Associated Bank acquires Minnesota firm

Special to The Freeman

Jan. 16, 2015

GREEN BAY — Associated Banc-Corp announced Friday that it will acquire Ahmann & Martin Co., a leading risk and benefits consulting firm in Minnesota through a merger with Associated’s subsidiary Associated Financial Group. The transaction is expected to close in February.

Green Bay-based Associated Financial Group is a benefits specialist firm with more than 240 insurance specialists and that generates more than $49 million of annualized insurance-related revenues. Ahmann & Martin Co. adds a range of complementary financial services such as employee benefits, risk management and business insurance with specialization in industry-specific solutions, according to the announcement.

“The addition of this fast-growing and respected company to the Associated family enhances our ability to offer clients unique, comprehensive solutions to meet their insurance and financial risk management needs,” said Associated president and CEO Philip B. Flynn in a statement. “As we look forward, we will continue to seek ways in which we can prudently grow our capabilities and drive greater client and shareholder value.”

As part of the proposed transaction, several key Ahmann & Martin Co. executives will assume leadership roles at Associated Financial Group, according to the announcement. Dean Hildebrandt, the current CEO of Ahmann & Martin Co., will assume the role of president and CEO of the newly combined firm. He will report to Bohn who will serve as chairman of Associated Financial Group.

The transaction is valued at approximately $48 million with the opportunity to increase the consideration by $8 million should certain contingencies be met over a defined period, according to the announcement.