, client server and data warehousing services, has acquired Mangotech Inc. of Tampa, Fla. Goldstone also has offices in Virginia and California and Toronto and Sudbury in Canada. The acquisition will allow Goldstone’s customers to take advantage of a broader roster of services that can be optimized to address particular information technology needs. Goldstone Technologies employs more than 400 professionals worldwide and plans offices in Sydney, Australia; Denver, Colo.; Canada; and Brazil.