Media Mentions

Pete Michaud Comments on Minnesota M&A Activity with Minneapolis/St. Paul Business Journal

02.14.14

The Minneapolis/St. Paul Business Journal article “Minnesota M&A Activity Suffers Tax-Hike Hangover*” discusses the down year that 2013 turned out to be for mergers and acquisitions, both locally and nationally. A major factor in the low activity stemmed from a flood of acquisitions at the end of 2012, when companies were rushing to sell in order to avoid a capital-gains tax increase that took effect at the beginning of 2013.

According to Business Journal research of the state’s 50 largest reported mergers and acquisitions, Minnesota companies sold more than they bought in 2013 — the first time that has happened since 2008. That ultimately means that Minnesota loses more jobs through M&As than it gains. However, many local M&A experts are optimistic about activity in 2014 and are already in the early stages of negotiating substantial deals in many industries, including food and beverage.

“From what we can tell from our clients, there is pent-up demand,” said Pete Michaud, a partner at Lindquist & Vennum’s corporate finance and mergers-and-acquisitions practice. Michaud, who works on food deals, said one reason Minnesota food companies looked so active is because there are so many in Minnesota. A few big food company sales shouldn’t be cause for panic, he said. “I think it’s an ebb-and-flow thing. I think in general, in the food business, the margins are so low. It’s one of those industries where you’re not making the kind of money you are in other products. I don’t see Minnesota losing its luster in food, I think it’s going to continue to be strong here.”

*Full article available by subscription only

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