Displaying items tagged: Cornerstone Alliance

Federal legislation that aims to protect certain metropolitan areas, including six in Michigan, from losing key federal funding has been signed into law.

BENTON HARBOR — A new partnership hopes to improve the technical assistance available to Native American entrepreneurs in Southwest Michigan so they can have an easier time turning their business ideas into new startups and access funding. 

Grand Rapids, Muskegon and Berrien County will receive large chunks of funding to regrant to various housing projects that the state approved Wednesday through the Revitalization and Placemaking Program. 

Here is the MiBiz People in the news report for March 28, 2022

Nearly two dozen economic development and trade organizations have formed the Winning Michigan Jobs coalition with the goal of helping the state regain a competitive edge for new jobs and investments.

ST. JOSEPH — Southwest Michigan company Edgewater Automation LLC is expanding as manufacturers across the state adopt automation to help ease workforce pressures.

BENTON HARBOR — Whirlpool Corp. has broken ground on a $22 million multifamily housing development near downtown Benton Harbor that officials say will help fill gaps in workforce housing availability.

Bank lending for commercial real estate and development held steady through the first quarter as some sectors experienced high demand and others remained somewhat soft as the COVID-19 pandemic surpassed a year.

Several Michigan communities are at risk of losing crucial federal funding under proposed changes to their designation as metropolitan areas, which local officials say would negatively affect services and economic development efforts.

BENTON HARBOR — Berrien County economic development officials received more than 200 applications in the first week of a new program offering up to $15,000 and other incentives for people to move to the Southwest Michigan region.

BENTON HARBOR — A new campaign aims to stanch Berrien County’s population losses and attract thousands of new residents over the next decade. 

BENTON HARBOR — As real estate activity picks up in Southwest Michigan, officials in the Benton Harbor area are hoping a developer will take interest in renovating a historic downtown building. 

Roll covering manufacturer Vail Rubber Works Inc. plans to invest $8.3 million for a new facility in Southwest Michigan after outgrowing its longtime space in downtown St. Joseph.

Here is the MiBiz Growth Report for Oct. 29, 2018.

Air compressor manufacturer Gast Manufacturing Inc. plans to invest $6 million into its existing facility in Berrien County.

Here is the MiBiz Growth Report for Aug. 20, 2018.

Bulb grower DeGroot Inc. is expanding its facility in Berrien County.

Here is the MiBiz Growth Report for Dec. 11, 2017.

Here is the MiBiz Growth Report for March 6, 2017:

• M&A: American Grease Stick Co. of Muskegon was acquired last year by 3 Rivers Capital, a Pittsburgh, Pa.-based private equity firm. A manufacturer of branded automotive fluid transfer lines and related products for the automotive aftermarket industry, AGS has operations in Muskegon and the U.K. The company, which was founded in 1931, sells products through a variety of aftermarket retailers, including Advanced Auto Parts, AutoZone and Pep Boys, according to a statement. 3 Rivers purchased the company for $10 million from the Rosen family, according to a report in the Pittsburgh Business Times. The deal was backed by $9.75 million in subordinated debt and an equity co-investment from PNC Mezzanine Capital. JP Morgan Chase also provided debt financing for the transaction. Metz Lewis Brodman Must O’Keefe LLC of Pittsburgh served as legal counsel to 3 Rivers Capital. The sellers worked with investment banker Stout Risius Ross Inc. of Chicago.

Special-Lite Inc. has invested $1 million in an expansion project that will alleviate capacity constraints and allow for further growth.

Here is the MiBiz Growth Report for Nov. 14, 2016: 

• M&A: Byron Center-based SpartanNash Co. (Nasdaq: SPTN) signed a definitive agreement to acquire certain assets of Caito Foods Service Inc. and its Blue Ribbon Transport business for about $217.5 million in cash, according to a statement. The deal includes an earn-out potential of an additional $12.4 million if the business hits performance targets. SpartanNash, which expects the transaction to be accretive to 2017 earnings, will fund the deal with proceeds from its lending facility. Subject to regulatory and other approvals, the deal is anticipated to close in early January 2017. The combined Caito and Blue Ribbon Transport businesses generate annual revenues exceeding $600 million. Caito supplies fresh fruit and vegetables to groceries and distributors in 22 states in the Southeast, Midwest and Eastern regions of the country. The company has facilities in Indiana, Ohio and Florida. SpartanNash was advised on the deal by Deutsche Bank (financial) and Morgan Lewis (legal).

Vickers Engineering Inc. plans to invest $5.1 million in new equipment and facility improvements at its headquarters in New Troy, 15 miles northeast of New Buffalo.