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.; Ltd., Detroit , which will compete more New York aggressively for both mortgages and auto financing. Motor Corp., 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. & 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., 7.9 percent interest in 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 DETROIT BUSINESS MAIN 01-29-07 A 16 CDB 1/25/2007 4:38 PM Page 1

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 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 , Acura and Jaguar in San Diego and Honda, Acura and 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 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 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.