Personnel
Mairs & Power fund management changes
Mairs & Power, St. Paul, named Kevin Earley as the lead manager and Robert Thompson as a co-manager of the Mairs & Power Balanced Fund.
Ronald Kaliebe, who was lead manager of the Balanced Fund since 2013, will become a co-manager of the fund as part of a planned transition to his retirement in June 2019. Kaliebe joined Mairs & Power in 2001 and was named co-manager of the fund in 2006.
Earley has been a co-manager of the Balanced Fund since 2015 after joining the firm as vice president, equity analyst and investment manager in 2013. Thompson joined Mairs & Power in 2016 after 13 years at Advantus Capital Management.
The Mairs & Power Balanced fund, established in 1961, has $985 million in assets under management as of Dec. 31.
In addition, the firm announced it has hired Patrick Farley as a vice president and investment manager.
Mergers and acquisitions
Inovalon closes on deal for Ability Network
Inovalon Holdings Inc., Bowie, Md., has closed its $1.2 billion acquisition of Minneapolis-based Ability Network Inc.
Ability Network is a provider of information technology services to health care companies. The aggregate purchase price included $1.1 billion in cash and $100 million in stock.
Debt and equity
HelpSystems signs recapitalization deal
HelpSystems, Eden Prairie, has signed a recapitalization agreement with HGGC, a middle-market private equity firm based in Palo Alto, Calif.
HelpSystems provides a portfolio of IT operations management, security and business intelligence solutions.
HGGC agreed to the deal with H.I.G. Capital, Split Rock Capital and the management team of HelpSystems. Terms of the deal were not disclosed, but HGGC will hold a controlling interest in HelpSystems after the deal closes.
