Associated acquires Minnesota consulting firm

Green Bay-based Associated Banc-Corp agreed to acquire Ahmann & Martin Co., a risk and benefits consulting firm based in Minnesota, through a merger with and into Associated’s subsidiary Associated Financial Group. According to a release, the transaction is valued at approximately $48 million but could grow another $8 million if certain contingencies are met. The merger is expected to be completed this month.

Several key Ahmann & Martin executives will move to executive roles at Associated Financial Group, including Dean Hildebrandt, who will become president and CEO of the newly merged firm.