DETROIT BUSINESS MAIN 01-29-07 A 9 CDB 1/26/2007 11:56 AM Page 1

January 29, 2007 CRAIN’S DETROIT BUSINESS Page 9 MARY KRAMER: Tough times can force us to cooperate If Southeast Michigan were a “This is not puffery,” A second example: labor department official and ex- neering innovations, including kindergarten class, I think we his- Toffolo said. “The coop- Southeast Michigan re- plained One D and other regional helping to create systematic mod- torically would get demerits for eration has been excel- cently was passed over initiatives. The result: The cham- els for clinical trials and a couple “plays well with others.” lent so far. We have by the U.S. Department ber received a $5 million grant. of landmark drugs — the epilepsy Funny how a lousy economy can everyone there, Au- of Labor when it was Money is a big carrot. These co- drug Dilantin in 1938 and the first help us learn new ways to play to- tomation Alley, Ann handing out money to operative efforts will show that it antihistamine, Benadryl, in 1946. gether. Arbor Spark, NextEn- help boost economic ex- pays off. It was acquired by Warner-Lam- Two examples: ergy, the counties. We pansion, entrepreneur- bert in 1970 and consolidated with First, area economic-develop- had a presentation on ship and workforce de- Pfizer and Detroit that company’s Ann Arbor divi- ment agencies — and there are a how much we receive velopment. Two grants sion, which had developed Lipitor bunch of those — have agreed to in federal grants” in were given to other re- When Pfizer Inc. shuts down in in 1985. Pfizer bought Warner- work together to lobby federal and Southeast Michigan. gions in Michigan. Ann Arbor, it takes a bit of Detroit Lambert in 2000. foundation funding sources for “It’s terrible. It’s low.” Why not Southeast pharmaceutical history with it. Mary Kramer is publisher of specific purposes. Added Ken Rogers, Michigan? The word Pfizer grew through mergers Crain's Detroit Business. Her weekly “There’s an opportunity in Con- who runs Automation Alley: “We from Washington was: You don’t and acquisitions. One of the com- take on the latest business news airs gress because of the swing in pow- don’t ‘incubate’ companies at the Al- have your act together. panies it absorbed, Parke-Davis, at 6:40 a.m. Mondays on the Paul W. er,” said Dennis Toffolo, deputy ley, but with new funds from Wash- So the Detroit Regional Cham- was founded in Detroit in 1886. The Smith show on WJR AM 760. E-mail county executive in Oakland ington, we could entertain that.” ber and other partners met with a company was known for many pio- her at [email protected]. County, who credited Detroit Re- naissance Inc. CEO Doug Rothwell for pulling the regional alliance to- gether. The priorities will include re- gional funding for startup and in- cubator space as well as building support for plans for an “aerotrop- Estate Tax Repeal olis” to build the region as a logis- tics center using Detroit Metropol- itan and Willow Run airports, Toffolo said. is Dead. On Feb. 12-13, area economic-de- velopment officials will blitz Because estate tax burdens can consume Washington congressional offices a large percentage of a lifetime’s hard work, and government agencies. a sound estate plan is one of the most important things that you can leave your family. At The Advanced Strategies Group, Inc. we can assist you in planning for your loved ones, based on today’s facts not tomorrow’s what-ifs. Join us and learn how to preserve, protect and perpetuate your life’s work to those you care most about. Join us to learn more! Saturday, February 24, 2007 The Townsend Hotel Birmingham, Michigan 8:30 a.m. NOTHER WAY TO LIST A Call us to reserve your spot If you are a subscriber to Crain’s Detroit Business, you know the at this important event. value of the Book of Lists. You don’t want to miss it! The data featured in the Book of Lists, as well as additional data, Estate values of $4 million or more required. also is available in a convenient Please, no financial advisors. Excel spreadsheet format. The additional information includes: Ⅲ Data on hundreds of companies that didn’t fit on those printed lists but are part of our database of more than 3,000 companies. Ⅲ Any additional fields of information we’ve been able to compile, such as key executives. Ⅲ Lists published in 2006 but not in the printed Book of Lists. To purchase the online version of the Book of Lists, visit our Web site, crainsdetroit.com, and click “Crain’s Lists Online” in the left- hand navigation bar. If you like to use the Book of Lists for mailing lists or basic contact information, such as address and the name of the top executive, you’ll Wealth Preservation & Transfer Specialists like the additional spreadsheet we’ve included in our online download. It’s a “contact list” of all the basic information on all the lists — all in a single spreadsheet. 1-877-ASG-Ø-TAX (1-877-274-0829) This spreadsheet version of the New York • Boston • Detroit • Florida • Los Angeles Book of Lists costs $499. Individual lists are also available www.AdvancedStrategiesGroup.com for purchase. DBpageAD.qxd 1/11/2007 5:12 PM Page 1

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January 29, 2007 CRAIN’S DETROIT BUSINESS Page 11

REPORTER’S NOTEBOOK More M&A news inside Brent Snavely writes ■ about auto suppliers, ProQuest dismantles. Page 13. steel and restaurants ■ and entertainment. Call Real estate leases, sales. (313) 446-0405 or Pages 21, 22, 24. write bsnavely@ crain.com ■ Extranets help law firms manage big deals 2006 deals. Page 26.

Brent Snavely The question of private equity

How do automakers and tier-one suppliers really feel about private- Deal – or no deal? equity funds and hedge funds buying automotive suppliers? Three top executives offered frank STILL PENDING M&As rose in 2006, but wait continues thoughts during a question-and- answer session Jan. 17 at the for some that were expected Automotive News World Congress in Dearborn. Panelists included Tony Brown, BY BRENT SNAVELY could be the final chapter for some companies and senior vice president of global CRAIN’S DETROIT BUSINESS a new beginning for others. 2006 began with the purchasing at Ford Motor Co.; Mark Troy-based Delphi now has a pending $3.4 bil- expectation of several big cquisitions were up in 2006, but many of the Hogan, president of Aurora, Ontario- lion buyout offer from a group of private-equity deals, but many of them most anticipated deals are still either under- based Magna International Inc.; and funds, but the deal depends on Delphi’s ability to ended the year with no A way or just didn’t happen. reach new labor agreements and deals with GM. Tim Myers, senior manager, Honda of signature on the bottom line. Last year both began and Southfield-based Collins & America Manufacturing Inc. They included: ended with speculation about Aikman has decided to sell it- The following are some of the Delphi who would eventually own Del- DEALS OR DOLLARS? self off in pieces rather than comments made that day: Bankrupt supplier received a phi Corp., Collins & Aikman Corp., reorganize and says it has a and the former Visteon plants 2006 produced more deals ... Is the flood of private equity in the $3.4 billion buyout offer from lead buyer for its carpet and that comprise Automotive Com- auto industry a good thing or a bad a group of private-equity acoustics division, which rep- ponents Holdings L.L.C., and Vis- resents about a third of the thing? “Necessary,” Brown said. “All funds late in the year, but teon Corp. 101 deals 123 deals company’s revenue. things being equal, from a Ford Motor the deal still depends on Delphi’s ability to reach new The year also began with The picture at Visteon is Co. perspective, we want to see 2005 2006 labor agreements and drama build- more complicated. New York strategic players. But we can’t kid contracts with GM. ing about the ... but 2005 produced more dollars City-based hedge fund Pardus ourselves. To restructure, this industry biggest po- Capital Management L.P. accu- needs capital. Financial players have Collins & Aikman tential deal mulated a 17 percent stake in capital. Another bankrupt supplier, of them all: Visteon last year and has accu- Collins & Aikman had a plan Kirk Kerko- mulated at least a 5 percent “… Those people who come in, to emerge from bankruptcy, rian’s then stake in French supplier Valeo they ought to get a return on their then decided to sell itself off 7.8 percent SA. And, in January, Valeo’s investment. It’s capitalism. I have no in pieces. stake in Gen- chairman was quoted by the problem with that. The issue is the eral Motors Detroit Free Press as saying the Visteon $43.1 billion $36.1 billion negotiated return. Is there value left in Kerkorian Corp., which company has not ruled out the end?” Visteon and Valeo SA grew to 9.9 percent in January 2005 2006 purchasing Visteon and has became the topic of merger Honda’s view: “We all are kind of in and evolved into merger talks set aside $2.5 billion for acqui- speculation in August, but with Nissan Motor Co. Ltd. CEO business for the same end goal: To sitions. Visteon denied the rumors. Carlos Ghosn. By fall, there 10 YEARS OF BIG DEALS What’s more, there were produce products for our customers More recently, a private was no more talking, and 10 years of deals online: Special Web- many other companies who and vehicles and provide a living for equity fund that has been Kerkorian sold his shares. only wrapup of the top deals of the last were either marketing them- the associates who work for our buying up Visteon shares all Many of the corporate dra- decade. crainsdetroit.com/bigdeals. selves or divisions that also company,” Myers said. “… If they can year has begun buying Valeo mas that began in 2005 and 2006 Crain’s List: Largest mergers and didn’t close deals in 2006, ac- help on that basis to strengthen a shares, helping to renew appear to be drawing closer to acquisitions of 2006, Pages 14-20. supplier during a difficult time, OK. If speculation. an end, which means 2007 See Mergers, Page 12 not, we are a little bit uncomfortable with those who just turn the assets, because in the end we are left with nothing.” More number crunching Magna’s view: “I think the jury is out. I think the private-equity guys have done reasonably well in some $36.1 billion $14.0 billion $1.7 billion $1.3 billion $1.2 billion $145 million 14.5 million industries that were pretty unique and Total value of Value of biggest Total value of GM What Valassis What Valassis What Domino’s Number of large had their own characteristics,” Hogan deals on deal, GM’s stock investor Communications Communications Pizza paid Bain pizzas that said. “But maybe I am just biased … Crain’s list of spinoff of Kirk Kerkorian’s would have paid will pay for Advo Capital to buy could be bought this is not an easy business. Putting a 2006 mergers General Motors Tracinda sold for Advo Inc. under a new back 6 percent with that $145 vehicle together is a very complex and Acceptance after GM did not under its initial deal reached of the million. Tax, operation.” acquisitions. Corp. reach a deal to buy the after Valassis company’s delivery and tip partnership deal sued to get out shares. extra. “What I am talking about is running direct-mail with of the first deal, the plant, and running the specific line company. Renault/Nissan. including $125 when it has to supply Tony (Brown) or I million in a door panel, or a seat. There is basic assumed debt. blocking and tackling that has got to go into this. And if they are able to buy the assets and keep the managerial talent in place to be able to run those assets, more power to them, maybe they’ve got a solution. I haven’t necessarily seen that as being the center point of what they are trying to accomplish.” DETROIT BUSINESS MAIN 01-29-07 A 12,13 CDB 1/26/2007 11:48 AM Page 1

Page 12 CRAIN’S DETROIT BUSINESS January 29, 2007

FOCUS:BIG DEALS 2006 Mergers: Big anticipation didn’t always mean deals got done ■ From Page 11 cording to both Gary Silberg, lead “In 2007, I think you will get ductions,” Short said. Lear and Ross completed a deal automotive partner for KPMG’s more closings because you will get In August, Ford Motor Co. an- in October that formed a joint ven- EX-PISTONS SUCCEED IN transaction-services group, and more clarity on labor agree- nounced plans to cut fourth-quar- ture in Europe and have an- Mark Short, global automotive ments,” Silberg said. Short said ter production by 21 percent. An- nounced an agreement to form a COURTING BUYERS transaction advisory services production cuts by the automakers nouncements by GM and joint venture in North America Minority auto suppliers — and leader for Ernst & Young L.L.P. also slowed discussions. DaimlerChrysler AG followed. that would include Lear’s North former Detroit Pistons stars — Joe Silberg said production cut- “I can tell you for a fact that With lots of companies still on American interiors division, Dumars, Dave the block, some automotive suppli- Bing and Vinnie backs by the Big Three and labor there were transactions that were which has about $2.5 billion in an- ers are considering deals they nor- nual sales. Johnson all negotiations between the Big put in motion that got put on hold mally wouldn’t. Faurecia North Shizuoka, Japan-based Asahi sold Three and the UAW, as well as Del- because of concerns the prospec- companies or America Presi- Tec’s $1.2 billion acquisition of Ply- phi’s unresolved labor contracts, tive buyers had on those target parts of dent James Or- mouth-based Metaldyne Corp. is an put the brakes on a number of deal companies when the OEMs started companies in chard, during a example of the second phase of pri- 2006. negotiations. announcing temporary volume re- presentation in vate-equity firms’ impact on the In July, Dumars early January, automotive industry, Short said. sold his said his compa- Asahi’s majority owner is Bel- majority stake ny prefers to gium-based RHJ International, a in Bingham grow by win- Dumars holding company owned by New Farms-based ning contracts, Detroit York City-based private-equity not buying com- Technologies It’s a done deal. firm Ripplewood Holdings L.L.C. Inc. to Earle panies. Orchard Buy Side & Sell Side Advisory Services “Of course, “I look at it as a private-equity- Higgins, a Business Valuations • Identify Buyer/Seller like everybody else, everybody is sponsored or funded entity that former Chrysler supplier Transaction Negotiation • Purchase Accounting talking to everybody about every- started with Asahi Tec, but now they are looking to expand their diversity thing, so we are looking at every- manager, and We are proud We are proud thing,” Orchard said. Even so, a global footprint,” Short said. Detroit to have advised to have number of notable automotive KPMG’s Silberg said the most our client, Matrix System Automotive provided Technologies Finishes, on its transaction with our client, Blue Water Automotive deals were announced in 2006, and important development of the year lead engineer most of them involved acquisitions is the pending buyout of Delphi. Steven Phillips. Quest Specialty Chemicals, Inc., a Systems, post acquisition due diligence Bing portfolio company of Huron and purchase accounting for the by private-equity and hedge funds New York Bankruptcy Judge Detroit Capital Partners. acquisition of Injectronics, Inc. acquiring companies and few cases Robert Drain has approved a $3.4 Technologies of automotive companies making billion investment package from a makes interior We strive to meet the specific needs of each client, from due diligence and components strategic acquisitions. group of investors led by New transaction negotiation to post transaction integration. As the 14th and trim used Within the private-equity largest professional services firm in the country, we have the national reach York City-based Cerberus Capital in the trunks of and local resources to get deals done, regardless of their size. crowd, New York City financier Management L.P. and Chatham, cars and had Wilbur Ross garnered immense at- N.J.-based Appaloosa Management about 120 Steve McCarty Jim Bauters tention, and for good reason. WL L.P. The offer is contingent on Del- employees at Sterling Heights: (586) 254-1040 Southfield: (248) 355-1040 Ross & Co. L.L.C. began the year phi reaching a new labor contract the time of the with more than $4.5 billion to in- sale, according and agreements with GM. vest, purchased Collins & Aikman to Higgins, who Silberg said that offer sends a Corp.’s European operations and Johnson is now CEO. formed two interiors joint ven- powerful positive message to oth- Detroit Technologies sales increased from about $60 million www.uhy-us.com tures with Southfield-based Lear ers who are thinking about invest- in 2000 to $120 million for 2005. Corp. ing in the automotive industry. But the biggest unanswered Dumars founded the company in question is whether the managers 1996 while he was still playing, but of private-equity and hedge funds said now, as president of basketball operations for the will be able to find a long-term an- Pistons, he was no longer able to swer to deal with the challenges pay attention to its management. faced by the suppliers of the do- He said the company was both mestic Big Three, which include profitable and debt-free. high costs for raw materials, labor Higgins said he owns about 30 and health care, and the declining percent of the company while market share of their customers. Phillips owns 22 percent. The Automakers and tier-one suppli- three other co-owners are ers would rather see troubled auto Executive Vice President of suppliers purchased by other auto Business Development William Vaughn II and investors Jack suppliers, rather than by financial Mastin and John Frasco. investors. The value of the sale is estimated Why? Because the automakers at $15 million. believe auto suppliers are motivat- In February, Lear Corp. executive ed by a desire to make a profit by Jim Comer announced he had building better products that wind purchased 51 percent stakes from up helping the automakers make Dave Bing and Vinnie Johnson in better and more competitive prod- joint ventures with Lear. ucts for their customers. Private- Comer now owns and operates five equity and hedge funds, in con- plants with 900 employees that trast, typically purchase a represent annual sales of about $365 million. company in an effort to sell the Bing had approached Lear about company three to eight years later selling his stake in Bing Assembly for a profit. Systems L.L.C. to focus on the core “I think that there are certainly part of his business, steel some players that came into this processing and stamping. The joint industry a few years ago that have venture manufactures seat proven themselves as understand- assembly and mirror products. ing what it takes to run segments The joint venture with Johnson, JL of the businesses that they are in,” Automotive, provides interior roof systems and head rests to said Tony Brown, senior vice pres- Chrysler. ident of global purchasing at Ford The value of the transaction was Motor Co. during a panel discus- not available, but it is believed to sion in January at the Automotive be less than $10 million. News World Congress. “I think for are a number of peo- some of them will pay an awfully ple coming to the industry now, expensive price to learn about this there will be some bloodletting industry.” along the way” Brown said. “Some Brent Snavely: (313) 446-0405, of them will be successful, and [email protected] DETROIT BUSINESS MAIN 01-29-07 A 12,13 CDB 1/26/2007 11:30 AM Page 2

January 29, 2007 CRAIN’S DETROIT BUSINESS Page 13

FOCUS:BIG DEALS 2006 ProQuest’s slimdown has little impact on local jobs

BY BILL SHEA statements and legal issues. bulk of that debt comes from Pro- ($182.9 million) and ProQuest In- $130 million. He praised Pro- CRAIN’S DETROIT BUSINESS Financial problems stemming Quest’s $340 million acquisition of formation and Learning ($275 mil- Quest’s management for selling off from accounting misstatements Dallas-based Voyager Expanded Learn- lion to $280 million). the two divisions in “a very tax-ef- The narrowing of Ann Arbor- have plagued ProQuest (NYSE: ing, which provides classroom ProQuest’s stock was trading at ficient manner” but “we view such based ProQuest Co.’s business focus PQE), eviscerating its stock value learning materials, in January $30.10 in January 2006, but plunged a victory as Pyrrhic given the state to K-12 education means most op- and triggering a batch of ongoing 2005. Voyager is the core business of to $10.50 by mid-May. It reached a of events.” erations will take place in Dallas, lawsuits. The company is still ProQuest’s education unit. 52-week low of $8.96 on Dec. 19. It’s ProQuest was formed out of Uni- but the shift is expected to cause working to recast several years of In December, the company esti- been hovering around $10 so far versity Microfilms Inc., which had minimal job loss locally. financial statements, which it ex- mated its 2005 revenue at approxi- this year. been bought by Bell & Howell Co., a That’s because almost all of the pects to do in the first quarter. mately $549 million to $554 million. Michael Meltz, an analyst with maker of microfilm readers and company’s Michigan employees The sale of the higher educa- The unaudited estimate included Bear Stearns in New York City, pre- cameras. Bell & Howell took the are expected to be merged into a tion/library and automotive units all three primary business units — dicted in a cautious December re- ProQuest name in 2001. new company as part of Pro- allowed ProQuest to pay most of the ProQuest Education ($91.2 mil- port that a slimmed-down Pro- Bill Shea: (313) 446-1626, bshea@ Quest’s deal to sell its Ann Arbor- company’s $532 million debt. The lion), ProQuest Business Solutions Quest could have 2007 revenue of crain.com based ProQuest Information and Learning Co. subsidiary for $222 million to Cambridge Information Group of Bethesda, Md. The deal, announced in December, is expect- ed to be completed later this year. About 550 ProQuest employees work for the Information and Learning unit, which provides databases and other information for higher education and libraries. It generated about $245 million in revenue in 2005, making it Pro- Quest’s single largest unit. The new company, to be formed from Information and Learning and a Cambridge subsidiary pub- lisher of abstracts and indexes, is Middle Market subleasing almost all of ProQuest’s headquarters space in the 777 and 789 buildings on Eisenhower Park- way in Ann Arbor, in addition to Solutions. maintaining operations in Bethes- da. Martin Kahn, who has run database companies elsewhere, will serve as CEO of the new com- pany and move to Ann Arbor. The result is that fewer than 40 Select 2006 Transactions ProQuest jobs, all corporate, could leave Michigan. ProQuest hasn’t decided if the Ann Arbor corpo- rate headquarters will move to completed the private placement of Dallas, but it’s unclear what incen- has made a significant investment in tive it would have to remain in $30,500,000 Convertible Preferred Equity Michigan. and with “Over the next few months, we Pharos Capital Group, LLC Highlander Partners, LP will evaluate moving some corpo- Hopewell Ventures River Cities Capital Funds rate functions from Ann Arbor to offices in Dallas,” said Jennifer Chelune, ProQuest’s investor rela- tions manager. It’s unknown how many, if any, CPAs / Business Cambridge employees might come Advisors to Ann Arbor, said Larisa Trainor, Cambridge’s vice president and as- THRIVE. sociate general counsel. “We’re still working through those details,” she said. As part of the deal, Cambridge has the rights to the ProQuest name, and the initial name of the new Ann Arbor company will be ProQuest CSA L.L.C., she said. The a portfolio company of current ProQuest company will be permitted to use “ProQuest” for some time, but must eventually has acquired the processing operations of change it to something else. In October, ProQuest sold its Ohio-based electronic auto-parts catalog business for $527 million to Snap-On Inc. of Kenosha, Wis. With Investment Banking Services: Industry Specializations: For more information, please contact one of our the sale of the two divisions, all • Mergers and Acquisitions • Building Products industry team leaders: that remains of the current Pro- • Sales and Divestitures • Business Services Phil Gilbert Paul Flanagan Quest is the ProQuest Education • Capital Raising • Industrials 248.223.3326 248.223.3550 unit, which is headquartered in • International Transaction • Life Sciences Dallas and is home to 80 percent of Advisory [email protected] [email protected] the company’s workforce. The 11 ProQuest Education staffers in Lawrence Mehren Matthew Jamison Ann Arbor are expected, for now, 248.223.3666 248.223.3368 to remain there, Chelune said. Detroit • Chicago • Cleveland pmcf.com [email protected] [email protected] A corporate transition team of about 30 people is in Ann Arbor to handle the Cambridge deal along with the company’s financial re- DETROIT BUSINESS MAIN 01-29-07 A 14 CDB 1/25/2007 4:38 PM Page 1

Page 14 CRAIN’S DETROIT BUSINESS January 29, 2007 CRAIN'S LIST: LARGEST MERGERS AND ACQUISITIONS

Target's Value of revenue Effective transaction Rank Acquirer name Target Acquirer advisers Target advisers ($000,000) date Description ($000,000) Cerberus Capital 51% stake in General $19,200.0 November The deal helps GMAC transform from an automotive $14,000.0 Management L.P.; Citigroup Motors Acceptance Corp., lender with some mortgage operations into GMAC 1. Inc.; Aozora Bank Ltd., Detroit Financial Services, which will compete more New York aggressively for both mortgages and auto financing. Suzuki Motor Corp., Japan 17.4 percent of Suzuki March GM reduced its equity stake in Suzuki from 20.4% to 2,000.0 Motor Corp. owned by 3%. Deal value is approximate; sale was in yen. 2. General Motors Corp., Detroit Asahi Tec Corp., Shizuoka, Metaldyne Corp., Plymouth Deutsche Bank Larard Ltd.; Mizuho $1,900.0 January Deal was put together by Tom Stallkamp's Ripplewood 1,200.0 Japan Securities Inc.; Corporate Advisory Co. (2005) 2007 Holdings L.L.C. Investors include RHJ International and NikkoCitiGroup Ltd.; Ltd. Mitsui & Co. Ltd. Holders of Metaldyne stock received 3. Mizuho Corporate $2.18 per share, but used the proceeds to reinvest in Advisory Co. Ltd. Asahi Tec. Company was sold by Heartland Industrial Partners and Credit Suisse. Valassis Communications Advo Inc., Windsor, Conn. Bear Stearns; Bank of Citigroup Global Markets $1,400.0 First quarter Deal is for $33 per share and $125 million in Advo 1,200.0 3. Inc., Livonia America 2007 debt. Original deal was for $37 per share, but Valassis sued to halt the merger before reaching a new deal. Citizens Banking Corp., Republic Bancorp, Ann UBS Investment Bank Goldman, Sachs & Co. December Created Citizens Republic Bancorp with assets of about 1,049.2 5. Flint Arbor and Wachtell, Lipton, and Cadwalader, $14 billion. Rosen & Katz Wickersham & Taft L.L.P. ITC Holdings Corp., Novi Michigan Electric Credit Suisse; Lehman Macquarie Securities; $107.7 October Selling shareholders are Trans-Elect Inc., affiliates of 865.0 Transmission Co. L.L.C. Bros.; Simpson Thacher Winston & Strawn; (2005) Evercore Capital Partners, Macquarie Essential Assets 6. & Barlett L.L.P.; Stuntz Dickstein Shapiro Partnership and other investors. Received about $484 Davis & Staffier P.C. million in cash, 2.2 million shares of stock. Buyer also will assume or refinance $311 million in debt. Bank of America Corp., GM stock belonging to November Sold 28 million shares of stock for $29.25 per share as 819.0 New York Tracinda Corp., Beverly one of three transactions Tracinda principal Kirk 7. Hills, Calif. Kerkorian made to liquidate his GM holdings of 56 million shares. Investor group led by Carl Federal-Mogul asbestos Pachulski, Stang, Ziehl, $6,300.0 Pending Icahn has a right to purchase 86.2 percent of the equity 775.0 Icahn claim holders Young Jones & Weintraub; of the 50.1 percent of new stock that will be issued to 8. Wilmington Delaware asbestos claimants when the supplier emerges from Chapter 11 bankruptcy. Other creditors will receive stock that will represent 49.9 percent of the total equity. Impala Partners L.L.C., Majority share, RGIS February Bought from principal owner Ray Nicholson 750.0 9. Norwalk, Conn. Inventory Specialists Inc., Auburn Hills Penske Corp., Detroit 9% stake in Penske Truck July Bought from GE Capital 725.0 10. Leasing Co. L.P., Pennsylvania Platinum Equity L.L.C., Los Textron Fastening Systems, Citigroup $1,800.0 August Textron sold as part of strategy to sell noncore 630.0 11. Angeles Troy manufacturing operations. Company has renamed itself Acument Global Technologies Inc. Snap-on Inc., Kenosha, Wis. ProQuest Business Solutions Credit Suisse Allen & Co. L.L.C.; $183.0 October Deal is $508 million in cash and $19 million in 527.0 unit of ProQuest Co., Ann Sonenshine Partners L.L.C. assumed debt. Purchased company provides electronic 12. Arbor parts and service information to about 33,000 automotive dealers worldwide. Tenedora Nemak, Mexico North American operations Blackstone Group Lazard Freres & Co. $567.0 Expected to Sold by Teksid Aluminum; TK's North American 497.0 and Germany of TK Aluminum Ltd., Italy, close by headquarters is in Southfield. 13. as well as interests in South March 31 America, China and Poland. Angelo, Gordon & Co., EaglePicher Corp., Inkster Squire, Sanders & $580.0 July Buyers received about 90% of newly issued stock when 476.0 New York; Tennenbaum Dempsey L.L.P.; Houlihan auto supplier exited Chapter 11 bankruptcy as payment 14. Capital Partners L.L.C., Lokey Howard & Zukin of pre-petition debt. Transaction value includes $307 Santa Monica, Calif. Capital Inc.; Giuliani million in assumed debt. Capital Advisors L.L.C. Unnamed buyer(s) GM stock belonging to November Sold 14 million shares of stock for $33 per share as one 462.0 15. Tracinda Corp., Beverly of three transactions Tracinda principal Kirk Kerkorian Hills, Calif. made to liquidate his GM holdings of 56 million shares. Consortium led by AIR-serv Group, July Portfolio company of Wind Point Partners, Detroit. 420.0 Macquarie Capital Alliance Minneapolis Company is the largest operator of freestanding 16. Group coin-operated tire inflation and vacuum vending machines in the U.S. Unnamed buyer(s) GM stock belonging to November Sold 14 million shares of stock for $28.75 per share as 402.5 Tracinda Corp., Beverly one of three transactions Tracinda principal Kirk 17. Hills, Calif. Kerkorian made to liquidate his GM holdings of 56 million shares. Hellman & Friedman, San Majority stake in August 401.0 Francisco; directors and AlixPartners L.L.C. 18. employees of AlixPartners L.L.C., Southfield B General Motors Acceptance Meemic Insurance Co., Cochran, Caronia & Co. January Sold by ProAssurance Corp. $325 million in cash and 400.0 Corp., Detroit Auburn Hills 2006 $75 million in capital retained by ProAssurance. 19. Meemic sells car and home owners' insurance to teachers. Entergy Corp., New Orleans Palisades Nuclear Plant Internal Concentric Energy Expected to West Michigan nuclear power plant owned by 380.0 belonging to CMS Energy Advisors close by Consumers Power, which receives the plant's 20. Corp., Jackson May 2007 electricity. Deal entails $242 million for the plant, $83 million for nuclear fuel and $55 million in related assets. MSC Industrial Direct Co. J&L of America Inc., June Acquired company distributes hand and machine tools, 349.5 21. Inc., Melville, N.Y. Southfield abrasives and other equipment.

Crestview Partners L.P., Munder Capital Grail Partners L.L.C., Morgan, Stanley & Co.; December Bought 90% of firm from Comerica Inc.; employees 302.0 New York; Munder Capital Management, Birmingham Goodwin Procter L.P. Wachtell, Lipton, Rosen & own the remainder. Comerica receives $232 million at 22. Management management Katz close and an 8% seven-year note for $70 million. Comerica retains Munder division World Asset Management. Belfor Holdings Inc., Belfor International GmbH, JPMorgan Chase; Jaffe, $900.0 November Sold by Haniel Group, Germany. Buyer is 75% owned 300.0 23. Birmingham Birmingham Raitt, Heuer & Weiss (2006) by company management; 25% by Haniel. Company is billed as world's largest insurance restoration company. Mitsubishi Corp., Itochu 7.9 percent interest in Isuzu April Sale was to help provide cash to fund GM's North 300.0 Corp. and Mizuho Motors Ltd. owned by American turnaround. 23. Corporate Bank, Japan General Motors Inc., Detroit Noble International Ltd., Tailored Blank Arcelor, a Foley & Lardner L.P. DLA Piper US $500.0 Expected to Deal makes Arcelor S.A. a 40% owner of Noble; Noble 300.0 Warren subsidiary of close by management remains in place. Deal would create a 23. Luxembourg-based Arcelor March 31 $1.1 billion producer of laser-welded blanks. SA Martinrea International North American body and $1,250.0 November $95 million in cash; $180 million in assumed debt. 275.0 Inc., Vaughan, Ontario chassis assets of Deal includes four plants in Kentucky, Ontario and 26. ThyssenKrupp Budd Co., Mexico plus nine plants operated by other Troy ThyssenKrupp units. Tracinda Corp., Beverly 2.1% stake in General January Tracinda principal Kirk Kerkorian increased his share in 262.8 Hills, Calif. Motors Corp., Detroit, 2006 GM from 7.8% to 9.9% by buying 5 million shares at 27. various sellers. an average price of $21.40 plus a separate private transaction for 7 million shares. Kerkorian sold all of his GM shares in November.

Continued on Page 16 DBpageAD.qxd 1/23/2007 4:34 PM Page 1 successCELEBRATING YEARS OF

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Page 16 CRAIN’S DETROIT BUSINESS January 29, 2007 CRAIN'S LIST: LARGEST MERGERS AND ACQUISITIONS

Continued from Page 14 Target's Value of revenue Effective transaction Rank Acquirer name Target Acquirer advisers Target advisers ($000,000) date Description ($000,000) Five investment firms Meridian Automotive Sidley Austin L.L.P.; $800.0 December To exit bankruptcy, Meridian used a mix of new stock $248.6 Systems Inc., Allen Park Lazard Ltd. and cash to pay debtors: Quadrangle Group L.L.C.; 28. Camulos Capital L.P.; Davidson Kempner Capital Management L.L.C.; Stanfield Capital Partners; and General Electric Capital Corp. Fresh Start Bakeries, Brea, Pennant Foods bakery Citigroup; Kirkland & Cravath, Swaine & Moore September Portfolio company of Questor Partners, Southfield 240.0 29. Calif. division of Chef Solutions, Ellis L.L.P. L.L.P. Melrose Park, Ill. Blue Cross Blue Shield of M-Care, Ann Arbor December Sold by University of Michigan Health System. 230.0 30. Michigan, Detroit Purchase includes an HMO and a Medicaid plan. Cambridge Information ProQuest Information & $245.0 Pending CIG's subsidiary CSA, a publisher of abstracts and 222.0 Group., Bethesda, Md. Learning Co. unit of indexes, will be merged with ProQuest's Information ProQuest Co., Ann Arbor and Learning and continue operations in both Ann 31. Arbor and Bethesda. The Information and Learning unit focuses on databases and other information for higher education and libraries. Cooper-Standard Fluid-handling systems Gibson, Dunn & $437.0 February 205.0 32. Automotive, Novi business of ITT Industries Crutcher Inc., White Plains, N.Y. Carl Icahn 8.7 million shares of stock October Private placement sale to affiliates and funds managed 200.0 33. in Lear Corp., Southfield by Icahn. Beckman Coulter Inc., Lumigen Inc., Southfield P&M Corporate Finance November Lumigen develops testing and diagnostic applications of 185.0 34. Fullerton, Calif. L.L.C. chemiluminescence.

Valeo S.A., France Climate control business of $450 (2006) Pending Includes plant in Plymouth that employs more than 180.0 Automotive Component 1,200 people. Agreement dependent on renegotiating 35. Holdings, a unit of Ford union contract. Value is estimated at 40% of revenue. Motor Co. International Muffler Co., North American Light March 170.0 Texas Vehicle aftermarket 36. business, ArvinMeritor Inc., Troy Robert Bosch Gmbh, Purolator filters business, $267.0 March/April Sold as part of its decision to divest its light vehicle 170.0 Stuttgart, Germany; Fayetteville, N.C., unit of aftermarket business. 36. Mann+Hummel, ArvinMeritor Inc., Troy Ludwigsburg, Germany ABC Learning Centres Ltd., Learning Care Group Inc., Sullivan & Cromwell Jacobson Partners, Harris $212.2 January Sold for $7.50 a share. Operates 460 corporate and 159.0 38. Australia Novi L.L.P. Nexbitt Corp., Honigman 2006 franchised child-care/learning centers under Childtime Miller and Tutor Time brands. International Automotive North American interiors Goldman Sachs; Jones Citigroup Corporate and $2,500.0 November Lear contributed $25 million plus its North American 150.0 Components Group, New business of Lear Corp., Day Investment Banking; UBS interiors division to the buyer, a joint venture between 39. York City Southfield Investment Bank WL Ross & Co. L.L.C., Franklin Mutual Advisers L.L.C. and Lear. Domino's Pizza Inc., Ann 6% stake in company held March Repurchased and retired about 5.6 million shares of 145.0 Arbor by Bain Capital L.L.C., stock from investment funds associated with Bain for 40. Boston $25.78 per share. Bain's ownership in company was reduced to 34% to 28%. Pershing Square Capital 11% of Borders Group Inc., October Bought 6,819,280 shares. Value is based on closing 140.4 41. Management L.P., New Ann Arbor share price of $20.59 the day of the sale. York City HAPC Inc., New York City InfuSystem Inc., Madison October Sold by I-Flow Corp. of California. InfuSystem provides 140.0 42. Heights services to patients with ambulatory infusion pumps. Forming Technologies Inc., Assets of forging business, Goldman Sachs $345.1 Expected to Agreement encompasses $79.2 million in cash, $42 128.7 Royal Oak Metaldyne Corp., Royal (2004) close first million in accounts receivable and $7.5 million in 43. Oak quarter assumed debt. 2006 Noble International Ltd., Pullman Industries Inc., Foley & Lardner L.P.; $200.0 October Acquired company makes tubular structures for the 120.0 Warren Troy Whitebox Advisors auto industry and has six plants in North America. Paid 44. L.L.C.; Messerli & $68 million cash and assumed $52 million debt. Kramer PA ADF Cos., Ann Arbor; 165 Pizza Hut restaurants Ares Capital Corp.; February- Company now is second-largest Pizza Hut franchisee in 115.0 45. Capital Growth Advisors CapGrow November the United States L.L.C. Champion Enterprises Inc., Calsafe Group Holdings PricewaterhouseCoopers; $150.0 April Part of deal is contingent on performance over four 110.0 46. Auburn Hills Ltd., United Kingdom Dykema Gossett; years. Amethyst Wind Point Partners, Knape & Vogt Dickinson Wright; CIT W.Y. Campbell & Co. $165.0 July Company, which was taken private in the transaction, 106.0 Southfield Manufacturing Co., Grand Sponsor Finance; CIT makes kitchen and bathroom storage units and office 47. Rapids Capital Securities; accessories. Reported $11.8 million in net income for Jefferies Finance the 12 months ended March 31. Strength Capital Partners Postle Distributors Inc., Dresner Partners $160.0 October Makes aluminum parts; manufacturing plant is in 102.5 48. L.L.C., Birmingham Elkhart, Ind. Cassopolis; has distribution centers in Valdosta, Ga.; and Woodland, Calif. International Automotive European interiors business Citigroup Corporate and $750.0 October Lear will receive 33% of stock in exchange for 99.0 Components Group, New of Lear Corp., Southfield Investment Banking; UBS contributing the unit to the company, a joint venture 49. York Investment Bank with Ross & Co. L.L.C. and Franklin Mutual Advisers L.L.C. Kaba Holding AG, Computerized Security September 93.0 50. Switzerland Systems unit, Masco Corp., Taylor Luxottica Group S.p.A., D.O.C. Optics Corp., $100.0 Pending D.O.C. has 100 stores. Sold by Richard and Randal 90.0 51. Milan, Italy Southfield (2006) Golden, who will continue to own 19 Selective Eyewear Elements stores. MAG Industrial Automation Boehringer group of $180.0 November Acquired from IWKA AG, Germany. Value is estimated 90.0 51. Systems, Sterling Heights companies, Goppingen, at half of revenue. Germany Wind Point Partners, Pfingsten Publishing L.L.C., BMO Capital Markets Jordan, Edmiston Group $50.0 November Publishes Décor magazine and runs affiliated trade 90.0 51. Southfield Cleveland Inc. shows. To be merged with Highline Media to form New York-based Summit Business Media. Wind Point Partners, Highline Media L.L.C., BMO Capital Markets BMO Capital Markets $50.0 November Publishes nine magazines, including National 90.0 Southfield Erlanger, Ky. Underwiter and Claims and Wealth Manager. To be 51. merged with Pfingsten Publishing to form New York-based Summit Business Media. HgCapital, London, England First Technology Safety & Sold by Honeywell. 87.0 55. Analysis Division, Plymouth

L&W Supply Corp., Chicago The Livonia Group, Livonia Jones Day Companies of The Livonia Group are: Acoustical 80.0 Services, Inc.; Ceilings & Walls, Inc.; East Side Building Materials Co.; Frames, Doors & Hardware, Inc.; Jackson Building Materials Co.; Livingston Building Materials, 56. L.L.C.; Livonia Building Materials Co.; Oakland Building Materials Co.; Preferred Building Materials Co; Progressive Building Materials, Inc.; Specialty Distributors, Inc. Gryphon Investors, Calif. Delta Educational Systems, Kirkland & Ellis Goldberg Kohn Bell Black $75.0 May Delta, which operates a chain of two-year career 75.0 57. Va. Rossenblum colleges, was a portfolio company of Huron Capital Partners. Wind Point Partners, York Label Co., Pa.; and Benesch, Friedlander, Honigman Miller Schwartz $100.0 August Sold by Huron Capital Partners. 75.0 57. Southfield Industrial Label Corp., Coplan & Aronoff and Cohn Nebraska Dearborn Bancorp Inc., Fidelity Financial Corp. of Dickinson Wright; Jaffe Raitt; Hovde First quarter Acquirer sold 2.7 million shares of stock at up to 70.0 Dearborn Michigan, Birmingham Oppenheimer; Crowe Financial; Plante & Moran 2007 $24.85 per share to fund the purchase. Fidelity has 59. Chizek assets of $250 million and seven branches in Oakland County. Continued on Page 18 DETROIT BUSINESS MAIN 01-29-07 A 17 CDB 1/25/2007 4:04 PM Page 1

January 29, 2007 CRAIN’S DETROIT BUSINESS Page 17

FOCUS:BIG DEALS 2006 Venture Michigan makes first investment commitments

BY AMY LANE Michigan Fund manager, said the monitor portfo- information-technology compa- the University of Michigan, as well CAPITOL CORRESPONDENT three firms “have demonstrated a lio companies. nies, plans to open an office in Ann as other Michigan universities real commitment to growing “NextEnergy Arbor. In the news release, Venture with strong technology transfer LANSING — A $95 million state Michigan-based businesses.” is delighted to Investors co-founder and managing capabilities,” Neis said. venture-capital fund program has Arboretum focuses on early- align with Nth director John Neis said the firm made its first investment commit- stage investments in medical de- Power, a pioneer has succeeded by backing early- The Venture Michigan Fund in- ments, to an Ann Arbor venture- vice, diagnostic and health care in venture-capi- stage companies spun out from the vests in venture-capital funds that capital firm and others in Wiscon- services companies, while Nth tal investing in University of Wisconsin-Madison. have a Michigan presence and that sin and California. Power specializes in the alterna- the alternative The Venture Michigan fund target investments in Michigan- The Venture Michigan Fund’s com- tive-energy sector and has formed energy sector,” commitment “gives us an opportu- based start-up companies engaged mitments, in undisclosed amounts, a partnership with Detroit’s Next- said NextEnergy Croce nity for a natural extension of our in research, technology and new- are to Ann Arbor-based Arboretum Energy. NextEnergy will assist Nth CEO Jim Croce, model by establishing a second of- Ventures, San Francisco-based Nth Power in identifying early-stage in the news release. fice in Ann Arbor, where we will product development. Power, and Madison, Wis.-based alternative-energy opportunities Venture Investors, which invests be in the back yard of the nation’s Amy Lane: (517) 371-5355, alane@ Venture Investors L.L.C. and will perform due diligence and in Midwest-based health care and third-largest research institution, crain.com In a news release, Kelly Williams, managing director of the customized fund investment group for Credit Suisse, the Venture INSIGHT RESOURCES LifeSecure VALUE goes national BY TOM HENDERSON CRAIN’S DETROIT BUSINESS KNOWLEDGE

LifeSecure Insurance Co., a Brighton-based for-profit launched in 2005 by Blue Cross Blue Shield of INNOVATION Michigan to sell long-term-care in- surance, needed to grow rapidly if it wanted to compete nationally. ADVICE It accomplished that in Decem- ber when it spent $12 million to ac- quire Columbia Universal Life Insur- ance Co., a Texas-based company EXPERIENCE with licenses to sell insurance products in 41 states plus the Dis- trict of Columbia. Columbia Universal, a former LEADERSHIP subsidiary of American Heritage Life Insurance Co., was at the time of the sale basically a shell business DIVERSITY owned by Arizona-based Verde Fi- nancial Corp., a private-equity firm. It didn’t have any employees but it had about $10 million in cash re- SPECIALISTS serves required by various state regulations and the all-important licenses to sell insurance. LEGISLATION Lisa Wendt, the president and CEO of LifeSecure, said her com- pany got approval from Michi- gan’s Office of Financial and Insur- WISDOM ance Services to sell its long-term-care policies — they help defray the cost of long-term, often end-of-life care — last July DETERMINATION and began selling policies locally near the end of the year. + “Last year was spent on system SOLUTIONS development more than any- LAW thing,” she said. The key to the company’s suc- IT’S MORE THAN JUST THE LAW. cess was growing nationally and growing quickly, she said, which At Miller Canfield, it’s about taking a real meant growing by acquisition. She said she hopes to be selling interest in your needs and having the expertise policies in at least 18 more states by and resources to fulfill them. It’s caring about June and in all states in which it is your business and building a real partnership. licensed by the end of the year. She It’s about looking ahead. Thinking creatively. said the Columbia brand also should help LifeSecure form new Achieving success. Most of all, it's about you. partnerships with large groups in other states. She also said the brand might help LifeSecure expand be- yond long-term-care insurance. The company has about 20 em- ployees. Wendt said she expects the Brighton office to grow to a maxi- mum of 100. She said she projects revenue of $5 million this year and $10 million in 2008. MICHIGAN • NEW YORK • FLORIDA • CANADA • POLAND WWW.MILLERCANFIELD.COM Tom Henderson: (313) 446-0337, [email protected] DETROIT BUSINESS MAIN 01-29-07 A 18 CDB 1/25/2007 4:36 PM Page 1

Page 18 CRAIN’S DETROIT BUSINESS January 29, 2007 CRAIN'S LIST: LARGEST MERGERS AND ACQUISITIONS

Continued from Page 16 Target's Value of revenue Effective transaction Rank Acquirer name Target Acquirer advisers Target advisers ($000,000) date Description ($000,000) BorgWarner Inc., Rochester European transmission and W.Y. Campbell & Co. $57.0 September Business is based in Monaco and employs about 200 $64.4 60. Hills engine-controls product workers. lines of Eaton Corp. Rockland Capital Energy Midland Cogeneration J.P. Morgan Securities Inc. $592.0 (2005) November Sold 49% interest in venture, which leases and operates 60.5 Investments, Houston; GSO Venture of CMS Energy the Midland natural-gas fired plant. Consumers is 61. Capital Partners LP, New Corp., Jackson MCV's main customer. York UnitedAuto Group Inc., Cush Automotive Group, Internal $300.0 January Group of six dealerships in California that includes 57.0 62. Bloomfield Hills San Diego 2006 Honda, Acura and Jaguar in San Diego and Honda, Acura and Mazda in Escondido. Value is estimated. Venture-capital investment Cerenis Therapeutics, Ann Internal Ernst & Young L.L.P., None November Investment came from consortium of U.S., French, 53.5 Arbor Morgan, Lewis & Bockius Swedish, German and Japanese investment firms. 63. L.L.P. Cerenis is hoping to bring cholestrol-fighting drugs to market. Pearson L.L.C., London, Mergermarket Group, Hawkpoint Partners; August Sold by Beringea L.L.C., Farmington Hills. Total value 53.0 64. England London, England Mayer, Brown, Rowe & was $200 million; $53 million is Beringea's share. Maw BlackEagle Partners L.L.C., Federal Broach & Machine Miller Canfield W.Y. Campbell & Co.; $50.0 November Bought from owners William and Robert Martin. 50.0 65. Bloomfield Hills Co., Harrison Township Honigman Miller Company makes machines for the factory floor. Caja de Ahorros y Monte de Hipotecaria Su Casita unit, February Sold its 16.7% interest in the Mexico-based mortgage 49.2 66. Pie, Spain Pulte Homes Corp., West banking company. Bloomfield Township Radiation Therapy Services Miro Cancer Centers and Internal Deloitte & Touche USA $14.0 November Acquired company operates seven radiation treatment 46.0 67. Inc., Fort Myers, Fla. Michigan Comprehensive L.L.P. centers in Southeast Michigan. Cancer Institute Molina Healthcare Inc., HCLB Inc., Southfield Internal $105.0-$108.0 May HCLB is the parent company of Cape Health Plan, a 42.0 68. Long Beach, Calif. Medicaid HMO with 87,000 members. WebMD, New York City Medsite, New York City Epstein, Becker & Green September Sold by Beringea L.L.C., Farmington Hills. 41.0 69. P.C. Electronics for Imaging Inc., Jetrion L.L.C., Ypsilanti October Sold by Flint Group Inc., Ann Arbor. 40.0 70. Foster City, Calif. Pitney Bowes Inc., Advertising Audit Service Internal Internal $27.0 June 40.0 70. Stamford, Conn. Inc. and PMH Caramanning Inc., Farmington Hills Saber Consulting Inc., State and local government Accel-KKR L.L.C. May Sold unit is in Columbus, Ohio 40.0 70. Salem, Ore. practice of Covansys Corp., Farmington Hills Karolin Machine Tool AB, Robotic Production DLA Piper Dickinson Wright P.L.L.C. $35.0 RPT; December RPT makes turnkey robotic manufacturing systems. 38.0 Stockholm, Sweden Technology, Auburn Hills; $10.0 H2O Specializes in high-precision trimming applications, 73. and H2O Jet Inc., Olympia, including waterjet cutting, router trimming and laser Wash. cutting. Value is $36 million purchase price with a possible $2 million to be paid out later. Tom Celani, Bloomfield Cal-Neva casino, Lake January Celani, through Luna Gaming Tahoe L.L.C., will lease 35.0 Hills Tahoe, Nevada 2007 the casino and its hotel and spa from owner Namwest 74. L.L.C.. Casino was once owned by Frank Sinatra and was a hangout for the Rat Pack. Value represents what Celani intends to spend on renovations. Veri-Tek International Manitex Inc., Georgetown, Foley & Lardner L.P Internal June 35.0 74. Corp., Wixom Texas Champion Enterprises Inc., North American Housing, McGuire Woods Capital; $30.0 July Modular home manufacturer 32.0 76. Auburn Hills Frederick, Md. Dykema Gossett Geometric Software 90% stake in the October Modern provides staffing, engineering and design 32.0 Solutions Co. Ltd., Mumbai, engineering services services to manufacturers. Deal includes $7 million in a 76. India division, Modern working capital loan. Engineering Inc., Detroit Hannover Finanz GmbH, Kohler unit of Dura W.Y. Campbell & Co. $58.0 September Division, which makes door hinges and door 32.0 76. Lippstadt, Germany Automotive Systems Inc., reinforcements, gear and steering assemblies, was sold Lippstadt, Germany as part of a restructuring program. Value is estimated. Venture capital investment ePrize Inc., Pleasant Ridge January Investment came from consortium of local investors that 32.0 76. 2006 included Active Aero Chairman Brian Hermelin and Quicken Loans Chairman Dan Gilbert. Federal-Mogul Corp., Acquired 24.64% stake in $96.8 May Increased stake in joint venture, a pistons and rings 31.0 80. Southfield Goetze India Ltd., Delhi manufacturer, from 25.47% to 50.11% Perseus L.L.C., Washington, NanoBio Corp., Ann Arbor August Equity investment to support clinical pipeline of topical 30.0 D.C. anti-infective products and vaccine candidates. Lead 81. product candidates are treatments for cold sores, nail fungus and influenza. Stark Bank Group Ltd., Fort Pelican Financial Inc., Ann Blank Rome L.L.P.; Hovde $204.0 June Pelican Financial is holding company for Pelican 27.0 82. Dodge Iowa Arbor Financial L.L.C. National Bank in Naples, Fla. Shareholders to receive $6 per share. DealerTrack Digital Global Fax L.L.C., Warren Lehmann Bros. Goldmsith, Agio & Helms $8.2 May Sold by Global Data Solutions - Ohio L.L.C. Acquired 26.0 Services Inc., Lake Success, company sells document scanning, storage, data entry, 83. N.Y. and retrieval services for about 20 national automotive financing customers. Huron Capital Partners Southern Staircase Inc., Honigman Miller Parker, Hudson, Rainer & $75.0 June 25.0 84. L.L.C., Detroit Georgia Schwartz and Cohn Dobbs Huron Capital Partners Matrix System Automotive Honigman Miller W.Y. Campbell & Co. $25.0 July Maker of specialty automotive finishes bought from W. 25.0 84. L.L.C., Detroit Finishes Inc., Walled Lake Schwartz and Cohn Kent Gardner Huron Capital Partners Apex Laboratories Honigman Miller $30.0 December Bought from management team. Does toxicology and 25.0 84. L.L.C., Detroit International Inc., Schwartz and Cohn environmental testing, clinical trials on contract. Delaware Management team of Pristech Products Inc., San Cox Smith Matthews Honigman Miller Schwartz $25.0 December Sold by Huron Capital Partners. 25.0 84. Pristech Products Inc., San Antonio, Texas and Cohn Antonio, Texas Audax Group, Boston Stake in CIBT Inc., Virginia Internal $75.0 May Portfolio company of Peninsula Capital Partners. 23.5 88. Expedites visas and other travel documents. Total deal size was $80 million. Champion Enterprises Inc., Highland Manufacturing Dykema Gossett March Bought from Norwest Equity Partners, Worthington, 23.0 89. Auburn Hills Co. L.L.C., Stoystown, Pa. Minn. Bon-Ton Stores Inc., Four Parisian stores in Deal includes the right to build a fifth store in Clinton 22.0 Pennsylvania Livonia, Rochester Hills, Township. Listed deal value does not include the 90. Indianapolis and assumption of debt. Beavercreek, Ohio Compuware Corp., Detroit SteelTrace, Dublin, Ireland A&L Goodbody; April Acquired company, now renamed OptimalTrace, helps 20.0 91. Dykema Gossett identify and translate business needs into a functioning IT system. International Automotive Brazilian operations of April IAC bought 100% of the equity interests in Permali do 20.0 Components Group, New Collins & Aikman Corp., Brazil Industria e Comercio Ltda. And about $48.2 91. York Troy million of inter-company loans of a company operated by Permali. Lear Corp., Southfield 49% ownership of joint Joint venture is with Tachi-S, the third such formed 18.0 venture TACLE Seating USA under a master alliance created in 2003 to support L.L.C., Smyrna, Tenn. business with Nissan globally. Broke ground in March 93. on a 90,000-square-foot plant to supply seats for a program to be launched at the Nissan North America plant in Smyrna. Continued on Page 20 DBpageAD.qxd 10/17/2006 2:57 PM Page 1

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Member FDIC. Equal Opportunity Lender. www.comerica.com DETROIT BUSINESS MAIN 01-29-07 A 20 CDB 1/25/2007 4:36 PM Page 1

Page 20 CRAIN’S DETROIT BUSINESS January 29, 2007 CRAIN'S LIST: LARGEST MERGERS AND ACQUISITIONS

Continued from Page 18 Target's Value of revenue Effective transaction Rank Acquirer name Target Acquirer advisers Target advisers ($000,000) date Description ($000,000) Peninsula Capital Partners, Equity investment in Haskell Internal $50.0 October Company makes costume jewelry for retailers. Total deal $17.0 94. Detroit Jewells L.L.C., New York City size was $35 million.

Whitebox Advisors L.L.C./USA, Southfield iron suspension October 16.7 Minneapolis; group of investors components machining plant 95. led by Daniel Minor, 3Point of Hayes Lemmerz Machine Inc., Southfield International Inc., Northville Asset Acceptance Corp., Premium Asset Recovery Inc., April Acquired company collects charged-off consumer 16.5 96. Warren Deerfield Beach, Fla. receivables.

Earle Higgins and Steven Majority stake in Detroit $120 July Joe Dumars has sold his majority stake in automotive 15.0 97. Phillips Technologies Inc., Bingham million supplier Detroit Technologies Inc. to Higgins and Phillips. Farms [2005] Value is estimate.

Suburban Collection, Troy Jerome-Duncan Inc., Sterling Dawda, Mann, O'Keefe & Associates $243.0 February Offer to buy from bankruptcy: $10 million for real estate, 14.8 98. Heights Mulcahy & Sadler Consulting; James Harris (2004) $4 million for goodwill and $800,000 for furniture. plc

Asterand Inc., Detroit Pharmagene plc, Royston, True North Advisers PricewaterhouseCoopers $8.2 January Reverse merger to form Asterand plc,which is now traded 14.5 99. England L.L.C., Dykema Corporate Finance, Bird & 2006 on the London Stock Exchange. Gossett Bird, Piper Jaffray

Himal International Energy Bhote Koshi Hydroelectric Internal Internal March Hydroelectric power-generation plant acquired by DTE in 14.5 99. Private Ltd., Nepal project, Nepal, owned by DTE its 2001 acquisition of MCN Energy Group Inc. Energy Co., Detroit

Peninsula Capital Partners, Equity investment in General Internal $41.0 January Company distributes Trane heating, cooling and 14.0 101. Detroit Wholesale Distributors L.L.C., 2006 ventilation systems. Total deal size was $26 million. South Carolina

Peninsula Capital Partners, Equity investment in Tensator, Internal $44.0 February Company makes products that help retailers and 13.0 102. Detroit United Kingdom entertainment and transportation locations manage customer lines. Total deal size was $25 million. 102. Perficient Inc., Austin, Texas Insolexen Corp., Livonia May Acquired company now called Perficient 13.0

Unnamed buyer Stake in Brown Plastics DecisionPoint Internal $28.0 August Portfolio company of Peninsula Capital Partners. Makes 12.5 104. Machinery, Beaverton, Mich. International, Kuhn machinery for the plastics industry. Capital

Compuware Corp., Detroit ProviderLink, Durham, N.C. Dykema Gossett March Acquired company supports paper-based health-care 12.0 105. organizations in interacting electronically with computer-based organizations.

Control Instruments Group Gabriel South Africa unit of June Acquired company makes aftermarket ride-control 12.0 105. Ltd., Franschhoek, Western ArvinMeritor Inc., Troy products in Cape Town, South Africa. Cape, South Africa

Huron Capital Partners L.L.C., Five Southern California $35.0 July Purchased firms are HealthLink Medi-Van Inc., Yellow 12.0 Detroit transit companies Cab of Orange County Inc., Diversified Paratransit Inc., 105. Paul's Yellow Cab Inc. and CDSNet Inc. Purchases made through a holding company, Tectrans Inc., Los Angeles, of which Huron owns 80%. Life Insurance Co., Brighton Columbia Universal Life None December Buyer is Blue Cross unit that sells long-term care 12.0 105. Insurance Co., Texas insurance. Acquired company has licenses to sell insurance in 41 states plus the District of Columbia.

Hyundai Mobis, Montgomery, Acquired 69% share of Mobis Kirkland & Ellis L.L.P. August Hyundai Mobis now owns 100% of former joint venture. 11.4 109. Ala. Alabama L.L.C. owned by Collins & Aikman Corp., Troy

Inland American Real Estate Agree Realty Corp., Inland Investment $31.5 November Bought 5% stake. 11.4 109. Trust Inc., Oak Brook, Ill. Farmington Hills Advisers 2005-June 2006

Qualitor Inc., Southfield Gunn Metal Stampings Co., March 11.0 111. Guelph, Ontario

Altarum Institute, Ann Arbor Health Systems Research Inc., Internal Internal $12.0 June Acquired company is a public-policy research and 10.5 112. Washington, D.C. consulting firm.

First Place Bank, Warren Seven Flint-area branches of December Branches were sold because of duplication following the 10.5 112. Republic Bank, Ann Arbor merger of Republic and Citizens Banking Corp.

GCO Capital Partners Arr-Maz Custom Chemicals, June Portfolio company of Wind Point Partners, Detroit. 10.0+10.0 Mulberry, Fla. Company makes chemical reagents, additives and 114. coatings for the North American phosphate fertilizer and asphalt industries, as well as a supplier to the minerals mining industry. Value is estimated at $10 million-plus. MW Universal, Paris, Ky. LC Manufacturing L.L.C., Schafer & Weiner Donnelly Penman & December Acquired company primarily is a tier-two and tier-three 10.0+10.0 New Boston P.C. Partners supplier of driveline, steering, chassis and suspension 114. components to manufacturers of heavy-duty trucks and light vehicles. Had been owned by Delaware Street Capital. Value estimated at $10 million-plus. Strength Capital Partners Dascom Systems Group, $16.0 June Dascom integrates audio and video systems for 10.0+10.0 L.L.C., Birmingham Woodbury, Minn.; and (2005) teleconferencing and distance learning; Eastview is a 114. subsidiary Eastview Industries software company. Value is unknown, but more than $10 Inc. million. Telemus Capital Partners Beacon Investment Co., Ann Donnelly Penman & September Beacon becomes a subsidiary, retains its name. Value 10.0+10.0 114. L.L.C., Southfield Arbor Partners estimated at more than $10 million.

Transportation Resource Katt Worldwide Logistics, Drinker Biddle & January Bought from owner Mike Kattawar Jr., who retained some 10.0+10.0 114. Partners L.P., Bloomfield Hills Tennessee Reath L.L.P.; Crowe equity. Company does warehousing and freight Chizek & Co. L.L.P. forwarding. Value is $10 million plus.

Transportation Resource Equity in Smith System Driver Drinker Biddle & April Bought from management and a private investor. 10.0+10.0 114. Partners L.P., Bloomfield Hills Improvement Institute of Reath L.L.P. Company is a truck-fleet driver training company. Value Texas is $10 million plus.

Transportation Resource Cycle Express L.L.C., Drinker Biddle & August Company does business as National Powersport Auctions; 10.0+10.0 114. Partners L.P., Bloomfield Hills California Reath L.L.P.; Crowe bought from New York-based Falconhead Capital. Value Chizek & Co. L.L.P. is $10 million-plus.

Veronis Suhler Stevenson, New Minority stake in Market Hooper, Hathaway, Price, June Acquired company is a market research firm. Value 10.0+10.0 114. York City Strategies Inc., Livonia Beuche, Wallace P.C.; estimated at more than $10 million. Plante & Moran P.L.L.C.

Wind Point Partners, Yachting Promotions Inc., Dickinson Wright $60.0 March Company to be folded into California-based Active Media 10.0+10.0 114. Southfield Florida Inc. Value estimated at more than $10 million.

Providence Services Corp., Innovative Employment Blank Rome Honigman Miller Schwartz $10.0 August Sold by Huron Capital Partners. 10.0 123. Arizona Solutions, St. Clair Shores and Cohn

Source: Company submissions, Crain's research, Bloomberg News. Some info also provided by Mergermarket, an M&A intelligence and research service. Many transactions had multiple sources of information. In some cases, more than one estimated value of a transaction exists. In those cases, Crain's has chosen the value it believes to be most accurate. The list does not include all 2006 transactions, but is believed to be the most comprehensive available. Only transactions valued at $10 million or more are included. DETROIT BUSINESS MAIN 01-29-07 A 21 CDB 1/25/2007 4:38 PM Page 1

January 29, 2007 CRAIN’S DETROIT BUSINESS Page 21

FOCUS:BIG DEALS 2006

OFFICE LEASES 2006 Property Asking rate Owner Tenant Brokers Square feet 1. Trott Financial Center $12.50 Trott & Trott P.C., Redico Trott & Trott P.C. Redico, Signature Associates 179,780 31440 Northwestern Highway, Farmington Hills 2. 65 Cadillac Square, Detroit $18.00 DTWR L.L.C. City of Detroit NAI Farbman, Jones Lang LaSalle 171,083 3. 100 Bloomfield Parkway, Bloomfield Hills $27.50 Kojaian Cos. Pulte Homes Inc. GVA Strategis 169,546 4. Travelers Tower II, Southfield $19.50 Kojaian Cos. Collins & Aikman CB Richard Ellis, Grubb & Ellis 164,977 5. The Corporate Crossings at Fairlane $15.50 Ford Motor Land Development WPP Ford Motor Land Development 161,944 550 Town Center Drive, Dearborn Cushman and Wakefield Inc. 6. Stoneridge, Bloomfield Hills $25.00 Kojaian Cos. Butzel Long P.C. GVA Strategis 71,165 7. 30400 Telegraph Road, Bingham Farms $21.38 Burton-Katzman Trott & Trott Signature Associates 69,888 8. Troy Place $18.50 Nemer Property Group Sears Holdings Nemer Property Group 65,615 9. 500 Town Center Drive, Dearborn $14.50 Ford Motor Land Development WPP Ford Motor Land Development, 65,000 Cushman and Wakefield Inc. 10. 660 Woodward, Detroit $18.00 FN Bldg. L.L.C. City of Detroit NAI Farbman, Jones Lang LaSalle 62,500 11. 100 W. Big Beaver Road, Suite 600, Troy $23.50 Liberty Property L.P. Molina Healthcare of Michigan Inc Signature Associates 62,107 12. 400 Galleria, Suite 300, Southfield $21.50 Galleria Equities L.L.C. Attorneys Title Signature Associates 51,714 13. Oakland Towne Square I, One Towne Square, $18.50 Redico Virchow, Krause & Co. L.L.P. Redico, Signature Associates, Hayman Co. 50,086 Suite 500, 600, Southfield 14. 14909 Beck Road, Plymouth $12.50 DeMattia Group Flint Group Inc. Signature Associates, Lee & Associates 50,025 15. Fairlane Plaza South $16.50 Ford Motor Land Development Ford Motor Land Development Ford Motor Land Development 44,181 16. 900 N. Squirrel Road, $24.00 Wells Operating Partnership L.P. GMAC L.L.C. Signature Associates, 42,953 Suite 300, Auburn Hills Jones Lang LaSalle Americas Inc. 17. 1235 E Big Beaver Road, $12.00 Stuart Frankel Development Co. JP Morgan Chase CB Richard Ellis, 42,500 Oakland Office Commons II, Troy Stuart Frankel Development Co. 18. American Center, $24.50 Redico Charter One Bank Redico 39,459 27777 Franklin Road, Suite 1800, 1900, Southfield 19. Oakland Towne Square 1, One Towne Square $18.50 Redico Value Options Inc. Redico, Studley Inc. 37,628 Suite 100, 300, 350, 450 Southfield 20. 6530 Farmington Road, West Bloomfield Township $20.00 West Bloomfield Office Center L.L.C. Henry Ford Health System NAI Farbman, Friedman Real Estate 37,562 21. 30600 Telegraph Road, Bingham Farms $18.50 Bingham Center Associates L.L.C. Comcast Cable of the South Inc. NAI Farbman 36,082 22. 880 Technology Drive, Ann Arbor $15.00 880 Investments Audatex CB Richard Ellis, 36,075 American Corporate Real Estate 23. 26525-26555 American Drive, Southfield $15.50 A C Properties L.L.C. Autoliv ASP Inc. Signature Associates 35,000 24. 32255 Northwestern Highway, Farmington Hills $24.00 Transwestern Great Lakes L.P. Merrill Lynch Pierce Fenner & Smith Signature Associates 33,959 25. Oakland Commons I, $22.50 Redico Vastera Inc. Redico, CB Richard Ellis 33,46 20700 Civic Center Drive, Suite 500, 650, Southfield 26. Citiplace Center, Farmington Hills $20.50 Kojaian Cos. GreenPath Inc. Hayman Co., Grubb & Ellis 32,995 27. 1950 Concept Drive, Warren $7.15 Concept Tech Park L.L.C. MSX International Signature Associates 30,000

List is based on information from CoStar Group Inc., Crain’s research, from published information or as submitted by brokers, advisers or property owners. Crain’s has tried to list all brokers involved in a transaction, but in some cases brokers may have been omitted. Some leases were omitted because of a lack of complete information.

Wells County Partners, LLC

has completed the acquisition of two manufactured home communities in Wells County, Indiana

527 Total Home Sites AW]ZKWUXTM\MÅVIVKQIT[WT]\QWV 2OBERTô(ALFô)NTERNATIONAL WILLôHELPôYOUôkNDôTHEôOPTIMALôBALANCEôOFôTEMPORARY PROJECTôCONSULTING ôANDôFULL TIMEôkNANCIALôRESOURCESôTOôMAXIMIZEôPRODUCTIVITYôANDô PROkTABILITYôWITHINôYOURôORGANIZATION

ôrôRHICOM ILVBOññ/%&    Ross H. Partrich !CCOUNTEMPS ô2OBERTô(ALFô&INANCEôô!CCOUNTINGôANDô2OBERTô(ALFô-ANAGEMENTô2ESOURCESôAREôTHE Joel K. Brown LEADERSôINôSPECIALIZEDôkNANCIALôANDôACCOUNTINGôSTAFkNGôFORôTEMPORARY ôFULL TIMEôANDôPROJECTôPLACEMENT ôRESPECTIVELY

RHP Properties, Inc 31200 Northwestern Highway Farmington Hills, Michigan 48334 248.626.0737

www.RHP-Properties.com 4%-0/2!29  02/*%#4  &5,, 4)-% [email protected] ×ñ ñ/L?BOQñ%>ICñ&KQBOK>QFLK>Iñ&K@ ññKñ"NR>Iñ,MMLOQRKFQVñ"JM DETROIT BUSINESS MAIN 01-29-07 A 22 CDB 1/25/2007 4:37 PM Page 1

Page 22 CRAIN’S DETROIT BUSINESS January 29, 2007

FOCUS:BIG DEALS 2006

LOCAL SALES 2006 Building Buyer Seller Brokers/advisers Size Price in millions 1. 9 Southeast Michigan apartment complexes① Lightstone Group, Lakewood, N.J. Home Properties Inc., Rochester, N.Y. CB Richard Ellis 5,000-plus units $230.0 2. Gateway Center, West Bloomfield Township Commercial Financial Management Schmier & Feurring, Boca Raton, Fla. 272,871 square feet $72.0② 3. Noble International Technical Center Swervo Development, Minneapolis Sherman Acquisition Group CB Richard Ellis 1.25 million square feet $62.0② 4. Troy Officentre, Troy Osprey S.A., Brighton TIAA-CREF CB Richard Ellis 728,000 square feet $58.0② 5. Harbor Club, Belleville③ Harbor Detroit Square L.L.C. Archon Group Hendricks & Partners 1,145 units $49.0 6. Woodland Meadows, Ann Arbor④ Northern Realty Group Equity Residential Marcus & Millichap 306 units $40.5 7. Bingham Office Center, Bingham Farms Farbman Group, Southfield Partnership led by Colonnade Properties L.L.C., NAI Farbman 522,000 square feet $40.0② New York City 8. Sutton Place, Southfield Welsh Sutton Apartments L.L.C. Morgan Stanley Hendricks & Partners 516 units $38.0 9. Asset Acceptance headquarters, Warren Neiss Real Estate Management Van Dyke Office L.L.C. Marcus & Millichap 200,000 square feet $35.4 10. JCI Building, 7500 Tank Ave., Warren JC Warren MI L.L.C. Kojaian Cos. Jones Lang LaSalle 268,000 square feet $34.7 11. Pavilion Court, Novi El-Ad Group Florida L.L.C., Miami Lakes, Fla. Great Lakes Property Group Hendricks & Partners, 377 units $32.0 Kensington Realty Advisors⑤ 12. Huron Village Shopping Center, Ann Arbor Strategic Huron Village L.L.C. RGAM/Conlin/Trusts Holding Marcus & Millichap 125,566 $32.0 13. Vacant land, Metro World Centre, Romulus Bear Creek, Cincinnati Metro World Centre Ltd. Cushman & Wakefield 300 acres $30.0② 14. 4505 W. 26 Mile Road, Washington Township W.P. Carey & Co. L.L.C. TRW Vehicle Safety Systems Inc. Colliers International 280,000 square feet $29.1② 15. Eastland Center, Harper Woods New Eastland Mall Developer L.L.C. Eastland Mall 038 L.L.C. Rockwood Realty Associates; 1.4 million square feet $26.5 Fairway Holding Co.⑥ 16. DEA Building, Detroit Capstone Detroit DEA L.L.C. 431 L.L.C 68,063 square feet $25.0 17. 39000 Seven Mile Road, Livonia 39000 Associates L.L.C. Technicolor Videocassette of Michigan Inc. Signature Associates 291,000 square feet $22.0② 17. 31440 Northwestern Highway, Farmington Hills⑦ Redico/Trott Financial Corp. Compuware Corp. Redico, Signature Associates 235,000 square feet $22.0 17. Oakwood Apartments Bayshore Group, Chicago Archstone Realty Hendricks & Partners 396 units $22.0 20. Avis Center XII, Ann Arbor Avis Center Ann Arbor L.L.C. Avis Center XII L.L.C. Cushman & Wakefield 89,184 square feet $20.4 21. Hidden Valley Club Apartments, Ann Arbor Madison Property Co. Equity Residential Hendricks & Partners 324 units $19.0 22. Meridian plant, Fowlerville First Industrial Realty Trust Inc., Chicago Meridian Automotive Systems Inc. 22-acre plant $18.3 23. 434 12 Mile Road, Madison Heights Lowe's Burton-Katzman Signature Associates 203,630 square feet $18.0 24. GKN Building, Auburn Hills EN Michigan L.L.C. East Group Properties L.L.C. Marcus & Millichap 114,000 $17.9 25. Black & Veatch building, Ann Arbor GE Commercial Finance Christman-Erim L.L.C. Marcus & Millichap 90,205 $17.7 26. Burwick Farms, Howell S.E.C. Accomodator-Burwick Farms L.L.C. Equity Residential Hendricks & Partners 264 units $17.3 27. Spartan Stores building Stag II Plymouth L.L.C. Plymouth Investors L.L.C. 414,700 square feet $15.5 28. Airport Distribution Center J.B. Management L.P. Knickerbocker Properties 312,000 square feet $15.5 29. 9075 N. Haggerty Road, Plymouth STAG Capital Plymouth Investors L.L.C. Grubb & Ellis 414700 square feet $15.0 30. Victor V JFK Investment Co. L.L.C. Corporate Park V West World Management 111,615 square feet $13.4 31. Arbor Glen, Pittsfield Township Arbor Knoll Apartments L.L.C. Equity Residential Hendricks & Partners 220 units $13.0 32. Troy Tech Center Copeland Properties Eleven L.P. Huron Portfolio I. L.L.C. Marcus & Millichap $12.6 33. Joy Road industrial building, Plymouth WLY L.L.C. AllJack Signature Associates 290,000 square feet $12.8② 34. Village Green of Troy③ Michigan Realty Holtzman & Silverman Realty 168 units $12.0 35. Southgate Towers Real Ventures Trenton Road L.L.C. First States Investors 180,000 square feet $12.0 36. Glengarry Park apartments, Waterford Township Glengarry Park L.L.C. PM Glengarry L.L.C. Hendricks & Partners 300 units $11.7 37. Hunter’s West apartments, Westland Hunter’s West L.L.C. LandAmerica Exchange Co. Hendricks & Partners 426 units $11.6 38. Five buildings, Fairlane Commerce Center, Dearborn⑧ Hager Pacific Properties, Newport Beach, Calif. Harbor Cos. NAI Farbman 190,000 square feet $10.3 39. Six-building portfolio, Madison Heights CJ Legacy L.L.C., California Liberty Property L.P. Signature Associates 172,638 square feet $10.0② 40. 34100 Woodward, Birmingham Central Park Properties L.L.C. National City Bank of the Midwest Signature Associates; 73,000 square feet $10.0 Friedman Real Estate Group; Chawney Realty L.L.C. ① Properties include The Lakes Apartments, Southfield; Charter Square, Troy; Woodland Gardens, Royal Oak; and Springwell Park Apartments, Dearborn. ② Estimate. ③ Also includes 99 acres of land and a golf course. ④ Plan is to convert to condominiums. ⑤ Kensington Realty was pension-fund adviser. ⑥ Dickinson Wright provided legal advice in the transaction. ⑦ Includes headquarters and annex with health club, cafeteria and day care. Law firm Trott & Trott P.C. becomes signature tenant. ⑧ Tenants include Ford Motor Co. and Penske Logistics.

OUT-OF-TOWN SALES 2006 Building Buyer Seller Brokers/advisers Size Price in millions 1. 28 retail strip centers in 12 states Joint venture of Schostak Bros. The Spectra Group Inc., Memphis, Tenn. $125.0 and Kimco Realty Corp. 2. Shoreview Corporate Center, Shoreview, Minn. Argus Realty Investors Lutz Real Estate Investments, Becker Ventures CBRE 552,000 square reet $72.0 3. Portfolio of distribution centers① First Industrial Realty Trust Volkswagen of America, Auburn Hills Trammell Crow 977,686 square feet $60.0 4. Seven shopping centers in six southern states Philips Edison & Co., Baltimore Ramco-Gershenson Properties Trust $47.0 5. Seven manufactured home communities RHP Properties, Inc, Ross H. Partrich Rissman Investments None 2,043 home sites $43.3 in Florida, New Jersey, and Ohio and Joel K. Brown 6. Land under Sunvalley Shopping Center, 50-50 partnership of Taubman Centers Inc. Bartnett Belloc trust Eastdil 1.3 million square feet $42.5 Concord, Calif. and Taubman family 7. City block in Sarasota, Fla.② Triton Cos., Rochester Pineapple BNK Investors, Delaware 343,783 square feet $36.0 8. 4405 Continental Drive, Flint Agellan Investments Kojaian Cos. Grubb & Ellis 400,000 square feet $23.9 9. Central Station office building, St. Petersburg, Fla. Lutz Real Estate Investments, Farmington Hills Parkway Properties Trammell Crow 133,279 square feet $15.0 10. Maplebrook apartments, Grand Blanc Maplebrook Village L.L.C. PM Maple L.P. Hendricks & Partners 455 units $13.5 ① Sale and leaseback. Price is estimated. ② Includes 11-story office building, parking structure and vacant land Lists are based on information from CoStar Group Inc. and Real Capital Analytics, Crain’s research, from previously published information or as submitted by brokers, advisers or property owners. Crain’s has tried to list all brokers involved in a transaction, but in some cases brokers may have been omitted.