Green Bay banking company acquiring consulting firm for $48 million
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In a deal expected to close in February, Associated Banc-Corp has agreed to acquire risk and benefits consulting firm Ahmann & Martin Co. for at least $48 million.
The deal could cost as much as $56 million if certain contingencies are met, Green Bay, Wisconsin-based Associated Banc-Corp said in a statement released Jan. 16.
Edina, Minnesota-based Ahmann & Martin will be merged with Associated Banc-Corp's employee benefits subsidiary Associated Financial Group L.L.C., according to the statement.
Ahmann & Martin's entire team of 130 employees will join Associated Financial Group, a spokeswoman for Associated Banc-Corp said. The combined firm will employ more than 370 employees and serve about 14,000 clients, according to the statement.
Associated Banc-Corp said Ahmann & Martin CEO Dean Hildebrandt will become president and CEO of the combined firm. Ahmann & Martin's two principals, David Martin and Richard Ahmann III, also will continue in leadership roles, according to the statement.
William Bohn, Associated Banc-Corp's executive vice president and head of private client and institutional services, will serve as chairman of Associated Financial Group, according to the statement.
Associated Financial Group is the 56th largest insurance broker in the United States, according to Business Insurance's latest ranking.
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